Document:

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                                                                    EXHIBIT 10.2

                         AMERITRADE HOLDING CORPORATION
                         EXECUTIVE EMPLOYMENT AGREEMENT

         This Executive Employment Agreement (the "Agreement") between
AMERITRADE HOLDING CORPORATION, a Delaware corporation (the "Company") and
Michael Feigeles (the "Executive"), is made effective February 28, 2003 (the
"Effective Date").

                                    Recitals

         The Executive desires to be employed as a member of the Executive
Management Team of the Company and Company desires to employ the Executive.

         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 and understandings, whether written or oral, concerning
employment with the Company and with any subsidiary of the Company.

         Accordingly, the Company and the Executive agree as follows:

         1. EMPLOYMENT. The Company will employ the Executive as an Executive
Vice President and a member of the Executive Management Team or a comparable
position as described in Section 6(e)(ii) below, upon the terms and conditions
set forth in this Agreement. The Executive's primary office shall be located in
Jersey City, New Jersey. 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")
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 of Agreement") will be the period beginning on
the Effective Date and ending on the second anniversary of the Effective Date,
unless earlier terminated in accordance with Section 6 below. Notwithstanding
the foregoing, upon a "Change of Control" (as defined in Section 7 below), the
Term of 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 $350,000, payable in accordance with the Company's policies.
         The Executive's annual base salary will be reviewed by the Company for
         possible increase (but not decrease) at least once in each calendar
         year through the Term of this Agreement.

(b)      Annual Incentive. The Executive will be entitled 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 2003 (on a prorated basis from Effective Date through fiscal year
         end) and subsequent fiscal years during the Term in accordance with the
         terms and conditions of the MIP Plan (the "Bonus"). The annual

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         Bonus received by the Executive for fiscal year 2003 is guaranteed to
         be no less than $350,000 pro-rated for period of service during the
         fiscal year, and the annual Bonus received by the Executive for the
         remainder of Term of Agreement following fiscal year 2003 is guaranteed
         to equal or exceed the amount of the Executive's annual base salary as
         of the end of the fiscal year for which such Bonus is paid. To ensure
         that Executive will receive his Bonus guarantee over the Term, Company
         shall pay Executive 5/12ths of Executive's annual base salary on or
         about March 1, 2005. The Bonus to be paid Executive for fiscal year
         2005 will therefore be reduced, but not below zero, by the payment made
         on or about March 1, 2005. The Executive will also be eligible to
         participate in any upside potential on his annual incentive, based upon
         outstanding performance, as 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. Bonus
         payments under this section shall be made on the same date as the other
         executives in the MIP Plan.

                  (c) Long-Term Incentive Plan and Options. Beginning on the
         Effective Date, the Executive will be entitled 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. In
         addition, the Executive shall be granted 500,000 options on his first
         day of employment with a strike price equal to the closing price of the
         Company's publicly traded stock on that date (the "Kick start
         Options"). The Kick-start Options shall vest at a rate of 250,000 on
         each anniversary of the grant date, until fully vested. Such Kick-start
         Options shall be governed by the terms of the separate Non-Qualified
         Stock Option Agreement.

                  (d) Deferred Compensation Program. Beginning on the Effective
         Date, the Executive will be entitled 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. One purpose of the Deferred Compensation Program is to provide
         a vehicle for the Executive to meet his Equity Ownership Guideline
         Requirements ("EOG") as determined by the Compensation Committee. The
         Executive's EOG shall not exceed $350,000, to be fulfilled by the
         Executive over 4 years at the rate of 25% each year, in accordance with
         the provisions of the EOG. Further, Executive shall have 15 months from
         Effective Date to meet the first 25% requirement under the EOG.

                  (e) Benefits and Perquisites. The Executive will also receive
         all other 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 and for a period of 12 months thereafter
         (collectively, the "Restricted Period"), the Executive will not
         (without the written consent of the Chief Executive Officer or 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 business
         competitive with the Company ("Competitive Business") conducted by the
         Company during the 12 month period prior to the Date of Termination (as
         defined in Section 6) or, if the Executive has been employed for less
         than a 12 month period, the period in which the Executive was employed
         by the Company. For purposes of this Agreement, the term "Competitive
         Business" is defined as (i) an online brokerage business, or (ii) a
         business function, product or service for which the Executive was
         responsible or developed during his employment with the Company during
         the Term. 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 exercise control, will directly
         or indirectly (i) 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) canvass, solicit or accept 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) 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 (as defined in Section 6), 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 or advertisement 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 4
         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 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, 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.

                  (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

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         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
         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 30 days following the Date of
         Termination (i) the unpaid portion of the Executive's then current
         annual base salary through the Date of Termination, (ii) all accrued
         but unused vacation and personal days through the Date of Termination
         in accordance with company policy, and (iii) the Bonus under the MIP
         Plan, for the fiscal year in which the Date of Termination occurs, the
         payments in (iii) being 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 the payments in (iii) above. 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. Nothing in this paragraph, however, releases or diminishes any
         vested monies or other vested benefits to which the Executive is
         entitled, under or pursuant to any qualified savings or retirement plan
         of the Company.

                  (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 more than six (6)
         consecutive months, or if the Executive should die

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         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(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 prior 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 or
                           responsibilities, excluding for this purpose (1) an
                           isolated, unsubstantial or inadvertent action not
                           taken in bad faith and promptly remedied by the
                           Company after receipt of notice given by the
                           Executive; (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 and guaranteed bonus during the Term
                           for the Executive, and no change in participation as
                           a member of the Executive Management Team;

                  (iii)    a reduction in the Executive's then current annual
                           base salary, or Bonus during the Term of Agreement;

                  (iv)     any relocation of Executive's base office in Jersey
                           City, New Jersey to an office that is more than 50
                           miles from the Executive's place of residence as of
                           the Effective Date;

                  (v)      failure of any successor to the company (whether
                           direct or indirect and whether by merger,
                           acquisition, consolidation, or otherwise) to assume
                           in a writing delivered to Executive upon the assignee
                           becoming such, the obligations of the Company
                           hereunder;

         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

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         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:

                  (vi)     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
                           $350,000), payable in a lump sum within 30 days
                           following such termination of employment in lieu of
                           payment on the Company's 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");

                  (vii)    the Executive will receive an amount equal to the
                           bonus he is entitled to receive under the MIP Plan,
                           as provided for in 3(b), for the Severance Period,
                           payable in a lump sum within 30 days following such
                           termination of employment in lieu of payment at such
                           time as bonuses are generally payable for other
                           participants under the MIP Plan;

                  (viii)   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, all such premiums to be paid by
                           the Company. At the conclusion of the Severance
                           Period, the Executive may be eligible to continue
                           COBRA coverage as provided by law, but he will then
                           be responsible for the full COBRA premium.

