Document:

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Exhibit 10.14

                                   AGREEMENT
                                   ---------

between

FOUNTAIN PHARMACEUTICALS, INC.
7279 Bryan Dairy Road
Largo, Florida  33777

(subsequently called "FOUNTAIN")

AND

QUINODERM LTD.
Manchester Road
Hollinwood Oldham OL8 4PB
Lancashire, England

(subsequently called "QUINODERM")

WITNESSETH

Whereas, FOUNTAIN has developed a technology protected by patent applications
and trade secrets known as Solvent Dilution MicroCarrier System, hereinafter
referred to as "SDMC-SYSTEM";

Whereas, FOUNTAIN has developed products based on the SDMC-SYSTEM hereinafter
referred to as PRODUCTS;

Whereas, FOUNTAIN is interested to have marketed and sold their PRODUCTS in
territories outside the USA;

Whereas, QUINODERM holds a dermatological marketing organization in the UK and
Ireland;

Whereas QUINODERM has the potential to do research on PRODUCTS, as well as to
develop and to manufacture PRODUCTS;

Whereas FOUNTAIN and QUINODERM have the opinion that it is of mutual interest to
enter into this AGREEMENT with respect to the marketing and sales of PRODUCTS by
QUINODERM in their marketing territories and to generate research and
development as well as manufacturing experience which could be made available to
FOUNTAIN for its use outside the TERRITORY.

NOW THEREFORE THE PARTIES HERETO AGREE AS FOLLOWS:

Agreement Fountain Pharmaceuticals, Inc.                             Page 1 of 9
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ARTICLE 1 - DEFINITIONS

1.   AFFILIATES will mean organizations in which a party to this agreement holds
     more than fifty percent of the shares or organizations that hold more than
     fifty percent of the shares of same party.

2.   EFFECTIVE DATE will mean the date when this AGREEMENT is signed by both
     partners.

3.   TRADENAMES will mean all protected and unprotected brandnames used
     particularly in conjunction with the sales of PRODUCTS in a specific
     territory for which a license is granted under this AGREEMENT.

4.   PRODUCTS will mean dermatological products making use of the SDMC-SYSTEM.

5.   By NET SALES is understood the invoiced amounts for each calendar period
     without value added tax.

6.   SCIENTIFIC INFORMATION will mean all results from clinical and pre-clinical
     studies, laboratory experiments, literature and research and other sources,
     that could significantly contribute to the know-how related to the
     formulation, production, and use of PRODUCTS.

7.   TERRITORY means the UK (England, Wales, Scotland) and Ireland and any other
     countries added by mutual agreement between the parties.

8.   MASS MERCHANDISER means large chains (i.e. Boots, Superdrug, Tesco, ASDA,
     Sainsbury, etc.) and independents that sell merchandise to consumers.

ARTICLE 2 - TERMS AND CONDITIONS

1.   FOUNTAIN grants QUINODERM for the term of five years after the EFFECTIVE
     DATE of this AGREEMENT the right to manufacture, to market and to sell
     PRODUCTS under their own TRADENAMES in the TERRITORY in mass merchandiser
     channel of distribution.

2.   After the initial five year period, this AGREEMENT will renew automatically
     each year unless notified by either FOUNTAIN or QUINODERM. Notification of
     intent not to renew shall occur at least 90 days prior to the anniversary
     date of the AGREEMENT.

3.   FOUNTAIN grants QUINODERM for the term of five years after the EFFECTIVE
     DATE of this agreement the right to have the name "Fountain
     Pharmaceuticals" and the trademark "LyphaZome" mentioned on the package of
     PRODUCTS sold in TERRITORIES where they hold a license according to the
     underlying AGREEMENT.

4.   QUINODERM and/or its sublicensees have the obligation to identify FOUNTAIN
     by printing or labeling the name "Fountain Pharmaceuticals" and to identify
     "LyphaZome" in a readable manner on the outer box (if applicable) and/or
     the leaflet of each commercial package of PRODUCTS unless parties agree in
     writing to do otherwise.

