Document:

Exhibit 10.1

 Exhibit 10.1 
 EXTENSION OF 
 CONSULTING PERIOD IN 
 SEPARATION AGREEMENT FOR 
 INVESTOR RELATIONS SERVICES 
 This Investor Relations Services Agreement is an extension of the consulting services period described in the Separation Agreement and General Release of
Claims (the “Separation Agreement”) between Robert Simmons and E*TRADE Financial Corporation (the “Company”) and is dated as of July 15, 2008 (the “Effective Date”). Capitalized terms not herein defined
shall have the meaning ascribed to such terms in the Separation Agreement. 
 WHEREAS, Mr. Simmons is currently providing consulting
services to the Company related to the financial management of the Company; and 
 WHEREAS, the consulting arrangement is scheduled to
terminate on or before July 18, 2008; and 
 WHEREAS, the Company is currently searching for a permanent investor relations
representative and wishes to have an interim replacement; and 
 WHEREAS, Mr. Simmons has an extensive background in investor relations,
having begun his tenure with the Company as its treasurer with responsibility for investor relations; and 
 WHEREAS, the Company and
Mr. Simmons desire to extend the period of the consulting arrangement as the Company searches for a permanent chief financial officer and investor relations representative, on the terms set forth in this Agreement. 
 The Parties agree to hereby amend the Separation Agreement as follows: 
 A. The following Section 4-1 shall be added, following Section 4 of the Separation Agreement: 
 4-1. Additional Consulting. Employee agrees to provide additional consulting services to the Company from the Effective Date until the earlier of: (i) the date on which the consulting relationship is terminated by either
party; or (ii) February 15, 2009 (the “Additional Consulting Period”). During the Additional Consulting Period, Employee will primarily consult on the Company’s investor relations but may also consult on various other
matters associated with the financial management of the Company, as requested by the Company. As compensation for these consulting services, Employee shall receive the following: 
  

	 	a.	A consulting fee at the rate of $120,000 per month during the Additional Consulting Period, which shall be paid in arrears no less often than bi-weekly; and

  

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	 	b.	If, and only if, Employee continues to perform the consulting services through November 15, 2008, the Company will pay a special retention consideration in the amount of
$125,000, with such payment to be made on or before November 30, 2008, provided that if the Additional Consulting Period is terminated by the Company prior to that date for any reason other than Cause (as that term is defined in the
Employment Agreement), this payment will become due and payable within ten days following the termination date; and 

  

	 	c.	If, and only if, Employee continues to perform the consulting services through February 15, 2009, the Company will pay an additional special retention consideration in the
amount of $125,000, with such payment to be made on or before February 28, 2009, provided that if the Additional Consulting Period is terminated by the Company prior to that date for any reason other than Cause (as that term is defined
in the Employment Agreement), this payment will become due and payable within ten days following the termination date; and 

  

	 	d.	Reimbursement of medical, life and disability insurance premiums in the amounts and in the manner provided for in Section 2(b) of the Separation Agreement for an additional
period, which period shall be the seven months following the one year anniversary of the Separation Date, provided that such reimbursements shall cease with respect to any periods beginning after the date (if any) Employee begins alternative
employment. Employee understands that these reimbursements do not extend or otherwise affect the period for which Employee may be eligible to participate in the Company’s medical insurance programs under federal COBRA laws. These
reimbursements, if owed, shall be paid regardless of when the Additional Consulting Period is terminated, provided that no such payments will be made if the Company terminates the Additional Consulting Period for Cause (as that term is
defined in the Employment Agreement). 

 As a consultant, Employee shall not be an employee of the Company and shall not be
entitled to participate in any employee benefit plans or other benefits or conditions of employment (including any bonus plans) available to employees of the Company. Employee shall have no authority as agent of the Company, except to the extent
such authority is specifically delegated or is consistent with the Company’s representations (explicit or implied) to the public and/or its investors regarding Employee’s role, and Employee shall not represent to the contrary to any
person. The Company will reimburse Employee for reasonable business expenses incurred during the Additional Consulting Period, but in any event on or before the later of the final business day of the year in which the expenses were incurred or
thirty days after the expenses were incurred. Any amounts due under this Section shall be subject to tax withholding and reporting to the extent deemed necessary by the Company. Employee agrees that he shall pay, and provide evidence to the Company
of such payment if requested, of any and all taxes due. 
  