         The foregoing will be in lieu of all salary, bonuses or incentive or
         performance based compensation for the period following the date of
         termination, 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) Additional Restricted Period.

         At the end of the Term of Agreement, the Executive will only be
         required to comply with the Non-competition, Non-Solicitation and
         Non-Hire provisions set forth in Section 4 above for the period
         indicated by the Company commencing on the day after the end of the
         Term of Agreement and ending on the date specified by the Company,
         which shall not be later than the first anniversary of expiration of
         the Term of Agreement, 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

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         Additional Restricted Period equal to his 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 $350,000), payable pro-rata
         over the course of the Additional Restricted Period on 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, upon delivery of notice for Termination for Cause, to
         terminate the Executive's employment under this Agreement prior to the
         expiration of the Term of Agreement for reason of Cause. "Cause" means:

                  (i)      the willful 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
                           specifying such failure;

                  (ii)     the willful engaging by the Executive in conduct
                           which, in the reasonable judgement of the Board, is
                           materially injurious to the Company, monetarily or
                           otherwise, which conduct continues for ten days
                           following receipt of notice specifying such conduct;

                  (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 material 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 for Termination for Cause. Notwithstanding
                  anything to the contrary contained in this Agreement, in the
                  event that a period of 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 notice 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 subparagraph (i), (ii) or
         (iii) below:

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                  (i)      the completion of a plan of complete liquidation of
                           the Company which has been approved by the Company's
                           shareholders and/or Board, as applicable;

                  (ii)     the sale or disposition by the Company 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 or entity other than (1) a merger,
                           acquisition 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 General Release and
         Cooperation Agreement described in Section 13, if at any time 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). In addition, upon a Change of
         Control, whether or not a termination occurs, all options then held by
         the Executive shall be immediately vested. Such options shall be
         exercisable in accordance with the terms of the Executive's
         Non-Qualified Stock Option Agreement.

         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.

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         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 material violation of
Sections 4 or 5 of this Agreement and agrees that the Company, in addition to
other remedies available to it for such material breach or threatened breach
will be entitled to a preliminary injunction, temporary restraining order, other
equivalent relief, restraining the Executive from any such actual or threatened
breach of Sections 4 or 5 of this Agreement. Furthermore, and subject to the
provisions set forth in the last sentence, in the event the Executive materially
breaches the provisions of Sections 4 or 5 of this Agreement as determined by
the CEO and Chairman of the Company, then, in addition to any other remedies
provided herein at law or in equity, the Company shall a) not have any
obligation to make any further payments to the Executive on or after the date of
any such breach or failure; and b) Company has the right 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. Notwithstanding the
rights of the Company set forth in the preceding sentence, Company agrees that
it will refrain from unilaterally taking the actions permitted in (a) and (b)
above only with regard to the Company's allegations that the Executive breached
Sections 4(b)(i), (ii), (iii) and 4(c)(ii) of the Agreement if (i) the Executive
disputes the allegations in writing within 10 business days of notification by
the Company and (ii) the parties submit the dispute to arbitration as provided
in Section 15(h) below and (iii) Executive places all remuneration he received
and continues to receive from the Company as provided in Subsections (a) and (b)
above into an escrow account to be released to the prevailing party as
determined in the arbitration.

         10. DEFENSE OF CLAIMS. The Executive agrees that, on and after the
Effective Date, he will reasonably cooperate with the Company and its Affiliates
(at Company's expense) 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.

         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. The Company shall pay all costs, including all
reasonable legal fees, arising from any litigation in which Executive is named a
party due to his employment by the Company, subject to the Company's Articles of
Incorporation or Bylaws or its directors' and officers' liability insurance.

         13. GENERAL RELEASE AND COOPERATION 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

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the Company a General Release and Cooperating Agreement on or after the date of
written notice of termination of Executive's employment and the release to be in
substantially the form attached as an example in Exhibit A hereof. The terms of
the General Release and Cooperating Agreement will reflect the post employment
rights and obligations provided under 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 General Counsel

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, United States of America, 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.

                                       11
<PAGE>

                  (g) In the event of any dispute or controversy between the
         parties, the non-prevailing party shall pay the attorney fees, costs
         and expenses of the prevailing party.

                  (h) Any controversy, claim or dispute arising out of or
         relating to this Agreement or breach thereof including, but not limited
         to, determination of reasonableness as provided for under paragraph
         6(g) herein, will be settled by final, binding and nonappealable
         arbitration (excluding, however, any dispute, controversy or claim
         arising out of Sections 4 or 5 but only to the extent not specifically
         made subject to arbitration by Section 9 hereof) in Jersey City, New
         Jersey by three arbitrators. Except as otherwise expressly provided in
         this subsection (h), the arbitration shall be conducted in accordance
         with the rules of the American Arbitration Association (the
         "Association") then in effect. The Company shall appoint one of the
         arbitrators. The Executive shall also appoint one of the arbitrators.
         And, finally, the first two arbitrators shall appoint the third. 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. All expenses of such arbitration, including
         fees and expenses of counsel, shall be borne by the Company unless the
         arbitrators determine that the Executive's position was overall
         frivolous or otherwise taken in bad faith, in which case the
         arbitrators may determine that the Executive shall bear his own legal
         fees.

