Document:

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                                                                    EXHIBIT 10.2

                                 PROMISSORY NOTE

U.S.$270,000,000.00                                     Dated:  January 19, 2006

     FOR VALUE RECEIVED, the undersigned, TD WATERHOUSE GROUP, INC., a Delaware
corporation (the "Borrower"), HEREBY UNCONDITIONALLY PROMISES TO PAY to the
order of TORONTO DOMINION (TEXAS) LLC (the "Lender"), or its registered assigns,
in lawful money of the United States of America the principal sum of TWO HUNDRED
SEVENTY MILLION AND 00/100 U.S. DOLLARS (U.S. $270,000,000.00), such amount
representing the original aggregate principal amount of the term loan evidenced
hereby (the "Term Loan") owed by the Borrower to the Lender pursuant to this
Promissory Note.

     The Borrower promises to pay all principal and interest due hereunder in
immediately available funds in lawful money of the United States of America on
July 24, 2006 (the "Maturity Date"). The Borrower promises to pay interest on
the unpaid principal amount of the Term Loan from the date hereof to but
excluding the date such principal amount is paid in full. Interest shall be
computed on the basis of a year of 365 days (based on the actual number of days
elapsed) (i) from the date hereof until the date that is the later of (x) the
Maturity Date and (y) the date by which all payments required pursuant to
Sections 1.3(d) and 1.3(e) of that certain Agreement of Sale and Purchase, dated
as of June 22, 2005 (as amended to date and as further amended, restated or
otherwise modified from time to time, the "Purchase Agreement"), between The
Toronto-Dominion Bank and Ameritrade Holding Corporation are required to be
made, at the Fed Funds Rate (as defined in the Purchase Agreement) (such later
date in clause (x) or (y) being, the "Rate Change Date") or at such other rate
as prescribed by applicable law and (ii) from and after the Rate Change Date, at
a rate equal to the Fed Funds Rate plus 150 basis points, or at such other rate
as prescribed by applicable law.

     The indebtedness evidenced hereby may be prepaid in whole or in part at any
time and from time to time without premium or penalty; provided that with
respect to any prepayment, all accrued interest on any principal amount to be
prepaid shall be paid simultaneously with the prepayment of such principal.

     Demand, presentment, protest and notice of nonpayment and protest are
hereby waived by Borrower.

     Should any payment of principal or interest become due and payable on any
day other than a Business Day (as defined in the Purchase Agreement), the
maturity thereof shall be extended to the next succeeding Business Day and
interest shall continue to accrue at the applicable rate until such payment is
made.

     Should the indebtedness represented by this Promissory Note or any part
hereof be collected at law or in equity or in bankruptcy, receivership or other
court proceeding, or should this Promissory Note be placed in the hands of
attorneys for collection after default, Borrower agrees to pay, in addition to
the principal, interest due and payable hereon and any other sums due and
payable hereon, all costs of collecting or attempting to collect this

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Promissory Note, including reasonable attorneys' fees and expenses (including
those incurred in connection with any appeal).

     This Promissory Note shall not require the payment nor permit the
collection of interest or any late payment charge in excess of the maximum rate
permitted by law. If any excess interest or late payment charge in such respect
is provided for under this Promissory Note or shall be adjudicated to provide
for such terms, neither Borrower nor its successors or assigns shall be
obligated to pay such interest or late payment charge in excess of the maximum
amount permitted by law, and the right to demand the payment of any such excess
shall be and hereby is waived. In the event Lender shall collect monies which
are deemed to constitute interest which would increase the effective interest
rate to a rate in excess of the maximum rate permitted by law, all such sums
deemed to constitute interest in excess of the maximum rate permitted by law
shall, upon such determination, at the option of Lender, be returned to Borrower
or credited against the principal balance of Borrower's obligation then
outstanding under this Promissory Note. This provision shall control any other
provision of this Promissory Note.

