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                                                                     EXHIBIT 4.3

                             PENSON WORLDWIDE, INC.

                           INVESTORS' RIGHTS AGREEMENT

                                  JUNE 9, 2004

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                                TABLE OF CONTENTS

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1. Registration Rights ..................................................................     1
        1.1 Definitions .................................................................     1
        1.2 Request for Registration ....................................................     2
        1.3 Company Registration ........................................................     4
        1.4 Form S-3 Registration .......................................................     5
        1.5 Obligations of the Company ..................................................     7
        1.6 Information from Holder .....................................................     8
        1.7 Expenses of Registration ....................................................     8
        1.8 Delay of Registration .......................................................     9
        1.9 Indemnification .............................................................     9
        1.10 Reports Under the 1934 Act .................................................    11
        1.11 Assignment of Registration Rights ..........................................    12
        1.12 Limitations on Subsequent Registration Rights ..............................    12
        1.13 "Market Stand-Off ' Agreement...............................................    12
        1.14 Termination of Registration Rights .........................................    13

2. Covenants of the Company .............................................................    13
        2.1 Delivery of Financial Statements ............................................    13
        2.2 Inspection ..................................................................    14
        2.3 Termination of Information and Inspection Covenants .........................    14
        2.4 Right of First Offer ........................................................    14
        2.5 Confidential Information, Invention, Assignment and Arbitration Agreement ...    17
        2.6 Market Stand Off Agreements .................................................    17
        2.7 Director and Officer Liability Insurance ....................................    17
        2.8 Compensation Committee ......................................................    17
        2.9 Regulatory Approvals ........................................................    17
        2.10 1934 Act Covenants .........................................................    17
        2.11 NASD Rule 2790 .............................................................    18
        2.12 Negative Covenants .........................................................    18
        2.13 Termination of Certain Covenants ...........................................    21

3. Investor Redemptive Put Right ........................................................    21

4. Miscellaneous ........................................................................    24
        4.1 Successors and Assigns ......................................................    24
        4.2 Governing Law ...............................................................    24
        4.3 Counterparts ................................................................    24
        4.4 Titles and Subtitles ........................................................    24
        4.5 Notices .....................................................................    24
        4.6 Expenses ....................................................................    24
        4.7 Entire Agreement; Amendments and Waivers ....................................    24
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4.8 Severability ........................................................................    25
4.9 Specific Performance ................................................................    25
4.10 Aggregation of Stock ...............................................................    25
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                           INVESTORS' RIGHTS AGREEMENT

            THIS INVESTORS' RIGHTS AGREEMENT (the "Agreement") is made as of
June 9, 2004, by and among Penson Worldwide, Inc., a Delaware corporation (the
"Company"), the holders of Series A Preferred Stock of the Company listed on
Schedule A hereto, each of which is herein referred to individually as an
"Investor" and collectively as the "Investors," and, for purposes of Section
2.12(b) and Section 4 hereof, Penson Financial Services, Inc., a North Carolina
corporation ("Penson Services"). Penson Financial Services Canada, Inc., a
Canadian corporation ("Penson Canada"), Penson Worldwide Settlements, Ltd., a
private limited company incorporated under the laws of England and Wales
("Penson UK"), SAI Holdings, Inc., a Texas corporation ("SAI"), and Penson
Holdings, Inc., a Delaware corporation ("Penson Holdings," and together with
Penson Services, Penson Canada, Penson UK and SAI, the "Subsidiaries").

                                    RECITALS

            WHEREAS, the Company, the Subsidiaries and the Investors are parties
to the Series A Preferred Stock Purchase Agreement of even date herewith (the
"Purchase Agreement"); and

            WHEREAS, in order to induce the Investors to purchase Series A
Preferred Stock (the "Series A Preferred Stock") pursuant to the Purchase
Agreement and invest funds in the Company pursuant to the Purchase Agreement,
the Investors, the Subsidiaries and the Company hereby agree that this Agreement
shall govern the rights of the Investors to cause the Company to register shares
of Common Stock issued or issuable to them and certain other matters as set
forth herein;

            NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

            1. Registration Rights. The Company covenants and agrees as follows:

                  1.1 Definitions. For purposes of this Section 1:

                        (a) The term "Act" means the Securities Act of 1933, as
amended.

                        (b) The term "Form S-3" means such form under the Act as
in effect on the date hereof or any registration form under the Act subsequently
adopted by the SEC that permits inclusion or incorporation of substantial
information by reference to other documents filed by the Company with the SEC.

                        (c) The term "Holder" means any Investor or any assignee
thereof in accordance with Section 1.11 hereof for so long as such person or
entity holds outstanding Registrable Securities.

                        (d) The term "Initial Offering" means the Company's
first firm commitment underwritten public offering of its Common Stock under the
Act.

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                        (e) The term "1934 Act" means the Securities Exchange
Act of 1934, as amended.

                        (f) The terms "register," "registered." and
"registration" refer to a registration effected by preparing and filing a
registration statement or similar document in compliance with the Act, and the
declaration or ordering of effectiveness of such registration statement or
document.

                        (g) The term "Registrable Securities" means (i) the
Common Stock issuable or issued upon conversion of the Series A Preferred Stock,
and (ii) any Common Stock of the Company issued as (or issuable upon the
conversion or exercise of any warrant, right or other security that is issued
as) a dividend or other distribution with respect to, or in exchange for, or in
replacement of, the shares referenced in (i) above, excluding in all cases,
however, any Registrable Securities sold by a person in a transaction in which
his rights under this Section 1 are not assigned.

                        (h) The number of shares of "Registrable Securities"
outstanding shall be determined by the number of shares of Common Stock
outstanding that are, and the number of shares of Common Stock issuable pursuant
to then exercisable or convertible securities that are, Registrable Securities.

                        (i) The term "Rule 144" shall mean Rule 144 under the
Act.

                        (j) The term "Rule 144(k)" shall mean subsection (k) of
Rule 144 under the Act.

                        (k) The term "SEC" shall mean the Securities and
Exchange Commission.

                  1.2 Request for Registration.

                        (a) Subject to the conditions of this Section 1.2, if
the Company shall receive at any time after six (6) months after the effective
date of the Initial Offering, a written request from the Holders of at least a
majority of the Registrable Securities then outstanding (for purposes of this
Section 1.2, the "Initiating Holders") that the Company file a registration
statement under the Act covering the registration of Registrable Securities with
an anticipated aggregate offering price (net of underwriting discounts and
commissions) of at least $10,000,000, then the Company shall, within twenty (20)
days of the receipt thereof, give written notice of such request to all Holders,
and subject to the limitations of this Section 1.2, use its reasonable best
efforts to effect, as soon as practicable, the registration under the Act of all
Registrable Securities that the Holders request to be registered in a written
request received by the Company within twenty (20) days of the mailing of the
Company's notice pursuant to this Section 1.2(a).

                        (b) If the Initiating Holders intend to distribute the
Registrable Securities covered by their request by means of an underwriting,
they shall so advise the Company as a part of their request made pursuant to
this Section 1.2 and the Company shall include such information in the written
notice referred to in Section 1.2(a). In such event the

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right of any Holder to include its Registrable Securities in such registration
shall be conditioned upon such Holder's participation in such underwriting and
the inclusion of such Holder's Registrable Securities in the underwriting
(unless otherwise mutually a greed by a majority in interest of the Initiating
Holders and such Holder) to the extent provided herein. All Holders proposing to
distribute their securities through such underwriting shall enter into an
underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting by a majority in interest of the Initiating
Holders (which underwriter or underwriters shall be reasonably acceptable to the
Company). Notwithstanding any other provision of this Section 1.2, if the
underwriter advises the Company that marketing factors require a limitation on
the number of securities underwritten (including Registrable Securities), then
the Company shall so advise all Holders of Registrable Securities that would
otherwise be underwritten pursuant hereto, and the number of shares that may be
included in the underwriting shall be allocated to the Holders of such
Registrable Securities pro rata based on the number of Registrable Securities
held by all such Holders (including the Initiating Holders). In no event shall
any Registrable Securities be excluded from such underwriting unless all other
securities are first excluded. Any Registrable Securities excluded or withdrawn
from such underwriting shall be withdrawn from the registration.

