Document:

EX-10.3

 Exhibit 10.3 
  

	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

EXECUTION COPY 

GLOBAL AMENDMENT 
 TO
THE 
 E*TRADE AGREEMENTS (this “Amendment”) 

Reference is made to the (a) Master Services Agreement, dated April 9, 2003 (the “MSA”), by
and between Broadridge Securities Processing Solutions, Inc. (formerly known as ADP Financial Information Services, Inc., “Broadridge”) and E*TRADE Group, Inc. n/k/a E*TRADE Financial Corporation
(“Client” or “E*TRADE”), (b) Global Services Schedule No. 1, dated April 14, 2003 (the “GSS”), as amended, to the MSA, by and between Broadridge and Client,
(c) Operations and Outsourcing Services Schedule, dated September 26, 2005 (“OOS Schedule”), to the MSA, by and between Broadridge and E*TRADE Clearing, LLC (an affiliate of Client, “E*TRADE
Clearing”), (d) Proxy Agreement, dated June 1, 2001 (the “Proxy Agreement”), by and between Broadridge and E*TRADE Securities, Inc. n/k/a E*TRADE Securities LLC (an affiliate of Client,
“E*TRADE Securities”), (e) Prospectus Addendum, dated June 30, 2001, as amended (the “Prospectus Addendum”), to the Proxy Agreement, between Broadridge and E*TRADE Securities,
(f) PostEdge Schedule, dated April 14, 2003 (the “PostEdge Schedule”), as amended, (including (i) Amendment No. 1, dated December 1, 2003 (“PostEdge Amendment No.1”) and
(ii) Amendment No. 2, dated January 11, 2005), to the MSA by and between Broadridge (services to be provided by Broadridge Investor Communication Solutions, Inc., formerly ADP Investor Communication Services, Inc.,
“Broadridge ICS”) and Client and (g) Statement/Confirm/Checks Schedule, dated April 14, 2003 (“Statement Schedule”), to the MSA, between Broadridge ICS and Client (collectively, the
“Agreements”). This Amendment is effective as of November 19, 2013 (“Amendment Effective Date”). Unless otherwise defined herein, all terms defined in the Agreements shall have the same meanings
when used herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein, the receipt and sufficiency
of which are hereby acknowledged, the parties hereby agree as follows: 
  

	1.	Amendment to the Term of the GSS, Proxy Agreement, OOS Schedule, PostEdge Schedule and Prospectus Addendum.  

The terms for the GSS, Proxy Agreement, OOS Schedule and PostEdge Schedule are hereby extended through March 31, 2019.

  

	2.	Amendment to add Liquidated Damages Clause to the GSS, Proxy Agreement, OOS Schedule and PostEdge Schedule. 

Commencing as of March 31, 2016, Client shall pay the fees set forth in Exhibit 1 hereto, as liquidated damages and
not as a penalty, for an early termination of the GSS, Proxy Agreement, OOS Schedule and PostEdge Schedule as such early termination may be permitted by such agreements. 
  

	3.	Amendment to ICS Services. 

 Any CPI increase for any ICS services
under the Agreements is ***. 

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

	4.	Amendment to OOS Schedule. 

 The annual *** in the fees is hereby
extended through ***. 
  

	5.	Amendment to the Proxy Agreement. 

 Beginning on ***, the Proxy
Agreement is hereby amended by adding the pricing set forth in Exhibit 2 hereto. 
  

	6.	Amendment to Proxy Schedule, PostEdge Schedule and Statement Schedule. 

The references to the *** discount set forth in the PostEdge Schedule and the Statement Schedule are hereby deleted in their
entirety as the current pricing for these services already reflects such discount. The new pricing for the PostEdge Schedule and the Statement Schedule Pricing is set forth in Exhibit 3 hereto. For the avoidance of doubt, the pricing in
Exhibit 3 is effective as of April 1, 2013. 
  

	7.	Amendment to the Agreements.  

 The following provisions shall be
added to and shall supersede any conflicting provisions in the Agreements. References to Broadridge shall mean the applicable Broadridge entity for the applicable agreement, and references to E*TRADE or Client shall mean the applicable E*TRADE
entity for the applicable agreement. For the avoidance of doubt, similar provisions in the Agreements which protect Broadridge’s Confidential Information and audit rights shall continue in full force and effect and shall not be superseded by
the terms of this Amendment. 
  

	 	A.	CONFIDENTIALITY. 

 To the extent necessary to perform its obligations
hereunder, Client or its Affiliates may disclose E*TRADE Information (as defined below) to Broadridge. Such disclosure, as well as any subsequent use, of E*TRADE Information shall only be made for the sole purpose of performance under this Schedule
and in conformance with applicable law. The term “E*TRADE Information” shall include ***. E*TRADE Information shall include ***. Broadridge on behalf of itself, its employees, officers, directors, Affiliates, contractors, and
agents (“Representatives”), hereby agrees that E*TRADE Information made available to it will not be disclosed or made available to any third party, agent or employee for any reason whatsoever, other than with respect to:
(a) its Representatives on a “need to know” basis in order for Broadridge to perform its obligations under this Schedule, provided that such Representatives have been made aware of the confidential nature of the E*TRADE
Information and Broadridge shall be fully responsible for any breach of this section by any of its Representatives, and (b) as required by law or as otherwise permitted by the Agreement, this Schedule or the GLB Act regarding
‘Privacy’ of E*TRADE Information, either during the term of this Schedule or after the termination of this Schedule, provided that, prior to any disclosure of E*TRADE Information as required by law, Broadridge shall (i) not disclose
any such information until it has notified Client in writing (to the extent permitted by law) of all actual or threatened legal compulsion of disclosure, and any actual legal obligation of disclosure promptly upon becoming so obligated (to the
extent permitted by law), and (ii) cooperate (at Client’s expense) to the fullest extent possible with all lawful efforts 

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

 
by Client to resist, limit or delay disclosure. Notwithstanding the foregoing, E*TRADE Information shall also be considered Client Confidential Information as defined in the Agreement. 