5.   QUINODERM and its sublicensees are free to set selling prices to their
     distribution channels.

Agreement Fountain Pharmaceuticals, Inc.                             Page 2 of 9
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ARTICLE 3 - SUPPLY AND MUTUAL PROTECTION FOR EXCLUSIVE SALES

1.   QUINODERM undertakes to manufacture sufficient quantities of the PRODUCTS
     to meet the anticipated requirements in its TERRITORY.

2.   QUINODERM shall provide FOUNTAIN with non-binding forecasts of its intended
     bulk-manufacturing of PRODUCTS for a period of 12 months. The forecast will
     be actualized (rolling systems) in months of January and July.

3.   FOUNTAIN and QUINODERM will assign the obligations under this agreement to
     its distributors, partners, sublicensees or any outlets for the PRODUCTS as
     far as they can act on these.

ARTICLE 4 - TRADE NAMES

1.   In general, QUINODERM and/or its sublicensees are free to choose their
     TRADENAMES for the PRODUCTS, if market or legal situation demands to do so.
     The obligation under 2.3 to identify "FOUNTAIN" and "LYPHAZOME" is not
     effected by that.

ARTICLE 5 - RESEARCH AND DEVELOPMENT (R+D) ON PRODUCTS

1.   QUINODERM is allowed by FOUNTAIN to perform research and development on
     PRODUCTS within its own responsibility and on its own costs.

2.   FOUNTAIN will get access to experience and data QUINODERM will generate
     from research and development. Results from research on PRODUCTS will be
     made also available to FOUNTAIN for its own use and free of charge.

3.   FOUNTAIN, vice-versa makes accessible to QUINODERM free of charge
     development and research documentation on PRODUCTS which will be generated
     by FOUNTAIN in the future or comes into the possession of FOUNTAIN through
     new partnerships.

ARTICLE 6 - PAYMENTS TO FOUNTAIN

1.   QUINODERM shall pay FOUNTAIN the sum of 8% royalty on NET SALES of
     PRODUCTS. Payments will be due on a quarterly basis (1st day of January,
     April, July and October) and will be payable within 30 days. QUINODERM
     shall pay FOUNTAIN in United States Dollars.

2.   The currency exchange rate used to convert to $USD will be the market rate
     on the payment due dates (1st day of January, April, July and October) or
     the next following business day if that day is not a normal business day.

Agreement Fountain Pharmaceuticals, Inc.                             Page 3 of 9
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3.   QUINODERM shall have the following performance royalties targets according
     to the following schedule:

                                 MINIMUM PERFORMANCE

                  Year                    $USD Royalty Target
                  ----                    -------------------

                  2001                          $ 20,000
                  2002                          $ 40,000
                  2003                          $ 60,000
                  2004                          $ 80,000
                  2005-2010                     $100,000

     If QUINODERM exceeds the minimum in any given year, the amount over the
     minimum will be counted for the following year (i.e. if in 2003 royalties
     total $70,000, then $10,000 ($70,000 less $60,000) will be counted towards
     fulfillment of 2004 royalties).

4.   If these target royalties are not met, FOUNTAIN reserves the right to
     renegotiate the terms of the AGREEMENT.

5.   FOUNTAIN shall sell ethanolic stock to QUINODERM at a price of USD$15 per
     liter. QUINODERM shall request ethanolic stock using standard purchase
     order procedures. If FOUNTAIN is unable to supply ethanolic stock to
     QUINODERM, then QUINODERM is entitled to source this from an alternative
     supplier without action being taken by FOUNTAIN for patent infringement
     either against QUINODERM or the supplier of the material.

ARTICLE 7 - WARRANTIES/LIABILITY

1.   FOUNTAIN hereby represents, warrants and covenants QUINODERM as follows:

2.   To the best knowledge of FOUNTAIN the granting of the rights to QUINODERM
     and/or their sublicensees under this AGREEMENT does not and will not
     infringe any patent rights, including pending patents or other proprietary
     rights of any third party.

3.   FOUNTAIN has not knowledge of any pending claims or any dispute that may
     lead to a claim that their technology used for the PRODUCTS it employs
     infringes the patent rights or other proprietary rights of any third party.

4.   FOUNTAIN will indemnify QUINODERM from all damage claims or demands of
     third parties based on actual or alleged damages resulting from or in
     connection with the use of the PRODUCTS by consumers as far as the cause of
     damage claims or demands are caused by the SMDC system and in accordance
     with the legislation of the country involved.

