E LOAN INC
1999 ESPP
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<B><P ALIGN="CENTER">E-LOAN, INC.</P>
</B>
<B><P ALIGN="CENTER">1999 EMPLOYEE STOCK PURCHASE PLAN</P>
<P ALIGN="CENTER">(as amended and restated effective October 25, 1999)</P>
<OL>

<OL>

</B><U><LI>Purpose</U>.  The purpose of the Plan is to provide employees of the
Company and its Designated Subsidiaries with an opportunity to purchase Common
Stock of the Company through accumulated payroll deductions.  It is the
intention of the Company to have the Plan qualify as an &quot;Employee Stock
Purchase Plan&quot; under Section&nbsp;423 of the Internal Revenue Code of 1986,
as amended.  The provisions of the Plan, accordingly, shall be construed so as
to extend and limit participation in a manner consistent with the requirements
of that section of the Code.</LI>
<U><LI>Definitions</U>.</LI>
<OL TYPE="a">

<LI>&quot;<U>Board</U>&quot; shall mean the Board of Directors of the
Company.</LI>
<LI>&quot;<U>Code</U>&quot; shall mean the Internal Revenue Code of 1986, as
amended.</LI>
<LI>&quot;<U>Common Stock</U>&quot; shall mean the common stock of the
Company.</LI>
<LI>&quot;<U>Company</U>&quot; shall mean E-Loan, Inc. and any Designated
Subsidiary of the Company.</LI>
<LI>&quot;<U>Compensation</U>&quot; shall mean all base straight time gross
earnings, commissions, cash incentive compensation and bonuses, but exclusive of
payments for overtime, shift premium, non-cash incentive compensation and other
compensation.</LI>
<LI>&quot;<U>Designated Subsidiary</U>&quot; shall mean any Subsidiary which has
been designated by the Board from time to time in its sole discretion as
eligible to participate in the Plan.</LI>
<LI>&quot;<U>Employee</U>&quot; shall mean any individual who is an Employee of
the Company for tax purposes whose customary employment with the Company is at
least twenty (20) hours per week and more than five (5) months in any calendar
year.  For purposes of the Plan, the employment relationship shall be treated as
continuing intact while the individual is on sick leave or other leave of
absence approved by the Company.  Where the period of leave exceeds 90 days and
the individual's right to reemployment is not guaranteed either by statute or by
contract, the employment relationship shall be deemed to have terminated on the
91st day of such leave. </LI>
<LI>&quot;<U>Enrollment Date</U>&quot; shall mean the first Trading Day of each
Offering Period.</LI>
<LI>&quot;<U>Exercise Date</U>&quot; shall mean the last Trading Day of each
Purchase Period.</LI>
<LI>&quot;<U>Fair Market Value</U>&quot; shall mean, as of any date, the value
of Common Stock determined as follows:</LI>
<OL TYPE="i">

<LI>If the Common Stock is listed on any established stock exchange or a
national market system, including without limitation the Nasdaq National Market
or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value
shall be the closing sales price for such stock (or the closing bid, if no sales
were reported) as quoted on such exchange or system on the date of
determination, as reported in <I>The Wall Street Journal</I> or such other
source as the Board deems reliable;</LI>
<LI>If the Common Stock is regularly quoted by a recognized securities dealer
but selling prices are not reported, its Fair Market Value shall be the mean of
the closing bid and asked prices for the Common Stock on the date of
determination, as reported in <I>The Wall Street Journal</I> or such other
source as the Board deems reliable;</LI>
<LI>In the absence of an established market for the Common Stock, the Fair
Market Value thereof shall be determined in good faith by the Board; or</LI>
<LI>For purposes of the Enrollment Date of the first Offering Period under the
Plan, the Fair Market Value shall be the initial price to the public as set
forth in the final prospectus included within the registration statement in Form
S-1 filed with the Securities and Exchange Commission for the initial public
offering of the Company's Common Stock (the &quot;Registration
Statement&quot;).</LI></OL>

