Document:

<PAGE>
                                                                    EXHIBIT 10.3

                      AMENDED AND RESTATED VOTING AGREEMENT

         AMENDED AND RESTATED VOTING AGREEMENT, dated as of May 16, 2002 (this
"Agreement"), by and among Datek Online Holdings Corp., a Delaware corporation
("Datek"), and the stockholders of Ameritrade Holding Corporation, a Delaware
corporation ("Ameritrade") set forth in Annex A (each a "Stockholder" and,
collectively, the "Stockholders"). Capitalized terms used but not otherwise
defined herein shall have the respective meanings given to them in the Merger
Agreement (as defined below).

         WHEREAS, the parties hereto entered into a Voting Agreement, dated as
of April 6, 2002 (the "Original Agreement");

         WHEREAS, the Board of Directors of Datek and the Board of Directors of
Ameritrade have approved that certain Amended and Restated Agreement and Plan of
Merger, dated as of even date herewith (the "Merger Agreement"), providing for,
among other things, the merger of Ameritrade and Datek with separate
wholly-owned subsidiaries of Arrow Stock Holding Corporation, a newly formed
holding company and a Delaware corporation ("Holdco");

         WHEREAS, the Stockholders are the record and beneficial owners of
shares of Ameritrade Class A common stock, par value $.01 per share ("Class A
Shares"), and shares of Ameritrade Class B common stock, par value $.01 per
share ("Class B Shares"), in the amounts and of the types set forth opposite the
Stockholder's name on Annex A (the "Subject Shares");

         WHEREAS, as a condition to Datek's entering into the Merger Agreement,
Datek has required that the Stockholders agree, and the Stockholders have
agreed, to enter into this Agreement.

         NOW, THEREFORE, to induce Datek to enter into the Merger Agreement and
in consideration of the premises herein contained, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

         1.    Grant of Irrevocable Proxy; Registration Rights. (a) Until this
Agreement is terminated, each Stockholder (i) hereby irrevocably agrees to vote,
and/or act by written consent with respect to, the Subject Shares, if any, owned
by such Stockholder at any annual, special or other meeting of the holders of
shares of Ameritrade capital stock and at any adjournment or postponement
thereof or pursuant to any written consent in lieu of a meeting, to the fullest
extent that the Subject Shares are entitled to be voted, in favor of the
adoption of the Merger Agreement, approval of the Mergers and any other
transactions contemplated by the Merger Agreement and (ii) in furtherance of the
foregoing, hereby irrevocably appoints Datek, its officers, agents and nominees,
with full power of substitution, as proxy for and attorney in fact of the
Stockholder to act with respect to and vote the Subject Shares, if any, owned by
the Stockholder for and in the name, place and stead of the Stockholder at any
annual, special or other meeting of the holders of shares of Ameritrade capital
stock and at any adjournment or postponement thereof or pursuant to any written
consent in lieu of a meeting,

<PAGE>

to the fullest extent that the Subject Shares are entitled to be voted, in favor
of the adoption of the Merger Agreement, and approval of the Mergers and any
other transactions contemplated by the Merger Agreement; provided, that Datek or
its officers and nominees may exercise this irrevocable proxy only if such
Stockholder fails to comply with the terms of this Section 1(a)(i). In all other
matters, the Subject Shares shall be voted by and in the manner determined by
the Stockholder upon written notice to Datek (subject to the terms of the
Stockholders Agreement). Each Stockholder hereby represents that he has not
heretofore granted any irrevocable proxy with respect to the Subject Shares and
hereby revokes any and all proxies which may heretofore have been granted with
respect to the Subject Shares.

               (b) Each Stockholder understands and acknowledges that Datek is
entering into the Merger Agreement in reliance upon the Stockholder's execution
and delivery of this Agreement. Each Stockholder hereby affirms that the
irrevocable proxy set forth in this Section 1 is given in connection with and as
an inducement for the execution by Datek of the Merger Agreement and to secure
the performance of the duties of the Stockholder under this Agreement. Each
Stockholder hereby further affirms that the irrevocable proxy is coupled with an
interest and may not be revoked. Each Stockholder hereby ratifies and confirms
all that such proxy may lawfully do or cause to be done by virtue hereof in
accordance with the provisions hereof. This proxy is executed and intended to be
irrevocable in accordance with the provisions of the Delaware General
Corporation Law.

               (c) The Stockholders hereby approve the Summary of Terms of
Registration Rights Agreement in the form attached as Exhibit A hereto (the
"Registration Rights Term Sheet"), and agree to enter into a definitive
registration rights agreement with Holdco and certain other parties on the terms
and conditions set forth in the Registration Rights Term Sheet on or prior to
the Closing.

         2.    Additional Covenants of the Stockholders. Each Stockholder hereby
covenants and agrees with Datek that, until this Agreement terminates:

               (a) Except for pledges in existence as of the date hereof, and
except as contemplated by the terms of this Agreement and the Stockholders
Agreement, such Stockholder shall not, and shall cause its controlled Affiliates
not to, (i) directly or indirectly sell, transfer, tender, pledge, encumber,
assign or otherwise dispose of (collectively, a "Transfer"), or enter into any
contract, option or other agreement with respect to, or consent to, a Transfer
of, any or all of the Subject Shares; provided, however, that, with the consent
of Datek (which consent shall not be unreasonably withheld), such Stockholder
may pledge or encumber any Subject Shares so long as such pledge or encumbrance
would not impair such Stockholder's ability to perform its obligations under
this Agreement; or (ii) take any action that would have the effect of
preventing, impeding, interfering with or adversely affecting its ability to
perform its obligations under this Agreement.

