Document:

EX-4.1

Exhibit 4.1

NATIONAL FUEL GAS COMPANY

OFFICER’S CERTIFICATE

Establishing 6.50% Notes due 2018

               R. J. Tanski, the Treasurer, of National Fuel Gas Company, a New Jersey corporation (the
“Company”), pursuant to the authority granted in the Board Resolutions of the Company adopted on
April 8, 2008 and April 10, 2008, and Sections 102, 201 and 301 of the Indenture defined herein,
does hereby certify to The Bank of New York (the “Trustee”), as Trustee under the Indenture of the
Company (For Unsecured Debt Securities) dated as of October 1, 1999 (the “Indenture”), that:

	1.	 	The Securities of the fourth series to be issued under the Indenture shall be designated
“6.50% Notes due 2018” (the “Notes of the Fourth Series”); the Notes of the Fourth Series
shall be in substantially the form set forth in Exhibit A hereto. All capitalized terms used
in this certificate which are not defined herein shall have the meanings set forth in the
Indenture.

	2.	 	The Notes of the Fourth Series shall be initially authenticated and delivered in the
aggregate principal amount of $300,000,000 (the “Initial Notes of the Fourth Series”);
provided, however, that the Company may, without the consent of the Holders of
the Initial Notes of the Fourth Series, create and issue additional Notes of the Fourth Series
ranking equally with, and otherwise identical in all respects to, the Initial Notes of the
Fourth Series (except for the issue price therefor, the date from which interest first accrues
thereon and the first interest payment date therefor), which additional Notes of the Fourth
Series shall form a single series with the Initial Notes of the Fourth Series.

	3.	 	The Notes of the Fourth Series shall mature, and the principal thereof shall be due and
payable, together with all accrued and unpaid interest thereon, on April 15, 2018.

	4.	 	The Notes of the Fourth Series shall be issued in the denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

	5.	 	The Notes of the Fourth Series shall bear interest as provided in the form thereof set forth
in Exhibit A.

	6.	 	The principal, interest and premium and Additional Interest (as defined below), if any, on
the Notes of the Fourth Series shall be payable at, and registration of transfers and
exchanges in respect of the Notes of the Fourth Series may be effected at, the office or
agency of the Company in The City of New York; provided, however, that payment
of interest may be made at the option of the Company by check mailed to the address of the
persons entitled thereto or, in certain circumstances described in the form of Notes of the
Fourth Series hereto attached as Exhibit A, by wire transfer to an account designated by the
person entitled thereto. Notices and demands to or upon the Company in respect of the Notes
of the Fourth Series and the Indenture may be served at the office or agency of the Company in
The City of New York. The Corporate Trust Office of the Trustee shall

 

 

	 	 	initially be the agency of the Company for such payment, registration and registration of
transfers and exchanges and service of notices and demands and the Company hereby appoints
the Trustee as its agent for all such purposes; provided, however, that the
Company reserves the right to change, by one or more Officer’s Certificates, any such office
or agency and such agent. The Trustee shall initially be the Security Registrar and the
Paying Agent for the Notes of the Fourth Series.

	7.	 	The Notes of the Fourth Series are subject to optional redemption as provided in the form
thereof set forth in Exhibit A.
	 
	8.	 	The Notes of the Fourth Series shall not be entitled to the benefit of any sinking fund.

	9.	 	If a “Change of Control Triggering Event” (as defined in Exhibit A hereto) occurs, each
Holder of the Notes of the Fourth Series may require the Company to purchase all or a portion
of such Holder’s Notes of the Fourth Series at a price equal to 101% of the principal amount,
plus accrued interest, if any, to the date of purchase, on the terms and subject to the
conditions set forth in Exhibit A hereto.

	10.	 	The Notes of the Fourth Series shall be initially issued as certificates in global form
(each, a “Global Note”) registered in the name of Cede & Co., as registered owner and as
nominee for The Depository Trust Company (“DTC”). Beneficial interests in the Notes of the
Fourth Series offered and sold to “qualified institutional buyers” (as defined in Rule 144A
under the Securities Act of 1933, as amended (the “Securities Act”)) (“QIBs”) in reliance upon
Rule 144A under the Securities Act shall be represented by one or more separate Global Notes
(each, a “Rule 144A Global Certificate”). Each Rule 144A Global Certificate shall bear the
legends set forth in Exhibit A hereto. Beneficial interests in the Notes of the Fourth Series
offered and sold to purchasers pursuant to Regulation S under the Securities Act shall be
represented by one or more separate Global Notes (each, a “Regulation S Global Certificate”)
and shall bear the legends set forth in Exhibit A hereto. The Company reserves the right to
provide for another depositary, registered as a clearing agency under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), to act as successor depositary for the Global
Notes of the Fourth Series (DTC and any such successor depositary, the “Depository”). The
Trustee and the Company shall have no responsibility or liability for any aspect of transfers
of beneficial interests in the Notes of the Fourth Series (which transfers shall be conducted
pursuant to the customary procedures of DTC), any records of DTC of beneficial interests or
any transactions between DTC and its participants or between any such participants and any
other beneficial owners or for monitoring, supervising or reviewing of any thereof.

	11.	 	Beneficial interests in Notes of the Fourth Series issued as Global Notes may not be
exchanged in whole or in part for individual certificated Notes of the Fourth Series in
definitive form, and no transfer of a Global Note of the Fourth Series in whole or in part may
be registered in the name of any Person other than the Depository or its nominee, except that
if the Depository (A) has notified the Company that it is unwilling or unable to continue as
depositary for the Global Notes of the Fourth Series, (B) has ceased to be a clearing agency
registered under the Exchange Act and, in either case, a successor depositary for such Global
Notes of the Fourth Series has not been appointed within 90

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	 	 	days of (i) that notice or (ii) the Company becoming aware that the Depository is no longer
so registered, (C) an Event of Default has occurred and is continuing, and the Depository
requests the issuance of certificated Notes of the Fourth Series in definitive form or (D)
the Company determines not to have the Notes of the Fourth Series represented by Global
Notes, the Company shall execute, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of definitive Notes of the Fourth Series, shall authenticate and
deliver, Notes of the Fourth Series in definitive certificated form in an aggregate
principal amount equal to the principal amount of the Global Notes of the Fourth Series
representing such Notes of the Fourth Series in exchange for such Global Notes of the Fourth
Series, such definitive Notes of the Fourth Series to be registered in the names provided by
the Depository.

	12.	 	Transfers of beneficial interests in the Rule 144A Global Certificate and Regulation S Global
Certificate shall be subject to the restrictions on transfer contained in the non-registration
legend set forth in Exhibit A hereto. In connection with any transfer of Notes of the Fourth
Series, the Trustee and the Company shall be under no duty to inquire into, may conclusively
presume the correctness of, and shall be fully protected in relying upon, the certificates and
other information (set forth in Exhibit A hereto, for use in connection with the transfer of
beneficial interests between a Rule 144A Global Certificate and a Regulation S Global
Certificate or to a Note of the Fourth Series in definitive form, or otherwise) received from
the Holders and any transferees of any Notes of the Fourth Series regarding the validity,
legality and due authorization of any such transfer, the eligibility of the transferee to
receive such Note of the Fourth Series and any other facts and circumstances related to such
transfer. Transfers of beneficial interests between a Rule 144A Global Certificate and a
Regulation S Global Certificate, and other transfers relating to beneficial interests in the
Notes of the Fourth Series represented by Global Notes, shall be reflected by endorsements of
the Trustee, as custodian for DTC (or another Depository), on the schedule attached thereto.

	13.	 	The Trustee, the Security Registrar and the Company shall have no responsibility under the
Indenture for transfers of beneficial interests in the Notes of the Fourth Series, for any
depositary records of beneficial interests or for any transactions between the Depository and
beneficial owners.

	14.	 	The Company has entered into a Registration Rights Agreement dated April 11, 2008 with the
initial purchasers of the Notes of the Fourth Series (the “Registration Rights Agreement”),
pursuant to which the Notes of the Fourth Series that are issued and sold without registration
under the Securities Act (the “Private Notes”) may be exchanged for Notes of the Fourth Series
that shall be registered under the Securities Act and that shall otherwise have substantially
the same terms as the Private Notes (the “Exchange Notes”). Such Exchange Notes shall also be
issued as a Global Note in the form of Exhibit A hereto and shall bear all customary legends
(except for the non-registration and registration rights legends) or, as provided in the
Registration Rights Agreement, the Company has agreed to file a shelf registration statement
for the resale of the Notes of the Fourth Series (in which case any Notes of the Fourth Series
so resold shall be issued as a Global Note in the form of Exhibit A hereto and bear all
customary legends (except for the non-registration and registration rights legends)). The
Private Notes shall be

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	 	 	exchanged for Exchange Notes only pursuant to an effective registration statement under the
Securities Act and otherwise in accordance with the Registration Rights Agreement and the
Indenture. The Private Notes and the Exchange Notes shall constitute a single series of
notes under the Indenture. Exchange Notes shall be authenticated and delivered by the
Trustee at one time or from time to time upon the receipt by the Trustee of a Company Order
in principal amounts equal to the principal amounts of the Private Notes surrendered in
exchange therefor. In addition, upon the receipt of such Company Order, the Trustee shall
take such actions as to effectuate the exchange of any Private Notes for Exchange Notes in
accordance with the Registration Rights Agreement and the Indenture.

