Document:

<PAGE>

                                                                   Exhibit 10.12
                                                                   -------------

This form of Stock Pledge Agreement is identical for all executive officers
listed below.

Officer Name:

Christos M. Cotsakos

Jerry Gramaglia

Michael Sievert

Connie M. Dotson

Leonard C. Purkis

Pamela Kramer
-----------------------
<PAGE>

                              E*TRADE GROUP, INC.
                              -------------------

                            STOCK PLEDGE AGREEMENT
                            ----------------------

          AGREEMENT made as of this [Date] by and between E*TRADE Group, Inc., a
Delaware corporation (the "Corporation"), and [Officer Name] ("Pledgor").

RECITALS
--------

     A.   In connection with the purchase this day of [Number of Shares] shares
of the Corporation's Common Stock (the "Purchased Shares") from the Corporation,
Pledgor has issued that certain promissory note (the "Note") dated [Date of
Secured Note] payable to the order of the Corporation in the principal amount of
[Principal Amount].

     B.   Such Note is secured by the Purchased Shares and other collateral upon
the terms set forth in this Agreement.

          NOW, THEREFORE, it is hereby agreed as follows:

          1.   Grant of Security Interest.  Pledgor hereby grants the
               --------------------------
Corporation a security interest in, and assigns, transfers to and pledges with
the Corporation, the following securities and other property (collectively, the
"Collateral"):

                    (i)    the Purchased Shares delivered to and deposited with
     the Corporation as collateral for the Note;

                    (ii)   any and all new, additional or different securities
     or other property subsequently distributed with respect to the Purchased
     Shares which are to be delivered to and deposited with the Corporation
     pursuant to the requirements of Paragraph 3 of this Agreement;

                    (iii)  any and all other property and money which is
     delivered to or comes into the possession of the Corporation pursuant to
     the terms of this Agreement; and

                    (iv)   the proceeds of any sale, exchange or disposition of
     the property and securities described in subparagraphs (i), (ii) or (iii)
     above.

          2.   Warranties. Pledgor hereby warrants that Pledgor is the owner of
               ----------
the Collateral and has the right to pledge the Collateral and that the
Collateral is free from all liens, adverse claims and other security interests
(other than those created hereby).
<PAGE>

          3.   Duty to Deliver. Any new, additional or different securities or
               ---------------
other property (other than regular cash dividends) which may now or hereafter
become distributable with respect to the Collateral by reason of (i) any stock
split, stock dividend, recapitalization, combination of shares, exchange of
shares or other change affecting the Common Stock as a class without the
Corporation's receipt of consideration or (ii) any merger, consolidation or
other reorganization affecting the capital structure of the Corporation shall,
upon receipt by Pledgor, be promptly delivered to and deposited with the
Corporation as part of the Collateral hereunder. Any such securities shall be
accompanied by one or more properly-endorsed stock power assignments.

          4.   Payment of Taxes and Other Charges. Pledgor shall pay, prior to
               ----------------------------------
the delinquency date, all taxes, liens, assessments and other charges against
the Collateral, and in the event of Pledgor's failure to do so, the Corporation
may at its election pay any or all of such taxes and other charges without
contesting the validity or legality thereof. The payments so made shall become
part of the indebtedness secured hereunder and until paid shall bear interest at
the minimum per annum rate, compounded semi-annually, required to avoid the
imputation of interest income to the Corporation and compensation income to
Pledgor under the Federal tax laws.

          5.   Stockholder Rights. So long as there exists no event of default
               ------------------
under Paragraph 10 of this Agreement, Pledgor may exercise all stockholder
voting rights and be entitled to receive any and all regular cash dividends paid
on the Collateral and all proxy statements and other stockholder materials
pertaining to the Collateral.

          6.   Rights and Powers of Corporation. The Corporation may, without
               --------------------------------
obligation to do so, exercise at any time and from time to time one or more of
the following rights and powers with respect to any or all of the Collateral:

                    (i)    subject to the applicable limitations of Paragraph 9,
     accept in its discretion other property of Pledgor in exchange for all or
     part of the Collateral and release Collateral to Pledgor to the extent
     necessary to effect such exchange, and in such event the other property
     received in the exchange shall become part of the Collateral hereunder;

                    (ii)   perform such acts as are necessary to preserve and
     protect the Collateral and the rights, powers and remedies granted with
     respect to such Collateral by this Agreement; and

                    (iii)  transfer record ownership of the Collateral to the
     Corporation or its nominee and receive, endorse and give receipt for, or
     collect by legal proceedings or otherwise, dividends or other distributions
     made or paid with respect to the Collateral, provided and only if there
                                                  --------------------
     exists at the time an outstanding event of default under Paragraph 10 of
     this Agreement. Any cash
<PAGE>

     sums which the Corporation may so receive shall be applied to the payment
     of the Note and any other indebtedness secured hereunder, in such order of
     application as the Corporation deems appropriate. Any remaining cash shall
     be paid over to Pledgor.

          Any action by the Corporation pursuant to the provisions of this
Paragraph 6 may be taken without notice to Pledgor. Expenses reasonably incurred
in connection with such action shall be payable by Pledgor and form part of the
indebtedness secured hereunder as provided in Paragraph 12.

          7.   Care of Collateral. The Corporation shall exercise reasonable
               ------------------
care in the custody and preservation of the Collateral. However, the Corporation
shall have no obligation to (i) initiate any action with respect to, or
otherwise inform Pledgor of, any conversion, call, exchange right, preemptive
right, subscription right, purchase offer or other right or privilege relating
to or affecting the Collateral, (ii) preserve the rights of Pledgor against
adverse claims or protect the Collateral against the possibility of a decline in
market value or (iii) take any action with respect to the Collateral requested
by Pledgor unless the request is made in writing and the Corporation determines
that the requested action will not unreasonably jeopardize the value of the
Collateral as security for the Note and other indebtedness secured hereunder.