                        (c) Notwithstanding the foregoing, the Company shall not
be required to effect a registration pursuant to this Section 1.2:

                              (i) in any particular jurisdiction in which the
Company would be required to execute a general consent to service of process in
effecting such registration, unless the Company is already subject to service in
such jurisdiction and except as may be required under the Act; or

                              (ii) after the Company has effected two (2)
registrations pursuant to this Section 1.2, and such registrations have been
declared or ordered effective; or

                              (iii) during the period starting with the date
sixty (60) days prior to the Company's good faith estimate of the date of the
filing of and ending on a date ninety (90) days following the effective date of
a Company-initiated registration subject to Section 1.3 below, provided that the
Company is actively employing in good faith all commercially reasonable efforts
to cause such registration statement to become effective; or

                              (iv) if the Initiating Holders propose to dispose
of Registrable Securities that may be registered on Form S-3 pursuant to Section
1.4 hereof; or

                              (v) if the Company shall furnish to Holders
requesting a registration statement pursuant to this Section 1.2 a certificate
signed by the Company's Chief Executive Officer or Chairman of the Board stating
that in the good faith judgment of the Board of Directors of the Company, it
would be seriously detrimental to the Company and its stockholders for such
registration statement to be effected at such time, in which event the Company
shall have the right to defer such filing for a period of not more than ninety
(90) days after receipt of the request of the Initiating Holders, provided that
such right shall be exercised by the Company not more than once in any twelve
(12)-month period and provided further that the Company shall not register any
securities for the account of itself or any other stockholder

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during such ninety (90) day period (other than a registration relating solely to
the sale of securities of participants in a Company stock plan, a registration
relating to a corporate reorganization or transaction under Rule 145 of the Act,
a registration on any form that does not include substantially the same
information as would be required to be included in a registration statement
covering the sale of the Registrable Securities, or a registration in which the
only Common Stock being registered is Common Stock issuable upon conversion of
debt securities that are also being registered).

                  1.3 Company Registration.

                        (a) If (but without any obligation to do so), the
Company proposes to register (including for this purpose a registration effected
by the Company for stockholders other than the Holders) any of its stock or
other securities under the Act in connection with the public offering of such
securities (other than (i) a registration relating to a demand made pursuant to
Section 1.2 or (ii) a registration relating solely to the sale of securities of
participants in a Company stock plan, a registration relating to a corporate
reorganization or transaction under Rule 145 of the Act, a registration on any
form that does not include substantially the same information as would be
required to be included in a registration statement covering the sale of the
Registrable Securities, or a registration in which the only Common Stock being
registered is Common Stock issuable upon conversion of debt securities that are
also being registered), the Company shall, at such time, promptly give each
Holder written notice of such registration. Upon the written request of each
Holder given within twenty (20) days after mailing of such notice by the Company
in accordance with Section 3.5, the Company shall, subject to the provisions of
Section 1.3(c), use all commercially reasonable efforts to cause to be
registered under the Act all of the Registrable Securities that each such Holder
requests to be registered.

                        (b) Right to Terminate Registration. The Company shall
have the right to terminate or withdraw any registration initiated by it under
this Section 1.3 prior to the effectiveness of such registration whether or not
any Holder has elected to include securities in such registration. The expenses
of such withdrawn registration shall be borne by the Company in accordance with
Section 1.7 hereof.

                        (c) Underwriting Requirements. In connection with any
offering involving an underwriting of shares of the Company's capital stock, the
Company shall not be required under this Section 1.3 to include any of the
Holders' securities in such underwriting unless they accept the terms of the
underwriting as agreed upon between the Company and the underwriters selected by
the Company (or by other persons entitled to select the underwriters) and enter
into an underwriting agreement in customary form with such underwriters, and
then only in such quantity as the underwriters determine in their sole
discretion will not jeopardize the success of the offering by the Company. If
the total amount of securities, including Registrable Securities, requested by
stockholders to be included in such offering exceeds the amount of securities
sold other than by the Company that the underwriters determine in their sole
discretion is compatible with the success of the offering, then the Company
shall be required to include in the offering only that number of such
securities, including Registrable Securities, that the underwriters determine in
their sole discretion will not jeopardize the success of the offering. The
Company will include in such registration (i) first, the securities the

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Company proposes to sell, and (ii) second, the Registrable Securities proposed
to be included in such registration. In no event shall any Registrable
Securities be excluded from such offering unless all other stockholders'
securities have been first excluded. In the event that the underwriters
determine that less than all of the Registrable Securities requested to be
registered can be included in such offering, then the Registrable Securities
that are included in such offering shall be apportioned pro rata among the
selling Holders based on the number of Registrable Securities held by all
selling Holders or in such other proportions as shall mutually be agreed to by
all such selling Holders. Notwithstanding the foregoing, in no event shall the
amount of securities of the selling Holders included in the offering be reduced
below twenty percent (20%) of the total amount of securities included in such
offering, unless such offering is the initial public offering of the Company's
securities, in which case the selling Holders may be excluded if the
underwriters make the determination described above and no other stockholder's
securities are included in such offering. For purposes of the preceding sentence
concerning apportionment, for any selling stockholder that is a Holder of
Registrable Securities and that is a venture capital fund, partnership or
corporation, the entities under common investment management, partners, retired
partners and stockholders of such Holder, or the estates and family members of
any such partners and retired partners and any trusts for the benefit of any of
the foregoing persons shall be deemed to be a single "selling Holder," and any
pro rata reduction with respect to such "selling Holder" shall be based upon the
aggregate amount of Registrable Securities owned by all such related entities
and individuals.

                  1.4 Form S-3 Registration. In case the Company shall receive
from the Holders of at least twenty five percent (25%) of the Registrable
Securities (for purposes of this Section 1.4, the "Initiating Holders") a
written request or requests that the Company effect a registration on Form S-3
and any related qualification or compliance with respect to all or a part of the
Registrable Securities owned by such Holder or Holders, the Company shall:

                        (a) promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders;
and

                        (b) use all commercially reasonable efforts to effect,
as soon as practicable, such registration and all such qualifications and
compliances as may be so requested and as would permit or facilitate the sale
and distribution of all or such portion of such Holders' Registrable Securities
as are specified in such request, together with all or such portion of the
Registrable Securities of any other Holders joining in such request as are
specified in a written request given within fifteen (15) days after receipt of
such written notice from the Company, provided, however, that the Company shall
not be obligated to effect any such registration, qualification or compliance,
pursuant to this section 1.4:

                              (i) if Form S-3 is not available for such offering
by the Holders;

                              (ii) if the Holders, together with the holders of
any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an
aggregate price to the public (net of any underwriters' discounts or
commissions) of less than $5,000,000;

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                              (iii) if the Company shall furnish to Holders
requesting a registration statement pursuant to this Section 1.4 a certificate
signed by the Company's Chief Executive Officer or Chairman of the Board stating
that in the good faith judgment of the Board of Directors of the Company, it
would be seriously detrimental to the Company and its stockholders for such
registration statement to be effected at such time, in which event the Company
shall have the right to defer such filing for a period of not more than ninety
(90) days after receipt of the request of the Initiating Holders, provided that
such right shall be exercised by the Company not more than once in any twelve
(12)-month period and provided further that the Company shall not register any
securities for the account of itself or any other stockholder during such ninety
(90) day period (other than a registration relating solely to the sale of
securities of participants in a Company stock plan, a registration relating to a
corporate reorganization or transaction under Rule 145 of the Act, a
registration on any form that does not include substantially the same
information as would be required to be included in a registration statement
covering the sale of the Registrable Securities, or a registration in which the
only Common Stock being registered is Common Stock issuable upon conversion of
debt securities that are also being registered);

                              (iv) if the Company has, within he twelve (12)
month period preceding the date of such request, already effected one
registration on Form S-3 for the Holders pursuant to this Section 1.4;

                              (v) in any particular jurisdiction in which the
Company would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, qualification or
compliance;

                              (vi) if the Company, within thirty (30) days of
receipt of the request of such Initiating Holders, gives notice of its bona fide
intention to effect the filing of a registration statement with the Commission
within ninety (90) days of receipt of such request (other than a registration
effected solely to qualify an employee benefit plan or to effect a business
combination pursuant to Rule 145), provided that the Company is actively
employing in good faith all commercially reasonable efforts to cause such
registration statement to become effective; or

                              (vii) during the period starting with the date
sixty (60) days prior to the Company's good faith estimate of the date of the
filing of and ending on a date ninety (90) days following the effective date of
a Company-initiated registration subject to Section 1.3 above, provided that the
Company is actively employing in good faith all commercially reasonable efforts
to cause such registration statement to become effective.

                        (c) If the Initiating Holders intend to distribute the
Registrable Securities covered by their request by means of an underwriting,
they shall so advise the Company as a part of their request made pursuant to
this Section 1.4 and the Company shall include such information in the written
notice referred to in Section 1.4(a). The provisions of Section 1.2(b) shall be
applicable to such request (with the substitution of Section 1.4 for references
to Section 1.2).

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                        (d) Subject to the foregoing, the Company shall file a
registration statement covering the Registrable Securities and other securities
so requested to be registered as soon as practicable after receipt of the
request or requests of the Initiating Holders. Registrations effected pursuant
to this Section 1.4 shall not be counted as requests for registration effected
pursuant to Sections 1.2.