	15.	 	No service charge shall be made for the registration of transfer or exchange of the Notes of
the Fourth Series; provided, however, that the Company may require payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with the exchange or transfer.

	16.	 	If the Company shall make any deposit of money and/or Eligible Obligations with respect to
any Notes of the Fourth Series, or any portion of the principal amount thereof, as
contemplated by Section 701 of the Indenture, the Company shall not deliver an Officer’s
Certificate described in clause (z) in the first paragraph of said Section 701 unless the
Company shall also deliver to the Trustee, together with such Officer’s Certificate, either:

     (A) an instrument wherein the Company, notwithstanding the satisfaction and discharge
of its indebtedness in respect of the Notes of the Fourth Series, shall assume the
obligation (which shall be absolute and unconditional) to irrevocably deposit with the
Trustee or Paying Agent such additional sums of money, if any, or additional Eligible
Obligations (meeting the requirements of Section 701), if any, or any combination thereof,
at such time or times, as shall be necessary, together with the money and/or Eligible
Obligations theretofore so deposited, to pay when due the principal of and interest, if any,
due and to become due on such Notes of the Fourth Series or portions thereof, all in
accordance with and subject to the provisions of said Section 701; provided,
however, that such instrument may state that the obligation of the Company to make
additional deposits as aforesaid shall be subject to the delivery to the Company by the
Trustee of a notice asserting the deficiency accompanied by an opinion of an independent
public accountant of nationally recognized standing, selected by the Company and acceptable
to the Trustee, showing the calculation thereof; or

     (B) an Opinion of Counsel to the effect that, as a result of (i) the receipt by the
Company from, or the publication by, the Internal Revenue Service of a ruling or (ii) a
change in law occurring after the date of this certificate, the Holders of such Notes of the
Fourth Series, or portions of the principal amount thereof, will not recognize income, gain
or loss for United States federal income tax purposes as a result of the satisfaction and
discharge of the Company’s indebtedness in respect thereof and will be subject to United
States federal income tax on the same amounts, at the same times and in the same manner as
if such satisfaction and discharge had not been effected.

	17.	 	The Notes of the Fourth Series shall have such other terms and provisions as are provided in
the form thereof set forth in Exhibit A.

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	18.	 	All conditions precedent, if any, provided for in the Indenture (including any covenants
compliance with which constitutes a condition precedent), relating to the authentication and
delivery of the Notes of the Fourth Series requested in the accompanying Company Order No. 4
have been complied with.

	19.	 	The undersigned has read all of the covenants and conditions contained in the Indenture, and
the definitions in the Indenture relating thereto, relating to the Company’s issuance of the
Notes of the Fourth Series and the Trustee’s authentication and delivery of the Notes of the
Fourth Series, and in respect of compliance with which this certificate is made.

	20.	 	The statements contained in this certificate are based upon the familiarity of the
undersigned with the Indenture, the documents accompanying this certificate, and upon
discussions by the undersigned with officers, employees and counsel of the Company familiar
with the matters set forth herein.

	21.	 	In the opinion of the undersigned, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenants and
conditions have been complied with.

	22.	 	In the opinion of the undersigned, such conditions and covenants have been complied with.

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               IN WITNESS WHEREOF, I have executed this Officer’s Certificate this 11th day of April, 2008.

	 	 	 	 	 
	 	 	 
	 	                                                   /s/ R. J. Tanski
 	 
	 	 	R. J. Tanski 	 
	 	 	Treasurer 	 
	 

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EXHIBIT A

[depositary legend]

               [Unless this Certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer,
exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or to such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]

[non-registration legend to be included on the Private Notes]

               THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE
EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.
THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (a) SUCH
SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (i)(A) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (B) OUTSIDE
THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (D) IN ACCORDANCE WITH
ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN
OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS), (ii) TO THE COMPANY OR
(iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION
AND (b) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE
SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (a) ABOVE. NO
REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE
OF THE SECURITY EVIDENCED HEREBY.

 

 

[registration rights legend to be included on the Private Notes]

               BY ITS ACCEPTANCE OF THE SECURITIES EVIDENCED HEREBY OR A BENEFICIAL INTEREST IN SUCH
SECURITIES, THE HOLDER OF, AND ANY PERSON THAT ACQUIRES A BENEFICIAL INTEREST IN, SUCH SECURITIES
AGREES TO BE BOUND BY THE PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT (THE “REGISTRATION RIGHTS
AGREEMENT”) DATED APRIL 11, 2008 AND RELATING TO THE REGISTRATION UNDER THE SECURITIES ACT OF
SECURITIES EXCHANGEABLE FOR THE SECURITIES EVIDENCED HEREBY AND REGISTRATION OF THE SECURITIES
EVIDENCED HEREBY.

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[FORM OF FACE OF NOTE]

NATIONAL FUEL GAS COMPANY

6.50% Notes due 2018

R-

CUSIP: [144A Global Certificate: 636180 BF7]

[Regulation S Global Certificate: U63038 AA8]

[Exchange Notes: 636180 BG5]

			
	 	 	 
	ORIGINAL ISSUE DATE: April 11, 2008
	 	PRINCIPAL AMOUNT: [$300,000,000][$0]
	 	 	 
	ORIGINAL INTEREST
	 	INTEREST RATE: 6.50%
	ACCRUAL DATE: April 11, 2008	 	 

MATURITY
DATE: April 15, 2018

INTEREST PAYMENT DATES: April 15 and October 15, commencing October 15, 2008

REDEEMABLE AT OPTION OF THE COMPANY: YES þ     NO o

REDEEMABLE AT OPTION OF THE HOLDER: YES o     NO þ

(See the Reverse of this Note for redemption provisions)

               NATIONAL FUEL GAS COMPANY, a corporation duly organized and existing under the laws of the
State of New Jersey (herein referred to as the “Company”, which term includes any successor Person
under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay
to

or registered assigns, the principal sum of            Dollars on the Maturity Date specified
above, and to pay interest thereon at the Interest Rate specified above, semi-annually on the
Interest Payment Dates specified above of each year and on the Maturity Date, from the Original
Interest Accrual Date specified above or from the most recent Interest Payment Date to which
interest has been paid, unless the Company shall default in the payment of interest due on such
Interest Payment Date, in which case interest shall be payable from the next preceding Interest
Payment Date to which interest has been paid, or, if no interest has been paid on this Security,
from the Original Interest Accrual Date. In the event that the Maturity Date or any date fixed for
redemption is not a Business Day, then payment of principal and interest payable on such date shall
be made on the next succeeding day which is a Business Day (and without any interest or other
payment in respect of such delay) with the same force and effect as if made on such Maturity Date
or date fixed for redemption. If the Company does not comply with certain of its obligations under
the registration rights agreement dated April 11, 2008 between the Company and the parties named
therein (the “Registration Rights Agreement”), this Security shall, in accordance with Section 2(e)
of the Registration Rights Agreement, bear additional interest (“Additional Interest”) in addition
to the interest otherwise provided for hereunder. For purposes

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 of this Security, the term “interest” shall be deemed to include any such Additional
Interest. In the event that any Interest Payment Date is not a Business Day, then payment of
interest payable on such date shall be made on the next succeeding day which is a Business Day (and
without any interest or other payment in respect of such delay) with the same force and effect as
if made on such Interest Payment Date. The Initial Interest Payment Date shall be October 15,
2008, and the payment on that date shall include all interest accrued from the Original Interest
Accrual Date. The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be (a) the Business Day immediately preceding such
Interest Payment Date so long as Securities of this series remain in book-entry only form or (b)
the 15th calendar day prior to such Interest Payment Date if Securities of this series do not
remain in book-entry only form; provided, however, that interest payable at
Maturity shall be paid to the Person to whom principal shall be paid. Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given
to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or
be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.

               Payment of the principal of and premium, if any, and interest on this Security shall be made
at the office or agency of the Company maintained for that purpose in The City of New York, the
State of New York in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided, however,
that (a) at the option of the Company, interest on this Security may be paid by check mailed to the
address of the person entitled thereto, as such address shall appear on the Security Register or by
wire transfer to an account designated by the person entitled thereto, and (b) upon the written
request of a Holder of not less than $10 million in aggregate principal amount of Securities of
this series delivered to the Company and the Paying Agent at least ten days prior to any Interest
Payment Date, payment of interest on such Securities to such Holder on such Interest Payment Date
shall be made by wire transfer of immediately available funds to an account maintained within the
continental United States specified by such Holder or, if such Holder maintains an account with the
entity acting as Paying Agent, by deposit into such account.

               Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

               Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

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               IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 
	 	NATIONAL FUEL GAS COMPANY

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

[FORM OF CERTIFICATE OF AUTHENTICATION]

CERTIFICATE OF AUTHENTICATION

               This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

               Dated: April 11, 2008

	 	 	 	 	 
	 	THE BANK OF NEW YORK, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

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[FORM OF REVERSE OF NOTE]

               This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture (For Unsecured
Debt Securities), dated as of October 1, 1999 (herein, together with any amendments or supplements
thereto, called the “Indenture”, which term shall have the meaning assigned to it in such
instrument), between the Company and The Bank of New York, as Trustee (herein called the “Trustee”,
which term includes any successor trustee under the Indenture), and reference is hereby made to the
Indenture, including the Board Resolutions and Officer’s Certificate filed with the Trustee on
April 11, 2008 creating the series designated on the face hereof, for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof.
The acceptance of this Security shall be deemed to constitute the consent and agreement by the
Holder hereof to all terms and provisions of the Indenture.

     Optional Redemption

               The Securities shall be redeemable at the option of the Company, in whole or in part, at its
option, at any time and from time to time, prior to the Maturity Date, in each case at a redemption
price (the “Redemption Price”) equal to the greater of

	 	(a)	 	100% of the principal amount of the Securities being redeemed;
and
	 
	 	(b)	 	the sum of the present values of the remaining scheduled
payments of principal and interest on the Securities being redeemed (excluding
the portion of any such interest accrued to the Redemption Date, as defined),
discounted to the date fixed for redemption (“Redemption Date”) on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 0.45%

               plus, in each case, accrued interest on those Securities to the Redemption Date.

               ”Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date.

               ”Comparable Treasury Issue” means the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the remaining term of the
Securities to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Securities.

               ”Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest of such Reference Treasury Dealer Quotations or (ii) if the

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Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations.

               “Independent Investment Banker” means an independent investment banking institution of
national standing appointed by the Company.

               “Reference Treasury Dealers” means primary U.S. Government securities dealers in New York City
appointed by the Company.

               “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by the Reference Treasury Dealer at 5:00 p.m. on the third
Business Day preceding such Redemption Date.

               In lieu of stating the Redemption Price, notices of redemption of the Securities shall state
substantially the following: “The Redemption Price of the Securities of this series to be redeemed
shall equal the sum of (a) the greater of (i) 100% of the principal amount of such Securities of
this series, and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest on the Securities of this series being redeemed (excluding the portion of
any such interest accrued to the Redemption Date), discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
plus 0.45%, plus accrued interest on the principal amount hereof to the Redemption Date.”

               Notice of redemption shall be given by mail to Holders of Securities, not less than 30 nor
more than 60 days prior to the Redemption Date, all as provided in the Indenture. As provided in
the Indenture, notice of redemption at the election of the Company as aforesaid may state that such
redemption shall be conditional upon the receipt by the applicable Paying Agent or Agents of money
sufficient to pay the principal of and premium, if any, and interest, if any, on this Security on
or prior to the date fixed for such redemption; a notice of redemption so conditioned shall be of
no force or effect if such money is not so received and, in such event, the Company shall not be
required to redeem this Security.

               In the event of redemption of this Security in part only, a new Security or Securities of this
series of like tenor representing the unredeemed portion hereof shall be issued in the name of the
Holder hereof upon the cancellation hereof.

               Change of Control Offer

               If a Change of Control Triggering Event occurs, unless the Company has exercised its option to
redeem the Securities as described above, the Company shall make an offer (a “Change of Control
Offer”) to each Holder of the Securities to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess thereof) of that Holder’s Securities on the terms set forth
herein. In the Change of Control Offer, the Company shall offer payment in cash equal to 101% of
the aggregate principal amount of Securities repurchased, plus accrued and unpaid interest, if any,
on the Securities repurchased to the date of repurchase (a “Change of

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Control Payment”), subject to the right of Holders of record on the applicable record date to
receive interest due on the next Interest Payment Date.

               Within 30 days following any Change of Control Triggering Event or, at the Company’s option,
prior to any Change of Control, but after public announcement of the transaction that constitutes
or may constitute the Change of Control, the Company shall mail a notice to Holders of the
Securities describing the transaction that constitutes or may constitute the Change of Control
Triggering Event and offer to repurchase such Securities on the date specified in the applicable
notice, which date shall be no earlier than 30 days and no later than 60 days from the date such
notice is mailed (a “Change of Control Payment Date”). The notice, if mailed prior to the date of
consummation of the Change of Control, shall state that the Change of Control Offer is conditioned
on the Change of Control Triggering Event occurring on or prior to the applicable Change of Control
Payment Date.

               Upon the Change of Control Payment Date, the Company shall, to the extent lawful:

	 	(a)	 	accept for payment all Securities or portions of Securities
properly tendered and not withdrawn pursuant to the Change of Control Offer;
	 
	 	(b)	 	deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Securities or portions of Securities properly
tendered; and
	 
	 	(c)	 	deliver or cause to be delivered to the Trustee the Securities
properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Securities or portions of Securities being repurchased.

               The Company need not make a Change of Control Offer upon the occurrence of a Change of Control
Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in
compliance with the requirements for an offer made by the Company and the third party repurchases
all Securities properly tendered and not withdrawn under its offer. In addition, the Company shall
not repurchase any Securities if there has occurred and is continuing on the Change of Control
Payment Date an Event of Default under the Indenture, other than a default in the payment of the
Change of Control Payment upon a Change of Control Triggering Event.

               The Company shall comply with the applicable requirements of Rule 14e-1 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with
the repurchase of the Securities as a result of a Change of Control Triggering Event. To the
extent that the provisions of any securities laws or regulations conflict with the Change of
Control Offer provisions of the Securities, the Company shall comply with those securities laws and
regulations and shall not be deemed to have breached its obligations under the Change of Control
Offer provisions of the Securities by virtue of any such conflict.

               For purposes of the Change of Control Offer provisions of the Securities, the following terms
are applicable:

A-8

 

               “Change of Control” means the occurrence of any of the following: (1) the direct or indirect
sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or more series of related transactions, of all or substantially all of the
Company’s assets and the assets of the its subsidiaries, taken as a whole, to any person, other
than the Company or one of its subsidiaries; (2) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any person becomes the
beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into
which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by
voting power rather than number of shares; (3) the Company consolidates with, or merges with or
into, any person, or any person consolidates with, or merges with or into, the Company, in any such
event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the
Voting Stock of such other person is converted into or exchanged for cash, securities or other
property, other than any such transaction where the shares of the Company’s Voting Stock
outstanding immediately prior to such transaction constitute, or are converted into or exchanged
for, a majority of the Voting Stock of the surviving person or any direct or indirect parent
company of the surviving person, measured by voting power rather than number of shares, immediately
after giving effect to such transaction; (4) the first day on which a majority of the members of
the Company’s Board of Directors are not Continuing Directors; or (5) the adoption of a plan
relating to the Company’s liquidation or dissolution.

               The term “person,” as used in this definition, has the meaning given thereto in Section
13(d)(3) of the Exchange Act.

               “Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Rating Event.

               “Continuing Directors” means, as of any date of determination, any member of the Company’s
Board of Directors who (1) was a member of such Board of Directors on the date the Securities were
issued or (2) was nominated for election, elected or appointed to such Board of Directors with the
approval of a majority of the Continuing Directors who were members of such Board of Directors at
the time of such nomination, election or appointment (either by a specific vote or by approval of
the Company’s proxy statement in which such member was named as a nominee for election as a
director).

               “Fitch” means Fitch Ratings and its successors.

               “Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by
Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent
investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by
the Company.

               “Moody’s” means Moody’s Investors Service, Inc. and its successors.

               “Rating Agencies” means (1) each of Fitch, Moody’s and S&P and (2) if any of Fitch, Moody’s or
S&P ceases to rate the Securities or fails to make a rating of the Securities publicly available
for reasons outside of the Company’s control, a “nationally recognized

A-9

 

statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the
Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of
Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be.

               “Rating Event” means the rating on the Securities is lowered by at least two of the three
Rating Agencies and the Securities are rated below an Investment Grade Rating by at least two of
the three Rating Agencies, in any case on any day during the period (which period shall be extended
so long as the rating of the Securities is under publicly announced consideration for a possible
downgrade by any of the Rating Agencies) commencing 60 days prior to the first public notice of the
occurrence of a Change of Control or the Company’s intention to effect a Change of Control and
ending 60 days following consummation of such Change of Control.

               “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and its successors.

               “Voting Stock” means, with respect to any specified “person” (as that term is used in Section
13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time
entitled to vote generally in the election of the board of directors of such person.