         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

                         Agreed and Accepted:

                         /s/ Michael Feigeles
                         ------------------------------------------
                         Michael Feigeles

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

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

                                       12<PAGE>
                                                                    EXHIBIT 10.3

                                                               EXECUTION VERSION

       MASTER TERMS AND CONDITIONS FOR PRE-PAID SHARE FORWARD TRANSACTIONS
            BETWEEN CITIBANK, N.A. AND AMERITRADE HOLDING CORPORATION

     The purpose of this Master Terms and Conditions for Pre-Paid Share Forward
Transactions (the "Master Confirmation"), dated as of April 25, 2003, is to set
forth certain terms and conditions for pre-paid Share Forward Transactions (the
"Transactions" and each, a "Transaction") that Ameritrade Holding Corporation
("Counterparty") will enter into with Citibank, N.A. ("Citibank"). Each such
Transaction entered into between Citibank and Counterparty subject to this
Master Confirmation shall be evidenced by a written confirmation substantially
in the form of Exhibit A hereto, with such modifications thereto as to which
Counterparty and Citibank mutually agree (a "Confirmation"). This Master
Confirmation together with each Confirmation constitute a "Confirmation" as
referred to in the Agreement specified below.

     1. The definitions and provisions contained in the 2002 ISDA Equity
Derivatives Definitions (the "Definitions"), as published by the International
Swaps and Derivatives Association, Inc., are incorporated into this Master
Confirmation. In the event of any inconsistency between the Definitions and this
Master Confirmation, this Master Confirmation will govern for the purpose of the
Transaction to which a Confirmation relates. In the event of any inconsistency
between this Master Confirmation and a Confirmation, the Confirmation will
govern.

     2. This Master Confirmation supplements, forms a part of, and is subject
to, the ISDA Master Agreement dated as of November 1, 2001 (the "Agreement")
between you and us. All provisions contained in the Agreement shall govern this
Master Confirmation except as expressly modified below.

     3. CONFIRMATIONS:

     This Master Confirmation and the Agreement, together with the Confirmation
relating to a Transaction, shall constitute the written agreement between
Counterparty and Citibank with respect to such Transaction.

     Each Transaction to which a Confirmation relates is a pre-paid Share
Forward Transaction, the terms of which include:

GENERAL TERMS:
--------------

          Trade Date:                     As provided in the relevant
                                          Confirmation.

          Seller:                         Counterparty

          Buyer:                          Citibank

          Issuer:                         Knight Trading Group, Inc.

          Shares:                         The Class A Common Stock, par value
                                          $0.01, of the Issuer (Symbol: "NITE").

          Number of Shares:               As provided in the relevant
                                          Confirmation.

<PAGE>

         Forward Floor Price:             As provided in the relevant
                                          Confirmation.

         Forward Cap Price:               As provided in the relevant
                                          Confirmation.

         Settlement Price:                The closing price per share of the
                                          Shares at the Valuation Time on the
                                          Valuation Date.

         Exchange:                        NASDAQ

         Related Exchange(s):             All Exchanges

PREPAYMENT:
-----------

         Prepayment:                      Applicable.

         Prepayment Amount:               The amount specified in the relevant
                                          Confirmation.

VALUATION:
----------

         Valuation Date:                  As specified in the relevant
                                          Confirmation; provided that if such
                                          date is a Disrupted Day, the Valuation
                                          Date for the relevant Transaction
                                          shall be the first succeeding
                                          Scheduled Trading Day that is not a
                                          Disrupted Day and that is not or is
                                          not deemed to be a Valuation Date in
                                          respect of any other Transaction under
                                          this Master Confirmation; provided,
                                          further, that if the Valuation Date
                                          has not occurred pursuant to the
                                          preceding proviso as of the Final
                                          Disruption Date for such Transaction,
                                          that Final Disruption Date shall be
                                          the Valuation Date (irrespective of
                                          whether such day is a Disrupted Day or
                                          a Valuation Date in respect of any
                                          other Transaction under this Master
                                          Confirmation) and the Settlement Price
                                          shall be determined by the Calculation
                                          Agent in its discretion.

         Valuation Time:                  At the close of trading in respect of
                                          regular trading hours on the Exchange,
                                          without regard to extended trading
                                          hours on the Exchange, if any.

         Final Disruption Date:           As specified in the relevant
                                          Confirmation.

SETTLEMENT TERMS:
-----------------

         Physical Settlement:             Applicable

         Variable Obligation:             Applicable.

<PAGE>

         Representation and Agreement;
         Indemnification for Failure
         to Deliver:                      Sections 9.11 and 9.12 of the
                                          Definitions shall apply.

         Settlement Method Election:      Applicable; provided that
                                          notwithstanding anything to the
                                          contrary in the Definitions, the
                                          notice of such election shall be in
                                          writing and be given no later than the
                                          Settlement Method Election Date;
                                          provided, further, that in the case of
                                          each Confirmation, such election may
                                          only be made once for all of the
                                          Transactions within such Confirmation.

         Electing Party:                  Counterparty.

         Settlement Method
         Election Date:                   The 5th Scheduled Trading Day
                                          immediately preceding the Valuation
                                          Date.

         Settlement Currency:             USD

         Amounts Due on Settlement:       For the avoidance of doubt, if
                                          Counterparty's Representations and
                                          Agreements made pursuant to Section
                                          9.11 of the Definitions are true and
                                          correct and Counterparty has satisfied
                                          its obligations pursuant to Section
                                          (ii) of Dividend Adjustment, then upon
                                          the occurrence of an Early Termination
                                          Date Counterparty's obligations in
                                          respect of a Transaction hereunder
                                          shall not exceed the Number of Shares.

DIVIDENDS:
----------

         Dividend Amount:                 Ex Amount or Paid Amount, whichever
                                          occurs first.