     Upon the occurrence of any of the following events (each an "Event of
Default"): (i) if the Borrower shall fail to pay any principal or interest on
the Term Loan when due; (ii) if the Borrower shall fail to perform or observe
any other term or condition binding upon it hereunder and such failure shall
continue unremedied for a period of sixty (60) days after written notice thereof
from the Lender; or (iii) (a) if the Borrower shall generally not pay its debts
as such debts become due or shall make a general assignment for the benefit of
creditors; (b) if any proceeding shall be instituted by or, unless dismissed
within sixty (60) days, against, the Borrower seeking to adjudicate it a
bankrupt or insolvent or seeking liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief, or composition of it or its debts
under any law relating to bankruptcy, insolvency, or relief of debtors
generally, or seeking the entry of an order for relief or for the appointment of
a receiver, trustee, custodian, or other similar officer for it or for any part
of its assets; or (c) if the Borrower shall take any action to authorize any of
the actions set forth in subclauses (iii)(a) and (iii)(b) of this paragraph;
then the Lender may, without demand, notice or legal process of any kind,
declare the outstanding principal amount of the Term Loan together with all
accrued and unpaid interest thereon and all other amounts due hereunder
(collectively, the "Indebtedness") to be, whereupon the Indebtedness shall
become, immediately due and payable; provided, however, that upon the occurrence
of any Event of Default specified in subclause (iii) of this paragraph, the
Indebtedness shall automatically become due and payable.

     THIS PROMISSORY NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

     At any time and from time to time, the Borrower agrees that the Borrower
will cooperate with the Lender and will execute and deliver, or cause to be
executed and delivered, all such further instruments and documents, and will
take all such further actions, as the Lender may reasonably request in order to
carry out the provisions and purposes of this Promissory Note.

                  [Remainder of page intentionally left blank.]

                                       2
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     Whenever in this Promissory Note reference is made to Lender or Borrower,
such reference shall be deemed to include, as applicable, a reference to their
respective successors and permitted assigns. Neither Lender nor Borrower shall
assign or otherwise transfer this Promissory Note without the prior written
consent of the other person, and any such assignment or transfer without such
consent shall be void ab initio. The provisions of this Promissory Note shall be
binding upon and shall inure to the benefit of said successors and assigns.
Borrower's successors and assigns shall include, without limitation, a receiver,
trustee or debtor-in-possession of or for Borrower.

                                  TD WATERHOUSE GROUP, INC.

                                  By:  /s/ T.C. ARMSTRONG
                                       --------------------------------
                                  Name:    T.C. Armstrong
                                  Title:   CEO, TD Waterhouse Group, Inc.

                                       3<PAGE>
                                                                    EXHIBIT 10.4

                    AMENDMENT NO. 1 TO STOCKHOLDERS AGREEMENT

     This AMENDMENT NO. 1 TO STOCKHOLDERS AGREEMENT (this "AMENDMENT") is made
and entered into this 22nd day of February, 2006 by and among TD Ameritrade
Holding Corporation (the "COMPANY"), the stockholders of the Company listed on
the signature pages hereto under the heading "R Parties" (collectively, the "R
PARTIES"), The Toronto-Dominion Bank, a Canadian chartered bank ("TD BANK") and
TD Discount Brokerage Holdings LLC, a Delaware limited liability company and a
direct, wholly-owned subsidiary of TD Bank ("TD HOLDINGS," and collectively with
TD Bank, "TD").