               Unless the Company defaults in the Change of Control Payment, on and after the Change of
Control Payment Date, interest shall cease to accrue on the Securities or portions of the
Securities tendered for repurchase pursuant to the Change of Control Offer.

               The Indenture contains provisions for defeasance at any time of the entire indebtedness of the
Company in respect of this Security, or any portion of the principal amount thereof, upon
compliance with certain conditions set forth in the Indenture, including the Officer’s Certificate
described above.

               If an Event of Default with respect to Securities shall occur and be continuing, the principal
of the Securities may be declared due and payable in the manner and with the effect provided in the
Indenture.

               The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of all series to be affected. The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

A-10

 

               As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless (a) such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with
respect to the Securities of this series, (b) the Holders of a majority in aggregate principal
amount of the Securities of all series at the time Outstanding in respect of which an Event of
Default shall have occurred and be continuing shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as Trustee, (c) such
Holder shall have offered the Trustee reasonable indemnity, (d) the Trustee shall have failed to
institute any such proceeding for 60 days after receipt of such notice, request and offer of
indemnity, and (e) the Trustee shall not have received from the Holders of a majority in aggregate
principal amount of Securities of all series at the time Outstanding in respect of which an Event
of Default shall have occurred and be continuing a direction inconsistent with such request. The
foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof and premium, if any, or interest hereon on or after the
respective due dates expressed herein.

               No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and premium, if any, and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

               The Securities are issuable only in registered form without coupons in denominations of $2,000
and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities are transferable to a transferee or transferees,
as designated by the Holder surrendering the same for such registration of transfer, and
exchangeable for a like aggregate principal amount of Securities and of like tenor and of
authorized denominations, as requested by the Holder surrendering the same.

               No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

               The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name this Security is registered as the absolute owner hereof for all purposes, whether or
not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

               All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

A-11

 

SCHEDULE I

[144A]* [REGULATION S]* GLOBAL SECURITY

The initial principal amount of Notes evidenced by this Global Note is $                    .

CHANGES TO PRINCIPAL AMOUNT OF NOTES EVIDENCED BY GLOBAL NOTE

	 	 	 	 	 	 	 
	 	 	Principal Amount of	 	 	 	 
	 	 	Notes by which this	 	 	 	 
	 	 	Global Note is to be	 	Remaining Principal	 	 
	 	 	Reduced or Increased,	 	Amount of Notes	 	 
	 	 	and Reason for	 	Represented by this	 	 
	Date	 	Reduction or Increase	 	Global Note	 	Notation Made by
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

EXHIBIT A

CERTIFICATE OF TRANSFER*

NATIONAL FUEL GAS COMPANY

6.50% Notes due 2018

FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

     Name and address of assignee must be printed or typewritten.

	 	 	 
	$
	 	 
	 

principal amount of beneficial interest in the referenced Security of the Company and does hereby
irrevocably constitute and appoint

to transfer the said beneficial interest in such Security, with full power of substitution in the
premises.

The undersigned certifies that said beneficial interest in said Security is being resold, pledged
or otherwise transferred as follows:

(check one)

	o	 	to the Company;
	 
	o	 	to a Person whom the undersigned reasonably believes is a qualified institutional buyer
within the meaning of Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), purchasing for its own account or for the account of a qualified
institutional buyer to whom notice is given that the resale, pledge or other transfer is
being made in reliance on Rule 144A;
	 
	o	 	in an offshore transaction in accordance with Rule 903 or 904 of Regulation S under the
Securities Act;
	 
	o	 	as otherwise permitted by the non-registration legend appearing on this Security; or
	 
	o	 	as otherwise agreed by the Company, confirmed in writing to the Trustee, as follows:
[describe]

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	NOTICE: The signature to this assignment must
correspond with the name as written upon the face of
the within instrument in every particular without
alteration or enlargement, or any change whatever.

 

			
	*	 	Include this form of Certificate of Transfer only in a Private Note.

 

 

SIGNATURE GUARANTEE

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirement of the
registrar, which requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the
registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.<PAGE>

                                                                    EXHIBIT 10.1

                        TD AMERITRADE HOLDING CORPORATION

                      JOSEPH H. MOGLIA EMPLOYMENT AGREEMENT

      This Agreement, originally entered into as of May 19, 2006, by and between
TD Ameritrade Holding Corporation (the "Company") and Joseph H. Moglia
("Executive") and amended effective as of June 23, 2006, is hereby amended and
restated in its entirety effective as of June 11, 2008 (the "Amendment Date").

      1. Duties and Scope of Employment.

            (a) Positions and Duties. Since May 19, 2006 (the "Effective Date"),
Executive has served as Chief Executive Officer, reporting to the Company's
Board of Directors (the "Board"). As of the Amendment Date, Executive continues
to serve in such position and shall do so until September 30, 2008 (the
"Transition Date"). Immediately after the Transition Date, Executive's service
as the Chief Executive Officer shall cease and Executive shall immediately
thereafter become the employee Chairman of the Board. Executive's duties as
employee Chairman of the Board shall include those as set forth in the Company's
Bylaws and as set forth in Exhibit A. The period Executive is employed by the
Company under this Agreement as either the Chief Executive Officer or employee
Chairman of the Board is referred to herein as the "Employment Term."

            (b) Board Membership. Executive was appointed to serve as a member
of the Board prior to the Effective Date. During the Employment Term, at each
annual meeting of the Company's stockholders at which Executive's term as a
member of the Board has otherwise expired, the Company will nominate Executive
to serve as a member of the Board, and after the Transition Date, such
nomination shall provide that Executive shall hold the office of employee
Chairman of the Board. Executive's service as a member of the Board and/or
Chairman of the Board will be subject to any required stockholder approval. Upon
the termination of Executive's employment for any reason, unless otherwise
requested by the Board and agreed to by Executive, Executive will be deemed to
have resigned from the Board (and any boards of subsidiaries) voluntarily,
without any further required action by Executive, as of the end of Executive's
employment and Executive, at the Board's request, will execute any reasonable
documents necessary to reflect his resignation.

            (c) Obligations. During the Employment Term, Executive will devote
Executive's full business efforts to the Company and will use good faith efforts
to discharge Executive's obligations under this Agreement to the best of
Executive's ability and in accordance with each of the Company's corporate
guidance and ethics guidelines, conflict of interests policies and code of
conduct. For the duration of the Employment Term, Executive agrees not to
actively engage in any other employment, occupation, or consulting activity for
any direct or indirect remuneration without the prior approval of the Audit
Committee of the Board (which approval will not be unreasonably withheld);
provided, however, that Executive may, without the approval of the Audit
Committee of the Board, serve in any capacity with any civic, educational, or
charitable organization, provided such services do not interfere (other than in
an insubstantial manner) with Executive's obligations to Company. Executive
expects to serve as a member of the Board of Directors of AXA Financial, Inc.

<PAGE>

and of its subsidiary, The Equitable Life Assurance Society of the U.S., and the
parties agree that such service will not constitute a violation of this Section
1(c).

                  (i) Executive hereby represents and warrants to the Company
that Executive is not party to any contract, understanding, agreement or policy,
written or otherwise, that would be breached by Executive's entering into, or
performing services under, this Agreement. Executive further represents that he
has disclosed to the Company all threatened, pending, or actual claims that are
unresolved and still outstanding as of the Effective Date, in each case, against
Executive of which he is aware, if any, as a result of his employment with his
previous employer or his membership on any boards of directors (other than the
Board or its affiliates, predecessors or subsidiaries).

            (d) Other Entities. Until the Transition Date, and thereafter as
reasonably requested by the Board, Executive agrees to serve, without additional
compensation, as an officer and director for each of the Company's subsidiaries,
partnerships, joint ventures, limited liability companies and other affiliates,
including entities in which the Company has a significant investment as
determined by the Company. As used in this Agreement, the term "affiliates" will
include any entity controlled by, controlling, or under common control of the
Company. The parties agree that the indemnification, contribution and insurance
rights of Executive referenced in Section 12 will also apply to Executive's
activities under this Section 1(d).

      2. At-Will Employment. Executive and the Company agree that Executive's
employment with the Company constitutes "at-will" employment. Executive and the
Company acknowledge that this employment relationship may be terminated at any
time, upon written notice to the other party, with or without good cause or for
any or no cause, at the option either of the Company or Executive. However, as
described in this Agreement, Executive may be entitled to severance and other
payments and benefits depending upon the circumstances of Executive's
termination of employment.

      3. Term of Agreement. This Agreement will continue from the Amendment Date
through, including and ending on May 31, 2011 (the "Term of the Agreement"). The
Term of the Agreement will be divided into two periods, with an initial period
beginning on the Amendment Date and ending on the Transition Date and an
additional period beginning immediately after the Transition Date and ending on
May 31, 2011 (the "Additional Term"). The period of time beginning on the
Amendment Date and ending on May 31, 2009, which is intended to reflect the
remaining period of the "Initial Term" as that term was defined in the
predecessor Agreement dated as of June 23, 2006, shall be referred to herein as
the "Remaining Original Term."

