Document:

Assignment and Assumption Agreement

 Exhibit 10.1 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
 by and among 

PENSON FINANCIAL SERVICES, INC., 
 APEX CLEARING HOLDINGS LLC 
 and 

APEX CLEARING SOLUTIONS LLC 
 Dated as of May 31, 2012 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I.
	 	 DEFINITIONS
	  	 	1	  
			
	 Section 1.1.
	 	 Definitions of Certain Defined Terms
	  	 	1	  
	 Section 1.2.
	 	 Interpretation
	  	 	11	  
			
	 ARTICLE II.
	 	 ASSIGNMENT AND ACCEPTANCE OF ACQUIRED ASSETS
	  	 	12	  
			
	 Section 2.1.
	 	 Assignment and Acceptance of the Acquired Assets
	  	 	12	  
	 Section 2.2.
	 	 Excluded Assets
	  	 	13	  
	 Section 2.3.
	 	 Assumed Liabilities
	  	 	14	  
	 Section 2.4.
	 	 Excluded Liabilities
	  	 	14	  
	 Section 2.5.
	 	 Bulk Sales Laws
	  	 	14	  
	 Section 2.6.
	 	 Transfer of Net Assets; Escrow Payment
	  	 	15	  
	 Section 2.7.
	 	 Closing
	  	 	16	  
	 Section 2.8.
	 	 Funding of Equity Contribution and Subordinated Loans
	  	 	16	  
			
	 ARTICLE III.
	 	 REPRESENTATIONS AND WARRANTIES OF TRANSFEROR
	  	 	16	  
			
	 Section 3.1.
	 	 Representations and Warranties of Transferor
	  	 	16	  
			
	 ARTICLE IV.
	 	 REPRESENTATIONS AND WARRANTIES OF NEWCO AND ACS
	  	 	31	  
			
	 Section 4.1.
	 	 Representations and Warranties of NEWCO
	  	 	31	  
	 Section 4.2.
	 	 Representations and Warranties of ACS
	  	 	32	  
			
	 ARTICLE V.
	 	 COVENANTS OF THE PARTIES
	  	 	32	  
			
	 Section 5.1.
	 	 Newco’s Covenants Regarding Transferee
	  	 	32	  
	 Section 5.2.
	 	 Newco’s Covenants
	  	 	33	  
	 Section 5.3.
	 	 Newco Actions Relating to Transferee
	  	 	33	  
	 Section 5.4.
	 	 Mutual Covenants
	  	 	34	  
	 Section 5.5.
	 	 Transferor’s Covenants
	  	 	34	  
	 Section 5.6.
	 	 Taxes
	  	 	37	  
	 Section 5.7.
	 	 Vendor Agreements; Storage Area Networks
	  	 	38	  
	 Section 5.8.
	 	 Non-Competition
	  	 	39	  
	 Section 5.9.
	 	 Confidentiality
	  	 	40	  
	 Section 5.10.
	 	 Post-Closing Cooperation; Refunds and Remittances
	  	 	41	  
	 Section 5.11.
	 	 Certain Post-Closing Restrictions
	  	 	41	  
			
	 ARTICLE VI.
	 	 CONDITIONS PRECEDENT TO THE CLOSING
	  	 	42	  
			
	 Section 6.1.
	 	 Conditions to Each Party’s Obligations
	  	 	42	  
	 Section 6.2.
	 	 Conditions to Newco’s Obligations
	  	 	42	  
	 Section 6.3.
	 	 Conditions to Transferor’s Obligations
	  	 	44	  
			
	 ARTICLE VII.
	 	 TERMINATION
	  	 	44	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 7.1.
	 	 Termination
	  	 	44	  
	 Section 7.2.
	 	 Effect of Termination
	  	 	45	  
			
	 ARTICLE VIII.
	 	INDEMNIFICATION	  	 	45	  
			
	 Section 8.1.
	 	 Indemnification by Transferor
	  	 	45	  
	 Section 8.2.
	 	 Indemnification by Newco and Transferee
	  	 	47	  
	 Section 8.3.
	 	 Survival
	  	 	48	  
	 Section 8.4.
	 	 Third Party Claims
	  	 	48	  
	 Section 8.5.
	 	 Treatment of Materiality
	  	 	50	  
	 Section 8.6.
	 	 Waiver of Rights to Subrogation
	  	 	50	  
	 Section 8.7.
	 	 Investigation
	  	 	50	  
	 Section 8.8.
	 	 Calculation of Losses
	  	 	50	  
	 Section 8.9.
	 	 Non-Third Party Claims
	  	 	51	  
	 Section 8.10.
	 	 Interest
	  	 	51	  
	 Section 8.11.
	 	 Escrow
	  	 	51	  
	 Section 8.12.
	 	 Remedies
	  	 	52	  
			
	 ARTICLE IX.
	 	MISCELLANEOUS	  	 	52	  
			
	 Section 9.1.
	 	 Waivers
	  	 	52	  
	 Section 9.2.
	 	 Modifications
	  	 	52	  
	 Section 9.3.
	 	 Governing Law
	  	 	52	  
	 Section 9.4.
	 	 Notices
	  	 	53	  
	 Section 9.5.
	 	 Entire Understanding; No Third Party Beneficiaries
	  	 	54	  
	 Section 9.6.
	 	 No Recourse
	  	 	54	  
	 Section 9.7.
	 	 Assignability
	  	 	55	  
	 Section 9.8.
	 	 Severability
	  	 	55	  
	 Section 9.9.
	 	 Specific Performance and Injunctive Relief
	  	 	55	  
	 Section 9.10.
	 	 Counterparts
	  	 	55	  

 LIST OF EXHIBITS 
 Exhibit A – Form of Instrument of Assignment and Assumption 
 Exhibit B – Form of Master
Services Agreement Letter Agreement 
 Exhibit C – Form of Transition Services Agreement 

Exhibit D – Form of Nexa License Agreement 

Exhibit E – Form of Transferor License Agreement 
 Exhibit F – Form of Broadridge Release Agreement 
 Exhibit G – Form of Credit Agreements

 Exhibit H – Form of Subordinated Loans 
 Transfer or Disclosure Schedule 

  
 ii 

 ASSIGNMENT AND ASSUMPTION AGREEMENT 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is dated as of May 31, 2012, by and between Penson
Financial Services, Inc., a North Carolina corporation (“Transferor”), and, Apex Clearing Holdings LLC, a Delaware limited liability company (“Newco”), and Apex Clearing Solutions LLC (“ACS”).

 W I T N E S S E T H: 

WHEREAS Transferor is engaged in the correspondent clearing business providing Correspondent Clearing Services (as defined below) to
various clients (the “Business”); 
 WHEREAS Transferor desires to sell and assign to Ridge Clearing &
Outsourcing Solutions, Inc., a New York corporation (“Transferee”), and Newco intends to cause Transferee to purchase and assume from Transferor, on the terms, and subject to the conditions, set forth in this Agreement, certain
assets of Transferor relating to the Services (as defined below); 
 WHEREAS Transferee is intended to become a subsidiary of
Newco, and Transferor is required to transfer assets (including cash) to Transferee as a capital contribution to Newco, pursuant to the Limited Liability Company Agreement of Newco dated as May 31, 2012 (the “LLC Agreement”);
and 
 WHEREAS Penson Worldwide, Inc., SAI Holdings, Inc. and Nexa are concurrently executing an Indemnity and Support Agreement
pursuant to which each jointly and severally indemnifies Transferor for certain matters (the “Indemnity Agreement”); 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained and other valuable consideration (including the issuance of an equity interest in Newco to
Transferor), the receipt and adequacy of which are hereby acknowledged, the parties do hereby covenant and agree as follows: 

ARTICLE I. 

