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AP
TD Ameritrade Agrees to Severance for CEO
Thursday May 25, 7:53 pm ET
By Josh Funk, AP Business Writer
TD Ameritrade CEO May Receive Severance Benefits Worth More Than $20M if Company Fires Him

OMAHA, Neb. (AP) -- TD Ameritrade Holding Corp. chief executive Joe Moglia could receive severance benefits worth more than $20 million if the online brokerage company decided to fire him.
The details of Moglia's new five-year contract were disclosed Thursday in documents the Omaha-based company filed with the Securities and Exchange Commission.

Last month, Moglia said he had agreed to the contract, which is more than 90 percent performance-based.
Moglia will receive a $1 million base salary and up to $9 million in performance-based bonuses annually. The bonuses would include up to $3 million cash with the rest in stock.

And Moglia received an upfront performance-based stock award of 580,550 shares that will vest in three years. That award would be worth $10.1 million at Thursday's stock price. Ameritrade shares gained 74 cents to close at $17.43 Thursday on the Nasdaq Stock Market.

The contract outlines several different termination scenarios. The most lucrative situation for Moglia would be if Ameritrade fired him without cause or if he resigns in connection with a change of control of the company.

In that case, Moglia would continue to receive his base salary for three years, and he would receive an $18 million payment equal to three years worth of stock awards.

Moglia would also receive a prorated cash bonus for the period of the fiscal year before his departure for any bonus he had earned.

Last year, Moglia received $600,000 salary and a $1.5 million bonus.

The contract also dictates that Ameritrade must pay for a private plane anytime Moglia travels on business.

TD Ameritrade Holding Corp.: http://www.amtd.com