Document:

<PAGE>
EXHIBIT 10.19

                         AMERITRADE HOLDING CORPORATION
                         EXECUTIVE EMPLOYMENT AGREEMENT

      This Executive Employment Agreement (the "Agreement") between AMERITRADE
HOLDING CORPORATION, a Delaware corporation (the "Company") and Kurt D.
Halvorson (the "Executive"), is made effective September 9, 2002 (the "Effective
Date").

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

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

      Accordingly, the Company and the Executive agree as follows:

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

      2. TERM. Subject to the provisions set forth in Section 6 below, the term
of this Agreement (the "Term") will be the period beginning on the Effective
Date and ending on the second anniversary of the Effective Date, unless earlier
terminated in accordance with Section 6 below. Within 90 days prior to the
expiration of the Term, the Executive and the CEO shall negotiate terms under
which this agreement will renew for an additional 12 months("Renewal
Term")("Renewal Term" and "Term" collectively referred to as "Term").
Notwithstanding the foregoing, upon a "Change of Control" (as defined in Section
7 below), the initial Term of this Agreement will not change, unless earlier
terminated in accordance with Section 6 below.

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

            (a) Base Salary. The Company will pay to the Executive an annual
      base salary of $300,000, payable in accordance with the Company's
      policies. The Executive's annual base salary will be reviewed by the
      Company for possible increase (but not decrease) at least once in each
      calendar year through the Term of this Agreement.

            (b) Annual Incentive. The Executive will be entitled to participate
      in the Company's Management Incentive Plan (or any successor short-term
      incentive plan or
<PAGE>
      program) (the "MIP Plan") for the Company's fiscal year 2002 and
      subsequent fiscal years during the Term in accordance with the terms and
      conditions of the MIP Plan with a target bonus of 100% of the Executive's
      annual base salary for each fiscal year (the "Target Bonus"). The
      Executive's Target Bonus for periods subsequent to the Company's fiscal
      year 2002 during the Term will be determined by the Compensation Committee
      of the Board of Directors of the Company (the "Compensation Committee") in
      its discretion and based upon performance criteria determined for each
      fiscal year by the Compensation Committee in its sole discretion but shall
      in no event be less than 100% of the Executive's annual base salary for
      such subsequent period.

            (c) Long-Term Incentive Plan. The Executive will be entitled to
      participate in the Company's 1996 Long-Term Incentive Plan (or any
      successor long-term incentive plan or program) (the "LTIP"). Any awards
      made under the LTIP will be made at the sole discretion of the
      administrator of the LTIP, or the administrator's designee, and will be
      subject to the terms and conditions of the LTIP and the applicable award
      agreement. The Executive will be eligible for an annual option award,
      determined by the measurements established by the Compensation Committee
      from time to time, with a target of $350,000 in present value, at the same
      time and contingent upon options being granted to other Company executives
      by the Compensation Committee. Number of options will be determined using
      the same valuation methodology as other Company executives' grants.

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

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

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

            (a) During the Term and for a period of 12 months thereafter
      (collectively, the "Restricted Period"), the Executive will not (without
      the written consent of the Chief Executive Officer and the Chairman of the
      Board) engage or participate in any business within the United States (as
      an owner, partner, stockholder, holder of any other equity interest, or
      financially as an investor or lender, or in any capacity calling for the
      rendition of personal services or acts of management, operation or
      control) which is engaged in any activities and for any business
      competitive with any of the primary businesses conducted or formally
      proposed to be conducted by the Company or any of its Affiliates (as
      defined below) during the 12-month period prior to the Date of Termination
      (as defined in Section 6) or, if the Executive has been employed for less
      than a 12-month period, the period in which the Executive was employed by
      the Company ("Competitive Business").

