Document:

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                                                                   EXHIBIT 10.17

                            DAIN RAUSCHER CORPORATION
             SPECIAL EXECUTIVE NON-QUALIFIED STOCK OPTION AGREEMENT

         THIS AGREEMENT is made as of this 5th day of April, 1999, by and
between Dain Rauscher Corporation, a Delaware corporation ("Dain Rauscher"), and
Irving Weiser, Chairman, Chief Executive Officer and President of Dain Rauscher
("Executive").

         WITNESSETH, THAT:

         WHEREAS, in consideration of Executive's leadership and to provide an
incentive for Executive to continue to perform at a high level for Dain
Rauscher's benefit during the upcoming years in a challenging and consolidating
industry and to implement the new five-year Dain Rauscher strategic plan, Dain
Rauscher wishes to grant this special one-time stock option to Executive;

         WHEREAS, Executive has already been granted during calendar year 1999
an aggregate of 150,000 shares pursuant to Dain Rauscher's 1996 Stock Incentive
Plan (as it may be amended from time to time, the "Plan"), the maximum amount
permitted to be granted under such Plan to any individual in a calendar year;

         WHEREAS, such limitation was placed in the Plan in order to meet
certain criteria under Section 162(m) of the Internal Revenue Code; and

         WHEREAS, notwithstanding such limitation, Dain Rauscher believes it to
be in the best interest of the Company to grant Executive this option at this
time and, as a result, Dain Rauscher is granting this option outside of the
Plan.

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, the parties hereto hereby agree as follows:

         1. Grant of Option

         Subject to the provisions of Section 4 below, Dain Rauscher hereby
grants to Executive, on the date set forth above, the right and option
(hereinafter called "this option") to purchase all or any part of an aggregate
of 150,000 shares of Common Stock, par value $0.125 per share, at the price of
$50.00 per share, and on the other terms and conditions set forth herein. This
option is not intended to be an incentive stock option within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended (the "Code").

         2. Duration and Exercisability

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         (a) This option shall in all events terminate ten (10) years after the
date of grant. Subject to the other terms and conditions set forth herein, this
option may be exercised by Executive in cumulative installments as follows:

<TABLE>
<CAPTION>

                                      Cumulative percentage
             On or after each of       of shares as to which
             the following dates:      option is exercisable:
             --------------------     -----------------------
<S>                                     <C>
             April 5, 2002                 33 1/3%
             April 5, 2003                 66 2/3%
             April 5, 2004                 100%
</TABLE>

         (b) During the lifetime of Executive, this option shall be exercisable
only by Executive or, in the event Executive becomes disabled within the meaning
of Code section 22(e)(3), by Executive's personal representative(s) or
guardian(s). This option shall not be transferable or assignable by Executive
other than pursuant to a will or the laws of descent and distribution or to a
"Family Member" (as such term is defined in General Instruction A.5 to Form S-8
or an successor instruction or form) upon such terms and subject to such
conditions as shall be determined from time to time by the Committee of the
Board of Directors administering the Plan.

         3.  Effect of Termination of Employment

         (a) In the event that Executive shall cease to be employed by Dain
Rauscher or its subsidiaries for any reason other than Executive's gross and
willful misconduct, Executive's death or disability or Executive's retirement
(as provided in paragraphs (b), (c) and (d) of this Section 3, respectively),
Executive shall have the right to exercise this option at any time within ninety
(90) days after such termination of employment to the extent of the full number
of shares Executive was entitled to purchase under this option on the date of
termination, subject to the condition that this option shall not be exercisable
after the expiration of its term.

         (b) In the event that Executive shall cease to be employed by Dain
Rauscher or its subsidiaries by reason of Executive's gross and willful
misconduct during the course of employment, including, but not limited to, the
wrongful appropriation of funds or the commission of a gross misdemeanor or
felony, this option shall be terminated as of the date of the misconduct.

         (c) If Executive shall die while in the employ of Dain Rauscher or its
subsidiaries or if Executive shall become disabled within the meaning of Code
Section 22(e)(3) while in the employ of Dain Rauscher or its subsidiaries and
Executive shall not have fully exercised this option, this option may be
exercised at any time within twelve (12) months after Executive's death or
disability by the personal representative(s), administrator(s), or, if
applicable, guardian(s) of Executive or by any person or persons to whom this
option is transferred by will or the applicable laws of descent and
distribution, to the extent of the full number of shares then subject to this
option on the date of death or disability (i.e., the vesting of all shares which
have

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not vested pursuant to paragraph (a) of Section 2 hereof shall be accelerated to
such date) and subject to the condition that this option shall not be
exercisable after the expiration of its term.