                  1.5 Obligations of the Company. Whenever required under this
Section 1 to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

                        (a) prepare and file with the SEC a registration
statement with respect to such Registrable Securities and use all commercially
reasonable efforts to cause such registration statement to become effective,
and, upon the request of the Holders of a majority of the Registrable Securities
registered thereunder, keep such registration statement effective for a period
of up to one hundred twenty (120) days or, if earlier, until the distribution
contemplated in the Registration Statement has been completed;

                        (b) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Act with respect to the disposition of all securities covered
by such registration statement;

                        (c) furnish to the Holders such number of copies of a
prospectus, including a preliminary prospectus, in conformity with the
requirements of the Act, and such other documents as they may reasonably request
in order to facilitate the disposition of Registrable Securities owned by them;

                        (d) use all commercially reasonable efforts to register
and qualify the securities covered by such registration statement under such
other securities or Blue Sky laws of such jurisdictions as shall be reasonably
requested by the Holders, provided that the Company shall not be required in
connection therewith or as a condition thereto to qualify to do business or to
file a general consent to service of process in any such states or
jurisdictions;

                        (e) in the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter of such offering;

                        (f) notify each Holder of Registrable Securities covered
by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Act of the happening of any event as a result
of which the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing;

                        (g) cause all such Registrable Securities registered
pursuant to this Section 1 to be listed on a national exchange or trading system
and on each securities exchange and trading system on which similar securities
issued by the Company are then listed; and

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                        (h) provide a transfer agent and registrar for all
Registrable Securities registered pursuant hereunder and a CUSIP number for all
such Registrable Securities, in each case not later than the effective date of
such registration.

      Notwithstanding the provisions of this Section 1, the Company shall be
entitled to suspend, for a reasonable period of time, the filing, effectiveness
or use of, or trading under, any registration statement if the Company shall
determine that any such sale of any securities pursuant to such registration
statement would in the good faith judgment of the Board of Directors of the
Company:

                              (i) materially impede, delay or interfere with any
material pending or proposed financing, acquisition, corporate reorganization or
other similar transaction involving the Company for which the Board of Directors
of the Company has authorized negotiations;

                              (ii) materially adversely impair the consummation
of any pending or proposed material offering or sale of any class of securities
by the Company; or

                              (iii) require disclosure of material nonpublic
information that, if disclosed at such time, would be materially harmful to the
interests of the Company and its stockholders; provided, however, that during
any such period all executive officers and directors of the Company are also
prohibited from selling securities of the Company (or any security of any of the
Company's subsidiaries or affiliates).

      In the event of the suspension of effectiveness of any registration
statement pursuant to this Section 1.5, the applicable time period during which
such registration statement is to remain effective shall be extended by that
number of days equal to the number of days the effectiveness of such
registration statement was suspended.

                  1.6 Information from Holder. It shall be a condition precedent
to the obligations of the Company to take any action pursuant to this Section 1
with respect to the Registrable Securities of any selling Holder that such
Holder shall furnish to the Company such information regarding itself, the
Registrable Securities held by it, and the intended method of disposition of
such securities as shall be reasonably required to effect the registration of
such Holder's Registrable Securities.

                  1.7 Expenses of Registration. All expenses other than
underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4,
including (without limitation) all registration, filing and qualification fees,
printers' and accounting fees, fees and disbursements of counsel for the Company
and the reasonable fees and disbursements of one counsel for the selling Holders
(not to exceed $25,000) shall be borne by the Company. Notwithstanding the
foregoing, the Company shall not be required to pay for any expenses of any
registration proceeding begun pursuant to Section 1.2 or Section 1.4 if the
registration request is subsequently withdrawn at the request of the Holders of
a majority of the Registrable Securities to be registered (in which case all
participating Holders shall bear such expenses pro rata based upon the number of
Registrable Securities that were to be included in the withdrawn registration),
unless, in the case of a

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registration requested under Section 1.2, the Holders of a majority of the
Registrable Securities agree to forfeit their right to one demand registration
pursuant to Section 1.2 and provided, however, that if at the time of such
withdrawal, the Holders have learned of a material adverse change in the
condition, business or prospects of the Company from that known to the Holders
at the time of their request and have withdrawn the request with reasonable
promptness following disclosure by the Company of such material adverse change,
then the Holders shall not be required to pay any of such expenses and shall
retain their rights pursuant to Section 1.2 and 1.4.

                  1.8 Delay of Registration. No Holder shall have any right to
obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to
the interpretation or implementation of this Section 1.

                  1.9 Indemnification. In the event any Registrable Securities
are included in a registration statement under this Section 1:

                        (a) To the extent permitted by law, the Company will
indemnify and hold harmless each Holder, the partners, officers, directors and
stockholders of each Holder, legal counsel and accountants for each Holder, any
underwriter (as defined in the Act) for such Holder and each person, if any, who
controls such Holder or underwriter within the meaning of the Act or the 1934
Act, against any losses, claims, damages or liabilities (joint or several) to
which they may become subject under the Act, the 1934 Act, any state securities
laws or any rule or regulation promulgated under the Act, insofar as such
losses, claims, damages, or liabilities (or actions in respect thereof) arise
out of or are based upon any of the following statements, omissions or
violations (collectively a "Violation"): (i) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement,
including any preliminary prospectus or final prospectus contained therein or
any amendments or supplements thereto, (ii) the omission or alleged omission to
state in such registration statement a material fact required to be stated
therein, or necessary to make the statements therein not misleading or (iii) any
violation or alleged violation by the Company of the Act, the 1934 Act, any
state securities laws or any rule or regulation promulgated under the Act, the
1934 Act or any state securities laws, and the Company will reimburse each such
Holder, underwriter, controlling person or other aforementioned person for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action as
such expenses are incurred; provided, however, that the indemnity agreement
contained in this subsection 1.9(a) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company (which consent shall
not be unreasonably withheld), nor shall the Company be liable in any such case
for any such loss, claim, damage, liability or action to the extent that it
arises out of or is based upon a Violation that occurs in reliance upon and in
conformity with written information furnished expressly for use in connection
with such registration by any such Holder, underwriter, controlling person or
other aforementioned person; provided further, however, that the foregoing
indemnity agreement with respect to any preliminary prospectus shall not inure
to the benefit of any Holder or underwriter or other aforementioned person, or
any person controlling such Holder or underwriter, from whom the person
asserting any such losses, claims, damages or liabilities purchased shares in
the offering, if a copy of the most current prospectus was not sent or given by
or on behalf of such Holder or underwriter or other aforementioned person to
such person, if

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required by law to have been so delivered, at or prior to the written
confirmation of the sale of the shares to such person, and if the prospectus (as
so amended or supplemented) would have cured the defect giving rise to such
loss, claim, damage or liability.

                        (b) To the extent permitted by law, each selling Holder
will indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the registration statement, each person, if any, who
controls the Company within the meaning of the Act, legal counsel and
accountants for the Company, any underwriter, any other Holder selling
securities in such registration statement and any controlling person of any such
underwriter or other Holder, against any losses, claims, damages or liabilities
(joint or several) to which any of the foregoing persons may become subject,
under the Act, the 1934 Act, any state securities laws or any rule or regulation
promulgated under the Act, the 1934 Act or any state securities laws, insofar as
such losses, claims, damages or liabilities (or actions in respect thereto)
arise out of or are based upon any Violation, in each case to the extent (and
only to the extent) that such Violation occurs in reliance upon and in
conformity with written information furnished by such Holder expressly for use
in connection with such registration; and each such Holder will reimburse any
person intended to be indemnified pursuant to this subsection 1.9(b) for any
legal or other expenses reasonably incurred by such person in connection with
investigating or defending any such loss, claim, damage, liability or action as
such expenses are incurred; provided, however, that the indemnity agreement
contained in this subsection 1.9(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder (which consent shall
not be unreasonably withheld), and provided that in no event shall any indemnity
under this subsection 1.9(b) exceed the net proceeds from the offering received
by such Holder.

                        (c) Promptly after receipt by an indemnified party under
this Section 1.9 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 1.9, deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel,
with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of liability to the indemnified party under this Section 1.9
to the extent of such prejudice, but the omission to so deliver written notice
to the indemnifying party will not relieve it of any liability that it may have
to any indemnified party otherwise than under this Section 1.9.

                        (d) If the indemnification provided for in this Section
1.9 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense
referred to herein, then the indemnifying party, in

                                       10
<PAGE>

lieu of indemnifying such indemnified party hereunder, shall contribute to the
amount paid or payable by such indemnified party as a result of such loss,
liability, claim, damage or expense in such proportion as is appropriate to
reflect the relative fault of the indemnifying party on the one hand and the
indemnified party on the other hand in connection with the statements or
omissions that resulted in such loss, liability, claim, damage or expense, as
well as any other relevant equitable considerations; provided, however, that no
contribution by any Holder, when combined with any amounts paid by such Holder
pursuant to Section 1.9(b), shall exceed the net proceeds from the offering
received by such Holder. The relative fault of the indemnifying party and the
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

                        (e) Notwithstanding the foregoing, to the extent that
the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are
in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control.