Broadridge shall notify Client promptly of any known or suspected unauthorized use, disclosure, acquisition, modification, or
destruction of E*TRADE Information, unauthorized access to E*TRADE Information, or loss of E*TRADE Information (each, a “Security Breach”). Broadridge shall investigate each Security Breach, provide Client with a detailed
written statement describing the circumstances surrounding each Security Breach, and provide and promptly implement a remediation plan, acceptable to Client, to address the Security Breach and prevent any further incidents. To the extent the
Security Breach is a direct result of Broadridge’s actions, Broadridge will at its expense send notifications to affected individuals if requested by Client in writing. Broadridge shall also promptly notify Client of any known or suspected
attempts to commit a Security Breach. 
  

	 	B.	REGULATORY. 

 B.1 At E*TRADE locations, Broadridge shall use its
commercially reasonable efforts to ensure that Broadridge employees, subcontractors, contractors, consultants or other similar third parties or personnel under the control of Broadridge (collectively, “Broadridge Personnel”),
will comply with all E*TRADE policies and procedures, including, but not limited to, security procedures, information security requirements, rules, regulations, policies, holiday and similar schedules (“E*TRADE Policies”) which have been
provided to Broadridge and the Broadridge Personnel in writing. Such E*TRADE Policies are subject to change at E*TRADE’s sole discretion at anytime, but such change must be communicated in writing to Broadridge and the Broadridge Personnel.
Broadridge shall use its commercially reasonable efforts to minimize any disruption to E*TRADE’s normal business operations in performing the Services. 

B.2 Broadridge acknowledges that all Broadridge Personnel will comply with Broadridge’s information security policy (or if
applicable, E*TRADE’s information security policy if any Broadridge Personnel is on E*TRADE’s premises, so long as such policy has been provided in writing to such Personnel). Further, Broadridge agrees that certain Broadridge Personnel,
as determined by E*TRADE and Broadridge jointly, shall complete information security awareness training reasonably acceptable to E*TRADE. 

B.3 Broadridge acknowledges and understands that E*TRADE (any of its parent, subsidiaries and Affiliates) is subject to
examination and oversight by various federal and state regulators and governmental administrative agencies, including, without limitation, the Office of the Comptroller of the Currency, and that by entering into this Schedule with E*TRADE,
Broadridge may be subject to examination and oversight by such regulators and agencies. Broadridge hereby agrees, but solely to the extent that such examination relates to the Services provided by Broadridge to E*TRADE hereunder, to submit to and
reasonably cooperate in any such examination, at E*TRADE’s expense, and oversight proceeding or in E*TRADE’s efforts to respond to any audit, inquiry or review, whether formal or informal, which may include, but may not be limited to,
granting E*TRADE or federal or state regulatory authorities access to Broadridge’s: (i) overviews of its disaster recovery and business continuity plans; (ii) disaster 

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

 
recovery test results; (iii) an overview of Broadridge’s information security program, (iv) books and records; and (v) facilities, systems, and equipment on supervised visits
and without actual access to Broadridge’s systems. 
  

	 	C.	SECURITY. 

 C.1 Broadridge shall implement and maintain a comprehensive
written information security program (“Information Security Program”), which shall include measures, including the establishment and maintenance of commercially reasonable policies, procedures and technical, physical, and
administrative safeguards, to (i) ensure the security and confidentiality of the E*TRADE Information, (ii) protect against any foreseeable threats or hazards to the security or integrity of E*TRADE Information, (iii) protect against
unauthorized access to or use of such information, and (iv) ensure commercially reasonable disposal of the E*TRADE Information. Without limiting the generality of the foregoing, the Information Security Program shall provide for
(i) continual assessment and re-assessment of the risks to the security of E*TRADE Information acquired or maintained by Broadridge and its agents and contractors in connection with the Services, including but not limited to
(1) identification of internal and external threats that could result in unauthorized disclosure, alteration or destruction of E*TRADE Information and systems used by Broadridge and its agents and contractors, (2) assessment of the
likelihood and potential damage of such threats, taking into account the sensitivity of such E*TRADE Information, and (3) assessment of the sufficiency of policies, procedures, information systems of Broadridge and its agents and contractors,
and other arrangements in place, to control risks; and (ii) commercially reasonable protection against such risks. Broadridge shall, and shall use its commercially reasonable efforts to require its agents and subcontractors to, regularly test
key controls, systems and procedures relating to the Information Security Program. The frequency and nature of such tests shall be determined by Broadridge’s risk assessment. Broadridge shall provide E*TRADE with the results of all such tests.
Further, Broadridge shall provide E*TRADE with information about the Information Security Program as reasonably requested by E*TRADE in writing, and provide E*TRADE advance notice of material changes to the Information Security Program (to the
extent practicable). Broadridge shall comply with its Information Security Program. Broadridge certifies that its Information Security Program is and shall be in compliance with: (i) 201 CMR 17.00 et seq., as currently promulgated, and
(ii) the safeguards for protection of E*TRADE Information and information of a similar character set forth by any federal or State laws or regulations by which the E*TRADE may be regulated, as currently promulgated, to the extent applicable to
Broadridge. Broadridge shall deliver separate certifications of such compliance upon E*TRADE’s reasonable written request. Further, Broadridge agrees to handle E*TRADE Information in accordance with commercially reasonable practices. 

C.2 If there is a reasonable likelihood that, in the course of performing the Services, Broadridge may become aware of
activities, patterns of activity, or practices that indicate the possible existence of identity theft (as defined by regulations of the Federal Trade Commission), Broadridge will implement commercially reasonable measures, including the
establishment and maintenance of policies and procedures, to detect such activities, patterns or practices, notify E*TRADE upon such detection, and respond to such activities, patterns or practices. In addition, 

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

 if Broadridge does become aware of activities, patterns of activity, or
practices indicating the possible existence of identity theft, Broadridge will promptly notify E*TRADE, and will take reasonable measures to assist E*TRADE in implementing an appropriate response. 

 

	 	D.	AUDIT. 

 D.1. To ensure that Broadridge’s financial conditions and
internal and security controls are adequate to support its continued operations and performance of Services under the Agreement and this Schedule, E*TRADE or its designee (which may include outside auditing firms retained by E*TRADE) shall have, in
its sole discretion, the right to conduct once per year (or more than once per year to the extent specifically required by law or regulation in connection with a specific issue), an on-site review at the premises at which the Services or any part
thereof, are performed, during normal business hours and upon at least fifteen (15) days prior written notice to Broadridge. 