      4. Compensation.

            (a) Base Salary. As of the Amendment Date, the Company will continue
to pay Executive an annual salary of $1,000,000 as compensation for his services
(such annual salary, as is then effective, to be referred to herein as "Base
Salary") during the Employment Term. The Base Salary will be paid periodically
in accordance with the Company's normal payroll practices and be subject to the
usual, required withholdings.

            (b) Annual Incentive. With respect to the Company's 2008 and 2009
fiscal years, Executive will be eligible to participate in the Ameritrade
Holding Corporation Management

                                     -2-
<PAGE>

Incentive Plan ("MIP"), pursuant to which Executive will be eligible to earn an
annual incentive award (the "Annual Incentive") based upon the achievement of
applicable performance criteria established in good faith by the HR &
Compensation Committee of the Board within the first ninety (90) days of each
applicable fiscal year and communicated in writing to Executive within such
ninety (90) day period. For the Company's 2008 fiscal year the Annual Incentive
will have a target value of $3,000,000. For the Company's 2009 fiscal year the
Annual Incentive will have a target value of $2,000,000 (which reflects the
pro-rata period beginning on October 1, 2008 and ending on May 31, 2009 (the
"Pro-Rata Period")). Executive shall not be eligible to participate in the MIP
for any period beginning on and after June 1, 2009.

            (c) Equity Awards. During the Employment Term, Executive will be
eligible to participate in the Ameritrade Holding Corporation 1996 Long-Term
Incentive Plan (the "LTIP").

                  (i) Special Grant. On March 10, 2006, Executive was granted a
special award under the LTIP of 580,550 performance restricted share units (the
"Special Grant"). The Special Grant will be scheduled to vest and be settled in
accordance with the performance criteria and vesting schedule set forth on
Exhibit B of the applicable Special Grant Award Agreement.

                  (ii) Annual Award. On October 25, 2006, Executive was granted
an award under the LTIP of 280,486 performance restricted stock units, and on
October 25, 2007, Executive was granted an additional award under the LTIP of
288,210 restricted stock units (collectively the "Prior Awards"). The Prior
Awards will be scheduled to vest and be settled in accordance with the
performance criteria and vesting schedule set forth on Exhibit B of the
applicable Award Agreement. As consideration for the execution of this amended
and restated Agreement the Executive shall, with respect to the Company's 2008
and 2009 fiscal years, be eligible for additional awards under the LTIP of
restricted share units with a target value, determined by the Company pursuant
to a reasonable and uniform methodology on the date of grant, and will be
scheduled to vest and be settled in accordance with the applicable performance
criteria and vesting schedule provided in the applicable Award Agreement. For
the Company's 2008 fiscal year the Annual Award will have a target value of
$6,000,000 on the date of grant (the "2008 Award"). For the Company's 2009
fiscal year the Annual Award will have a target value of $4,000,000 on the date
of grant (which reflects the Pro-Rata Period) (the "2009 Award"). The 2008 Award
and the 2009 Award shall be scheduled to vest and be settled in accordance with
the applicable performance criteria and vesting schedule to be provided in the
applicable Award Agreement. The Prior Awards, the 2008 Award and the 2009 Award
shall be referred to herein collectively as the "Annual Awards" and individually
as an "Annual Award." Executive shall not receive any grant of any additional
Annual Awards for any period beginning on and after June 1, 2009.

                  (iii) Should any conflict or inconsistency exist between the
terms of this Agreement and the terms of the Special Grant or an Annual Award
that would provide Executive with a greater or otherwise better benefit, then
the terms of this Agreement will prevail.

                                     -3-
<PAGE>

      5. Employee Benefits.

            (a) Generally. Executive will be eligible to participate in
accordance with the terms of all Company employee benefit plans, policies and
arrangements that are applicable to other executive officers of the Company, as
such plans, policies and arrangements may exist from time to time.

            (b) Airplane Travel. When traveling on Company-related business,
Executive will be entitled to fly on private aircraft, at the sole expense of
the Company.

      6. Expenses. The Company will reimburse Executive for reasonable travel,
entertainment and other expenses incurred by Executive in the furtherance of the
performance of Executive's duties hereunder, in accordance with the Company's
expense reimbursement policy with respect to all executive officers of the
Company as in effect from time to time.

      7. Termination of Employment. In the event Executive's employment with the
Company terminates for any reason, Executive will be entitled to any (a) unpaid
Base Salary accrued up to the effective date of termination, (b) unpaid, but
earned, Annual Incentive for any completed applicable fiscal year as of his
termination of employment, (c) not yet granted, but otherwise earned, Annual
Award for any completed applicable fiscal year as of his termination of
employment, such amount to be based on actual performance achieved for such
fiscal year and shall be paid entirely in cash at the time the Company makes
such other annual awards to its other executives; (d) pay for accrued but unused
vacation, (e) benefits or compensation as provided under the terms of any
employee benefit and compensation agreements or plans applicable to Executive,
(f) unreimbursed business expenses required to be reimbursed to Executive, (g)
rights to indemnification and contribution Executive may have under the
Company's Articles of Incorporation, Bylaws, the Agreement, or separate
indemnification agreement, as applicable, and (h) payments and reimbursements
under Sections 10 and 17 hereof. The payments and benefits set forth in this
Section 7 will be in addition to the applicable payments and benefits set forth
in Section 8.

      8. Severance.

            (a) Termination Without Cause or Resignation for Good Reason During
the Remaining Original Term. If during the Remaining Original Term Executive's
employment is terminated by the Company without Cause or if Executive resigns
for Good Reason, then, subject to Sections 9 and 10, and in addition to the
payments in Section 7, Executive will receive: (i) continued payment of Base
Salary for the Severance Period in accordance with the Company's normal payroll
policies; (ii) continued payment of Executive's Annual Incentive at the actual
performance level achieved during the fiscal year of Executive's termination for
a period of time equal to the Severance Period in accordance with the Company's
normal payroll policies with the form of such payout identical to that

                                     -4-
<PAGE>

received by the other participants in the MIP for such year; (iii) the current
fiscal year's Annual Incentive pro-rated to the date of termination, with such
pro-rated amount to be payable within thirty (30) days after termination and
calculated by multiplying the current fiscal year's incentive compensation
determined by actual performance as of the date of termination by a fraction
with a numerator equal to the number of days between the start of the current
fiscal year and the date of termination and a denominator equal to 365 with the
form of such payout identical to that received by the other participants in the
MIP for such year; (iv) the payment in cash of the value of any Annual Awards
scheduled to be granted to Executive (but not yet so granted) during the
Remaining Original Term, payable within thirty (30) days after such termination;
and (v) restricted share units granted under the LTIP as part of any Annual
Awards or the Special Grant that (1) are subject to performance vesting will be
fully earned and the actual number of restricted share units which will be
considered vested (in addition to those which vested in accordance with their
terms) will be determined (A) by actual performance for any completed
performance period through the date of Executive's termination and (B) by actual
performance, as specified in the applicable Award Agreement, for any incomplete
or remaining performance periods after Executive's termination (the vested
restricted share units will be settled in shares of Company common stock on the
original settlement date as forth in the Award Agreement (without regard to such
termination)), and (2) are subject to time based vesting shall be considered
fully vested and will be settled promptly thereafter as provided by the
applicable Award Agreement.

            (b) Voluntary Termination After the Transition Date or Termination
Upon Completion of the Term of the Agreement. If after the Transition Date
Executive voluntarily terminates his employment for any reason (including
specifically any Good Reason, but excluding any termination in which Executive
does not provide the Company with sixty (60) days advance written notice of his
termination), or upon a termination upon completion of the Term of the
Agreement, then, subject to Sections 9 and 10, and in addition to the payments
in Section 7 and any other applicable payments in this Section 8, then
restricted share units granted under the LTIP as part of any Annual Awards or
the Special Grant that (1) are subject to performance vesting will be fully
earned and the actual number of restricted share units which will be considered
vested (in addition to those which vested in accordance with their terms) will
be determined (A) by actual performance for any completed performance period
through the date of Executive's termination and (B) by actual performance, as
specified in the applicable Award Agreement, for any incomplete or remaining
performance periods after Executive's termination (the vested restricted share
units will be settled in shares of Company common stock on the original
settlement date as forth in the Award Agreement (without regard to such
termination)), and (2) are subject to time based vesting shall be considered
fully vested and will be settled promptly thereafter as provided by the
applicable Award Agreement.