                                    RECITALS

     WHEREAS, the parties hereto are parties to that certain Stockholders
Agreement dated as of June 22, 2005 (the "ORIGINAL AGREEMENT");

     WHEREAS, the Original Agreement provides that, promptly after the closing
of the sale of TD Waterhouse Group, Inc. by TD to the Company, TD is required to
commence or cause to be commenced a tender offer (the "TENDER OFFER") to
acquire, at a price of not less than $16 per share, a number of shares of Common
Stock constituting the lesser of (A) 8% of the outstanding shares of Common
Stock and (B) the number of shares that would result in TD Beneficially Owning
Voting Securities representing 39.9% of the outstanding shares of Common Stock,
upon the terms and conditions set forth in Section 5.8 of the Original
Agreement;

     WHEREAS, in light of (among other things) the fact that the Common Stock
has been trading at a price per share in excess of the minimum price at which TD
is obligated to effect the TENDER OFFER, the Company, the R Parties and TD
desire to amend the Original Agreement to eliminate TD's obligation to
conduct the Tender Offer and, in lieu thereof, to reflect TD's agreement to
purchase, pursuant to one or more Plans described herein or otherwise, in each
case in open market purchases (including block trades, subject to the
limitations set forth below) effected in compliance with Rule 10b-18 under the
Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT"), at least
15,000,000 shares of Common Stock within six months of the date hereof;

     WHEREAS, in addition to the 15,000,000 shares which TD is agreeing to
purchase within six months of the date hereof, TD currently intends to acquire
up to 15,000,000 additional shares of Common Stock by January 24, 2007; and

     WHEREAS, in accordance with Section 6.4 of the Original Agreement, each of
TD, the R Parties and the Outside Independent Directors Committee has approved
this Amendment and the transactions contemplated hereby.

     NOW THEREFORE, in consideration of the foregoing, and of the covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, and intending to be
legally bound hereby, the parties hereto hereby agree as follows:

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                                   ARTICLE I

                                  DEFINITIONS

     SECTION 1.1. Definitions. Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed thereto in the Original Agreement.

                                   ARTICLE II

                      AMENDMENTS TO THE ORIGINAL AGREEMENT

     SECTION 2.1. Amendment to the Recitals. The second paragraph of the
Recitals of the Original Agreement is hereby deleted in its entirety.

     SECTION 2.2. Amendment to Section 1.1 (Definitions). Section 1.1 of the
Original Agreement is hereby amended and supplemented to add the following
definitions:

     "CLOSING" means the closing under the Share Purchase Agreement.

     "JR" means J. Joe Ricketts.

     SECTION 2.3. Amendment to Section 3.2 (Specific Transfer Restrictions).
Section 3.2(g) of the Original Agreement is hereby amended by amending and
restating clause (v) thereof in its entirety as follows: "to TD or any of its
Subsidiaries pursuant to the purchases contemplated by Section 5.8(a) hereof or
otherwise, subject to the limitations of Section 2.1(a)(i)(A) hereof."

     SECTION 2.4. Elimination of Tender Offer Obligation; Amendment to Section
5.8 (Tender Offer).

     (a) The Company and each of the R Parties hereby expressly waive and
release TD and its Affiliates from any and all obligations relating to the
Tender Offer.

     (b) Section 5.8 of the Original Agreement is hereby amended and restated in
its entirety as follows:

     "Section 5.8. TD Share Purchases; No Company Repurchases. (a) Prior to
     August 22, 2006, TD and/or one or more of its wholly-owned Subsidiaries
     shall acquire at least 15,000,000 shares of Common Stock. Such acquisition
     may be effected pursuant to one or more stock purchase plans meeting the
     requirements of Rule 10b5-1(c)(1) under the Exchange Act (each, a "PLAN"
     and together, the "PLANS"), to be established by TD promptly following
     February 22, 2006 (which Plan or Plans will contemplate the purchase of up
     to an aggregate of at least 15,000,000 shares of Common Stock, on the terms
     and subject to the conditions contained therein) or otherwise. Such
     acquisition shall be effected at such times and on such terms as are
     determined by TD, in its sole discretion, provided that all such purchases
     shall be effected by means of open market purchases in compliance with Rule
     10b-18 under the Exchange Act (including block trades, provided that TD
     shall purchase at least 7,500,000 shares pursuant to open market purchases
     that are not block purchases effected under the once-a-week block purchase
     exception provided in Rule 10b-18(b)(4) under the Exchange Act). TD

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     shall give the Company written notice promptly following its satisfaction
     of its obligations under this Section 5.8(a). The purchases contemplated by
     this Section 5.8(a) shall be subject at all times to the restrictions
     contained in Section 2.1(a)(i)(A) hereof. The Company and TD will cooperate
     with each other to prepare and make all regulatory filings required as a
     result of or in order to effect the purchases contemplated by this Section
     5.8(a).