                        (f) The obligations of the Company and Holders under
this Section 1.9 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1 and otherwise.

                  1.10 Reports Under the 1934 Act. With a view to making
available to the Holders the benefits of Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of
the Company to the public without registration or pursuant to a registration on
Form S-3, the Company agrees to:

                        (a) make and keep public information available, as those
terms are understood and defined in Rule 144, at all times after the effective
date of the Initial Offering;

                        (b) file with the SEC in a timely manner all reports and
other documents required of the Company under the Act and the 1934 Act; and

                        (c) furnish to any Holder, so long as the Holder owns
any Registrable Securities, forthwith upon request (i) a written statement by
the Company that it has complied with the reporting requirements of Rule 144 (at
any time after ninety (90) days after the effective date of the first
registration statement filed by the Company), the Act and the 1934 Act (at any
time after it has become subject to such reporting requirements), or that it
qualifies as a registrant whose securities may be resold pursuant to Form S-3
(at any time after it so qualifies), (ii) a copy of the most recent annual or
quarterly report of the Company and such other reports and documents so filed by
the Company, and (iii) such other information as may be reasonably requested to
avail any Holder of any rule or regulation of the SEC that permits the selling
of any such securities without registration or pursuant to such form.

                                       11
<PAGE>

                  1.11 Assignment of Registration Rights. The rights to cause
the Company to register Registrable Securities pursuant to this Section 1 may be
assigned (but only with all related obligations) by a Holder to a transferee or
assignee of such securities that (i) is a subsidiary, parent, partner, member,
limited partner, retired partner, retired member, affiliate or stockholder of,
or venture capital fund under common investment management with, a Holder, (ii)
is a Holder's family member or trust for the benefit of an individual Holder, or
(iii) after such assignment or transfer, holds at least ten percent (10%) of the
shares of Registrable Securities (subject to appropriate adjustment for stock
splits, stock dividends, combinations or the like) held by such Holder on the
date hereof (as adjusted for any stock splits, stock dividends, combinations,
subdivisions, recapitalizations or the like), provided: (a) the Company is,
within a reasonable time after such transfer, furnished with written notice of
the name and address of such transferee or assignee and the securities with
respect to which such registration rights are being assigned; (b) such
transferee or assignee agrees in writing to be bound by and subject to the terms
and conditions of this Agreement, including, without limitation, the provisions
of Section 1.13 below; and (c) such assignment shall be effective only if
immediately following such transfer the further disposition of such securities
by the transferee or assignee is restricted under the Act.

                  1.12 Limitations on Subsequent Registration Rights. From and
after the date of this Agreement, the Company shall not, without the prior
written consent of the Holders of a majority of the Registrable Securities,
enter into any agreement with any holder or prospective holder of any securities
of the Company that would allow such holder or prospective holder (a) to include
any of such securities in any registration filed under Section 1.2, Section 1.3
or Section 1.4 hereof, unless under the terms of such agreement, such holder or
prospective holder may include such securities in any such registration only to
the extent that the inclusion of such securities will not reduce the amount of
the Registrable Securities of the Holders that are included or (b) to demand
registration of their securities; provided, however, that the limitations on
subsequent registration rights shall not be applicable to registration rights
granted to holders of "Basket Securities" or "Post Offer Securities" (as those
terms are defined in Section 2.10 hereof).

                  1.13 "Market Stand-Off Agreement.

                        (a) Each Holder hereby agrees that it will not, without
the prior written consent of the managing underwriter, during the period
commencing on the date of the final prospectus relating to the Company's Initial
Offering and ending on the date specified by the Company and the managing
underwriter (such period not to exceed one hundred eighty (180) days) (i) lend,
offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of, directly or indirectly, any
shares of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock held immediately prior to the effectiveness of the
Registration Statement for such offering, or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Common Stock, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common
Stock or other securities, in cash or otherwise. The foregoing provisions of
this Section 1.13 shall apply only to the Company's initial offering of equity
securities, shall not apply to the sale of any shares to an underwriter

                                       12
<PAGE>

pursuant to an underwriting agreement, and shall only be applicable to the
Holders if all officers, directors and greater than one percent (1%)
stockholders of the Company enter into similar agreements. The underwriters in
connection with the Company's Initial Offering are intended third-party
beneficiaries of this Section 1.13 and shall have the right, power and authority
to enforce the provisions hereof as though they were a party hereto. Each Holder
further agrees to execute such agreements as may be reasonably requested by the
underwriters in the Company's Initial Offering that are consistent with this
Section 1.13 or that are necessary to give further effect thereto. Any
discretionary waiver or termination of the restrictions of any or all of such
agreements by the Company or the underwriters shall apply to all Holders subject
to such agreements pro rata based on the number of shares subject to such
agreements.

            In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to the Registrable Securities of each
Holder (and the shares or securities of every other person subject to the
foregoing restriction) until the end of such period.

                        (b) Each Holder agrees that a legend reading
substantially as follows shall be placed on all certificates representing all
Registrable Securities of each Holder (and the shares or securities of every
other person subject to the restriction contained in this Section 1.13):

      THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP
      PERIOD OF UP TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE ISSUER'S
      REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN
      AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES,
      A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER'S PRINCIPAL OFFICE. SUCH
      LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

                  1.14 Termination of Registration Rights. No Holder shall be
entitled to exercise any right provided for in this Section 1 (i) after six (6)
years following the consummation of the Initial Offering, (ii) as to any Holder,
such earlier time after the Initial Offering at which such Holder (A) can sell
all shares held by it in compliance with Rule 144(k) or (B) holds one percent
(1%) or less of the Company's outstanding Common Stock and all Registrable
Securities held by such Holder (together with any affiliate of the Holder with
whom such Holder must aggregate its sales under Rule 144) can be sold in any
three (3)-month period without registration in compliance with Rule 144 or (iii)
after the consummation of a Liquidation Event, as that term is defined in the
Company's Amended and Restated Certificate of Incorporation (as amended from
time to time).

            2. Covenants of the Company.

                  2.1 Delivery of Financial Statements. The Company shall, upon
request, deliver to each Investor (or transferee of an Investor):

                                       13
<PAGE>

                        (a) as soon as practicable, but in any event within one
hundred twenty (120) days after the end of each fiscal year of the Company, an
income statement for such fiscal year, a balance sheet of the Company and
statement of stockholders' equity as of the end of such year, and a statement of
cash flows for such year, such year-end financial reports to be in reasonable
detail, prepared in accordance with generally accepted accounting principles
("GAAP"), and audited and certified by independent public accountants of
nationally recognized standing selected by the Company;

                        (b) as soon as practicable, but in any event within
forty-five (45) days after the end of each of the first three (3) quarters of
each fiscal year of the Company, an unaudited statement of cash flows for such
fiscal quarter.

                        (c) within thirty (30) days of the end of each month, an
unaudited income statement and balance sheet for and as of the end of such
month, in reasonable detail;

                        (d) as soon as practicable, but in any event at least
thirty (30) days prior to the end of each fiscal year, a budget and business
plan for the next fiscal year, prepared on a monthly basis, including balance
sheets, income statements and statements of cash flows for such months and, as
soon as prepared, any other budgets or revised budgets prepared by the Company;
and

                        (e) such other information relating to the financial
condition, business or corporate affairs of the Company as the Investor may from
time to time request, provided, however, that the Company shall not be obligated
under this subsection (f) or any other subsection of Section 2.1 to provide
information that it deems in good faith to be a trade secret or similar
confidential information.

                  2.2 Inspection. The Company shall permit each Investor, at
such Investor's expense, to visit and inspect the Company's properties, to
examine its books of account and records and to discuss the Company's affairs,
finances and accounts with its officers, all at such reasonable times as may be
requested by the Investor; provided, however, that the Company shall not be
obligated pursuant to this Section 2.2 to provide access to any information that
it reasonably considers to be a trade secret or similar confidential
information.

                  2.3 Termination of Information and Inspection Covenants. The
covenants set forth in Sections 2.1 and 2.2 shall terminate and be of no further
force or effect upon the earlier to occur of (i) the consummation of the sale of
securities pursuant to a registration statement filed by the Company under the
Act in connection with the firm commitment underwritten offering of its
securities to the general public, (ii) when the Company first becomes subject to
the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934
Act, and (iii) the consummation of a Liquidation Event, as that term is defined
in the Company's Restated Certificate of Incorporation (as amended from time to
time) (the "Restated Certificate").

                  2.4 Right of First Offer. Subject to the terms and conditions
specified in this Section 2.4, the Company hereby grants to each Investor, for
so long as it holds

                                       14
<PAGE>

Registrable Securities, a right of first offer with respect to future sales by
the Company of its Shares (as hereinafter defined). For purposes of this Section
2.4, the term "Investor" includes any general partners, members, retired
partners, retired members and affiliates of, and venture capital funds under
common investment management with, an Investor. An Investor shall be entitled to
apportion the right of first offer hereby granted it among itself and its
partners, members and entities under common investment management in such
proportions as it deems appropriate.