            (c) Termination Without Cause or Resignation for Good Reason After
the Remaining Original Term and During the Additional Term. If after the
Remaining Original Term and during the Additional Term Executive's employment is
terminated by the Company without Cause or if Executive resigns for Good Reason,
then, subject to Sections 9 and 10, and in addition to the payments in Section
7, Executive will receive: (i) continued payment of Base Salary for the
Severance Period in accordance with the Company's normal payroll policies; and
(ii) restricted share units granted under the LTIP as part of any Annual Awards
or the Special Grant that (1) are subject to performance vesting will be fully
earned and the actual number of restricted share units which will be considered
vested (in addition to those which vested in accordance with their terms) will
be determined (A) by actual performance for any completed performance period
through the date of Executive's termination and (B) by actual performance, as
specified in the applicable Award Agreement, for any incomplete or remaining
performance periods after Executive's termination (the vested restricted share
units will be settled in shares of Company common stock on the original
settlement date as forth in the Award Agreement (without regard to such
termination)), and (2) are subject to time based vesting shall be considered
fully vested and will be settled promptly thereafter as provided by the
applicable Award Agreement.

                                     -5-
<PAGE>

            (d) Voluntary Termination After Transition Date, Termination Without
Cause or Resignation for Good Reason During the Term of the Agreement or
Termination Upon Completion of the Term of the Agreement. If after the
Transition Date Executive voluntarily terminates his employment, or if Executive
is terminated without Cause or voluntarily terminates his employment for any
reason (including specifically any Good Reason, but excluding any termination in
which Executive does not provide the Company with sixty (60) days advance
written notice of his termination) during the Term of the Agreement, or upon a
termination upon completion of the Term of the Agreement, then, in addition to
any other applicable payments or benefits described in Sections 7 or 8 of this
Agreement, Executive will receive at the sole expense of the Company: (i) an
office at Company headquarters or at a location of Executive's choosing with the
cost and size of such office to be reasonably determined by the Audit Committee
of the Board, for a period of five (5) years following the date of Executive's
termination; (ii) an experienced full-time executive assistant and an
experienced associate of the Executive's choosing, both of whom shall be
employed by the Company and covered by the Company's benefits plans as in effect
from time to time, for a period of five (5) years following the date of
Executive's termination with such expense to the Company to be reasonably
determined by the Audit Committee of the Board and Executive; (iii)
post-retirement medical coverage for Executive, his spouse and Executive's
eligible dependents under the Company's benefit plans for the life of Executive,
or for the life of Executive's spouse if she survives Executive, with such
coverage to be secondary to Executive's Medicare benefits, with such benefits to
be comparable to the terms of all Company medical plans, policies and
arrangements that are applicable to other executive officers of the Company
(except that Executive's spouse will also receive coverage for the remainder of
her life), as such plans, policies and arrangements may exist from time to time;
(iv) use of a private aircraft when traveling at the Company's request; and (v)
Executive shall be given the title "Chairman Emeritus" and shall be entitled to
such title beginning on the date of his termination and ending on the date
Executive provides any services to any "Other Business" (as defined in Section 9
below) in the financial services industry.

            (e) Voluntary Termination Without Good Reason Prior to the
Transition Date. If Executive voluntarily terminates his employment without Good
Reason prior to the Transition Date, then, except as provided in Section 7, (i)
Executive will forfeit his Annual Incentive award for the fiscal year in which
the termination occurs, and (ii) Executive will forfeit all unvested restricted
share units previously granted as part of the Special Grant or any Annual Awards
under the LTIP.

            (f) Termination due to Death or Disability. In the event of a
termination of Executive's employment during the Employment Term due to death or
Disability, then, subject to Sections 9 and 10, and in addition to the payments
in Section 7, Executive will be entitled to receive (i) the current year's (if
any) Annual Incentive pro-rated to the date of termination, and calculated based
on actual performance, and paid at the same time as similar amounts are paid to
other Company executives, with such pro-rated amount to be calculated by
multiplying the current fiscal year's actual Annual Incentive by a fraction with
a numerator equal to the number of days between the start of the current fiscal
year and the date of termination and a denominator equal to 365, (ii) the
current year's (if any) Annual Award pro-rated to the date of termination, and
calculated based on actual performance, and paid entirely in cash at the same
time as similar amounts are paid to other Company executives, with such
pro-rated amount to be calculated by multiplying the current fiscal year's
actual Annual Award by a fraction with a numerator equal to the number of days
between the start of the current fiscal year and the date of termination and a
denominator equal to 365, and (iii) restricted

                                     -6-
<PAGE>

share units granted under the LTIP as part of any Annual Awards or the Special
Grant will be governed by the applicable (death or disability) provision of the
Award Agreement.

      9. Conditions to Receipt of Severance; Non-solicitation and
Non-competition; No Duty to Mitigate.

            (a) Conditions to Receipt of Severance. The receipt of any severance
pursuant to Section 8 will be subject to Executive signing and not revoking a
separation and release of claims agreement in substantially the form attached as
Exhibit B, but with any appropriate reasonable modifications, reflecting changes
in applicable law, as is necessary to provide the Company with the protection it
would have if the release were executed as of the Effective Date. No severance
will be paid or provided until the separation agreement and release agreement
becomes effective. The Company agrees that it will execute and deliver to
Executive said separation and release of claims agreement no later than eight
(8) days after it receives a copy of such agreement executed by Executive.
Company agrees that it will be bound by such separation and release of claims
agreement and that same will become effective from and after the "Effective
Date" thereof (as defined in Section 28 of such separation and release of claims
agreement), even if Company fails or refuses to execute and deliver same to
Executive. The receipt of any severance pursuant to Section 8 will also be
subject to, during the Employment Term and the Restricted Period, Executive
complying with the non-solicitation and non-competition requirements of Section
9(b).

            (b) Non-solicitation and Non-competition.

                  (i) During the Employment Term and the Restricted Period
Executive shall not (without the written consent of the Board) engage or
participate in any business within any state in the United States where the
Company conducts business (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 or business competitive
with any of the primary businesses conducted by the Company or any of its
Affiliates (as defined below) other than as set forth in clauses (ii) and (iii)
below. For purposes of this Agreement, the term "primary businesses" is defined
as an on-line brokerage business (a "Competitive Business").

                  (ii) Notwithstanding the foregoing, the parties agree and
understand that under this Section 9(b): (1) during the Remaining Original Term,
Executive shall be prohibited during the Restricted Period from engaging or
participating with any business, firm, corporation, partnership or other entity
(an "Other Business") that includes the primary business irrespective of the
size of the primary business of the Other Business in comparison to overall size
of such Other Business and (2) after the Remaining Original Term and/or upon the
completion of the Term of the Agreement, Executive shall remain subject to the
other restrictions set forth in Section 9(b)(i) above, but shall be permitted to
engage or participate during the remainder of the Restricted Period in any Other
Business, including, solely for this clause (2), divisions of any Other
Business, such as private client, asset management, institutional services, that
includes the primary business, provided that Executive does not have primary
responsibility for the on-line brokerage business of the Other Business. For
purposes of this Section 9(b)(ii)(2), if Executive is in charge of any division
of any Other Business which division includes an on-line brokerage business and
another employee(s) is primarily responsible for such on-line brokerage business
(such employee(s), the "Brokerage

                                     -7-
<PAGE>

Head"), Executive will not be deemed to have primary responsibility for the
on-line brokerage business of such Other Business even if such Brokerage Head
directly reports to and/or is supervised by Executive.

                  (iii) Notwithstanding the foregoing, Executive shall be
permitted to own securities of (1) any Other Business that he is engaged or
employed by as permitted by Section 9(b)(ii)(2) (without being subject to any
limitation on the percentage of such securities that he may own) and (2) any
other Competitive Business so long as the securities of such corporation or
other entity are listed on a national securities exchange or on the NASDAQ
Global Market and the securities owned directly or indirectly by Executive do
not represent more than 2% of the outstanding securities of such corporation or
other entity;

                  (iv) During the Restricted Period, neither Executive, nor any
Other Business for which Executive may engage or participate in, will directly,
(A) knowingly induce any customer or vendor of the Company or of corporations or
businesses which directly or indirectly are controlled by the Company
(collectively, the "Affiliates") to patronize any Competitive Business; or (B)
knowingly request or advise any customer or vendor to withdraw, curtail or
cancel such customer's or vendor's business with the Company or any of its
Affiliates. Subsection (A) above will not apply to a customer or vendor that was
already a customer or vendor of the Competitive Business at the time Executive's
employment with the Company is terminated, and will only apply to vendors that
supply products or services that are by their nature specialized and significant
to the Company in relation to any of the primary businesses of the Company at
the time of termination.