DEFINITIONS 

Section 1.1. Definitions of Certain Defined Terms. Capitalized terms used in this Agreement and not otherwise defined herein
shall have the meanings set forth below. 
 “Acquired Assets” has the meaning ascribed thereto in
Section 2.1(a). 
 “Actual NAV” has the meaning ascribed thereto in Section 2.6(c).

 “Actual Required Cash” has the meaning ascribed thereto in Section 2.6(c). 

“Affiliate” of a Person means a Person that directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, the first Person; provided, however, for the avoidance of doubt, that from and after the Closing, Transferor shall not be deemed an Affiliate of, and shall be deemed not to control, Newco
or Transferee. As used 

 
in this definition, the term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or
indirectly, of the power to (i) vote a majority of the outstanding voting securities of such Person or (ii) otherwise direct the management policies of such Person by contract or otherwise. 

“Agreement” has the meaning ascribed thereto in the Preamble. 

“Applicable Law” means, for any Person at any time of determination, any constitution, statute, by-law, federal, state,
foreign or local law (including the common law and equity), ordinance, rule, regulation or administrative interpretation or any judgment, decree, governmental permit, license, certificate of authority, order or approval of a Governmental Authority
to which such Person or any of its properties is subject at such time. 
 “Assumed Liabilities” has the meaning
ascribed thereto in Section 2.3. 
 “Board” has the meaning ascribed thereto in
Section 3.1(h). 
 “Broadridge” means Broadridge Financial Solutions, Inc. 

“Broadridge MSA” means that certain letter agreement between Transferee and Broadridge in the form attached hereto as
Exhibit B. 
 “Broadridge Release” means that certain Termination and Mutual Release Agreement in the
form attached hereto as Exhibit F. 
 “Bulk Sales Laws” has the meaning ascribed thereto in
Section 2.5. 
 “Business” has the meaning ascribed thereto in the Recitals. 

“Business Day” means any day, other than a Saturday, Sunday or a day on which the New York Stock Exchange is not
scheduled to be open for trading. 
 “CFTC” means the United States Commodity Futures Trading Commission.

 “Clearing Agency Accounts” means the DTC Accounts, the NSCC Accounts, the FICC Accounts, the OCC Accounts
and any other clearing agency accounts (including any related clearing fund or guaranty fund deposit) of Transferor related to the provision of Correspondent Clearing Services. 

“Clearing Contracts” means the Contracts, and all schedules, exhibits and amendments thereto, in effect on the date
hereof providing for the rendering of Correspondent Clearing Services by Transferor to each Client, but, for the avoidance of doubt, excluding Futures Clearing Contracts. 
 “Clearing Corporation” means an entity registered with the CFTC under Section 5b of the Commodity Exchange Act as a derivatives clearing organization that enables each party to an
agreement, contract, or transaction to substitute, through novation or otherwise, the credit of such entity for the credit of the parties; arranges or provides, on a multilateral basis, for the settlement or netting of obligations; or otherwise
provides clearing services or arrangements that mutualize or transfer credit risk among participants. 

  
 2 

 “Clients” means, collectively, as of any date, the clients with an account
to which, or in respect of which, Correspondent Clearing Services or other services are provided by Transferor, including introducing brokers and their customers. 
 “Client Accounts” means those customer accounts and introducing broker proprietary accounts for which Correspondent Clearing Services are provided by Transferor or maintained in
connection with the Correspondent Clearing Contracts, but excluding both (i) the Reserve Bank Accounts and (ii) Futures Accounts. 
 “Client Consent” means Consents received or deemed to be received from Clients to the transactions contemplated by the Transaction Documents in accordance with Section 5.4(c)
(including Consents of new Clients of Transferor between the date of this Agreement and the Closing Date which are granted in accordance with Section 5.4(c) or Clearing Contracts containing the required Consent signed by those new
Clients) which Consent has not been withdrawn or modified. 
 “Client List” has the meaning ascribed thereto in
Section 3.1(i). 
 “Closing” has the meaning ascribed thereto in Section 2.7.

 “Closing Cash Amount” has the meaning ascribed thereto in Section 2.6(a). 

“Closing Date” has the meaning ascribed thereto in Section 2.7. 

“COBRA” means Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Code, or similar state law.

 “Code” means the Internal Revenue Code of 1986, as the same may be amended from time to time, and any
successor to such code. 
 “Commodity Exchange Act” means the Commodity Exchange Act of 1936, as amended.

 “Compensation and Benefit Plans” means all plans, programs, policies, practices, Contracts, agreements or
other arrangements (written or oral) providing for deferred compensation, welfare, medical, dental, health, disability, life insurance, pension, retirement, profit sharing, thrift, savings, employee ownership, bonus, severance, termination pay,
change of control payments, vacation, paid time off, leave of absence, employee assistance, automobile leasing/subsidy/allowance, relocation, family support, performance awards, stock, restricted stock, stock options or other stock-related or
equity-based award, fringe or other employee benefits or remuneration of any kind, whether formal or informal, funded or unfunded, including each “employee benefit plan” within the meaning of Section 3(3) of ERISA, whether or
not subject to ERISA, maintained, contributed to or required to be contributed to by Transferor, or pursuant to which Transferor has or may have any liability, contingent or otherwise. 

  
 3 

 “Consent” means any consent, approval, authorization, waiver, permit,
grant, franchise, concession, membership, agreement, license, exemption or order. 
 “Contract” means, with
respect to any Person, any agreement, indenture, debt instrument, contract, lease or other undertaking, whether oral or written, to which such Person or any of its Subsidiaries is a party, or by which any of them is bound or to which any of their
properties is subject. 
 “Correspondent Clearing Services” means any services provided pursuant to the
Clearing Contracts that involve, with respect to introducing brokers and their customers, (i) securities clearing and execution in the United States, including with respect to non-U.S. securities, (ii) securities transaction settlement
services in the United States, including with respect to non-U.S. securities, and (iii) customer account maintenance and related data processing services, but excluding all Excluded Assets, including, but not limited to, Nexa, Penson Financial
Services Ltd. and any assets held by or directly related to such entities. 
 “Covered Person” has the meaning
ascribed thereto in Section 3.1(v). 
 “Credit Agreements” means (i) the Credit Agreement
between Transferee, as borrower, and ACS as Lender and (ii) the Credit Agreement between Transferee, as borrower and Transferor as Lender, each in the applicable form set forth in Exhibit G. 

“Customer Notice” means the notice given to Customers required under Applicable Law. 

“Deductible” has the meaning ascribed thereto in Section 8.2(b). 

