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EXHIBIT 10.1

                         AMERITRADE HOLDING CORPORATION
                         EXECUTIVE EMPLOYMENT AGREEMENT

     This Executive Employment Agreement (the "Agreement") between AMERITRADE
HOLDING CORPORATION, a Delaware corporation (the "Company") and Anne L. Nelson
(the "Executive"), is made effective February 1, 2004 (the "Effective Date").

     The Executive is employed as Executive Vice President, Chief Marketing
Officer.

     The Company and the Executive desire to set forth in this Agreement, the
terms, conditions and obligations of the parties with respect to such employment
and this Agreement is intended by the parties to supersede all previous
agreements (Excluding for this purpose, any option agreements dated prior to the
Effective Date ("Prior Option Agreements"), which option agreements will remain
in full force and effect and be subject to the terms of the 1996 Long Term
Incentive Plan,) and understandings, whether written or oral, concerning
employment with the Company and with any subsidiary of the Company;

     In consideration of the Company entering into this Agreement and the
benefits Executive will derive from the Agreement, Executive has agreed to be
bound by the restrictive covenants contained in the terms below.

     Accordingly, the Company and the Executive agree as follows:

     1. EMPLOYMENT. The Company will continue to employ the Executive as
Executive Vice President, Chief Marketing Officer of the Company or a comparable
position as described in Section 6(e)(ii) below, upon the terms and conditions
set forth in this Agreement. The Executive will perform such duties and
responsibilities for the Company, which are commensurate with her position
subject to the reasonable direction of the Chief Executive Officer (the "CEO"),
Chief Operating Officer (the "COO") or the Chairman of the Board of Directors
(the "Chairman").

     2. TERM. Subject to the provisions set forth in Section 6 below, the term
of this Agreement (the "Term") will be the period beginning on the Effective
Date and ending on the September 9, 2005, unless earlier terminated in
accordance with Section 6 below. Within 90 days prior to the expiration of the
Term, the Executive and COO or CEO shall negotiate terms under which this
agreement will renew ("Renewal Term" and "Term" collectively referred to as
"Term"). Notwithstanding the foregoing, upon a "Change of Control" (as defined
in Section 7 below), the Term of this Agreement will not change, unless earlier
terminated in accordance with Section 6 below.

     3. COMPENSATION. During the Term, the Executive will be compensated for her
services to the Company in accordance with the following:

        (a) Base Salary. The Company will pay to the Executive an annual base
     salary of $300,000, payable in accordance with the Company's policies. The
     Executive's

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     annual base salary may be reviewed by the Company for possible increase
     (but not decrease) during the Term of this Agreement at the Company's
     discretion.

        (b) Annual Incentive. The Executive will be eligible to participate in
     the Company's Management Incentive Plan (or any successor short-term
     incentive plan or program) (the "MIP Plan") for the Company's fiscal year
     2004 and subsequent fiscal years during the Term in accordance with the
     terms and conditions of the MIP Plan with a target bonus of 60% of the
     Executive's annual base salary for each fiscal year (the "Target Bonus").
     The Executive's Target Bonus for periods subsequent to the Term will be
     determined by the Compensation Committee of the Board of Directors of the
     Company (the "Compensation Committee") in its discretion and based upon
     performance criteria determined for each fiscal year by the Compensation
     Committee in its sole discretion but shall in no event be less than 60% of
     the Executive's annual base salary for such subsequent period.

        (c) Long-Term Incentive Plan. The Executive will be eligible to
     participate in the Company's 1996 Long-Term Incentive Plan (or any
     successor long-term incentive plan or program) (the "LTIP"). Any awards
     made under the LTIP will be made at the sole discretion of the
     administrator of the LTIP, or the administrator's designee, and will be
     subject to the terms and conditions of the LTIP and the applicable award
     agreement. The Executive will be eligible for periodic option awards, at
     the discretion and as determined by the Compensation Committee from time to
     time, with a target of $300,000 in present value, at the same time and
     contingent upon options being granted to other Company executives by the
     Compensation Committee. Number of options will be determined using the same
     valuation methodology as other Company executives' grants.

        (d) Deferred Compensation Program. The Executive will be eligible to
     participate in the Company's Executive Deferred Compensation Program (or
     any successor deferred compensation program) (the "Deferred Compensation
     Program") in accordance with the terms and conditions of the Deferred
     Compensation Program.

        (e) Benefits and Perquisites. The Executive will also receive such
     benefits and perquisites (the "Benefits"), which are made available
     generally to other senior executives of the Company. All such Benefits will
     be provided in such amounts as may be determined from time to time by the
     Company in its discretion and pursuant to the terms of the plan documents
     governing such Benefits.