          Subject to the limitations of Paragraph 9, the Corporation may at any
time release and deliver all or part of the Collateral to Pledgor, and the
receipt thereof by Pledgor shall constitute a complete and full acquittance for
the Collateral so released and delivered. The Corporation shall accordingly be
discharged from any further liability or responsibility for the Collateral, and
the released Collateral shall no longer be subject to the provisions of this
Agreement.

          8.   Transfer of Collateral. In connection with the transfer or
               ----------------------
assignment of the Note (whether by negotiation, discount or otherwise), the
Corporation may transfer all or any part of the Collateral, and the transferee
shall thereupon succeed to all the rights, powers and remedies granted the
Corporation hereunder with respect to the Collateral so transferred. Upon such
transfer, the Corporation shall be fully discharged from all liability and
responsibility for the transferred Collateral.

          9.   Release of Collateral. Provided all indebtedness secured
               ---------------------
hereunder (other than payments not yet due and payable under the Note) shall at
the time have been paid in full and there does not otherwise exist any event of
default under Paragraph 10, the Purchased Shares, together with any additional
Collateral which may hereafter be pledged and deposited hereunder, shall be
released from pledge and returned to Pledgor in accordance with the following
provisions:

                    (i)    Upon payment or prepayment of principal under the
     Note, together with payment of all accrued interest to date on the
     principal amount so paid or prepaid, one or more of the Purchased Shares
     held as Collateral hereunder shall (subject to the applicable limitations
     of Paragraphs 9(iii) and 9(v) below) be released at the time of such
     payment or prepayment. The number of
<PAGE>

     the shares to be so released shall be equal to the number obtained by
     multiplying (i) the total number of Purchased Shares held under this
     Agreement at the time of the payment or prepayment, by (ii) a fraction, the
     numerator of which shall be the amount of the principal paid or prepaid and
     the denominator of which shall be the unpaid principal balance of the Note
     immediately prior to such payment or prepayment. In no event, however,
     shall any fractional shares be released.

                    (ii)   Any additional Collateral which may hereafter be
     pledged and deposited with the Corporation (pursuant to the requirements of
     Paragraph 3) with respect to the Purchased Shares shall be released at the
     same time the particular shares of Common Stock to which the additional
     Collateral relates are to be released in accordance with the applicable
     provisions of Paragraph 9(i) or 9(vi).

                    (iii)  Under no circumstances, however, shall any Purchased
     Shares or any other Collateral be released if previously applied to the
     payment of any indebtedness secured hereunder. In addition, in no event
     shall any Purchased Shares or other Collateral be released pursuant to the
     provisions of Paragraph 9(i), 9(ii) or 9(vi) if, and to the extent, the
     fair market value of the Common Stock and all other Collateral which would
     otherwise remain in pledge hereunder after such release were effected would
     be less than the unpaid principal and accrued interest under the Note.

                    (iv)   For all valuation purposes under this Agreement, the
     fair market value per share of Common Stock on any relevant date shall be
     determined in accordance with the following provisions:

                           (A)    If the Common Stock is at the time traded on
     the Nasdaq National Market, the fair market value shall be the average of
     the high and low selling prices per share of Common Stock on the date in
     question, as such prices are reported by the National Association of
     Securities Dealers on the Nasdaq National Market. If there is no average of
     the high and low selling prices for the Common Stock on the date in
     question, then the average of the high and low selling prices on the last
     preceding date for which such quotation exists shall be determinative of
     fair market value.

                           (B)    If the Common Stock is at the time listed on
     the American Stock Exchange or the New York Stock Exchange, then the fair
     market value shall be the average of the high and low selling prices
     selling prices per share of Common Stock on the date in question on the
     securities exchange serving as the primary market for the Common Stock, as
     such prices are officially quoted in the composite tape of transactions on
     such exchange. If there is no average of the high and low selling prices of
     Common Stock on such exchange on the date in question, then the fair market
     value shall be the average of the high and low selling prices on the
     exchange on the last preceding date for which such quotation exists.
<PAGE>

                           (C)    If the Common Stock is at the time neither
     listed on any securities exchange nor traded on the Nasdaq National Market,
     the fair market value shall be determined by the Corporation's Board of
     Directors after taking into account such factors as the Board shall deem
     appropriate.

                    (v)    So long as the Collateral is in whole or in part
     comprised of "margin stock" within the meaning of Section 221.2 of
     Regulation U of the Federal Reserve Board, then no Collateral shall be
     substituted for any Collateral under the provisions of Paragraph 6(i) or be
     released under Paragraph 9(i), 9(ii) or 9(vi), unless there is compliance
     with each of the following additional requirements:

                           (A)    The substitution or release must not increase
     the amount by which the indebtedness secured hereunder at the time of such
     substitution or release exceeds the maximum loan value (as defined below)
     of the Collateral immediately prior to such substitution or release.

                           (B)    The substitution or release must not cause the
     amount of indebtedness secured hereunder at the time of such substitution
     or release to exceed the maximum loan value of the Collateral remaining
     after such substitution or release is effected.

                           (C)    For purposes of this Paragraph 9(v), the
     maximum loan value of each item of Collateral shall be determined on the
     day the substitution or release is to be effected and shall, in the case of
     the shares of Common Stock and any additional Collateral (other than margin
     stock), equal the good faith loan value thereof (as defined in Section
     221.2 of Regulation U) and shall, in the case of all margin stock (other
     than the Common Stock), equal fifty percent (50%) of the current market
     value of such margin stock.

                    (vi)   The Compensation Committee of the Corporation's Board
     of Directors shall have the discretion, exercisable upon such terms and
     conditions as the Compensation Committee deems advisable, to authorize the
     release of one or more shares of Common Stock from pledge hereunder in the
     event the maximum loan value of the Collateral pledged hereunder (as such
     value is determined pursuant to subparagraph 9(v)(C)) should substantially
     exceed the outstanding indebtedness at the time secured hereunder. Any such
     release of the pledged shares of Common Stock shall, however, be effected
     in compliance with the requirements of subparaphs (iii) and (v) of this
     Paragraph 9.

