Document:

Exhibit 10.5

Exhibit 10.5

CHANGE OF CONTROL AGREEMENT

This Agreement is made and entered into as of the 15th day of November, 2010 (the
“Effective Date”) by and between Roland E. Olivier (the “Employee”) of Manchester,
New Hampshire and Pennichuck Corporation (the “Corporation”), a New Hampshire corporation
with principal offices in Merrimack, New Hampshire.

WHEREAS, the Corporation and the Employee are each party to that certain instrument dated as
of August 8, 2008 (the “Letter of Engagement”); and

WHEREAS, the Corporation and the Employee wish to amend certain provisions of such Letter of
Engagement relating to payment and benefits in the event of a separation from service and to
restate such amended provisions in a separate instrument.

NOW THEREFORE, the Corporation and the Employee, in consideration of the terms and conditions
set forth herein and other valuable consideration, receipt of which is hereby acknowledged,
mutually covenant and agree as follows:

Article 1

TERM

(a) The term of this Agreement shall be for the period commencing on the Effective Date and
ending two (2) years from the Effective Date, unless the Employee’s employment is sooner terminated
as provided in Article 6.1 hereof (the “Term”). On the first anniversary of the Effective
Date and on each subsequent anniversary of the Effective Date, the Term of this Agreement shall
automatically be extended for an additional one (1) year period, and the provisions hereof shall
remain applicable for each such subsequent two-year period, unless either party gives written
notice to the other, not later than each anniversary of the Effective Date, that the Corporation or
the Employee does not concur in such extension.

(b) Notwithstanding the foregoing, in the event that there is a “Change of Control” (as that
term is defined in Article 3 below), the Term of this Agreement will automatically be extended to
two (2) years, beginning on the day on which the Change of Control occurs. Thereafter, this
Agreement will be automatically extended as described in paragraph (a) of this Article 1.

Article 2

PAYMENTS UPON CHANGE OF CONTROL AND TERMINATION EVENT

The Corporation shall make payments to the Employee as provided for in Article 4 upon the
occurrence of both a Change of Control of the Corporation and a Termination Event, as such terms
are defined in Article 3.

 

 

 

Article 3

DEFINITIONS

(a) “Base Amount” shall mean the amount designated as such on Appendix A hereto, which
Appendix A is incorporated herein by reference in its entirety and made a part hereof.

(b) “Benefit Amount” shall mean the amount designated as such on Appendix A hereto, which
Appendix A is incorporated herein by reference in its entirety and made a part hereof.

(c) A “Change of Control” shall be deemed to have occurred if any of the following have
occurred:

	 	(i)	 	any individual, corporation (other than the Corporation), partnership, trust,
association, pool, syndicate, or any other entity or any group of persons acting in
concert becomes the beneficial owner, as that concept is defined in Rule 13d-3
promulgated by the Securities Exchange Commission under the Securities Exchange Act of
1934, as a result of any one or more securities transactions (including gifts and stock
repurchases but excluding transactions described in subdivision (ii) following) of
securities of the Corporation possessing fifty-one percent (51%) or more of the voting
power for the election of directors of the Corporation;

	 	(ii)	 	there shall be consummated any consolidation, merger or stock-for-stock
exchange involving securities of the Corporation in which the holders of voting
securities of the Corporation immediately prior to such consummation own, as a group,
immediately after such consummation, voting securities of the Corporation (or if the
Corporation does not survive such transaction, voting securities of the corporation
surviving such transaction) having less than fifty percent (50%) of the total voting
power in an election of directors of the Corporation (or such other surviving
corporation);

	 	(iii)	 	“approved directors” shall constitute less than a majority of the entire Board
of Directors of the Corporation, with “approved directors” defined to mean the members
of the Board of Directors of the Corporation as of the date of this Agreement and any
subsequently elected members of the Board of Directors of the Corporation who shall be
nominated or approved by a majority of the approved directors on the Board of Directors
of the Corporation prior to such election;

	 	(iv)	 	there shall be consummated any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions, excluding any transaction described in
subdivision (ii) above), of all, or substantially all, of the assets of the Corporation
or its subsidiaries (on a consolidated basis) to a party which is not controlled by or
under common control with the Corporation; or

	 	(v)	 	to the extent not otherwise described in the preceding clauses (i) through
(iv), inclusive, there shall be consummated the transaction contemplated under the
Agreement And Plan of Merger between the City of Nashua, New Hampshire and the
Corporation.