<LI>&quot;<U>Offering Periods</U>&quot; shall mean the periods of approximately
twenty-four (24) months during which an option granted pursuant to the Plan may
be exercised, commencing on the first Trading Day on or after May 1 and November
1 of each year and terminating on the last Trading Day in the periods ending
twenty-four months later; provided, however, that the first Offering Period
under the Plan shall commence with the first Trading Day on or after the date on
which the Securities and Exchange Commission declares the Company's Registration
Statement effective and ending on the last Trading Day on or before April 30,
2001.  The duration and timing of Offering Periods may be changed pursuant to
Section&nbsp;4 of this Plan.</LI>
<LI>&quot;<U>Plan</U>&quot; shall mean this 1999 Employee Stock Purchase
Plan.</LI>
<LI>&quot;<U>Purchase Period</U>&quot; shall mean the approximately six month
period commencing after one Exercise Date and ending with the next Exercise
Date, except that the first Purchase Period of any Offering Period shall
commence on the Enrollment Date and end with the next Exercise Date.</LI>
<LI>&quot;<U>Purchase Price</U>&quot; shall mean 85% of the Fair Market Value of
a share of Common Stock on the Enrollment Date or on the Exercise Date,
whichever is lower; provided however, that the Purchase Price may be adjusted by
the Board pursuant to Section 20.</LI>
<LI>&quot;<U>Reserves</U>&quot; shall mean the number of shares of Common Stock
covered by each option under the Plan which have not yet been exercised and the
number of shares of Common Stock which have been authorized for issuance under
the Plan but not yet placed under option.</LI>
<LI>&quot;<U>Subsidiary</U>&quot; shall mean a corporation, domestic or foreign,
of which not less than 50% of the voting shares are held by the Company or a
Subsidiary, whether or not such corporation now exists or is hereafter organized
or acquired by the Company or a Subsidiary.</LI>
<LI>&quot;<U>Trading Day</U>&quot; shall mean a day on which national stock
exchanges and the Nasdaq System are open for trading.</LI></OL>

<U><LI>Eligibility</U>.</LI>
<OL TYPE="a">

<LI>Any Employee who shall be employed by the Company on a given Enrollment Date
shall be eligible to participate in the Plan.</LI>
<LI>Any provisions of the Plan to the contrary notwithstanding, no Employee
shall be granted an option under the Plan (i)&nbsp;to the extent that,
immediately after the grant, such Employee (or any other person whose stock
would be attributed to such Employee pursuant to Section 424(d) of the Code)
would own capital stock of the Company and/or hold outstanding options to
purchase such stock possessing five percent (5%) or more of the total combined
voting power or value of all classes of the capital stock of the Company or of
any Subsidiary, or (ii)&nbsp;to the extent that his or her rights to purchase
stock under all employee stock purchase plans of the Company and its
subsidiaries accrues at a rate which exceeds Twenty-Five Thousand Dollars
($25,000) worth of stock (determined at the fair market value of the shares at
the time such option is granted) for each calendar year in which such option is
outstanding at any time.</LI></OL>

<U><LI>Offering Periods</U>.  The Plan shall be implemented by consecutive,
overlapping Offering Periods with a new Offering Period commencing on the first
Trading Day on or after May 1 and November 1 each year, or on such other date as
the Board shall determine, and continuing thereafter until terminated in
accordance with Section 20 hereof; provided, however, that the first Offering
Period under the Plan shall commence with the first Trading Day on or after the
date on which the Securities and Exchange Commission declares the Company's
Registration Statement effective and ending on the last Trading Day on or before
April 30, 2001.   The Board shall have the power to change the duration of
Offering Periods (including the commencement dates thereof) with respect to
future offerings without shareholder approval if such change is announced at
least five (5) days prior to the scheduled beginning of the first Offering
Period to be affected thereafter.</LI>
<U><LI>Participation</U>.</LI>
<OL TYPE="a">

<LI>An eligible Employee may become a participant in the Plan by completing a
subscription agreement authorizing payroll deductions in the form of
Exhibit&nbsp;A to this Plan and filing it with the Company's payroll office
prior to the applicable Enrollment Date.</LI>
<LI>Payroll deductions for a participant shall commence on the first payroll
following the Enrollment Date and shall end on the last payroll in the Offering
Period to which such authorization is applicable, unless sooner terminated by
the participant as provided in Section 10 hereof. </LI></OL>