Agreement Fountain Pharmaceuticals, Inc.                             Page 4 of 9
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ARTICLE 8 - REGISTRATION

1.   QUINODERM will undertake the application for registration of the PRODUCTS
     in its TERRITORIES.

2.   FOUNTAIN will assist QUINODERM to prepare the registration by giving those
     information that are necessary, reasonable and available. If scientific
     data or documents still have to be generated by FOUNTAIN, FOUNTAIN and
     QUINODERM will have to agree on a cost-sharing in advance.

ARTICLE 9 - MANUFACTURING THROUGH QUINODERM

1.   QUINODERM assures that production of PRODUCTS follows in accordance with
     the applicable GMP's (good manufacturing procedures) or its equivalent
     (i.e. ISO9000).

2.   QUINODERM is free to choose other places or partners to manufacture the
     PRODUCTS for the TERRITORY if there is an economic or capacity reason to do
     so. The product quality and the terms under confidentiality (Article 10)
     have to be guaranteed.

ARTICLE 10 - CONFIDENTIALITY

1.   QUINODERM and FOUNTAIN shall use their best efforts, while this AGREEMENT
     is in effect and for a period of 5 (five) years thereafter, to prevent the
     disclosure to others of information received by either from the other
     party, and to keep such confidential except as follows:

     a)   With the written consent of an officer of FOUNTAIN or QUINODERM as the
          case may be; or

     b)   To the extent that such information was known to QUINODERM or FOUNTAIN
          prior to its receipt from the other party; or

     c)   To the extent that information was, at the time of such receipt, or to
          the extent that it shall thereafter become published or public
          knowledge; or

     d)   To the extent of information received at any time lawfully by
          QUINODERM or FOUNTAIN from any third party; or

     e)   Was independently discovered and/or developed by QUINODERM and/or
          FOUNTAIN as evidenced by written documentation thereof, as the case
          may be; or

     f)   To the extent necessary to any cooperator or consultant other than
          public officials and public institutions engaged by QUINODERM to and
          in the commercialization of PRODUCTS; or

     g)   To the extent necessary to governmental officials in obtaining
          government approvals, if any, required in connection with the
          marketing and/or sales of PRODUCTS.

Agreement Fountain Pharmaceuticals, Inc.                             Page 5 of 9
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2.   QUINODERM shall obligate any engaged party referred to above in exceptions
     (f) and (g) to confirm in substance to the confidentiality provisions of
     this paragraph. Notwithstanding the foregoing, QUINODERM may disclose
     information to its sublicensees or potential sublicensees hereunder,
     provided that they are obligated to conform in substance to such
     nondisclosure provisions.

3.   The confidentiality provisions of the present AGREEMENT shall survive the
     termination of all or any portion of this AGREEMENT.

ARTICLE 11 - SCIENTIFIC INFORMATION

1.   SCIENTIFIC INFORMATION developed by QUINODERM or FOUNTAIN and its licensees
     or sublicensees or offered to QUINODERM or FOUNTAIN by a third independent
     party will be shared with each other within one month after they have
     received or generated a final version. This sharing of information is
     subject to Article 5.

2.   FOUNTAIN and QUINODERM have the right to use the above mentioned
     information for scientific and/or commercial purposes upon their own
     judgment.

3.   Scientific data generated as part of a dossier to be used to apply for
     registration as a medical preparation or for the requirement of authorities
     will be designated "FOR REGISTRATION".

4.   QUINODERM/FOUNTAIN will indicate in writing which studies and/or
     investigations are planned and that will be designated "FOR REGISTRATION".
     FOUNTAIN will make available the final version of these studies and/or
     investigations not later than one month after the information is in the
     final format.

5.   If QUINODERM/FOUNTAIN decides that they are not interested in using the
     information from 11.3, the information will become subject to the secrecy
     provisions under this AGREEMENT.