          10.  Events of Default. The occurrence of one or more of the following
               -----------------
events shall constitute an event of default under this Agreement:

                    (i)    the failure of Pledgor to pay, when due under the
     Note, any installment of principal or accrued interest; or
<PAGE>

                    (ii)   the occurrence of any other acceleration event
     specified in the Note; or

                    (iii)  the failure of Pledgor to perform any obligation
     imposed upon Pledgor by reason of this Agreement; or

                    (iv)   the breach of any warranty of Pledgor contained in
     this Agreement.

          Upon the occurrence of any such event of default, the Corporation may,
at its election, declare the Note and all other indebtedness secured hereunder
to become immediately due and payable and may exercise any or all of the rights
and remedies granted to a secured party under the provisions of the California
Uniform Commercial Code (as now or hereafter in effect), including (without
limitation) the power to dispose of the Collateral by public or private sale or
to accept the Collateral in full payment of the Note and all other indebtedness
secured hereunder.

          Any proceeds realized from the disposition of the Collateral pursuant
to the foregoing power of sale shall be applied first to the payment of expenses
incurred by the Corporation in connection with the disposition, then to the
payment of the Note and finally to any other indebtedness secured hereunder.
Any surplus proceeds shall be paid over to Pledgor. However, in the event such
proceeds prove insufficient to satisfy all obligations of Pledgor under the
Note, then Pledgor shall remain personally liable for the resulting deficiency.

          11.  Other Remedies. The rights, powers and remedies granted to the
               --------------
Corporation pursuant to the provisions of this Agreement shall be in addition to
all rights, powers and remedies granted to the Corporation under any statute or
rule of law. Any forbearance, failure or delay by the Corporation in exercising
any right, power or remedy under this Agreement shall not be deemed to be a
waiver of such right, power or remedy. Any single or partial exercise of any
right, power or remedy under this Agreement shall not preclude the further
exercise thereof, and every right, power and remedy of the Corporation under
this Agreement shall continue in full force and effect unless such right, power
or remedy is specifically waived by an instrument executed by the Corporation.

          12.  Costs and Expenses. All costs and expenses (including reasonable
               ------------------
attorneys fees) incurred by the Corporation in the exercise or enforcement of
any right, power or remedy granted it under this Agreement shall become part of
the indebtedness secured hereunder and shall constitute a personal liability of
Pledgor payable immediately upon demand and bearing interest until paid at the
minimum per annum rate, compounded semi-annually, required to avoid the
imputation of interest income to the Corporation and compensation income to
Pledgor under the Federal tax laws.

          13.  Applicable Law. This Agreement shall be governed by and construed
               --------------
in accordance with the laws of the State of California without resort to that
State's conflict-of-laws rules.
<PAGE>

          14.  Successors. This Agreement shall be binding upon the Corporation
               ----------
and its successors and assigns and upon Pledgor and the executors, heirs and
legatees of Pledgor's estate.

          15.  Severability. If any provision of this Agreement is held to be
               ------------
invalid under applicable law, then such provision shall be ineffective only to
the extent of such invalidity, and neither the remainder of such provision nor
any other provisions of this Agreement shall be affected thereby.

          IN WITNESS WHEREOF, this Agreement has been executed by Pledgor and
the Corporation on this [Date].

                                             _______________________________
                                             PLEDGOR

                                             Address: ______________________

                                             _______________________________

AGREED TO AND ACCEPTED BY:

E*TRADE GROUP, INC.

By: _________________________

Title: ______________________

Dated: [Date]
<PAGE>

                     ASSIGNMENT SEPARATE FROM CERTIFICATE

          FOR VALUE RECEIVED, ______________ hereby sells, assigns and transfers
unto E*TRADE Group, Inc. (the "Corporation"),__________ (____) shares of the
Common Stock of the Corporation standing in his name on the books of the
Corporation represented by Certificate No. _____________ herewith and does
hereby irrevocably constitute and appoint ____________________ Attorney to
transfer the said stock on the books of the Corporation with full power of
substitution in the premises.

Dated: ________________________

                                        Signature: ___________________________

Instruction: Please do not fill in any blanks other than the signature line.
Please sign exactly as you would like your name to appear on the issued stock
certificate.<PAGE>

                                                                   Exhibit 10.13

                              E*TRADE GROUP, INC.

                         NOTE SECURED BY DEED OF TRUST
                         -----------------------------

$4,217,365.63                                    May 7, 2000
                                                 Menlo Park, California

          FOR VALUE RECEIVED, Charles W. Thomson and Sara A. Fields-Thomson, as
husband and wife (collectively, the "Maker") promises to pay to the order of
E*TRADE Group, Inc. (the "Corporation"), at its corporate offices at 4500
Bohannon Drive, Menlo Park, CA 94025, the principal sum of Four Million Two
Hundred Seventeen Thousand Three Hundred Sixty-five and 63/100 Dollars
($4,217,365.63), together with all accrued interest thereon (the "Loan"), upon
the terms and conditions specified below.

          1.  Interest. No interest shall accrue on the unpaid balance
              --------
outstanding under this Note during the first 36 months of the Loan. Commencing
on June 1, 2003, interest shall accrue on the unpaid balance outstanding from
time to time under this Note at six and four tenths percent (6.4%), compounded
annually. All computations of interest shall be made on the basis of a year of
360 days for the actual number of days (including the first day but excluding
the last day) occurring in the period for which such interest is payable.
Anything herein to the contrary notwithstanding, if during any period for which
interest is computed hereunder the amount of interest computed on the basis
provided for in this Note, together with all fees, charges and other payments
which are treated as interest under applicable law, as provided for herein or in
any other document executed in connection herewith, would exceed the amount of
such interest computed on the basis of the Highest Lawful Rate (as defined
below), the Maker shall not be obligated to pay, and the Corporation shall not
be entitled to charge, collect, receive, reserve or take, interest in excess of
the Highest Lawful Rate, and during any such period the interest payable
hereunder shall be computed on the basis of the Highest Lawful Rate. As used
herein, "Highest Lawful Rate" means the maximum non-usurious rate of interest,
as in effect from time to time, which may be charged, contracted for, reserved,
received or collected by the Corporation in connection with this Note under
applicable law.