                                       2
<PAGE>
      For purposes of this Agreement, the term "primary businesses" is defined
      as (i) an online brokerage business, or (ii) a business, product or
      service for which the Executive was responsible during his employment with
      the Company during the Term. Notwithstanding the foregoing, the Executive
      may own securities of a Competitive Business so long as the securities of
      such corporation or other entity are listed on a national securities
      exchange or on the Nasdaq National Market and the securities owned
      directly or indirectly by the Executive do not represent more than one
      percent of the outstanding securities of such corporation or other entity;

            (b) During the Restricted Period neither the Executive, nor any
      business in which the Executive may engage or participate in, will
      directly or indirectly (i) knowingly induce any customer or vendor of the
      Company or of corporations or businesses which directly or indirectly are
      controlled by the Company (collectively, the "Affiliates") to patronize
      any Competitive Business, (ii) knowingly canvass, solicit or accept any
      business from any customer of the Company or any of its Affiliates which
      business is of a type that is similar to the business received by the
      Company or Affiliate from the customer, (iii) request or advise any
      customer or vendor of the Company or any of its Affiliates to withdraw,
      curtail or cancel such customer's or vendor's business with the Company or
      any of its Affiliates, or (iv) compete with the Company or any of its
      Affiliates in merging with or acquiring any other company or business
      (whether by a purchase of stock or other equity interests, or a purchase
      of assets or otherwise) which is a Competitive Business;

            (c) During the Restricted Period, neither the Executive nor any
      business in which the Executive may engage or participate in will (i)
      knowingly hire, solicit or attempt to hire any employee or contractor of
      the Company or any of its Affiliates or (ii) encourage any employee or
      contractor of the Company or any of its Affiliates to terminate employment
      or contractual arrangements. For purposes of this Agreement, "employee"
      includes current employees as well as anyone employed by the Company or
      any of its Affiliates within the prior six months from the Executive's
      Date of Termination (as defined in Section 6); and

            (d) In the event that any of the provisions of this Section 4 should
      ever be deemed to exceed the time, geographic or occupational limitations
      permitted by applicable laws, then such provisions will and are hereby
      reformed to the maximum time, geographic or occupational limitations
      permitted by applicable law.

      5.    CONFIDENTIAL INFORMATION AND INTELLECTUAL PROPERTY.

            (a) Except as may be required by law, or except to the extent
      required to perform the Executive's duties and responsibilities hereunder,
      the Executive will keep secret and confidential indefinitely all
      non-public confidential information (including, without limitation,
      information regarding cost of new accounts, activity rates of different
      market niche customers, advertising results, technology (hardware and
      software), architecture, discoveries, processes, algorithms, maskworks,
      strategies, intellectual properties, customer lists and other customer
      information) concerning any of the Company and its Affiliates which was
      acquired by or disclosed to the Executive during

                                       3
<PAGE>
      the course of the Executive's employment with the Company ("Confidential
      Information") and not use in any manner or disclose the same, either
      directly or indirectly, to any other person, firm or business entity.

            (b) At the end of the Term or at the Company's earlier request, the
      Executive will promptly return to the Company any and all records,
      documents, physical property, information, computer disks, drives or other
      materials relative to the business of any of the Company and its
      Affiliates obtained by the Executive during course of employment with the
      Company and not keep any copies thereof.

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

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

            (e) Confidential Information does not include information already in
      the public domain or information which has been released to the public by
      the Company. Nothing in this Section 5 shall be construed so as to prevent
      the Executive from using, in connection with his employment for himself or
      an employer other than the Company, knowledge which was acquired by him
      during the course of his employment with the Company and which is
      generally to known to persons of his experience in other companies in the
      same industry. Subject to Section 5(d), Executive will be permitted to
      disclose Confidential Information if required by a subpoena or court or
      administrative order.

                                       4
<PAGE>
      6. Termination.

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

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

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

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

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

                                       5
<PAGE>
            (i)   a material violation by the Company of the terms of this
                  Agreement which continues for 30 days following receipt of
                  notice from the Executive specifying such violation;

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

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

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

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

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

                  Subject to the Executive's compliance with the
                  non-competition, non-solicitation, non-hire and
                  confidentiality and intellectual property provisions of this
                  Agreement and the execution and delivery by the Executive to
                  the Company of the release described in Section 13 hereof, the
                  Company will provide the Executive with severance compensation
                  and benefits (in addition to the payments described in Section
                  6(b)) as follows:

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

                                       6
<PAGE>
      (y)   the Executive will receive an amount equal to the Target Bonus under
            the MIP Plan, as applicable, for the fiscal year in which the Date
            of Termination occurs, payable at such time as bonuses are generally
            payable for other participants under the MIP Plan; and

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

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

      (f)   Additional Restricted Period.