D.2. The on-site review shall include, but not be limited to (i) interviewing key personnel of Broadridge, its Affiliates,
its subcontractors and third party contractors (to the extent permitted by Broadridge’s agreements with such parties), (ii) inspecting Broadridge’s documentation regarding policy and procedures, internal controls, Business Continuity
Plan (“BCP”), and Disaster Recovery Plan (“DRP”), (iii) reviewing, while supervised, physical access to the data centers where E*TRADE Information is stored, (iv) inspecting, while
supervised, logical access to the systems where the E*TRADE Information is processed including a review of batch processing, on-line processing, telecommunications, network devices, remote access, operating systems, change management, web
applications and database management systems pertinent to this Schedule, and (v) providing access to all books and records, in whatever form maintained, relating to the provision of the Services. Such records shall include all audits, test
results, and other evaluations relevant to compliance that have been conducted by Broadridge or third parties (to the extent permitted to be disclosed to clients by such third parties). E*TRADE may periodically submit to Broadridge a written request
for Broadridge to provide to E*TRADE its industry standard BITS Questionnaire. 
 D.3. Broadridge agrees to deliver to
E*TRADE, within 30 days of receipt of written request from E*TRADE, the most current SSAE16 report, to the extent it covers the Services. Broadridge agrees to respond to E*TRADE’s vendor diligence and security questionnaires as reasonably
requested by E*TRADE from time to time. 
 8. Miscellaneous. Except as expressly amended and supplemented hereby, the
Agreements shall remain in full force and effect. 
 In the event of any conflict between the terms and conditions of this Amendment and the
terms and conditions of the Agreements, the terms and conditions of this Amendment shall prevail. 
 *** 

THIS AMENDMENT SHALL BECOME EFFECTIVE AS OF THE AMENDMENT EFFECTIVE DATE UPON SIGNATURE BY AN AUTHORIZED OFFICER OF EACH OF THE
PARTIES. 

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

									
	BROADRIDGE SECURITIES	 		 	E*TRADE FINANCIAL CORPORATION
	PROCESSING SOLUTIONS, INC.	 		 		 	
					
	By:	 	 /s/ Steven Goune
	 		 	By:	 	 /s/ Matthew Audette

					
	Name:	 	 Steven Goune
	 		 	Name:	 	Matthew Audette
					
	Title:	 	 VP, Finance
	 		 	Title:	 	EVP & Chief Financial Officer
					
	Date:	 	 November 26, 2013
	 		 	Date:	 	  

			
	BROADRIDGE INVESTOR	 		 	E*TRADE SECURITIES LLC
	COMMUNICATION SOLUTIONS, INC.	 		 		 	
					
	By:	 	 /s/ Bob Schifellite
	 		 	By:	 	 /s/ Navtej S. Nandra

					
	Name:	 	 Bob Schifellite
	 		 	Name:	 	Navtej S. Nandra
					
	Title:	 	 President ICS
	 		 	Title:	 	President of E*TRADE Financial Corporation
					
	Date:	 	 December 5, 2013
	 		 	Date:	 	 November 26, 2013

				
		 		 		 	E*TRADE CLEARING LLC
					
		 		 		 	By:	 	 /s/ Mike Foley

					
		 		 		 	Name:	 	Mike Foley
					
		 		 		 	Title:	 	EVP & Chief Administrative Officer
		 		 		 		 	of E*TRADE Financial Corporation
					
		 		 		 	Date:	 	 November 26, 2013

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

 Exhibit 1 

Termination Clause Penalties ($ in 

Millions) 
  

																									
	 	  	2013	 	 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	2018	 
	 BPS
	  	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 
	 Ridge
	  	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 
	 Post Edge (IDS)
	  	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 
	 Proxy Services
	  	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 	 	$	  	*** 

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

 Exhibit 2 

 

					
	 Type of Service
	  	Fees Paid by
E*Trade to
Broadridge	 
	 Interim Pieces
	  	$	  	*** 
	 Interim Paper Elimination
	  	$	  	*** 
	 Proxy Pieces
	  	$	  	*** 
	 Proxy Paper Eliminations
	  	$	  	*** 
	 Reminders
	  	$	  	*** 
	 Contests
	  	$	  	*** 

  

	*	 Under the fee structure, for issuer proxy mailings with processing counts equal to or greater than *** positions, the paper elimination
unit charge is reduced by ***% 

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

 Exhibit 3 

 

	A.	New PostEdge Pricing  

 Images Per Month 

 

					
	 Electronic Document Conversion and Hosting Single Ingestion
	  	$	*	**/image 
	 PostEdge – Electronic Delivery
	  	$	*	**/document 
	 Line Mode Data:
	  			
	 First ***M images per month
	  	$	*	** 
	 Next ***M images per month
	  	$	*	** 
	 Next ***M images per month
	  	$	*	** 
	 All images over ***M per month
	  	$	*	** 

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

	B.	New Statement Pricing 

 Procurement of Materials for all the
Services described below shall be based on the following: 
 Broadridge will supply the forms and envelopes and pass through
the costs thereof to Client. Client will specify the paper stock and envelopes (“stock”), which will be used for the sole purpose of printing Client products. Broadridge shall be responsible for managing and
maintaining sufficient stock inventory on its premises or vendor warehouses, for communicating inventory levels and reorder requirements to Client, and for coordinating delivery schedules with the vendors.

In the event Client chooses to use Client suppliers, Client shall give written notice to Broadridge( including notice to
discontinue ordering stock). Client understands that Broadridge typically orders stock in quantities to cover *** use and must place order for such stock *** in advance of delivery. Client shall be responsible for payment of
all unused stock in inventory, as well as destruction and/or removal costs. Materials provided by Client suppliers shall adhere to all equipment specifications used at Broadridge and agrees to provide “test” stock no less than 8 weeks
prior to going into production. The stock to be used will be subject to sign-off approval by Broadridge. 
 Broadridge
will notify Client of industry price increases that impact the cost of materials. Waste /Overage on stock charges resulting from issues solely under the control of Broadridge shall be capped at *** of print volume. Any waste stock resulting
from the actions of Client or its stock vendors, due to such factors as poor stock quality, late shipments, short shipments, or any other event outside of Broadridge’s control, will not be subject to the *** waste cap. 