          2.  Principal. The entire principal balance of this Note, together
              ---------
with all accrued and unpaid interest, shall become due and payable in one lump
sum on May 7, 2005.

          3.  Payment. All payments of principal and interest on the Loan shall
              -------
be made without offset or deduction and shall be made in immediately available
lawful tender of the United States and shall be applied first to the payment of
all accrued and unpaid interest and then to the payment of principal. Prepayment
of the principal balance of this Note, together with all accrued and unpaid
interest, may be made in whole or in part at any time without penalty. Whenever
any payment hereunder shall be stated to be due, or whenever any interest
payment date or any other date specified hereunder would otherwise occur, on a
day other than a Business Day (as defined below), then such payment shall be
made, and such interest payment date or other date shall occur, on the next
succeeding Business Day, and such extension of time shall in such case be
included in the computation of payment of interest hereunder. As used herein,
<PAGE>

"Business Day" means a day (i) other than Saturday or Sunday, and (ii) on which
commercial banks are open for business in San Francisco, California.

          4.  Representations and Warranties. The Maker represents and warrants
              ------------------------------
to the Corporation that this Note does not contravene any contractual or
judicial restriction binding on or affecting the Maker and that this Note is the
legal, valid and binding obligation of the Maker enforceable against him in
accordance with its terms.

          5.  Notice. The Maker agrees to notify the Corporation of the
              ------
incurrence of any other indebtedness secured by the Collateral (as defined
below) prior to the incurrence thereof.

          6.  Events of Acceleration. The entire unpaid principal balance of
              ----------------------
this Note, together with all accrued and unpaid interest, shall become
immediately due and payable prior to the specified due date of this Note upon
the occurrence of one or more of the following events:

                a. the failure to make any payment of principal, interest or any
other amount payable hereunder when due under this Note or the breach of any
other condition, obligation or covenant under this Note;

                b. the breach of any representation or covenant under the Deed
of Trust (as defined below);

                c. the filing of a petition by or against the Maker under any
provision of the Bankruptcy Reform Act, Title 11 of the United States Code, as
amended or recodified from time to time, or under any similar law relating to
bankruptcy, insolvency or other relief for debtors and the continuation of such
petition without dismissal for a period of thirty (30) days or more; or
appointment of a receiver, trustee, custodian or liquidator of or for all or any
part of the assets or property of the Maker; or the insolvency of the Maker; or
the making of a general assignment for the benefit of creditors by the Maker;

                d. The Maker's death or incapacity;

                e. any of the documents relating to the Collateral after
delivery thereof shall for any reason be revoked or invalidated, or otherwise
cease to be in full force and effect, or the Maker or any other person shall
contest in any manner the validity or enforceability thereof, or the Maker or
any other person shall deny that it has any further liability or obligation
thereunder; or any of the documents relating to the Collateral for any reason,
except to the extent permitted by the terms thereof, shall cease to create a
valid and perfected first priority lien in any of the Collateral purported to be
covered thereby;

                f. the incurrence by the Maker of any other indebtedness secured
by the Collateral which has not been consented to by the Corporation;

                g. the expiration of the two (2)-month period following the date
the Maker ceases for any reason to remain in the Corporation's employ;

                h. an acquisition of the Corporation (whether by merger or
acquisition of all or substantially all of the Corporation's assets or
outstanding voting stock) for consideration

                                       2
<PAGE>

payable in cash or freely-tradable securities; provided, however, that if the
Pooling of Interest Method, as described in Accounting Principles Board Opinion
No. 16, is used to account for the acquisition for financial reporting purposes,
acceleration shall not occur prior to the end of the sixty (60)-day period
immediately following the end of the applicable restriction period required
under Accounting Series Release Numbers 130 and 135; or

              i.  the occurrence of any event of default under the Deed of
Trust securing this Note or any obligation secured thereby.

          7.  Special Acceleration Event. In the event that the Maker sells any
              --------------------------
shares of the common stock of the Corporation, the unpaid principal balance of
this Note shall become immediately due and payable to the extent of one hundred
percent (100%) of the after-tax proceeds realized upon such sale, and the Maker
shall promptly deliver those after-tax proceeds to the Company to the extent
necessary to satisfy the accelerated balance of this Note.

          8.  Late Fee; Default.
              -----------------

          a.  If any payment hereunder is not paid on or before the fifth (5th)
business day of the month during which any such payment first became due and
payable. Maker shall pay to Corporation a reasonable late or administrative
charge in the amount of five percent (5%) of the amount so unpaid.

          b.  Upon and after the occurrence of a default hereunder or any other
agreement or instrument evidencing, governing or securing this Loan (an "Event
of Default"), the Loan shall bear interest, payable upon demand, at the lessor
of twelve percent (12%) or the maximum rate allowed by law (the "Default Rate").

          c.  If any interest payment hereunder is not paid on of before the
fifth (5th) business day of the month during which such payment first became due
and payable, any interest so unpaid shall bear interest from the first day of
the month during which such payment first became due and payable until paid at
the Default Rate. Interest on the amount of interest so unpaid shall be
compounded monthly and shall be payable upon demand.

          d.  Maker and Corporation agree that the actual damages and costs
sustained by Corporation due to the failure to make timely payments would be
extremely difficult to measure and that the charges specified herein represent a
reasonably estimate by Maker and Corporation of a fair average compensation for
such damages and costs. Such charges shall be paid by Maker without prejudice to
the right of Corporation to collect any other amounts provided to be paid under
this Note or any other agreement or, with respect to late payments, to declare
an Event of Default.

          9.  Employment. For purposes of applying the provisions of this Note,
              ----------
the Maker shall be considered to remain in the Corporation's employ for so long
as the Maker renders services as a full-time employee of the Corporation, any
successor entity or one or more of the Corporation's fifty percent (50%)-or-more
owned (directly or indirectly) subsidiaries.