In the event that the Company does not renew the Executive's employment at the
end of the Renewal Term, the Executive will only be required to comply with the
Non-competition, Non-Solicitation and Non-Hire provisions set forth in Section 4
above for the period indicated by the Company commencing on the day after the
end of the Renewal Term and ending on the date specified by the Company, which
shall not be later than the first anniversary of expiration of the Renewal Term,
which date the Executive hereby agrees to in consideration of the
Non-Competition Payments provided below ("Additional Restricted Period"). The
Company will provide the Executive with payments (the "Non-Competition
Payments") for the duration of the Additional Restricted Period equal to his
then current base salary (or, if greater, the annual base salary in effect 90
days prior to the Date of Termination, but in no event less than $300,000),
payable pro-rata over the course of the Additional Restricted Period on
regularly scheduled paydays. The Non-Competition Payments shall be reduced by
any payments due to the Executive under any other severance provision described
in Section 6 hereof and Executive agrees to execute and deliver the release
described in Section 13 below.

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

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

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

                                       7
<PAGE>
            (iii) misconduct involving serious moral turpitude to the extent
                  that in the reasonable judgment of the Board, the Executive's
                  credibility or reputation no longer conforms to the standard
                  of the Company's executives; or

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

7. CHANGE OF CONTROL.

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

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

            (ii)  the acquisition by any person, entity or group of the
                  beneficial ownership of 50% or more of the outstanding shares
                  of common stock of the Company;

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

            (iv)  the consummation of a merger or consolidation of the Company
                  with any other corporation other than (1) a merger or
                  consolidation which would result in the voting securities of
                  the Company outstanding immediately prior thereto continuing
                  to represent (either by remaining outstanding or by being
                  converted into voting securities of the surviving entity) more
                  than 50% of the combined voting power of the voting securities
                  of the Company or such surviving entity outstanding
                  immediately after such merger or consolidation or (2) a merger
                  or consolidation effected to implement a recapitalization of
                  the Company (or similar transaction).

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

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

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

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

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

      12. INDEMNIFICATION. The Executive will be eligible for indemnification as
provided in the Company's Articles of Incorporation or Bylaws or pursuant to
other agreements in effect as of the effective date of this Agreement. In
addition, the Company will maintain directors' and officers' liability insurance
in effect and covering acts and omissions of the Executive, during the Term and
for a period of six years thereafter, on terms customary for companies that are
similar to the Company.

                                       9
<PAGE>
      13. SEPARATION AND RELEASE AGREEMENT. Notwithstanding anything in Section
6 or Section 7 to the contrary and in consideration therefor, severance benefits
thereunder will only become payable by the Company if the Executive executes and
delivers to the Company a Separation and Release Agreement on or after the date
of written notice of termination of Executive's employment and in substantially
the form attached as an example in Exhibit A hereof. The terms of the Separation
and Release Agreement will be subject to the terms of the Executive Employment
Agreement.

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

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

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

      15. MISCELLANEOUS.

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

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

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

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

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

            (f) This Agreement terminates and supersedes any and all prior
      employment agreements or understandings, written or oral, with the
      Executive and the Company or

                                       10
<PAGE>
      any of its subsidiaries or Affiliates. The obligations of the Executive
      under Sections 4 and 5 shall survive termination of this Agreement to the
      extent provided in those sections.

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

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

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

                                              AMERITRADE HOLDING CORPORATION

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

                                              /s/ Kurt D. Halvorson
                                              ----------------------------------
                                              Kurt D. Halvorson

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

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

                                       11<PAGE>
EXHIBIT 10.20

                         AMERITRADE HOLDING CORPORATION
                         EXECUTIVE EMPLOYMENT AGREEMENT

         This Executive Employment Agreement (the "Agreement") between
AMERITRADE HOLDING CORPORATION, a Delaware corporation (the "Company") and Ellen
L.S. Koplow (the "Executive"), is made effective September 9, 2002 (the
"Effective Date").