<U><LI>Payroll Deductions</U>.</LI>
<OL TYPE="a">

<LI>At the time a participant files his or her subscription agreement, he or she
shall elect to have payroll deductions made on each pay day during the Offering
Period in an amount not exceeding fifteen percent 15% of the Compensation which
he or she receives on each pay day during the Offering Period. </LI>
<LI>All payroll deductions made for a participant shall be credited to his or
her account under the Plan and shall be withheld in whole percentages only.  A
participant may not make any additional payments into such account.</LI>
<LI>A participant may discontinue his or her participation in the Plan as
provided in Section 10 hereof, or may increase or decrease the rate of his or
her payroll deductions during the Offering Period by completing or filing with
the Company a new subscription agreement authorizing a change in payroll
deduction rate.  The Board may, in its discretion, limit the number of
participation rate changes during any Offering Period.  The change in rate shall
be effective with the first full payroll period following five (5) business days
after the Company's receipt of the new subscription agreement unless the Company
elects to process a given change in participation more quickly.  A participant's
subscription agreement shall remain in effect for successive Offering Periods
unless terminated as provided in Section 10 hereof.</LI>
<LI>Notwithstanding the foregoing, to the extent necessary to comply with
Section 423(b)(8) of the Code and Section 3(b) hereof, a participant's payroll
deductions may be decreased to zero percent (0%) at any time during a Purchase
Period.  Payroll deductions shall recommence at the rate provided in such
participant's subscription agreement at the beginning of the first Purchase
Period which is scheduled to end in the following calendar year, unless
terminated by the participant as provided in Section 10 hereof.</LI>
<LI>At the time the option is exercised, in whole or in part, or at the time
some or all of the Company's Common Stock issued under the Plan is disposed of,
the participant must make adequate provision for the Company's federal, state,
or other tax withholding obligations, if any, which arise upon the exercise of
the option or the disposition of the Common Stock.  At any time, the Company
may, but shall not be obligated to, withhold from the participant's compensation
the amount necessary for the Company to meet applicable withholding obligations,
including any withholding required to make available to the Company any tax
deductions or benefits attributable to sale or early disposition of Common Stock
by the Employee. </LI></OL>

<U><LI>Grant of Option</U>.  On the Enrollment Date of each Offering Period,
each eligible Employee participating in such Offering Period shall be granted an
option to purchase on each Exercise Date during such Offering Period (at the
applicable Purchase Price) up to a number of shares of the Company's Common
Stock determined by dividing such Employee's payroll deductions accumulated
prior to such Exercise Date and retained in the Participant's account as of the
Exercise Date by the applicable Purchase Price; provided that in no event shall
an Employee be permitted to purchase during each Purchase Period more than 3,750
shares of the Company's Common Stock (subject to any adjustment pursuant to
Section 19), and provided further that such purchase shall be subject to the
limitations set forth in Sections&nbsp;3(b) and 12 hereof.  The Board may, for
future Offering Periods, increase or decrease, in its absolute discretion, the
maximum number of shares of the Company's Common Stock an Employee may purchase
during each Purchase Period of such Offering Period.  Exercise of the option
shall occur as provided in Section&nbsp;8 hereof, unless the participant has
withdrawn pursuant to Section&nbsp;10 hereof.  The option shall expire on the
last day of the Offering Period. </LI>
<U><LI>Exercise of Option</U>.  </LI>
<OL TYPE="a">