                                       3
<PAGE>

          10.  Use of Proceeds; Security. The proceeds of the loan evidenced by
               -------------------------
this Note shall be applied solely to the payment of the purchase price of
Maker's principal residence in the San Francisco Bay Area. The obligations of
Maker under this Note shall be secured by a mortgage security interest in such
home (the "Collateral"), which security interest shall be more specifically
described by a deed of trust on such home to be executed by the Maker in favor
of the Corporation and recorded in the Official Records of San Mateo County
immediately upon completion of the purchase of such home (the "Deed of Trust"),
in substantially the same form as the deed of trust attached hereto as Exhibit
A. The Maker shall remain personally liable for payment of this Note, and any
other assets of the Maker, in addition to the Collateral, may be applied to the
satisfaction of the Maker's obligations hereunder.

          11.  Collection. The Maker agrees to pay on demand all the losses,
               ----------
costs, and expenses (including, without limitation, attorneys' fees and
disbursements) which the Corporation incurs in connection with enforcement or
attempted enforcement of this Note, or the protection or preservation of the
Corporation's rights under this Note, whether by judicial proceedings or
otherwise. Such costs and expenses include, without limitation, those incurred
in connection with any workout or refinancing, or any bankruptcy, insolvency,
liquidation or similar proceedings.

          12.  Waiver. A waiver of any term of this Note, the Deed of Trust or
               ------
of any of the obligations secured thereby must be made in writing and signed by
a duly-authorized officer of the Corporation and any such waiver shall be
limited to its express terms. No delay by the Corporation in acting with respect
to the terms of this Note or the Deed of Trust shall constitute a waiver of any
breach, default, or failure of a condition under this Note, the Deed of Trust or
the obligations secured thereby. No single or partial exercise of any power
under this Note shall preclude any other or further exercise of such power or
exercise of any other power. The Maker waives presentment, demand, notice of
dishonor, notice of default or delinquency, notice of acceleration, notice of
protest and nonpayment, notice of costs, expenses or losses and interest
thereon, notice of interest on interest and diligence in taking any action to
collect any sums owing under this Note or in proceeding against any of the
rights or interests in or to properties securing payment of this Note. The Maker
agrees to make all payments under this Note without set-off of deduction and
regardless of any counterclaim or defense.

          13.  Conflicting Agreements. In the event of any inconsistencies
               ----------------------
between the terms of this Note and the terms of any other document related to
the loan evidenced by the Note, the terms of this Note shall prevail.

          14.  Governing Law. This Note shall be construed in accordance with
               -------------
the laws of the State of California. This Note shall be binding on the Maker and
his successors, assigns, personal representatives, heirs, and legatees, and
shall be binding upon and inure to the benefit of the Corporation, any future
holder of this Note and their respective successors and assigns. The Maker may
not assign or transfer this Note or any of his obligations hereunder without the
Corporation's prior written consent.

                                       4
<PAGE>

          15.  Time of Essence. Time is of the essence with respect to every
               ---------------
provision hereof.

                                         "MAKER"

                                         /s/ Charles W. Thomson
                                         --------------------------------
                                         Charles W. Thomson

                                         /s/ Sara A. Fields-Thomson
                                         --------------------------------
                                         Sara A. Fields-Thomson

                                       5
<PAGE>

                                   EXHIBIT A

                                 DEED OF TRUST
<PAGE>

RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:

Brobeck, Phleger & Harrison LLP
 One Market
Spear Street Tower
San Francisco, CA 94105
Attn: Douglas G. Van Gessel, Esq.

-------------------------------------------------------------------------------
                                      SPACE ABOVE THIS LINE FOR RECORDERS USE

                    DEED OF TRUST WITH ASSIGNMENT OF RENTS
                    --------------------------------------

          THIS DEED OF TRUST WITH ASSIGNMENT OF RENTS (this "Deed of Trust") is
made as of this __ day of May, 2000, by Charles W. Thomson and Sara A. Fields-
Thomson, as husband and wife (collectively, "Trustor"), whose address is 1850
Brookdale Avenue, Hillsborough, CA, 94010, to NORTH AMERICAN TITLE COMPANY, a
California corporation ("Trustee"), for the benefit of E*TRADE GROUP, INC., a
Delaware corporation ("Beneficiary").

          Trustor irrevocably grants, transfers and assigns to Trustee in trust,
with power of sale that certain property located at 1850 Brookdale Avenue,
Hillsborough, San Mateo County, California, more particularly described in
Exhibit A attached hereto, together with all improvements thereon, rights
appurtenant thereto and the rents, issues and profits thereof (collectively, the
"Property"), subject, however, to the right, power and authority hereinafter
given to and conferred upon Beneficiary to collect and apply such rents, issues
and profits, for the purpose of securing: (i) payment of the sum of Four Million
Two Hundred Seventeen Thousand Three Hundred Sixty-five and 63/100 Dollars
($4,217,365.63) with interest thereon according to the terms of that certain
Note Secured by Deed of Trust dated as of May __, 2000 ("Note") made by Trustor,
payable to the order of Beneficiary, and extensions or renewals thereof; (ii)
the performance of each agreement of Trustor incorporated by reference or
contained herein or reciting it is so secured; and (iii) payment of additional
sums and interest thereon which may hereafter be loaned to Trustor, or his or
her successors or assigns, when evidenced by a promissory note or notes reciting
that they are secured by this Deed of Trust. The Property and any and all other
collateral pledged as security to Beneficiary are collectively referred to
herein as the "Collateral."

     A.  To protect the security of this Deed of Trust, and with respect to the
Property, Trustor agrees:

          (1) To keep the Property in good condition and repair; not to remove
or demolish any building thereon; to complete or restore promptly and in good
and workmanlike
<PAGE>

manner any building which may be constructed, damaged or destroyed thereon and
to pay when due all claims for labor performed and materials furnished therefor;
to comply with all laws affecting the Property or requiring any alterations or
improvements to be made thereon; not to commit or permit waste thereof: not to
commit, suffer or permit any act upon the Property in violation of law; to
cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from
the character or use of the Property may be reasonably necessary, the specific
enumerations herein not excluding the general.

