Document:

EX-10.4

 EXHBIT 10.4 
 FINANCIAL ENGINES, INC. 
 AMENDED AND RESTATED 

2009 STOCK INCENTIVE PLAN 
 NOTICE OF STOCK OPTION GRANT 
 Vesting December 31, 2015

 You have been granted the following Option to purchase Common Stock of FINANCIAL ENGINES, INC. (the
“Company”) under the Company’s Amended and Restated 2009 Stock Incentive Plan (the “Plan”): 
  

			
	Name of Optionee:	  	%%FIRST  NAME%-% %%LAST  NAME%-%
		
	Total Number of Option Shares Granted:	  	%%TOTAL  SHARES  GRANTED,’999,999,999’%-%
		
	Type of Option:	  	%%OPTION  TYPE  LONG%-%
		
	Exercise Price Per Share:	  	%%OPTION  PRICE,’$999,999,999.99’%-%
		
	Grant Date:	  	%%OPTION  DATE%-%
		
	Vesting Commencement Date:	  	%%VEST  BASE  DATE%-%
		
	Vesting Schedule:	  	This Option becomes exercisable with respect to 100% of the Shares subject to this Option on December 31, 2015, subject to your continuous Service as an Employee or a Consultant
through, and including, December 31, 2015. Partial accelerated vesting may apply in some circumstances.
		
	Expiration Date:	  	%%EXPIRE  DATE  PERIOD1%-%. This Option expires earlier if your Service terminates earlier, as described in the Stock Option
Agreement.

 By your acceptance of this Stock Option Grant, you agree that this Option is granted under and
governed by the terms and conditions of the Plan and the Stock Option Agreement (the “Agreement”), which are attached to and made a part of this document. 
 By accepting this Stock Option Grant you further agree that the Company may deliver by e-mail all documents relating to the Plan or this Award (including without limitation, prospectuses required by
the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including without limitation, annual reports and proxy statements). You also agree that the Company may deliver these
documents by posting them on a website maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a website, it will notify you by e-mail. 

 

			
	FINANCIAL ENGINES, INC.
	
	

	By:	 	 RAYMOND J. SIMS

	Title:	 	 E.V.P. and Chief Financial Officer

  

  

FINANCIAL ENGINES, INC. 

2013 FORM OF STOCK OPTION AGREEMENT –
VESTING DECEMBER 31, 2015 
 -1- 

 AMENDED AND RESTATED 

2009 STOCK INCENTIVE PLAN 
 STOCK OPTION GRANT AGREEMENT 
 Vesting December 31, 2015

  

			
	Tax Treatment	  	This Option is intended to be an incentive stock option under Section 422 of the Internal Revenue Code or a non-qualified option, as provided in the Notice of Stock Option Grant.
Even if this Option is designated as an incentive stock option, it shall be deemed to be a non-qualified option to the extent required by the $100,000 annual limitation under Section 422(d) of the Internal Revenue Code.
		
	Vesting	  	This Option becomes exercisable in installments, as shown in the Notice of Stock Option Grant. This Option will in no event become exercisable for additional Shares after your
Service as an Employee or a Consultant has terminated for any reason. Notwithstanding the foregoing, if your Service as an Employee or a Consultant terminates as a result of (i) death, (ii) Total and Permanent Disability, or (iii) an Involuntary
Termination (as defined below) at any time within twelve (12) months after a Change in Control, then the vesting of the Option shall accelerate with respect to that number of Shares for which the Option would have vested during the twelve (12)
months following the termination of Service in the event of (i) or (ii), or following the consummation of the Change in Control in the event of (iii).
		
	Term	  	This Option expires in any event at the close of business at Company headquarters on the day before the 10th anniversary of the Grant Date, as shown on the Notice of Stock Option
Grant (fifth anniversary for a more than 10% stockholder as provided under the Plan if this is an incentive stock option). This Option may expire earlier if your Service terminates, as described below.
		
	Regular Termination	  	If your Service terminates for any reason except death or Total and Permanent Disability, then this Option will expire at the close of business at Company headquarters on the
date three (3) months after the date your Service terminates (or, if earlier, the Expiration Date). The Company determines when your Service terminates for this purpose and all purposes under the Plan and its determinations are conclusive and
binding on all persons.
		
	Involuntary Termination	  	“Involuntary Termination” means (i) without your express written consent, a material diminution of your authority, duties, position or responsibilities relative to your
authority, duties, position or responsibilities in effect immediately prior to such reduction (provided that for this purpose, your authority, duties, position and responsibilities will not be deemed to be materially diminished if following a Change
in Control you retain the same authority, duties and responsibilities with respect to the Company business or the business with which such business is operationally merged or subsumed); (ii) without your express written consent, a material reduction
by the Company of your base salary or bonus opportunity as in effect immediately prior to such reduction; (iii) without your express written consent, the relocation of your principal place of employment to a facility or a location more than fifty
(50) miles from your then current location; (iv) without your express written consent, any purported termination of your Service by the Company which is not effected for Cause. A termination due to death or disability shall not be considered an
Involuntary Termination. A termination shall not be considered an “Involuntary Termination” unless you provide written notice to the Company of the condition described in subsections (i), (ii) or (iii) above within ninety (90) days after
the initial existence of such condition, the Company fails to remedy the condition within thirty (30) days following the receipt of such notice, and you terminate your employment within twelve months following the Change in Control.

  

FINANCIAL ENGINES, INC. 

2013 FORM OF STOCK OPTION AGREEMENT –
VESTING DECEMBER 31, 2015 
 -2- 

			
	Cause	  	“Cause” means (i) commission of a felony, an act involving moral turpitude, or an act constituting common law fraud, and which has a material adverse effect on the
business or affairs of the Company or its affiliates or stockholders; (ii) intentional or willful misconduct or refusal to follow the lawful instructions of the Board of Directors; or (iii) intentional breach of Company confidential information
obligations which has an adverse effect on the Company or its affiliates or stockholders. For these purposes, no act or failure to act shall be considered “intentional or willful” unless it is done, or omitted to be done, in bad faith
without a reasonable belief that the action or omission is in the best interests of the Company.
		
	Death	  	If your Service terminates because of death, then this Option will expire at the close of business at Company headquarters on the date eighteen (18) months after the date your
Service terminates (or, if earlier, the Expiration Date). During that period of up to eighteen (18) months, your estate or heirs may exercise the Option.
		
	Disability	  	If your Service terminates because of your Total and Permanent Disability, then this Option will expire at the close of business at Company headquarters on the date twelve (12)
months after the date your Service terminates (or, if earlier, the Expiration Date).
		