                  (v) During the Restricted Period, neither Executive nor any
Other Business for which Executive may engage or participate in will (A)
knowingly hire, solicit for hire or attempt to hire any key employee of the
Company or any of its Affiliates, or (B) encourage any key employee of the
Company or any of its Affiliates to terminate such employment. For purposes of
this Agreement, "key employee" means current employees whose base annual salary
exceeds $200,000 as well as anyone employed by the Company or any of its
Affiliates within the prior six (6) months from Executive's date of termination
whose base annual salary exceeds $200,000; provided, however, that this
provision will not preclude any business in which Executive may engage or
participate in from soliciting any such employee by means of or hiring any such
employee who (1) responds to a public announcement placed by the business and/or
(2) was solicited by a recruiter pursuant to a non-targeted mailing (including
e-mails) and/or non-targeted phone calls, as long as Executive otherwise
complies with subsections (A) and (B) above; and

                  (vi) In the event that any of the provisions of this Section
should ever be deemed to exceed the time, geographic or occupational limitations
permitted by applicable laws, then such provisions will and are hereby reformed
to the maximum time, geographic or occupational limitations permitted by
applicable law.

            (c) Nondisparagement. During the Employment Term and Restricted
Period, Executive will not knowingly disparage, criticize, or otherwise make any
derogatory statements regarding the Company, its directors, or its officers. The
Company will instruct its officers and directors to not knowingly disparage,
criticize, or otherwise make any derogatory statements regarding Executive
during the Employment Term and Restricted Period. Notwithstanding the foregoing,
nothing contained in this agreement will be deemed to restrict Executive, the
Company or

                                     -8-
<PAGE>

any of the Company's current or former officers and/or directors from providing
information to any governmental or regulatory agency (or in any way limit the
content of any such information) to the extent they are requested or required to
provide such information pursuant to applicable law or regulation.

            (d) Other Requirements. Executive's receipt of continued severance
payments will be subject to Executive continuing to comply with the terms and
provisions of Sections 9 and 10. Executive will not be obligated to comply with
Section 9 of this Agreement while the Company is in material default of its
payment and reimbursement obligations under Sections 7, 8, 10, or 17 of this
Agreement. Notwithstanding the foregoing, the Company will not be considered to
be in default of its payments and reimbursement obligations unless Executive
provides written notice to the Board setting forth his reasons why he believes
the Company is in default and giving the Company fifteen (15) days to cure such
default, if any.

            (e) No Duty to Mitigate. Executive will not be required to mitigate
the amount of any payment or consideration contemplated by this Agreement, nor
will any earnings that Executive may receive from any other source reduce any
such payment or consideration.

            (f) Inadvertence. Notwithstanding anything in this Section 9 (or any
other provision) of this Agreement to the contrary, any inadvertent violation by
Executive of any of the provisions of Section 9(b)(iv) or 9(b)(v) which
Executive believed in good faith was not a violation of such Sections and any
violation by any Other Business in which Executive may engage or participate of
any of the provisions of Section 9(b)(iv) or 9(b)(v) which violation was done
without the Executive's knowledge and without the Executive's direct or indirect
participation or encouragement shall not result in the cessation of Executive's
severance payments hereunder. Executive shall remain liable for the Company's
direct damages, if any, resulting from any such violation of Section 9(b)(iv) or
9(b)(v); provided, however, the Executive shall only be liable for any violation
by any Other Business in which Executive may engage or participate of Section
9(b)(iv) or 9(b)(v) to the extent that Executive directly causes or directly
encourages such business to take any action prohibited by such section.

      10. Confidential Information and Intellectual Property.

            (a) Except as may be required by law or legal process, or except to
the extent required to perform Executive's duties and responsibilities
hereunder, Executive will keep secret and confidential indefinitely, so long as
same remains secret and confidential, all non-public confidential information
(including, without limitation, information regarding cost of new accounts,
activity rates of different market niche customers, advertising results,
technology (hardware and software), architecture, discoveries, processes,
algorithms, maskworks, strategies, intellectual properties, customer lists and
other customer information) concerning any of the Company and its affiliates
which was acquired by or disclosed to Executive during the course of Executive's
employment with the Company ("Confidential Information") and not use in any
manner or disclose the same, either directly or indirectly, to any other person,
firm or business entity.

            (b) At the end of the Employment Term (whether by expiration or
termination) or at the Company's earlier request, Executive will promptly return
to the Company (or destroy if so directed by the Company) any and all records,
documents, physical property, information, computer

                                     -9-
<PAGE>

disks, drives or other materials relative to the business of any of the Company
and its affiliates obtained by Executive during the course of his employment
with the Company and not keep any copies thereof.

            (c) Executive acknowledges and agrees that all right, title and
interest in inventions, discoveries, improvements, trade secrets, developments,
processes and procedures made by Executive, in whole or in part, or conceived by
Executive either alone or with others, when employed by the Company, including
such of the foregoing items conceived during the course of employment which are
developed or perfected after Executive's termination of employment, are owned by
the Company ("Company IP"). Executive assigns any and all right, title and
interest he may have to Company IP to the Company and will promptly assist the
Company or its designee, at the Company's expense, to obtain patents,
trademarks, copyrights and service marks concerning Company IP made by Executive
and Executive will promptly execute all reasonable documents prepared by the
Company or its designee and take all other reasonable actions which are
necessary or appropriate to secure to the Company and its affiliates the
benefits of Company IP. Such patents, trademarks, copyrights and service marks
will at all times be the property of the Company and its affiliates. Executive
promptly will keep the Company informed of, and promptly will execute such
assignments prepared by the Company or its designee as may be necessary to
transfer to the Company or its affiliates the benefits of, any Company IP. The
Company will promptly reimburse Executive for all costs, fees (including
reasonable attorney fees) and expenses incurred by him in connection with his
obligations and undertakings in this paragraph (c) and in paragraph (d) below.

            (d) To the extent that any court or agency seeks to require
Executive to disclose Confidential Information, Executive promptly will inform
the Company and take reasonable steps, at the Company's expense, to endeavor to
prevent the disclosure of Confidential Information until the Company has been
informed of such requested disclosure, and the Company has an opportunity to
respond to such court or agency. To the extent Executive obtains information on
behalf of the Company or any of its affiliates that Executive knows is subject
to attorney-client privilege as to the Company's attorneys, Executive will
promptly inform the Company and take reasonable steps, at the Company's expense,
to endeavor to maintain the confidentiality of such information and to preserve
such privilege.

            (e) Confidential Information does not include information in the
public domain or information which has been released to the public by the
Company. Nothing in this Section 10 will be construed so as to prevent Executive
from using, in connection with his employment for himself or an employer other
than the Company, knowledge which was acquired by him during the course of his
employment with the Company and which is generally known to persons of his
experience in other companies in the same industry. Subject to Section 10(d),
Executive will be permitted to disclose Confidential Information if required by
a subpoena or court or administrative order.

            (f) The receipt of any severance pursuant to Section 8 will be
subject to Executive complying with the terms of this Section 10.

      11. Definitions.

                                     -10-
<PAGE>

            (a) Award Agreement. For purposes of this Agreement, "Award
Agreement" will mean the form of award agreement entered into between Executive
and the Company in connection with the Special Grant and Annual Awards.

            (b) Cause. For purposes of this Agreement, "Cause" will mean
Executive's conviction of, or plea of nolo contendere to, a criminal offense
arising out of a breach of trust, embezzlement or fraud committed against the
Company by Executive in the course of Executive's employment with the Company.

            (c) Change of Control. For purposes of this Agreement, "Change of
Control" will have the meaning set forth in the LTIP.

            (d) Disability. For purposes of this Agreement, Disability means, by
reason of any medically determinable physical or mental impairment which
prevents Executive from performing his material duties under this Agreement,
with reasonable accommodation, on a substantially full time basis for not less
than one hundred eighty (180) consecutive calendar days.

            (e) Good Reason. For purposes of this Agreement, "Good Reason" means
the occurrence of any of the following, without Executive's express written
consent:

                  (i) Until the Transition Date, the appointment of any
individual other than Executive as Chief Executive Officer of the Company;

                  (ii) After the Transition Date, the appointment or nomination
by the Board of any individual other than Executive as Chairman of the Board;

                  (iii) Any failure by the Company to provide Executive with the
reporting relationship as provided in Section 1(a) or any material and adverse
reduction in Executive's reporting relationship other than any isolated,
insubstantial and inadvertent failure by the Company that is not in bad faith
and is cured promptly on Executive giving the Company notice of such failure;

                  (iv) A material reduction in the kind or level of employee
benefits to which Executive is entitled immediately prior to such reduction with
the result that Executive's overall benefits package is significantly reduced.
Notwithstanding the foregoing, a one-time reduction that also is applied to
substantially all other executive officers of the Company and that reduces the
level of employee benefits by a percentage reduction of 10% or less will not
constitute Good Reason;

                  (v) A reduction (even if permitted under the applicable plan
documents or Award Agreement or Annual Incentive) in Executive's Base Salary,
Target Annual Incentive, Special Grant, or Annual Award as in effect immediately
prior to such reduction. Notwithstanding the foregoing, a one-time reduction
that also is applied (and continues to apply) to substantially all other
executive officers of the Company and which one-time reduction reduces any of
the Base Salary, Target Annual Incentive, Special Grant, or Annual Award by a
percentage reduction of 10% or less in the aggregate will not constitute Good
Reason. Notwithstanding anything in this Section 11(e)(iv) to the contrary, any
such reduction (even if permitted under the applicable plan documents or Award
Agreement or Annual Incentive) will not reduce or otherwise limit the Company's
obligations under Section 8 of this Agreement;

                                     -11-
<PAGE>

                  (vi) Until the Transition Date, the relocation of Executive to
a facility or location more than twenty-five (25) miles from his current place
of employment; or

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

The failure of the Company's stockholders to elect or reelect Executive to the
Board will not constitute Good Reason for purposes of this Agreement. The
negotiations regarding the structure and benefits to be provided pursuant to
this Agreement prior to the Amendment Date and execution of this amended and
restated Agreement, and the corresponding changes made to this Agreement, shall
not be considered grounds to constitute Good Reason.