     4. NON-COMPETITION, NON-SOLICITATION AND NON-HIRE PROVISIONS. The Executive
agrees that:

        (a) During the term of this Agreement and for a period of 12 months
     after the natural expiration of the Term (without renewal) or the Date of
     Termination whichever occurs first (collectively, the "Restricted Period"),
     the Executive will not (without the written consent of the Chief Executive
     Officer and the Chairman of the Board) engage or participate in any
     business within the United States (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

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     control) which is engaged in any activities and for any business
     competitive with any of the primary businesses conducted or formally
     proposed to be conducted by the Company or any of its Affiliates (as
     defined below) during the 12-month period prior to the Date of Termination
     or expiration of the Term. For purposes of this Agreement, the term
     "primary businesses" is defined as an online brokerage business. Provided
     that this restriction shall not restrict Executive from being employed by
     or consulting with a business, firm, corporation, partnership or other
     entity that owns or operates an on-line brokerage, provided that (a) the
     on-line brokerage business is de minimis as compared to its core business
     in terms of revenue and/or resources, and (b) Executive's involvement with
     the company excludes, directly or indirectly, the on-line brokerage
     business during the Restriction Period. Notwithstanding the foregoing, the
     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 National Market and the securities
     owned directly or indirectly by the Executive do not represent more than
     one percent of the outstanding securities of such corporation or other
     entity;

        (b) During the Restricted Period neither the Executive, nor any business
     in which the Executive may engage or participate in, will directly or
     indirectly (i) 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, (ii) knowingly canvass or solicit any business from any customer
     of the Company or any of its Affiliates which business is of a type that is
     similar to the business received by the Company or Affiliate from the
     customer, (iii) request or advise any customer or vendor of the Company or
     any of its Affiliates to withdraw, curtail or cancel such customer's or
     vendor's business with the Company or any of its Affiliates, or (iv)
     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;

        (c) During the Restricted Period, neither the Executive nor any business
     in which the Executive may engage or participate in will (i) knowingly
     hire, solicit or attempt to hire any employee or contractor of the Company
     or any of its Affiliates or (ii) encourage any employee or contractor of
     the Company or any of its Affiliates to terminate employment or contractual
     arrangements. For purposes of this Agreement, "employee" includes current
     employees as well as anyone employed by the Company or any of its
     Affiliates within the prior six months from the Executive's Date of
     Termination or expiration of the Term; provided, however, that this
     provision shall not preclude any business in which the Executive may engage
     or participate in from hiring any such employee who responds to a public
     announcement placed by the business as long as Executive does not exercise
     any control over the business, and

        (d) 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.

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     5. CONFIDENTIAL INFORMATION AND INTELLECTUAL PROPERTY.

        (a) Except as may be required by law, or except to the extent required
     to perform the Executive's duties and responsibilities hereunder, the
     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 the Executive during the course of the 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 Term or at the Company's earlier request, the
     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 the Executive during course of employment with the Company and
     not keep any copies thereof.

        (c) The Executive acknowledges and agrees that all right, title and
     interest in inventions, discoveries, improvements, trade secrets,
     developments, processes and procedures made by the Executive, in whole or
     in part, or conceived by the 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 the
     Executive's termination of employment, are owned by the Company ("Company
     IP"). The Executive assigns any and all right, title and interest she 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 the Executive
     and the 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. The 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 the
     Executive to disclose Confidential Information, the 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 the Executive obtains information on
     behalf of the Company or any of its Affiliates that may be subject to

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     attorney-client privilege as to the Company's attorneys, the 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 5 shall be construed so as to prevent the
     Executive from using, in connection with her employment for herself or an
     employer other than the Company, knowledge which was acquired by her during
     the course of her employment with the Company and which is generally known
     to persons of her experience in other companies in the same industry.
     Subject to Section 5(d), Executive will be permitted to disclose
     Confidential Information if required by a subpoena or court or
     administrative order.

     6. Termination.

        (a) Date of Termination. For purposes of this Agreement, "Date of
     Termination" is defined as (i) if the Executive's employment is terminated
     by reason of death or disability, the date of such death or disability;
     (ii) if the Executive's employment is terminated by the Executive for
     reasons other than Good Reason (as defined below), the date specified in
     the notice of termination, (iii) if the Executive's employment is
     terminated by the Executive for Good Reason (as defined below), the date of
     the Company's receipt of the notice of termination or any later date agreed
     upon by the parties and (iv) if the Executive's employment is terminated by
     the Company, the date of the Executive's receipt of the notice of
     termination or any later date specified therein.