	Leaves of Absence	  	For purposes of this Option, your Service does not terminate when you go on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by the
Company in writing and if continued crediting of Service is required by the terms of the leave or by applicable law. But your Service terminates when the approved leave ends, unless you immediately return to active work.
		
	Restrictions on Exercise	  	The Company will not permit you to exercise this Option if the issuance of Shares at that time would violate any law or regulation. The inability of the Company to obtain
approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and sale of the Company stock pursuant to this Option shall relieve the Company of any liability with respect to the non-issuance or sale
of the Company stock as to which such approval shall not have been obtained.
		
	Notice of Exercise	  	When you wish to exercise this Option you must provide a notice of exercise form in accordance with such procedures as are established by the Company and communicated to you from
time to time. Any notice of exercise must specify how many Shares you wish to purchase and how your Shares should be registered. The notice of exercise will be effective when it is received by the Company. If someone else wants to exercise this
Option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.
		
	Form of Payment	  	When you submit your notice of exercise, you must include payment of the Option exercise price for the Shares you are purchasing. Payment may be made in the following
form(s):
		
		  	 •      Your personal check, a cashier’s check or a
money order.
  

•      Certificates for Shares that you own, along with any forms needed to
effect a transfer of those Shares to the Company. The value of the Shares, determined as of the effective date of the Option exercise, will be applied to the Option exercise price. Instead of surrendering Shares, you may attest to the ownership of
those Shares on a form provided by the Company and have the same number of Shares subtracted from the Shares issued to you upon exercise of the Option. However, you may not surrender or attest to the ownership of Shares in payment of the exercise
price if your action would cause the Company to recognize a compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes.

		
		  	 •      By delivery on a form approved by the Company of an irrevocable direction to a
securities broker approved by the Company to sell all or part of the Shares that are issued to you when you exercise this Option and to deliver to the Company from the sale proceeds an amount sufficient to pay the Option exercise price and any
withholding taxes. The balance of the sale proceeds, if any, will be delivered to you. The directions must be given by providing a notice of exercise form approved by the Company.

  

FINANCIAL ENGINES, INC. 

2013 FORM OF STOCK OPTION AGREEMENT –
VESTING DECEMBER 31, 2015 
 -3- 

			
		  	 •      By delivery on a form approved by the Company of an irrevocable direction to a
securities broker or lender approved by the Company to pledge Shares that are issued to you when you exercise this Option as security for a loan and to deliver to the Company from the loan proceeds an amount sufficient to pay the Option exercise
price and any withholding taxes. The directions must be given by providing a notice of exercise form approved by the Company.

		
		  	 •      Any other form permitted by the Committee in its sole
discretion.

		
		  	Notwithstanding the foregoing, payment may not be made in any form that is unlawful, as determined by the Committee in its sole discretion.
		
	 Withholding Taxes

and Stock Withholding
	  	Regardless of any action the Company takes with respect to any or all income tax, social insurance, payroll tax or other tax-related withholding (the “Tax-Related
Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company (1) makes no representations or undertakings regarding the treatment of any Tax-Related
Items in connection with any aspect of this Award, including the grant and vesting of the Award, the issuance of Shares upon exercise of the Award, the subsequent sale of Shares acquired pursuant to the Award and the receipt of any dividends or
other distributions, if any; and (2) does not commit to structure the terms of the grant or any aspect of the Award to reduce or eliminate your liability for Tax-Related Items.
		
		  	You will not be allowed to exercise this Option unless you make arrangements acceptable to the Company to pay any withholding taxes that may be due as a result of this Award or
the Option exercise. These arrangements, at the sole discretion of the Company, may include (a) having the Company withhold taxes from the proceeds of the sale of the Shares, either through a voluntary sale or through a mandatory sale arranged by
the Company (on your behalf pursuant to this authorization), (b) having the Company withhold Shares that otherwise would be issued to you when you exercise this Option having a Fair Market Value equal to the amount necessary to satisfy the minimum
statutory withholding amount, or (c) any other arrangement approved by the Company. The Fair Market Value of any Shares withheld, determined as of the effective date of the Option exercise, will be applied as a credit against the withholding taxes.
You also authorize the Company, or your actual employer, to satisfy all withholding obligations of the Company or your actual employer with respect to this Award from your wages or other cash compensation payable to you by the Company or your actual
employer.
		
	Restrictions on Resale	  	You agree not to sell any Shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale. This restriction will
apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.
		
	Transfer of Option	  	In general, only you can exercise this Option prior to your death. You may not sell, transfer, assign, pledge or otherwise dispose of this Option, other than as designated by you
by will or by the laws of descent and distribution, except as provided below. For instance, you may not use this Option as security for a loan. If you attempt to do any of these things, this Option will immediately become invalid. You may in any
event dispose of this Option in your will. Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your former spouse, nor is the Company obligated to recognize your former
spouse’s interest in your Option in any other way.
		
	Retention Rights	  	Neither your Option nor this Agreement gives you the right to be employed or retained by the Company or a subsidiary of the Company in any capacity. The Company and its
subsidiaries reserve the right to terminate your Service at any time, with or without cause.

  

FINANCIAL ENGINES, INC. 

2013 FORM OF STOCK OPTION AGREEMENT –
VESTING DECEMBER 31, 2015 
 -4- 

			
	Stockholder Rights	  	Your Options carry neither voting rights nor rights to dividends. You, or your estate or heirs, have no rights as a stockholder of the Company unless and until you have exercised
this Option by giving the required notice to the Company and paying the exercise price. No adjustments will be made for dividends or other rights if the applicable record date occurs before you exercise this Option, except as described in the
Plan.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in Company Shares, the number of Shares covered by this Option and the exercise price per Share shall be
adjusted pursuant to the Plan.
		
	Successors and Assigns	  	Except as otherwise provided in the Plan or this Agreement, every term of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, legatees, legal representatives, successors, transferees and assigns.
		
	Notice	  	Any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given upon the earliest of personal delivery, receipt or the third
full day following mailing with postage and fees prepaid, addressed to the other party hereto at the address last known in the Company’s records or at such other address as such party may designate by ten (10) days’ advance written notice
to the other party hereto.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions).
		
	The Plan and Other Agreements	  	The text of the Plan is incorporated in this Agreement by reference. All capitalized terms in the Agreement shall have the meanings assigned to them in the Plan. This Agreement
and the Plan constitute the entire understanding between you and the Company regarding this Option. Any prior agreements, commitments or negotiations concerning this Option are superseded. This Agreement may be amended by the Committee without your
consent; however, if any such amendment would materially impair your rights or obligations under the Agreement, this Agreement may be amended only by another written agreement, signed by you and the Company.