“Delaware Opinion” has the meaning ascribed thereto in Section 3.1(a)(iii). 

“Designated Area” has the meaning ascribed thereto in Section 5.8(a). 

“Designated Industry” has the meaning ascribed thereto in Section 5.8(a). 

“DTC Accounts” means Transferor’s Depositary Trust Company participant accounts (including any related clearing
fund or guaranty fund deposit) and account numbers that are used to provide the Correspondent Clearing Services. 

“Employee Offerees” has the meaning ascribed thereto in Section 5.5(h)(i). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Escrow Agent” has the meaning ascribed thereto in Section 8.11. 

“Escrow Agreement” has the meaning ascribed thereto in Section 8.11. 

“Escrow Amount” means an amount equal to $2,000,000. 

“Escrow Claim Notice” has the meaning ascribed thereto in Section 8.11. 

“Escrow Fund” has the meaning ascribed thereto in Section 8.11. 

  
 4 

 “Escrow Release Date” has the meaning ascribed thereto in
Section 8.11. 
 “Exchange” means any exchange, commission or similar organization, including
without limitation New York Stock Exchange, NYSE Alternext, Chicago Board Options Exchange, Chicago Stock Exchange, International Securities Exchange, NASDAQ, NYSE ARCA Equities Exchange, NYSE ARCA Options Exchange, Philadelphia Stock Exchange,
Boston Options Exchange, NYSE Euronext LIFFE, NYSE LIFFE, and LCH.Clearnet. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as the same may be amended from time to time, and any successor to such act. 

“Excluded Assets” has the meaning ascribed thereto in Section 2.2. 

“Excluded Contractual Liabilities” has the meaning ascribed thereto in Section 2.3. 

“Excluded Liabilities” has the meaning ascribed thereto in Section 2.4. 

“Excluded Tax Liabilities” means (i) any liability for Taxes of any Person within the Transferor’s group,
whether by reason of Treasury Regulations section 1.1502-6 or otherwise, (ii) any liability relating to, pertaining to, or arising out of the Services or the Acquired Assets with respect to income and other Taxes for periods or portions thereof
ending on or prior to the Closing Date, (iii) any Taxes arising in connection with the consummation of the transactions contemplated hereby and (iv) any Taxes for which Transferor is expressly liable pursuant to this Agreement. 

“FCM” means a ‘futures commission merchant’ as defined in Section 1a(28) of the Commodity Exchange Act.

 “FICC Account” means Transferor’s Fixed Income Clearing Corporation participant accounts (including
both FICC-GSD and FICC-MBSD accounts) and account numbers that are used therein to provide the Correspondent Clearing Services. 

“Final NAV Notice” has the meaning ascribed thereto in Section 2.6. 

“Final NAV Target” means $90,000,000. 
 “Financial Statements” has the meaning ascribed thereto in Section 3.1(k)(i). 
 “FINRA” means the Financial Industry Regulatory Authority and any successor Self-Regulatory Organization. 
 “Futures Accounts” means those accounts maintained by the Transferor for customers, and any proprietary accounts for introducing brokers and FCMs (for which Futures Clearing Services are
provided by Transferor or maintained) in connection with the Futures Clearing Contracts, which accounts include futures positions, off-exchange foreign currency transactions offered to or entered into with retail customers, and other balances,
including money, securities and other property held at a Clearing Corporation or a bank. 

  
 5 

 “Futures Clearing Contracts” means Contracts and all schedules, exhibits
and amendments thereto, in effect on the date hereof providing for the rendering of Futures Clearing Services by Transferor to each Client. 
 “Futures Clearing Services” means any services provided pursuant to the Futures Clearing Contracts that involve, with respect to introducing brokers and/or FCMs and their customers
(i) futures clearing and execution in the United States, including with respect to non-U.S. futures, (ii) futures transaction settlement services in the United States, including with respect to non-U.S. futures, and (iii) customer
account maintenance and related data processing services. 
 “GAAP” means United States generally accepted
accounting principles. 
 “Government Order” has the meaning ascribed thereto in Section 3.1(e).

 “Governmental Approval” means a Consent of, with or to a Governmental Authority or Self-Regulatory
Organization (including the expiration of any waiting or other time period required to pass before such Consent may be assumed or relied on). 
 “Governmental Authority” means any domestic (whether federal, state or local) or foreign governmental or regulatory authority, Self-Regulatory Organization, department, board,
instrumentality, agency, court, tribunal, arbitrator or mediator, commission or other entity. 
 “Indebtedness”
means, as applied to any Person, all indebtedness of such Person for borrowed money, whether current or funded, or secured or unsecured, excluding current trade payables incurred in the ordinary course of business, but including, (i) all
obligations of that Person evidenced by bonds, debentures, notes, or other similar instruments or debt securities; (ii) all indebtedness of that Person secured by a purchase money mortgage or other Lien to secure all or part of the purchase
price of the property subject to such Lien; (iii) all obligations under leases that shall have been or must be, in accordance with GAAP, recorded as capital leases in respect of which such Person is liable as lessee; (iv) any liability of
that Person in respect of banker’s acceptances or letters of credit; and (v) all indebtedness referred to above which is directly or indirectly guaranteed by that Person or which that Person has agreed (contingently or otherwise) to
purchase or otherwise acquire or in respect of which it has otherwise assured a creditor against loss. 
 “Indemnified
Party” means any Transferee Indemnified Person or Transferor Indemnified Person. 
 “Indemnifying
Party” has the meaning ascribed thereto in Section 8.4(a). 
 “Indemnity Agreement” has
the meaning ascribed thereto the Recitals. 
 “Initial NAV Cushion” means an amount equal to $5,000,000.

 “Instrument of Assignment and Assumption” means an Instrument of Assignment and Assumption in the form
attached hereto as Exhibit A. 

  
 6 

 “Intellectual Property” means (i) registered and unregistered United
States and foreign trademarks, service marks, trade names, logos, mask works, corporate names, trade dress, copyrights and copyrightable works, Internet domain names, web sites, email addresses, telephone numbers (including 800/888 or similar
numbers) and similar rights (including registrations and applications to register, or renew the registration of, any of these); (ii) United States and foreign letters patent, patent applications, patent disclosures and inventions and any
reissue, continuation, continuation-in-part, division, extension or reexamination thereof; (iii) inventions, processes, designs, formulae, trade secrets, know-how, and confidential information; (iv) computer software, data, databases and
related documentation; (v) similar intellectual property rights; (vi) rights of publicity; (vii) all rights to sue for and remedies against past, present, and future infringements of any of the above, and rights of priority and
protection of interests in any of the above under Applicable Law; (viii) all copies and tangible embodiments of any of the above (in any medium, including electronic media); and (ix) Licenses of any of the above. 

“Interim NAV Estimate” has the meaning ascribed thereto in Section 2.6(b). 

“Interim NAV Notice” has the meaning ascribed thereto in Section 2.6(b). 

“Interim NAV Target” means $92,000,000. 
 “Interim Required Cash” means an amount equal to Interim NAV Target minus the Interim NAV Estimate. 
 “Legal Proceedings” means any legal, administrative, arbitral, or other proceedings, suits, actions, investigations or claims, by or before a Governmental Authority or Self-Regulatory
Organization. 
 “Lending Affiliate” means PEAK6 Capital Management, LLC. 