         (d) If Executive shall cease to be employed by Dain Rauscher or its
subsidiaries (i) for any reason other than Executive's gross and willful
misconduct or Executive's death or disability (as provided in paragraphs (b) and
(c) of this Section 3, respectively), (ii) at a time when Executive shall not
have fully exercised this option and (iii) at a time when Executive has been
employed by Dain Rauscher or its subsidiaries for a period of at least ten (10)
years and has attained the age of 50 or greater, this option may be exercised by
Executive at any time on or prior to the earlier of the fifth anniversary of the
date Executive ceased to be employed by Dain Rauscher or its subsidiaries or the
expiration of the term of this option (the period ending as of the earlier of
such dates being referred to hereinafter as the "post-retirement extended
exercise period") to the extent of the full number of shares Executive shall be
entitled to purchase under this option on the date Executive ceases to be
employed by Dain Rauscher; subject, however, to the conditions that, during such
post-retirement extended exercise period, Executive shall not (x) breach any of
the terms of Section 4 hereof, or (y) act in any manner determined by the
committee or subcommittee of Dain Rauscher's Board of Directors administering
the Plan to be adverse to the interests of Dain Rauscher or its subsidiaries. If
at any time during such post-retirement extended exercise period Executive shall
cease to satisfy the conditions described in the preceding proviso, Executive's
right to exercise this option pursuant to this Section 3(d) shall terminate
immediately and Executive shall thereafter only be entitled to exercise this
option in accordance with paragraph (a) of this Section 3.

         4.  Certain Covenants.

         (a) Noncompetition. Executive agrees that, during the post-retirement
extended exercise period, Executive will not, directly or indirectly, anywhere
in the United States, in any manner, whether as an advisor, principal, agent,
partner, officer, director, stockholder (except, as a passive investment, being
a beneficial holder of up to 1% of the outstanding shares of capital stock of
any corporation listed on a national securities exchange or publicly traded in
the over-the-counter market), employee, independent contractor, consultant, or
otherwise of any registered broker-dealer, financial services institution or
other entity, perform any services for or otherwise participate, directly or
indirectly, in any business in which Dain Rauscher or any of its subsidiaries or
affiliates is or may become engaged between the date hereof and the date of
Executive's termination of employment pursuant to Section 3(d) hereof, including
without limitation, the retail or institutional securities brokerage business;
the equity or fixed income capital markets businesses; the provisions of asset
management or financial or investment advisory services; and the correspondent
clearing businesses.

         (b) Nonsolicitation. Executive agrees that, during the post-retirement
extended exercise period, Executive will not, directly or indirectly, in any
manner solicit, assist or engage any person employed by Dain Rauscher or its
subsidiaries or affiliates to leave the employ of Dain Rauscher or recruit, make
an offer of employment to or hire any person employed by Dain Rauscher or its
subsidiaries or affiliates.

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         (c) Confidentiality. Except as otherwise required by law or court
order, Executive agrees that Executive will not, at any time while employed by
Dain Rauscher or any of its subsidiaries or thereafter, divulge or otherwise
make accessible to anyone or use for any purpose any confidential or sensitive
knowledge or information concerning Dain Rauscher, its subsidiaries or
affiliates, any of its officers, directors, employees or agents or its business,
customers, strategic plans, financial condition or profitability obtained
through the performance of Executive's job responsibilities or during the course
of Executive's employment.

         (d) Cooperation. Executive agrees that Executive will cooperate with
the Company with respect to any claims, actions or proceedings brought or
threatened to be brought against the Company or any of its officers, directors,
employees, agents, successors or assigns that relate to Executive's employment
or any transactions, decisions or actions in which Executive was involved while
an employee or officer of the Company. Executive agrees to be available upon
reasonable notice and at mutually agreeable times to discuss issues or to review
documents with representatives of Dain Rauscher, and to appear without subpoena
for deposition or testimony at the request of Dain Rauscher in connection with
any legal or regulatory proceeding. Dain Rauscher will pay Executive's
reasonable expenses in connection with Executive's cooperation requested under
this agreement, including reasonable out-of-pocket travel expenses or documented
lost wages Executive incurs.

         (e) Reasonableness of Restrictions. Executive agrees that the foregoing
covenants and limitations on Executive's post-retirement activities are
reasonable and appropriate under the circumstances, and that forfeiture of
unvested options for violation of any of the foregoing covenants is a reasonable
and appropriate remedy.

