Departing TD Ameritrade Exec Gets $4M Settlement

OMAHA, Neb. (AP) - Online brokerage TD Ameritrade has agreed to pay its departing chief operating officer nearly $4 million as part of a separation agreement.

Omaha-based Ameritrade detailed the terms of its agreement with Dave Kelley on Friday in documents filed with the Securities and Exchange Commission.

Kelley will continue to receive his $400,000 salary for the next year. He will also get $1.1 million in bonus payments and $2.4 million for stock grants he is forfeiting.

Ameritrade has said Kelley decided to leave on his own after five years to pursue other opportunities.

Ameritrade spokeswoman Kim Hillyer says the terms of Kelley's separation agreement are similar to what the company has done for other departing executives.