          (2)  To provide maintain and deliver to Beneficiary insurance policies
satisfactory to and with loss payable to Beneficiary. The amount collected under
any earthquake, fire or other insurance policy may be applied by Beneficiary
upon any indebtedness secured hereby and in such order as Beneficiary may
determine, or at option of Beneficiary the entire amount so collected or any
part thereof may be released to Trustor. Such application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act
done pursuant to the Note or otherwise.

          (3)  To appear in and defend any action or proceeding purporting to
affect the security hereof or the rights or powers of Beneficiary or Trustee;
and to pay all costs and expenses, including cost of evidence of title and
attorney's fees in a reasonable sum, in any action or proceeding in which
Beneficiary or Trustee may appear, and in any suit brought by Beneficiary or
Trustee to foreclose this Deed of Trust.

          (4)  To pay, at least ten days before delinquency all taxes and
assessments affecting the Property, including assessments on appurtenant water
stock; and to pay, when due, all encumbrances, charges and liens, with interest,
on the Property or any part thereof, which appear to be prior or superior hereto
and all costs, fees and expenses incurred by Beneficiary or Trustee in
connection with this Deed of Trust.

          Should Trustor fail to make any payment or to do any act as herein
provided, then Beneficiary or Trustee, but without obligation so to do and
without notice to or demand upon Trustor and without releasing Trustor from any
obligation hereof, may: make or do the same in such manner and to such extent as
either may deem necessary to protect the security hereof, Beneficiary or Trustee
being authorized to enter upon the Property for such purposes; appear in and
defend any action or proceeding purporting to affect the security hereof or the
rights or powers of Beneficiary or Trustee; pay, purchase, contest or compromise
any encumbrance, charge, or lien which in the judgment of either appears to be
prior or superior hereto and, in exercising any such powers, pay necessary
expenses, employ counsel and pay his or her reasonable fees.

          (5)  To pay immediately and without demand all sums so expended by
Beneficiary or Trustee, with interest from date of expenditure at the amount
then applicable under the Note, and to pay for any statement provided for by law
in effect at the date hereof regarding the obligation secured hereby, any amount
demanded by Beneficiary or Trustee not to exceed the maximum allowed by law at
the time when said statement is demanded.

                                       2
<PAGE>

     B.   It is further agreed:

          (1)  That any award of damages in connection with any condemnation for
public use of or injury to the Property or any part thereof is hereby assigned
and shall be paid to Beneficiary who may apply or release such moneys received
in the same manner and with the same effect as above provided for disposition of
proceeds of insurance.

          (2)  That by accepting payment of any sum secured hereby after its due
date, Beneficiary does not waive its right either to require prompt payment when
due of all other sums so secured or to declare default for failure so to pay.

          (3)  That at any time or from time to time, without liability therefor
and without notice, upon written request of Beneficiary and presentation of this
Deed of Trust and the Note for endorsement, and without affecting the personal
liability of any person for payment of the indebtedness secured hereby,
Beneficiary or Trustee may: reconvey any part of the Property, consent to the
making of any map or plat thereof, join in granting any easement thereon, or
join in any extension agreement or any agreement subordinating the lien or
charge hereof.

          (4)  That upon written request of Beneficiary stating that all sums
secured hereby have been paid, and upon surrender of this Deed of Trust and the
Note to Trustee for cancellation and retention or other disposition as Trustee
in its sole discretion may choose and upon payment of its fees, Trustee shall
reconvey, without warranty, the Property then held hereunder. The Grantee in
such reconveyance may be described as "the person or persons legally entitled
thereto."

          (5)  That as additional security, Trustor hereby gives to and confers
upon Beneficiary the right, power and authority, during the continuance of these
trusts to collect the rents, issues and profits of the Property, reserving unto
Trustor the right, prior to any default by Trustor in payment of any
indebtedness secured hereby or in performance of any agreement hereunder or
under the Note, to collect and retain such rents, issues and profits as they
become due and payable. Upon any such default, Beneficiary may at any time
without notice, either in person, by agent, or by a receiver to be appointed by
a court, and without regard to the adequacy of any security for the indebtedness
hereby secured, enter upon and take possession of the Property or any part
thereof, in its own name sue for or otherwise collect such rents, issues, and
profits, including those past due and unpaid, and apply the same, less costs and
expenses of operation and collection, including reasonable attorneys' fees, upon
any indebtedness secured hereby, and in such order as Beneficiary may determine.
The entering upon and taking possession of the Property, the collection of such
rents, issues and profits and the application thereof as aforesaid, shall not
cure or waive any default or notice of default hereunder or invalidate any act
done pursuant to such notice.

          (6)  That upon default by Trustor in the payment of any indebtedness
secured hereby or in performance of any agreement hereunder, or upon the
occurrence of any Event of Acceleration or any other default by Trustor in the
payment or performance of any obligation under the Note, Beneficiary may declare
all sums secured hereby immediately due and payable by delivery to Trustee of
written declaration of default and demand for sale and of written notice

                                       3
<PAGE>

of default and of election to cause the Property to be sold, which notice
Trustee shall cause to be filed for record. Beneficiary also shall deposit with
Trustee this Deed of Trust, the Note and all documents evidencing expenditures
secured hereby.

          After the lapse of such time as may then be required by law following
the recordation of said notice of default, and notice of sale having been given
as then required by law, Trustee, without demand on Trustor, shall sell the
Property at the time and place fixed by it in said notice for sale, either as a
whole or in separate parcels, and in such order as it may determine, at public
auction to the highest bidder for cash in lawful money of the United States,
payable at the time of sale. Trustee may postpone the sale of all or any portion
of the Property by public announcement at such time and place of sale, and from
time to time thereafter may postpone such sale by public announcement at the
time fixed by the preceding postponement. Trustee shall deliver to such
purchaser its deed conveying the property so sold, but without any covenant or
warranty, express or implied. The recitals in such deed of any matters of facts
shall be conclusive proof of the truthfulness thereof. Any person, including
Trustor, Trustee, or Beneficiary as hereinafter defined, may purchase at such
sale.