“License Agreements” means (i) the License Agreement contemplated to be entered into among Parent, Transferor,
Newco and Transferee at the Closing, in the form attached hereto as Exhibit E and (ii) the License Agreement contemplated to be entered into among Nexa, Newco and Transferee at the Closing, in the form attached hereto as Exhibit
D. 
 “Licenses” means licenses, franchises, registrations and permits. 

“Liabilities” shall mean, any liability or obligation whether known or unknown, whether asserted or unasserted, whether
determined, determinable or otherwise, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, whether directly incurred or consequential, whether due or to become due and whether or not required under GAAP
to be accrued on the financial statements of such Person. 
 “Lien” means any lien, claim, charge, pledge,
encumbrance, mortgage, deed of trust or security interest of any kind or nature whatsoever. 
 “LLC Agreement”
means the Limited Liability Company Agreement of Newco dated as of the date hereof. 

  
 7 

 “Loss” means any and all claims, losses, Liabilities, costs, Taxes,
penalties, fines and expenses (including reasonable attorneys’, accountants’, consultants’ and experts’ fees and expenses), damages, obligations to third parties, expenditures (including costs of collection incurred in the
enforcement of rights under this Agreement), proceedings, judgments, awards or demands that are imposed upon or otherwise incurred or suffered by the relevant party; provided that, for the avoidance of doubt, for purposes of
Section 8.1, the term Loss shall include any of the foregoing items, arising out of the continued provision by Newco or the Transferee of Services to clients and the continued use of the Acquired Assets after the Closing by Newco or
Transferee in substantially the same manner as provided or used by the Transferor before the Closing. 
 “Material
Adverse Effect” means, with respect to a Person, any event, fact, condition, change, development or effect that (a) is, or would reasonably be expected to be, materially adverse to the business, assets, condition (financial or
otherwise), results of operations or properties of such Person or (b) would prevent or materially delay the consummation of the transactions contemplated by the Transaction Documents. A Material Adverse Effect with respect to a Person shall
include, but shall not be limited to, any material adverse change in the Person’s regulatory standing. 
 “Most
Recent Balance Sheet Date” has the meaning ascribed thereto in Section 3.1(k)(i). 
 “Most Recent
Financial Statements” has the meaning ascribed thereto in Section 3.1(k)(i). 
 “NAV
Estimate” has the meaning ascribed thereto in Section 2.6. 
 “Net Asset Value” means with
respect to the Acquired Assets and Assumed Liabilities transferred onto the Transferee’s balance sheet, the computation of Acquired Assets minus Assumed Liabilities with such adjustments, modifications, and deductions as would be required to
obtain a computation of “net capital” in accordance with Rule 15c3-1 of the Securities Exchange Act of 1934, and such determination shall be final and binding upon the parties unless proven by the Transferor to be manifestly
unreasonable. For the avoidance of doubt, (A) any Vendor Agreement that may be transferred to the Transferee following the Closing Date and (B) (i) allowable assets at the Closing that become non-allowable, result in loss or
result in other regulatory capital deductions post-Closing, (ii) fail to deliver, suspense, and other reconciliation/aged items that were not deductions from net capital at the Closing that result in loss or result in other regulatory capital
deductions post-Closing and (iii) fail to receive and other liability items that were not deductions from net capital at the Closing that result in loss or result in other regulatory capital deductions post-Closing, will, in each case, not be
included in Net Asset Value. 
 “Newco” has the meaning ascribed thereto in the Preamble. 

“Nexa” means Nexa Technologies, Inc., a Delaware corporation. 

“Novated Accounts” has the meaning ascribed thereto in Section 2.1(a). 

“Novated Bank Accounts” means the bank accounts listed on Schedule B and the balances therein as of the Closing Date.

  
 8 

 “NSCC Accounts” means Transferor’s National Securities Clearing
Corporation participant accounts and account numbers that are used therein to provide the Correspondent Clearing Services. 

“OCC Accounts” means Transferor’s Options Clearing Corporation participant accounts and account numbers that are
used therein to provide the Correspondent Clearing Services. 
 “Organizational Documents” means, with respect
to a Person, the articles or certificate of incorporation and bylaws or articles or certificate of formation and limited liability company agreement (or other constituent documents) of such Person. 

“Other Acquired Contract” means any Contract, other than a Clearing Contract, included in the Acquired Assets.

 “Parent” means Penson Worldwide, Inc., a Delaware corporation. 

“Parent 2010 Indenture” means that certain Indenture, dated as of May 6, 2010, among Parent, certain subsidiary
guarantors and U.S. Bank National Association, a national association banking corporation. 
 “Parent 2009
Indenture” means that certain Indenture, dated as of June 3, 2009, between Parent and U.S. Bank National Association, a national association banking corporation. 
 “PATRIOT Act” means the USA PATRIOT Act, formerly known as the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
as amended from time to time, and the rules and regulations promulgated thereunder. 
 “PEAK6” means PEAK6
Investments, L.P. and/or its Affiliates. 
 “Permitted Liens” means: (i) workers’, carriers’,
and mechanics’ Liens arising by operation of law with respect to a liability incurred in the ordinary course of business, consistent with past practice, and which is not delinquent; and (ii) Liens, other than Liens securing or related to
Indebtedness, that are immaterial in character, amount and extent and which do not materially detract from the value or materially interfere with the present or the proposed use of the properties they affect. 

“Person” means any individual, partnership (general or limited), corporation, limited liability company, limited
liability partnership, association, trust, joint venture, unincorporated organization, or similar entity, any government, governmental department or agency or political subdivision thereof. 

“Regulatory Reports” has the meaning ascribed thereto in Section 3.1(b). 

“Reserve Bank Accounts” means: (i) the Special Reserve Bank Account for the Exclusive Benefit of Customers
established by Transferor with J.P. Morgan Chase Bank, N.A. as account number 323960421 and (ii) the PAIB Reserve Account established with J.P. Morgan Chase Bank, N.A. as account number 32396052. 

  
 9 

 “SEC” means the Securities and Exchange Commission. 

“Self-Regulatory Organization” means a self-regulatory organization as defined in Section 3(a)(26) under the
Exchange Act and includes FINRA and any Exchange. 
 “Services” means the Correspondent Clearing Services.

 “Storage Area Networks” has the meaning ascribed to such term in the Transition Services Agreement.

 “Subsidiary” means, for any Person, any other Person of which the initial Person directly or indirectly owns
more than fifty percent (50%) of the voting stock or other voting equity interest or which is required to be consolidated with the initial Person under GAAP. 
 “Subordinated Loans” means (i) the $30,000,000 subordinated loan made pursuant to that certain Subordinated Loan Agreement expected to be dated as of the Closing Date between PEAK6
Capital Management LLC and Transferee and (ii) the $5,000,000 subordinated loan made pursuant to that certain Subordinated Loan Agreement expected to be dated as of the Closing Date between Apex Clearing Solutions LLC and Transferee in each
case in the applicable form attached hereto as Exhibit H. 
 “Tax” or “Taxes” means all
federal, state, local or foreign taxes or other governmental charges, fees, levies and assessments of whatever kind or nature, including all federal, state, local or foreign income, gross receipts, windfall profits, severance, property, production,
sales, use, license, excise, franchise, employment, premium, recording, documentary, transfer, back-up withholding or similar taxes, together with any interest, additions, or penalties with respect thereto and any interest in respect of such
additions or penalties. 
 “Tax Returns” means any report, return, declaration or other information required to
be supplied to any taxing authority in connection with Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Third Party Claim” has the meaning ascribed thereto in Section 8.4(a). 