            Each time the Company proposes to offer any shares of, or securities
convertible into or exchangeable or exercisable for any shares of, its capital
stock ("Shares"), the Company shall first make an offering of such Shares to
each Investor in accordance with the following provisions:

                        (a) The Company shall deliver a notice in accordance
with Section 3.5 ("Notice") to the Investors stating (i) its bona fide intention
to offer such Shares, (ii) the number of such Shares to be offered and (iii) the
price and terms upon which it proposes to offer such Shares.

                        (b) By written notification received by the Company
within twenty (20) calendar days after the giving of Notice, each Investor may
elect to purchase, at the price and on the terms specified in the Notice, up to
that portion of such Shares that equals the proportion that the number of shares
of Common Stock that are Registrable Securities issued and held by such Investor
(assuming full conversion and exercise of all convertible and exercisable
securities then outstanding) bears to the total number of shares of Common Stock
of the Company then outstanding (assuming full conversion and exercise of all
convertible and exercisable securities then outstanding). The Company shall
promptly, in writing, inform each Investor that elects to purchase all the
shares available to it (a "Fully-Exercising Investor") of any other Investor's
failure to do likewise. During the ten (10) day period commencing after such
information is given, each Fully-Exercising Investor may elect to purchase that
portion of the Shares for which Investors were entitled to subscribe, but which
were not subscribed for by the Investors, that is equal to the proportion that
the number of shares of Registrable Securities issued and held by such
Fully-Exercising Investor bears to the total number of shares of Common Stock of
the Company then outstanding (assuming full conversion and exercise of all
convertible and exercisable securities then outstanding).

                        (c) If all Shares that Investors are entitled to obtain
pursuant to subsection 2.4(b) are not elected to be obtained as provided in
subsection 2.4(b) hereof, the Company may, during the ninety (90) day period
following the expiration of the period provided in subsection 2.4(b) hereof,
offer the remaining unsubscribed portion of such Shares to any person or persons
at a price not less than that, and upon terms no more favorable to the offeree
than those, specified in the Notice. If the Company does not enter into an
agreement for the sale of the Shares within such period, or if such agreement is
not consummated within sixty (60) days of the execution thereof, the right
provided hereunder shall be deemed to be revived and such Shares shall not be
offered unless first reoffered to the Investors in accordance herewith.

                        (d) The right of first offer in this Section 2.4 shall
not be applicable to (i) the issuance or sale of shares of Common Stock (or
options therefor) to

                                       15
<PAGE>

employees, directors, consultants and other service providers for the primary
purpose of soliciting or retaining their services pursuant to plans or
agreements approved by the Company's Board of Directors; (ii) the issuance of
securities pursuant to the conversion or exercise of convertible or exercisable
securities, (iii) the issuance and sale of Series A Preferred Stock pursuant to
the Purchase Agreement, (iv) the issuance of stock, warrants or other securities
or rights in connection with bank or other institutional debt financing, (v) the
issuance of the Basket Securities (as defined herein), (vi) the issuance of
securities in connection with any stock split, stock dividend or similar event
by the Company or as a dividend or distribution on capital stock of the Company,
(vii) the issuance of securities in consideration of the acquisition of a
bona fide commercial operating entity or all or substantially all of the assets
of any such entity, (via) issuances to an individual or entity which, in
connection with such issuance, enters into a strategic business transaction with
the Company or any affiliate of the Company which is directly related to the
Company's business, which transaction is (1) approved by the Board and (2) other
than primarily for equity financing purposes, or (ix) issuances of Post Offer
Securities (as defined below) that were offered in compliance with Section
2.4(a) and Section 2.12(a)(iv). In addition to the foregoing, the right of first
offer in this Section 2.4 shall not be applicable with respect to any Investor
in any subsequent offering of Shares if (i) at the time of such offering, the
Investor is not an "accredited investor," as that term is then defined in Rule
501 (a) of the Act and (ii) such offering of Shares is otherwise being offered
only to accredited investors.

                        (e) The rights provided in this Section 2.4 may not be
assigned or transferred by any Investor; provided, however, that a Investor that
is a venture capital fund may assign or transfer such rights to entities under
common investment management.

                        (f) The covenants set forth in this Section 2.4 shall
terminate and be of no further force or effect upon the consummation of (i) the
Company's sale of its Common Stock or other securities pursuant to Registration
Statement under the Act, at an offering price of at least $7.84 per share
(appropriately adjusted for any stock split, dividend, combination or the like)
and resulting in proceeds to the Company of at least $40,000,000 in the
aggregate (other than a registration statement relating either to the sale of
securities to employees of the Company pursuant to its stock option, stock
purchase or similar plan or a SEC Rule 145 transaction) (a "Qualified IPO") or
(ii) a Liquidation Event, as that term is defined in the Restated Certificate.

                        (g) Notwithstanding anything herein to the contrary, if
an Investor elects to purchase Shares by exercising its respective right of
first offer as set forth in this Section 2.4 and such Investor has determined
upon the advice of counsel that its purchase of the Shares would cause it to be
deemed a "restricted person" under NASD Rule 2790 (or any successor rule or
interpretation thereto), such Investor may require the Company to issue and sell
to it alternative securities that are substantially identical to the Shares
being offered, except that the rights, preferences and privileges of such
alternative securities (including, without limitation, the voting rights
thereof) may be modified, subject to the approval of the Company (such approval
not to be unreasonably withheld), in order for such Investor to not be deemed a
"restricted person" under NASD Rule 2790 (or any successor rule or
interpretation thereto) as reasonably determined in good faith by such Investor.
The Company and each of the parties hereto agree to take any actions reasonably
required to effect the authorization, designation and sale of the alternative
securities contemplated by this subsection 2.4(g), including, without

                                       16
<PAGE>

limitation, amending the Restated Certificate, this Agreement and the Ancillary
Agreements (as defined in the Purchase Agreement), as applicable.

                  2.5 Confidential Information, Invention. Assignment and
Arbitration Agreements. The Company shall use commercially reasonable efforts to
cause (a) all executive officers of the Company or any subsidiary with a
substantially equivalent title to, or duties of a, senior vice president or
higher, (b) all employees of the Company or any subsidiary primarily responsible
for the research and development of the Company or any subsidiary's proprietary
software products or material business processes and (c) such other employees as
management of the Company in its reasonable judgment determines should be bound
by such agreements, to execute and deliver a Confidential Information,
Invention, Assignment and Arbitration Agreement or a Confidential Information
and Inventions Assignment Agreement (or other agreement with substantially
similar terms) in substantially the form delivered to counsel to the Investors
prior to the date hereof.

                  2.6 Market Stand Off Agreements. The Company shall use its
reasonable best efforts to obtain from all future persons who shall purchase, or
receive options to purchase, shares of the Company's Common Stock following the
date hereof an executed stock purchase or option agreements providing for a
180-day lockup period in connection with the Company's initial public offering
on terms and conditions at least as restrictive as those set forth in Section
1.13 hereof.

                  2.7 Director and Officer Liability Insurance. The Company has
as of the date hereof and shall thereafter continue to maintain in full force
and effect for so long as the TCV Director (as such term is defined in that
certain Voting Agreement by and among the Company, the Investors and certain
other stockholders of the Company of even date herewith (the "Voting
Agreement")) remains on the Board of Directors, from financially sound and
reputable insurers, director and officer liability insurance in the amount of at
least $5,000,000.

                  2.8 Compensation Committee. The Company has as of the date
hereof and shall thereafter continue to maintain a Compensation Committee of the
Board of Directors consisting of no more than three (3) persons, one of whom
shall be the TCV Director (as defined in the Voting Agreement) and one (1) of
whom shall be a non-employee director who is unaffiliated with any entity which
is a stockholder of the Company.

                  2.9 Regulatory Approvals. The Company and each Investor shall
use their commercially reasonable efforts to obtain as soon as commercially
practicable the regulatory approvals set forth in Section 6.1, 6.2 and 6.3 of
the Purchase Agreement.

                  2.10 1934 Act Covenants. If the Company reasonably determines
than an Investor could be deemed a "Material Associated Person" of Penson
Services for purposes of Section 17(h) of the 1934 Act and the rules and
regulations thereunder, then the Company shall (a) inform the Investor in
writing to such effect and (b) consult in advance with each Investor regarding
the information the Company shall be required to provide to any governmental
authority, including, without limitation, the SEC, and each Investor shall have
a commercially reasonable time period to review and comment on such information.
The Company and each Subsidiary shall act in good faith and use commercially
reasonable efforts in the performance of

                                       17
<PAGE>

this Section 2.10. Each Investor shall furnish to the Company such information,
and shall keep records, as shall be reasonably required in order to make reports
to the SEC under Section 17(h) of the 1934 Act.