         Dividend Adjustment:             Counterparty agrees to notify Citibank
                                          promptly of announcement or payment,
                                          as the case may be, of the Dividend
                                          Amount. If the Dividend Amount is in
                                          excess of the Regular Dividend, then
                                          upon such notification, Counterparty
                                          will, at its election, either (i)
                                          cause the Calculation Agent to make
                                          such adjustments to the Forward Cap
                                          Price of each Transaction or (ii)
                                          determine that an amount is owed to
                                          Citibank by Counterparty, in each case
                                          as the Calculation Agent deems
                                          appropriate to preserve for the
                                          parties the intended economic benefits
                                          of such Transaction. Such payment or
                                          adjustment shall relate only to
                                          Hedging Shares (where Citibank is the
                                          Hedging Party) with respect to such
                                          Transaction.

                                          The Calculation Agent shall provide
                                          prompt notice of any such adjustments,
                                          including a schedule or other
                                          reasonably detailed explanation of the
                                          basis for and determination of each
                                          adjustment. If an amount is owed to
                                          Citibank by Counterparty, the
                                          Calculation Agent shall notify
                                          Counterparty of such amount, which
                                          Counterparty shall pay to Citibank
                                          within three (3) Currency Business
                                          Days following the receipt of such
                                          notice.

<PAGE>

                                           "Regular Dividend" means $0.00 per
                                           share per quarter. For the avoidance
                                           of doubt, if as a result of any
                                           Merger Event or Potential Adjustment
                                           Event (or any combination thereof)
                                           the Shares are adjusted to include
                                           the Shares of an issuer other than
                                           the initial Issuer or of more than
                                           one issuer (whether or not including
                                           the initial Issuer), then such
                                           adjustment shall apply with respect
                                           to any cash dividends to which the
                                           successor or additional Shares of the
                                           applicable issuer(s) are entitled and
                                           the Calculation Agent shall adjust
                                           the amount of the Regular Dividend
                                           after the Merger Event or Potential
                                           Adjustment Event.

         Dividend Period:                  Each quarter, except that (i) the
                                           initial Dividend Period will commence
                                           on, but exclude the Trade Date and
                                           (ii) the final Dividend Period shall
                                           end on, and include, the final
                                           Valuation Date.

SHARE ADJUSTMENTS:
------------------

         Method of Adjustment:             Calculation Agent Adjustment.

                                           The Calculation Agent shall provide
                                           prompt notice of any adjustment(s),
                                           including a schedule or other
                                           reasonably detailed explanation of
                                           the basis for and determination of
                                           each adjustment. If as a result of
                                           such adjustments the Calculation
                                           Agent determines that an amount is
                                           owed to Citibank by Counterparty, the
                                           Calculation Agent shall notify
                                           Counterparty of such amount, which
                                           Counterparty shall pay to Citibank
                                           within three (3) Currency Business
                                           Days following the receipt of such
                                           notice.

         Excess Dividend Amount:           Ex Amount or Paid Amount, whichever
                                           occurs first.

EXTRAORDINARY EVENTS:
---------------------

         Consequences of Merger
         Events:

         (a)  Share-for-Share:             Modified Calculation Agent
                                           Adjustment, but if Cancellation and
                                           Payment is deemed to apply, then the
                                           payment to be made by one party to
                                           the other shall be calculated as if
                                           the relevant Transaction is an Option
                                           Transaction.

         (b)  Share-for-Other:             Cancellation and Payment (Calculation
                                           Agent Determination).

         (c)  Share-for-Combined
         and any other Merger Event:       Component Adjustment.

         Determining Party:                Citibank.
<PAGE>

         Tender Offer:                     Applicable

         Consequences of Tender Offers:

         (a)  Share-for-Share:             Modified Calculation Agent
                                           Adjustment, but if Cancellation and
                                           Payment is deemed to apply, then the
                                           payment to be made by one party to
                                           the other shall be calculated as if
                                           the relevant Transaction is an Option
                                           Transaction.

         (b)  Share-for-Other:             Cancellation and Payment (Calculation
                                           Agent Determination).

         (d)  Share-for-Combined:          Component Adjustment.

         Nationalization, Insolvency
         or De-Listing:                    Cancellation and Payment, at the
                                           election of Citibank at any time
                                           after the relevant Announcement Date.

ADDITIONAL DISRUPTION EVENTS
----------------------------

         Change in Law:                    Applicable

         Insolvency Filing:                Applicable

         Hedging Disruption:               Applicable, except if such Hedging
                                           Disruption arises as a result of (1)
                                           a failure of a system within the
                                           control of Citibank or (2) the
                                           possession of material non-public
                                           information with respect to the
                                           issuer by those persons engaged in
                                           the hedging activity.

         Determining Party:                Citibank

         Loss of Stock Borrow:             Applicable; For the avoidance of
                                           doubt, if "Loss of Stock Borrow" is
                                           specified in the related Confirmation
                                           to be applicable to a Transaction,
                                           then upon the occurrence of such an
                                           event the Hedging Party may give
                                           notice that a Loss of Stock Borrow
                                           has occurred to the Non-Hedging
                                           Party, who may (A) lend the Hedging
                                           Party, subject to the conditions
                                           below, Shares in an amount equal to
                                           the Hedging Shares at a rate equal to
                                           or less than the Maximum Stock Loan
                                           Rate or (B) refer the Hedging Party
                                           to a Lending Party that will lend the
                                           Hedging Party Shares in an amount
                                           equal to the Hedging Shares at a rate
                                           equal to or less than the Maximum
                                           Stock Loan Rate, in each case within
                                           two Scheduled Trading Days of receipt
                                           of the notice of Loss of Stock
                                           Borrow. If neither the Non-Hedging
                                           Party nor the Lending Party lends
                                           Shares in the amount of the Hedging
                                           Shares or a satisfactory Lending
                                           Party is not identified within this
                                           period, the Hedging Party may give
                                           notice that it elects to terminate
                                           the Transaction, specifying the date
                                           of such termination, which may be the
                                           same day that the notice of
                                           termination is effective. The
                                           Determining Party will then

<PAGE>

                                          determine the Cancellation Amount
                                          payable by one party to the other.