        (b) Payments upon Termination. The Company will pay to the Executive in
     a lump sum in cash within 10 business days following the Date of
     Termination the unpaid portion of the Executive's then current annual base
     salary through the Date of Termination and the Target Bonus under the MIP
     Plan, as applicable, for the fiscal year in which the Date of Termination
     occurs, prorated for the portion of the Company's fiscal year completed on
     the Date of Termination; provided, however, that if the Executive's
     employment is terminated by the Company for reason of Cause (as defined
     below), the Executive will not be entitled to such prorated Target Bonus
     under the MIP Plan, as applicable. All other Benefits will be paid and
     continued only to the extent the terms thereof provide for the payment or
     continuation following the Date of Termination. The vesting and
     exercisability of the Executive's outstanding stock awards will be treated
     in accordance with the terms of their respective grants or awards.

        (c) Death or Disability. If the Executive becomes physically or mentally
     disabled and unable to perform the essential functions of her employment
     (in the reasonable opinion of the Board of Directors of the Company), even
     with reasonable accommodation, for a continuous period in excess of 180
     days or if the Executive should die while an employee of the Company, the
     Executive's employment with the Company will immediately terminate.

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        (d) Voluntary Resignation. The Executive may terminate employment with
     the Company for reasons other than those described in Section 6(e) by
     delivering written notice to the Company at least 30 days prior to such
     termination of employment.

        (e) Termination by the Company for Reasons Other than Cause or Voluntary
     Resignation by the Executive for Good Reason. In the event the Company
     elects to terminate the Executive's employment for any reason other than
     disability or those specified in Section 6(g), it will provide written
     notice of such termination to the Executive, which notice will include the
     date on which the Executive's employment will terminate. The Executive may
     also terminate employment with the Company for Good Reason by delivering
     written notice to the Company within 90 days of the occurrence of an event
     qualifying as Good Reason, but in any event prior to the end of the Term.
     "Good Reason" is defined as one of the following events that occurs without
     the written consent of the Executive:

            (i)     a material violation by the Company of the terms of this
                    Agreement which continues for 30 days following receipt of
                    notice from the Executive specifying such violation;

            (ii)    a material reduction in the Executive's duties, reporting
                    relationship or responsibilities which results in or
                    reflects a material reduction of the scope or importance of
                    the Executive's position, excluding for this purpose (1) an
                    isolated, unsubstantial or inadvertent action not taken in
                    bad faith and remedied by the Company after receipt of
                    notice given by the Executive to the Chief Executive Officer
                    or the Chief Administrative Officer; (2) any reorganization
                    of the Executive Management Team by the Company's CEO which
                    results in a change in the Executive's position with no
                    decrease in base salary for the Executive and no change in
                    participation as a member of the Executive Management Team,
                    so long as Executive's position has a status substantially
                    equal to, and duties and responsibilities substantially the
                    same as, the position of Executive Vice President, Chief
                    Marketing Officer.

            (iii)   a reduction in the Executive's then current annual base
                    salary; or Target Bonus.

            (iv)    any relocation of Executive's base office in Omaha, Nebraska
                    to an office that is more than 75 highway miles from Omaha,
                    Nebraska; or

            (v)    the Company's requiring the Executive to travel on Company
                    business to a substantially greater extent than required
                    immediately prior to the Effective Date of this Agreement;
                    or

            (vi)    non-renewal of this Agreement by the Company by the end of
                    the Term (as provided in Section 2 above) upon substantially
                    the same terms and conditions as are set forth herein.

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     Upon termination of this Agreement, except for Executive's Voluntary
     Resignation or Termination by Company for Cause, or expiration of this
     Agreement without renewal and subject to the Executive's compliance with
     the non-competition, non-solicitation, non-hire and confidentiality and
     intellectual property provisions of this Agreement and the execution and
     delivery by the Executive to the Company of the release described in
     Section 13 hereof, the Company will provide the Executive with severance
     compensation and benefits (in addition to the payments described in Section
     6(b)) as follows:

            (vii)   the Executive will continue to receive her then current
                    annual base salary (or, if greater, the annual base salary
                    in effect 90 days prior to the Date of Termination, but in
                    no event less than $300,000), payable on regularly scheduled
                    paydays for a period equal to the greater of (A) 12 months
                    or (B) the period from the Date of Termination through the
                    end of the Term (such period of payment to be referred to as
                    the "Severance Period");

            (viii)  the Executive will receive an amount equal to the Target
                    Bonus under the MIP Plan, as applicable, for the fiscal year
                    in which the Date of Termination occurs, payable at such
                    time as bonuses are generally payable for other participants
                    under the MIP Plan; and

            (vix)   during the Severance Period, if the Executive or any of her
                    dependents is eligible for and elects COBRA continuation
                    coverage (as described in Section 4980B of the Internal
                    Revenue Code of 1986, as amended (the "Code")) under any
                    Company group medical or dental plan, the Executive will not
                    be charged any premiums for such coverage. Executive shall
                    be responsible for any income tax due.