          After deducting all costs, fees and expenses of Trustee and of this
trust, including cost of evidence of title in connection with sale, Trustee
shall apply the proceeds of sale to payment of (in the following order of
priority): all sums owing under the terms hereof or under the Note, not then
repaid, with accrued interest at the amount allowed by law in effect at the date
hereof; all other sums then secured hereby; and the remainder, if any, to the
person or persons legally entitled thereto.

          (7)  Beneficiary or any successor in ownership of any indebtedness
secured hereby may, from time to time, by instrument in writing, substitute a
successor or successors to any Trustee named herein or acting hereunder, which
instrument, executed by Beneficiary and duly acknowledged and recorded in the
office of the recorder of the county or counties where the Property is situated,
shall be conclusive proof of proper substitution of such successor Trustee or
Trustees, who shall, without conveyance from Trustee's predecessor, succeed to
all its title, estate, rights, powers and duties. Said instrument must contain
the name of the original Trustor, Trustee and Beneficiary hereunder, the book
and page where this Deed of Trust is recorded and the name and address of the
new Trustee.

          (8)  This Deed of Trust applies to, inures to the benefit of, and
binds all parties hereto, their heirs, legatees, devisees, administrators,
executors, successors, and assigns. The term "Beneficiary" shall mean the owner
and holder, including pledgees, of the Note secured hereby, whether or not named
as Beneficiary herein. In this Deed of Trust, whenever the context so requires,
the masculine gender includes the feminine and/or the neuter, and the singular
number includes the plural.

          (9)  Trustee accepts this trust when this Deed of Trust, duly executed
and acknowledged, is made a public record as provided by law. Trustee is not
obligated to notify any party hereto of pending sale under any other Deed of
Trust or of any action or proceeding in which Trustor, Beneficiary or Trustee
shall be a party unless brought by Trustee.

                                       4
<PAGE>

          (10) Beneficiary may charge for a statement regarding the obligation
secured hereby, provided the charge thereof does not exceed the maximum allowed
by law.

          (11) The undersigned Trustor, requests that a copy of any notice of
default and any notice of sale hereunder be mailed to him or her at his or her
address hereinbefore set forth.

          (12) This Deed of Trust is further subject to the terms and conditions
set forth in Addendum to this Deed of Trust attached hereto and incorporated
herein by this reference.

          (13) This Deed of Trust shall be governed by the laws of the state of
California and all applicable federal laws.

          (14) Any married person who executes this Deed of Trust as a Trustor
and who is obligated under the Note or any other instrument relating thereto or
hereto agrees that any money judgment which Beneficiary or Trustee obtains
pursuant to the terms of this Deed of Trust or any other obligation of that
married person secured by this Deed of Trust may be collected by execution upon
that person's separate property and any community property of which that person
is a manager.

                                       5
<PAGE>

          IN WITNESS WHEREOF, Trustor has executed this Deed of Trust effective
as of the date first set forth above.

                                         "TRUSTOR"

                                         /s/ Charles W. Thomson
                                         ----------------------
                                         Charles W. Thomson

                                         /s/ Sara A. Fields Thomson
                                         --------------------------
                                         Sara A. Fields-Thomson

          STATE OF CALIFORNIA )
          COUNTY OF SAN MATEO)

          On ____________, 2000 before me, ___________________________ Notary
Public, personally appeared _____________________, personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person whose name
is subscribed to the within instrument and acknowledged to me that he executed
the same in his authorized capacity, and that by his signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the
instrument.

          WITNESS my hand and official seal.                          (SEAL)

          ____________________________
          Signature of Notary

                                       6
<PAGE>

          STATE OF CALIFORNIA)
          COUNTY OF SAN MATEO)

          On ______________, 2000 before me, _________________________ Notary
Public, personally appeared _______________________, personally known to me (or
proved to me on the basis of satisfactory evidence to be the person whose name
is subscribed to the within instrument and acknowledged to me that he executed
the same in his authorized capacity, and that by his signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the
instrument.

          WITNESS my hand and official seal.                          (SEAL)

          ____________________________
          Signature of Notary

                                       7
<PAGE>

                                   EXHIBIT A
                                   ---------

Description: The land referred to herein is situated in the State of California,
County of SAN MATEO, TOWN OF HILLSBOROUGH, and is described as follows:

BEGINNING AT A POINT ON THE NORTHWESTERLY LINE OF BROOKVALE ROAD, AT THE MOST
SOUTHERLY CORNER OF THAT CERTAIN 14 ACRE TRACT OF LAND DESCRIBED IN DEED FROM
ELEANOR J. SPRECKLES TO ALBERTA EATON RYAN, BY DEED DATED MARCH 11, 1932 AND
RECORDED MARCH 14, 1932 IN BOOK 559 OF OFFICIAL RECORDS OF SAN MATEO COUNTY AT
PAGE 44; THENCE NORTH 50(Degrees) 47' WEST ALONG THE SOUTHWESTERLY LINE OF SAID
14 ACRE TRACT, 249.04 FEET, MORE OR LESS, TO THE SOUTHEASTERLY LINE OF LANDS
DESCRIBED IN DEED FROM THOMAS F. RYAN III TO ALBERTA EATON RYAN, DATED FEBRUARY
25, 1937 AND RECORDED FEBRUARY 27, 1937 IN BOOK 733 OF OFFICIAL RECORDS AT PAGE
139; THENCE NORTH 39(Degrees) 13' EAST ALONG SAID SOUTHEASTERLY LINE 131.2 FEET,
MORE OR LESS, TO THE SOUTHWESTERLY LINE OF LANDS DESCRIBED IN DEED FROM THOMAS
F. RYAN III AND WIFE, TO JOHN J. BALDWIN, DATED JUNE 9, 1936 AND RECORDED JUNE
24, 1936 IN BOOK 699 OF OFFICIAL RECORDS OF SAN MATEO COUNTY AT PAGE 85; THENCE
SOUTH 46(Degrees) 49' 45" EAST ALONG SAID SOUTHWESTERLY LINE 227 FEET, MORE OR
LESS, TO THE NORTHWESTERLY LINE OF BROOKVALE ROAD; THENCE ALONG SAID
NORTHWESTERLY LINE SOUTH 32(Degrees) 53' WEST 70 FEET AND SOUTH 28(Degrees) 28'
WEST 46.35 FEET TO THE POINT OF BEGINNING.