               (b) In the event of a stock dividend or distribution, or any
change in the capital stock of Ameritrade by reason of any stock dividend or
distribution, split-up, recapitalization, combination, exchange of shares or the
like (excluding the Merger), the term "Subject Shares" shall be deemed to refer
to and include the Subject Shares as well as all such stock dividends and
distributions and any securities into which or for which any or all of the

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<PAGE>

Subject Shares may be changed or exchanged or which are received in such
transaction.

               (c) Such Stockholder agrees that it shall not, and it shall cause
its controlled Affiliates not to, directly or indirectly, acquire additional
Securities (as defined in Section 3(a)), except for (i) purchases of Securities
from employees or former employees of Ameritrade, (ii) acquisitions of
securities from trusts established prior to the date hereof for the benefit of
such Stockholder's family or (iii) acquisitions made in the ordinary course
pursuant to employee benefit plans.

               (d) In his, her or its capacity as a stockholder of Ameritrade,
such Stockholder shall not, nor shall such Stockholder permit any controlled
Affiliate of such Stockholder to, nor shall such Stockholder act in concert with
or permit any controlled Affiliate to act in concert with any Person to make, or
in any manner participate in, directly or indirectly, a "solicitation" of
"proxies" (as such terms are used in the rules of the Securities and Exchange
Commission) or powers of attorney or similar rights to vote, or seek to advise
or influence any Person with respect to the voting of, any Securities in
connection with any vote or other action on any matter, other than to recommend
that stockholders of Ameritrade vote in favor of adoption of the Merger
Agreement and approval of the Mergers and otherwise as expressly provided by
this Agreement.

               (e) Such Stockholder shall not, nor shall such Stockholder permit
any controlled Affiliate of such Stockholder to, nor shall such Stockholder act
in concert with or permit any controlled Affiliate to act in concert with any
Person to, deposit any Securities in a voting trust or subject any Securities to
any arrangement or agreement with any Person with respect to the voting of such
Securities, except as expressly provided by this Agreement or the Stockholders
Agreement.

         3.    Representations and Warranties of the Stockholders. Each
Stockholder hereby represents and warrants to Datek that:

               (a) (i) The Subject Shares listed on Annex A opposite the
Stockholder's name are the only shares of Ameritrade capital stock, securities
convertible into Ameritrade capital stock, or other rights in respect of
Ameritrade capital stock (collectively, "Securities") owned of record or
beneficially by the Stockholder; (ii) except as set forth on Annex A, such
Subject Shares are owned by the Stockholder, free and clear of all liens,
claims, charges and encumbrances of any kind whatsoever except for liens, claims
or charges arising from margin or other loans from a bank or brokerage firm and
except as contemplated by this Agreement, and none of such Subject Shares is
subject to any voting trust or other agreement or arrangement (except as created
by this Agreement) with respect to the voting of such Subject Shares; and (iii)
the Stockholder does not presently own any options to purchase or rights to
subscribe for or otherwise acquire any other Securities except as set forth in
Annex A and except for acquisitions of securities from trusts established prior
to the date hereof for the benefit of such Stockholder's family.

               (b) The Stockholder has full right, power and authority to
execute and deliver this Agreement and to perform all of such Stockholders'
obligations hereunder, and such execution, delivery and performance have been
duly authorized by all requisite action of the Stockholder and no other legal
proceedings are necessary therefor.

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<PAGE>

               (c) This Agreement has been duly and validly executed and
delivered by the Stockholder and represents a valid and legally binding
obligation of the Stockholder, enforceable against the Stockholder in accordance
with its terms.

               (d) Except as noted on Annex A, the execution, delivery and
performance of this Agreement by the Stockholder will not constitute a violation
of, conflict with or result in a default under (i) any contract, understanding
or arrangement to which the Stockholder is a party or by which the Stockholder
is bound or require the consent of any other person or any party pursuant
thereto, (ii) any judgment, decree or order applicable to the Stockholder, or
(iii) any applicable law, statute, rule or regulation.

         4.    Representations, Warranties and Covenants of Datek. Datek hereby
represents and warrants to the Stockholders that (i) Datek has full corporate
right, power and authority to execute and deliver this Agreement and to perform
its obligations hereunder, (ii) such execution, delivery and performance have
been duly authorized by all requisite corporate action by Datek, and no other
corporate proceedings are necessary therefor, (iii) this Agreement has been duly
and validly executed and delivered by Datek and represents a valid and legally
binding obligation of Datek, enforceable against Datek in accordance with its
terms, and (iv) the execution, delivery and performance of this Agreement by
Datek will not constitute a violation of, conflict with or result in a default
under (A) any contract, understanding or arrangement to which Datek is a party
or by which it is bound or require the consent of any other person or any party
pursuant thereto, (B) any judgment, decree or order applicable to Datek, or (C)
any applicable law, statute, rule or regulation.

         5.    Termination. This Agreement, other than the obligations set
forth in Section 7, shall terminate at the earlier of the Effective Time or
immediately upon termination of the Merger Agreement pursuant to its terms.

         6.    Severability. Any term, provision, covenant or restriction
contained in this Agreement held by a court or other Governmental Body of
competent jurisdiction to be invalid, void or unenforceable shall be ineffective
to the extent of such invalidity, voidness or unenforceability, but neither the
remaining terms, provisions, covenants or restrictions contained in this
Agreement nor the validity or enforceability thereof in any other jurisdiction
shall be affected or impaired thereby. Any term, provision, covenant or
restriction contained in this Agreement that is so found to be so broad as to be
unenforceable shall be interpreted to be as broad as is enforceable.