(d) A “Termination Event” shall be deemed to have occurred if, within the twenty-four month
period following a Change of Control, the Employee separates from employment with the Corporation (including the Corporation’s successor(s) and, if not a successor, such
entity as survives a Change in Control event) due to involuntary termination (including resignation
by the Employee with Good Reason) for reasons other than termination by the Corporation for Good
Cause.

 

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(e) “Good Cause” shall mean: (i) the material willful or continued failure by the Employee to
perform the Employee’s reasonably assigned duties for the Corporation or a subsidiary (other than
such failure resulting from the Employee’s incapacity due to physical or mental illness), after a
written demand for performance is delivered to the Employee by the President of the Corporation or
the applicable subsidiary (or the respective Board of Directors if the Employee then serves in the
capacity of president thereof) which specifically identifies the manner in which the President (or,
as the case may be, the Board) believes the Employee has not performed the Employee’s duties;
(ii) an act or acts intended to result in personal enrichment at the material expense of the
Corporation or a subsidiary; or (iii) an act or acts of dishonesty taken by the Employee or of
willful misconduct which are materially injurious to the Corporation or a subsidiary.
Notwithstanding the foregoing, in no event shall Good Cause exist at any time during the two
hundred ten (210) calendar day period commencing on a Change of Control described in Section
3(c)(v) of this Agreement.

(f) “Good Reason” shall mean (1) the substantial withholding, substantial adverse alteration
(including assignment of duties that are inconsistent with the Employee’s position, duties, and
status immediately prior to the Change of Control) or substantial reduction of responsibility,
authority, or compensation (including any compensation or benefit plan in which the Employee
participates or substitute plans adopted prior to the Change of Control) to which the Employee was
charged or empowered with or entitled to immediately prior to a Change of Control of the
Corporation or to which the Employee would normally be charged or empowered with or entitled to
from time to time by reason of the Employee’s office, for reasons other than Good Cause or (2) the
Employee being required to be based at any office or location other than one within a 30-mile
radius of the office at which the Employee was based immediately prior to the Change of Control.
Without limiting the foregoing and notwithstanding any provision of this Agreement to the contrary,
Good Reason shall be deemed to exist at all times after the expiration of the one hundred eighty
(180) calendar day period commencing on a Change of Control described in Section 3(c)(v) of this
Agreement.

Article 4

CASH PAYMENTS

Upon the occurrence of both a Change of Control of the Corporation and a Termination Event,
the Corporation shall pay to the Employee on the date of the Termination Event an amount equal to
the sum of the Base Amount and the Benefit Amount, as defined in Article 2, above, (less applicable
withholdings) on a one-time lump sum basis; provided that, in consideration thereof, prior to such
payment the Employee executes and delivers to the Corporation, in form and content acceptable to
the Corporation, a release of all claims and causes of action that the Employee has or may ever
have against the Corporation arising from the termination of the Employee’s employment and under
this Agreement provided that nothing herein shall require a release of claims of breach of this
Agreement.

 

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It is the parties’ intent that any payment required under this Agreement constitute a payment
on account of a change in ownership or effective control of the Corporation for purposes of Section
409A(a)(2)(A)(v) of the Internal Revenue Code of 1986, as amended (the “Code”) to the
extent that any payment or other thing of value constitutes deferred compensation subject to said
Section 409A. Notwithstanding the foregoing, if the Employee is a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code at the time the Employee’s employment terminates,
and the lump sum payment to which the Employee is entitled under this Agreement is treated as being
made on account of separation from service pursuant to Section 409A(a)(2)(A)(i) of the Code, such
payment shall be paid to the Employee pursuant to this Article 4 on the first business day of the
seventh month commencing after the month during which the Employee’s employment terminates;
provided however that if such payment is due to involuntary separation from service within the
meaning of Treasury Regulation Sections 1.409A-l(b)(9)(iii) and 1.409A-1(n):

	 	(i)	 	The Employee shall be entitled to receive the benefit provided in this Article
4, regardless of the Employee’s status as a “specified employee,” to the extent the
total amount of such payment does not exceed two times the lesser of (x) the sum of the
Employee’s annualized compensation based on the annual rate of pay for services
provided to the Corporation for the taxable year of the Employee preceding the taxable
year of the Employee in which the Employee’s employment terminates (adjusted for any
increase during that year that was expected to continue indefinitely if the Employee’s
employment had not been terminated), or (y) the maximum amount that may be taken into
account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year
in which the Employee’s employment is terminated; and

	 	(ii)	 	Any portion of the lump sum benefit payable under this Article 4 that that is
in excess of the amount described in subsection (i) shall be paid to the Employee on
the first business day of the seventh month commencing after the month during which the
Employee’s employment terminates.