ASSESSOR'S PARCEL NO.: 028-120-210                J.P.N. NO. 028-012-120-21 A

                                       8
<PAGE>

                                   ADDENDUM

          THIS ADDENDUM is attached to, and made a part of, that certain Deed of
Trust With Assignment of Rents (the "Deed of Trust") dated May ____, 2000
executed by Charles W. Thomson and Sara A. Fields-Thomson, as Trustor, to NORTH
AMERICAN TITLE COMPANY, a California corporation, as Trustee, for the benefit
and security of E*TRADE GROUP, INC., a Delaware corporation, as Beneficiary.
Capitalized terms used herein and not otherwise defined herein shall have the
same meaning as in the Deed of Trust.

          In addition to the terms and conditions set forth in the Deed of
Trust, the following provisions are hereby incorporated as if fully set forth
therein.

          1.   Due on Sale or Encumbrance. If Trustor shall convey or alienate
               --------------------------
the Property or any part thereof or interest therein, or shall be divested of
its title to the Property in any manner, whether voluntary or involuntary, any
indebtedness or obligation secured by the Deed of Trust, irrespective of the
maturity date expressed in the Note, shall become immediately due and payable at
the option of Beneficiary, without demand or notice.

          2.   Hazardous Materials. Trustor represents and warrants that, to the
               -------------------
best of its knowledge, no hazardous materials (which shall mean any material or
substance that, whether by its nature or use, is now or hereafter defined as a
hazardous waste, hazardous substance, pollutant or contaminant under any
environmental laws or regulations or which is toxic, explosive, corrosive,
flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise
hazardous) are located at, on, in, under or about the Property and that the
Property is in full compliance with all such environmental laws and regulations.
Trustor shall comply in all respects with all environmental laws and regulations
and will not generate, release, store, handle, process, dispose of or otherwise
use any hazardous materials on or about the Property. Trustor shall defend,
indemnify and hold harmless Beneficiary and its officers, directors and
shareholders from and against any and all claims, demands, penalties, causes of
actions, fines, liabilities, settlements, damages, costs or expenses of whatever
kind or nature, known or unknown, foreseen or unforeseen, contingent or
otherwise arising out of, or in any way related to (i) any breach by Trustor of
the provisions of this paragraph, (ii) the release, disposal, spillage,
discharge, emission, leakage, generation, release or threatened release of any
hazardous materials in, on, under or about the Property, (iii) any personal
injury arising out of or related thereto or (iv) any violation of any such
environmental laws or regulations. To the extent applicable, Beneficiary shall
have all the rights and remedies under California Code of Civil Procedure
Sections 564(c) and 726.5 and California Civil Code Section 2929.5.

          3.   Events of Default. In addition to the defaults set forth in the
               -----------------
Deed of Trust (which shall be deemed "Events of Acceleration" for purposes of
the Note), each of the following events shall also constitute an Event of
Default:

               a.   Trustor shall become insolvent or generally shall not be
paying its debts as they become due, as defined in the Bankruptcy Reform Act,
Title 11 of the United States Code, as amended from time to time (the
"Bankruptcy Code") or shall file a voluntary petition in bankruptcy seeking to
effect a plan or other arrangement with creditors or seek any

                                       9
<PAGE>

other relief under the Bankruptcy Code or under any other state or federal law
relating to bankruptcy or other relief for debtors;

               b.   Any court or similar tribunal shall enter a decree or order
appointing a receiver, trustee, assignee in bankruptcy or insolvency of Trustor
or of the Property or shall enter a decree or order for relief in any
involuntary case under the Bankruptcy Code; or

               c.   The occurrence of any breach, default or failure under any
other deed of trust, mortgage or other security agreement or interest
encumbering the Property.

               d.   The failure of Trustor to pay any principal or interest
evidenced by that certain Note Secured by Deed of Trust (the "Note") of even
date herewith from Trustor to Beneficiary, within five (5) days of the date so
provided for therein;

               e.   The failure by Trustor to perform or comply with any other
material obligation, covenant or condition contained in this Deed of Trust
within ten (10) days following written notice from Beneficiary of such failure;
or

               f.   If any hazardous materials are found in, on, under or about
the Property, or if Trustor becomes subject to any proceeding or investigation
pertaining to the release by Trustor or any other person of any hazardous
materials into the environment or to any violation of any environmental laws and
Trustor fails to cure the same within such time as may be provided by applicable
law.

                                         "Trustor"

                                         /s/ Charles W. Thomson
                                         -----------------------------
                                         Charles W. Thomson

                                         /s/ Sara A. Fields-Thomson
                                         -----------------------------
                                         Sara A. Fields-Thomson

                                      10
<PAGE>

          STATE OF CALIFORNIA  )
          COUNTY OF SAN MATEO  )

          On _____________, 2000 before me, ____________________, Notary Public,
personally appeared ______________________, personally known to me (or proved to
me on the basis of satisfactory evidence) to be the person whose name is
subscribed to the within instrument and acknowledged to me that he executed the
same in her authorized capacity, and that by his signature on the instrument the
person, or the entity upon behalf of which the person acted, executed the
instrument.

          WITNESS my hand and official seal.                          (SEAL)

          _______________________________
          Signature of Notary

          STATE OF CALIFORNIA  )
          COUNTY OF SAN MATEO  )

          On _____________, 2000 before me, ____________________, Notary Public,
personally appeared ______________________, personally known, to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is
subscribed to the within instrument and acknowledged to me that he executed the
same in his authorized capacity, and that by his signature on the instrument the
person, or the entity upon behalf of which the person acted, executed the
instrument.

          WITNESS my hand and official seal.                          (SEAL)

          _______________________________
          Signature of Notary

                                      11

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