         7.    Expenses. Each of the parties hereto shall pay all costs and
expenses incurred by such person or on such person's behalf in connection with
the transactions contemplated hereunder, including fees and expenses of such
person's own financial consultants, investment bankers, accountants and counsel,
except as otherwise provided herein or in the Merger Agreement.

         8.    Entire Agreement. This Agreement (including the documents and the
instruments referred to herein) constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, agreements or representations by or between the
parties, written and oral, with respect to the subject matter

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<PAGE>

hereof and thereof.

         9.    Successors; No Third Party Beneficiaries. The terms and
conditions of this Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns. Nothing in this
Agreement, expressed or implied, is intended to confer upon any party, other
than the parties hereto and their respective successors and assigns, any rights,
remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided herein.

         10.   Notices. All notices and other communications hereunder shall be
in writing and shall be deemed given if delivered personally, telecopied (which
is confirmed) or dispatched by a nationally recognized overnight courier service
to the parties at the following addresses (or at such other address for a party
as shall be specified by like notice):

               (i)   if to Datek, to:

                        Datek Online Holdings Corp.
                        70 Hudson Street
                        Jersey City, NJ  07302
                        Fax:             (201) 761-8044
                        Attention:       Stuart Sindell

               with a copy to:

                        Fried, Frank, Harris, Shriver & Jacobson
                        One New York Plaza
                        New York, New York  10004
                        Fax:             (212) 859-4000
                        Telephone:       (212) 859-8000
                        Attention:       F. William Reindel

               (ii)  if to a Stockholder:

                        to the address set forth opposite such Stockholder's
                name on Annex A.

                        with copies to:

                        Ameritrade Holding Corporation
                        4211 South 102nd Street
                        Omaha, Nebraska  68127
                        Facsimile:  (402) 597-7789
                        Attention:  John R. MacDonald

                        and

                        Mayer, Brown, Rowe & Maw
                        190 South LaSalle Street

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                        Chicago, Illinois  60603
                        Telephone:  (312) 701-7215
                        Facsimile:  (312) 706-8195
                        Attention:  Carol S. Rivers

         11.   Counterparts. This Agreement may be executed in counterparts, and
each such counterpart shall be deemed to be an original instrument, but all such
counterparts together shall constitute but one agreement.

         12.   Specific Performance. The parties hereto agree that if for any
reason Datek or any Stockholder shall have failed to perform its respective
obligations under this Agreement, then the party hereto seeking to enforce this
Agreement against such non-performing party shall be entitled to specific
performance and injunctive and other equitable relief, and the parties hereto
further agree to waive any requirement for the securing or posting of any bond
in connection with the obtaining of any such injunctive or other equitable
relief. This provision is without prejudice to any other rights that any party
hereto may have against any other party hereto for any failure to perform its
obligations under this Agreement.

         13.   Governing Law. This Agreement shall be governed by the laws of
the State of New York without regard to its conflict of laws principles which
might result in the applications of the law of any other jurisdiction, except to
the extent that the Delaware General Corporation Law applies as a result of
Datek being a Delaware corporation.

         14.   Waiver and Amendment. Any provision of this Agreement may be
waived at any time by the party that is entitled to the benefits of such
provision. This Agreement may not be modified, amended, altered or supplemented
except upon the execution and delivery of a written agreement executed by the
parties hereto.

         15.   Additional Subject Shares. Notwithstanding the provisions of
Section 14, in the event that any Stockholder acquires any additional
Securities, (i) such Stockholder shall promptly notify Datek in writing of such
acquisition and (ii) such securities shall, without further action of the
parties, be subject to the provisions of this Agreement, and Annex A will be
deemed amended accordingly.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date first above written.

                                     DATEK ONLINE HOLDINGS CORP.

                                     By: /s/ Edward J. Nicoll
                                        ----------------------------------------
                                         Name:  Edward J. Nicoll
                                         Title: Chairman & CEO

                               STOCKHOLDERS:

                                     /s/ J. Joe Ricketts
                                     -------------------------------------------
                                     J. Joe Ricketts

                                     /s/ Marlene M. Ricketts
                                     -------------------------------------------
                                     Marlene M. Ricketts

                                     MARLENE M. RICKETTS 1994
                                     DYNASTY TRUST

                                     By: /s/ J. Joe Ricketts
                                        ----------------------------------------
                                        J. Joe Ricketts, trustee

                                     J. JOE RICKETTS 1994 DYNASTY TRUST

                                     By: /s/ Marlene M. Ricketts
                                        ----------------------------------------
                                        Marlene M. Ricketts, trustee

                                     RICKETTS GRANDCHILDREN TRUST

                                     By: /s/ Marie T. Koley, P.T. Admin. Officer
                                        ----------------------------------------
                                        First National Bank of Omaha,
                                        trustee

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                                     ANNEX A

                 Stockholders and Securities Beneficially Owned

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
STOCKHOLDER NAME AND ADDRESS                                              SECURITIES BENEFICIALLY OWNED
                                                                              (IN NUMBER OF SHARES)

---------------------------------------------------------------------------------------------------------------------
<S>                                                                        <C>
J. Joe Ricketts(1)                                                          45,282,627 Class A Shares
c/o Ameritrade Holding Corporation
4211 South 102nd Street
Omaha, Nebraska 68127

---------------------------------------------------------------------------------------------------------------------
J. Joe Ricketts, as trustee of the Marlene M. Ricketts                       8,186,112 Class B Shares
1994 Dynasty Trust
c/o Ameritrade Holding Corporation
4211 South 102nd Street
Omaha, Nebraska 68127