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 B. For purposes of clarity, prior to the Effective Date, Mr. Simmons shall continue to be reimbursed
for his consulting services as provided for in Section 4 of the original Separation Agreement. 
 C. The Company shall indemnify and
hold harmless Mr. Simmons with respect to all matters, events or transactions occurring or effected during the Additional Consulting Period to the same extent, and on the same terms, as applied to Mr. Simmons. 
 D. prior to the Additional Consulting Period, as if Mr. Simmons were an officer of the Company, including under the terms of the Company’s
bylaws, charter, and other corporate or organizational documents, as well as under any directors and officers indemnity policy as an additional named insured. 
 E. Except as modified by this Amendment, all of the terms and conditions of the Separation Agreement shall remain in full force and effect. 
  

					
	Dated: July 15, 2008	 	
		
		 	 /s/ Robert Simmons
 Robert Simmons

  

					
	Dated: July 15, 2008	 	E*TRADE Financial Corporation
			
		 	By:	 	 /s/ Donald H. Layton

		 		 	Donald H. Layton
		 		 	 Chief Executive Officer and Chairman
 of the Board of
Directors

  

 3Exhibit 10.2

 Exhibit 10.2 
 INDEMNIFICATION AGREEMENT 
 Indemnification Agreement (this “Agreement”), dated as
of July 30, 2008 between E*TRADE Financial Corporation, Inc., a Delaware corporation (the “Company”), and              (“Indemnitee”).

 WITNESSETH: 
 WHEREAS,
highly competent persons have become more reluctant to serve as directors of publicly-held corporations unless they are provided with adequate protection through insurance and indemnification against risks of claims and actions against them arising
out of their service to and activities on behalf of the corporation. 
 WHEREAS, directors are increasingly being subjected to expensive and
time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the corporation itself. 
 WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense,
liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Nevertheless, the Board recognizes the limitations on the protection provided by liability insurance and the uncertainties as to the scope and
level of such coverage that may be available in the future. 
 WHEREAS, the Company’s directors have certain existing indemnification
arrangements pursuant to the Company’s certificate of incorporation and bylaws and may be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”). Nevertheless, the Board recognizes
the limitations on the protection provided by such indemnification and the uncertainties as to its availability in any particular situation. 
 WHEREAS, the Board believes that in light of the limitations and uncertainties about the protection provided by the Company’s liability insurance and existing indemnification arrangements and the impact these uncertainties may have on
the Company’s ability to attract and retain qualified individuals to serve as directors, the Company should act to assure such persons that there will be increased certainty of such protection in the future. 
 WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of,
such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be adequately protected or that actions taken by the Company in the future (including
any change in the Company’s certificate of incorporation or bylaws, or in the composition of the Board, or a change in control of the Company) could deprive them of indemnification benefits for decisions made during their tenure of service on
the Board. 
 WHEREAS, Article 5 of the Amended and Restated Bylaws of the Company empower the Company, to the fullest extent permitted
by Section 145 of the DGCL, to indemnify directors and officers against any expenses and liabilities incurred by them by reason of their being directors and officers. 
  

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 WHEREAS, this Agreement is a supplement to and in furtherance of the charter of the Company and any
resolutions adopted pursuant thereto and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
 WHEREAS, Indemnitee is concerned that the protection provided under the Company’s liability insurance and existing indemnification arrangements may not be adequate and may not be willing to serve as a director of
the Company without greater certainty concerning such protection, and the Company desires Indemnitee to serve in such capacity and is willing to provide such greater certainty. 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 ARTICLE 1 
 CERTAIN DEFINITIONS 
  

	 	(a)	As used in this Agreement: 

 “Corporate
Status” means the status of a person who is or was a director, officer, employee or agent of the Company or who is or was serving at the request of the Company as a director, officer, employee or agent of any other Enterprise. 