“Transaction Documents” means this Agreement, the Transition Services Agreement, the Subordinated Loans, the License
Agreements, the LLC Agreement, the Indemnity Agreement, the Credit Agreements, the Broadridge Release and the other documents being or contemplated to be entered into in connection with the transactions contemplated hereby and thereby. 

“Transfer Time” means the time, after the Closing, at which any Acquired Asset not transferred at the Closing is
transferred, conveyed and assigned to the Transferee. With respect to any Contract requiring novation, the Transfer Time shall be the time at which such Contract is novated to the Transferee. 

“Transferee” has the meaning ascribed thereto in the Recitals. 

“Transferee Indemnified Person” has the meaning ascribed thereto in Section 8.1(a). 

  
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 “Transferee Liability Cap” has the meaning ascribed thereto in
Section 8.2(b). 
 “Transferor” has the meaning ascribed thereto in the Preamble. 

“Transferor Disclosure Schedule” has the meaning ascribed thereto in Section 3.1. 

“Transferor Indemnified Person” has the meaning ascribed thereto in Section 8.2(a). 

“Transferor Liability Cap” has the meaning ascribed thereto in Section 8.1(b). 

“Transferor Parties” means Transferor, Parent, Nexa and each other Affiliate of Transferor, that is a party to, or is
specified to be a party to any Transaction Document. 
 “Transferor Representatives” has the meaning ascribed
thereto in Section 5.9(b). 
 “Transition Services Agreement” means the Transition Services
Agreement, among PFSI, Nexa, Newco and Transferee contemplated to be entered into at the Closing in the form attached hereto as Exhibit C. 
 “Treasury Regulations” means the regulations issued as of the date hereof and from time to time by the United States Department of the Treasury relating to matters arising under the Code.

 “Vendor Agreements” means any contracts with providers of services or products related to or used in
connection with the Acquired Assets. 
 Section 1.2. Interpretation. 

(a) As used in this Agreement, references to the following terms will have the meanings indicated: 

(i) To the Preamble or to the Recitals, Sections, Exhibits or Schedules are to the Preamble or a Recital or Section of,
or Exhibit or Schedule to, this Agreement unless otherwise indicated. 
 (ii) To any agreement (including this
Agreement), contract, statute or regulation are to the agreement, contract, statute or regulation as amended, modified, supplemented or replaced from time to time, and any section of any statute or regulation are to any successor to the section.

 (b) Whenever this Agreement requires a party to take an action, the requirement constitutes an undertaking by
the party to cause its Subsidiaries, and to use its commercially reasonable efforts to cause its other Affiliates, to take appropriate action in connection therewith. 

(c) The Table of Contents of this Agreement and various headings contained herein are for reference purposes only and do
not limit or otherwise affect any of the provisions of this Agreement. 

  
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 (d) Whenever the words “include,”
“includes” or “including” are used in this Agreement, they will be deemed to be followed by the words “without limitation.” Any singular term in this Agreement will be deemed to include the plural,
and any plural term the singular. All pronouns and variations thereof will be deemed to refer to the feminine, masculine or neuter, singular or plural, as the identity of the Person referred to may require. 

(e) It is the intention of the parties that every covenant, term and provision of this Agreement shall be construed simply
according to its fair meaning and not strictly for or against any party, it being understood and agreed that the parties to this Agreement are sophisticated and have had adequate opportunity and means to retain counsel to represent their respective
interests and to otherwise negotiate the terms and provisions of this Agreement. Accordingly, the parties hereby waive, to the fullest extent permitted by Applicable Law, the benefit of any Applicable Law that would require that in cases of
uncertainty, the language of a contract should be strictly construed against, or most strongly construed against, the party who drafted such language. 
 (f) All references in this Agreement to amounts of money or amounts to be paid by any Person to any other Person shall mean such amounts in United States dollars, unless otherwise indicated. 

ARTICLE II. 

ASSIGNMENT AND ACCEPTANCE OF ACQUIRED ASSETS 
 Section 2.1. Assignment and Acceptance of the Acquired Assets. 
 (a)
Upon the terms and subject to the conditions set forth in this Agreement and in consideration of the issuance to Transferor of a common membership interest in Newco pursuant to and as described in the LLC Agreement, Transferor at Closing shall sell,
transfer, convey, assign and deliver (or cause to be sold, transferred, conveyed, assigned and delivered) to Transferee, and Newco shall cause Transferee to purchase, acquire and accept from Transferor, free and clear of all Liens, all right, title
and interest in, to and under the following (the “Acquired Assets”): 
 (i) the Clearing
Contracts; 
 (ii) the Client Accounts; 

(iii) the Clearing Agency Accounts, other than those listed under Excluded Assets; 

(iv) subject to receiving any necessary Consent to the transfer thereof, any and all rights under any stock loan
agreements or other arrangements with any Clients, including any transactions in process for Clients, open Client positions and margin loans with Clients; 

  
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 (v) subject to receiving any necessary Consent to the transfer thereof, any
and all rights relating to certain stock borrow positions (as agreed between Transferor and Newco) under stock loan arrangements with broker-dealers; 
 (vi) any and all collateral and clearing deposits held by Transferor from Clients; 
 (vii) securities and other assets held in the Client Accounts; 

(viii) the Novated Bank Accounts and all balances therein; and 

(ix) the Reserve Bank Accounts; 
 (x) the Storage Area Networks; provided, however, that the Storage Area Networks shall not be transferred or conveyed at the Closing, but shall instead be transferred and conveyed in
accordance with Section 5.5(b); 
 (xi) all Client lists and all Client transaction histories used
or held for use in connection with providing the Services; and 
 (xii) all books, records, files and documents
(electronic or physical) related to the foregoing or otherwise primarily related to the provision of the Services (including all records required to be maintained by the Transferor under the Exchange Act and under Applicable Laws), including the
information set forth on Schedule A-1 (but specifically excluding any employment-related agreements or other arrangements with any employees of any Transferor Party). 
 In order to effect the transfer, concurrently with the Closing, the Transferor will novate to Transferee, so that Transferee owns and controls these accounts at Closing, the Clearing Agency Accounts, the
Novated Bank Accounts and Reserve Bank Accounts (collectively, the “Novated Accounts”). After the Closing, Transferor shall not have any further rights, title and interest in, to or under, or to utilize, any Acquired Asset,
provided, however, that the Transferee shall cooperate with Transferor, at the Transferor’s sole cost and expense, to the extent the Transferor reasonably requests information to satisfy legal and/or regulatory requirements
applicable to Transferor. In addition, if, and to the extent, requested by Transferee in one or more notices in writing to the Transferor, and subject to obtaining the Consent of the counterparty thereto, for a period of six (6) months
following the Closing Date, Transferor shall assign any Vendor Agreement requested by Transferee to be assigned by Transferor, whereupon such Vendor Agreement shall become an Acquired Asset hereunder. 