The foregoing will be in lieu of all salary, bonuses or incentive or performance
based compensation and any severance benefits to which the Executive may
otherwise be entitled. If the Executive dies during the Severance Period, any
remaining severance payments will be made to the Executive's surviving spouse
or, if none, to her estate.

        (f) Additional Restricted Period.

     At the natural expiration of the Term of this Agreement without renewal,
     the Executive will only be required to comply with the Non-competition
     provisions set forth in Section 4(a) above for the period indicated by the
     Company commencing on the day after the end of the Term and ending on the
     date specified by the Company, which shall not be later than the first
     anniversary of expiration of the Term, which date the Executive hereby
     agrees to in consideration of the Non-Competition Payments provided below
     ("Additional Restricted Period"). The Company will provide the Executive
     with payments (the "Non-Competition Payments") for the duration of the
     Additional Restricted Period equal to her then current base salary (or, if
     greater, the annual base salary in effect 90 days prior to the Date of
     Termination, but in no event less than $300,000), payable pro-rata over the
     course of the Additional Restricted Period on

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     regularly scheduled paydays. The Non-Competition Payments shall be reduced
     by any payments due to the Executive under any other severance provision
     described in Section 6 hereof and Executive agrees to execute and deliver
     the release described in Section 13 below.

        (g) Termination by the Company for Cause. The Company will have a right
     to terminate the Executive's employment under this Agreement prior to the
     expiration of the Term for reason of Cause. "Cause" means:

            (i)     the failure by the Executive to substantially perform her
                    duties under this Agreement, other than due to illness,
                    injury or disability, which failure continues for ten days
                    following receipt of notice from the Board specifying such
                    failure;

            (ii)    the willful engaging by the Executive in conduct which is
                    materially injurious to the Company, monetarily or
                    otherwise;

            (iii)   misconduct involving serious moral turpitude to the extent
                    that in the reasonable judgment of the Board, the
                    Executive's credibility or reputation no longer conforms to
                    the standard of the Company's executives; or

            (iv)    the violation of the provisions of Section 4 or Section 5 of
                    this Agreement.

     Notice of Termination for Cause. A Notice of Termination for Cause shall
     mean a written notice that shall indicate the specific termination
     provision above relied upon and shall set forth in reasonable detail the
     facts and circumstances, which provide for a basis of the Termination for
     Cause. Notwithstanding anything to the contrary contained in this
     Agreement, in the event that a notice of termination is required to be
     given by either party, the Company may, in its sole discretion and subject
     to Executive's right to cure provided in subsection (i) above, choose to
     have the termination effective immediately, provided the Company will be
     obligated to provide the Executive with the compensation and benefits to
     which she is entitled, as an employee, for the entire notice period.

     7. CHANGE OF CONTROL.

        (a) For the purpose of this Agreement, a "Change of Control" means the
     occurrence of an event described in subparagraph (i), (ii) or (iii) below:

            (i)     the completion of a plan of complete liquidation of the
                    Company which has been approved by the Company's
                    shareholders;

            (ii)    the sale or disposition of all or substantially all of the
                    assets of the Company (or any transaction having a similar
                    effect); or

            (iii)   the consummation of a merger, acquisition, or consolidation
                    of the Company with any other corporation other than (1) a
                    merger or consolidation which would result in the voting
                    securities of the

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                    Company outstanding immediately prior thereto continuing to
                    represent (either by remaining outstanding or by being
                    converted into voting securities of the surviving entity)
                    more than 50% of the combined voting power of the voting
                    securities of the Company or such surviving entity
                    outstanding immediately after such merger, acquisition or
                    consolidation or (2) a merger, acquisition or consolidation
                    effected to implement a recapitalization of the Company (or
                    similar transaction).

          b. Subject to the Executive's compliance with Sections 4 and 5 and
          subject to the Executive's execution of the General Release and
          Cooperation Agreement described in Section 13, if following a Change
          of Control, the Executive's employment is terminated by the Company
          without Cause or is terminated by the Executive for Good Reason, the
          amount due to the Executive in Sections 6(e)(vii) and 6(e)(viii) will
          be paid in a lump sum within 30 days following such termination of
          employment in lieu of payment at such times described in Sections
          6(e)(vii) and 6(e)(viii).