         Hedging Party:                   Citibank

         Non-Hedging Party:               Counterparty

         Maximum Stock Loan Rate:         On any day, (a) Federal funds rate
                                          less (b) the function of Federal funds
                                          rate minus 25 basis points per annum
                                          based on the closing price per Share
                                          on the Scheduled Trading Day
                                          immediately preceding such day.

         Non-Reliance:                    Applicable

         Agreements and Acknowledgements
         Regarding Hedging Activities:    Applicable

         Additional Acknowledgements:     Applicable

     3. CALCULATION AGENT:

     Citibank is the Calculation Agent and shall make all calculations,
adjustments and determinations required pursuant to a Transaction (except as
otherwise provided herein), and such calculations, adjustments and
determinations shall be binding absent manifest error.

     4. COLLATERAL:

     (a) On or prior to the Trade Date for a Transaction, Counterparty shall
deliver a number of Shares equal to the Number of Shares for such Transaction
(the "Collateral Shares") (if such Shares are in certificated form, together
with proper instruments of assignment duly executed in favor of Citibank or its
designee or in blank) to Citibank or its designee, in each case in a manner
acceptable to Citibank. Counterparty hereby grants Citibank a continuing first
priority, perfected security interest in and right of setoff against the
Collateral Shares, all distributions thereon and rights relating thereto, and
any other collateral acceptable to Citibank in its sole discretion that may be
delivered by or on behalf of Counterparty in connection with such Transaction,
and all proceeds of any of the foregoing including without limitation the
obligation of Citibank to replace any Rehypothecated Collateral pursuant to this
paragraph (collectively, "Collateral"), as security for the prompt and complete
payment and performance when due (whether on an Early Termination Date or
otherwise) of all of Counterparty's payment and performance obligations under
the Transactions and the Agreement (the "Secured Obligations"). Citibank may
reregister the Collateral Shares and any other Collateral in its name or the
name of its nominee at any time and, if such Shares or such other Collateral are
in certificated form, Counterparty agrees to use reasonable best efforts
(including, without limitation, providing at Counterparty's expense any opinion
of counsel required by the Issuer) to cause the Issuer to effect such
reregistration. Citibank shall have the right to sell, pledge, rehypothecate,
assign, invest, use, commingle or otherwise dispose of, or otherwise use in its
business ("Rehypothecate") any Collateral (other than Collateral in the form of

<PAGE>

Shares) it holds, free from any claim or right of any nature whatsoever of
Counterparty, including any equity or right of redemption by Counterparty.
Citibank shall satisfy any obligation it may have to return any Rehypothecated
Collateral to Counterparty by delivering securities of the same class and issue
as such Rehypothecated Collateral.

     (b) Counterparty represents, on each date on which Counterparty delivers or
Citibank otherwise receives Collateral, that (i) Counterparty is the owner of
all Collateral free of any lien, security interest, charge, adverse claim,
restriction on transfer or other encumbrance, (ii) Counterparty has the power
and authority and has obtained all of the necessary consents and approvals to
grant a first priority security interest to Citibank in the Collateral, (iii)
upon the delivery of the Collateral Shares as described above and any other
Collateral in a manner acceptable to Citibank, Citibank will have a valid and
perfected first priority security interest in the Collateral Shares (except for
liens of any clearing organization arising from the process of transferring such
shares) and the other Collateral, (iv) none of Counterparty's entry into this
Master Confirmation or Citibank's exercise of any of its rights and remedies
hereunder will violate or conflict with the terms of any agreement made by or
applicable to Counterparty or will violate or conflict with any law, rule,
policy or order applicable to Counterparty or the Collateral, and (v)
Counterparty has furnished Citibank with copies of all agreements, contracts or
instruments that relate to the Collateral Shares.

     (c) In addition to the rights granted to a secured party under the Uniform
Commercial Code (whether or not in effect in the jurisdiction where such rights
are exercised), Citibank shall be entitled to hold the Collateral as collateral
to the extent set forth below until the date all of Counterparty's obligations
in connection with each Transaction hereunder, whether absolute or contingent,
have been fully performed (the "Termination Date"). If Counterparty defaults on
any obligation to Citibank under this Master Confirmation, any Transaction or
the Agreement, Citibank may exercise all rights with respect to the Collateral,
sell or liquidate the Collateral to satisfy any of Counterparty's obligations to
Citibank and set off any amounts payable by Counterparty with respect to any
Secured Obligations against any Collateral held by Citibank or the cash
equivalent of any Collateral (or any obligation of Citibank to deliver any
Collateral to Counterparty). Counterparty acknowledges and agrees that the
Collateral may decline speedily in value and is of a type customarily sold on a
recognized market and, therefore, that Citibank is not required to send any
notice of its intention to sell or otherwise dispose of the Collateral
hereunder, except any notice that is required under applicable law and cannot be
waived (in which case Counterparty agrees that ten days' prior written notice
shall be commercially reasonable). Following a default, Citibank may, in its
sole and absolute discretion, sell Collateral in a private sale in such manner
and under such circumstances as Citibank may deem necessary or advisable (with
Citibank or its affiliate having the right to purchase any or all of the
Collateral Shares to be sold) and notwithstanding that a registration statement
for all or any of such Collateral has been or could be filed or is not required
under the Securities Act. Without limiting the foregoing, upon request of
Citibank following such default, Counterparty shall use reasonable best efforts
to procure the registration by the Issuer of the Collateral Shares. Citibank
shall apply the Collateral or the net proceeds of any such collection, exercise
or sale to the payment in whole or in part of the Secured Obligations in such
order as Citibank shall determine in the exercise of its sole discretion.
Counterparty shall remain fully liable to Citibank for any amounts that remain
outstanding after Citibank has liquidated and/or sold the Collateral and
deducted its reasonable attorney fees and other costs and expenses incurred in
connection therewith, plus interest thereon at the rate determined by Citibank
from the date incurred to the date paid (which shall be Secured Obligations).