<LI>Unless a participant withdraws from the Plan as provided in Section 10
hereof, his or her option for the purchase of shares shall be exercised
automatically on the Exercise Date, and the maximum number of full shares
subject to option shall be purchased for such participant at the applicable
Purchase Price with the accumulated payroll deductions in his or her account.
No fractional shares shall be purchased; any payroll deductions accumulated in a
participant's account which are not sufficient to purchase a full share shall be
retained in the participant's account for the subsequent Purchase Period or
Offering Period, subject to earlier withdrawal by the participant as provided in
Section 10 hereof.  Any other monies left over in a participant's account after
the Exercise Date shall be returned to the participant.  During a participant's
lifetime, a participant's option to purchase shares hereunder is exercisable
only by him or her.</LI>
<LI>If the Board determines that, on a given Exercise Date, the number of shares
with respect to which options are to be exercised may exceed (i) the number of
shares of Common Stock that were available for sale under the Plan on the
Enrollment Date of the applicable Offering Period, or (ii) the number of shares
available for sale under the Plan on such Exercise Date, the Board may in its
sole discretion (x) provide that the Company shall make a pro rata allocation of
the shares of Common Stock available for purchase on such Enrollment Date or
Exercise Date, as applicable, in as uniform a manner as shall be practicable and
as it shall determine in its sole discretion to be equitable among all
participants exercising options to purchase Common Stock on such Exercise Date,
and continue all Offering Periods then in effect, or (y) provide that the
Company shall make a pro rata allocation of the shares available for purchase on
such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as
shall be practicable and as it shall determine in its sole discretion to be
equitable among all participants exercising options to purchase Common Stock on
such Exercise Date, and terminate any or all Offering Periods then in effect
pursuant to Section 20 hereof.  The Company may make pro rata allocation of the
shares available on the Enrollment Date of any applicable Offering Period
pursuant to the preceding sentence, notwithstanding any authorization of
additional shares for issuance under the Plan by the Company's shareholders
subsequent to such Enrollment Date.</LI></OL>

<U><LI>Delivery</U>.  As promptly as practicable after each Exercise Date on
which a purchase of shares occurs, the Company shall arrange the delivery to
each participant, as appropriate, of a certificate representing the shares
purchased upon exercise of his or her option.</LI>
<U><LI>Withdrawal</U>.</LI>
<OL TYPE="a">

<LI>A participant may withdraw all but not less than all the payroll deductions
credited to his or her account and not yet used to exercise his or her option
under the Plan at any time by giving written notice to the Company in the form
of Exhibit&nbsp;B to this Plan.  All of the participant's payroll deductions
credited to his or her account shall be paid to such participant promptly after
receipt of notice of withdrawal and such participant's option for the Offering
Period shall be automatically terminated, and no further payroll deductions for
the purchase of shares shall be made for such Offering Period.  If a participant
withdraws from an Offering Period, payroll deductions shall not resume at the
beginning of the succeeding Offering Period unless the participant delivers to
the Company a new subscription agreement.</LI>
<LI>A participant's withdrawal from an Offering Period shall not have any effect
upon his or her eligibility to participate in any similar plan which may
hereafter be adopted by the Company or in succeeding Offering Periods which
commence after the termination of the Offering Period from which the participant
withdraws.</LI></OL>

<U><LI>Termination of Employment</U>.  </LI>
<P>Upon a participant's ceasing to be an Employee, for any reason, he or she
shall be deemed to have elected to withdraw from the Plan and the payroll
deductions credited to such participant's account during the Offering Period but
not yet used to exercise the option shall be returned to such participant or, in
the case of his or her death, to the person or persons entitled thereto under
Section 15 hereof, and such participant's option shall be automatically
terminated.  The preceding sentence notwithstanding, a participant who receives
payment in lieu of notice of termination of employment shall be treated as
continuing to be an Employee for the participant's customary number of hours per
week of employment during the period in which the participant is subject to such
payment in lieu of notice.</P>
<U><LI>Interest</U>.  No interest shall accrue on the payroll deductions of a
participant in the Plan.</LI>
<U><LI>Stock</U>.</LI>
<OL TYPE="a">

<LI>Subject to adjustment upon changes in capitalization of the Company as
provided in Section 19 hereof, the maximum number of shares of the Company's
Common Stock which shall be made available for sale under the Plan shall be
1,500,000 shares, plus an annual increase to be added on the first day of the
Company's fiscal year beginning in 2000 equal to the lesser of (i) 1,500,000
shares, (ii) 2% of the outstanding shares on such date or (iii) a lesser amount
determined by the Board. </LI>
<LI>The participant shall have no interest or voting right in shares covered by
his option until such option has been exercised.</LI>
<LI>Shares to be delivered to a participant under the Plan shall be registered
in the name of the participant or in the name of the participant and his or her
spouse.</LI></OL>