                  2.11 NASD Rule 2790. If the Company or any of the Investors
becomes aware of any change, amendment or modification of National Association
of Securities Dealers, Inc. ("NASD") Rule 2790 (or any successor rule or
interpretation thereof) or any interpretation thereof (the "New Rule or
Interpretation") which could reasonably cause an Investor to be deemed a
"restricted person" under the New Rule or Interpretation as a result of such
Investor holding capital stock of the Company, then such party shall promptly
inform the other party in writing of such New Rule or Interpretation. The
Company hereby covenants and agrees to use its reasonable best efforts to not
take any action that would reasonably be expected to result in any Investor
being deemed a "restricted person" under NASD Rule 2790 (or any successor rule
or interpretation thereof). At any time after the date hereof, if an Investor
has determined in good faith upon the advice of counsel to such effect that it
will be deemed to be a "restricted person" under NASD Rule 2790 (or any
successor rule or interpretation thereof) as a result of such Investor holding
capital stock of the Company, such Investor shall so notify the Company in
writing and the Company and such Investor shall negotiate in good faith, and
shall make all commercially reasonable efforts, to restructure the investment
made by such Investor in the Company, including, without limitation, the
conversion of all or a portion of the Series A Preferred Stock held by such
Investor into a voting security of the Company and the amendment of the Voting
Agreement to reflect such conversion, in order so that such Investor shall (a)
no longer be deemed, as determined in good faith by such Investor, to be a
"restricted person" under NASD Rule 2790 (or any successor rule or
interpretation thereof) and (b) continue, following such restructuring, to
benefit from the rights of the Series A Preferred Stock (whether statutory,
contractual or economic) in a substantially equivalent manner as compared to
such rights prior to such restructuring.

                  2.12 Negative Covenants.

                        (a) So long as at least a majority of the shares of
Series A Preferred Stock purchased pursuant to the Purchase Agreement remain
outstanding (as adjusted for stock splits, stock dividends, combinations,
subdivisions, recapitalizations and the like), the Company shall not (by
amendment, merger, consolidation or otherwise) without first obtaining the
written approval of the holders of at least a majority of the Series A Preferred
Stock:

                              (i) consummate a "Liquidation Event" (as defined
in the Restated Certificate) other than a Liquidation Event in which the holders
of Series A Preferred Stock receive "Proceeds" (as defined in the Restated
Certificate) by reason o f their ownership of such shares of Series A Preferred
Stock that results in such holders achieving a per share internal rate of return
(an "IRR" and as calculated as set forth below) on such Series A Preferred Stock
of at least twenty three percent (23%) (such amount of Proceeds resulting in a
per share twenty three percent (23%) IRR being referred to as the "Target
Return"). The IRR shall be calculated using the following formula:

      IRR= (FV/PV) exp ((l/n)-l), where

                                       18
<PAGE>

      "FV" equals the fair market value (determined in accordance with Article
IV(B)(2)(c)(ii) of the Restated Certificate) of the Proceeds per share to be
distributed to the holders of the Series A Preferred Stock purchased pursuant to
the Purchase Agreement by reason of their ownership of such shares at the
closing of such Liquidation Event pursuant to Article IV(B)(2) of the Restated
Certificate, including, without limitation, accrued dividends paid on such
Series A Preferred Stock in connection with such Liquidation Event;

      "PV" equals $3.92; and

      "n" equals the quotient of (A) the number of days from the date hereof to
the date of the closing of the Liquidation Event divided by (B) three hundred
sixty-five (365);

                              (ii) amend or waive any provision of the Restated
Certificate or Bylaws that adversely affects the rights, preferences or
privileges of the shares of Series A Preferred Stock;

                              (iii) increase or decrease (other than by
repurchase or conversion) the total number of authorized shares of Series A
Preferred Stock;

                              (iv) authorize or issue, or obligate itself to
issue, any equity security (including any other security convertible into or
exercisable for any such equity security) having a preference over, or being on
a parity with, the Series A Preferred Stock with respect to liquidation
preference, dividend preference, redemption or voting; provided, however, that
this restriction shall not apply to (A) the issuance of equity securities for
bank or other institutional debt financing, provided such issuances are
primarily for other than equity financing purposes; (B) the issuance of equity
securities that are on parity with the Series A Preferred Stock with respect to
liquidation preference, dividend preference, redemption and voting, provided
that either (1) (x) prior to the issuance of such equity securities the Company
provides the Investors with a Notice pursuant to Section 2.4(a) offering the
Investors the opportunity to purchase one hundred percent (100%) of such equity
securities on the same terms and conditions as are offered to the applicable
third party (the "Post Offer Securities") and (y) the Investors do not elect to
obtain one hundred percent (100%) of such Post Offer Securities within twenty
(20) calendar days following receipt of such Notice or (2) the issuance of such
securities (the "Basket Securities") (x) will not result in gross proceeds to
the Company in excess of fifteen percent (15%) of the stated stockholders'
equity on the Company's most recent quarterly balance sheet (prepared in
accordance with GAAP) immediately prior to such issuance and (y) will not amount
to, in the aggregate (and assuming the exercise or conversion of such Basket
Securities into Common Stock), greater than eight percent (8%) of the Company's
outstanding Common Stock immediately following the Closing (as defined in the
Purchase Agreement)(assuming the exercise or conversion of all outstanding
Preferred Stock); provided, however, that in the event of an issuance of such
Basket Securities pursuant to this clause (B)(2), no more than fifty percent
(50%) of such Basket Securities (based solely on the amount of Basket Securities
issuable pursuant to clause (y) above) may be issued by the Company in any
twelve (12) month period; and (C) the issuance of equity securities for the sole
purpose of financing the repurchase of an Investor's shares pursuant to Section
3 hereof, provided that the terms of such equity securities do not allow any
payments to be made to the holders thereof until the payment in full of any

                                       19
<PAGE>

redemption price payable to an Investor pursuant to Section 3 hereof, without
regard to when such payment is due;

                              (v) redeem, purchase or otherwise acquire (or pay
into or set aside for a sinking fund for such purpose) any share or shares of
Preferred Stock or Common Stock; provided, however, that this restriction shall
not apply to (A) the repurchase of shares of Common Stock at cost from
employees, officers, directors, consultants or other persons performing services
for the Company or any subsidiary pursuant to agreements under which the Company
has the option to repurchase such shares upon the occurrence of certain events,
such as the termination of employment or service, (B) the repurchase of shares
from the Investors pursuant to Section 3 hereof or (C) the repurchase of shares
of Preferred Stock from the Investors pursuant to Section 2 of that certain
First Refusal and Co-Sale Agreement of even date herewith by and among the
Company, the Investors and the Founders (as defined therein).

                              (vi) pay or declare any dividend o r distribution
on the Common Stock or Preferred Stock of the Company or any series thereof
other than as expressly set forth in the Restated Certificate in connection with
a "Liquidation Event" (as defined in the Restated Certificate);

                              (vii) enter into any transaction with an officer,
director or holder of greater than five percent (5%) of the Company's
outstanding Common Stock (assuming the exercise, exchange or conversion of all
outstanding securities exercisable, exchangeable or convertible for or into
Common Stock), including the amendment of any agreement with any such person
which is in effect as of the date hereof; provided, however, that this
restriction shall not apply to (A) ordinary course compensation arrangements for
the Company's executive officers which are approved by the Compensation
Committee of the Board of Directors and (B) ordinary course transactions with
any of the Subsidiaries; and

                              (vii) authorize, permit or allow any subsidiary
(other than the Subsidiaries) to authorize or issue, or obligate itself to
issue, any equity security of such subsidiary (including any other security
convertible into or exercisable for any such equity security) in excess of one
percent (1%) of such subsidiary's outstanding stock (other than issuances to the
Company or a direct or indirect wholly-owned subsidiary of the Company).

                        (b) So long as at least a majority of the shares of
Series A Preferred Stock purchased pursuant to the Purchase Agreement remain
outstanding (as adjusted for stock splits, stock dividends, combinations,
subdivisions, recapitalizations and the like), no (i) Subsidiary or (ii) direct
or indirect subsidiary of the Company which following the date hereof accounts
for either (1) at least ten percent (10%) of the total assets of the Company (as
determined on a consolidated basis) or (2) ten percent (10%) of the gross
revenues of the Company (as determined on a consolidated basis) shall (by
amendment, merger, consolidation or otherwise), without first obtaining the
written approval of the holders of at least a majority of the Series A Preferred
Stock:

                              (i) consummate (A) the sale, transfer or other
disposition of all or substantially all of such Subsidiary's assets or (B) the
merger or

                                       20
<PAGE>

consolidation of such Subsidiary, in each case, with or into another entity
other than the Company or a direct or indirect wholly-owned subsidiary of the
Company; and

                              (ii) authorize or issue, or obligate itself to
issue, any equity security of such Subsidiary (including any other security
convertible into or exercisable for any such equity security), in each case,
other than to the Company or a director indirect wholly-owned subsidiary of the
Company.