 BY ACCEPTING THIS AGREEMENT, 

YOU AGREE TO ALL OF THE TERMS AND CONDITIONS 
 DESCRIBED ABOVE AND IN THE PLAN. 

  

FINANCIAL ENGINES, INC. 

2013 FORM OF STOCK OPTION AGREEMENT –
VESTING DECEMBER 31, 2015 
 -5-EX-10.1

 Exhibit 10.1 
 TD AMERITRADE HOLDING CORPORATION 
 FREDRIC J. TOMCZYK EMPLOYMENT
AGREEMENT 
 This Employment Agreement (the “Agreement”) is entered into effective as of
October 1, 2013, by and between TD Ameritrade Holding Corporation (the “Company”) and Fredric J. Tomczyk (“Executive”). 
 1. Duties and Scope of Employment. 
 (a) Positions and Duties.
As of the Effective Date, Executive will continue to serve as President and Chief Executive Officer (“CEO”) of the Company. Executive will render such business and professional services in the performance of Executive’s duties,
consistent with Executive’s position within the Company, as will reasonably be assigned to Executive by the Company’s Board of Directors (the “Board”). In addition, while Executive remains CEO, Executive agrees to serve,
without additional compensation, as an officer and director for each of the Company’s subsidiaries, partnerships, joint ventures, limited liability companies and other affiliates, including entities in which the Company has a significant
investment as determined by the Company. As used in this Agreement, the term “affiliates” will include any entity controlled by, controlling, or under common control of the Company. The period of Executive’s employment under this
Agreement is referred to herein as the “Employment Term.” 
 (b) Re-appointment as CEO. Notwithstanding
the foregoing (and without limitation of the provisions of Section 2), Executive’s continued role as the Company’s CEO during the Employment Term is subject to the Board re-appointing Executive as CEO on an annual basis by the
approval of at least two-thirds (2/3) of the directors then serving on the Board in accordance with the requirements set forth in the Amended and Restated By-laws of the Company. However, as described in
this Agreement, Executive may be entitled to severance and other benefits in certain circumstances relating to the Board’s failure to re-appoint Executive as CEO. 

(c) Obligations. During the Employment Term, Executive will devote Executive’s full business efforts and time to the Company
and will use good faith efforts to discharge Executive’s obligations under this Agreement to the best of Executive’s ability and in accordance with each of the Company’s corporate guidance and ethics guidelines, conflict of interests
policies and code of conduct. For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation, or consulting activity for any direct or indirect remuneration without the prior approval of the
applicable committee of the Board; provided, however, that Executive may, without the approval of the Board, serve in any capacity with any civic, educational, or charitable organization, provided such services do not interfere with Executive’s
obligations to the Company. 
 2. At-Will Employment. Executive and the Company agree that Executive’s
employment with the Company constitutes “at-will” employment. Executive and the Company acknowledge that this employment relationship may be terminated at any time, upon written notice to the other party, with or without good cause or for
any or no cause, at the option either of the Company or Executive. However, as described in this Agreement, Executive may be entitled to severance and other benefits depending upon the circumstances of Executive’s termination of employment.

 3. Term of Agreement. This Agreement will remain in effect for a period of
four (4) years following the Effective Date. 
 4. Compensation and Benefits. 

(a) Base Salary. Subject to periodic review by the Board, the Company will pay Executive an annual base salary (the “Base
Salary”) in an amount equal to $900,000 as compensation for his services. The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholdings.

 (b) Annual Bonus. 
 (i) Bonus Opportunity. With respect to each full fiscal year during the Employment Term, Executive will be eligible to participate in the Ameritrade Holding Corporation Management Incentive Plan
(“MIP”) (or any successor to the MIP), pursuant to which Executive will be eligible to earn an annual incentive bonus (the “Annual Bonus”) subject to the achievement of applicable performance criteria established by
the H.R. and Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion, and the terms and conditions set forth in the MIP. Executive’s targeted Annual Bonus opportunity under the MIP will be
$5,600,000. 
 (ii) Actual Annual Bonus Payout. The actual payout of the Annual Bonus under the MIP, if any, will be
made, subject to the terms and conditions of the MIP. Thirty percent (30%) of any actual payout amount will be in the form of a lump sum cash payment, and the remaining seventy percent (70%) of the actual payout amount will be in the form
of equity awards covering shares of common stock of the Company (“Shares”) granted under the TD Ameritrade Holding Corporation Long-Term Incentive Plan (or under any successor to the LTIP) (the “LTIP”) in
accordance with the terms set forth in the LTIP and the applicable award agreement thereunder. The number of Shares subject to any equity awards will be determined in accordance with the Company’s customary procedure as applied to similarly
situated executives participating in the MIP. Any equity awards will be subject to the terms and conditions (including, for example, vesting based on continued service) as determined by the Compensation Committee, in its sole discretion. (The
allocation of the actual Annual Bonus payout between cash payment and an equity award grant is referred to as the “Allocation.”) The following example illustrates the determination of the actual Annual Bonus payout, as described
above. 
 (1) Example. Assume that upon completion of a full fiscal year during the Employment Term, the Compensation
Committee determines that the performance criteria under the MIP applicable to the fiscal year was achieved at target levels so that Executive will become entitled to receive an Annual Bonus payout in an amount equal to $5,600,000. Thirty percent
(30%), or $1,680,000, of the Annual Bonus will be paid in a lump sum cash payment and seventy percent (70%), or $3,920,000, of the Annual Bonus will be paid in the form of a restricted 

  
 2 

 
stock unit award. Assume that the number of Shares subject to the equity awards is determined by dividing (i) the cash amount of the actual Annual Bonus payout that will be paid in the
form of equity awards by (ii) the average price of a Share during the most recent twenty (20) days on which Shares were traded on the New York Stock Exchange immediately prior to the equity award’s date of grant, with the Share price
on each applicable day determined as the average of the highest and lowest trading prices during the applicable day. (This average 20-day Share price is referred to as the “Average Share Price”). Assume further that as of the
restricted stock unit award’s grant date, the Average Share Price is $25 per Share. The number of Shares subject to the restricted stock unit award will be 156,800 Shares, or $3,920,000 / $25. At the time that the restricted stock unit award is
granted, the Compensation Committee also requires that the award will vest three (3) years from the award’s grant date, subject to continued employment with the Company through the vesting date. As a result, Executive must remain
continuously employed with the Company for three (3) years after the award’s grant date in order to vest in the Shares subject to the award. 
 (c) Employee Benefits. During the Employment Term, Executive will be eligible to participate in all Company employee benefit plans, policies and arrangements that are applicable to other executive
officers of the Company, subject to the terms and conditions thereof, and as such plans, policies and arrangements may exist from time to time. In addition, during the Employment Term, Executive will be eligible to receive the following benefits:

 (i) Airplane Travel. When traveling on Company-related business, Executive will be entitled to fly on private
aircraft, at the sole expense of the Company. 
 (ii) Car Service. The Company will provide Company-paid car service
transportation to and from work and when traveling by ground transportation for Company-related business; provided, however, that to the extent such transportation benefits are considered taxable income to Executive, Executive will be solely
responsible for any taxes payable with respect to such income and the Company will not provide any reimbursement to Executive with respect to such income or taxes. 
 (d) Expense Reimbursement. The Company will reimburse Executive for reasonable travel, entertainment and other expenses incurred by Executive in the furtherance of the performance of
Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 
 5. Disability. In the event of Executive’s Disability and while Executive remains employed with the Company, subject to Sections 7(b) through 7(f), Section 8 and Section 9(c) and all
applicable withholdings, Executive will receive: 
 (a) Accelerated Vesting of Options. 100% accelerated vesting of
Executive’s then-outstanding options to purchase Shares as of the date of Executive’s Disability; 
 (b) Continued
Vesting of Other Equity Awards. Continued eligibility to vest in Executive’s then-outstanding equity awards covering Shares (“Equity Awards”), other than options (which will vest fully in accordance with subsection
(a) above), subject to actual achievement of the applicable performance criteria, if any; and 

  
 3 

 (c) Post-termination Exercisability Extension. Each of Executive’s then-outstanding options to purchase Shares, including but not limited to those options that have vested fully pursuant to subsection (a) above, will continue to be exercisable through the expiration of its
maximum term as specified in the applicable stock option agreement, even if Executive subsequently terminates employment with the Company. 
 6. Termination of Employment. 
 (a) General. In the event
Executive’s employment with the Company terminates for any reason, Executive will be entitled to: 
 (i) Unpaid Base Salary
accrued up to the effective date of termination; 
 (ii) Unpaid, but earned and accrued Annual Bonus for any completed fiscal
year as of his termination of employment; 
 (iii) Pay for accrued but unused vacation that the Company is legally obligated to
pay Executive; 
 (iv) Benefits or compensation as provided under the terms of any employee benefit and compensation agreements
or plans applicable to Executive; 
 (v) Unreimbursed business expenses required to be reimbursed to Executive; 

(vi) Rights to indemnification Executive may have under the Company’s Articles of Incorporation, Bylaws, the Agreement, or separate
indemnification agreement, as applicable; 
 (vii) Reimbursement of reasonable moving expenses incurred by
Executive to relocate Executive and Executive’s dependents to Canada following Executive’s termination of employment, provided that such expenses must be incurred no later than the last day of the second (2nd) calendar year after Executive’s employment termination
and reimbursements will be made no later than the last day of the third (3rd) calendar year after Executive’s employment termination; and 
 (viii) With respect to Executive’s tax year in which Executive relocates to Canada following Executive’s employment termination, the Company will reimburse Executive for reasonable personal tax
preparation costs paid by Executive with respect to such year, provided that the expenses must be incurred no later than the last day of the second (2nd) calendar year after Executive’s employment termination and reimbursements will be made no later than the
last day of the third (3rd) calendar year after
Executive’s employment termination. 
 In addition, if the termination occurs in accordance with Sections 6(b) through 6(e),
Executive will be entitled to the amounts and benefits specified therein. 
 (b) Voluntary Retirement. In the event of
Executive’s resignation due to his voluntary retirement during the Employment Term, Executive agrees that he will provide the 

  
 4 

 
Company with no less than sixty (60) days’ prior written notice of his resignation (or written notice as soon as reasonably practicable if Executive’s voluntary retirement occurs
as a result of an unexpected health reason). If, during the Employment Term, Executive provides the appropriate written notice set forth above and resigns due to his voluntary retirement, then, subject to Sections 7 and 8, the requirement to
delay certain payments in Section 9(c), and all applicable withholdings, Executive will receive: 
 (i) Prorated
Bonus. The Annual Bonus, if any, that Executive otherwise would have received had Executive remained employed with the Company through the end of the then-current fiscal year and subject to actual achievement of the applicable performance
criteria and other terms and conditions of the MIP, prorated by multiplying the amount of the actual Annual Bonus payout, if any, by a fraction, with (1) the numerator equal to the number of full weeks between the start of the then-current
fiscal year and the date of Executive’s employment termination, and (2) the denominator equal to fifty-two (52) weeks (the “Prorated Amount”). The Prorated Amount will be paid in accordance with the Allocation
(i.e., 30% as a lump sum cash payment and 70% as an equity award grant under and pursuant to the terms of the LTIP) except that the equity award will be fully vested as of the date of grant. However, in the event that the equity award cannot be
granted to Executive due to Executive’s employment termination and the terms of the LTIP, then in lieu of providing the Prorated Amount in a combination of lump sum cash payment and equity award grant, Executive will receive the Prorated Amount
solely and entirely in the form of a lump sum cash payment under the MIP. (The payment in cash or a combination of cash and the equity award grant described in this Section 6(b)(i) is referred to as the “Prorated Bonus”);

 (ii) Equity Awards. 
 (1) Acceleration of Time-based Awards. Effective as of immediately prior to Executive’s termination of employment, 100% accelerated vesting of Executive’s then-outstanding Equity
Awards that are subject to time-based vesting (that is, vesting subject to Executive’s continued service with the Company) but that are not subject to performance-based vesting (the “Time-based Awards”); and  

(2) Post-termination Exercisability Extension. Each of Executive’s vested and then-outstanding options to purchase
Shares will remain exercisable through the expiration of its maximum term as specified in the applicable stock option agreement (the “Extended Exercisability”). 

(c) Termination Without Cause; Resignation for Good Reason. If (x) Executive’s employment is terminated by the Company
without Cause and other than due to Executive’s death or Disability, or (y) Executive resigns for Good Reason and other than due to Executive’s voluntary retirement, then, subject to Sections 7 and 8, the requirement to delay
certain payments in Section 9(c), and all applicable withholdings, Executive will receive: 

  
 5 

 (i) Cash Severance. 