     (b) Prior to August 22, 2006 (or such earlier date on which TD provides
     notice to the Company of the satisfaction of TD's obligations under
     Section 5.8(a)) (the "TERM"), the Company shall not effect any repurchase
     of shares of Common Stock. In the event that repurchases would otherwise be
     required under Section 5.3 of this Agreement during the Term, the
     Company's obligations to effect such repurchases shall be tolled
     during the Term, and at the expiration of the Term the Company shall use
     all reasonable efforts to repurchase any shares which it otherwise would
     have been required to repurchase under Section 5.3 during the Term, which
     repurchases shall be effected as promptly as reasonably practicable (which
     may exceed 120 days) following the date of such expiration.

     (c) All share numbers referred to in this Section 5.8 shall be adjusted
     from time to time to reflect any stock dividend paid in respect of, or any
     subdivision, split, combination or reclassification effected with respect
     to, the Common Stock after February 22, 2006."

                                  ARTICLE III

                                 MISCELLANEOUS

     SECTION 3.1. Continued Effect of Original Agreement. As amended hereby, the
Original Agreement is hereby ratified and confirmed and agreed to by all of the
parties hereto and thereto and continues in full force and effect. All
references in the Original Agreement to the "Agreement" shall be read as
references to the Original Agreement, as amended by this Amendment and as it may
be further amended, supplemented, restated or otherwise modified from time to
time.

     SECTION 3.2. Counterparts. This Amendment may be executed by facsimile in
separate counterparts each of which shall be an original and all of which taken
together shall constitute one and the same agreement.

     SECTION 3.3. Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of Delaware (except to the
extent that mandatory provisions of federal law are applicable), without giving
effect to the principles of conflicts of law, and shall be binding upon the
successors and assigns of the parties.

                            [signature pages follow]

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     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date set forth in the first paragraph hereof.

                                        COMPANY:

                                        TD AMERITRADE HOLDING CORPORATION

                                        By:  /s/ JOSEPH H. MOGLIA
                                            ------------------------------------
                                            Name:  Joseph H. Moglia
                                            Title: Chief Executive Officer

                                        TD:

                                        THE TORONTO-DOMINION BANK

                                        By:  /s/ CHRISTOPHER MONTAGUE
                                            ------------------------------------
                                            Name:  Christopher Montague
                                            Title: Executive Vice President

                                        TD DISCOUNT BROKERAGE HOLDINGS LLC

                                        By:  /s/ FRANK TRIPODI
                                            ------------------------------------
                                            Name:  Frank Tripodi
                                            Title: Managing Director

                                        R PARTIES:

                                        /s/ J. JOE RICKETTS by THOMAS RICKETTS
                                        ----------------------------------------
                                        J. Joe Ricketts

                                        /s/ MARLENE M. RICKETTS
                                        ----------------------------------------
                                        Marlene M. Ricketts

                                        MARLENE M. RICKETTS 1994 DYNASTY TRUST

                                        By:  /s/ LAURA M. RICKETTS
                                            ------------------------------------
                                            Name:  Laura M. Ricketts
                                            Title: Trustee Designee

<PAGE>

                                        J. JOE RICKETTS 1994 DYNASTY TRUST

                                        By:  /s/ LAURA M. RICKETTS
                                            ------------------------------------
                                            Name:  Laura M. Ricketts
                                            Title: Trustee Designee

                                        RICKETTS GRANDCHILDREN TRUST

                                        By:  /s/ DONNA HEWITT ROMER
                                            ------------------------------------
                                            Name:  Donna Hewitt Romer
                                            Title: Managing Director

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