Document:

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EXHIBIT 10.3

                         AMERITRADE HOLDING CORPORATION
                         EXECUTIVE EMPLOYMENT AGREEMENT

      This Executive Employment Agreement (the "Agreement") between AMERITRADE
HOLDING CORPORATION, a Delaware corporation (the "Company") and Bryce B. Engel
(the "Executive"), is made effective May 10, 2005 (the "Effective Date").

                                   Witnesseth

WHEREAS, The Company has employed the Executive as Managing Director, Clearing
and now desires to promote the Executive to the position of Senior Vice
President, Chief Brokerage Operations Officer.

WHEREAS, The Executive desires to accept the promotion offered by the Company
and continue being employed by the Company.

WHEREAS, The Company and the Executive desire to set forth in this Agreement,
the terms, conditions and obligations of the parties with respect to such
promotion and continued 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.

NOW THEREFORE, 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 and the
Company and the Executive agree as follows:

      1. EMPLOYMENT. The Company will employ the Executive as Senior Vice
President, Chief Brokerage Operations 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 his 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 May__ , 2007 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 for another 12 months. Notwithstanding the foregoing, upon a

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"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
his services to the Company in accordance with the following:

                  (a) Base Salary. The Company will pay to the Executive an
            annual base salary of $225,000, payable in accordance with the
            Company's policies. The Executive's 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 2005 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 first year of 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, 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.

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      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 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, including active trader and long
            term investor client segments. 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,

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            "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.

      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 (whether by expiration or
            termination) 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 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 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

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            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
            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 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 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

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            (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 and subject to the terms
            of section 409A of the Internal Revenue Code of 1986, as amended,
            and the regulations and rulings thereunder.

                  (c) Death or Disability. If the Executive becomes physically
            or mentally disabled and unable to perform the essential functions
            of his 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.

                  (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(f), 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, Chief Operating Officer
                              or the Chief Administrative Officer (CAO); (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, so long as Executive's
                              position has a status substantially equal to, and
                              duties and responsibilities

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                              substantially the same as, the position of Senior
                              Vice President, Chief Brokerage Operations
                              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

      Upon termination of this Agreement for reasons specified in this
      subsection (e), 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 Separation and Release
      Agreement described in Section 13 hereof, the Company will provide the
      Executive with severance compensation and benefits which the Executive
      hereby acknowledges to be good and sufficient consideration for the
      release, non-competition, non-solicitation, non-hire, confidentiality, and
      intellectual property provisions of this Agreement and which shall survive
      the Term of this Agreement (in addition to the payments described in
      Section 6(b)) as follows:

                        (v)   the Executive will continue to receive his 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
                              $225,000, 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");

                        (vi)  taking into account the amount of the Target Bonus
                              received under section 6(b) above and not in
                              addition thereto, the Executive will receive an
                              amount equal to the Target Bonus under the MIP
                              Plan, as applicable, for the entire 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

                        (vii) during the Severance Period, if the Executive or
                              any of his 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

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      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 his estate.

            (f) 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 his
                  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, CEO, COO or CAO 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, CEO, COO
                  or CAO, 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 he 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 subsection (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 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

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                        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 Separation and
            Release Agreement described in Section 13, if following a Change of
            Control, the Executive's employment is terminated by the Company
            without Cause within 12 months of the legal closing date of the
            Change of Control or is terminated by the Executive for Good Reason
            within 12 months of the legal closing date of the Change of Control,
            the amount due to the Executive in Sections 6(e)(v) and 6(e)(vi)
            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)(v) and 6(e)(vi).

      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, he 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 him 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, the Executive acknowledges that the severance
benefits provided hereunder are adequate and sufficient consideration for the
Separation and Release Agreement required hereunder. Furthermore, the Executive
acknowledges that the severance benefits under Section 6 or Section 7 shall 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 copies to Chief
                  Operating Officer and Chief Executive Officer

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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.

      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.

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                              AMERITRADE HOLDING CORPORATION

                              By: /S/ KURT D. HALVORSON
                                  ---------------------------------------
                                  Chief Operating Officer

                              /S/ BRYCE B. ENGEL
                              -------------------------------------------
                              Bryce B. Engel

                              ___________________________________________
                              Street
                              ___________________________________________
                              City, State and Zip Code

                                       12<PAGE>

EXHIBIT 10.4

                         AMERITRADE HOLDING CORPORATION
                         EXECUTIVE EMPLOYMENT AGREEMENT

      This Executive Employment Agreement (the "Agreement") between AMERITRADE
HOLDING CORPORATION, a Delaware corporation (the "Company") and Lawrence Szczech
(the "Executive"), is made effective May 10, 2005 (the "Effective Date").