 

	 	1.	Statements 

  

	 	a.	Computer Processing  

  

					
	 Base Charge
	  	$	*	** per image 

 (charged for all images composed, both paper and electronic delivery) 

 

	 	b.	Printing 

 Image (customer copy, AE, Interested Party) 

 

					
	 Monthly volume (statement image = 8 1⁄2
× 11 simplex image)
	  	$	*	** per image 

  

	 	c.	Lettershop 

  

					
	 Machine Cut, Trim, Match, Meter, Fold & Insert
	  	$	*	** per envelope 
	 Hand insertion
	  	$	*	** per envelope 
	 Additional Inserts
	  	$	*	** per insert 

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

	 	d.	Miscellaneous Charges 

  

			
	 Custom Programming
	  	$***/hr
	 Electronic Forms Design
	  	$***/hr
	 Clerical Special Handling/Packaging
	  	$ ***/hr
	 Courier – (i.e. Fed Ex)
	  	Client Responsibility
	 NCOA processing
	  	$*** per record

  

	 	e.	Materials 

  

					
	 Preprint & Envelopes
	  	 	At Quote	  

  

	 	f.	Postage 

 Postage - Broadridge will charge back to client all applicable
costs relating to postage 
  

					
	 Presort/Manifesting
	  	$	*	** per envelope 
	 Full Service IMB processing
	  	$	*	** per envelope 

  

	 	2.	Trade Confirmations, Tax Reporting and Letters 

  

	 	a.	Base Pricing 

  

					
	 Process, print and machine insert, first image
	  	$	*	** per envelope 
	 Process, print and manual insert, first image
	  	$	*	** per envelope 
	 Additional Images, process and print
	  	$	*	** per image 
	 Additional Inserts
	  	$	*	** per insert 

  

	 	b.	Materials 

  

					
	 Preprint & Envelopes
	  	 	At Quote	  

  

	 	c.	Other Charges 

  

			
	 Programming
	  	$*** /per hour
	 Electronic Forms Design
	  	$***/per hour
	 Courier – (i.e. Fed Ex)
	  	Client Responsibility

  
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	***	Confidential treatment has been requested for the redacted portions. The Confidential Information redacted has been filed separately with the Securities and Exchange Commission. 

 

	 	d.	Postage 

 Same as Statements. 

 

	 	3.	Checks 

  

	 	a.	Base Pricing 

  

					
	 Process, print and machine insert single check
	  	$	*	** per check 
	 Process, print and manually insert single check
	  	$	*	** per check 

  

	 	b.	Materials 

  

					
	 Preprint & Envelopes
	  	 	At Quote	  

  

	 	c.	Other Charges 

  

			
	 Programming
	  	$*** /per hour
	 Electronic Forms Design
	  	$*** /per hour
	 Courier – (i.e. Fed Ex)
	  	Client Responsibility

  

	 	d.	Postage 

 Same as for Statements. 

  
 Page 12 of
12EX-10.13

 Exhibit 10.13 
 FORM EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”) is made and entered into by and between E*TRADE Financial Corporation (the “Company”) and
[                    ] (“Executive”) as of
[                    20[    ], (the “Effective Date”). 

1. Position and Duties: As of the Effective Date, Executive will (become/continue in the role as)
                    ]. Executive agrees to devote all necessary time, energy and skill to Executive’s duties at the Company. 

The Company shall provide Executive with the same indemnification and D&O insurance protection provided from time to time to its
officers and directors generally. Notwithstanding anything to the contrary in this Agreement, the rights of Executive to indemnification and the D&O insurance coverage with respect to all matters, events or transactions occurring or effected
during the Executive’s period of employment with the Company shall survive the termination of Executive’s employment. 

2. Term of Agreement: This Agreement shall remain in effect through December 31, 20[    ] (the
“Term”), unless Executive’s employment is terminated earlier by either party, subject to payments under Section 5 hereof to the extent applicable. The Term of this Agreement shall automatically renew for additional
one-year periods (each one-year period following December 31, 20[    ], a “Successive Term”) unless either party provides at least ninety days’ prior written notice of termination of the Agreement;
provided that in the event of a Change in Control during the Term (or any Successive Term) of this Agreement, this Agreement may not be terminated until 24 months following such Change in Control. Executive’s employment with the Company
shall be “at-will”. Unless Executive terminates Executive’s employment prior to the end of the Term or any Successive Term pursuant to the terms of this Agreement (for the avoidance of doubt, including to the extent an Involuntary
Termination occurs following the Company’s delivery of notice of its non-renewal of this Agreement pursuant to the preceding sentence), Executive’s continued employment following the end of the Term or any Successive Term shall continue to
be on an at-will basis and on such terms and conditions as the parties may agree. 
 3. Compensation: During the Term or
any Successive Term, Executive shall be compensated by the Company for Executive’s services as follows: 

(a) Base Salary: Executive shall be paid an annualized base salary of
$        ] per year, subject to applicable withholding, in accordance with the Company’s normal payroll procedures. Executive’s base salary may be adjusted from time to time in the discretion of the
Company, subject to the provisions of Section 5 (incorporating the definitions set forth in Section 7) (this is referred to as the “Base Salary”). 

(b) Performance Bonus: Executive shall have the opportunity to earn an annual performance bonus. The performance
bonus shall be earned upon the Executive and the Company meeting pre-established performance targets. Executive’s current cash bonus target amount is $        ]. The annual cash bonus, if earned, will be
paid at the same time and in the same manner as payments to similarly situated executives of the Company and, except as expressly provided otherwise in this Agreement or in the applicable bonus plan document, shall not be earned unless Executive
remains employed with the Company on the date of payment. 

  
 1 

 (c) Benefits: Executive shall have the right, on the same basis as
other senior executives of the Company, to participate in and to receive benefits under any of the Company’s employee benefit plans, as such plans may be modified from time to time. 