“Enterprise” means any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other
person or enterprise. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Expenses” means all costs and expenses (including fees and expenses of counsel) paid or incurred in connection with investigating,
defending, being a witness in or otherwise participating in, or preparing to defend, be a witness in or participate in, a Proceeding (or any appeal therefrom). Expenses shall include expenses incurred in connection with any appeal resulting from any
Proceeding, including the premium, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent. 
 “Liabilities” means all judgments, fines (including any excise taxes assessed with respect to any employee benefit plan), penalties and amounts paid in settlement and other liabilities (including all interest, assessments
and other charges paid or payable in connection with or in respect of any such amounts) arising out of or in connection with any Proceeding; provided that Liabilities shall not include any Expenses. 
 “person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization.

  

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 “Proceeding” includes any threatened, pending or completed action, suit or other
proceeding (which shall include an arbitration or other alternate dispute resolution mechanism), whether civil, criminal, administrative or investigative in nature (including any appeal therefrom) and whether instituted by or on behalf of the
Company or any other party, in any such case, in which Indemnitee was, is or may be involved as a party or otherwise by reason of any Corporate Status of Indemnitee or by reason of any action taken (or failure to act) by him or on his part while
serving in any Corporate Status (in each case, whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement), or any inquiry or
investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding; provided that Proceeding shall not include an action, suit or other proceeding contemplated by
Section 7.07(b). 
  

	 	(b)	For the purposes of this Agreement: 

 References to the
“Company” shall include, in addition to the surviving or resulting corporation in any merger or consolidation, any constituent corporation (including any constituent of a constituent) absorbed in a merger or consolidation which, if its
separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that if Indemnitee is or was a director, officer, employee or agent of such constituent corporation or is or was
serving at the request of such constituent corporation as a director, officer, employee or agent of another Enterprise, then Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the surviving or
resulting corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 
 References to “director, officer, employee or agent” shall include a trustee, general partner, managing member, fiduciary or board of directors’ committee member. 
 References to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company or any
other Enterprise which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such
person reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company”. 
 ARTICLE 2  
 SERVICES BY INDEMNITEE 
 Section 2.01. Services by Indemnitee. Indemnitee
hereby agrees to serve or continue to serve as a director of the Company, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his resignation or is removed. 
  

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 ARTICLE 3 
 INDEMNIFICATION AND ADVANCEMENT OF EXPENSES 
 Section 3.01. Indemnification. (a) The Company hereby agrees to and shall indemnify Indemnitee and hold him harmless, to the fullest extent permitted by applicable law, from and against any and all
Expenses and Liabilities actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf. 
 (b) To the extent that Indemnitee
is a party to (or a participant in) and is successful, on the merits or otherwise, in the defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred
by him or on his behalf in connection therewith. If Indemnitee is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in any Proceeding, the Company shall indemnify Indemnitee against all Expenses
actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter and any claim, issue or matter related to each such successfully resolved claim, issue or matter. For purposes of this
Section 3.01(b) and without limitation, the termination of any Proceeding or any claim, issue or matter in a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such Proceeding, claim, issue or
matter. 
 (c) To the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a
party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 
 Section 3.02. Advancement of Expenses. (a) The Company shall advance any Expenses actually and reasonably incurred by Indemnitee or on his behalf in connection with a Proceeding within 20 days after receipt by the Company
of a written request for advancement of expenses, which request may be delivered to the Company at such time and from time to time as Indemnitee deems appropriate in his sole discretion (whether prior to or after final disposition of any such
Proceeding). Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s ultimate entitlement to indemnification under this Agreement or otherwise. Any such advances shall be made
on an unsecured basis and be interest free. 
 (b) Indemnitee agrees that Indemnitee shall reimburse the Company for all amounts advanced by
the Company pursuant to Section 3.02 if and only to the extent it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company for such Expenses. Notwithstanding the foregoing, if Indemnitee seeks a judicial
adjudication or an arbitration pursuant to Section 5.01(a), Indemnitee shall not be required to reimburse the Company pursuant to this Section 3.02(b) until a final determination (as to which all rights of appeal have been exhausted or
lapsed) has been made. 
  