<U><LI>Administration</U>.  The Plan shall be administered by the Board or a
committee of members of the Board appointed by the Board.  The Board or its
committee shall have full and exclusive discretionary authority to construe,
interpret and apply the terms of the Plan, to determine eligibility and to
adjudicate all disputed claims filed under the Plan.  Every finding, decision
and determination made by the Board or its committee shall, to the full extent
permitted by law, be final and binding upon all parties.</LI>
<U><LI>Designation of Beneficiary</U>.</LI>
<OL TYPE="a">

<LI>A participant may file a written designation of a beneficiary who is to
receive any shares and cash, if any, from the participant's account under the
Plan in the event of such participant's death subsequent to an Exercise Date on
which the option is exercised but prior to delivery to such participant of such
shares and cash.  In addition, a participant may file a written designation of a
beneficiary who is to receive any cash from the participant's account under the
Plan in the event of such participant's death prior to exercise of the option.
If a participant is married and the designated beneficiary is not the spouse,
spousal consent shall be required for such designation to be effective.</LI>
<LI>Such designation of beneficiary may be changed by the participant at any
time by written notice.  In the event of the death of a participant and in the
absence of a beneficiary validly designated under the Plan who is living at the
time of such participant's death, the Company shall deliver such shares and/or
cash to the executor or administrator of the estate of the participant, or if no
such executor or administrator has been appointed (to the knowledge of the
Company), the Company, in its discretion, may deliver such shares and/or cash to
the spouse or to any one or more dependents or relatives of the participant, or
if no spouse, dependent or relative is known to the Company, then to such other
person as the Company may designate.</LI></OL>

<U><LI>Transferability</U>.  Neither payroll deductions credited to a
participant's account nor any rights with regard to the exercise of an option or
to receive shares under the Plan may be assigned, transferred, pledged or
otherwise disposed of in any way (other than by will, the laws of descent and
distribution or as provided in Section 15 hereof) by the participant.  Any such
attempt at assignment, transfer, pledge or other disposition shall be without
effect, except that the Company may treat such act as an election to withdraw
funds from an Offering Period in accordance with Section 10 hereof.</LI>
<U><LI>Use of Funds</U>.  All payroll deductions received or held by the Company
under the Plan may be used by the Company for any corporate purpose, and the
Company shall not be obligated to segregate such payroll deductions.</LI>
<U><LI>Reports</U>.  Individual accounts shall be maintained for each
participant in the Plan.  Statements of account shall be given to participating
Employees at least annually, which statements shall set forth the amounts of
payroll deductions, the Purchase Price, the number of shares purchased and the
remaining cash balance, if any.</LI>
<U><LI>Adjustments Upon Changes in Capitalization, Dissolution, Liquidation,
Merger or Asset Sale</U>.</LI>
<OL TYPE="a">