4. Equity Compensation. Executive will be eligible to receive equity compensation awards from time to time if the Company’s
Board of Directors or its designee, in its sole discretion, determines that such an award(s) is appropriate. Any outstanding options, restricted stock awards, restricted stock units and other equity awards at any particular time are referred to
collectively herein as “Equity Grants”. None of Executive’s Equity Grants will be eligible for continued vesting solely as a result of Executive’s retirement, notwithstanding any retirement provisions that may be
applicable to other employees of the Company from time to time. Executive understands and agrees that the only provisions with respect to accelerated or continued vesting of Executive’s Equity Grants shall be under Section 5 hereof, unless
otherwise expressly approved in writing by the Compensation Committee of the Company Board of Directors (the “Committee”). 
 5. Effect of Termination of Employment During the Term or any Successive Term: 
 (a) Involuntary Termination outside a Change in Control Period: If Executive’s employment with the Company is terminated as a result of an Involuntary Termination outside of a Change in
Control Period, then subject to Executive signing and not revoking the Release (so long as such Release is signed in a period such that the payments under clauses (i) and (ii) below may be made no later than 2 and 1/2 months following the
end of the year in such termination of employment occurs), Executive shall receive the following benefits, in addition to any compensation and benefits earned and unpaid under Section 3 through the date of Executive’s termination of
employment: 
 (i) a lump sum cash severance payment equal to one times the sum of (x) Executive’s
annual Base Salary and (y) Executive’s annual cash performance bonus at the target payment level, which payment shall be paid within 30 days following the effectiveness of the Release; 

(ii) a pro rata share of the target performance bonus for the year in which termination of employment occurs,
provided that the Company’s performance meets the target performance level for the year of termination, as determined at year-end, which payment shall be paid no later than 2 and 1/2 months following the end of the year in such
termination of employment occurs; 
 (iii) reimbursement for the cost of medical coverage at a level equivalent
to that provided by the Company immediately prior to termination of employment, through the earlier of: (A) 12 months following Executive’s termination of employment, or (B) the time Executive begins alternative employment;
provided that (x) it shall be the obligation of Executive to inform the Company that new employment has been obtained and (y) such reimbursement shall be made by the Company subsidizing or reimbursing COBRA premiums or, if Executive
is no longer eligible for COBRA continuation coverage, by a lump sum payment based on the monthly premiums immediately prior to the expiration of COBRA coverage. 

(iv) unless otherwise determined by the Committee at the time of grant of any particular Equity Grant, any Equity Grants
that are unvested on the date of termination of employment (“Post-Termination Awards”) shall not terminate, but will remain eligible 

  
 2 

 
to become vested (and, with respect to restricted stock units, converted into shares) on their normal vesting dates as if Executive’s employment had not terminated (the “Scheduled
Vesting Date”); provided that if any of the following events occur at any time before the applicable Scheduled Vesting Date, all of the Post-Termination Awards will be canceled immediately: 

 

	 	•	 	 Executive acts in any manner that the Committee determines is contrary or materially harmful to the interests of the Company or any of its
subsidiaries; 

  

	 	•	 	 during the 12-month period following termination of employment, Executive fails to comply with the covenants in Section 6 hereof;

  

	 	•	 	 Executive encourages or solicits any employee, consultant, or contractor of the Company or its affiliates to leave or diminish their relationship with
the Company for any reason or to accept employment, consultancy or a contracting relationship with any other company 

  

	 	•	 	 Executive, directly or indirectly, encourages or solicits or attempts to encourage or solicit any customers, clients, partners or affiliates of the
Company to terminate or diminish their relationship with the Company; 

  

	 	•	 	 Executive disparages the Company or its officers, directors, employees, products or services; 

 

	 	•	 	 Executive misuses or discloses Company’s confidential or Proprietary Information, breaches any proprietary information, confidentiality agreement
or any other agreement between Executive and the Company (or any of its affiliates), or breaches the Release; 

  

	 	•	 	 Executive fails or refuses to cooperate with or assist the Company in a timely manner in connection with any investigation, regulatory matter, lawsuit
or arbitration in which the Company is a subject, target or party and as to which Executive may have pertinent information; or 

  

	 	•	 	 the Company determines that Executive’s employment could have been terminated for Cause (regardless of any “cure” periods) or that
Executive’s actions or omissions during employment caused a restatement of the Company’s financial statements or constituted a violation of the Company’s policies and standards. 

The Post-Termination Awards shall become fully vested and, if applicable, settled upon the death of Executive or upon a Change in Control
that constitutes a “a change in ownership”, a “change in effective control”, or a “change in the ownership of a substantial portion of the assets” of the Company under Section 409A and the Section 409A
Regulations. 
 (b) Involuntary Termination during a Change in Control Period: If Executive’s
employment with the Company is terminated as a result of an Involuntary Termination during a Change in Control Period, then subject to Executive signing and not revoking the Release (so long as such Release is signed in a period such that the
payment may be made no later than 2 and 1/2 months following the end of the year in such termination of employment occurs), Executive shall receive the following benefits, in addition to any compensation and benefits earned and unpaid under
Section 3 through the date of Executive’s termination of employment: 

  
 3 

 (i) a lump sum cash severance payment equal to two times the sum of
(x) Executive’s annual Base Salary and (y) Executive’s annual cash performance bonus at the target payment level, which payment shall be paid within 30 days following the effectiveness of the Release; 

(ii) a pro rata share of the target performance bonus for the year in which termination of employment occurs,
provided that the Company’s performance meets the target performance level for the year of termination, as determined at year-end, which payment shall be paid no later than 2 and 1/2 months following the end of the year in such
termination of employment occurs; 
 (iii) each Equity Grant shall become fully vested and, if applicable,
exercisable (and any forfeiture provision shall lapse) in full as of the later of the date of Executive’s termination of employment or the last day following Executive’s execution of the Release on which Executive may revoke such Release
under its terms; 
 (iv) reimbursement for the cost of medical coverage at a level equivalent to that provided by
the Company immediately prior to termination of employment, through the earlier of: (A) 24 months following Executive’s termination of employment, or (B) the time Executive begins alternative employment; provided that
(x) it shall be the obligation of Executive to inform the Company that new employment has been obtained and (y) such reimbursement shall be made by the Company subsidizing or reimbursing COBRA premiums or, if Executive is no longer
eligible for COBRA continuation coverage, by a lump sum payment based on the monthly premiums immediately prior to the expiration of COBRA coverage. 
 (c) Death or Disability.  
 (i) In the event of
Executive’s death, all Equity Grants held by Executive, to the extent then outstanding, shall become fully vested and, if applicable, exercisable (and any forfeiture provision shall lapse) as of the date of Executive’s death. 