         (f) Severability. To the extent any provision of this Agreement shall
be determined to be invalid or unenforceable in any jurisdiction, such provision
shall be deemed to be deleted from this Agreement as to such jurisdiction only,
and the validity and enforceability of the remainder of such provision and of
this Agreement shall be unaffected. In furtherance of and not in limitation of
the foregoing, Executive expressly agrees that should the duration of,
geographical extent of, or business activities covered by, any provision of this
Agreement be in excess of that which is valid or enforceable under applicable
law in a given jurisdiction, then such provision, as to such jurisdiction only,
shall be construed to cover only that duration, extent or activities that may
validly or enforceably be covered. Executive acknowledges that uncertainty of
the law in this respect and expressly stipulates that this Agreement shall be
construed in a manner that renders its provisions valid and enforceable to the
maximum extent (not exceeding its express terms) possible under applicable law
in each applicable jurisdiction.

         5.  Manner of Exercise

         (a) This option can be exercised only by Executive or other proper
party by delivering within the option period written notice to Dain Rauscher at
its principal office. The

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notice shall state the number of shares as to which this option is being
exercised and be accompanied by payment in full of the option price for all
shares designated in the notice.

         (b) Executive may pay the option price (i) by check (bank check,
certified check or personal check) or (ii) with the approval of Dain Rauscher,
by delivering to Dain Rauscher for cancellation shares of Dain Rauscher's Common
Stock having a Fair Market Value (as defined in the Plan) on the date of
exercise equal to the option price; provided, however, that Executive shall not
be entitled to tender shares of Dain Rauscher's Common Stock pursuant to
successive, substantially simultaneous exercises of this option or any other
stock option of Dain Rauscher.

         6.  Acceleration of Exercisability Upon Change in Control

         Notwithstanding any installment or delayed exercise provision contained
in this Agreement, this option may be exercised in full immediately at or
anytime after the occurrence of a "Change in Control" (as hereinafter defined).
For purposes hereof, the following terms shall have the definitions set forth
below:

         (a) "Change in Control" shall mean:

             (i)   the public announcement (which, for purposes of this
             definition, shall include, without limitation, a report filed
             pursuant to Section 13(d) of the Securities Exchange Act of 1934,
             as amended (the "Exchange Act") that any person, entity or "group",
             within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
             Act, other than Dain Rauscher or any of its subsidiaries, or the
             Dain Rauscher Retirement Plan or any other employee benefit plan of
             Dain Rauscher or any of its subsidiaries, or any entity holding
             shares of Dain Rauscher's Common Stock organized, appointed or
             established for, or pursuant to the terms of, any such plan, has
             become the beneficial owner (within the meaning of Rule 13d-3
             promulgated under the Exchange Act) of 35% or more of the combined
             voting power of Dain Rauscher's then outstanding voting securities
             in a transaction or series of transactions;

             (ii)  the Continuing Directors cease to constitute a majority of
             Dain Rauscher's Board of Directors;

             (iii) the shareholders of Dain Rauscher approve (1) any
             consolidation or merger of Dain Rauscher in which Dain Rauscher is
             not the continuing or surviving corporation or pursuant to which
             shares of Dain Rauscher's stock would be converted into cash,
             securities or other property, other than a merger of Dain Rauscher
             in which shareholders immediately prior to the merger have the same
             proportionate ownership of stock of the surviving corporation
             immediately after the merger; (2) any sale, lease, exchange or
             other transfer (in one transaction or a series of related
             transactions) of all or substantially all of the assets of Dain
             Rauscher; or (3) any plan of liquidation or dissolution of Dain
             Rauscher; or

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             (iv)  the majority of the Continuing Directors determine in their
             sole and absolute discretion that there has been a change in
             control of Dain Rauscher.

         (b) "Continuing Director" shall mean any person who is a member of the
Board of Directors of Dain Rauscher, while such a person is a member of the
Board of Directors, who is not an Acquiring Person (as hereinafter defined) or
an Affiliate or Associate (as hereinafter defined) of an Acquiring Person, or a
representative of an Acquiring Person or of any such Affiliate or Associate, and
who (i) was a member of the Board of Directors on the date of this Agreement or
(ii) subsequently becomes a member of the Board of Directors, if such person's
initial nomination for election or initial election to the Board of Directors is
recommended or approved by a majority of the Continuing Directors. For purposes
of this paragraph (b), "Acquiring Person" shall mean any "person" (as such term
is used in Sections 13(d) and 14(d) of the Exchange Act) who or which, together
with all Affiliates and Associates of such person, is the "beneficial owner" (as
defined in Rule 13d-3 promulgated under the Exchange Act), directly or
indirectly, of securities of Dain Rauscher representing 35% or more of the
combined voting power of Dain Rauscher's then outstanding securities, but shall
not include Dain Rauscher, any subsidiary of Dain Rauscher or any employee
benefit plan of Dain Rauscher or of any subsidiary of Dain Rauscher or any
entity holding shares of Dain Rauscher's Common Stock organized, appointed or
established for, or pursuant to the terms of, any such plan; and "Affiliate" and
"Associate" shall have the respective meanings ascribed to such terms in Rule
12b-2 promulgated under the Exchange Act.