Article 5

DEATH OF EMPLOYEE

If the Employee dies following a Change of Control and Termination Event and before receiving
the payment due to the Employee under this Agreement, the Corporation shall make such payment to
the Employee’s designated beneficiary, or failing such designation, to the estate of the Employee.

Article 6

EMPLOYMENT

6.1 No Right to Continued Employment. This Agreement shall not confer upon the
Employee any right with respect to continuance of employment by the Corporation or any subsidiary,
nor shall it interfere in any way with the right of the Corporation to terminate the Employee’s
employment at any time.

6.2 No Duty to Seek Other Employment. Amounts payable to the Employee under this
Agreement shall not be reduced by the amount of any compensation received by the Employee from any
other employer or source, and the Employee shall not be under any obligation to seek other
employment or gainful pursuit as a result of this Agreement.

 

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Article 7

ATTORNEY’S FEES

The Corporation also agrees that it shall promptly reimburse the Employee, upon written demand
by the Employee, as incurred, all legal fees and expenses that the Employee may reasonably incur as
a result of any delayed payment, dispute, contest, litigation or arbitration, subject only to the
obligation of the Employee to reimburse the Corporation for such legal fees and expenses described
in the final sentence of Article 9.

Article 8

REDUCTION OF PAYMENTS

In the event any of the payments made under this Agreement would be considered an “excess
parachute payment” as defined in Section 280G of the Internal Revenue Code of 1986, as amended,
then there shall be a reduction in the amount otherwise payable under this Agreement such that all
payments are deductible by the Corporation.

Article 9

ARBITRATION

Any dispute, controversy or claim arising out of or relating to this Agreement shall be
settled by arbitration conducted in Nashua, New Hampshire or other mutually agreeable location in
the State of New Hampshire. The matter will be heard promptly by a single arbitrator selected by
mutual agreement by the Corporation and the Employee. Should the Corporation and the Employee be
unable to agree upon an arbitrator within 30 days of either party demanding arbitration, an
arbitrator will be selected in accordance with the commercial arbitration rules of the American
Arbitration Association. Unless the parties mutually agree otherwise, once appointed, the
arbitrator will make all rulings on procedural and evidentiary matters and will determine the date,
time and place of any hearings. The arbitrator shall have no power to add to, subtract from,
modify or disregard any of the provisions of this Agreement. The arbitrator’s decision shall be
consistent with the specific terms of this Agreement. The arbitrator will issue a written decision
within 30 days of the hearing or submission to the Employee. The arbitrator’s decision will be
final and binding on all parties. This arbitration provision is intended to be enforceable and the
Agreement is subject to the provisions of NH RSA Chapter 542.

The Corporation agrees to pay the cost of the arbitrator. In the event that the arbitrator
substantially rejects the Employee’s grievance or position, then the arbitrator may also order that
Employee shall reimburse the Corporation for one-half of the costs of the arbitrator and all legal
fees and expenses of the Employee that were previously reimbursed by the Corporation pursuant to
Article 7.

 

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Article 10

MISCELLANEOUS

10.1 Entire Agreement. This Agreement constitutes the entire agreement between the
parties, relating to the subject matter hereof and supersedes and replaces all prior agreements
relating to said subject matter; provided, however, that this Agreement shall supersede only those
provisions of the Letter of Engagement relating to the severance and benefit amount(s) due to the
Employee upon termination of employment with the Corporation within 24-months after a Change of
Control, as set forth therein (see the last sentence of the first paragraph of the section
captioned “Severance” on page 3 of the Letter of Engagement’s “Details of Offer of Engagement”),
and all other provisions of the Letter of Engagement shall remain in full force and effect.

10.2 Governing Law. This Agreement shall be governed by and is to be construed and
enforced in accordance with the laws of the State of New Hampshire.

10.3 Waivers and Modifications; Termination. This Agreement (including Appendix A,
which is incorporated in its entirety into this Agreement and made a part hereof) may not, in whole
or in part, be waived, changed, amended, discharged or terminated orally or by any course of
dealing between the parties, but only by an instrument in writing signed by the parties hereto. No
waiver by either party of any breach by the other of any provision hereof shall be deemed to be a
waiver of any later or other breach hereof or as a waiver of any other provision of this Agreement.
This Agreement shall terminate as of the time the Corporation makes the final payment which it may
be obligated to pay hereunder.