         The Executive is employed as Senior Vice President, General Counsel.

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

         Accordingly, the Company and the Executive agree as follows:

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

         2. TERM. Subject to the provisions set forth in Section 6 below, the
term of this Agreement (the "Term") will be the period beginning on the
Effective Date and ending on the second anniversary of the Effective Date,
unless earlier terminated in accordance with Section 6 below. Within 90 days
prior to the expiration of the Term, the Executive and the CEO shall negotiate
terms under which this agreement will renew for an additional 12 months("Renewal
Term")("Renewal Term" and "Term" collectively referred to as "Term").
Notwithstanding the foregoing, upon a "Change of Control" (as defined in Section
7 below), the initial Term of this Agreement will not change, unless earlier
terminated in accordance with Section 6 below.

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

                  (a) Base Salary. The Company will pay to the Executive an
         annual base salary of $240,000, payable in accordance with the
         Company's policies. The Executive's annual base salary will be reviewed
         by the Company for possible increase (but not decrease) at least once
         in each calendar year through the Term of this Agreement.

<PAGE>

                  (b) Annual Incentive. The Executive will be entitled to
         participate in the Company's Management Incentive Plan (or any
         successor short-term incentive plan or program) (the "MIP Plan") for
         the Company's fiscal year 2002 and subsequent fiscal years during the
         Term in accordance with the terms and conditions of the MIP Plan with a
         target bonus of 60% of the Executive's annual base salary for each
         fiscal year (the "Target Bonus"). The Executive's Target Bonus for
         periods subsequent to the Company's fiscal year 2002 during the Term
         will be determined by the Compensation Committee of the Board of
         Directors of the Company (the "Compensation Committee") in its
         discretion and based upon performance criteria determined for each
         fiscal year by the Compensation Committee in its sole discretion but
         shall in no event be less than 60% of the Executive's annual base
         salary for such subsequent period.

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

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

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

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

                  (a) During the Term and for a period of 12 months thereafter
         (collectively, the "Restricted Period"), the Executive will not
         (without the written consent of the Chief Executive Officer and the
         Chairman of the Board) engage or participate in any business within the
         United States (as an owner, partner, stockholder, holder of any other
         equity interest, or financially as an investor or lender, or in any
         capacity calling for the rendition of personal services or acts of
         management, operation or control) that competes with any of the primary
         businesses conducted or formally proposed to be conducted by the
         Company or any of its Affiliates (as defined below) during the 12-month
         period prior to the Date of Termination (as defined in Section 6) or,
         if the Executive has been employed

                                       2
<PAGE>
         for less than a 12-month period, the period in which the Executive was
         employed by the Company ("Competitive Business"). For purposes of this
         Agreement, the term "primary businesses" is defined as an online
         brokerage business. Notwithstanding the foregoing, the Executive may
         engage in the practice of law without any restriction other than
         serving as in-house counsel for a Competitive Business and the
         Executive may own securities of a Competitive Business so long as the
         securities of such corporation or other entity are listed on a national
         securities exchange or on the Nasdaq National Market and the securities
         owned directly or indirectly by the Executive do not represent more
         than one percent of the outstanding securities of such corporation or
         other entity;

                  (b) During the Restricted Period neither the Executive, nor
         any business in which the Executive may engage or participate in, will
         directly or indirectly (i) knowingly induce any customer or vendor of
         the Company or of corporations or businesses which directly or
         indirectly are controlled by the Company (collectively, the
         "Affiliates") to patronize any Competitive Business, (ii) knowingly
         canvass, solicit or accept any business from any customer of the
         Company or any of its Affiliates which business is of a type that is
         similar to the business received by the Company or Affiliate from the
         customer, (iii) request or advise any customer or vendor of the Company
         or any of its Affiliates to withdraw, curtail or cancel such customer's
         or vendor's business with the Company or any of its Affiliates, or (iv)
         compete with the Company or any of its Affiliates in merging with or
         acquiring any other company or business (whether by a purchase of stock
         or other equity interests, or a purchase of assets or otherwise) which
         is a Competitive Business;