---------------------------------------------------------------------------------------------------------------------
Marlene M. Ricketts(2)                                                      35,213,399 Class A Shares
c/o Ameritrade Holding Corporation
4211 South 102nd Street
Omaha, Nebraska 68127

---------------------------------------------------------------------------------------------------------------------
Marlene M. Ricketts, as trustee of the J. Joe Ricketts                       8,186,688 Class B Shares
1994 Dynasty Trust
c/o Ameritrade Holding Corporation
4211 South 102nd Street
Omaha, Nebraska 68127

---------------------------------------------------------------------------------------------------------------------
First National Bank of Omaha, as trustee of the Ricketts                    19,008,000 Class A Shares
Grandchildren Trust
c/o First National Bank of Omaha
First National Center, 16th and Dodge Streets
Omaha, Nebraska 68102

---------------------------------------------------------------------------------------------------------------------
</TABLE>

(1) Class A Shares beneficially owned by Mr. Ricketts consist of 37,975,260
shares held by Mr. Ricketts individually in a brokerage margin account;
3,000,000 shares held jointly with Marlene M. Ricketts, his spouse, in a
brokerage margin account; 1,434,467 shares owned by Mr. Ricketts but pledged as
collateral; 1,500,000 shares held jointly with Marlene M. Ricketts but pledged
as collateral; 332,352 shares held in the J. Ricketts IRA; 798 shares held in a
401(k)/profit sharing account; and 1,039,750 shares issuable upon the exercise
of options exercisable within 60 days. Class A Shares beneficially owned by Mr.
Ricketts do not include shares held by Mrs. Ricketts individually and disclosed
in Note (2) below.

(2) Class A Shares beneficially owned by Mrs. Ricketts consist of 30,381,047
shares held by Mrs. Ricketts individually in a brokerage margin account;
3,000,000 shares held jointly with J. Joe Ricketts, her spouse, in a brokerage
margin account; 1,500,000 shares held jointly with J. Joe Ricketts but pledged
as collateral; and 332,352 shares held in the M. Ricketts IRA. Class A Shares
beneficially owned by Mrs. Ricketts do not include shares held by Mr. Ricketts
individually and disclosed in Note (1) above.

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<PAGE>

                                    EXHIBIT A

                         Registration Rights Term Sheet

9<PAGE>
                                                                    EXHIBIT 10.4

                     RESTATED CONSENT AND VOTING AGREEMENT

         RESTATED CONSENT AND VOTING AGREEMENT (this "Agreement") is made as of
this 16th day of May, 2002 by and among the undersigned stockholders (each a
"Stockholder" and collectively, the "Stockholders") of Datek Online Holdings
Corp., a Delaware corporation (the "Company") and Ameritrade Holding
Corporation, a Delaware corporation ("Ameritrade"). Capitalized terms not
otherwise defined herein have the meanings assigned thereto in the Merger
Agreement (as defined below).

                                    RECITALS

         WHEREAS, the parties hereto entered into an Agreement Regarding Written
Consent, dated as of April 6, 2002 (the "Original Agreement"), and they now
desire to amend and restate the Original Agreement pursuant to this Agreement;

         WHEREAS, concurrently with the execution of this Agreement, Ameritrade,
the Company, Arrow Stock Holding Corporation, a Delaware corporation ("Holdco"),
Arrow Merger Corp., a Delaware corporation and a wholly-owned subsidiary of
Holdco ("A Merger Sub") and Dart Merger Corp., a Delaware corporation and a
wholly-owned subsidiary of Holdco ("D Merger Sub"), have entered into that
certain Amended and Restated Agreement and Plan of Merger, dated as of the date
hereof (as may be amended, the "Merger Agreement"), pursuant to which, among
other things, A Merger Sub will be merged into Ameritrade and D Merger Sub will
be merged into the Company (the "D Merger" and, together, the "Mergers") so that
Ameritrade and the Company will each become a wholly-owned subsidiary of Holdco
and the respective former stockholders of Ameritrade and the Company will be
issued shares of capital stock of Holdco;

         WHEREAS, the Stockholders are the record and beneficial owners of
shares of the Company's Series A Convertible Preferred Stock, par value $.001
per share ("Series A Shares"), and shares of the Company's Series B Convertible
Preferred Stock, par value $.001 per share ("Series B Shares"), in the amounts
and of the types set forth opposite each Stockholder's name on Annex A (the
"Subject Shares");

         WHEREAS, pursuant to Reclassification Amendment 1 (as defined in the
Merger Agreement), which shall become effective promptly after the date hereof,
each Series A Share and Series B Share will be reclassified into a Series A
Share or Series B Share, respectively, plus a number of shares of Special Voting
Common Stock specified in Reclassification Amendment 1;

         WHEREAS, each Stockholder desires to waive all of its rights and claims
against the Company and the surviving corporation of the D Merger now existing
or hereafter arising, if any, pursuant to the Preferred Stock Purchase
Agreement, dated July 20, 1999, among the Company and the investors listed in
Schedule A thereto (the "Series A Purchase Agreement") and the Preferred Stock
Purchase Agreement, dated November 30, 2000, among the Company and the investors
listed in Schedule A thereto (the "Series B Purchase Agreement");

<PAGE>

         WHEREAS, in order to facilitate the transactions contemplated by the
Merger Agreement, the Stockholders desire to elect, pursuant to Section A.7 of
Article Fourth of the Fourth Amended and Restated Certificate of Incorporation
of the Company (as amended to the date hereof, the "Restated Charter"), to
convert all Subject Shares which are Series A Shares into shares of the
Company's Common Stock, par value $0.001 per share ("Common Stock") and,
pursuant to Section B.6 of Article Fourth of the Restated Charter, to convert
all Subject Shares which are Series B Shares into shares of Common Stock, the
result of which conversions will be to cause the conversion of all outstanding
Series A Shares, Series B Shares, shares of the Company's Series C Preferred
Stock, par value $0.001 per share, and shares of the Company's non-voting Common
Stock, par value $0.001 per share into shares of Common Stock.