<U><LI>Changes in Capitalization</U>.  Subject to any required action by the
shareholders of the Company, the Reserves, the maximum number of shares each
participant may purchase each Purchase Period (pursuant to Section&nbsp;7), as
well as the price per share and the number of shares of Common Stock covered by
each option under the Plan which has not yet been exercised shall be
proportionately adjusted for any increase or decrease in the number of issued
shares of Common Stock resulting from a stock split, reverse stock split, stock
dividend, combination or reclassification of the Common Stock, or any other
increase or decrease in the number of shares of Common Stock effected without
receipt of consideration by the Company; provided, however, that conversion of
any convertible securities of the Company shall not be deemed to have been
&quot;effected without receipt of consideration.&quot;  Such adjustment shall be
made by the Board, whose determination in that respect shall be final, binding
and conclusive.  Except as expressly provided herein, no issuance by the Company
of shares of stock of any class, or securities convertible into shares of stock
of any class, shall affect, and no adjustment by reason thereof shall be made
with respect to, the number or price of shares of Common Stock subject to an
option.</LI>
<U><LI>Dissolution or Liquidation</U>.  In the event of the proposed dissolution
or liquidation of the Company, the Offering Period then in progress shall be
shortened by setting a new Exercise Date (the &quot;New Exercise Date&quot;),
and shall terminate immediately prior to the consummation of such proposed
dissolution or liquidation, unless provided otherwise by the Board.  The New
Exercise Date shall be before the date of the Company's proposed dissolution or
liquidation.  The Board shall notify each participant in writing, at least
ten&nbsp;(10) business days prior to the New Exercise Date, that the Exercise
Date for the participant's option has been changed to the New Exercise Date and
that the participant's option shall be exercised automatically on the New
Exercise Date, unless prior to such date the participant has withdrawn from the
Offering Period as provided in Section&nbsp;10 hereof.  </LI>
<U><LI>Merger or Asset Sale</U>.  In the event of a proposed sale of all or
substantially all of the assets of the Company, or the merger of the Company
with or into another corporation, each outstanding option shall be assumed or an
equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation.  In the event that the successor
corporation refuses to assume or substitute for the option, any Purchase Periods
then in progress shall be shortened by setting a new Exercise Date (the
&quot;New Exercise Date&quot;) and any Offering Periods then in progress shall
end on the New Exercise Date.  The New Exercise Date shall be before the date of
the Company's proposed sale or merger.  The Board shall notify each participant
in writing, at least ten (10) business days prior to the New Exercise Date, that
the Exercise Date for the participant's option has been changed to the New
Exercise Date and that the participant's option shall be exercised automatically
on the New Exercise Date, unless prior to such date the participant has
withdrawn from the Offering Period as provided in Section 10 hereof.</LI></OL>

<U><LI>Amendment or Termination</U>.</LI>
<OL TYPE="a">

<LI>The Board of Directors of the Company may at any time and for any reason
terminate or amend the Plan.  Except as provided in Section 19 hereof, no such
termination can affect options previously granted, provided that an Offering
Period may be terminated by the Board of Directors on any Exercise Date if the
Board determines that the termination of the Offering Period or the Plan is in
the best interests of the Company and its shareholders.  Except as provided in
Section 19 and this Section 20 hereof, no amendment may make any change in any
option theretofore granted which adversely affects the rights of any
participant.  To the extent necessary to comply with Section 423 of the Code (or
any successor rule or provision or any other applicable law, regulation or stock
exchange rule), the Company shall obtain shareholder approval in such a manner
and to such a degree as required.</LI>
<LI>Without shareholder consent and without regard to whether any participant
rights may be considered to have been &quot;adversely affected,&quot; the Board
(or its committee) shall be entitled to change the Offering Periods, limit the
frequency and/or number of changes in the amount withheld during an Offering
Period, establish the exchange ratio applicable to amounts withheld in a
currency other than U.S. dollars, permit payroll withholding in excess of the
amount designated by a participant in order to adjust for delays or mistakes in
the Company's processing of properly completed withholding elections, establish
reasonable waiting and adjustment periods and/or accounting and crediting
procedures to ensure that amounts applied toward the purchase of Common Stock
for each participant properly correspond with amounts withheld from the
participant's Compensation, and establish such other limitations or procedures
as the Board (or its committee) determines in its sole discretion advisable
which are consistent with the Plan.</LI>
<LI> In the event the Board determines that the ongoing operation of the Plan
may result in unfavorable financial accounting consequences, the Board may, in
its discretion and, to the extent necessary or desirable, modify or amend the
Plan to reduce or eliminate such accounting consequence including, but not
limited to:</LI>
<OL TYPE="i">

<LI>altering the Purchase Price for any Offering Period including an Offering
Period underway at the time of the change in Purchase Price;</LI>
<LI>shortening any Offering Period so that Offering Period ends on a new
Exercise Date, including an Offering Period underway at the time of the Board
action; and</LI>
<LI>allocating shares.</LI></OL>
</OL>