(1) If Executive’s employment termination occurs after the Effective Date but on or prior to the second
(2nd) anniversary of the Effective Date (the
“Second Anniversary Date”), cash severance in an aggregate amount equal to $5,160,000; or 
 (2) If Executive’s employment termination occurs after the Second Anniversary Date but on or prior to the fourth (4th) anniversary of the Effective Date, cash severance in an aggregate amount equal to: (1) $5,160,000, minus
(2) the product of $215,000 multiplied by the number of full months that Executive remained employed with the Company after the Second Anniversary Date (provided, however, that in no event will the severance amount be reduced to an amount less
than $0); 
 in each case, payable in equal installments over a period of two (2) years following the date of
Executive’s employment termination, in accordance with the Company’s normal payroll policies; 
 (ii) Prorated
Bonus. A lump sum cash payment equal to the portion of the Prorated Bonus, if any, that is payable to Executive in the form of cash under the MIP in accordance with the Allocation (i.e., 30% of the Prorated Amount); and 

(iii) Equity Awards. 
 (1) Acceleration of Time-based Awards. Effective as of immediately prior to Executive’s termination of employment, 100% accelerated vesting of Executive’s then-outstanding
Time-based Awards; and 
 (2) Post-termination Exercisability Extension. The Extended Exercisability of
Executive’s vested and then-outstanding options to purchase Shares. 
 (d) Termination Due to Death or
Disability. In the event of a termination of Executive’s employment during the Employment Term due to Executive’s death or Disability, then, subject to Sections 7, 8 and 9(c) and all applicable withholdings, Executive, or
Executive’s estate as applicable, will be entitled to receive: 
 (i) Prorated Bonus. The Prorated Bonus, if any,
provided that for purposes of the proration calculation in determining the Prorated Amount, Executive’s employment with the Company will be deemed to have terminated on the date that Executive’s active employment with the Company
terminates; 
 (ii) Equity Awards. 
 (1) Acceleration of All Awards. Effective as of immediately prior to Executive’s termination of employment, 100% accelerated vesting of all of Executive’s then-outstanding Equity
Awards; and 

  
 6 

 (2) Post-termination Exercisability Extension. The Extended Exercisability of
Executive’s vested and then-outstanding options to purchase Shares. 
 (e) Termination Upon Agreement
Expiration. If Executive’s employment terminates as a result of the expiration of the Employment Term and not due to Cause or Executive’s death or Disability, then, subject to Sections 7 and 8, the requirement to delay certain
payments in Section 9(c), and all applicable withholdings, Executive will receive: 
 (i) Notice. No less
than sixty (60) days’ written confirmation from the Company of its intention not to renew or extend the Agreement; 

(ii) Prorated Bonus. The Prorated Bonus, if any; and 
 (iii) Equity Awards. 
 (1) Acceleration of Time-based Awards.
Effective as of immediately prior to Executive’s termination of employment, 100% accelerated vesting of Executive’s Time-based Awards; and  
 (2) Post-termination Exercisability Extension. The Extended Exercisability of Executive’s vested and then-outstanding options to purchase Shares.  

7. Conditions to Receipt of Benefits. 

(a) Release of Claims.  
 (i) Execution of Release of Claims. The receipt of any severance and other benefits pursuant to Sections 6(b) through 6(e) (the “Benefits”) will be subject to Executive signing and
not revoking a separation and release of claims agreement in substantially the form attached as Exhibit A, but with any appropriate reasonable modifications, reflecting changes in applicable law, as is necessary to provide the Company with
the protection it would have if the release were executed as of the Effective Date (the “Release”). The Release must become effective and irrevocable no later than sixty (60) days following Executive’s termination of
employment with the Company (the “Release Deadline Date”). The Company agrees that it will execute and deliver to Executive said Release no later than eight (8) days after it receives a copy of such agreement executed by
Executive. Company agrees that it will be bound by such Release and that same will become effective from and after the “Effective Date” thereof (as defined in Section 28 of such Release), even if Company fails or refuses to execute
and deliver same to Executive. 
 (ii) Payment of Benefits. If the Release does not become effective and irrevocable by
the Release Deadline Date, Executive will forfeit any right to the Benefits under this Agreement. In no event will the Benefits be paid or provided until the Release becomes effective and irrevocable. The receipt of any Benefits also will be subject
to, during the Employment Term and the Restricted Period, Executive complying with the non-solicitation and non-competition requirements of Section 7(b) and share ownership requirements of Section 7(d). Provided that the Release becomes
effective and irrevocable by the Release Deadline Date, the Benefits will be paid on, or in the case of installments, will commence on, the sixtieth (60th) day following Executive’s 

  
 7 

 
termination of employment with the Company, and any Benefits otherwise payable to Executive during the sixty (60) day period immediately following Executive’s termination of employment
with the Company will be paid in a lump sum to Executive on the sixtieth (60th) day following Executive’s termination of employment with the Company, with any remaining payments to be made as provided in this Agreement. Provided, however,
that subject to the Release becoming effective and irrevocable by the Release Deadline Date, with respect to any Prorated Bonus that Executive may be entitled to receive under this Agreement, such payments or benefits will be provided in accordance
with the time or times set forth in the applicable plan and/or award agreement following actual achievement of the applicable performance criteria (for example, at the same time or times as other participants receive the same bonuses or vesting of
equity awards), but not earlier than the sixtieth
(60th) day following the date of Executive’s
employment termination with the Company. For purposes of this Agreement, any reference to Executive’s termination of employment with the Company will mean a separation from service within the meaning of Section 409A of the Code.

 (b) Non-solicitation and Non-competition.  

(i) During the Employment Term and the Restricted Period, Executive will not (without the written consent of the Board) engage or
participate in any business within any state in the United States, or any province in Canada, or any other country or territory in North America, as an owner, partner, stockholder, holder of any other equity interest, or financially as an investor
or lender, or in any capacity calling for the rendition of personal services or acts of management, operation or control, which business is acting principally as a financial brokerage and/or engaging principally in wealth advisory services
(collectively a “Competitive Business”). Provided that this restriction will not restrict Executive from consulting with a business, firm, corporation, partnership or other entity that owns or operates a brokerage, provided that
(i) the brokerage business is de minimis as compared to its core business in terms of revenue and/or resources, and (ii) Executive’s involvement with the company excludes, directly or indirectly, the brokerage business during the
Restricted Period. Notwithstanding the foregoing, Executive may own securities of a Competitive Business so long as the securities of such corporation or other entity are listed on a national securities exchange or on the NASDAQ Global Market and
the securities owned directly or indirectly by Executive do not represent more than 2% of the outstanding securities of such corporation or other entity; 
 (ii) During the Restricted Period, neither Executive, nor any business in which Executive may engage or participate in, will directly or indirectly, (A) knowingly induce any customer or vendor of the
Company or of corporations or businesses which directly or indirectly are controlled by the Company (collectively, the “Affiliates”) to patronize any Competitive Business; (B) knowingly request or advise any customer or vendor
to withdraw, curtail or cancel such customer’s or vendor’s business with the Company or any of its Affiliates; or (C) compete with the Company or any of its Affiliates in merging with or acquiring any other company or business
(whether by a purchase of stock or other equity interests, or a purchase of assets or otherwise) which is a Competitive Business; 
 (iii) In the event that Executive does not comply with the non-competition requirements of Sections 7(b)(i) and 7(b)(ii) above, Executive permanently and irrevocably will