(ii) In the event the Executive’s employment terminates as a result of Executive’s death or Permanent
Disability, Executive (or Executive’s estate, as applicable) shall be entitled to a pro rata share of the Executive’s cash or other performance bonus to the date of death or Permanent Disability. 

(d) Other Termination: In the event of a termination of Executive’s employment not specified under
Section 5(a), Section 5(b) or Section 5(c) above, including, without limitation, a termination for Cause, Executive shall not be entitled to any compensation or benefits from the Company, other than those earned and unpaid under
Section 3 through the date of Executive’s termination and, in the case of each stock option, restricted stock award or other Company stock-based award granted to Executive, the extent to which such awards are vested through the date of
Executive’s termination or as otherwise provided in the applicable award agreement. 
 6. Agreement Not to Compete:

 (a) During Executive’s employment with the Company and for twelve (12) months thereafter, Executive
shall not hold any position, or engage in any activities as an employee, agent, contractor, or otherwise, with 

(i)
[                    ] (“Competitors”), or 
 (ii) any of Competitors’ affiliates, subsidiaries, successors or assigns; 

  
 4 

 
provided that the Company shall have the right to revise the list of Competitors from time to time upon written notice to Executive but no more than once during the Term or any Successive
Term, but not after Executive has given the Company notice that [his/her] employment with the Company will terminate, and only so long as the list of Competitors is comprised of no more than four (4) entities. 

(b) Executive acknowledges that the restrictions contained in this Section 6, in view of the nature of the business
in which the Company is engaged, are reasonable and necessary in order to protect the legitimate interests of the Company, and that any violation thereof would result in irreparable injuries to the Company, and the Executive therefore acknowledges
that, in the event of Executive’s violation of any of these restrictions, the Company shall be entitled to obtain from any court of competent jurisdiction preliminary and permanent injunctive relief (without the posting of any bond) as well as
damages and an equitable accounting of all earnings, profits and other benefits arising from such a violation, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled. 

(c) The invalidity or unenforceability of any provision or provisions of this Section 6 shall not affect the validity
or enforceability of any other provision or provisions of this Section 6, which shall remain in full force and effect. If any provision of this Section 6 is held to be invalid, void or unenforceable in any jurisdiction, any court or
arbitrator so holding shall substitute a valid, enforceable provision that preserves, to the maximum lawful extent, the terms and intent of this Agreement. 
 7. Certain Tax Considerations: 
 (a)
Section 409A: 
 (i) The payments under Section 5 are intended to qualify for the short-term
deferral exception to Section 409A of the Code (“Section 409A”) described in the regulations promulgated under Section 409A (the “Section 409A Regulations”) to the maximum extent possible, and to
the extent they do not so qualify, they are intended to qualify for the involuntary separation pay plan exception to Section 409A described in the Section 409A Regulations to the maximum extent possible. To the extent Section 409A is
applicable to this Agreement, this Agreement is intended to comply with Section 409A, and shall be interpreted and construed and shall be performed by the parties consistent with such intent, and the Company shall have no right, without
Executive’s consent, to accelerate any payment or the provision of any benefits under this Agreement if such payment or provision of such benefits would, as a result, be subject to tax under Section 409A. To the extent any payment
hereunder is determined to be deferred compensation subject to Section 409A and the timing of such payment is conditioned on the Release becoming effective, then to the extent required to avoid penalty under Section 409A, any such payment
hereunder that could be paid in either of two taxable years shall be made in the second taxable year. 
 (ii)
Without limiting the generality of the foregoing, if Executive is a “specified employee” within the meaning of Section 409A, as determined under the Company’s established methodology for determining specified employees, on the
date of termination of employment, then to the extent required in order to comply with Section 409A, amounts that would otherwise be payable under this Agreement during the six-month period immediately following such termination date shall
instead be paid (together with interest at the then current six-month LIBOR rate) on the first business day after the first to occur of (i) the date that is six months following Executive’s termination of employment and (ii) the date
of Executive’s death. 

  
 5 

 (iii) Except as expressly provided otherwise herein, no reimbursement
payable to Executive pursuant to any provisions of this Agreement or pursuant to any plan or arrangement of the Company covered by this Agreement shall be paid later than the last day of the calendar year following the calendar year in which the
related expense was incurred, and no such reimbursement during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, except, in each case, to the extent that the right to reimbursement does not provide for
a “deferral of compensation” within the meaning of Section 409A of the Code. 
 (iv) For purposes
of this Agreement, the terms “terminate,” “terminated” and “termination” mean a termination of Executive’s employment that constitutes a “separation from service” within the meaning of the default rules
of Section 409A of the Code; provided , however, that, in the event of the Executive’s Permanent Disability, “separation from service” means the date that is six months after the first day of disability. 

(b) 280G Limitation: If the payments and benefits provided to Executive under this Agreement, either alone or
together with other payments and benefits provided to Executive from the Company (including, without limitation, any accelerated vesting thereof) (the “Total Payments”), would constitute a “parachute payment” (as defined
in Section 280G of the Code) and be subject to the excise tax (the “Excise Tax”) imposed under Section 4999 of the Code, the Total Payments shall be reduced if and to the extent that a reduction in the Total Payments would
result in Executive retaining a larger amount than if Executive received all of the Total Payments, in each case measured on an after-tax basis (taking into account federal, state and local income taxes and, if applicable, the Excise Tax). The
determination of any reduction in the Total Payments shall be made at the Company’s cost by the Company’s independent public accountants or another firm designated by the Company and reasonably approved by Executive, and may be determined
using reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company shall pay Executive’s costs incurred for tax, accounting and other professional advice in the event of a challenge
of any such reasonable, good faith interpretations by the Internal Revenue Service. 
 8. Certain Definitions: For the
purposes of this Agreement, the following capitalized terms shall have the meanings set forth below: 
 (a)
“Cause” shall mean any of the following: 
 (i) Executive’s theft, dishonesty, willful
misconduct, breach of fiduciary duty for personal profit, or falsification of any material employment or Company records; 
 (ii) Executive’s conviction (including any plea of guilty or nolo contendere) of any criminal act involving fraud, dishonesty, misappropriation or moral turpitude, or which impairs Executive’s
ability to perform Executive’s duties with the Company; 
 (iii) Executive’s intentional and repeated
failure to perform stated duties after notice from the Company of, and a reasonable opportunity to cure, such failure; 
 (iv) Executive’s improper disclosure of the Company’s confidential or Proprietary Information; 