10.4 Severability. In any case any one or more of the provisions contained in this
Agreement for any reason shall be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provision of this Agreement,
but this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had
never been contained herein.

10.5 Counterparts. This Agreement may be made and executed in counterparts, each of
which shall constitute an original for all purposes.

10.6 Section Headings. The descriptive section headings herein have been inserted for
convenience only and shall not be deemed to define, limit, or otherwise affect the construction of
any provision hereof.

10.7 Notices. Any notice or other communication pursuant to this Agreement shall be
in writing and shall be deemed to have been given or made when personally delivered, or when mailed
by registered or certified mail, postage prepaid, return receipt requested, to the other party. In
the case of the Corporation, any such notice shall be delivered or mailed to its principal office.
In the case of the Employee, any such notice shall be delivered in person or mailed to the
Employee’s last known address as reflected in the records of the Corporation.

 

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10.8 Assignment. The Employee acknowledges that the services to be rendered by the
Employee are unique and personal. Accordingly, the Employee may not assign any of the Employee’s rights or delegate any of the Employee’s duties or obligations under this Agreement
or otherwise assign this Agreement. The rights and obligations of the Corporation under this
Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of
the Corporation.

10.9 Non-Compete. The Employee agrees that during the Term of this Agreement and for a
period of twelve (12) months after the Term expires, he will not engage in any activity or business
endeavor which directly competes with the regulated water utility business operations and/or the
non-regulated water service business operations (separately and together, the “Water Business”)
conducted by the Corporation within the New England region, so called, encompassing the states of
New Hampshire, Maine, Vermont, Massachusetts, Rhode Island and Connecticut. The Employee agrees
not to divert or attempt to divert from the Corporation any of its existing Water Business within
said New England region, and particularly not influence or attempt to influence any of the
Corporation’s Water Business customers to do business with any other regulated or non-regulated
water business; and further, he will not solicit or attempt to solicit directly or indirectly any
employee of the Corporation to leave its employ to join any other Water Business. In addition to
constituting a material breach of this Agreement, failure to comply with the provisions of this
Section 10.9 in any material respect will result in the Employee’s forfeiting any payments to which
he might otherwise be entitled hereunder and/or the reimbursement to the Corporation upon demand of
any payments previously paid to the Employee upon termination of employment. The parties agree
that the Corporation may pursue any remedy under law or at equity, including specific performance
and injunctive relief, to protect its rights hereunder and that money damages alone will be
inadequate. This Section 10.9 shall survive the termination of this Agreement.

10.10 Confidential Information. At all times during and after the Employee’s
employment with the Corporation, the Employee shall treat as confidential and shall not divulge,
furnish or make known to or accessible to, or use for the benefit of anyone other than the
Corporation, any confidential information concerning the Corporation obtained during the course of
the Employee’s employment. Confidential information includes, but is not limited to: ideas,
inventions, discoveries, developments, processes, designs, formulas, patterns, devices, programs,
methods, techniques, compilations of scientific, technological or business information, proprietary
information, and trade secrets. The Employee agrees that during the term of and following the
termination of the Employee’s employment with the Corporation, the Employee will not disclose to
any person or use in any way any such confidential information, other than (i) information that is
generally known in the Corporation’s industry or acquired from public sources, (ii) as required by
any court, supervisory authority, administrative agency or applicable law, or (iii) with the prior
written consent of the Corporation.

10.11 Authorization. The Corporation represents and warrants that the execution of
this Agreement has been duly authorized by requisite action of the Board of Directors of the
Corporation or a committee thereof having authority with respect to such authorization.

 

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

	 	 	 	 	 	 	 
	WITNESS:	 	PENNICHUCK CORPORATION	 	 
	 
	 	 	 	 	 	 
	/s/ Karen Giotas
 

	 	By:
	 	/s/ Duane C. Montopoli
 

Name: Duane C. Montopoli
	 	 
	 

	 	 	 	Its:      President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	WITNESS:	 	EMPLOYEE:	 	 
	 
	 	 	 	 	 	 
	/s/ Thomas C. Leonard	 	/s/ Roland E. Olivier	 	 
	 	 	 	 	 
	 	 	Roland E. Olivier	 	 

 

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Roland Olivier

APPENDIX A

“Base Amount” means an amount equal to two times the greater of the Employee’s annual base salary,
as adjusted from time-to-time by the Board of Directors or a committee thereof having authority
with respect to the Employee’s annual compensation, (1) as in effect immediately prior to the
Change of Control, or (2) as in effect on the date of the Termination Event; provided, however,
that with respect to any Termination Event occurring prior to April 1, 2011, the Base Amount shall
not be less than $296,000.