         (c) If a Change in Control shall occur, then the Board of Directors or
the Committee (if authority is delegated by the Board of Directors), in its sole
discretion, and without the consent of Executive, may determine that Executive
shall receive, with respect to some or all of the shares of Common Stock subject
to this option, as of the effective date of any such Change in Control, cash in
an amount equal to the excess of the Fair Market Value of such shares
immediately prior to the effective date of such Change in Control over the
exercise price per share of this option.

         7.  Special Provisions

         (a) Cancellation and Replacement of Option. Executive and Dain Rauscher
agree that if at any time between January 1, 2000 and April 5, 2002, the Fair
Market Value per share of Dain Rauscher Common Stock is equal to or less than
$50.00, Dain Rauscher will cancel this option and Executive will be granted an
option pursuant to the Plan to purchase 150,000 shares at an exercise price of
$50.00 per share. Such option (the "1996 Plan Replacement Option") will contain
terms identical to those contained in Sections 2 through 6 and Section 8 of this
agreement. The 1996 Plan Replacement Option will be subject to the terms of the
Plan, a copy of which is available for inspection during business hours at the
principal offices of Dain Rauscher. If this option is cancelled and the 1996
Plan Replacement Option is granted pursuant this Section, Executive and Dain
Rauscher agree that this option will thereafter be void and of no further
effect.

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         (b)   Deferral Election of Executive.

         (i)   Executive and Dain Rauscher hereby agree that if at the time of
               exercise of this option Executive is still employed by Dain
               Rauscher and is subject to the provisions of Section 162(m) of
               the Internal Revenue Code, that Executive will defer, and
               Executive hereby so irrevocably elects to defer, receipt of the
               option shares (net of any number of shares tendered to pay the
               exercise price of this option pursuant to Section 5(b) above)
               until a date (the "Distribution Date") which shall be as soon as
               administratively feasible after the first anniversary of the
               earlier of (i) the termination of Executive's employment or (ii)
               the date on which Executive ceases to be subject to the provision
               of such Section 162(m). The option shares will be distributed to
               Executive in a single lump installment on the Distribution Date.
               In the event of a Change in Control, the deferred option shares
               shall be distributed to Executive within thirty (30) days.

         (ii)  Executive shall not have any transferable interest in the
               deferred option shares, nor any right to anticipate, alienate,
               dispose of, pledge or encumber the same prior to actual receipt,
               nor shall the same be subject to attachment, garnishment,
               execution following judgment or other legal process instituted by
               the creditors of Executive.

         (iii) Executive acknowledges that he is a general unsecured creditor of
               Dain Rauscher with respect to the deferred option shares and
               shall not have any preferred interest by way of trust, escrow,
               lien or otherwise in any specific assets of Dain Rauscher.

         8.    Miscellaneous

         (a)   This Agreement shall not confer on Executive any right with
respect to continuance of employment by Dain Rauscher or any of its
subsidiaries, nor will it interfere in any way with the right of Dain Rauscher
to terminate such employment at any time. Executive shall have none of the
rights of a shareholder with respect to shares subject to this option until such
shares shall have been issued to Executive upon exercise of this option.

         (b)   Executive acknowledges that the shares of Common Stock received
upon exercise of this option may not be transferred without (1) the opinion of
counsel satisfactory to Dain Rauscher that such transfer may be made lawfully
without registration or qualification under the Securities Act of 1933, as
amended, and applicable state securities laws or (2) such registration or
qualification. Executive acknowledges that, as of the date of this agreement,
the shares of Common Stock underlying this option have not been registered under
the Securities Act of 1933, as amended.

         (c)   If Executive exercises all or any portion of this option
subsequent to any change in the number or character of the outstanding shares of
Dain Rauscher's Common Stock (through

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merger, consolidation, reorganization, recapitalization, stock dividend or
otherwise), Executive shall then receive for the aggregate price paid by
Executive on such exercise of this option, the number and type of securities or
other consideration which Executive would have received if such option had been
exercised prior to the event changing the number or character of outstanding
shares.