  
 6 

 (v) any material breach by Executive of the Company’s Code of
Professional Conduct, which breach shall be deemed “material” if it results from an intentional act by Executive and has a material detrimental effect on the Company’s reputation or business; or 

(vi) any material breach by Executive of this Agreement or of any agreement regarding proprietary information and
inventions, which breach, if curable, is not cured within thirty (30) days following written notice of such breach from the Company. 
 In the event that the Company terminates Executive’s employment for Cause, the Company shall provide written notice to Executive of that fact prior to, or concurrently with, the termination of
employment. Failure to provide written notice that the Company contends that the termination is for Cause shall constitute a waiver of any contention that the termination was for Cause, and the termination shall be irrebuttably presumed to be an
involuntary termination without Cause. However, if, within thirty (30) days following the termination, the Company first discovers facts that would have established “Cause” for termination, and those facts were not known by the
Company at the time of the termination, then the Company shall provide Executive with written notice, including the facts establishing that the purported “Cause” was not known at the time of the termination, and the Company will pay no
severance. 
 (b) “Change in Control” shall mean the occurrence of any of the following events:

 (i) (X) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total combined
voting power represented by the Company’s then outstanding voting securities other than the acquisition of the Company’s common stock by a Company-sponsored employee benefit plan or through the issuance of shares sold directly by the
Company to a single acquiror; or (Y) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 under said
Act), directly or indirectly, of securities of the Company representing less than fifty percent (50%) of the total combined voting power represented by the Company’s then outstanding voting securities, but in connection with the
person’s acquisition of securities the person acquires the right to terminate the employment of all or a portion of the Company’s management team; 
 (ii) the Company is party to a merger or consolidation which results in the holders of the voting securities of the Company outstanding immediately prior thereto failing to retain immediately after such
merger or consolidation direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the securities entitled to vote generally in the election of directors of the Company or the surviving entity
outstanding immediately after such merger or consolidation; 
 (iii) a change in the composition of the Board
occurring within a period of twenty-four (24) consecutive months, as a result of which fewer than a majority of the directors are Incumbent Directors; 
 (iv) effectiveness of an agreement for the sale, lease or disposition by the Company of all or substantially all of the Company’s assets; or 

(v) a liquidation or dissolution of the Company. 

  
 7 

 The Incumbent Directors shall have the right to determine whether multiple sales or
exchanges of the voting stock of the Company, which, in the aggregate, would result in a Change of Control, are related, and its determination shall be final, binding and conclusive. 

(c) “Code” means the Internal Revenue Code of 1986, as amended. 

(d) “Change in Control Period” shall mean the period commencing on the earlier of: (i) 60 days
prior to the date of consummation of the Change in Control; (ii) the date of the first public announcement of a definitive agreement that would result in a Change in Control (even though still subject to approval by the Company’s
stockholders and other conditions and contingencies); or (iii) the date of the public announcement of a tender offer that is not approved by the Incumbent Directors and ending on the two year anniversary date of the consummation of the Change
in Control. 
 (e) “Change in Control Period Good Reason” shall mean any of the following
conditions: 
 (i) a material decrease in Executive’s Base Salary other than as part of any across-the-board
reduction applying to all senior executives of an acquiror; 
 (ii) a material, adverse change in
Executive’s title, authority, responsibilities or duties, as measured against Executive’s title, authority, responsibilities or duties immediately prior to such change; provided that for purposes of this subsection (ii), in addition
to any other material, adverse change in title, authority, responsibilities or duties, a material diminution in the authority, duties, or responsibilities of the supervisor to whom the Executive is required to report shall constitute an event of
“Change in Control Period Good Reason”; 
 (iii) the relocation of Executive’s principal workplace
to a location greater than fifty (50) miles from the prior workplace; 
 (iv) any material breach by the
Company of any provision of this Agreement, which breach is not cured within thirty (30) days following written notice of such breach from Executive, or the Company’s delivery of written notice of non-renewal of this Agreement (other than
as a result of a termination for Cause) pursuant to Section 2 hereof; 
 (v) any failure of the Company to
obtain the assumption (by operation of law or by contract) of this Agreement by any successor or assign of the Company; or 
 (vi) any purported termination of Executive’s employment for “material breach of contract” which is purportedly effected without providing the “cure” period, if applicable,
described in Section 7(a)(vi), above; 
 provided that Executive shall have provided written notice to the Company of the existence
of the condition constituting Good Reason within 90 days of the initial existence of the condition. 
 (f)
“Incumbent Directors” shall mean members of the Board who either (i) are members of the Board as of the date hereof, or (ii) are elected, or nominated for election, to the Board with the affirmative vote of at least a
majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of members of the
Board). 
 (g) “Involuntary Termination” shall mean the occurrence of one of the following:

 (i) termination by the Company of Executive’s employment with the Company for any reason other than Cause
at any time; 

  
 8 

 (ii) Executive’s resignation from employment for Non Change in Control
Period Good Reason within six months following the occurrence of the event constituting Non Change in Control Period Good Reason; or 
 (iii) during a Change in Control Period, Executive’s resignation from employment for Change in Control Period Good Reason within six months following the occurrence of the event constituting Change
in Control Period Good Reason. 
 (h) “Non Change in Control Period Good Reason” shall mean any
of the following conditions first occurring outside of a Change in Control Period and occurring without Executive’s written consent: 
 (i) a decrease in Executive’s Base Salary of greater than 20% during the Term or any Successive Term, in the aggregate; 

(ii) a material, adverse change in Executive’s title, authority, responsibilities or duties, as measured against
Executive’s title, authority, responsibilities or duties immediately prior to such change; provided that for purposes of this subsection, a material, adverse change shall not occur merely by a change in reporting relationship; or 

(iii) the relocation of Executive’s principal workplace to a location greater than fifty (50) miles from the
prior workplace; 
 (iv) any material breach by the Company of any provision of this Agreement, which breach is
not cured within thirty (30) days following written notice of such breach from Executive, or the Company’s delivery of written notice of non-renewal of this Agreement (other than as a result of a termination for Cause) pursuant to
Section 2 hereof; 
 provided that Executive shall have provided written notice to the Company of the existence of
the condition constituting Good Reason within 90 days of the initial existence of the condition. 
 (i)
“Permanent Disability” shall mean Executive’s permanent and total disability within the meaning of Section 22(e)(3) of the Code. 
 (j) “Proprietary Information” is information that was developed, created, or discovered by or on behalf of the Company, or which became or will become known by, or was or is conveyed to
the Company, which has commercial value in the Company’s business. “Proprietary Information” includes, but is not limited to, software programs and subroutines, source and object code, algorithms, trade secrets, designs, technology,
know-how, processes, data, ideas, techniques, inventions (whether patentable or not), works of authorship, formulas, business and product development plans, vendor lists, customer lists, terms of compensation and performance levels of Company
employees, and other information concerning the Company’s actual or anticipated business, research or development, or which is received in confidence by or for the Company from another person or entity. 