     (d) Counterparty shall not change (i) Counterparty's name, identity or
corporate structure in any manner or (ii) Counterparty's Location, unless in
either case (A) Counterparty shall have given Citibank not less than 30 days'
prior notice thereof and (B) such change shall not cause any of Citibank's
security interest in the Collateral to become unperfected, cause Citibank to
cease to have

<PAGE>

"control" (as defined in Section 8-106 and Section 9-106 of the Uniform
Commercial Code as in effect in the State of New York (the "NYUCC")) in respect
of any of its security interests in any Collateral consisting of investment
property (as defined in Section 9-102(a) of the NYUCC) or subject any Collateral
to any other lien, mortgage, security interest, pledge, charge or encumbrance of
any kind.

     (e) Unless a Potential Event of Default, an Event of Default or a
Termination Event has occurred and is continuing with respect to Counterparty or
an Early Termination Date has occurred or been designated as a result of an
Event of Default or Termination Event with respect to Counterparty, Counterparty
shall be entitled to exercise any and all voting and other consensual rights
pertaining to the Collateral or any part thereof (other than Rehypothecated
Collateral) for any purpose not inconsistent with the terms of this Master
Confirmation; provided, however, that Counterparty shall not exercise or refrain
from exercising such right if, in the judgment of Citibank, such action would
have a material adverse effect on the value of the Collateral.

     (f) Unless a Potential Event of Default, an Event of Default or a
Termination Event has occurred and is continuing with respect to Counterparty or
an Early Termination Date has occurred or been designated as a result of an
Event of Default or Termination Event with respect to Counterparty, Citibank
shall pay over, or cause to be paid over, to Counterparty any cash dividends or
similar cash distributions made in respect of the Collateral actually received
by or on behalf of Citibank (other than any Excluded Distribution). Any cash
Excluded Distribution which results in a payment obligation by Counterparty to
Citibank under "Method of Adjustment" or "Dividend Adjustment" above shall be
retained by Citibank in satisfaction of Counterparty's payment obligation under
the relevant provision, and any other Excluded Distribution shall be retained by
Citibank as Collateral. Any Excluded Distribution, if received by Counterparty,
shall promptly be paid or delivered to Citibank in the manner directed by
Citibank to be held as Collateral hereunder or to be applied to cover
Counterparty's payment obligation under "Method of Adjustment" or "Dividend
Adjustment" above, as the case may be, and shall be deemed held in trust for
Citibank until so paid or delivered. For purposes of this provision, "Excluded
Distribution" shall mean any dividend or other distribution in respect of the
Collateral whose receipt constitutes a Potential Adjustment Event, that is in
excess of the Regular Dividend or that is made in connection with a Merger
Event.

     (g) Unless Counterparty satisfies Counterparty's obligations under a
Transaction through delivery of other Shares, Counterparty hereby authorizes
Citibank on the applicable Settlement Date to apply Collateral in the form of
Shares to satisfy Counterparty's delivery obligations, if any, under such
Transaction; provided that in no event shall this provision be construed as
altering in any way Counterparty's obligations to satisfy all conditions to
physical settlement under this Confirmation (see "Conditions to Physical
Settlement" above). If so requested by a party, the other party agrees to
cooperate in good faith (subject, in the case of Citibank, to such terms and
conditions as it deems appropriate) in efforts to have the Collateral Shares
deposited into the Clearance System.

     (h) Counterparty will faithfully preserve and protect Citibank's security
interest in the Collateral, will defend Citibank's right, title, lien and
security interest in and to the Collateral against the claims and demands of all
persons whomsoever, and will do all such acts and things and deliver all such
documents and instruments, including without limitation further pledges,
assignments, account control agreements, financing statements and continuation
statements, as Citibank in its sole discretion may deem necessary or advisable
from time to time in order to preserve, protect and perfect such security
interest or to enable Citibank to exercise or enforce its rights with respect to
any Collateral. Counterparty hereby irrevocably appoints Citibank as
Counterparty's attorney-in-fact for the purpose of taking any action and
executing any instrument which Citibank may deem necessary or advisable to
accomplish the purposes of the pledge contemplated by this Master Confirmation.
Citibank shall exercise reasonable care of the Collateral to the extent required
by applicable law and in any event shall be deemed to have

<PAGE>

exercised reasonable care if it exercises at least the same degree of care as it
would exercise with respect to its own property. Except as specified in the
preceding sentence, Citibank shall have no duty with respect to the Collateral,
including, without limitation, any duty to collect any distributions thereon or
enforce or preserve any rights in the Collateral pertaining thereto.

     (i) Counterparty will not permit any lien, security interest, charge,
adverse claim, restriction on transfer or other encumbrance, other than the lien
and security interest Counterparty created hereby in favor of Citibank, to exist
upon any of the Collateral. Counterparty will not take any action that could in
any way limit or adversely affect the ability of Citibank to realize upon its
rights in the Collateral. Counterparty will promptly pay when due all taxes,
assessments or charges of any nature that are imposed with respect to the
Collateral, or income or distributions in respect of the Collateral, upon
becoming aware of the same. Notwithstanding anything to the contrary elsewhere
in the Agreement or any Confirmation, all payments and all deliveries of
Collateral, or income or distributions in respect of Collateral, pursuant to the
Agreement shall be made and the value of any Collateral, or income or
distributions in respect of Collateral, shall be calculated net of any and all
present or future taxes, levies, imposts, duties, charges, assessments or fees
of any nature (including interest, penalties and additions thereto) that are
imposed by any government or other taxing authority in respect thereof.

     (j) When no amounts are or thereafter may become payable or Shares
deliverable by Counterparty with respect to any Secured Obligations (except for
any potential liability under Section 2(d) of the Agreement), Citibank will
return to Counterparty all Collateral, if any. When (x) no amounts are or
thereafter may become payable or Shares deliverable by Counterparty with respect
to any Secured Obligations relating to a particular Transaction (except for any
potential liability under Section 2(d) of the Agreement), (y) no Potential Event
of Default, Event of Default or Termination Event has occurred and is continuing
with respect to Counterparty and (z) no Early Termination Date has occurred or
been designated as the result of an Event of Default or Termination Event with
respect to Counterparty, Citibank will return to Counterparty all Collateral
relating to such Transaction, if any, as determined by Citibank.