     8. EXCISE TAXES. Anything in this Agreement to the contrary
notwithstanding, if any payment or benefit to which the Executive is entitled to
from the Company (the "Payments," which include the vesting of stock awards or
other benefits or property) is more likely than not to be subject to the tax
imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (or any
successor provision to that section), the Payments shall be reduced to the
extent required to avoid application of such tax. The Executive will be entitled
to select the order in which Payments are to be reduced in accordance with the
preceding sentence. Determination of whether Payments would result in the
application of the tax imposed under Section 4999, and the amount of reduction
that is necessary so that no such tax is applied, shall be made at the Company's
expense, by the independent accounting firm employed by the Company immediately
prior to the occurrence of any Change of Control of the Company which will
result in the imposition of such tax.

     9. EFFECT OF BREACH OF NON-COMPETITION, NON-SOLICITATION, NON-HIRE OR
CONFIDENTIALITY AND INTELLECTUAL PROPERTY PROVISIONS. The Executive acknowledges
that the Company would be irreparably injured by a violation of Sections 4 or 5
of this Agreement and agrees that the Company, in addition to other remedies
available to it for such breach or threatened breach will be entitled to a
preliminary injunction, temporary restraining order, other equivalent relief,
restraining the Executive from any actual or threatened breach of Sections 4 or
5 of this Agreement. Notwithstanding the other provisions of this Agreement, in
the event the Executive breaches or otherwise fails to comply with the
provisions of Sections 4 or 5 of this Agreement, then, in addition to any other
remedies provided herein at law or in equity, the Company shall not have any
obligation to make any further payments to the Executive on or after the date of
any such breach or failure. Further, in the event of any such breach or failure
to comply with Sections 4 or 5, the Company has the right, in its sole
discretion, to require the Executive to return any compensation, including, but
not limited to, cash severance, bonus payments, stock option proceeds, or
benefits payments, which the Executive received as a result of the termination.

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     10. DEFENSE OF CLAIMS. The Executive agrees that, on and after the
Effective Date, she will cooperate with the Company and its Affiliates in the
defense of any claims that may be made against the Company or its Affiliates to
the extent that such claims may relate to services performed by her for the
Company. After separation of employment, such cooperation will be compensable at
the same annual base salary as paid under the terms of this Agreement (as
prorated for required service period) and Company agrees to promptly reimburse
the reasonable out-of-pocket expenses that Executive incurs in the course of
such cooperation.

     11. SUCCESSORS AND ASSIGNS. This Agreement is personal to the Executive and
without the prior written consent of the Company the Executive's obligations
under this Agreement will not be assignable by the Executive. This Agreement
will inure to the benefit of and be binding upon the Company and its successors
and assigns.

     12. INDEMNIFICATION. The Executive will be eligible for indemnification as
provided in the Company's Articles of Incorporation or Bylaws or pursuant to
other agreements in effect as of the effective date of this Agreement. In
addition, the Company will maintain directors' and officers' liability insurance
in effect and covering acts and omissions of the Executive, during the Term and
for a period of six years thereafter, on terms customary for companies that are
similar to the Company, but in no event shall the liability limits of such
insurance be less than the liability limits in effect for all other similar
senior executive employees of Company.

     13. SEPARATION AND RELEASE AGREEMENT. Notwithstanding anything in Section 6
or Section 7 to the contrary and in consideration therefor, severance benefits
thereunder will only become payable by the Company if the Executive executes and
delivers to the Company a Separation and Release Agreement on or after the date
of written notice of termination of Executive's employment and in substantially
the form attached as an example in Exhibit A hereof. The terms of the Separation
and Release Agreement will be subject to the terms of the Executive Employment
Agreement.

     14. NOTICE. Any notice required or permitted to be given under this
Agreement will be in writing, signed by the party or parties giving or making
the same and will be served on the person or persons for whom it was intended or
who should be advised or notified, by Federal Express or other similar overnight
service. If the notice is sent to the Executive, the notice should be sent to
the address listed on the signature page of this Agreement or to such other
address furnished by the Executive in writing in accordance with this Agreement.
If notice is sent to the Company, the notice should be sent to:

                    Ameritrade Holding Corporation

                    4211 South 102nd Street
                    P.O. Box 3288
                    Omaha, Nebraska 68103-0288
                    Attention: Chief Administrative Officer, with a copy to
                    Chief Executive Officer

or to such other address as furnished by the Company in writing in accordance
with this Agreement. Notice and communications will be effective when actually
received by the addressee.

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     15. MISCELLANEOUS.