“Benefit Amount” means an amount equal to the cost of providing, at no cost to the Employee (1) for
a period of eighteen months, continuation of the medical and dental insurance in which the Employee
was enrolled immediately prior to the Termination Event and (2) for a period of twenty-four months,
all other employee fringe benefits to which the Employee was eligible immediately prior to the
Termination Event, including, without limitation, group life insurance, group accidental death and
dismemberment insurance, officer’s life insurance, short-term disability insurance and long-term
care insurance; provided, however, that measured as of November 1, 2010, the Benefit Amount shall
not be less than $32,690. Without limiting the foregoing, with respect to benefits provided by
means of insurance, the cost of providing such benefits shall be the applicable premiums for such
insurance; to the extent benefits are not provided by means of insurance, the cost shall be the
benefit payments. For this purpose, the cost of future premiums and benefit payments shall not be
subject to reduction to reflect their present value.

 

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EXHIBIT 10.35

AMENDMENT NO. 3 TO STOCKHOLDERS AGREEMENT

          This AMENDMENT NO. 3 TO STOCKHOLDERS AGREEMENT (this “Agreement”) is made and entered
into as of August 6, 2010 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”), TD Luxembourg International Holdings S.à r.l., a Luxembourg company and a
direct, wholly-owned subsidiary of TD Bank (“TD Lux” and, together with TD Bank,
“TD”). Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to them in the Stockholders Agreement (defined below).

RECITALS

          WHEREAS, the Company, the R Parties and TD Bank are parties to that certain Stockholders
Agreement, dated as of June 22, 2005, as amended (the “Stockholders Agreement”);

          WHEREAS, TD Lux has become an owner of record of shares of Common Stock;

          WHEREAS Section 2.1(c) of the Stockholders Agreement requires TD and the R Parties to reduce
the number of Voting Securities Beneficially Owned by such persons under certain circumstances;

          WHEREAS, the Company entered into a stock repurchase plan on May 7, 2010 for the purchase of
up to 15 million shares of Common Stock and completed such purchases on or about July 2, 2010 (the
“May 2010 Repurchase Plan”);

          WHEREAS, on August 5, 2010, the Company’s board of directors authorized the Company to
repurchase up to an additional 30 million shares of Common Stock (together with the May 2010
Repurchase Plan, the “Repurchase Plans”);

          WHEREAS, the parties hereto have entered into that certain Joinder and Waiver to Stockholders
Agreement, dated July 19, 2010 (the “Prior Waiver”); and

          WHEREAS, each of TD, the R Parties and the Company agree that TD shall effect the reduction,
if any, required by Section 2.1(c) of the Stockholders Agreement to the extent (and only to the
extent) such reduction is required as a result of the Repurchase Plans in accordance with terms of
this Agreement.

          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 thereby, the parties hereto agree as
follows.

 

 

ARTICLE I

AMENDMENT

          SECTION 1.1. The parties agree that any requirement that TD reduce, pursuant to Section
2.1(c) of the Stockholders Agreement, as soon as reasonably practicable the number of Voting
Securities Beneficially Owned, to the extent (and only to the extent) such reduction is necessary
as a result of repurchases of Common Stock by the Company pursuant to the Repurchase Plans, is
hereby amended and replaced as set forth in this Section 1.1. TD shall take all actions reasonably
necessary to cause any such reduction to be (a) completed by January 24, 2014 and (b) commenced at
any time that, and then continued for so long as, such reduction can be accomplished by means of
sales executed at a price per share equal to or greater than TD’s then-applicable U.S.
dollar-denominated average carrying value per share of Voting Securities Beneficially Owned. In no
event shall TD, as a result of the Repurchase Plans, Beneficially Own Voting Securities in excess
of 48% of the Total Voting Power. Notwithstanding anything in this Agreement to the contrary, it
is agreed and understood that (i) the implementation of a written plan complying with Rule
10b5-1(c) under the Exchange Act and Rule 144 under the Securities Act (applicable to sales of
securities by Affiliates of an issuer), with no other limitations, except for the price limitation
set forth in clause (b) above, shall satisfy the requirements of clause (b) above for so long as
such plan is in place, which method of sales will in no event affect the obligation of TD to
complete its requirement in this Section 1.1 by January 24, 2014 and (ii) no reduction required
pursuant to this Section 1.1 shall require TD to (A) incur liability under Section 16(b) of the
Exchange Act or (B) Transfer Voting Securities during a period in which (x) the Company has imposed
trading restrictions on Directors or other Affiliates of the Company or (y) the general counsel of
the Company has determined that the Company or TD is in possession of material nonpublic
information relating to the Company.