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 Section 3.03. Exclusions. Notwithstanding any provision of this Agreement to the contrary
(including Section 3.01 and Section 3.02), the Company shall not be obligated under this Agreement to indemnify (or advance expenses) in connection with: 
 (a) any claim made against Indemnitee (i) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company pursuant to Section 16(b) of the
Exchange Act or similar provisions of state statutory law or common law or (ii) for reimbursement to the Company of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of
securities of the Company in each case as required under the Exchange Act; or 
 (b) except for an action, suit or other proceeding
contemplated by Section 7.07(b), any action, suit or other proceeding (or part thereof) initiated by Indemnitee (including any such action, suit or other proceeding (or part thereof) initiated by Indemnitee against the Company or its directors,
officers, employees, agents or other indemnitees), unless (i) the Board authorized the action, suit or other proceeding (or part thereof) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion,
pursuant to the powers vested in the Company under applicable law. 
 Section 3.04. Defense of Claims. The Company will be
entitled to participate in any Proceeding at its own expense. The Company shall not settle any Proceeding (in whole or in part) which would impose any Expense, Liability or limitation on Indemnitee without Indemnitee’s prior written consent,
such consent not to be unreasonably withheld. Indemnitee shall not settle any Proceeding (in whole or in part) which would impose any Expense, Liability or limitation on the Company without the Company’s prior written consent, such consent not
to be unreasonably withheld. 
 ARTICLE 4 
 PROCEDURES FOR DETERMINING ENTITLEMENT TO INDEMNIFICATION 
 Section 4.01. Request for Indemnification. (a) Indemnitee shall notify the Company in writing as soon as reasonably practicable
(i) after being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or (ii) if the Company has not been previously notified, after receipt of written notice of any
other matter with respect to which Indemnitee intends to seek indemnification or advancement of expenses under Section 3.01 or Section 3.02. The omission by Indemnitee to so notify the Company will not relieve the Company from any
liability which it may have to Indemnitee (i) under this Agreement except and only to the extent the Company can establish that such omission to notify resulted in actual material prejudice to the Company or (ii) otherwise than under this
Agreement. 
 (b) Indemnitee may thereafter deliver to the Company a written request for indemnification pursuant to this Agreement at such
time and from time to time as Indemnitee deems appropriate in his sole discretion, which request shall also be deemed a request for advancement of expenses under Section 3.02. 
 Section 4.02. Determination of Entitlement. (a) Except as otherwise provided pursuant to Section 3.01(b) and Section 3.01(c),
upon the final disposition of the matter that is the subject of the request for indemnification delivered pursuant to Section 4.01(b), a determination shall be made with respect to Indemnitee’s entitlement thereto in the specific case. If
a Change in 
  

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 Control shall not have occurred, such determination shall be made (i) by a majority vote of the Disinterested
Directors or of a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors (in either case, even though less than a quorum of the Board) or (ii) if there are no Disinterested Director or the
Disinterested Directors so direct, by Independent Counsel. If a Change in Control shall have occurred, such determination shall be made by Independent Counsel. Any determination made by Independent Counsel pursuant to this Section 4.02(a) shall
be in the form of a written opinion to the Board, a copy of which shall be delivered to Indemnitee. Indemnitee shall reasonably cooperate with the person or persons making such determination including providing to such person or persons upon
reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses
(including fees and expenses of counsel) incurred by Indemnitee in so cooperating with the person or persons making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification), and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 
 As used in this Agreement, the
following terms shall have the following meanings: 
 “Disinterested Director” means a director of the Company who is not and
was not a party to the Proceeding in respect of which indemnification or advancement of expenses is sought by Indemnitee. 
 “Change
in Control” shall have the meaning given such term in the Company’s 2005 Equity Incentive Plan (or any successor plan then in effect). 
 “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither currently is, nor in the five years previous to its selection or
appointment has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (provided that acting as an Independent Counsel under this Agreement or in a similar capacity with respect to any other
indemnification arrangements between the Company and its present or former directors shall not be deemed a representation of the Company or Indemnitee) or (ii) any other party to the Proceeding giving rise to a claim for indemnification or
advancement of expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
 (b) If the
determination is to be made by Independent Counsel, such Independent Counsel shall be selected as provided in this Section 4.02(b). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board and be
reasonably acceptable to Indemnitee), and the Company shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected
by Indemnitee and be reasonably acceptable to the Company (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising
it of the identity of the Independent Counsel so selected. If, within 20 days 
  