            (f) Restricted Period. The term "Restricted Period" shall mean, the
lesser of: (i) the period of time commencing on the date of the termination of
Executive's employment and continuing for the remainder of the Term of the
Agreement or (ii) twelve (12) months; provided, however, that in no event shall
the "Restricted Period" be less than six (6) months. In the case of a
termination upon the completion of the Term of the Agreement, the term
"Restricted Period" will equal six (6) months.

            (g) Severance Period. For purposes of this Agreement, if Executive
is terminated during the Remaining Original Term, "Severance Period" will mean
the greater of: (i) the period of time commencing on the date of the termination
of Executive's employment and continuing for the remainder of the Remaining
Original Term, or (ii) one (1) year. If Executive is terminated after the
Remaining Original Term, "Severance Period" will mean the period of time
commencing on the date of termination of Executive's employment and continuing
for the remainder of the Additional Term.

      12. Indemnification. Subject to applicable law, Executive will be provided
indemnification and contribution to the maximum extent permitted by the
Company's Articles of Incorporation or Bylaws, including, if applicable, any
directors and officers insurance policies, with such indemnification and
contribution to be on terms determined by the Board or any of its committees,
but on terms no less favorable than provided to any other Company executive
officer or director and subject to the terms of any separate written
indemnification agreement. This Section 12 will apply to claims made during
and/or after the Employment Term and shall cover any such claims that relate to
any period Executive was employed by the Company or any of its subsidiaries,
predecessors or affiliates.

      13. Public Information. During the Employment Term Executive shall provide
the Company with reasonable notice of, and materials used in connection with,
public appearances where he is representing the Company in order to permit the
Company to comply with applicable law in a manner consistent with the process
and procedures used by the Company and Executive prior to the Amendment Date.

      14. Assignment. This Agreement will be binding upon and inure to the
benefit of (a) the heirs, executors and legal representatives of Executive upon
Executive's death, and (b) any successor of the Company. Any such successor of
the Company will be deemed substituted for the Company under the terms of this
Agreement for all purposes. For this purpose, "successor" means any person,
firm, corporation, or other business entity which at any time, whether by
purchase,

                                     -12-
<PAGE>

merger, or otherwise, directly or indirectly acquires all or substantially all
of the assets or business of the Company. None of the rights of Executive to
receive any form of compensation payable pursuant to this Agreement may be
assigned or transferred except by will or the laws of descent and distribution.
Any other attempted assignment, transfer, conveyance, or other disposition of
Executive's right to compensation or other benefits will be null and void.

      15. Notices. All notices, requests, demands and other communications
called for hereunder will be in writing and will be deemed given (a) on the date
of delivery if delivered personally, (b) one (1) day after being sent overnight
by a well established commercial overnight service, or (c) four (4) days after
being mailed by registered or certified mail, return receipt requested, prepaid
and addressed to the parties or their successors at the following addresses, or
at such other addresses as the parties may later designate in writing:

            If to the Company:

            Attn: Chairman of the Compensation Committee
            c/o Corporate Secretary
            TD Ameritrade Holding Corporation
            4211 South 102nd Street
            Omaha, NE  68127

            If to Executive:

            at the last residential address known by the Company.

      16. Severability. If any provision hereof becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable, or void, this
Agreement will continue in full force and effect without said provision.

      17. Arbitration. The Parties agree that any and all disputes arising out
of the terms of this Agreement, Executive's employment by the Company,
Executive's service as an officer or director of the Company, or Executive's
compensation and benefits, their interpretation and any of the matters herein
released, will be subject to binding arbitration in Omaha, Nebraska before the
American Arbitration Association under its National Rules for the Resolution of
Employment Disputes, supplemented by the Nebraska Rules of Civil Procedure. The
Parties agree that the prevailing party in any arbitration will be entitled to
injunctive relief in any court of competent jurisdiction to enforce the
arbitration award. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY
DISPUTE BETWEEN THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. This
paragraph will not prevent either party from seeking injunctive relief (or any
other provisional remedy) from any court having jurisdiction over the Parties
and the subject matter of their dispute relating to obligations under this
Agreement.

      18. Legal and Tax Expenses. The Company will reimburse Executive for
reasonable legal fees and expenses incurred by him in connection with the
negotiation, preparation and execution of this Agreement and Exhibits A and B
hereto (including any amendments thereto sought by the Company after the
Effective Date.

                                     -13-
<PAGE>

      19. Integration. This Agreement and the standard forms of equity award
grant that describe Executive's outstanding equity awards, represents the entire
agreement and understanding between the parties as to the subject matter herein
and supersedes all prior or contemporaneous agreements whether written or oral,
including, but not limited to, (a) the Employment Agreement entered into between
Executive and Ameritrade Holding Corporation dated March 1, 2001, as amended and
restated and neither party will have any further obligations under such
agreement, and (b) the predecessor Agreement originally entered into as of May
19, 2006, as amended and restated on June 23, 2006, and neither party will have
any further obligations under such agreement. No waiver, alteration, or
modification of any of the provisions of this Agreement will be binding unless
in a writing and signed by duly authorized representatives of the parties
hereto. In entering into this Agreement, no party has relied on or made any
representation, warranty, inducement, promise, or understanding that is not in
this Agreement. Notwithstanding anything herein to the contrary, nothing in this
Agreement will limit or waive any of Executive's existing rights (or the
Company's obligations) with respect (a) to options, awards or other compensation
granted or awarded to Executive prior to the Effective Date, or (b) any accrued
but unpaid salary, benefits, compensation or expenses.

      20. Waiver of Breach. The waiver of a breach of any term or provision of
this Agreement, which must be in writing, will not operate as or be construed to
be a waiver of any other previous or subsequent breach of this Agreement.

      21. Survival. The Company's and Executive's responsibilities under
Sections 7, 8, 9, 10, 12 and 18 will survive the termination of this Agreement.

      22. Headings. All captions and Section headings used in this Agreement are
for convenient reference only and do not form a part of this Agreement.

      23. Tax Withholding. All payments made pursuant to this Agreement will be
subject to withholding of applicable taxes.

      24. Governing Law. This Agreement will be governed by the laws of the
State of New York without regard to its conflict of laws provisions.

      25. Acknowledgment. Executive acknowledges that he has had the opportunity
to discuss this matter with and obtain advice from his private attorney, has had
sufficient time to, and has carefully read and fully understands all the
provisions of this Agreement, and is knowingly and voluntarily entering into
this Agreement.

      26. Code Section 409A. Notwithstanding anything to the contrary in this
Agreement, if the Company reasonably determines that Section 409A of the Code
will result in the imposition of additional tax to an earlier payment of any
severance or other benefits otherwise due to Executive on or within the six (6)
month period following Executive's termination, the severance benefits will
accrue during such six (6) month period and will become payable in a lump sum
payment on the date six (6) months and one (1) day following the date of
Executive's termination. All subsequent payments, if any, will be payable as
provided in this Agreement.

                                     -14-
<PAGE>

      27. Counterparts. This Agreement may be executed in counterparts, and each
counterpart will have the same force and effect as an original and will
constitute an effective, binding agreement on the part of each of the
undersigned.

                            [Signature Page Follows]

                                     -15-
<PAGE>

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

COMPANY:

TD AMERITRADE HOLDING CORPORATION

/s/ W. EDMUND CLARK                                          Date: June 13, 2008
------------------------------------------
W. Edmund Clark
Chairman of the HR & Compensation Committee

EXECUTIVE:

/s/ JOSEPH H. MOGLIA                                         Date: June 11, 2008
------------------------------------------
Joseph H. Moglia

                 [SIGNATURE PAGE TO MOGLIA EMPLOYMENT AGREEMENT]

                                     -16-
<PAGE>

                                    EXHIBIT A

                               Duties of Chairman

                                     -17-
<PAGE>

                                    EXHIBIT B

                   Separation and Release of Claims Agreement

                                     -18-

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