     (k) The provisions of this Section 4 constitute a Credit Support Document
with respect to Counterparty. The Transactions hereunder shall be disregarded
for purposes of determining Exposure under any Credit Support Annex between the
parties and any Collateral delivered to or received by Citibank under this
Master Confirmation shall constitute neither Posted Collateral nor an
Independent Amount under any such Credit Support Annex.

     5. SECURITIES LAW REPRESENTATIONS AND AGREEMENTS:

     Counterparty hereby represents, warrants and agrees in favor of Citibank on
the Trade Date and, if different, on each date Collateral Shares (as defined in
Section 4 above) are delivered to Citibank:

     (a) The Collateral Shares are freely tradable by or on behalf of
Counterparty under the Securities Act, and are not subject to resale
restrictions under Rule 144, Rule 145 or otherwise.

     (b) Counterparty is not, and within the preceding three months has not
been, an Insider. Until the Termination Date, Counterparty will not become an
Insider. "Insider" means a person who is an officer, director or beneficial
owner of more than 10% of any class of equity securities of the Issuer required
to file reports pursuant to Section 16(a) of the Securities Exchange Act of
1934, as amended, or otherwise an affiliate of the Issuer within the meaning of
the Securities Act.

<PAGE>

     (c) Counterparty understands and will comply with Counterparty's
responsibilities under applicable securities laws in connection with the
Transactions including, but not limited to, the provisions of Rule 144 and the
filing requirements (to the extent applicable) of Sections 13 and 16 of the
Securities Exchange Act of 1934.

     6.   ADDITIONAL REPRESENTATIONS AND AGREEMENTS:

     (a) In connection with this Master Confirmation, each Confirmation, each
Transaction to which a Confirmation relates and any other documentation relating
to the Agreement, each party represents and acknowledges to the other party on
the Trade Date of each Transaction that:

               (i) such party is an "accredited investor" as defined in Section
          2(a)(15)(ii) of the Securities Act and an "eligible contract
          participant" as such term is defined in the Commodity Exchange Act, as
          amended;

               (ii) such party will immediately inform the other party of any
          changes in the information set forth herein occurring prior to the
          Termination Date;

               (iii) such party will immediately notify the other party of the
          occurrence of an Event of Default under the Agreement where such party
          is the Defaulting Party, or the occurrence of any event that with the
          giving of notice, the lapse of time or both would be such an Event of
          Default; and

               (iv) such party was not or will not be insolvent at the time any
          Transaction hereunder was consummated, and was not or will not be
          rendered insolvent or will not be insolvent as a result thereof. At
          the time of any transfer to or for the benefit of the other party,
          such party did not intend or will not intend to incur, and did not
          incur or will not incur, debts that were beyond the ability of such
          party to pay as they mature.

     (b) In connection with this Master Confirmation, each Confirmation, each
Transaction to which a Confirmation relates and any other documentation relating
to the Agreement, Counterparty represents and acknowledges to Citibank on the
Trade Date of each Transaction that:

               (i) Counterparty understands no obligations of Citibank to
          Counterparty hereunder will be entitled to the benefit of deposit
          insurance and that such obligations will not be guaranteed by any
          affiliate of Citibank or any governmental agency;

               (ii) Counterparty's investments in and liabilities in respect of
          such Transaction, which Counterparty understands are not readily
          marketable, is not disproportionate to Counterparty's net worth, and
          Counterparty is able to bear any loss in connection with such
          Transaction, including the loss of Counterparty's entire investment in
          such Transaction;

               (iii) COUNTERPARTY UNDERSTANDS THAT SUCH TRANSACTION IS SUBJECT
          TO COMPLEX RISKS WHICH MAY ARISE WITHOUT WARNING AND MAY AT TIMES BE
          VOLATILE AND THAT LOSSES MAY OCCUR QUICKLY AND IN UNANTICIPATED
          MAGNITUDE AND IS WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND
          ASSUME (FINANCIALLY AND OTHERWISE) SUCH RISKS;

               (iv) Neither Counterparty nor any of Counterparty's affiliates is
          in possession of any material non-public information concerning the
          Issuer. "Material" information for these

<PAGE>

          purposes is any information to which an investor would reasonably
          attach importance in reaching a decision to buy, sell or hold
          securities of the Issuer; and

               (v) Counterparty is entering into such Transaction for
          Counterparty's own account and not with a view to transfer, resale or
          distribution and understands that such Transaction may involve the
          purchase or sale of a security as defined in the Securities Act and
          the securities laws of certain states, that any such security has not
          been registered under the Securities Act or the securities laws of any
          state and, therefore, may not be sold, pledged, hypothecated,
          transferred or otherwise disposed of unless such security is
          registered under the Securities Act and any applicable state
          securities law, or an exemption from registration is available.

     7. ACKNOWLEDGMENTS:

     The parties hereto intend for:

     (a) Each Transaction hereunder to be a "securities contract", a "swap
agreement" and/or a "forward contract" as defined in the Bankruptcy Code (Title
11 of the United States Code) (the "Bankruptcy Code"), and the parties hereto
are entitled to the protections afforded by, among other Sections, Sections
362(b)(6), 362(b)(17), 555, 556 and 560 of the Bankruptcy Code. The necessary
action to authorize referred to in the representation in Section 3(a)(ii) of the
Agreement includes all authorizations, if any, required under the Federal
Deposit Insurance Act, as amended (including amendments effected by the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989), and under
any agreement, writ, decree, or order entered into with such party's supervisory
authorities.

     (b) A party's right to liquidate a Transaction and to exercise any other
remedies upon the occurrence of any Event of Default under the Agreement with
respect to the other party to constitute a "contractual right" as described in
the Bankruptcy Code.