         WHEREAS, as a condition to Ameritrade's entering into the Merger
Agreement, Ameritrade has required that the Stockholders agree, and the
Stockholders have agreed, to enter into this Agreement concurrently with the
execution of the Merger Agreement;

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:

         1. Irrevocable Proxy. (a) Until this Agreement is terminated, each
Stockholder (i) hereby irrevocably agrees to vote, and/or act by written consent
with respect to, the Subject Shares, if any, owned by such Stockholder at any
annual, special or other meeting of the holders of shares of the Company's
capital stock and at any adjournment or postponement thereof or pursuant to any
written consent in lieu of a meeting, to the fullest extent that the Subject
Shares are entitled to be voted, in favor of the adoption of the Merger
Agreement, approval of the Mergers and any other transactions contemplated by
the Merger Agreement and (ii) in furtherance of the foregoing, hereby
irrevocably appoints Ameritrade, its officers, agents and nominees, with full
power of substitution, as proxy for and attorney in fact of the Stockholder to
act with respect to and to vote, and/or act by written consent with respect to,
the Subject Shares, if any, owned by the Stockholder for and in the name, place
and stead of such Stockholder at any annual, special or other meeting of the
holders of shares of the Company's capital stock and at any adjournment or
postponement thereof or pursuant to any written consent in lieu of a meeting, to
the fullest extent that the Subject Shares are entitled to be voted, in favor of
the adoption of the Merger Agreement, approval of the Mergers and any other
transactions contemplated by the Merger Agreement; provided, that Ameritrade or
its officers and nominees may exercise this irrevocable proxy only if such
Stockholder fails to comply with the terms of this Section 1(a)(i).. In all
other matters, the Subject Shares shall be voted by and in the manner determined
by the Stockholder. Each Stockholder hereby represents that he has not
heretofore granted an irrevocable proxy with respect to the Subject Shares and
hereby revokes any and all proxies which may heretofore have been granted with
respect to the Subject Shares, except as set forth in Annex A.

         (b) Each Stockholder understands and acknowledges that Ameritrade is
entering into the Merger Agreement in reliance upon the Stockholder's execution
and delivery of this Agreement. Each Stockholder hereby affirms that the
irrevocable proxy set forth in this Section 2 is given in connection with and as
an inducement for the execution by Ameritrade of the Merger Agreement and to
secure the performance of the duties of such Stockholder under this

                                       2
<PAGE>

Agreement. Each Stockholder hereby further affirms that the irrevocable proxy is
coupled with an interest and may not be revoked. Each Stockholder hereby
ratifies and confirms all that such proxy may lawfully do or cause to be done by
virtue hereof. This proxy is executed and intended to be irrevocable in
accordance with the provisions of the Delaware General Corporation Law.

         3. Registration Rights. The Stockholders hereby approve the Summary of
Terms of Registration Rights Agreement in the form attached as Exhibit A hereto
(the "Registration Rights Term Sheet"), and agree to enter into a definitive
registration rights agreement with Holdco and certain other parties on the terms
and conditions set forth in the Registration Rights Term Sheet on or prior to
the Closing.

         4. Waiver. Each Stockholder hereby irrevocably waives, with respect to
itself only, effective as of the Closing, any and all rights and claims against
the Company and the surviving corporation of the D Merger now existing or
hereafter arising, if any, pursuant to the Series A Purchase Agreement and the
Series B Purchase Agreement.

         5. Conversion of Series A Shares. Pursuant to Section A.7 of Article
Fourth of the Restated Charter, each of the Stockholders beneficially owning
Series A Shares (collectively representing at least 85% of the outstanding
Series A Shares), irrevocably elects, effective as of the close of business on
the second business day preceding the expected date of the Closing under the
Merger Agreement (provided that the Merger Agreement has theretofore been
adopted by the stockholders of Ameritrade) to convert all of the issued and
outstanding Series A Shares held by such Stockholder into shares of Common
Stock; provided, however, that in the event of a valid termination of the Merger
Agreement without consummation of the transactions contemplated therein (i)
prior to the such time, this election shall be deemed cancelled, and (ii) after
the time of such conversion, the Stockholders party hereto shall take all such
steps as are necessary to cause the Company to authorize and issue to such
Stockholders the Series A Shares surrendered on such conversion in exchange for
the shares of Common Stock issued on such conversion (and any shares of capital
stock of the Company issued upon the reclassification of such shares of Common
Stock).

         6. Conversion of Series B Shares. Pursuant to Section B.6 of Article
Fourth of the Restated Charter, each of the Stockholders beneficially owning
Series B Shares (collectively representing at least 75% of the outstanding
Series B Shares), irrevocably elects, effective as of the close of business on
the second business day preceding the expected date of the Closing under the
Merger Agreement (provided that the Merger Agreement has theretofore been
adopted by the stockholders of Ameritrade) to convert all of the issued and
outstanding Series B Shares held by such Stockholder into shares of Common
Stock; provided, however, that in the event of a valid termination of the Merger
Agreement without consummation of the transactions contemplated therein (i)
prior to the such time, this election shall be deemed cancelled, and (ii) after
the time of such conversion, the Stockholders party hereto shall take all such
steps as are necessary to cause the Company to authorize and issue to such
Stockholders the Series B Shares surrendered on such conversion in exchange for
the shares of Common Stock issued on such conversion (and any shares of capital
stock of the Company issued upon the reclassification of such shares of Common
Stock).