  
 8 

 
forfeit any and all benefits under any supplemental, non-qualified pension plan sponsored by The Toronto-Dominion Bank (the “Pension Plan”), a previous employer of Executive (the
“Pension Plan Benefits”) which he otherwise may be entitled to receive. Executive and the Company agree to execute any documents required to provide for Executive’s forfeiture of the Pension Plan Benefits in the event Executive
fails to comply with the non-competition requirements under Sections 7(b)(i) and 7(b)(ii) of this Agreement. For the avoidance of doubt, if Executive complies with the non-competition requirements of Sections 7(b)(i) and 7(b)(ii) during
the Restricted Period, this Agreement will have no effect on the Pension Plan Benefits and Executive will be entitled to his full Pension Plan Benefits for all periods of time, subject to the terms and conditions of the Pension Plan (including but
not limited to any temporary suspensions or forfeitures of, and any other restrictions on, the Pension Plan Benefits in connection with Executive’s obligations or other requirements, as set forth in the Pension Plan). 

(iv) During the Restricted Period, neither Executive nor any business in which Executive may engage or participate in will
(A) knowingly hire, solicit for hire or attempt to hire any employee of the Company or any of its Affiliates, or (B) encourage any employee of the Company or any of its Affiliates to terminate such employment. For purposes of this
Agreement, “employee” means current employees as well as anyone employed by the Company or any of its Affiliates within the prior six (6) months from Executive’s date of termination; provided, however, that this provision will
not preclude any business in which Executive may engage or participate in from soliciting any such employee by means of or hiring any such employee who responds to a public announcement placed by the business as long as Executive otherwise complies
with subsections (A) and (B) above; and 
 (v) In the event that any of the provisions of this Section should
ever be deemed to exceed the time, geographic or occupational limitations permitted by applicable laws, then such provisions will and are hereby reformed to the maximum time, geographic or occupational limitations permitted by applicable law.

 (c) Nondisparagement. During the Employment Term and Restricted Period, Executive will not knowingly disparage,
criticize, or otherwise make any derogatory statements regarding the Company, its directors, or its officers. The Company will instruct its officers and directors not to knowingly disparage, criticize, or otherwise make any derogatory statements
regarding Executive during the Employment Term and Restricted Period. Notwithstanding the foregoing, nothing contained in this Agreement will be deemed to restrict Executive, the Company or any of the Company’s current or former officers and/or
directors from providing information to any governmental or regulatory agency (or in any way limit the content of any such information) to the extent they are requested or required to provide such information pursuant to applicable law or
regulation. 
 (d) Share Ownership Requirement. At all times during the Employment Term and Restricted
Period, Executive will maintain ownership of Shares with an aggregate value equal to or greater than the product of (i) Executive’s Base Salary as then in effect during the Employment Term or, during the Restricted Period, as in effect on
the first day of the calendar year in which Executive’s employment termination occurs, multiplied by (ii) ten (10). If, during the Employment Term and Restricted Period, Executive becomes noncompliant with the Share ownership 

  
 9 

 
requirements of this Section 7(d), then the Company will provide Executive with written notice of Executive’s failure to comply and Executive will have a cure period of sixty
(60) days following the date of the notice during which Executive will be required to come into compliance with the Share ownership requirements. For the avoidance of doubt, during the Restricted Period, Executive’s obligation to own
Shares will be limited to the number of Shares calculated as A times B, divided by C. For this purpose, “A” equals Executive’s Base Salary as in effect on the first day of the calendar year in which Executive’s employment
termination occurs, “B” equals ten (10), and “C” equals the closing per share price of a Share on the New York Stock Exchange on the first day of the calendar year in which Executive’s employment termination occurs.

 (e) Other Requirements. Executive’s receipt of benefits pursuant to Section 5 will be subject to
Executive complying with the terms and provisions of Sections 7(b) through 7(f) and 8. Executive’s initial receipt of the Benefits and/or the receipt of continued Benefits payments pursuant to Section 6 will be subject to Executive
complying with the terms and provisions of Sections 7 and 8. Executive will not be obligated to comply with Section 7 of this Agreement while the Company is in material default of its payment and reimbursement obligations under
Sections 5, 6, 9(b) or 11 of this Agreement. Notwithstanding the foregoing, the Company will not be considered to be in default of its payments and reimbursement obligations unless Executive provides written notice to the Board setting forth
his reasons why he believes the Company is in default and giving the Company fifteen (15) days to cure such default, if any. 
 (f) No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment or consideration contemplated by this Agreement, nor will any earnings that Executive may
receive from any other source reduce any such payment or consideration. 
 8. Confidential Information and
Intellectual Property. 
 (a) Except as may be required by law, or except to the extent required to perform
Executive’s duties and responsibilities hereunder, Executive will keep secret and confidential indefinitely all non-public confidential information (including, without limitation, information regarding cost of new accounts, activity rates of
different market niche customers, advertising results, technology (hardware and software), architecture, discoveries, processes, algorithms, maskworks, strategies, intellectual properties, customer lists and other customer information) concerning
any of the Company and its affiliates which was acquired by or disclosed to Executive during the course of Executive’s employment with the Company (“Confidential Information”) and not use in any manner or disclose the
same, either directly or indirectly, to any other person, firm or business entity. 
 (b) At the end of the Employment
Term (whether by expiration or termination) or at the Company’s earlier request, Executive will promptly return to the Company any and all records, documents, physical property, information, computer disks, drives or other materials relative to
the business of any of the Company and its affiliates obtained by Executive during the course of his employment with the Company and not keep any copies thereof. 
 (c) Executive acknowledges and agrees that all right, title and interest in inventions, discoveries, improvements, trade secrets, developments, processes and procedures made