          Except as set forth in the prior paragraph, all provisions of Section 2.1(c) of the
Stockholders Agreement shall remain in full force and effect, including, without limitation, the
provision whereby TD shall not, and shall not cause any of its Affiliates to, exercise any voting
rights in respect of any Voting Securities Beneficially Owned by such Person to the extent such
Voting Securities exceed the TD Ownership Limitation Percentage (including, for the avoidance of
doubt, any Voting Securities that are the subject of this Agreement), or alternatively, upon the
request of the Company, shall cause such shares in excess of the TD Ownership Limitation Percentage
to be voted, on any matter submitted to the holders of the Common Stock for a vote, in the same
proportions as the votes cast by all holders of Common Stock other than TD, the R Parties and their
respective Affiliates, and nothing in this Agreement shall in any way increase the TD Ownership
Limitation Percentage. TD shall provide to the Company and the R Parties, on an ongoing and
confidential basis, information in order to assess compliance with this Section 1.1 as may from
time to time reasonably be requested by such persons.

          SECTION 1.2. Termination of Amendment. The provisions of Section 1.1 of this
Agreement shall terminate without any further action by any of the parties hereto and shall have no
further force and effect on the earlier of January 24, 2014 or the termination of the Stockholders
Agreement in accordance with the terms thereof.

2

 

          SECTION 1.3. Termination of Article II of Prior Waiver. Article II of the Prior
Waiver is hereby terminated and shall have no further force and effect. Except as set forth in the
prior sentence, all of the provisions of the Prior Waiver shall remain in full force and effect.

ARTICLE II

MISCELLANEOUS

          SECTION 2.1. Continued Effect of Original Agreement. As modified hereby, the
Stockholders Agreement is hereby ratified and confirmed and agreed to by all of the parties hereto
and continues in full force and effect. All references in the Stockholders Agreement to the
“Agreement” shall be read as references to the Stockholders Agreement as modified by this Agreement
and as it may be further amended, supplemented, restated or otherwise modified from time to time.

          SECTION 2.2. Counterparts. This Agreement 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 2.3. Governing Law. This Agreement 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 page follows]

3

 

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

	 	 	 	 	 	 	 	 	 	 	 
	COMPANY:	 	 	 	R PARTIES:
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TD AMERITRADE HOLDING CORPORATION	 	/s/ J. JOE RICKETTS	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	J. Joe Ricketts	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ FREDERIC J. TOMCZYK	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name: Fredric J. Tomczyk	 	/s/ MARLENE M. RICKETTS	 	 
	 

	 	 	 	 	 	 	 	 
	Title: Chief Executive Officer	 	Marlene M. Ricketts	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TD:	 	MARLENE M. RICKETTS 1994 DYNASTY TRUST	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	THE TORONTO-DOMINION BANK	 	 	 	 
	 

	 	 	 	 	 	By: 
	/s/ J. PETER RICKETTS	 	 
	 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Name: J. Peter Ricketts	 	 
	By:	 	/s/ RIAZ AHMED	 	 	 	Title: Trustee	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name: Riaz Ahmed	 	 	 	 	 	 
	Title: Group Head, Corporate Development, 

Enterprise Strategy & Treasury
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TD LUXEMBOURG INTERNATIONAL 

HOLDINGS S.À R.L.	 	J. JOE RICKETTS 1996 DYNASTY TRUST	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ YVES SAWAYA
	 	 	 	By: 
	/s/ J. PETER RICKETTS	 	 
	 

	 	 
	 	 	 	 	 	 	 
	Name: Yves Sawaya	 	Name: J. Peter Ricketts	 	 
	Title: Manager	 	Title: Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ NICOLAS HORLAIT
	 	 	 	 
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name: Nicolas Horlait	 	 	 	 
	Title: Manager

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