         (d) Dain Rauscher shall at all times during the term of this option
reserve and keep available such number of shares as will be sufficient to
satisfy the requirements of this Agreement.

         (e) In order to provide Dain Rauscher with the opportunity to claim the
benefit of any income tax deduction which may be available to it upon the
exercise of the option, and in order to comply with all applicable federal or
state income tax laws or regulations, Dain Rauscher may take such action as it
deems appropriate to insure that, if necessary, all applicable federal or state
payroll, withholding, income or other taxes are withheld or collected from
Employee. Employee may elect to satisfy his federal and state income tax
withholding obligations upon exercise of this option by (i) having Dain Rauscher
withhold a portion of the shares of Common Stock otherwise to be delivered upon
exercise of such option having a fair market value equal to the amount of
federal and state income tax required to be withheld upon such exercise, in
accordance with the rules of the Committee, or (ii) delivering to Dain Rauscher
shares of its Common Stock other than the shares issuable upon exercise of such
option with a fair market value equal to such taxes, in accordance with the
rules of the Committee.

         (f) This option shall be governed by the internal laws of the State of
Delaware, without regard to any conflict of laws principles.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written.

                                         DAIN RAUSCHER CORPORATION

                                         By_____________________________________

                                         Its ___________________________________

                                         _______________________________________
                                         IRVING WEISER

                                       8<PAGE>   1
                                                                   EXHIBIT 10.18

                            DAIN RAUSCHER CORPORATION
                  EMPLOYEE NON-QUALIFIED STOCK OPTION AGREEMENT

                  THIS AGREEMENT is made as of this 5th day of April, 1999, by
and between Dain Rauscher Corporation, a Delaware corporation ("Dain Rauscher"),
and Irving Weiser ("Employee").

                  WITNESSETH, THAT:

                  WHEREAS, Dain Rauscher wishes to grant this stock option to
Employee pursuant to its 1996 Stock Incentive Plan (as it may be amended from
time to time, the "Plan").

                  NOW, THEREFORE, in consideration of the premises and of the
mutual covenants herein contained, the parties hereto hereby agree as follows:

                  1.       Grant of Option

                  Dain Rauscher hereby grants to Employee, on the date set forth
above, the right and option (hereinafter called "this option") to purchase all
or any part of an aggregate of 115,000 shares of Common Stock, par value $0.125
per share, at the price of $50.00 per share on the terms and conditions set
forth herein. This option is not intended to be an incentive stock option within
the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
"Code").

                  2.       Duration and Exercisability

                  (a)      This option shall in all events terminate ten (10)
years after the date of grant. Subject to the other terms and conditions set
forth herein, this option may be exercised by Employee in cumulative
installments as follows:

<TABLE>
<CAPTION>
                                                                Cumulative percentage
                           On or after each of                  of shares as to which
                           the following dates:                 option is exercisable:
                           --------------------                 ----------------------

                        <S>                                    <C>
                           April 5, 2002                               33 1/3%
                           April 5, 2003                               66 2/3%
                           April 5, 2004                                  100%
</TABLE>

                  (b)      During the lifetime of Employee, this option shall be
exercisable only by Employee, or, in the event Employee is disabled within the
meaning of Code Section 22(e)(3), the personal respresentative(s) or guardian(s)
of Employee. This option shall not be assignable or transferable by Employee,
other than by will or the laws of descent and distribution.

<PAGE>   2

                  3.       Effect of Termination of Employment

                  (a)      In the event that Employee shall cease to be employed
by Dain Rauscher or its subsidiaries for any reason other than Employee's gross
and willful misconduct, Employee's death or disability, or Employee's retirement
(as provided in paragraphs (b), (c) and (d) of this Section 3, respectively),
Employee shall have the right to exercise this option at any time within ninety
(90) days after such termination of employment to the extent of the full number
of shares Employee was entitled to purchase under this option on the date of
termination, subject to the condition that this option shall not be exercisable
after the expiration of its term.

                  (b)      In the event that Employee shall cease to be employed
by Dain Rauscher or its subsidiaries by reason of Employee's gross and willful
misconduct during the course of employment, including, but not limited to, the
wrongful appropriation of funds or the commission of a gross misdemeanor or
felony, this option shall be terminated as of the date of the misconduct.