ARTICLE 12 - FORCE MAJEURE

1.   Failure of a party to fulfill its obligations hereunder because of a case
     of force majeure shall not constitute a default of such party and
     consequently shall not give rise to liability to the other party. A case of
     force majeure shall include, without limitation, an event due to or action
     taken by any government or administrative authority, fire, flood, act of
     God, embargo, war insurrection, general strike, as well as any event
     resulting in an impossibility to obtain raw material for the production of
     PRODUCTS.

ARTICLE 13 - LEGAL SUCCESSOR/ASSIGNMENT

1.   This agreement shall survive any change of ownership of Fountain,
     assignment by Fountain or license by Fountain.

2.   Quinoderm can assign this agreement to another party upon written notice to
     FOUNTAIN and written approval from FOUNTAIN.

3.   This agreement shall survive a change of ownership of Quinoderm.

Agreement Fountain Pharmaceuticals, Inc.                             Page 6 of 9
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ARTICLE 14 - TERMS AND TERMINATION

1.   This AGREEMENT shall continue in full force and effect unless sooner
     terminated as provided herein; this means until five years after the
     EFFECTIVE DATE of this agreement. Thereafter this AGREEMENT shall
     automatically be renewed for successive periods of one (1) year each,
     provided this AGREEMENT has not been terminated by either party at least
     six (6) months prior to the expiration of this AGREEMENT or said successive
     one (1) year periods, whichever is applicable.

2.   This AGREEMENT shall terminate immediately upon written notice from
     QUINODERM or FOUNTAIN, as the case may be, if;

     a)   FOUNTAIN or QUINODERM violates any of the covenants or obligations
          contained in this AGREEMENT and such default continues uncured or
          unremedied for a period of sixty (60) days after written notice
          thereof to FOUNTAIN by QUINODERM or to QUINODERM by FOUNTAIN as the
          case may be.

3.   Termination of this AGREEMENT shall be without prejudice to QUINODERM's
     obligation to Payments on sales of PRODUCTS in the TERRITORY contracted
     prior to the date of such expiration or termination, nor terminate the
     secrecy obligations of both parties under this AGREEMENT.

4.   After the date of termination of this AGREEMENT, QUINODERM shall be allowed
     to sell its stock of PRODUCTS where FOUNTAIN shall be paid according to
     Article 6.1.

5.   After the date of termination of this AGREEMENT, there will be no further
     claims by FOUNTAIN OR QUINODERM.

ARTICLE 15 - PAYMENTS AND ACCOUNTING

1.   Payments - for products that fall under the NET SALES clause (Article 6.1)
     - will be due on a quarterly basis (for sales in the previous 3 months) on
     January 1st, April 1st, July 1st and October 1st, and to be paid within
     thirty (30) days of that date.

2.   The parties to the contract will mutually support each other in the
     fulfillment of all obligations and formalities relating to taxes and levies
     connected with the performance of this agreement.

3.   QUINODERM must keep accurate accounts on the manufacturing of PRODUCTS and
     the NET SALES of the contract products which fall under Article 6.1, the
     name and address of the customers, delivery dates, number of items and
     price of the contract products sold are to be listed in the latter case.
     The books of account must be available for inspection by FOUNTAIN on
     request. FOUNTAIN may in addition demand information on all circumstances
     which are relevant to the payments, its due date and its calculation.

Agreement Fountain Pharmaceuticals, Inc.                             Page 7 of 9
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4.   If presentation of the books of account is refused, or if there are
     justified doubts about the correctness or the completeness of the account
     or the books, then FOUNTAIN can demand that an independent auditor, to be
     appointed by both of the contracting parties, shall be allowed to inspect
     the company books or other documents, so far as is necessary for
     establishing the correctness of the account or the books. If the licensee's
     account shows no discrepancies, or only minor ones, then FOUNTAIN shall
     bear the auditor's charges, otherwise the licensee is obliged to pay the
     charge.

5.   QUINODERM payments to FOUNTAIN, as covered under Article 6, shall be made
     in the currency of US Dollars.

ARTICLE 16 - MISCELLANEOUS

1.   This AGREEMENT constitutes the entire AGREEMENT and supersedes all prior
     AGREEMENTS and understandings, between the parties hereto with respect to
     the subject matter hereof. The rights and obligations of each party under
     this AGREEMENT shall not be assignable or otherwise transferable without
     the prior written consent of the other which consent will not unreasonably
     be withheld.