  
 10 

 
by Executive, in whole or in part, or conceived by Executive either alone or with others, when employed by the Company, including such of the foregoing items conceived during the course of
employment which are developed or perfected after Executive’s termination of employment, are owned by the Company (“Company IP”). Executive assigns any and all right, title and interest he may have to Company IP to the Company
and will promptly assist the Company or its designee, at the Company’s expense, to obtain patents, trademarks, copyrights and service marks concerning Company IP made by Executive and Executive will promptly execute all reasonable documents
prepared by the Company or its designee and take all other reasonable actions which are necessary or appropriate to secure to the Company and its affiliates the benefits of Company IP. Such patents, trademarks, copyrights and service marks will at
all times be the property of the Company and its affiliates. Executive promptly will keep the Company informed of, and promptly will execute such assignments prepared by the Company or its designee as may be necessary to transfer to the Company or
its affiliates the benefits of, any Company IP. 
 (d) To the extent that any court or agency seeks to require Executive to
disclose Confidential Information, Executive promptly will inform the Company and take reasonable steps to endeavor to prevent the disclosure of Confidential Information until the Company has been informed of such requested disclosure, and the
Company has an opportunity to respond to such court or agency. To the extent Executive obtains information on behalf of the Company or any of its affiliates that may be subject to attorney-client privilege as to the Company’s attorneys,
Executive will promptly inform the Company and take reasonable steps to endeavor to maintain the confidentiality of such information and to preserve such privilege. 
 (e) Confidential Information does not include information already in the public domain or information which has been released to the public by the Company. Nothing in this Section 8 will be construed
so as to prevent Executive from using, in connection with his employment for himself or an employer other than the Company, knowledge which was acquired by him during the course of his employment with the Company and which is generally known to
persons of his experience in other companies in the same industry. Subject to Section 8(d), Executive will be permitted to disclose Confidential Information if required by a subpoena or court or administrative order. 

(f) The receipt of any benefits under Section 5 or any Benefits will be subject to Executive complying with the terms of this
Section 8. 
 9. Taxes.  
 (a) Tax Withholding. All payments made pursuant to this Agreement will be subject to all applicable withholdings. 

(b) Section 280G Excise Taxes. In the event that the benefits provided for in this Agreement constitute “parachute
payments” within the meaning of Section 280G of the Code and will be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s severance and other benefits
payable under the terms of this Agreement will be either (i) delivered in full, or (ii) delivered as to such lesser extent which would result in no portion of such severance and other benefits being subject to the Excise Tax, whichever of
the foregoing amounts,  

  
 11 

 
taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance and
other benefits, notwithstanding that all or some portion of such severance and other benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute payments” is necessary
so that benefits are delivered to a lesser extent, reduction will occur in the following order: (1) reduction of cash payments; (2) cancellation of awards granted “contingent on a change in ownership or control” (within the
meaning of Section 280G of the Code), (3) cancellation of accelerated vesting of equity awards; and (4) reduction of employee benefits. In the event that acceleration of vesting of equity award compensation is to be reduced, such
acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards. In no event will Executive have any discretion with respect to the ordering of payment reductions. Unless the Company and
Executive otherwise agree in writing, any determination required under this Section 9(b) will be made in writing by a nationally recognized firm of independent public accountants selected by the Company (the “Accountants”),
whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 9(b), the Accountants may make reasonable assumptions and approximations
concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Accountants such information and documents as the
Accountants may reasonably request in order to make a determination under this Section 9(b). The Company will bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 9(b).

 (c) Section 409A.  
 (i) Notwithstanding anything in this Agreement to the contrary, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement that, when considered together with any
other severance payments or separation benefits, are considered deferred compensation under Section 409A of the Code, and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the
“Deferred Payments”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this
Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within
the meaning of Section 409A. 
 (ii) It is intended that none of the severance payments under this Agreement will constitute
Deferred Payments but rather will be exempt from Section 409A as a payment that would fall within the “short-term deferral period” as described in Section 9(c)(iv) below or resulting from an involuntary separation from
service as described in Section 9(c)(v) below. In no event will Executive have discretion to determine the taxable year of payment of any Deferred Payment. Any severance payments under this Agreement that would be considered Deferred
Payments will be paid on the Release Deadline Date, or if later, such time as required by Section 9(c)(iii). 

  
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 (iii) Notwithstanding anything to the contrary in this Agreement, if Executive is a
“specified employee” within the meaning of Section 409A at the time of Executive’s separation from service (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months
following Executive’s separation from service, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All
subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, in the event of Executive’s death following Executive’s
separation from service, but before the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date
of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate
payment under Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (iv) Any amount paid under this Agreement that
satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above. 

(v) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant
to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes of clause (i) above. 

(vi) Reimbursement benefits provided under Sections 6(a)(vii) and (viii) are intended to be exempt from the requirements of
Section 409A or are intended to comply with the “limited payment” and/or “reasonable moving expense” exceptions in Treasury Regulation Sections 1.409A-1(b)(9)(v)(A) and
1.409A-1(b)(9)(v)(C) – (E) such that they do not provide for the impermissible deferral of any compensation. 
 (vii)
The foregoing provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under
Section 409A, and any ambiguities herein will be interpreted to so comply or be exempt. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are
necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition before actual payment to Executive under Section 409A. In no event will the Company reimburse Executive for any taxes that may be imposed on
Executive as result of Section 409A. 
 10. Definitions. 

(a) Cause. For purposes of this Agreement, “Cause” will mean: 

(i) Executive’s willful and continued failure to perform the duties and responsibilities of his or her position after there has been
delivered to Executive a written demand for performance from the Board which describes the basis for the Board’s belief that Executive has not substantially performed his or her duties and provides Executive with thirty (30) days to take
corrective action; 

  
 13 

 (ii) Any act of personal dishonesty taken by Executive in connection with his or her
responsibilities as an employee of the Company with the intention or reasonable expectation that such action may result in the substantial personal enrichment of Executive; 
 (iii) Executive’s conviction of, or plea of nolo contendere to, a felony that the Board reasonably believes has had or will have a material detrimental effect on the Company’s reputation or
business; 
 (iv) A breach of any fiduciary duty owed to the Company by Executive that has a material detrimental effect on the
Company’s reputation or business; 
 (v) Executive being found liable in any Securities and Exchange Commission or other
civil or criminal securities law action or entering any cease and desist order with respect to such action (regardless of whether or not Executive admits or denies liability); 
 (vi) Executive (A) obstructing or impeding; (B) endeavoring to influence, obstruct or impede, or (C) failing to materially cooperate with, any investigation authorized by the Board or any
governmental or self-regulatory entity (an “Investigation”). However, Executive’s failure to waive attorney-client privilege relating to communications with Executive’s own attorney in connection with an Investigation will
not constitute “Cause”; or 
 (vii) Executive’s disqualification or bar by any governmental or self-regulatory
authority from serving in the capacity contemplated by this Agreement or Executive’s loss of any governmental or self-regulatory license that is reasonably necessary for Executive to perform his or her responsibilities to the Company under this
Agreement, if (A) the disqualification, bar or loss continues for more than thirty (30) days, and (B) during that period the Company uses its good faith efforts to cause the disqualification or bar to be lifted or the license
replaced. While any disqualification, bar or loss continues during Executive’s employment, Executive will serve in the capacity contemplated by this Agreement to whatever extent legally permissible and, if Executive’s employment is not
permissible, Executive will be placed on leave (which will be paid to the extent legally permissible). 
 (b)
Disability. For purposes of this Agreement, “Disability” means, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, or receipt by Executive of income replacement benefits for a period of not less than three (3) months under an applicable disability benefit plan of the Company. 