                  (c)      If Employee shall die while in the employ of Dain
Rauscher or its subsidiaries or if Employee shall become disabled within the
meaning of Code Section 22(e)(3) while in the employ of Dain Rauscher or its
subsidiaries and Employee shall not have fully exercised this option, this
option may be exercised at any time within twelve (12) months after Employee's
death or disability by the personal representative(s), administrator(s), or, if
applicable, guardian(s) of Employee or by any person or persons to whom this
option is transferred by will or the applicable laws of descent and
distribution, to the extent of the full number of shares then subject to this
option on the date of death or disability (i.e., the vesting of all shares which
have not vested pursuant to paragraph (a) of Section 2 hereof shall be
accelerated to such date) and subject to the condition that this option shall
not be exercisable after the expiration of its term.

                  (d)      If Employee shall cease to be employed by Dain
Rauscher or its subsidiaries (i) for any reason other than Employee's gross and
willful misconduct or Employee's death or disability (as provided in paragraphs
(b) and (c) of this Section 3, respectively), (ii) at a time when Employee shall
not have fully exercised this option and (iii) at a time when Employee has been
employed by Dain Rauscher or its subsidiaries for a period of at least ten (10)
years and has attained the age of 50 or greater, this option may be exercised by
Employee at any time on or prior to the earlier of the fifth anniversary of the
date Employee ceased to be employed by Dain Rauscher or its subsidiaries or the
expiration of the term of this option (the period ending as of the earlier of
such dates being referred to hereinafter as the "post-retirement extended
exercise period") to the extent of the full number of shares Employee shall be
entitled to purchase under this option on the date Employee ceases to be
employed by Dain Rauscher; subject, however, to the conditions that, during such
post-retirement extended exercise period, Employee shall not (x) breach any of
the terms of Section 4 hereof, or (y) act in any manner determined by the
committee or subcommittee of Dain Rauscher's Board of Directors administering
the Plan to be adverse to the interests of Dain Rauscher or its subsidiaries. If
at any time during such post-retirement extended exercise period Employee shall
cease to satisfy the conditions described in the preceding proviso, Employee's
right to exercise this option pursuant to this Section 3(d) shall

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terminate immediately and Employee shall thereafter only be entitled to exercise
this option in accordance with paragraph (a) of this Section 3.

                  4.       Certain Covenants.

                  (a)      Noncompetition. Employee agrees that, during the
post-retirement extended exercise period, Employee will not, directly or
indirectly, anywhere in the United States, in any manner, whether as an advisor,
principal, agent, partner, officer, director, stockholder (except, as a passive
investment, being a beneficial holder of up to 1% of the outstanding shares of
capital stock of any corporation listed on a national securities exchange or
publicly traded in the over-the-counter market), employee, independent
contractor, consultant, or otherwise of any registered broker-dealer, financial
services institution or other entity, perform any services for or otherwise
participate, directly or indirectly, in any business in which Dain Rauscher or
any of its subsidiaries or affiliates is or may become engaged between the date
hereof and the date of Employee's termination of employment pursuant to Section
3(d) hereof, including without limitation, the retail or institutional
securities brokerage business; the equity or fixed income capital markets
businesses; the provisions of asset management or financial or investment
advisory services; and the correspondent clearing businesses.

                  (b)      Nonsolicitation. Employee agrees that, during the
post-retirement extended exercise period, Employee will not, directly or
indirectly, in any manner solicit, assist or engage any person employed by Dain
Rauscher to leave the employ of Dain Rauscher or recruit, make an offer of
employment to or hire any person employed by Dain Rauscher.

                  (c)      Confidentiality. Except as otherwise required by law
or court order, Employee agrees that Employee will not, at any time while
employed by Dain Rauscher or any of its subsidiaries or thereafter, divulge or
otherwise make accessible to anyone or use for any purpose any confidential or
sensitive knowledge or information concerning Dain Rauscher, any of its
officers, directors, employees or agents or its business, customers, strategic
plans, financial condition or profitability obtained through the performance of
Employee's job responsibilities or during the course of Employee's employment.

                           Employee further agrees that, except as otherwise
required under law or court order, Employee will not at any time divulge or
otherwise make accessible to anyone (other than Employee's immediate family and
any tax, financial and/or other professional advisors Employee consults
regarding Employee's personal financial affairs) the terms of this Agreement,
except that Employee may disclose the terms of the noncompetition,
nonsolicitation, and cooperation covenants contained herein to future or
potential employers or others with a need to know such information.