Section 2.2. Excluded Assets. Except as set forth in Section 2.1 or elsewhere in this Agreement or any other
Transaction Document, all tangible and intangible personal property, real property, Intellectual Property, goodwill, Tax attributes, books and records and any and all other property, rights or assets of Transferor or its Affiliates of any kind
(collectively, the “Excluded Assets”), are not part of the Acquired Assets and shall remain the property of Transferor after the Closing. The Excluded Assets include the assets listed on Schedule A-2. Notwithstanding anything
to the contrary contained herein, all assets issued by, or directly related to, Retama Development Corporation shall be Excluded Assets. 

  
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 Section 2.3. Assumed Liabilities. Subject to the terms and conditions set forth
herein, at the Closing, in consideration for the transfer of the Acquired Assets, the Transferee shall assume, and shall timely perform and discharge in accordance with their respective terms, those Liabilities and obligations of Transferor under
contracts and agreements which are included in the Acquired Assets (other than such liabilities and obligations (x) related to any breach by Transferor or any of its Affiliates of any such contract or agreement, or any violation of Applicable
Law, arising prior to or on the Closing (or the Transfer Time) or in connection with the Closing (or, with respect to any Acquired Asset not transferred at the Closing, the Transfer Time) or (y) consisting of indemnification or defense
obligations with respect to facts or circumstances existing prior to, on or arising in connection with the Closing (or, with respect to any Acquired Asset not transferred at the Closing, the Transfer Time); the obligations in the foregoing clauses
(x) and (y) being referred to as “Excluded Contractual Liabilities”) (collectively, the “Assumed Liabilities”). 
 Section 2.4. Excluded Liabilities. Notwithstanding anything herein to the contrary, neither Transferee nor Newco shall assume, or be deemed in any way to have assumed, or otherwise be liable
for, any Liabilities, of any nature or kind whatsoever, of the Business, Transferor or any of Transferor’s Affiliates, or the Services, other than the Assumed Liabilities, and Transferor and its Affiliates shall retain and be responsible for
all other Liabilities of Transferor, Transferor’s Affiliates, the Business and the Services, including each of the following (collectively, the “Excluded Liabilities”): 

(i) all Excluded Tax Liabilities; 

(ii) all Excluded Contractual Liabilities; 

(iii) all Liabilities of Transferor under the terms of this Agreement; 

(iv) all Liabilities arising out of or relating to any Excluded Asset; 

(v) all Liabilities arising out of the employment or other engagement of any individual performing services of any kind
for or on behalf of any Transferor Party (including under any Compensation and Benefit Plans); 
 (vi) all
Liabilities arising out of or relating to the ownership or operation of any assets or business, or any acts or omissions of Transferor or of any of its Affiliates, to the extent such Liabilities are not related to the Business or the Acquired
Assets; and 
 (vii) all Liabilities of Transferor (other than the Assumed Liabilities) to the extent relating
to the operation of the Business or the ownership of the Acquired Assets on or prior to the Closing. 
 Section 2.5.
Bulk Sales Laws. Transferee hereby waives compliance by Transferor with the requirements and provisions of any “bulk sale” laws of any jurisdiction that may otherwise be applicable with respect to the sale and transfer of any or all
of the Acquired Assets to Transferee (“Bulk Sales Laws”). 

  
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 Section 2.6. Transfer of Net Assets; Escrow Payment. 

(a) Initial NAV Estimate. Prior to the Closing, the Transferor and Transferee shall cooperate with each other and in good faith
estimate (the “NAV Estimate”) the Net Asset Value as of the Closing. At the Closing, Transferor shall, in addition to transferring the Acquired Assets (including novating the Novated Accounts), pay to Newco, by wire transfer of
immediately available funds to an account designated by Newco, an amount (the “Closing Cash Amount”) equal to the sum of (i) the Initial NAV Cushion plus (ii) the Final NAV Target minus (iii) the NAV Estimate.

 (b) Interim NAV Estimate. No later than the third Business Day after the Closing, Transferee shall in good faith,
re-calculate, and provide Transferor with a notice containing, its estimate of Net Asset Value as of the Closing (“Interim NAV Estimate”) and its calculation of Interim Required Cash (the “Interim NAV Notice”).

 (i) If the Interim Required Cash exceeds the Closing Cash Amount, Transferor shall pay, no later than one
(1) Business Day after the Interim NAV Notice is given to the Transferor, to Newco by wire transfer of immediately available funds to an account designated by the Newco, an amount equal to such excess, if any; and 

(ii) if the Closing Cash Amount exceeds the Interim Required Cash, Newco shall pay, no later than one (1) Business
Day after the Interim NAV Notice is given to the Transferor, to Transferor, by wire transfer of immediately available funds to an account designated by the Transferor, an amount equal to such excess, if any. 

The term “Interim Available Cash” shall mean an amount equal to the Closing Cash Amount minus the amount paid by Newco pursuant
to clause (ii) of the immediately preceding sentence, or plus the amount paid by Transferor pursuant to clause (i) of the immediately preceding sentence. 

(c) Final NAV Estimate. No later than the 60th Business Day after the Closing, Transferee shall in good faith calculate and finally determine the actual Net Asset
Value as of the Closing (“Actual NAV”) and the amount of the difference, if any, between Final NAV Target and Actual NAV (such amount, the “Actual Required Cash”), and provide notice containing its calculations to
the Transferor (the “Final NAV Notice”). 
 (i) If the Actual Required Cash exceeds the Interim
Available Cash, Transferor shall pay, no later than one (1) Business Day after the Final NAV Notice is given to the Transferor, to Newco by wire transfer of immediately available funds to an account designated by the Newco, an amount equal to
such excess, if any; and 
 (ii) if the Interim Available Cash exceeds the Actual Required Cash, Newco shall
pay, no later than one (1) Business Day after the Final NAV Notice is given to the Transferor, to Transferor, by wire transfer of immediately available funds to an account designated by the Transferor, an amount equal to such excess, if any.

  
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 (d) Additional Escrow Cash. In addition to all other amounts required to be paid
hereunder, Transferor shall pay to Newco the Escrow Amount at the Closing, which amount shall be deposited in escrow in accordance with Section 8.11. 
 Section 2.7. Closing. The closing of the sale and purchase of the Acquired Assets and Assumed Liabilities (“Closing”) shall take place at the offices of Morgan,
Lewis & Bockius, LLP, 101 Park Avenue, New York, New York, at a mutually satisfactory date and time, after the conditions precedent specified in Article VI (other than the conditions to be satisfied on the Closing
Date, but subject to the waiver or satisfaction of such conditions) have been satisfied or waived, or at such other time and place as the parties hereto may mutually agree (“Closing Date”). On the Closing Date: 

(a) Transferee shall deliver to Transferor a duly executed counterpart of the Instrument of Assignment and Assumption.