         (a) This Agreement is subject to and governed by the laws of the State
     of Nebraska, without reference to principles of conflict of laws.

         (b) The failure to insist upon strict compliance with any provision of
     this Agreement will not be deemed to be a waiver of such provision or any
     other provision or right of this Agreement.

         (c) This Agreement may not be modified except by an agreement in
     writing executed by the parties to this Agreement.

         (d) The invalidity or unenforceability of any provision of this
     Agreement will not affect the validity or enforceability of any other
     provision of this Agreement.

         (e) The Company may withhold from any amounts payable under this
     Agreement such Federal, state or local taxes as may be required to be
     withheld pursuant to any applicable law or regulation.

         (f) This Agreement terminates and supersedes any and all prior
     employment agreements or understandings, written or oral, with the
     Executive and the Company or any of its subsidiaries or Affiliates. The
     obligations of the Executive under Sections 4 and 5 shall survive
     termination of this Agreement to the extent provided in those sections.

         (g) In the event of any dispute or controversy in arbitration between
     the parties, the Company will pay the attorneys fees, costs and expenses of
     the Executive if the Executive prevails.

         (h) Any controversy, claim or dispute arising out of or relating to
     this Agreement or breach thereof will be settled by final, binding and
     nonappealable arbitration (excluding, however, any dispute, controversy or
     claim arising out of Sections 4 or 5 hereof) in Omaha, Nebraska by three
     arbitrators. Except as otherwise expressly provided in this subsection (h),
     the arbitration shall be conducted in accordance with the commercial
     arbitration rules of the American Arbitration Association (the
     "Association") then in effect. One of the arbitrators shall be appointed by
     the Company, one shall be appointed by the Executive and the third shall be
     appointed by the first two arbitrators. If the first two arbitrators cannot
     agree on the third arbitrator within 30 days of the appointment of the
     second arbitrator, then the Association shall appoint the third.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.

                                                  AMERITRADE HOLDING CORPORATION

                                                  By:  /s/ Joseph H. Moglia
                                                       -------------------------
                                                       Chief Executive Officer

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<PAGE>

                                                       /s/ Anne L. Nelson
                                                       -------------------------
                                                       Anne L. Nelson

                                                       -------------------------
                                                       Street

                                                       -------------------------
                                                       City, State and Zip Code

                                       12<PAGE>

    As Amended and Restated on October 1, 2000 and As Further Amended Through
                                 February 2004

                         AMERITRADE HOLDING CORPORATION
                     EXECUTIVE DEFERRED COMPENSATION PROGRAM

     1. ELIGIBILITY. Each full-time executive employee of Ameritrade Holding
Corporation ("Ameritrade") or any of its subsidiaries (collectively, the
"Company") who participates in the Corporation's Incentive Compensation Plan or
such other incentive compensation plans, as may be designated by the
Compensation Committee of Ameritrade's Board of Directors (the "Compensation
Committee"), (each, a "Designated Plan") and who has also been selected for
participation by the Compensation Committee shall be eligible to participate in
the Ameritrade Holding Corporation Executive Deferred Compensation Program (the
"Program"). Each eligible employee who files a Deferral Election (as defined in
Section 3) and who has a Stock Unit Credit (as defined in Section 6) made to his
Deferred Stock Account (as defined in Section 5) shall be deemed to have been
awarded a Performance Unit under and in accordance with the terms of the
Ameritrade Holding Corporation 1996 Long-term Incentive Plan (the "Incentive
Plan") as of the last day of the Performance Period (as defined in Section 3).
Such Performance Unit shall be considered fully vested from and after the date
of grant and shall be governed by the terms and conditions of the Program and
the specific provisions of the Designated Plan to the extent not inconsistent
with the terms of the Incentive Plan. Notwithstanding any other provision of the
Program to the contrary, if the Compensation Committee determines that
participation by one or more Participants shall cause the Program as applied to
the Company to be subject to Part 2, 3 or 4 of Title I of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), the entire
interest of such Participant under the Program shall be, in the discretion of
the Compensation Committee, immediately paid to such Participant or shall
otherwise be segregated from the Program, and such Participant(s) shall cease to
have any interest under the Program. In the event the Participant has died, the
preceding sentence of this Section shall apply to the Participant's interest
which is payable to the Participant's beneficiary pursuant to the terms hereof.

     2. DEFINED TERMS. To the extent not otherwise specified in the Program,
capitalized terms used in the Program shall have the meaning specified in the
Plan.