<P>Such modifications or amendments shall not require stockholder approval or
the consent of any Plan participants.</P>
<U><LI>Notices</U>.  All notices or other communications by a participant to the
Company under or in connection with the Plan shall be deemed to have been duly
given when received in the form specified by the Company at the location, or by
the person, designated by the Company for the receipt thereof.</LI>
<U><LI>Conditions Upon Issuance of Shares</U>.  Shares shall not be issued with
respect to an option unless the exercise of such option and the issuance and
delivery of such shares pursuant thereto shall comply with all applicable
provisions of law, domestic or foreign, including, without limitation, the
Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, the rules and regulations promulgated thereunder, and the requirements
of any stock exchange upon which the shares may then be listed, and shall be
further subject to the approval of counsel for the Company with respect to such
compliance.</LI>
<P>As a condition to the exercise of an option, the Company may require the
person exercising such option to represent and warrant at the time of any such
exercise that the shares are being purchased only for investment and without any
present intention to sell or distribute such shares if, in the opinion of
counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law.</P>
<U><LI>Term of Plan</U>.  The Plan shall become effective upon the earlier to
occur of its adoption by the Board of Directors or its approval by the
shareholders of the Company.  It shall continue in effect for a term of ten (10)
years unless sooner terminated under Section 20 hereof.</LI>
<U><LI>Automatic Transfer to Low Price Offering Period</U>.  To the extent
permitted by any applicable laws, regulations, or stock exchange rules if the
Fair Market Value of the Common Stock on any Exercise Date in an Offering Period
is lower than the Fair Market Value of the Common Stock on the Enrollment Date
of such Offering Period, then all participants in such Offering Period shall be
automatically withdrawn from such Offering Period immediately after the exercise
of their option on such Exercise Date and automatically re-enrolled in the
immediately following Offering Period as of the first day thereof.</LI></OL>
</OL>

<B><U><P ALIGN="CENTER">EXHIBIT A</P>
</U><P ALIGN="CENTER">E-LOAN, INC.</P>
<P ALIGN="CENTER">1999 EMPLOYEE STOCK PURCHASE PLAN</P>
<P ALIGN="CENTER">SUBSCRIPTION AGREEMENT</P>
</B><P ALIGN="CENTER">&nbsp;</P>
<P>_____ Original Application&#9;Enrollment Date: ___________</P>
<P>_____ Change in Payroll Deduction Rate</P>
<P>_____ Change of Beneficiary(ies)</P><DIR>
<DIR>

<P>1.&#9;____________________ hereby elects to participate in the E-Loan, Inc.
1999 Employee Stock Purchase Plan (the &quot;Employee Stock Purchase Plan&quot;)
and subscribes to purchase shares of the Company's Common Stock in accordance
with this Subscription Agreement and the Employee Stock Purchase Plan.</P>
<P>2.&#9;I hereby authorize payroll deductions from each paycheck in the amount
of ____% of my Compensation on each payday (from 1 to 15%) during the Offering
Period in accordance with the Employee Stock Purchase Plan.  (Please note that
no fractional percentages are permitted.)</P>
<P>3.&#9;I understand that said payroll deductions shall be accumulated for the
purchase of shares of Common Stock at the applicable Purchase Price determined
in accordance with the Employee Stock Purchase Plan.  I understand that if I do
not withdraw from an Offering Period, any accumulated payroll deductions will be
used to automatically exercise my option.</P>
<P>4.&#9;I have received a copy of the complete Employee Stock Purchase Plan.  I
understand that my participation in the Employee Stock Purchase Plan is in all
respects subject to the terms of the Plan.  I understand that my ability to
exercise the option under this Subscription Agreement is subject to shareholder
approval of the Employee Stock Purchase Plan.</P>
<P>5.&#9;Shares purchased for me under the Employee Stock Purchase Plan should
be issued in the name(s) of (Employee or Employee and Spouse only):.</P>
<P>6.&#9;I understand that if I dispose of any shares received by me pursuant to
the Plan within 2 years after the Enrollment Date (the first day of the Offering
Period during which I purchased such shares) or one year after the Exercise
Date, I will be treated for federal income tax purposes as having received
ordinary income at the time of such disposition in an amount equal to the excess
of the fair market value of the shares at the time such shares were purchased by
me over the price which I paid for the shares. <U>I hereby agree to notify the
Company in writing within 30 days after the date of any disposition of my shares
and I will make adequate provision for Federal, state or other tax withholding
obligations, if any, which arise upon the disposition of the Common Stock</U>.
The Company may, but will not be obligated to, withhold from my compensation the
amount necessary to meet any applicable withholding obligation including any
withholding necessary to make available to the Company any tax deductions or
benefits attributable to sale or early disposition of Common Stock by me.  If I
dispose of such shares at any time after the expiration of the 2-year and 1-year
holding periods, I understand that I will be treated for federal income tax
purposes as having received income only at the time of such disposition, and
that such income will be taxed as ordinary income only to the extent of an
amount equal to the lesser of (1) the excess of the fair market value of the
shares at the time of such disposition over the purchase price which I paid for
the shares, or (2) 15% of the fair market value of the shares on the first day
of the Offering Period.  The remainder of the gain, if any, recognized on such
disposition will be taxed as capital gain.</P>
<P>7.&#9;I hereby agree to be bound by the terms of the Employee Stock Purchase
Plan.  The effectiveness of this Subscription Agreement is dependent upon my
eligibility to participate in the Employee Stock Purchase Plan.</P>
<P>8.&#9;In the event of my death, I hereby designate the following as my
beneficiary(ies) to receive all payments and shares due me under the Employee
Stock Purchase Plan:</P></DIR>
</DIR>