                  (d)      Cooperation. Employee agrees that Employee will
cooperate with Dain Rauscher with respect to any claims, actions or proceedings
brought or threatened to be brought against Dain Rauscher or any of its
officers, directors, employees, agents, successors or assigns that relate to
Employee's employment or any transactions, decisions or actions in which
Employee was involved while an employee or officer of Dain Rauscher. Employee
agrees to be available

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upon reasonable notice and at mutually agreeable times to discuss issues or to
review documents with representatives of Dain Rauscher, and to appear without
subpoena for deposition or testimony at the request of Dain Rauscher in
connection with any legal or regulatory proceeding. Dain Rauscher will pay
Employee's reasonable expenses in connection with Employee's cooperation
requested under this agreement, including reasonable out-of-pocket travel
expenses or documented lost wages Employee incurs.

                  (e)      Reasonableness of Restrictions. Employee agrees that
the foregoing covenants and limitations on Employee's post-retirement activities
are reasonable and appropriate under the circumstances, and that forfeiture of
unvested options for violation of any of the foregoing covenants is a reasonable
and appropriate remedy.

                  (f)      Severability. To the extent any provision of this
Agreement shall be determined to be invalid or unenforceable in any
jurisdiction, such provision shall be deemed to be deleted from this Agreement
as to such jurisdiction only, and the validity and enforceability of the
remainder of such provision and of this Agreement shall be unaffected. In
furtherance of and not in limitation of the foregoing, Employee expressly agrees
that should the duration of, geographical extent of, or business activities
covered by, any provision of this Agreement be in excess of that which is valid
or enforceable under applicable law in a given jurisdiction, then such
provision, as to such jurisdiction only, shall be construed to cover only that
duration, extent or activities that may validly or enforceably be covered.
Employee acknowledges that uncertainty of the law in this respect and expressly
stipulates that this Agreement shall be construed in a manner that renders its
provisions valid and enforceable to the maximum extent (not exceeding its
express terms) possible under applicable law in each applicable jurisdiction.

                  5.       Manner of Exercise

                  (a)      This option can be exercised only by Employee or
other proper party by delivering within the option period written notice to Dain
Rauscher at its principal office. The notice shall state the number of shares as
to which this option is being exercised and be accompanied by payment in full of
the option price for all shares designated in the notice.

                  (b)      Employee may pay the option price (i) by check (bank
check, certified check or personal check) or (ii) with the approval of Dain
Rauscher, by delivering to Dain Rauscher for cancellation shares of Dain
Rauscher's Common Stock having a Fair Market Value (as defined in the Plan) on
the date of exercise equal to the option price; provided, however, that Employee
shall not be entitled to tender shares of Dain Rauscher's Common Stock pursuant
to successive, substantially simultaneous exercises of this option or any other
stock option of Dain Rauscher.

                                       4
<PAGE>   5

                  6.       Acceleration of Exercisability Upon Change in Control

                  Notwithstanding any installment or delayed exercise provision
contained in this Agreement, this option may be exercised in full immediately at
or anytime after the occurrence of a "Change in Control" (as hereinafter
defined). For purposes hereof, the following terms shall have the definitions
set forth below:

                  (a)      "Change in Control" shall mean:

                        (i) the public announcement (which, for purposes of this
                        definition, shall include, without limitation, a report
                        filed pursuant to Section 13(d) of the Securities
                        Exchange Act of 1934, as amended (the "Exchange Act")
                        that any person, entity or "group", within the meaning
                        of Section 13(d)(3) or 14(d)(2) of the Exchange Act,
                        other than Dain Rauscher or any of its subsidiaries, or
                        the Dain Rauscher Retirement Plan or any other employee
                        benefit plan of Dain Rauscher or any of its
                        subsidiaries, or any entity holding shares of Dain
                        Rauscher's Common Stock organized, appointed or
                        established for, or pursuant to the terms of, any such
                        plan, has become the beneficial owner (within the
                        meaning of Rule 13d-3 promulgated under the Exchange
                        Act) of 35% or more of the combined voting power of Dain
                        Rauscher's then outstanding voting securities in a
                        transaction or series of transactions;

                        (ii) the Continuing Directors cease to constitute a
                        majority of Dain Rauscher's Board of Directors;

                        (iii) the shareholders of Dain Rauscher approve (1) any
                        consolidation or merger of Dain Rauscher in which Dain
                        Rauscher is not the continuing or surviving corporation
                        or pursuant to which shares of Dain Rauscher's stock
                        would be converted into cash, securities or other
                        property, other than a merger of Dain Rauscher in which
                        shareholders immediately prior to the merger have the
                        same proportionate ownership of stock of the surviving
                        corporation immediately after the merger; (2) any sale,
                        lease, exchange or other transfer (in one transaction or
                        a series of related transactions) of all or
                        substantially all of the assets of Dain Rauscher; or (3)
                        any plan of liquidation or dissolution of Dain Rauscher;
                        or

                        (iv) the majority of the Continuing Directors determine
                        in their sole and absolute discretion that there has
                        been a change in control of Dain Rauscher.