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 after receipt by the Company of a request for indemnification pursuant to Section 4.01(b), no Independent Counsel
shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction (or, at Indemnitee’s option pursuant to Section 5.01, an arbitration) for resolution of any objection which shall
have been made to the selection of Independent Counsel and/or for the appointment of another person as Independent Counsel, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent
Counsel. The Company agrees to pay the reasonable fees and expenses of any Independent Counsel appointed pursuant to this Section and to indemnify such person against any and all expenses, claims, liabilities and damages arising out of or relating
to this Agreement or its engagement pursuant hereto except for gross negligence or willful misconduct. Upon the due commencement of any judicial proceeding pursuant to Section 5.01(a) of this Agreement, the Independent Counsel shall be
discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 
 (c) If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. 
 Section 4.03. Presumptions and Burdens of Proof; Effect of Certain Proceedings. (a) In making any determination as to
Indemnitee’s entitlement to indemnification hereunder, Indemnitee shall be entitled to a presumption that he is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with
Section 4.01(b), and the Company shall have the burdens of coming forward with evidence and of persuasion to overcome that presumption. 
 (b) The termination of any Proceeding or of any claim, issue or matter therein by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not of itself create a presumption that Indemnitee did
not meet any particular standard of conduct or have any particular belief or that a determination has been made that indemnification is not permitted pursuant to this Agreement. 
 (c) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the
records or books of account of the Company or other Enterprise, as applicable, including financial statements, or on information supplied to Indemnitee by the officers of such entity in the course of their duties, or on the advice of legal counsel
for such entity or on information or records given or reports made to such entity by an independent certified public accountant, appraiser or other expert selected with reasonable care by such entity. The provisions of this Section 4.03(c)
shall not be deemed to be exclusive or to limit in any way other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct to be indemnified pursuant to this Agreement. 
 (d) The knowledge or actions or failure to act of any other director, officer, employee or agent of the Company or other Enterprise, as applicable, shall
not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under this Agreement. 
 (e) If a
determination as to Indemnitee’s entitlement to indemnification shall not have been made pursuant to this Agreement within 60 days after the final disposition of the matter that 
  

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 is the subject of the request for indemnification, the requisite determination of entitlement to indemnification shall be
deemed to have been made in favor of Indemnitee, and Indemnitee shall be entitled to such indemnification, absent a misstatement of a material fact in the information provided by Indemnitee pursuant to Section 4.01(b) and Section 4.02(a)
or an omission of a material fact necessary in order to make the information provided not misleading; provided that such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons
making the determination in good faith requires such additional time to obtain or evaluate any documentation or information relating thereto. 
 ARTICLE 5  
 RIGHTS TO ADJUDICATION OF
ADVERSE DETERMINATION, ETC. 
 Section 5.01. Adjudication or Arbitration.
(a) Indemnitee shall be entitled to an adjudication (by a court of competent jurisdiction or, at Indemnitee’s option, through an arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American
Arbitration Association) of any determination pursuant to Section 4.02 that Indemnitee is not entitled to indemnification under this Agreement. Any such adjudication shall be conducted in all respects as a de novo trial or arbitration on
the merits, and any prior adverse determination shall not be referred to or introduced into evidence, create a presumption that Indemnitee is not entitled to indemnification or advancement of expenses, be a defense or otherwise adversely affect
Indemnitee. In any such judicial proceeding or arbitration, the provisions of Section 4.03 (including the presumption in favor of Indemnitee and the burdens on the Company) shall apply. 
 (b) Indemnitee shall also be entitled to an adjudication (by a court of competent jurisdiction or, at Indemnitee’s option, through an arbitration as
described above) of any other disputes under this Agreement. 
 (c) If a determination shall have been made pursuant to Section 4.02
that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 5.01, absent a misstatement of a material fact in the information
provided by Indemnitee pursuant to Section 4.01(b) and Section 4.02(a) or an omission of a material fact necessary in order to make the information provided not misleading. 
 (d) In connection with any judicial proceeding or arbitration commenced pursuant to this Section 5.01, the Company shall not oppose
Indemnitee’s right to seek such adjudication, shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding or enforceable and shall stipulate in any such court or before any such arbitrator
that the Company is bound by all of the provisions of this Agreement. 
  