2.   The validity, construction, performance and interpretation of this
     AGREEMENT and the legal realizations of the parties to it shall be governed
     by the law of the state of Florida except with regards to matters of patent
     law which shall be determined with reference to the laws of the country
     involved.

3.   In the event that any part of this AGREEMENT shall be determined to be in
     violation of any statute, rule of law, governmental regulations or decree
     of court of competent jurisdiction, such part shall be void and of no
     effect but the remainder of this AGREEMENT shall continue in full force and
     effect.

4.   The parties hereto are independent contractors and have and shall have no
     power, nor will either of the parties represent that either has any power,
     to bind the other party or to assume or to create any obligation or
     responsibility, express or implied, on behalf of the other party in the
     other party's name.

     This AGREEMENT shall not be construed as constituting FOUNTAIN and
     QUINODERM to be partners or to create any other form of legal association
     which would impose liability upon one party for the act or failure to act
     of the other party.

5.   The headings in this AGREEMENT are for convenience only and not intended to
     be used in determining the construction or interpretation to be given to
     any provision of this AGREEMENT.

6.   The Appendixes attached to this AGREEMENT will be regularly updated and
     subsequently put into effect by being signed by both parties.

Agreement Fountain Pharmaceuticals, Inc.                             Page 8 of 9
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7.   The addresses of the parties hereto are as follows but either party may
     change its address for the purpose of this AGREEMENT by notice in writing
     to the other party:

     QUINODERM:

     QUINODERM Ltd. Pharmaceutical Manufacturers
     Manchester Road
     Hollinwood Oldham
     Lancashire England OL8 4PB

     FOUNTAIN

     FOUNTAIN Pharmaceuticals, Inc.
     7279 Bryan Dairy Road
     Largo, Florida  33777, USA

8.   No waiver, amendment or modification of any provision with respect to this
     AGREEMENT shall be effective unless in writing and signed by the party
     against whom such waiver, amendment or modification is sought to be
     enforced. No failure by either party to exercise and no delay by either
     party in exercising any right, power or remedy secured hereunder shall
     operate as a waiver of any such right, power or remedy.

IN WITNESS THEREOF, the partners hereto, intending to be bound hereby have
caused the AGREEMENT to be executed as of the date and year as hereby set forth.

Place/Date:                               Largo, Florida USA  9/th/ October 2000
                                     -------------------------------------------

FOUNTAIN PHARMACEUTICALS, INC.            /s/ Christopher J. Whitaker
                                     -------------------------------------------
                                          Vice President of Operations

Place/Date                                Oldham, England  2/nd/ October 2000
                                     -------------------------------------------

QUINODERM, LTD.                           /s/ A.G.W. Fisher
                                     -------------------------------------------

Agreement Fountain Pharmaceuticals, Inc.                             Page 9 of 9FORM OF STOCK PLEDGE AGREEMENT DATED 12/20/2000

  

Exhibit 10.1

E*TRADE GROUP, INC. 

STOCK PLEDGE AGREEMENT 

     AGREEMENT made as of this December 20, 2000 by and between E*TRADE Group, Inc., a Delaware corporation (the "Corporation"), and Jerry Gramaglia ("
Pledgor"). 

RECITALS 

     A. In connection with the purchase this day of One Hundred Thousand (100,000) shares of the Corporation's Common Stock (the "Purchased Shares") from the
Corporation, Pledgor has issued that certain promissory note (the "Note") dated December 20, 2000 payable to the order of the Corporation in the principal amount of $537,089.52. 

     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). 

    
          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 

   
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

   
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. 

    
                    (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 

    
               (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. 

    
          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 December 20, 2000. 

 

		/s/ Jerry Gramaglia                          
                                        	 
		PLEDGOR 	 
		Address: _______________________________________ 	 
		______________________________________________	 

	AGREED TO AND ACCEPTED BY: 	
	E*TRADE GROUP, INC. 	
	By: /s/ Christos M. Cotsakos                     	
	Title: Chief Executive Offier                        	
	Dated: December 20, 2000 	

 

 

    
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: /s/ Jerry Gramaglia        
	 	                      Jerry Gramaglia 
	 	 

  

 

 

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.

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