                  (c) During the Restricted Period, neither the Executive nor
         any business in which the Executive may engage or participate in will
         (i) knowingly hire, solicit or attempt to hire any employee or
         contractor of the Company or any of its Affiliates or (ii) encourage
         any employee or contractor of the Company or any of its Affiliates to
         terminate employment or contractual arrangements. For purposes of this
         Agreement, "employee" includes current employees as well as anyone
         employed by the Company or any of its Affiliates within the prior six
         months from the Executive's Date of Termination (as defined in Section
         6); and

                  (d) In the event that any of the provisions of this Section 4
         should ever be deemed to exceed the time, geographic or occupational
         limitations permitted by applicable laws, then such provisions will and
         are hereby reformed to the maximum time, geographic or occupational
         limitations permitted by applicable law.

         5.       CONFIDENTIAL INFORMATION AND INTELLECTUAL PROPERTY.

                  (a) Except as may be required by law, or except to the extent
         required to perform the Executive's duties and responsibilities
         hereunder, the Executive will keep secret and confidential indefinitely
         all non-public confidential information (including, without limitation,
         information regarding cost of new accounts, activity rates of different
         market niche customers, advertising results, technology (hardware and
         software), architecture, discoveries, processes, algorithms, maskworks,
         strategies, intellectual properties, customer lists and other customer
         information) concerning any of the

                                       3
<PAGE>
         Company and its Affiliates which was acquired by or disclosed to the
         Executive during the course of the Executive's employment with the
         Company ("Confidential Information") and not use in any manner or
         disclose the same, either directly or indirectly, to any other person,
         firm or business entity.

                  (b) At the end of the Term or at the Company's earlier
         request, the Executive will promptly return to the Company any and all
         records, documents, physical property, information, computer disks,
         drives or other materials relative to the business of any of the
         Company and its Affiliates obtained by the Executive during course of
         employment with the Company and not keep any copies thereof.

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

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

                  (e) Confidential Information does not include information
         already in the public domain or information which has been released to
         the public by the Company. Nothing in this Section 5 shall be construed
         so as to prevent the Executive from using, in connection with her
         employment for herself or an employer other than the Company, knowledge
         which was acquired by her during the course of her employment with the
         Company and which is generally to known to persons of her experience in
         other companies in the same industry. Subject to Section 5(d),
         Executive will be permitted to

                                       4
<PAGE>
         disclose Confidential Information if required by a subpoena or court or
         administrative order.

         6.       Termination.

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

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

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

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

                  (e) Termination by the Company for Reasons Other than Cause or
         Voluntary Resignation by the Executive for Good Reason. In the event
         the Company elects to terminate the Executive's employment for any
         reason other than disability or those specified in Section 6(g), it
         will provide written notice of such termination to the Executive, which
         notice will include the date on which the Executive's employment will
         terminate. The Executive may also terminate employment with the Company
         for Good Reason by delivering written notice to the Company within 90
         days of the occurrence of an event qualifying as Good Reason, but in
         any event prior to the end of the Term.

                                       5
<PAGE>
         "Good Reason" is defined as one of the following events that occurs
         without the written consent of the Executive:

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

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

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

                           (iv)     any relocation of Executive's base office in
                                    Baltimore, Maryland to an office that is
                                    more than 35 highway miles from Annapolis
                                    Junction, Maryland;

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

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

         Subject to the Executive's compliance with the non-competition,
         non-solicitation, non-hire and confidentiality and intellectual
         property provisions of this Agreement and the execution and delivery by
         the Executive to the Company of the release described in Section 13
         hereof, the Company will provide the Executive with severance
         compensation and benefits (in addition to the payments described in
         Section 6(b)) as follows:

                  (x)      the Executive will continue to receive her then
                           current annual base salary (or, if greater, the
                           annual base salary in effect 90 days prior to the
                           Date of Termination, but in no event less than
                           $240,000), payable on regularly scheduled paydays for
                           a period equal to the greater of (A) 12 months or

                                       6
<PAGE>
                           (B) the period from the Date of Termination through
                           the end of the Term (such period of payment to be
                           referred to as the "Severance Period");

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

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

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

                  (f)      Additional Restricted Period.