<P>NAME:  (Please print)______________________________________________</P>
<P>&#9;&#9;&#9;&#9;(First)&#9;&#9;(Middle)&#9;&#9;(Last)</P>
<P>______________________________________&#9;<U>&#9;</P>
</U><P>Relationship</P>

<P>&#9;&#9;<U>&#9;</P>
</U><P>&#9;&#9;&#9;&#9;&#9;&#9;&#9;(Address)</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Employee's Social</P>
<P>Security Number:&#9;&#9;&#9;&#9;____________________________________</P>
<P>Employee's Address:&#9;&#9;&#9;&#9;____________________________________</P>
<P>&#9;&#9;&#9;&#9;&#9;&#9;____________________________________</P>
<P>&#9;&#9;&#9;&#9;&#9;&#9;____________________________________</P>
<P>I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT
THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME.</P>
<P>Dated:_________________________&#9;<U>&#9;</P>
</U><P>&#9;&#9;&#9;&#9;&#9;&#9;Signature of Employee</P>
<P>&#9;<U>&#9;</P>
</U><P>&#9;&#9;&#9;&#9;&#9;&#9;Spouse's Signature (If beneficiary other than
spouse)</P>
<B><U><P ALIGN="CENTER">EXHIBIT B</P>
</U><P ALIGN="CENTER">E-LOAN, INC.</B> </P>
<B><P ALIGN="CENTER">1999 EMPLOYEE STOCK PURCHASE PLAN</P>
<P ALIGN="CENTER">NOTICE OF WITHDRAWAL</P>
</B><P>The undersigned participant in the Offering Period of the E-Loan, Inc.
1999 Employee Stock Purchase Plan which began on ____________, ______ (the
&quot;Enrollment Date&quot;) hereby notifies the Company that he or she hereby
withdraws from the Offering Period.  He or she hereby directs the Company to pay
to the undersigned as promptly as practicable all the payroll deductions
credited to his or her account with respect to such Offering Period.  The
undersigned understands and agrees that his or her option for such Offering
Period will be automatically terminated.  The undersigned understands further
that no further payroll deductions will be made for the purchase of shares in
the current Offering Period and the undersigned shall be eligible to participate
in succeeding Offering Periods only by delivering to the Company a new
Subscription Agreement.</P><DIR>
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<P>Name and Address of Participant:</P>
<P>________________________________</P>
<P>________________________________</P>
<P>________________________________</P>
<P>Signature:</P>
<P>________________________________</P>
<P>Date:____________________________</P>
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