                                   Witnesseth

WHEREAS, The Company has employed the Executive as Managing Director, Client and
Product Strategy and now desires to promote the Executive to the position of
Executive Vice President, Chief Client Officer.

WHEREAS, The Executive desires to accept the promotion offered by the Company
and continue being employed by the Company.

WHEREAS, The Company and the Executive desire to set forth in this Agreement,
the terms, conditions and obligations of the parties with respect to such
promotion and continued 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.

NOW THEREFORE, 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 and the
Company and the Executive agree as follows:

      1. EMPLOYMENT. The Company will employ the Executive as Executive Vice
President, Chief Client 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 his 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 May , 2007 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 for another 12 months. 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.

<PAGE>

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

            (a) Base Salary. The Company will pay to the Executive an annual
      base salary of $250,000, payable in accordance with the Company's
      policies. The Executive's 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
      2005 and subsequent fiscal years during the Term in accordance with the
      terms and conditions of the MIP Plan with a target bonus of 65% of the
      Executive's annual base salary for each fiscal year (the "Target Bonus").
      The Executive's Target Bonus for periods subsequent to the first year of
      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 65% 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, 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

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      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 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,
      including active trader and long term investor client segments. 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

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      (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.

      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 (whether by expiration or termination) 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 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 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.

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<PAGE>

            (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 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 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 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 and
      subject to the terms of section 409A of the Internal Revenue Code of 1986,
      as amended, and the regulations and rulings thereunder.

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<PAGE>

            (c) Death or Disability. If the Executive becomes physically or
      mentally disabled and unable to perform the essential functions of his
      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.

            (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(f), 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, Chief
                        Operating Officer or the Chief Administrative Officer
                        (CAO); (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, 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 Client
                        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 Jersey
                        City, New Jersey, to an office that is more than 75
                        highway miles from Jersey City, New Jersey; or

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      Upon termination of this Agreement for reasons specified in this
      subsection (e), 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 Separation and Release
      Agreement described in Section 13 hereof, the Company will provide the
      Executive with severance compensation and benefits which the Executive
      hereby acknowledges to be good and sufficient consideration for the
      release, non-competition, non-solicitation, non-hire, confidentiality, and
      intellectual property provisions of this Agreement and which shall survive
      the Term of this Agreement (in addition to the payments described in
      Section 6(b)) as follows:

                  (v)   the Executive will continue to receive his 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 $250,000, 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");

                  (vi)  taking into account the amount of the Target Bonus
                        received under section 6(b) above and not in addition
                        thereto, the Executive will receive an amount equal to
                        the Target Bonus under the MIP Plan, as applicable, for
                        the entire 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

                  (vii) during the Severance Period, if the Executive or any of
                        his 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 his estate.

            (f) 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 his
                  duties under this Agreement, other than due to illness, injury
                  or disability, which failure

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                  continues for ten days following receipt of notice from the
                  Board, CEO, COO or CAO 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, CEO, COO
                  or CAO, 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 he 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 subsection (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 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 Separation and Release
      Agreement described in Section 13, if following a Change of Control, the
      Executive's employment is terminated

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      by the Company without Cause within 12 months of the legal closing date of
      the Change of Control or is terminated by the Executive for Good Reason
      within 12 months of the legal closing date of the Change of Control, the
      amount due to the Executive in Sections 6(e)(v) and 6(e)(vi) 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)(v) and 6(e)(vi).

      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.

      10. DEFENSE OF CLAIMS. The Executive agrees that, on and after the
Effective Date, he 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 him 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.

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      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, the Executive acknowledges that the severance
benefits provided hereunder are adequate and sufficient consideration for the
Separation and Release Agreement required hereunder. Furthermore, the Executive
acknowledges that the severance benefits under Section 6 or Section 7 shall 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 copies to Chief
                  Operating Officer and 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.

      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.

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            (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/ KURT D. HALVORSON
                                            ------------------------------------
                                            Chief Operating Officer

                                        /S/ LAWRENCE SZCZECH
                                        ----------------------------------------
                                        Lawrence Szczech

                                        ________________________________________
                                        Street

                                        ________________________________________
                                        City, State and Zip Code

                                       11

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