     3. DEFERRAL OF INCENTIVE COMPENSATION. An eligible employee may, by filing
a "Deferral Election" in accordance with rules established by the Plan
Administrator (as defined in Section 12), irrevocably elect to defer all or a
portion of any incentive compensation, expressed in whole percentages, that he
or she may earn under a Designated Plan (an "Incentive Award") during the
Performance Period which shall be the fiscal year (the "Deferral Year") of the
year in which the irrevocable Deferral Election is made or such other period
permitted under Section 4 or as otherwise provided by the Compensation
Committee. Such Deferral Election shall be made pursuant to Section 4.

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<PAGE>

     4. PARTICIPATION. An eligible employee shall become a "Participant" in the
Program by filing a Deferral Election with the Plan Administrator on a form
prescribed for that purpose. A Deferral Election shall be filed in accordance
with rules prescribed by the Plan Administrator; provided, however, that no
Deferral Election for any Deferral Year shall be given effect unless it is filed
nine months prior to the last day of the Deferral Year to which it relates or
such earlier time prescribed by the Compensation Committee. A Deferral Election
shall specify both the amount to be deferred, expressed as a percentage of the
Incentive Award otherwise payable in cash to the Participant under the terms of
a Designated Plan, the year in which the amounts deferred shall be paid and the
form of distribution (either lump sum or annual installments not exceeding 10
years). A Deferral Election shall be effective only for the Deferral Year to
which it relates. A new Deferral Election must be filed for each Deferral Year.
Notwithstanding any other provision of the Program other than Sections 16 or 18,
once a Deferral Election is filed with the Plan Administrator in accordance with
rules established by the Plan Administrator, such Deferral Election shall be
irrevocable and no changes to such Deferral Election shall be permitted.

     5. SHARE VALUATION. For purposes of the Program, the term "Share Value"
shall mean the average of the closing market composite price for one share of
Stock as reported on the NASDAQ of all trading days three calendar months prior
to the Credit Date (as defined in Section 6) of the Deferral Year. The "Share
Value" is used to determine the number of Share Units to be credited to a
Participant's Account under Section 6.

     6. DEFERRED STOCK ACCOUNT. On the date a Participant would normally receive
payments of the Incentive Award if payment had not been deferred (the "Credit
Date"), a Participant shall receive a credit ("Stock Unit Credit") to his or her
bookkeeping account under the Program (the "Deferred Stock Account"). The credit
shall be made in stock units with each unit corresponding to one share of Stock.
The amount of the Stock Unit Credit shall be equal to that number of stock units
(rounded to the nearest whole share) determined by dividing the amount of the
Participant's Incentive Award, specified for deferral pursuant to the
Participant's Deferral Election by the Share Valuation.

     7. DIVIDEND CREDIT. Each time a dividend is paid on the Stock, a
Participant shall receive a credit ("Dividend Credit") to his or her Deferred
Stock Account. The amount of the Dividend Credit shall be the number of stock
units (rounded to the nearest whole share) determined by multiplying the
dividend amount per share by the number of stock units credited to the
Participant's Deferred Stock Account as of the record date for the dividend and
dividing the product by the closing price of one share of common stock on NASDAQ
on the dividend payment date or, if the Stock is not traded on the dividend
payment date, the next preceding date on which it was traded.

     8. ADJUSTMENTS FOR CERTAIN CHANGES IN CAPITALIZATION. In the event of any
merger, consolidation, reorganization, recapitalization, spinoff, stock
dividend, stock split, reverse stock split, exchange, or other distribution with
respect to shares of Stock or other change in the corporate structure or
capitalization affecting the Stock, then the numbers, rights, and privileges of
the stock units credited to Participants' Deferred Stock Accounts under the
Program shall be increased, decreased, or changed in like manner as

                                       2
<PAGE>

if shares corresponding to such stock units had been issued and outstanding,
fully paid, and nonassessable at the time of such occurrence.

     9. PAYMENT OF DEFERRED STOCK ACCOUNTS. As soon as practicable after the
date elected by the Participant pursuant to his Deferral Election (as determined
in accordance with uniform rules established by the Plan Administrator), that
number of shares of Stock equal to the total whole number of Stock Unit Credits
and Dividend Credits to be distributed to the Participant as of such date shall
be distributed to the Participant (or in the event of his death, his
beneficiary); provided, however, that if the Participant has elected installment
payments, the number of shares of Stock to be distributed as of the first
distribution date and each subsequent installment shall be equal to that number
of Stock Unit Credits and Dividend Credits then credited to the Participant's
Deferred Stock Account divided by the number of installment payments remaining
(rounded down to whole shares); and provided further that, distributions
following the death or disability of the Participant shall be as specified in
Section 16. Such shares of Stock shall be distributed from shares reserved for
issuance under the Incentive Plan. If a Participant dies before receiving all
distributions to which he is entitled under the Program, the Plan Administrator
must be notified in writing. To be effective, any beneficiary designation by a
Participant must be in writing, delivered and accepted by the Plan Administrator
prior to the Participant's death. In default of an effective beneficiary
designation, the Participant's estate shall be treated as his beneficiary for
purposes of the Program.