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 ARTICLE 6 
 DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE 
 Section 6.01. D&O Liability Insurance. (a) To the extent the Company obtains any insurance policies providing liability insurance (“Liability Insurance”) for directors of the
Company in their capacities as directors or in any other capacities where they are acting for or on behalf of the Company, in respect of acts or omissions occurring while serving in any such capacity, Indemnitee shall be covered by such insurance
policies as in effect from time to time in accordance with the applicable terms to the maximum extent of the coverage provided under such policies for any other director. 
 (b) To the extent the Company has any such liability insurance policies, the Company shall, promptly after receiving notice of a Proceeding as to which Indemnitee is a party or a participant (as a witness or
otherwise), give notice of such Proceeding to the insurers under such policies in accordance with the procedures set forth in the respective policies and shall thereafter take all necessary or desirable actions to cause such insurers to pay, on
behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. The failure or refusal of any such insurer to pay any such amount shall not affect or impair the obligations of the Company under
this Agreement. 
 (c) Upon request by Indemnitee, the Company shall provide to Indemnitee copies of the Liability Insurance policies as in
effect from time to time. The Company shall promptly notify Indemnitee of any material changes in such insurance coverage. 
 ARTICLE
7 
 MISCELLANEOUS 
 Section 7.01. Nonexclusivity of Rights. The rights of indemnification and advancement of expenses provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled to
under applicable law, the Company’s certificate of incorporation or bylaws, any other agreement, any vote of stockholders or resolution of directors or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof
shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law,
whether by statute or judicial decision, permits greater indemnification or advancement of expenses than would be afforded currently under this Agreement, it is the intent of the parties hereto that Indemnitee shall be entitled under this Agreement
to the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every right and remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other right or remedy. 
 Section 7.02. Subrogation, etc. (a) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of 
  

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 Indemnitee, who shall execute all papers required and take all actions necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (b) The Company shall not be
liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment under any insurance
policy or otherwise. 
 (c) The Company’s obligation to indemnify or advance expenses hereunder to Indemnitee who is or was serving at
the request of the Company as a director, officer, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such Enterprise. 
 Section 7.03. Mutual Acknowledgment. Both the Company and Indemnitee acknowledge that in certain instances, Federal law or applicable public
policy may prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the Securities
and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee. 
 Section 7.04. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is
unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee or on his behalf, whether for Liabilities and/or Expenses in connection with a Proceeding or
other expenses relating to an indemnifiable event or transaction under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such action, suit or other proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such action, suit or other proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 Section 7.05. Amendment. This
Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto. 
 Section 7.06. Waivers. The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a writing signed by the party against which such
waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party
hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, power or privilege hereunder. 
  