                  2.13 Termination of Certain Covenants. The covenants set forth
in Sections 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11 and 2.12 shall terminate and be
of no further force or effect upon the consummation of (i) a Qualified IPO or
(ii) a Liquidation Event, as that term is defined in the Restated Certificate.

            3. Investor Redemptive Put Right.

                        (a) At any time after June 9, 2010, but within ninety
(90) days after the receipt by the Company of a written request (the "Repurchase
Request") from the holders of not less than a majority of the then outstanding
Series A Preferred Stock (the "Triggering Series A Holders") that all of the
then outstanding shares of Series A Preferred Stock be repurchased, the Company
shall repurchase in three (3) annual installments (each payment date being
referred to herein as a "Repurchase Date") the then outstanding shares of Series
A Preferred Stock by paving in cash t herefor an aggregate sum per share equal
to the greater of (i) the applicable "Original Issue Price" (as defined below)
for each such share of Series A Preferred Stock, plus all accrued but unpaid
dividends on each such share (whether or not declared) and (ii) the then fair
market value (the "Repurchase FMV") of each such share of Series A Preferred
Stock as of the close of business on the date the Company receives the
Repurchase Request (the "Repurchase Price"). The Company's Board of Directors
and the Triggering Series A Holders shall mutually agree on a nationally
recognized independent appraiser (the "First Appraiser") who shall calculate the
Repurchase FMV within twenty (20) days of its appointment (i) in good faith,
(ii) without applying any minority interest discount or any other discount of
any kind and (iii) as though the buyer is under no compulsion to buy and the
sellers are under no compulsion to sell. If the Company's Board of Directors and
the Triggering Series A Holders shall fail to appoint the First Appraiser within
ten (10) days of the delivery of the Repurchase Request, the Company's Board of
Directors and the Triggering Series A Holders, by written notice to the other
within ten (10) days of the lapse of such prior ten (10) day period, shall each
appoint an alternative nationally recognized independent appraiser (each, the
"Alternative Appraiser") who shall each calculate the Repurchase FMV within
twenty (20) days of their appointment in accordance with the foregoing
assumptions. If either the Company's Board of Directors or the Triggering Series
A Holders shall fail to appoint such an Alternative Appraiser within the time
period set forth in the immediately preceding sentence, then the Alternative
Appraiser appointed by the party that does so appoint an Alternative Appraiser
shall make the determination of the Repurchase FMV within twenty (20) days of
its appointment in accordance with the foregoing assumptions and such
determination shall govern. If two (2) Alternative Appraisers are appointed and
they agree upon the Repurchase FMV, their joint determination shall govern. If
said two (2) Alternative Appraisers fail to reach agreement within twenty (20)
days of their appointment, the two (2) Alternative Appraisers shall, within ten
(10) days following such twenty (20) day period, select a fourth nationally
recognized

                                       21
<PAGE>

independent appraiser (the "Final Appraiser"). Such Final Appraiser shall,
within twenty (20) days following its appointment, select one of the
determinations of the Repurchase FMV determined by the two (2) Alternative
Appraisers and such selected determination shall govern. All decisions of the
First Appraiser, Alternative Appraisers or Final Appraiser shall be rendered in
writing and shall be signed by such appraiser. The Repurchase FMV determined as
herein provided shall be conclusive, final and binding on the Company's
stockholders and the Company and shall be enforceable in any court having
jurisdiction over a proceeding brought to seek such enforcement. The cost of the
Repurchase FMV determination shall not be taken into account in determining the
Repurchase FMV and shall be borne by the Company. The number of shares of Series
A Preferred Stock that the Company shall be required to repurchase on any one
Repurchase Date shall be equal to the amount determined by dividing (i) the
number of shares of such Series A Preferred Stock outstanding immediately prior
to such Repurchase Date by (ii) the number of remaining Repurchase Dates
(including the Repurchase Date to which such calculation applies). Any
repurchase of Series A Preferred Stock effected pursuant to this subsection 3(a)
shall be made on a pro rata basis among the holders of such Series A Preferred
Stock in proportion to the aggregate Repurchase Price (together with any accrued
but unpaid interest thereon as contemplated by Section 3(c), if any) that each
such holder of Series A Preferred Stock would otherwise be entitled to receive
on the applicable Repurchase Date in regards to such Series A Preferred Stock.
For purposes of this Agreement, the "Original Issue Price" of the Series A
Preferred Stock shall mean $3.92 per share for each share of Series A Preferred
Stock (as adjusted for any stock splits, stock dividends, combinations,
subdivisions, recapitalizations and the like).

                        (b) At least fifteen (15) but no more than thirty (30)
days prior to each Repurchase Date, written notice shall be mailed, first class
postage prepaid, to each holder of record (at the close of business on the
business day next preceding the day on which notice is given) of Series A
Preferred Stock, at the address last shown on the records of the Company for
such holder, notifying such holder of the repurchase to be effected on the
applicable Repurchase Date, specifying the number of the shares of Series A
Preferred Stock to be repurchased from such holder, the Repurchase Price and the
place at which payment may be obtained and calling upon such holder to surrender
to the Company, in the manner and at the place designated, his, her or its
certificate or certificates representing the shares to be repurchased (the
"Repurchase Notice"). Except as provided in subsection 3(c), on or after each
Repurchase Date, each holder of Series A Preferred Stock on such Repurchase Date
shall surrender to the Company the certificate or certificates representing such
shares, in the manner and at the place designated in the Repurchase Notice, and
thereupon the applicable Repurchase Price of such shares shall be payable to the
order of the person whose name appears on such certificate or certificates as
the owner thereof and each surrendered certificate shall be cancelled. In the
event less than all the shares represented by any such certificate are
repurchased, a new certificate shall be issued representing the nonrepurchased
shares.

                        (c) From and after each Repurchase Date, unless there
shall have been a default in payment of the Repurchase Price, all rights of the
holders of shares of Series A Preferred Stock designated for repurchase on such
Repurchase Date in the Repurchase Notice as holders of Series A Preferred Stock
(except the right to receive the applicable Repurchase Price without interest
upon surrender of their certificate or certificates) shall cease with respect to
such shares, and such shares shall not thereafter be transferred on the books of
the

                                       22
<PAGE>

Company or be deemed to be outstanding for any purpose whatsoever. If the funds
of the Company legally available for the repurchase of shares of Series A
Preferred Stock on a Repurchase Date are insufficient to repurchase the total
number of shares of Series A Preferred Stock to be repurchased on such date, the
Company shall cause the appropriate direct or indirect subsidiaries to make the
assets of such subsidiaries available to the Company in order to fulfill the
Company's obligations pursuant to this Section 3. If the funds of the Company
and the subsidiaries legally available for the repurchase of shares of Series A
Preferred Stock on a Repurchase Date are insufficient to repurchase the total
number of shares of Series A Preferred Stock to be repurchased on such date,
those funds that are legally available will be used to repurchase the maximum
possible number of such shares ratably among the holders of such shares to be
repurchased in proportion to the aggregate Repurchase Price that each such
holder would be entitled to receive pursuant to Section 3(a); provided, further,
the unpaid balance of such Repurchase Price shall accrue interest at the rate
often percent (10%) per annum, payable quarterly in arrears. The shares of
Series A Preferred Stock not repurchased shall remain outstanding and entitled
to all the rights and preferences provided herein and in the Restated
Certificate. At any time thereafter when additional funds of the Company are
legally available for the repurchase of shares of capital stock of the Company,
such funds will immediately be used to repurchase the balance of the shares that
the Company has become obliged to repurchase on any Repurchase Date but that it
has not repurchased, together with all accrued but unpaid interest thereon.

                        (d) On or prior to each Repurchase Date, the Company
shall deposit the Repurchase Price (together with any accrued but unpaid
interest thereon as contemplated by Section 3(c), if any) of all shares of
Series A Preferred Stock designated for repurchase on such Repurchase Date in
the Repurchase Notice, and not yet repurchased or converted, with a bank or
trust corporation having aggregate capital and surplus in excess of $100,000,000
as a trust fund for the benefit of the respective holders of the shares
designated for repurchase and not yet repurchased, with irrevocable instructions
and authority to the bank or trust corporation to publish the notice of
repurchase thereof and pay the Repurchase Price (together with any accrued but
unpaid interest thereon as contemplated by Section 3(c), if any) for such shares
to their respective holders on or after the Repurchase Date, upon receipt of
notification from the Company that such holder has surrendered his, her or its
share certificate to the Company pursuant to subsection 3(b) above. As of the
date of such deposit (even if prior to the Repurchase Date), the deposit shall
constitute full payment of such shares to their holders, and from and after the
date of the deposit, the shares so called for repurchase shall be repurchased
and shall be deemed to be no longer outstanding, and the holders thereof shall
cease to be stockholders with respect to such shares and shall have no rights
with respect thereto except the rights to receive from the bank or trust
corporation payment of the Repurchase Price for the shares, without interest
except as contemplated by Section 3(c) hereof, upon surrender of their
certificates therefor. Such instructions shall also provide that any moneys
deposited by the Company pursuant to this subsection 3(d) for the repurchase of
Series A Preferred Stock converted into shares of the Company's Common Stock
pursuant to Article IV(B)(4) of the Restated Certificate prior to the Repurchase
Date shall be returned to the Company forthwith upon such conversion. The
balance of any moneys deposited by the Company pursuant to this subsection 3(d)
remaining unclaimed at the expiration of two (2) years following the Repurchase
Date shall thereafter be returned to the Company upon its request expressed in a
resolution of its Board of Directors.