     10. NONASSIGNABILITY. No right to receive distributions under the Program
shall be assignable or transferable by a Participant other than by will or the
laws of descent and distribution or pursuant to a qualified domestic relations
order as defined by the Internal Revenue Code of 1986 as amended, Title I ERISA,
or rules thereunder. The designation of a beneficiary by a Participant in
accordance with the terms of the Program does not constitute a transfer.

     11. FUNDING. The Program constitutes only an unfunded, unsecured promise of
the Company to make payments and distributions in the future in accordance with
the terms of the Program. No Participant or party claiming an interest under the
Program shall have any interest whatsoever in any specific asset of the Company.
To the extent that any party acquires a right to receive distribution or payment
under the Program, such right shall be equivalent to that of an unsecured
general creditor of Ameritrade. Notwithstanding the foregoing, Ameritrade may
establish one or more trusts, with such trustee as the Compensation Committee
may approve, for the purpose of providing for the payment of deferred amounts
under the Program. Such trust or trusts may be irrevocable, but the assets
thereof shall be subject to the claims of the general creditors of Ameritrade.
Nothing in the Program shall require Ameritrade to establish any trust to
provide benefits under the Program. To the extent benefits under the Program are
actually paid from any such trust, Ameritrade shall have no further obligation
with respect to such benefits.

     12. ADMINISTRATION. The Program shall be administered by the Compensation
Committee (the "Plan Administrator"), which shall have the authority to
interpret the Program and to adopt procedures for implementing the Program. The
Plan Administrator may delegate any of its duties hereunder to the extent not
inconsistent in the Incentive Plan.

                                       3
<PAGE>

     13. AMENDMENT AND TERMINATION. The Compensation Committee may at any time
terminate, suspend, or amend this Program. No such action shall deprive any
Participant of any benefits to which he or she would have been entitled under
the Program if termination of the Participant's employment had occurred on the
day prior to the date such action was taken, unless agreed to by the
Participant.

     14. EFFECTIVE DATE. The effective date of the Program shall be determined
upon approval of the Compensation Committee.

     15. EMPLOYMENT AND STOCKHOLDER STATUS. Nothing in the Program shall
interfere with nor limit in any way the right of the Company to terminate any
Participant's employment at any time, nor confer upon any Participant any right
to continue in the employ of the Company. The Program will not give any person
any right or claim to any benefits under the Program unless such right or claim
has specifically accrued under the terms of the Program. Participation in the
Program shall not create any rights in a Participant (or any other person) as a
stockholder of Ameritrade until shares of Stock are registered in the name of
the Participant (or such other person).

     16. DISTRIBUTIONS TO PERSONS UNDER DISABILITY OR DEATH. In the event a
Participant or his beneficiary is declared incompetent and a conservator or
other person legally charged with the care of his person or of his estate is
appointed, any benefit to which such Participant or beneficiary is entitled
under the Program shall be paid to such conservator or other person legally
charged with the care of his person or of his estate. In the event a Participant
or his beneficiary is disabled on a long term basis, as determined by the
Compensation Committee, or dies prior to receiving all distributions to which he
is entitled under the Program, the Participant's beneficiary or estate shall
receive the distribution of the Participant's entire remaining Program benefit
in a lump sum as soon as practicable following the Participant's disability or
death.

     17. SUCCESSORS. The obligations of Ameritrade under the Program shall be
binding on any assignee or successor in interest thereto.

     18. UNFORESEEABLE EMERGENCY. Prior to the date otherwise scheduled for
distribution of his Deferred Stock Account under the Program, upon a showing of
an unforeseeable emergency, the Compensation Committee may approve a
Participant's request to accelerate payment of an amount not exceeding the
lesser of (a) the amount necessary to meet the emergency or (b) the balance in
his Deferred Stock Account under the Program. For purposes of the Program, the
term "unforeseeable emergency" shall mean an unanticipated emergency that is
caused by an event beyond the control of the Participant (or the control of the
beneficiary, if the amount is payable to a beneficiary) and that would result in
severe financial hardship to the individual if early payment were not permitted.
The determination of "unforeseeable emergency" shall be made by the Compensation
Committee, based on such information as the Compensation Committee shall deem to
be necessary.

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