         In the event that the Company does not renew the Executive's employment
         at the end of the Renewal Term, the Executive will only be required to
         comply with the Non-competition, Non-Solicitation and Non-Hire
         provisions set forth in Section 4 above for the period indicated by the
         Company commencing on the day after the end of the Renewal Term and
         ending on the date specified by the Company, which shall not be later
         than the first anniversary of expiration of the Renewal Term, which
         date the Executive hereby agrees to in consideration of the
         Non-Competition Payments provided below ("Additional Restricted
         Period"). The Company will provide the Executive with payments (the
         "Non-Competition Payments") for the duration of the Additional
         Restricted Period equal to her then current base salary (or, if
         greater, the annual base salary in effect 90 days prior to the Date of
         Termination, but in no event less than $240,000), payable pro-rata over
         the course of the Additional Restricted Period on regularly scheduled
         paydays. The Non-Competition Payments shall be reduced by any payments
         due to the Executive under any other severance provision described in
         Section 6 hereof and Executive agrees to execute and deliver the
         release described in Section 13 below.

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

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

                                       7
<PAGE>
                           (ii)     the willful engaging by the Executive in
                                    conduct which is materially injurious to the
                                    Company, monetarily or otherwise;

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

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

         7.       CHANGE OF CONTROL.

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

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

                           (ii)     the acquisition by any person, entity or
                                    group of the beneficial ownership of 50% or
                                    more of the outstanding shares of common
                                    stock of the Company;

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

                           (iv)     the consummation of a merger or
                                    consolidation of the Company with any other
                                    corporation other than (1) a merger or
                                    consolidation which would result in the
                                    voting securities of the Company outstanding
                                    immediately prior thereto continuing to
                                    represent (either by remaining outstanding
                                    or by being converted into voting securities
                                    of the surviving entity) more than 50% of
                                    the combined voting power of the voting
                                    securities of the Company or such surviving
                                    entity outstanding immediately after such
                                    merger or consolidation or (2) a merger or
                                    consolidation effected to implement a
                                    recapitalization of the Company (or similar
                                    transaction).

                  (b) Subject to the Executive's compliance with Sections 4 and
         5 and subject to the Executive's execution of the General Release and
         Cooperation Agreement described in Section 13, if following a Change of
         Control, the Executive's employment is terminated by the Company
         without Cause or is terminated by the Executive for Good Reason, the
         amount due to the Executive in Sections 6(e)(x) and 6(e)(y) will be
         paid in a

                                       8
<PAGE>
         lump sum within 30 days following such termination of employment in
         lieu of payment at such times described in Sections 6(e)(x) and
         6(e)(y).

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

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

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

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

         12. INDEMNIFICATION. The Executive will be eligible for indemnification
as provided in the Company's Articles of Incorporation or Bylaws or pursuant to
other agreements in effect as of the effective date of this Agreement. In
addition, the Company will maintain directors' and

                                       9
<PAGE>
officers' liability insurance in effect and covering acts and omissions of the
Executive, during the Term and for a period of six years thereafter, on terms
customary for companies that are similar to the Company.

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

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

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

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

         15.      MISCELLANEOUS.

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

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

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

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

                                       10
<PAGE>
                  (e) The Company may withhold from any amounts payable under
         this Agreement such Federal, state or local taxes as may be required to
         be withheld pursuant to any applicable law or regulation.

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

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

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

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

                              AMERITRADE HOLDING CORPORATION

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

                              /s/ Ellen L.S. Koplow
                              -------------------------------------------------
                              Ellen L.S. Koplow

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

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

                                       11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}]]