Document:

<PAGE>   1
                                                                   EXHIBIT 10.19

                           DAIN RAUSCHER CORPORATION
                         SECTION 280G CHANGE IN CONTROL
                               GROSS-UP AGREEMENT

                  THIS AGREEMENT is made as of this day of July, 1999, by and
between Dain Rauscher Corporation, a Delaware corporation ("Dain Rauscher"), and
Irving Weiser ("Executive").

                  WITNESSETH, THAT:

                  WHEREAS, Executive has, for many years, acted as Dain
Rauscher's Chairman, Chief Executive Officer and President;

                  WHEREAS, in consideration of his leadership and to provide an
incentive for Executive to continue to perform at a high level for Dain
Rauscher's benefit during the upcoming years in a challenging and consolidating
industry, Dain Rauscher has made a special grant to Executive of nonqualified
stock options which will have value only if Dain Rauscher achieves aggressive
growth goals (the "Option");

                  WHEREAS, in the event of a Change-in-Control (as hereinafter
defined), the acceleration of the vesting of the Option and other payments then
due to the Executive may cause Executive to become subject to the special excise
tax provided for pursuant to Sections 280G and 4999 of the Internal Revenue Code
of 1986, as amended (the "Code"); and

                  WHEREAS, in order to achieve the benefits to Dain Rauscher of
the Option grant, Dain Rauscher believes it is in its best interests and the
best interests of its stockholders to provide Executive with rights to receive a
special payment to cover any such special excise taxes that may become due from
Executive in such circumstances.

                  NOW, THEREFORE, in consideration of the premises set forth
herein, Dain Rauscher and Executive hereby agree as follows:

                  1.        Change in Control

                  For purposes of this Agreement, Change in Control shall mean:

                  (a) the public announcement (which, for purposes of this
definition), shall include, without limitation, a report filed pursuant to
Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act") that any person, entity or "group," within the meaning of Section 13(d)(3)
or 14(d)(2) of the Exchange Act, other than Dain Rauscher or any of its
subsidiaries, or the Dain Rauscher Retirement Plan or any other employee benefit
plan of Dain Rauscher or any of its subsidiaries, or any entity holding shares
of Stock organized, appointed or established for, or pursuant to the terms of,
any such plan, has become the beneficial owner (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of

<PAGE>   2

35% or more of the combined voting power of Dain Rauscher's then outstanding
voting securities in a transaction or series of transactions;

                  (b) the Continuing Directors cease to constitute a majority of
Dain Rauscher's Board of Directors;

                  (c) the stockholders of Dain Rauscher approve (1) any
consolidation or merger which Dain Rauscher is not the continuing or surviving
corporation or pursuant to which shares of Dain Rauscher's stock would be
converted into cash, securities or other property, other than a merger in which
Dain Rauscher stockholders immediately prior to the merger have the same
proportionate ownership of the stock of the surviving corporation immediately
after the merger; (2) any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all or substantially all of
the assets of Dain Rauscher; or (3) any plan of liquidation or dissolution of
Dain Rauscher; or

                  (d) the majority of the Continuing Directors determine, in
their sole and absolute discretion, that there has been a change in control of
Dain Rauscher.

                  For purposes of this Agreement, "Continuing Director" shall
mean any person who is a member of the Board of Directors of Dain Rauscher,
while such a person is a member of the Board of Directors, who is not an
Acquiring Person (as hereinafter defined) or an Affiliate or Associate (as
hereinafter defined) of an Acquiring Person, or a representative of an Acquiring
Person or of any such Affiliate or Associate, and who (A) was a member of the
Board of Directors on April 27, 1999, or (B) subsequently becomes a member of
the Board of Directors, if such person's initial nomination for election or
initial election to the Board of Directors is recommended or approved by a
majority of the Continuing Directors.

                  For purposes of this Agreement, "Acquired Person" shall mean
any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange
Act) who or which, together with all Affiliates and Associates of such person,
is the "beneficial owner" (as defined in Rule 13d-3 promulgated under the
Exchange Act), directly or indirectly, of securities of Dain Rauscher
representing 35% or more of the combined voting power of Dain Rauscher's then
outstanding securities, but shall not include Dain Rauscher, any subsidiary of
Dain Rauscher or any employee benefit plan of Dain Rauscher or of any subsidiary
of Dain Rauscher or any entity holding shares of stock organized, appointed or
established for, or pursuant to the terms of, any such plan; and "Affiliate" and
"Associate" shall have the respective meanings ascribed to such terms in Rule
12b-2 promulgated under the Exchange Act.