         7. Representations and Warranties of the Stockholders. Each Stockholder
hereby

                                       3
<PAGE>

represents and warrants to Ameritrade that:

         (a) (i) The Subject Shares listed on Annex A opposite the Stockholder's
name are the only shares of the Company's capital stock, securities convertible
into the Company's capital stock, or other rights in respect of the Company's
capital stock (collectively, "Securities") owned of record or beneficially by
the Stockholder; (ii) except as set forth on Annex A, such Subject Shares are
owned by the Stockholder, free and clear of all liens, claims, charges and
encumbrances of any kind whatsoever except for liens, claims or charges arising
from margin or other loans from a bank or brokerage firm and except as
contemplated by this Agreement, and none of such Subject Shares is subject to
any voting trust or other agreement or arrangement (except as created by this
Agreement) with respect to the voting of such Subject Shares, except as set
forth in Annex A, and (iii) the Stockholder does not presently own any options
to purchase or rights to subscribe for or otherwise acquire any other Securities
except as set forth in Annex A.

         (b) The Stockholder has full right, power and authority to execute and
deliver this Agreement and to perform all of such Stockholders' obligations
hereunder, and such execution, delivery and performance have been duly
authorized by all requisite action of the Stockholder and no other legal
proceedings are necessary therefor.

         (c) This Agreement has been duly and validly executed and delivered by
the Stockholder and represents a valid and legally binding obligation of the
Stockholder, enforceable against the Stockholder in accordance with its terms.

         (d) Except as noted on Annex A, the execution, delivery and performance
of this Agreement by the Stockholder will not constitute a violation of,
conflict with or result in a default under (i) any contract, understanding or
arrangement to which the Stockholder is a party or by which the Stockholder is
bound or require the consent of any other person or any party pursuant thereto,
(ii) any judgment, decree or order applicable to the Stockholder, or (iii) any
applicable law, statute, rule or regulation.

         8. Covenants of the Stockholders. Each Stockholder hereby covenants and
agrees with Ameritrade that, until this Agreement terminates:

         (a) Except for pledges in existence as of the date hereof, and except
as contemplated by the terms of this Agreement and the Stockholders Agreement,
such Stockholder shall not, and shall cause its controlled Affiliates not to,
(i) directly or indirectly sell, transfer, tender, pledge, encumber, assign or
otherwise dispose of (collectively, a "Transfer"), or enter into any contract,
option or other agreement with respect to, or consent to, a Transfer of, any or
all of the Subject Shares; provided, however, that, with the consent of
Ameritrade (which consent shall not be unreasonably withheld), such Stockholder
may pledge or encumber any Subject Shares so long as such pledge or encumbrance
would not impair such Stockholder's ability to perform its obligations under
this Agreement; or (ii) take any action that would have the effect of
preventing, impeding, interfering with or adversely affecting its ability to
perform its obligations under this Agreement.

         (b) In the event of a stock dividend or distribution, or any change in
the capital stock of the Company by reason of any stock dividend or
distribution, split-up, recapitalization,

                                       4
<PAGE>

combination, exchange of shares or the like (excluding the Merger), the term
"Subject Shares" shall be deemed to refer to and include the Subject Shares as
well as all such stock dividends and distributions and any securities of the
Company into which or for which any or all of the Subject Shares may be changed
or exchanged or which are received in such transaction.

         (c) Such Stockholder shall not, nor shall such Stockholder permit any
controlled Affiliate of such Stockholder to, nor shall such Stockholder act in
concert with or permit any controlled Affiliate to act in concert with any
Person to, deposit any Securities in a voting trust or subject any Securities to
any arrangement or agreement with any Person with respect to the voting of such
Securities, except as expressly provided by this Agreement or the Stockholders
Agreement or as in existence as of the date hereof.

         9. Termination; Amendment. This Agreement (other than Section 4 and
the provisos contained in Sections 5 and 6) shall terminate at the earlier of
the Effective Time or immediately upon any termination of the Merger Agreement
pursuant to its terms. Section 4 of this Agreement shall terminate immediately
upon any termination of the Merger Agreement pursuant to its terms. This
Agreement shall not be amended without the written consent of all parties hereto
(including Ameritrade).

         10. Severability. Any term, provision, covenant or restriction
contained in this Agreement held by a court or other Governmental Body of
competent jurisdiction to be invalid, void or unenforceable shall be ineffective
to the extent of such invalidity, voidness or unenforceability, but neither the
remaining terms, provisions, covenants or restrictions contained in this
Agreement nor the validity or enforceability thereof in any other jurisdiction
shall be affected or impaired thereby. Any term, provision, covenant or
restriction contained in this Agreement that is so found to be so broad as to be
unenforceable shall be interpreted to be as broad as is enforceable.

         11. [Intentionally Omitted]

         12. Entire Agreement. This Agreement (including the documents and the
instruments referred to herein) constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, agreements or representations by or between the
parties, written and oral, with respect to the subject matter hereof and
thereof.

         13. Successors; No Third Party Beneficiaries. The terms and conditions
of this Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns. Nothing in this Agreement,
expressed or implied, is intended to confer upon any party, other than the
parties hereto and their respective successors and assigns, any rights,
remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided herein.