(k) “Release” shall mean a general release of all known and unknown claims against the Company and its
affiliates and their stockholders, directors, officers, employees, agents, successors and assigns substantially in a form reasonably acceptable to the Company, which has been executed by Executive and not revoked within the applicable revocation
period. 
 9. Insider Trading Policy: Executive agrees to abide by the terms and conditions of the Company’s Insider
Trading Policy, as it may be amended from time to time. 

  
 9 

 10. Dispute Resolution: In the event of any dispute or claim relating to or arising
out of this Agreement (including, but not limited to, any claims of breach of contract, wrongful termination or age, sex, race or other discrimination), Executive and the Company agree that all such disputes shall be fully and finally resolved by
binding arbitration conducted by the American Arbitration Association in New York, New York in accordance with its National Employment Dispute Resolution rules. Executive acknowledges that by accepting this arbitration provision Executive is waiving
any right to a jury trial in the event of such dispute. In connection with any such arbitration, the Company shall bear all costs not otherwise borne by a plaintiff in a court proceeding. 

11. Attorneys’ Fees: The prevailing party shall be entitled to recover from the losing party its attorneys’ fees and
costs incurred in any action brought to enforce any right arising out of this Agreement. The Company shall pay Executive’s reasonable legal fees in connection with the review and negotiation of this Agreement and any ancillary services related
thereto. 
 12. General. 
 (a) Successors and Assigns: The provisions of this Agreement shall inure to the benefit of and be binding upon the Company, Executive and each and all of their respective heirs, legal
representatives, successors and assigns. The duties, responsibilities and obligations of Executive under this Agreement shall be personal and not assignable or delegable by Executive in any manner whatsoever to any person, corporation, partnership,
firm, company, joint venture or other entity. Executive may not assign, transfer, convey, mortgage, pledge or in any other manner encumber the compensation or other benefits to be received by Executive or any rights which Executive may have pursuant
to the terms and provisions of this Agreement. 
 (b) Amendments; Waiver: No provision of this Agreement
shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company. No waiver by either party of any breach of, or of compliance with, any
condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Notices: Any notices to be given pursuant to this Agreement by either party to the other party may be effected
by personal delivery or by overnight delivery with receipt requested. Mailed notices shall be addressed to the parties at the addresses stated below, but each party may change its or Executive’s address by written notice to the other in
accordance with this Paragraph: 
 Mailed notices to Executive shall be addressed to the last known address
provided by Executive to the Company, 
 Mailed notices to the Company shall be addressed as follows: 

E*TRADE Financial Corporation 
 Time & Life Building 
 1271 Avenue of the Americas

 14th Floor 
 New York, NY 10020-1302 
 Attention: SVP, Human Resources

  
 10 

 (d) Entire Agreement: This Agreement constitutes the entire
employment agreement between Executive and the Company regarding the terms and conditions of Executive’s employment and any amounts due on termination of such employment, with the exception of (i) the Agreement Regarding Employment and
Proprietary Information and Inventions between the Company and Executive, (ii) any stock option, restricted stock, restricted stock unit award or other Company stock-based award agreements between Executive and the Company to the extent not
modified by this Agreement, (iii) any indemnification agreement referenced in Section 1 and (iv) the Company’s employee benefit plans referenced in Section 3(c). This Agreement (including the documents described in
(i) through (iv) herein) supersedes all prior negotiations, representations or agreements between Executive and the Company, whether written or oral, concerning Executive’s employment by or service to the Company. 

(e) Withholding Taxes: All payments made under this Agreement shall be subject to reduction to reflect taxes
required to be withheld by law. 
 (f) Counterparts: This Agreement may be executed by the Company and
Executive in counterparts, each of which shall be deemed an original and which together shall constitute one instrument. 
 (g) Headings: Each and all of the headings contained in this Agreement are for reference purposes only and shall not in any manner whatsoever affect the construction or interpretation of this
Agreement or be deemed a part of this Agreement for any purpose whatsoever. 
 (h) Savings Provision: To
the extent that any provision of this Agreement or any paragraph, term, provision, sentence, phrase, clause or word of this Agreement shall be found to be illegal or unenforceable for any reason, such paragraph, term, provision, sentence, phrase,
clause or word shall be modified or deleted in such a manner as to make this Agreement, as so modified, legal and enforceable under applicable laws. The remainder of this Agreement shall continue in full force and effect. 

(i) Construction: The language of this Agreement and of each and every paragraph, term and provision of this
Agreement shall, in all cases, for any and all purposes, and in any and all circumstances whatsoever be construed as a whole, according to its fair meaning, not strictly for or against Executive or the Company, and with no regard whatsoever to the
identity or status of any person or persons who drafted all or any portion of this Agreement. 
 (j) Further
Assurances: From time to time, at the Company’s request and without further consideration, Executive shall execute and deliver such additional documents and take all such further action as reasonably requested by the Company to be necessary
or desirable to make effective, in the most expeditious manner possible, the terms of this Agreement and to provide adequate assurance of Executive’s due performance hereunder. 

(k) Governing Law: Executive and the Company agree that this Agreement shall be interpreted in accordance with and
governed by the laws of the State of New York. 

  
 11 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year written
below. 
  

			
	Dated:                     , 20[    ]	 	E*TRADE Financial Corporation
		
		 	  

		 	By:
		
	Dated:                     , 20[    ]	 	  

		 	[Name]

  
 12

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