     (c) Any cash, securities or other property provided as performance
assurance, credit support or collateral with respect to a Transaction to
constitute "margin payments" and "transfers" under a "swap agreement" as defined
in the Bankruptcy Code.

     (d) All payments for, under or in connection with a Transaction, all
payments for the Shares and the transfer of such Shares to constitute
"settlement payments" and "transfers", respectively, under a "securities
contract", "swap agreement" or a "forward contract" as defined in the Bankruptcy
Code.

     8. INDEMNIFICATION:

     Counterparty agrees to indemnify and hold harmless Citibank, its Affiliates
and its assignees and their respective directors, officers, employees, agents
and controlling persons (Citibank and each such person being an "Indemnified
Party") from and against any and all losses, claims, damages and liabilities,
joint or several, to which such Indemnified Party may become subject, and
relating to or arising out of any of Counterparty's breach of its
representations and agreements herein, and will reimburse any Indemnified Party
for all expenses (including reasonable counsel fees and expenses) as they are
incurred in connection with the investigation of, preparation for or defense or
settlement of any pending or threatened claim or any action, suit or proceeding
arising therefrom, whether or not such Indemnified Party is a party thereto and
whether or not such claim, action, suit or proceeding is initiated or brought by
or on behalf of Counterparty. Counterparty will not be liable under the
foregoing indemnification provision to the extent that any loss, claim, damage,
liability or expense is found in a nonappealable judgment by a court of
competent jurisdiction to have resulted from Citibank's breach of a material
term

<PAGE>

of this Master Confirmation, willful misconduct or gross negligence. If for any
reason the foregoing indemnification is unavailable to any Indemnified Party or
insufficient to hold harmless any Indemnified Party, then Counterparty shall
contribute, to the maximum extent permitted by law (but only to the extent that
such harm was not caused by Citibank's breach of a material term of this Master
Confirmation, willful misconduct or gross negligence), to the amount paid or
payable by the Indemnified Party as a result of such loss, claim, damage or
liability. Counterparty also agrees that no Indemnified Party shall have any
liability to Counterparty or any person asserting claims on behalf of or in
right of Counterparty in connection with or as a result of any matter referred
to in this Master Confirmation or the Agreement except to the extent that any
losses, claims, damages, liabilities or expenses incurred by Counterparty result
from the breach of a material term of this Master Confirmation, or the
Indemnified Party's gross negligence or willful misconduct. The provisions of
this Section 8 shall survive completion of the Transactions contemplated by this
Master Confirmation and any assignment and delegation pursuant to Section 9(b)
of this Master Confirmation and shall inure to the benefit of any permitted
assignee of Citibank.

     9. OTHER PROVISIONS:

     (a) Early Termination. The parties agree that for purposes of Section 6(e)
of the Agreement, Second Method and Loss will apply to each Transaction under
this Master Confirmation.

     (b) Transfer. Notwithstanding any provision of the Agreement to the
contrary, Citibank shall be entitled to assign its rights and obligations
hereunder to make or receive cash payments and transfer of Shares and other
related rights to one or more entities, including, but not limited to, Citigroup
Global Markets Inc., that are wholly-owned, directly or indirectly, by Citigroup
Inc., or any successor thereto (each, a "Citibank Affiliate"); provided that
Counterparty shall not incur any adverse tax consequence and have recourse to
Citibank in the event of the failure by a Citibank Affiliate to perform any of
such obligations hereunder. Notwithstanding the foregoing, recourse to Citibank
shall be limited to recoupment of Counterparty's monetary damages and
Counterparty hereby waives any right to seek specific performance by Citibank of
its obligations hereunder. Such failure after any applicable grace period shall
be an Additional Termination Event with the Transaction to which the failure
relates as the sole Affected Transaction and Citibank as the sole Affected
Party.

     (c) Consent to Recording. Each party (i) consents to the recording of the
telephone conversations of trading and marketing personnel of the parties and
their affiliates in connection with this Master Confirmation and (ii) agrees to
obtain any necessary consent of, and give notice of such recording to, such
personnel of such party and such party's affiliates.

     (d) Severability; Illegality. If compliance by either party with any
provision of a Transaction would be unenforceable or illegal, (i) the parties
shall negotiate in good faith to resolve such unenforceability or illegality in
a manner that preserves the economic benefits of the transactions contemplated
hereby and (ii) the other provisions of such Transaction shall not be
invalidated, but shall remain in full force and effect.

     (e) Waiver of Trial by Jury. EACH OF COUNTERPARTY AND CITIBANK HEREBY
IRREVOCABLY WAIVES (ON SUCH PARTY'S OWN BEHALF AND, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, ON BEHALF OF SUCH PARTY'S STOCKHOLDERS) ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT
OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS MASTER CONFIRMATION OR THE
ACTIONS OF CITIBANK OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR
ENFORCEMENT HEREOF.

<PAGE>

     (f) Confidentiality. Citibank and Counterparty agree that (i) Counterparty
is not obligated to Citibank to keep confidential from any and all persons or
otherwise limit the use of any element of Citibank's descriptions relating to
tax aspects of the Transactions hereunder and any part of the structure
necessary to understand those tax aspects, and (ii) Citibank does not assert any
claim of proprietary ownership in respect of such descriptions contained herein
of the use of any entities, plans or arrangements to give rise to significant
U.S. federal income tax benefits for Counterparty.

     (g) Financial Institution. Citibank is a "financial institution" as defined
in the Federal Deposit Insurance Corporation Improvement Act of 1991 or
Regulation EE promulgated by the Federal Reserve Board thereunder.

                                                  Yours sincerely,

                                                  CITIBANK, N.A.

                                                  By:  /s/ Herman Hirsch
                                                      -------------------------
                                                      Authorized Representative

Confirmed as of the date first above written:

AMERITRADE HOLDING CORPORATION

By:  /s/ John R. MacDonald
    ------------------------

Name:  John R. MacDonald
Title: Executive Vice President, Chief Financial Officer and Treasurer

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