         14. Notices. All notices and other communications hereunder shall be in

                                       5
<PAGE>

writing and shall be deemed given if delivered personally, telecopied (which is
confirmed) or dispatched by a nationally recognized overnight courier service to
the parties at the following addresses (or at such other address for a party as
shall be specified by like notice):

                                    (i)   if to Ameritrade, to:

                           Ameritrade Holding Corporation
                           4211 South 102nd Street
                           Omaha, Nebraska  68127
                           Fax:             (402) 597-7789
                           Attention:       John R. MacDonald

                  with a copy to:

                           Mayer, Brown, Rowe & Mawe
                           190 South LaSalle Street
                           Chicago, Illinois  60603
                           Fax:             (312) 706-8195
                           Attention:       Carol S. Rivers

                                    (ii)  if to a Stockholder:

                                    to the address, and with copies, as set
                                    forth in Annex A.

                  with a copy to:

                           Fried, Frank, Harris, Shriver & Jacobson
                           One New York Plaza
                           New York, New York  10004
                           Fax:             (212) 859-4000
                           Attention:       F. William Reindel

         15. Counterparts. This Agreement may be executed in counterparts, and
each such counterpart shall be deemed to be an original instrument, but all such
counterparts together shall constitute but one agreement.

         16. Specific Performance. The parties hereto agree that if for any
reason Ameritrade or any Stockholder shall have failed to perform its respective
obligations under this Agreement, then the party hereto seeking to enforce this
Agreement against such non-performing party shall be entitled to specific
performance and injunctive and other equitable relief, and the parties hereto
further agree to waive any requirement for the securing or posting of any bond
in connection with the obtaining of any such injunctive or other equitable
relief. This provision is without prejudice to any other rights that any party
hereto may have against any other party hereto for any failure to perform its
obligations under this Agreement.

         17. Governing Law. This Agreement shall be governed by the laws of the

                                       6
<PAGE>

State of New York without regard to its conflict of laws principles which might
result in the applications of the law of any other jurisdiction, except to the
extent that the Delaware General Corporation Law applies as a result of
Ameritrade being a Delaware corporation.

         18. Waiver and Amendment. Any provision of this Agreement may be waived
at any time by the party that is entitled to the benefits of such provision.
This Agreement may not be modified, amended, altered or supplemented except upon
the execution and delivery of a written agreement executed by the parties
hereto.

         19. Additional Subject Shares. Notwithstanding the provisions of
Section 18, in the event that any Stockholder acquires any additional
Securities, (i) such Stockholder shall promptly notify Ameritrade in writing of
such acquisition (other than in connection with Reclassification Amendment 1,
the Pre-Closing Conversion and the Pre-Closing Reclassification) and (ii) such
securities shall, without further action of the parties, be subject to the
provisions of this Agreement, and Annex A will be deemed amended accordingly.

                            [SIGNATURE PAGES FOLLOW]

                                       7
<PAGE>
                  IN WITNESS WHEREOF, each of the undersigned has executed and
delivered this Agreement, in one or more counterparts, as of the date first
above written.

STOCKHOLDERS:

<TABLE>
<CAPTION>
FINANZAS B.V. (as assignee of Europatweb N.V.)        TA/ADVENT VIII, L.P.
<S>    <C>                                            <C>     <C>
                                                      By:     TA Associates VIII, LLC,
By:                                                           its General Partner
       -------------------------------------------
       Name:
       Title:                                         By:     TA Associates, Inc., its Manager

                                                      By:
                                                             --------------------------------------
ADVENT ATLANTIC & PACIFIC III, L.P.                          Name:
                                                             Title:
By:    TA Associates AAP III Partners, L.P.,
       its General Partner                            TA ATLANTIC & PACIFIC IV, L.P.

By:    TA Associates, Inc., its General Partner       By:     TA Associates AP IV Partners, L.P.,
                                                              its General Partner
By:
       -------------------------------------------
       Name:                                          By:     TA Associates, Inc., its General Partner
       Title:
                                                      By:
                                                             --------------------------------------
TA EXECUTIVES FUND, LLC                                      Name:
                                                             Title:
By:    TA Associates, Inc., its Manager
                                                      TA INVESTORS, LLC
By:
       -------------------------------------------
       Name:                                          By:     TA Associates, Inc., its Manager
       Title:
                                                      By:
                                                             --------------------------------------
                                                             Name:
                                                             Title:
</TABLE>

<PAGE>

TA IX, L.P.

By:      TA Associates IX, LLC,
         its General Partner

         By:      TA Associates, Inc.,
                  its Manager

                  By:      ____________________________
                           Name:
                           Title:

ADVENT PGGM GLOBAL LIMITED PARTNERSHIP
DIGITAL MEDIA & COMMUNICATIONS III LIMITED PARTNERSHIP
DIGITAL MEDIA & COMMUNICATIONS III-A LIMITED PARTNERSHIP
DIGITAL MEDIA & COMMUNICATIONS III-B LIMITED PARTNERSHIP
DIGITAL MEDIA & COMMUNICATIONS III-C LIMITED PARTNERSHIP
DIGITAL MEDIA & COMMUNICATIONS III-D C.V.
DIGITAL MEDIA & COMMUNICATIONS III-E C.V.
GLOBAL PRIVATE EQUITY III LIMITED PARTNERSHIP
GLOBAL PRIVATE EQUITY IV LIMITED PARTNERSHIP

By:      Advent International Limited Partnership,
         its General Partner

         By:      Advent International Corporation,
                  its General Partner

                  By:      ____________________________
                           Name:
                           Title:

ADVENT PARTNERS DMC III LIMITED PARTNERSHIP
ADVENT PARTNERS GPE III LIMITED PARTNERSHIP
ADVENT PARTNERS (NA) GPE III LIMITED PARTNERSHIP
ADVENT PARTNERS LIMITED PARTNERSHIP
ADVENT PARTNERS GPE IV LIMITED PARTNERSHIP
ADVENT PARTNERS (NA) GPE IV LIMITED PARTNERSHIP

By:      Advent International Corporation,
         its General Partner

         By:      ____________________________
                  Name:
                  Title:

<PAGE>

ADVENT GLOBAL GECC III LIMITED PARTNERSHIP

By:      Advent Global Management Limited Partnership,
         its General Partner

         By:      Advent International Limited Partnership,
                  its General Partner

                  By:      Advent International Corporation,
                           its General Partner

                           By:      ____________________________
                                    Name:
                                    Title:

ADVENT INTERNATIONAL CORPORATION,
  as Voting Trustee, on behalf of First Union Capital Partners, LLC
  and Guayacan Private Equity Fund Limited Partnership

By:      ____________________________
         Name:
         Title

<PAGE>

BAIN CAPITAL FUND VII, L.P.

BAIN CAPITAL VII COINVESTMENT FUND, L.P.

By:      Bain Capital Partners VII, L.P.,
         its General Partner

         By:      Bain Capital Investors, LLC,
                  its General Partner

                  By:      ____________________________
                           Name:
                           Title:

BCI DATEK INVESTORS, LLC

By:      ____________________________
         Name:
         Title:

BCIP ASSOCIATES II
BCIP ASSOCIATES II-B
BCIP TRUST ASSOCIATES II
BCIP TRUST ASSOCIATES II-B

By:      ____________________________
         Name:
         Title:

<PAGE>

SILVER LAKE PARTNERS, L.P.

By:      Silver Lake Technology Associates, L.L.C.,
         its General Partner

         By:      ____________________________
                  Name:
                  Title:

SILVER LAKE INVESTORS, L.P.

By:      Silver Lake Technology Associates, L.L.C.,
         its General Partner

         By:      ____________________________
                  Name:
                  Title:

SILVER LAKE TECHNOLOGY INVESTORS, L.L.C.

By:      Silver Lake Technology Management, L.L.C.,
         its Managing Member

         By:      ____________________________
                  Name:
                  Title:

NON-STOCKHOLDER PARTY:

Ameritrade Holding Corporation

By:      ____________________________
         Name:
         Title:

<PAGE>

                                     ANNEX A

                              SCHEDULED EXCEPTIONS

First Union Capital Partners, LLC and Guayacan Private Equity Fund Limited
Partnership have entered into a voting trust agreement with respect to their
Subject Shares with Advent International Corporation, as voting trustee, and an
irrevocable proxy with respect to such Subject Shares has been granted to Advent
International Corporation in connection with such voting trust agreement.

                 STOCKHOLDERS AND SECURITIES BENEFICIALLY OWNED

--------------------------------------------------------------------------------
                         SERIES A CONVERTIBLE PREFERRED
                      (CONVERTS TO COMMON ON A 2 X 1 BASIS)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                NAME                                       NUMBER OF
                                                                     SHARES (AS CONVERTED)
 --------------------------------------------------------------------------------------------
<S>                                            <C>                   <C>
--------------------------------------------------------------------------------------------
Finanzas B.V.                                                                    15,217,574
--------------------------------------------------------------------------------------------
TA/Advent VIII, L.P.                                                              5,580,748
--------------------------------------------------------------------------------------------
TA Atlantic & Pacific IV, L.P.                                                    2,257,854
--------------------------------------------------------------------------------------------
Advent Atlantic & Pacific III, L.P.                                               1,046,390
--------------------------------------------------------------------------------------------
TA Investors, LLC.                                                                  111,614
--------------------------------------------------------------------------------------------
TA Executives Fund, LLC                                                             106,034
--------------------------------------------------------------------------------------------
                                               SUB-TOTAL (SERIES A)              24,320,214
--------------------------------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
                               SERIES B PREFERRED
                     (CONVERTS TO COMMON ON A 10 X 1 BASIS)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                               NAME                                       NUMBER OF
                                                                    SHARES (AS CONVERTED)
--------------------------------------------------------------------------------------------
<S>                                                                 <C>
--------------------------------------------------------------------------------------------
Bain Capital Fund VII, L.P.                                                      20,555,340
--------------------------------------------------------------------------------------------
Bain Capital VII Coinvestment Fund, L.P.                                          7,604,870
--------------------------------------------------------------------------------------------
BCIP Associates II                                                                  866,650
--------------------------------------------------------------------------------------------
BCIP Associates II-B                                                                168,600
--------------------------------------------------------------------------------------------
BCIP Trust Associates II                                                            180,400
--------------------------------------------------------------------------------------------
BCIP Trust Associates II-B                                                          142,690
--------------------------------------------------------------------------------------------
BCI Datek Investors, LLC                                                          5,043,279
--------------------------------------------------------------------------------------------
Silver Lake Partners, L.P.                                                       22,316,400
--------------------------------------------------------------------------------------------
Silver Lake Investors, L.P.                                                         643,602
--------------------------------------------------------------------------------------------
Silver Lake Technology Investors, L.L.C.                                            493,740
--------------------------------------------------------------------------------------------
TA IX, L.P.                                                                      16,928,242
--------------------------------------------------------------------------------------------
TA Atlantic & Pacific IV, L.P.                                                    1,859,285
--------------------------------------------------------------------------------------------
TA/Advent VIII, L.P.                                                                493,740
--------------------------------------------------------------------------------------------
</TABLE>

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