                  (b)      "Continuing Director" shall mean any person who is a
member of the Board of Directors of Dain Rauscher, while such a person is a
member of the Board of Directors, who is not an Acquiring Person (as hereinafter
defined) or an Affiliate or Associate (as hereinafter defined) of an Acquiring
Person, or a representative of an Acquiring Person or of any such Affiliate or
Associate, and who (i) was a member of the Board of Directors on the date of
this Agreement or (ii) subsequently becomes a member of the Board of Directors,
if such person's

                                       5

<PAGE>   6

initial nomination for election or initial election to the Board of Directors is
recommended or approved by a majority of the Continuing Directors. For purposes
of this paragraph (b), "Acquiring Person" shall mean any "person" (as such term
is used in Sections 13(d) and 14(d) of the Exchange Act) who or which, together
with all Affiliates and Associates of such person, is the "beneficial owner" (as
defined in Rule 13d-3 promulgated under the Exchange Act), directly or
indirectly, of securities of Dain Rauscher representing 35% or more of the
combined voting power of Dain Rauscher's then outstanding securities, but shall
not include Dain Rauscher, any subsidiary of Dain Rauscher or any employee
benefit plan of Dain Rauscher or of any subsidiary of Dain Rauscher or any
entity holding shares of Dain Rauscher's Common Stock organized, appointed or
established for, or pursuant to the terms of, any such plan; and "Affiliate" and
"Associate" shall have the respective meanings ascribed to such terms in Rule
12b-2 promulgated under the Exchange Act.

                  (c)      If a Change in Control shall occur, then the Board of
Directors or the Committee (if authority is delegated by the Board of
Directors), in its sole discretion, and without the consent of Employee, may
determine that Employee shall receive, with respect to some or all of the shares
of Common Stock subject to this option, as of the effective date of any such
Change in Control, cash in an amount equal to the excess of the Fair Market
Value of such shares immediately prior to the effective date of such Change in
Control over the exercise price per share of this option.

                  7.       Miscellaneous

                  (a)      This option is issued pursuant to the Plan, and is
subject to its terms. The terms of the Plan are available for inspection during
business hours at the principal offices of Dain Rauscher.

                  (b)      This Agreement shall not confer on Employee any right
with respect to continuance of employment by Dain Rauscher or any of its
subsidiaries, nor will it interfere in any way with the right of Dain Rauscher
to terminate such employment at any time. Employee shall have none of the rights
of a shareholder with respect to shares subject to this option until such shares
shall have been issued to Employee upon exercise of this option.

                  (c)      The exercise of all or any part of this option shall
only be effective at such time as the sale of Common Stock pursuant to such
exercise will not violate any state or federal securities or other laws.

                  (d)      If Employee exercises all or any portion of this
option subsequent to any change in the number or character of the outstanding
shares of Dain Rauscher's Common Stock (through merger, consolidation,
reorganization, recapitalization, stock dividend or otherwise), Employee shall
then receive for the aggregate price paid by Employee on such exercise of this
option, the number and type of securities or other consideration which Employee
would have received if such option had been exercised prior to the event
changing the number or character of outstanding shares.

                                       6

<PAGE>   7

                  (e)      Dain Rauscher shall at all times during the term of
this option reserve and keep available such number of shares as will be
sufficient to satisfy the requirements of this Agreement.

                  (f)      In order to provide Dain Rauscher with the
opportunity to claim the benefit of any income tax deduction which may be
available to it upon the exercise of the option, and in order to comply with all
applicable federal or state income tax laws or regulations, the Company may take
such action as it deems appropriate to insure that, if necessary, all applicable
federal or state payroll, withholding, income or other taxes are withheld or
collected from Employee. Employee may elect to satisfy his federal and state
income tax withholding obligations upon exercise of this option by (i) having
the Company withhold a portion of the shares of Common Stock otherwise to be
delivered upon exercise of such option having a fair market value equal to the
amount of federal and state income tax required to be withheld upon such
exercise, in accordance with the rules of the Committee, or (ii) delivering to
the Company shares of its Common Stock other than the shares issuable upon
exercise of such option with a fair market value equal to such taxes, in
accordance with the rules of the Committee.

                  (g)      This option shall be governed by the internal laws of
the State of Delaware, without regard to any conflict of laws principles.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed on the day and year first above written.

                                  DAIN RAUSCHER CORPORATION

                                  By____________________________________

                                  _____________________________________
                                  Irving Weiser

                                       7

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