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 Section 7.07. Expenses. (a) The Company shall pay all costs and expenses (including fees
and expenses of counsel) incurred by the Company and Indemnitee in connection with the preparation of this Agreement. 
 (b) The Company
shall indemnify and hold Indemnitee harmless from any and all costs and expenses (including fees and expenses of counsel) actually and reasonably incurred by Indemnitee or on his behalf in seeking (whether through a judicial proceeding or
arbitration (including any appeal resulting therefrom) or otherwise) to enforce any rights against the Company for indemnification or advancement of expenses (whether under this Agreement or otherwise) or to recover under any liability insurance
policy maintained by any person for the benefit of Indemnitee in connection with the performance of his duties for or on behalf of the Company, in each case, whether or not Indemnitee is successful (in whole or in part) with respect to his claims.
The Company shall pay (or reimburse Indemnitee for the payment of) any such costs or expenses within 20 days after receipt by the Company of a written request for the payment of such amounts, which request may be delivered to the Company at such
time or from time to time as Indemnitee deems appropriate in his sole discretion (whether prior to or after final disposition of any such matter). Indemnitee shall have no obligation to reimburse any amounts paid by the Company pursuant to this
Section 7.07(b). 
 Section 7.08. Termination. This Agreement shall continue until and terminate upon the later of:
(a) 10 years after the date that Indemnitee shall have ceased to serve as a director of the Company or (b) 1 year after the final termination of any Proceeding then pending in respect of which the Indemnitee is granted rights of
indemnification or advancement of expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 5.01 of this Agreement relating thereto. 
 Section 7.09. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the matters covered herein and supersedes all prior oral or written understandings
or agreements with respect to the matters covered herein. This Section 7.09 shall not be construed to limit any other rights Indemnitee may have under the Company’s certificate of incorporation or bylaws, applicable law or otherwise.

 Section 7.10. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or
provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested thereby. 
 Section 7.11. Notices. All notices, requests, demands and other communications under this Agreement shall
be in writing and shall be deemed to have been duly given (a) if delivered 
  

 11 

 by hand or by courier and receipted for by the party to whom said notice or other communication shall have been directed,
(b) if mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed or (c) if sent by facsimile transmission and fax confirmation is received, on the next business day
following the date on which such facsimile transmission was sent. Addresses for notice to either party are as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as
provided above. 
 Section 7.12. Binding Effect. (a) The Company expressly confirms and agrees that it has entered into this
Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director of the Company.

 (b) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors and permitted assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, heirs, executors, administrators or other
successors. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all or a substantial part of the business or assets of the Company, by written
agreement in the form and substance reasonably satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the manner and to the same extent that the Company would be required to perform if no such succession had taken
place. 
 (c) The indemnification and advancement of expenses provided by this Agreement shall continue as to a person who has ceased to be a
director, officer, employee or agent or is deceased and shall inure to the benefit of the heirs, executors, administrators or other successors of the estate of such person. 
 Section 7.13. Governing Law. This Agreement and the legal relations among the parties hereto shall be governed by, and construed and enforced
in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. 
 Section 7.14. Consent To
Jurisdiction. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 5.01, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action, suit or other proceeding arising out of
or in connection with this Agreement shall be brought only in the Delaware Chancery Court and any court to which an appeal may be taken in such action, suit or other proceeding (the “Delaware Court”), and not in any other state or
federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action, suit or other proceeding arising out of or in connection
with this Agreement, (iii) waive any objection to the laying of venue of any such action, suit or other proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action, suit or other
proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 
  

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 Section 7.15. Headings. The Article and Section headings in this Agreement are for
convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 Section 7.16. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only
one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 
 Section 7.17. Use of Certain Terms. As used in this Agreement, the words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns,
pronouns and verbs shall include the plural and vice versa. 
  

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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date
first above written. 
  

			
	E*TRADE FINANCIAL CORPORATION
		
	 By:
	 	  

		 	Name:
		 	Title:
	
	 Address:

	 Facsimile:

	 Attention:

	
	 With a copy to:

	
	 Address:

	 Facsimile:

	 Attention:

	
	 [INDEMNITEE]

	
	
	 
	
	 Address:

	 Facsimile:

	
	 With a copy to:

	
	 Address:

	 Facsimile:

	 Attention:

  

 14

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