                  The foregoing definition of Change in Control shall be
interpreted and applied so that it applies in every case when any stock options
granted to Executive by Dain Rauscher become fully exercisable as a result of
such a Change in Control or similar transaction or event.

<PAGE>   3

                  2.       Gross-Up Payment.

                  In the event any stock option granted to Executive by Dain
Rauscher becomes fully vested or exercisable as a result of a Change in Control,
as defined herein, or in the event that Executive otherwise becomes entitled to
any payments from Dain Rauscher which are "parachute payments" within the
meaning of Section 280G of the Code, Dain Rauscher shall cause its independent
auditors promptly to review, at Dain Rauscher's sole expense, the applicability
of Section 4999 of the Code to such stock options and such payments. If such
auditors shall determine that any payment or distribution of any type by Dain
Rauscher to Executive or for Executive's benefit, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise (the "Total Payments"), would be subject to the excise tax imposed by
Section 4999 of the Code, or any interest or penalties with respect to such
excise tax (such excise tax, together with any such interest and penalties, are
collectively referred to as the "Excise Tax"), then Executive shall be entitled
to receive an additional cash payment (a "Gross-Up Payment") within 30 days of
such determination equal to an amount such that after payment by Executive of
all taxes (including any interest or penalties imposed with respect to such
taxes), including any Excise Tax, imposed upon the Gross-Up Payment, Executive
would retain an amount of the Gross-Up Payment equal to the Excise Tax imposed
upon the Total Payments. For purposes of the foregoing determination,
Executive's tax rate shall be deemed to be the highest statutory marginal state
and Federal tax rate (on a combined basis) (including Executive's share of
F.I.C.A. and Medicare taxes) then in effect. If no determination by the Dain
Rauscher auditors is made prior to the time a tax return reflecting the Total
Payments is required to be filed by Executive, Executive will be entitled to
receive a Gross-Up Payment calculated on the basis of the Total Payments
reported by Executive in such tax return, within 30 days of the filing of such
tax return. In all events, if any tax authority determines that a greater Excise
Tax should be imposed upon the Total Payments than is determined by Dain
Rauscher's independent auditors or reflected in Executive's tax return pursuant
to this Agreement, Executive shall be entitled to receive the full Gross-Up
Payment calculated on the basis of the amount of Excise Tax determined to be
payable by such tax authority from Dain Rauscher within 30 days of such
determination.

                  3.       Miscellaneous

                  (a) This Agreement shall not confer on Executive any right
with respect to continuance of employment by Dain Rauscher or any of its
subsidiaries, nor will it interfere in any way with the right of Dain Rauscher
to terminate such employment at any time.

                  (b) This Agreement shall be governed by the internal laws of
the State of Delaware, without regard to any conflict of laws principles.

<PAGE>   4

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed on the day and year first above written.

                                       DAIN RAUSCHER CORPORATION

                                       BY
                                         ----------------------------

                                       ITS
                                          ----------------------------

                                       --------------------------------
                                       IRVING WEISER<PAGE>   1
                                                                   EXHIBIT 10.20

                                [DRC letterhead]

                                 January 4, 2000

Mr. Irving Weiser
641 S. Westwood Drive
Golden Valley,  MN  55416

Dear Mr. Weiser:

              This letter will confirm the cancellation, by its terms, of that
certain Dain Rauscher Corporation Special Executive Non-Qualified Stock Option
Agreement, dated as of April 5, 1999 (the "Special Agreement"), by and between
Dain Rauscher Corporation ("Dain Rauscher") and you, pursuant to which Dain
Rauscher granted to you the right and option (the "Special Option") to purchase
all or any part of an aggregate of 150,000 shares of Common Stock outside of
Dain Rauscher's 1996 Stock Incentive Plan (the "Plan"). Concurrently with the
cancellation of the Special Agreement, and in accordance with its terms, Dain
Rauscher granted to you an option pursuant to the Plan to purchase 150,000
shares at an exercise price of $50.00 per share (the "Plan Replacement Option").
As a result of the granting of the Plan Replacement Option, the Special
Agreement is hereby terminated and the Special Option granted pursuant thereto
is hereby cancelled and is hereafter void and of no further effect.

              Please acknowledge the foregoing by signing and returning to Dain
Rauscher one copy of this letter where indicated below.

                                        DAIN RAUSCHER CORPORATION

                                        By:
                                           -----------------------------------
                                             Carla J. Smith
                                               Senior Vice President and
                                               General Counsel

Acknowledged and agreed as of this
4th day of January, 2000:

--------------------------
Irving Weiser

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}]]