 (b) Transferor shall deliver to Transferee: 

(i) a duly executed counterpart of the Instrument of Assignment and Assumption; 

(ii) all deliverables required from Transferor in connection with the conditions to Newco’s obligations under
Section 6.2; and 
 (iii) all other documents, certificates and other items required to be delivered
at Closing pursuant to the Transaction Documents and reasonably requested by Newco, which such documents, certificates and other items shall be in form and substance, and shall be executed in a manner (as applicable), satisfactory to Newco and its
counsel in their sole discretion. 
 Section 2.8. Funding of Equity Contribution and Subordinated Loans. Upon
confirmation by Newco of the receipt of the Acquired Assets and the amounts required to be paid to Newco at Closing under Section 2.6 and after satisfaction or waiver of all conditions set forth in Article VI, (i) ACS and the
Lending Affiliate shall fund the Subordinated Loans in the aggregate amount of $35 million, and (ii) ACS shall fund its contribution of $5 million to Newco and Newco shall contribute such $5 million to Transferee; provided,
however, that the contribution in this clause (ii) shall occur by way of a transfer of funds directly from ACS to Transferee. 
 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES OF TRANSFEROR 

Section 3.1. Representations and Warranties of Transferor. Transferor represents and warrants to Newco and Transferee as of
the date of this Agreement, and as of the Closing Date as follows, except as set forth in the Transferor Disclosure Schedule prepared separately by 

  
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Transferor and delivered to Newco at the time of execution and delivery of this Agreement (the “Transferor Disclosure Schedule”) (it being agreed that any matter set forth in any
schedule or subsection of a schedule of the Transferor Disclosure Schedule shall be deemed disclosed in any other schedule or subsection of a schedule of the Transferor Disclosure Schedule only if (and to the extent that) such information is readily
apparent on its face to be so applicable to such other schedule or subsection of a schedule of the Transferor Disclosure Schedule): 
 (a) Organization and Authority. 
 (i) Transferor is a
corporation duly organized, validly existing and in good standing under the laws of the State of North Carolina, each other Transferor Party is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation
or organization, as applicable, and each Transferor Party is duly licensed or qualified to do business and is in good standing in the states of the United States and other jurisdictions where its ownership or leasing of property or assets or the
conduct of its business requires it to be so licensed or qualified. Each Transferor Party has the requisite corporate or limited liability company power (or equivalent powers) and authority necessary to carry on its business as it is now being
conducted and as it is contemplated will be conducted immediately following the Closing and to own, lease and operate its properties and assets. No Transferor Party is in default under or in violation of any provision of its Organizational
Documents. 
 (ii) Each Transferor Party has all necessary corporate or limited liability company power and
authority to, and has taken all action on its part necessary to, execute and deliver each Transaction Document to which it is a party, consummate the transactions contemplated hereby and thereby and perform fully its obligations thereunder. The
execution and delivery by such Transferor Party of each Transaction Document to which such Transferor Party is party and the performance by such Transferor Party of its respective obligations hereunder and thereunder, have been duly authorized by
all requisite corporate or limited liability company action and no other corporate or limited liability company proceedings on the part of Transferor are required in connection with the execution, delivery and performance of the Transaction
Documents to which such Transferor Party is party and the consummation of the transactions contemplated hereby and thereby, other than the regulatory approvals set forth on the Transferor Disclosure Schedule. The Transaction Documents to which any
Transferor Party is a party have been (or, when executed and delivered, will be) duly executed and delivered by such Transferor Party and, assuming due execution by the other parties hereto and thereto, are (or, when executed and delivered, will
constitute) legal, valid and binding obligations of such Transferor Party, enforceable against Transferor in accordance with their respective terms, except as the same may be limited by (i) applicable bankruptcy, insolvency, moratorium,
reorganization, fraudulent conveyance or similar laws in effect which affect the enforcement of creditors’ rights generally or (ii) general principles of equity, whether considered in a proceeding at law or in equity. 

  
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 (iii) Transferor has obtained the approval of its stockholder in order to
execute and deliver the Transaction Documents and to consummate the transactions contemplated herein and therein. Parent is not required to obtain the approval of its stockholders in order for Transferor to execute and deliver the Transaction
Documents and to consummate the transactions contemplated herein and therein. Parent’s Board of Directors has received a written opinion from its Delaware counsel confirming the matters set forth in the preceding sentence (the “Delaware
Opinion”). Transferor has delivered the Delaware Opinion to Newco. Each of the facts, understandings and assumptions on which the Delaware Opinion is true and correct, and such facts, understandings and assumptions, as stated in the
Delaware Opinion, do not include any material misstatements or contain any untrue statements of a material fact, or omit to state any material fact required to make the statements contained therein, not misleading. 

(b) Reports. Each of Transferor and Parent have timely filed all material reports, registrations, declarations, notices,
statements, and other filings, together with any amendments required to be made with respect thereto, that were required to be filed since January 1, 2012 with any Governmental Authority (including the SEC and FINRA) and any Self-Regulatory
Organization (all such reports, registrations, declarations, notices, statements and filings being collectively referred to herein as the “Regulatory Reports”), including all reports, registrations, statements and filings required
under the Exchange Act. As of their respective dates, the Regulatory Reports were complete and accurate and complied in all material respects with the Applicable Laws enforced or promulgated by the Governmental Authority or Self-Regulatory
Organization with which they were filed. 
 (c) Regulatory Consents. No notices, reports or other filings are required to
be made by Transferor, Parent or their respective Affiliates with, and no Consents, registrations, approvals, licenses, memberships, permits or authorizations are required to be obtained by Transferor, Parent or their respective Affiliates from, any
Governmental Authority or any Self-Regulatory Organization in connection with the execution, delivery and performance of this Agreement or the Transaction Documents by Transferor, the performance by Transferor of its obligations hereunder or
thereunder, or the consummation by Transferor of the transactions contemplated hereby or thereby, subject to obtaining the necessary approvals with respect to the transactions contemplated hereby as set forth in the Transferor Disclosure Schedule
including with respect to the entering of any services agreements as contemplated by the parties in connection with the operation of the Business by the Transferee. 
 (d) No Conflicts. The execution, delivery and performance by each Transferor Party of the Transaction Documents to which such Transferor Party is a party does not and will not, the compliance by
such Transferor Party with any of the provisions hereof and thereof will not, and the consummation of the transactions contemplated hereby and thereby will not, with or without the giving of notice, the lapse of time or both: 

(i) Violate or conflict with the Organizational Documents of Transferor, Parent or their respective Affiliates;

  
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 (ii) Breach or violate, or constitute a default under, any Applicable Law
or other restriction of, or agreement or stipulation with, any Governmental Authority to which Transferor, Parent or their respective Affiliates are subject, or permit or result in the revocation, cancellation, suspension or adverse modification of
any License, authorization, registration, permit, membership certificate of authority or Consent to which Transferor, Parent or their respective Affiliates or properties is subject; 

(iii) Except for the Consents set forth on Schedule 3.1(d)(iii), violate or conflict with or result in a breach of
any provision of, or constitute a default (or any event that, with or without due notice or lapse of time, or both, would constitute such a default) under, or result in the termination or cancellation of, or accelerate the performance required by,
or give rise to any rights of any counterparty to terminate, cancel, accelerate, modify or to additional benefits under, any term or provision of any Contract of, or that are binding on, Transferor, Parent or their respective Affiliates, including,
without limitation, the Parent 2010 Indenture or the Parent 2009 Indenture; or 
 (iv) Result in the creation or
imposition of any Lien on the Acquired Assets or the property or assets of Transferor, Parent or their respective Affiliates, except for any Lien imposed pursuant to the Transaction Documents. 