                                       23
<PAGE>

                        (e) The provisions of this Section 3 shall terminate and
be of no further force or effect upon the consummation of the Company's sale of
its Common Stock or other securities pursuant to a Qualified IPO.

            4. Miscellaneous.

                  4.1 Successors and Assigns. Except as otherwise provided
herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the respective successors and assigns of the parties
(including transferees of any shares of Registrable Securities). Nothing in this
Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

                  4.2 Governing Law. This Agreement shall be governed by and
construed under the laws of the State of California as applied to agreements
among California residents entered into and to be performed entirely within
California.

                  4.3 Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                  4.4 Titles and Subtitles. The titles and subtitles used in
this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

                  4.5 Notices. All notices and other communications given or
made pursuant hereto shall be in writing and shall be deemed effectively given:
(i) upon personal delivery to the party to be notified, (ii) when sent by
confirmed electronic mail or facsimile if sent during normal business hours of
the recipient; if not, then on the next business day, (iii) five (5) days after
having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (iv) one (l)day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of
receipt. All communications shall be sent to the respective parties at the
addresses set forth on the signature pages attached hereto (or at such other
addresses as shall be specified by notice given in accordance with this Section
4.5).

                  4.6 Expenses. If any action at law or in equity is necessary
to enforce or interpret the terms of this Agreement, the prevailing party shall
be entitled to reasonable attorneys' fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled.

                  4.7 Entire Agreement: Amendments and Waivers. This Agreement
(including the Exhibits hereto, if any) constitutes the full and entire
understanding and agreement among the parties with regard to the subjects hereof
and thereof. Any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively) only with the written
consent of the Company and the holders of a majority of the Registrable
Securities. Any amendment or waiver effected in accordance with this paragraph
shall be binding upon each

                                       24
<PAGE>

holder of any Registrable Securities, each future holder of all such Registrable
Securities, and the Company.

                  4.8 Severability. If one or more provisions of this Agreement
are held to be unenforceable under applicable law, such provision(s) shall be
excluded from this Agreement and the balance of the Agreement shall be
interpreted as if such provision(s) were so excluded and shall be enforceable in
accordance with its terms.

                  4.9 Specific Performance. It is agreed and understood that
monetary damages would not adequately compensate an injured party for the breach
of this Agreement by any other party, that this Agreement shall be specifically
enforceable, and that any breach or threatened breach of this Agreement shall be
the proper subject of a temporary or permanent injunction or restraining order.
Further, each party hereto waives any claim or defense that there is an adequate
remedy at law for such breach or threatened breach.

                  4.10 Aggregation of Stock. All shares of Registrable
Securities held or acquired by affiliated entities (including entities under
common investment management) or persons shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement.

                                       25
<PAGE>

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

                                        COMPANY:

                                        PENSON WORLDWIDE, INC.

                                        /s/ Roger J. Engemoen, Jr.
                                        ------------------------------
                                        By: Roger J. Engemoen, Jr.
                                        Its: Chairman

                                        Address: 1700 Pacific Avenue, Suite 1400
                                                 Dallas, Texas 75201

                             PENSON WORLDWIDE, INC.
                           INVESTORS' RIGHTS AGREEMENT
                               - SIGNATURE PAGE -

<PAGE>

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

                                        SUBSIDIARIES:

                                        PENSON FINANCIAL SERVICES, INC.

                                        By: /s/ Roger J. Engemoen, Jr.
                                            ---------------------------------
                                        Name: Roger J. Engemoen, Jr.

                                        Title: Chairman

                                        Address: 1700 Pacific Avenue, Suite 1400
                                                 Dallas, Texas 75201

                                        PENSON FINANCIAL SERVICES CANADA, INC.

                                        By: ___________________________________

                                        Name: _________________________________

                                        Title: ________________________________

                                        Address: ______________________________
                                                 ______________________________

                                        PENSON WORLDWIDE SETTLEMENTS, LTD.

                                        By: ___________________________________

                                        Name: _________________________________

                                        Title: ________________________________

                                        Address: ______________________________
                                                 ______________________________

                             PENSON WORLDWIDE, INC.
                           INVESTORS' RIGHTS AGREEMENT
                               - SIGNATURE PAGE -

<PAGE>

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

                                        SUBSIDIARIES:

                                        PENSON FINANCIAL SERVICES, INC.

                                        By: ___________________________________

                                        Name: _________________________________

                                        Title: ________________________________

                                        Address: ______________________________
                                                 ______________________________

                                        PENSON FINANCIAL, SERVICES CANADA, INC.

                                        By: [ILLEGIBLE]
                                            -----------------------------------
                                        Name: [ILLEGIBLE]

                                        Title: [ILLEGIBLE]

                                        Address: [ILLEGIBLE]

                                        PENSON WORLDWIDE SETTLEMENTS, LTD.

                                        By: ___________________________________

                                        Name: _________________________________

                                        Title: ________________________________

                                        Address: ______________________________
                                                 ______________________________

                             PENSON WORLDWIDE, INC.
                           INVESTORS' RIGHTS AGREEMENT
                               - SIGNATURE PAGE -

<PAGE>

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

                                        SUBSIDIARIES:

                                        PENSON FINANCIAL SERVICES, INC.

                                        By: ____________________________________

                                        Name: __________________________________

                                        Title: ________________________________

                                        Address: ______________________________
                                                 ______________________________

                                        PENSON FINANCIAL SERVICES CANADA, INC.

                                        By: ___________________________________

                                        Name: _________________________________

                                        Titie: ________________________________

                                        Address: ______________________________
                                                 ______________________________

                                        PENSON WORLDWIDE SATTLEMENTS, LTD.

                                        By: [ILLEGIBLE]
                                            -----------------------------------
                                        Name: [ILLEGIBLE]

                                        Title: [ILLEGIBLE]

                                        ADDRESS: ______________________________
                                                 ______________________________

                             PENSON WORLDWIDE, INC.
                          INVESTORS' RIGHTS AGREEMENT
                               - SIGNATURE PAGE -

<PAGE>

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

                                        SUBSIDIARIES:

                                        SAI HOLDINGS, INC.

                                        By: /s/ Roger J. Engemoen, Jr.
                                            ----------------------------------
                                        Name: Roger J. Engemoen, Jr.

                                        Title: Chairman

                                        Address: 1700 Pacific Avenue, Suite 1400
                                                 Dallas, Texas 75201

                                        PENSON HOLDINGS, INC.

                                        By: /s/ Roger J. Engemoen, Jr.
                                            ----------------------------------
                                        Name: Roger J. Engemoen, Jr.

                                        Title: Chairman

                                        Address: 1700 Pacific Avenue, Suite 1400
                                                 Dallas, Texas 75201

                             PENSON WORLDWIDE, INC.
                           INVESTORS' RIGHTS AGREEMENT
                               - SIGNATURE PAGE -

<PAGE>

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

                                        INVESTORS:

                                        TCV V, L.P.
                                        a Delaware Limited Partnership
                                        By: Technology Crossover Management V,
                                        L.L.C.,
                                        Its: General Partner

                                        By: /s/ Carla Newell
                                            ---------------------------------
                                        Name: Carla Newell
                                        Title: Attorney in Fact

                                        TCV V MEMBER FUND, L.P.
                                        a Delaware Limited Partnership
                                        By: Technology Crossover Management V,
                                        L.L.C.,
                                        Its: General Partner

                                        By: /s/ Carla Newell
                                            ---------------------------------
                                        Name: Carla Newell
                                        Title: Attorney in Fact

                                        Mailing Address:
                                            Technology Crossover Ventures
                                            528 Ramona Street
                                            Palo Alto, California 94301
                                            Attention:
                                            Phone: (650)614-8200
                                            Fax: (650)614-8222

                                        with a copy to:
                                            Technology Crossover Ventures
                                            528 Ramona Street
                                            Palo Alto, California 94301
                                            Attention: Carla Newell
                                            Phone: (650)614-8200
                                            Fax: (650)614-8222

                             PENSON WORLDWIDE, INC.
                           INVESTORS' RIGHTS AGREEMENT
                               - SIGNATURE PAGE -

<PAGE>

                                   Schedule A

                             Schedule of Investors

TCV V, L.P.
TCV V Member Fund, L.P.