(c) Good Reason. For purposes of this Agreement, “Good Reason” means the occurrence of any of
the following, without Executive’s express written consent: 

  
 14 

 (i) A significant reduction of Executive’s duties, position, or responsibilities,
relative to Executive’s duties, position or responsibilities in effect immediately prior to such reduction, including (but not limited to) the Board’s failure to re-appoint Executive as CEO on an annual basis by the approval of at least
two-thirds (2/3) of the directors then serving on the Board in accordance with the requirements set forth in the Amended and Restated By-laws of TD Ameritrade Holding Corporation; 

(ii) A material reduction in the kind or level of employee benefits to which Executive is entitled immediately prior to such reduction
with the result that Executive’s overall benefits package is significantly reduced. Notwithstanding the foregoing, a one-time reduction that also is applied to substantially all other executive officers of the Company and that reduces the level
of employee benefits by a percentage reduction of 10% or less will not constitute Good Reason; 
 (iii) A reduction in
Executive’s Base Salary or targeted Annual Bonus opportunity as in effect immediately prior to such reduction. Notwithstanding the foregoing, a one-time reduction that also is applied to substantially all other executive officers of the Company
and which one-time reduction reduces the Base Salary, targeted Annual Bonus opportunity, or targeted annual Equity Award opportunity by a percentage reduction of 10% or less in the aggregate will not constitute Good Reason; 

(iv) The relocation of Executive to a facility or location more than twenty-five (25) miles from his current place of employment; or

 (v) The failure of the Company to obtain the assumption of the Agreement by a successor. 

(d) Restricted Period. For purposes of this Agreement, “Restricted Period” will mean the
period of time commencing on the date of the termination of Executive’s employment and continuing for two (2) years.  
 11. Indemnification. Subject to applicable law, Executive will be provided indemnification to the maximum extent permitted by the Company’s Articles of Incorporation or Bylaws,
including, if applicable, any directors and officers insurance policies, with such indemnification to be on terms determined by the Board or any of its committees, but on terms no less favorable than provided to any other Company executive officer
or director and subject to the terms of any separate written indemnification agreement. 
 12.
Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive upon Executive’s death, and (b) any successor of the Company. Any such successor
of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation, or other business entity which at any time, whether by
purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned
or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance, or other disposition of Executive’s right to compensation or other benefits will be null and void. 

  
 15 

 13. Arbitration. The Parties agree that any and all disputes arising
out of the terms of this Agreement, Executive’s employment by the Company, Executive’s service as an officer or director of the Company, or Executive’s compensation and benefits, their interpretation and any of the matters herein
released, will be subject to binding arbitration in Jersey City, New Jersey before the American Arbitration Association under its National Rules for the Resolution of Employment Disputes, supplemented by the New Jersey Rules of Civil Procedure. The
Parties agree that the prevailing party in any arbitration will be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM
RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. This paragraph will not prevent either party from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of their dispute
relating to Executive’s obligations under this Agreement. 
 14. No Conflicts. Executive hereby
represents and warrants to the Company that Executive is not party to any contract, understanding, agreement or policy, written or otherwise, that would be breached by Executive’s entering into, or performing services under, this Agreement.
Executive further represents that he has disclosed to the Company in writing all threatened, pending, or actual claims that are unresolved and still outstanding as of the Effective Date, in each case, against Executive of which he is aware, if any,
as a result of his employment with any previous entity for which Executive provided services or his membership on any boards of directors. 
 15. Acknowledgment. Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has
carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. 
 16. Miscellaneous.  
 (a) Notices. All
notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent overnight by a well
established commercial overnight service, or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such
other addresses as the parties may later designate in writing: 
 If to the Company: 

Attn: Executive Vice President, Chief Human Resources Officer 
 TD Ameritrade Holding Corporation 
 200 South 108th Avenue 

Omaha, NE 68154 
 If to Executive: 
 at the last residential address known by the Company.

  
 16 

 (b) Severability. If any provision hereof becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable, or void, this Agreement will continue in full force and effect without said provision. 
 (c) Integration. This Agreement and the standard forms of Equity Award grant that describe Executive’s outstanding Equity Awards including the Amendment to Option Agreement entered into
between the parties on November 9, 2009, represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral, including but
not limited to, the predecessor Agreement originally entered into as of June 5, 2007, as amended May 16, 2008, and December 19, 2012, and neither party will have any further obligations under such predecessor Agreement. No
waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in a writing and signed by duly authorized representatives of the parties hereto. In entering into this Agreement, no party has relied on or made
any representation, warranty, inducement, promise, or understanding that is not in this Agreement. 
 (d) Waiver
of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement. 

(e) Survival. The Company’s and Executive’s responsibilities under Sections 7, 8, 11, and 13 will
survive the termination of this Agreement. 
 (f) Headings. All captions and Section headings used in
this Agreement are for convenient reference only and do not form a part of this Agreement. 
 (g) Governing
Law. This Agreement will be governed by the laws of the State of New York without regard to its conflict of laws provisions. 
 (h) Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement
on the part of each of the undersigned. 
 o 0 o 

  
 17 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by a duly authorized officer, as of the day and year written below. 
  

									
	 COMPANY:
  

TD AMERITRADE HOLDING CORPORATION
	 		 	
					
	By:	 	/s/ W. Edmund Clark 	 		 	Date:	 	7/26/13
		 	 W. Edmund Clark
 Chairman of
the H.R. and Compensation
 Committee of the Board of Directors
	 		 		 	

  

									
	EXECUTIVE:	 		 	
					
	By: 	 	/s/ Fredric J. Tomczyk	 		 	Date:	 	7/26/13
		 	 Fredric J. Tomczyk
	 		 		 	

  
 18

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