(e) Litigation; Regulatory Action. Except as set forth on the Disclosure Schedule, there are, and since January 1, 2012, have
been, no material Legal Proceedings pending, nor has the Transferor received any written notice of any material threatened Legal Proceeding against Transferor or to which Transferor or its properties or assets or its managers, officers or employees
are subject. Without limiting the foregoing, there are no material Legal Proceedings pending, nor has the Transferor received any written notice of any material threatened Legal Proceeding against Transferor relating to the termination of, or
limitation of, the rights of Transferor under its registrations or qualifications under any Applicable Law, including any federal or state securities laws or regulations. There are, and since January 1, 2012, have been, no outstanding
judgments, decrees, or orders in favor of or naming any Person relating to Transferor or any of its Affiliates, directors, officers or employees (as applicable) relating to the performance of their duties in such capacities or against or affecting
their properties. There are no consent decrees or similar arrangements entered into with a Governmental Authority, Self-Regulatory Organization, or other Person by, or relating to, Transferor or any of its Affiliates, directors, managers, officers
or employees, as applicable, relating to the performance of their duties in such capacities or against or affecting their properties, that are still in effect, or were in effect at any time since January 1, 2012. Transferor is not a party to or
is subject to any order, decree, agreement, stipulation, memorandum of understanding or similar arrangement with, or a commitment letter or similar submission to, any Governmental Authority (a “Government Order”) that relates to,
affects, or would reasonably be expected to affect the Acquired Assets, the Services or the Business. Transferor has not been notified by or received any other communication from any Governmental Authority to the effect that such Governmental
Authority is contemplating issuing or requesting (or is considering the appropriateness of issuing or requesting) any such Government Order. 

  
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 (f) Title to Assets. Transferor owns (subject to the interests of its customers in
customer assets) each of the Acquired Assets, and, at the Closing, Transferee will be vested with good and marketable title to such Acquired Assets, free and clear of all Liens, other than Permitted Liens. 

(g) Compliance With Laws. Transferor has at all times conducted the Business and provided the Services in all
material respects in compliance with Applicable Law. Without limiting the generality of the foregoing, (x) Transferor has obtained when and as required all Governmental Approvals necessary for all dividends and payments made by Transferor to
any of its Affiliates and (y) with respect to Acquired Assets, Transferor complies with, and at all times has complied with, Rule 15c3-3, and the SEC’s interpretation and guidance relating to proprietary account introducing brokers.

 (i) Each of Transferor, Parent, their respective Affiliates and each such entity’s officers, directors,
managers and, to the Transferor’s knowledge, agents, contractors and employees: 
 (A) Has all Licenses and
Governmental Approvals, and has made all material filings, applications and registrations with all Governmental Authorities and Self-Regulatory Organizations that are required in order to permit Transferor to own or lease its properties and assets
and to conduct the Services as presently conducted; all such material Licenses, Governmental Approvals, filings, applications and registrations are in full force and effect and are current and the Transferor has not received any written notice that
threatens the suspension or cancellation of any of them; 
 (B) Has not received any written notification or, to
the knowledge of Transferor, other communication from any Governmental Authority (1) asserting that such person is not in compliance with any of the statutes, rules, regulations, by-laws or ordinances or other Applicable Law which such
Governmental Authority enforces, or has otherwise engaged in any unlawful, unfair or inequitable business practice or activity, (2) threatening to revoke, terminate or suspend or restrict any license, franchise, permit, membership with, or seat
on, any stock or commodities exchange, or any Governmental Approval, (3) requiring it (including any of its directors or controlling persons) to enter into any order, decree, judgment, agreement, memorandum of understanding or similar
arrangement (or requiring the board of directors thereof to adopt any resolution or policy), (4) restricting or disqualifying the activities of either Transferor or any officer or employee of Transferor (except for restrictions generally
applicable that are imposed by rule, regulation or administrative policy on all persons engaged in the prime brokerage business) or (5) requiring it to maintain additional capital levels to operate the Business in excess of amounts currently
maintained, in each case of the foregoing (1) through (5), to the extent that the subject of such notification or communication would reasonably be expected to materially and adversely affect Transferee or the conduct of the Transferee’s
business after the Closing or otherwise have a, or would reasonably be expected to result in a Material Adverse Effect on the Services or the properties or assets of Transferor; 

  
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 (C) Transferor nor any of its officers or any employee is, or has been, the
subject of any action or event requiring disclosure or SEC Form BD, Form U-4 or otherwise with any Governmental Authority; 
 (D) Is not in default with respect to any judgment, order, writ, injunction, decree, demand or assessment issued by any court or any foreign, federal, state, municipal or other Governmental Authority, or
by any Self-Regulatory Organization relating to any aspect of the Services or the properties or assets of Transferor in any material respect; 
 (E) Has not been charged, convicted of or threatened in writing with any material violation of any provision of any Applicable Law, including any federal or state securities law or regulation, in each
case applicable to the Services or the properties or assets of Transferor, affecting Transferor, or the transactions contemplated by the Transaction Documents, and is not on notice of the pendency of any such charge or investigation; and 

(F) Is not subject to any cease-and-desist or other order issued by, or a party to any written agreement, consent
agreement or memorandum of understanding with, or a party to any commitment letter or similar undertaking to, or subject to any order or directive by, a recipient of any supervisory letter from or has adopted any board resolutions at the request of
any Governmental Authority or Self-Regulatory Organization and is not on notice of the pendency of any such charge or investigation. 
 (ii) Transferor has provided to Newco copies of the currently effective Form BD as filed by Transferor with the SEC. The information contained in each such form was complete and accurate in all
material respects as of the time of filing thereof and remains complete and accurate in all material respects as of the date hereof and there are no amendments contemplated thereto other than with respect to the consummation of this Agreement.

 (iii) Transferor’s officers and employees engaged in activities relating to the Services or the
properties or assets of Transferor who are required to be registered, licensed, qualified or approved by or with any Governmental Authority are duly registered, licensed, qualified or approved as such, all such registrations, licenses,
qualifications or approvals are in full force and effect, all legal requirements in respect of such registrations have been complied with and, as currently filed, all such registrations, licenses, qualifications or approvals and all periodic reports
required to be filed with respect thereto are accurate and complete in all material respects. 
 (iv) There are
no pending, nor has the Transferor received any written notification of any, material investigations, examinations, reviews or disciplinary 

  
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proceedings by any Governmental Authority of or against any of Transferor’s officers or employees engaged in activities relating to the Services or the properties or assets of Transferor.

 (v) Neither Transferor, nor any of its officers or employees, is currently subject to, or is under current
investigation or proceeding, whether preliminary or otherwise, for, “statutory disqualification” as defined in Section 3(a)(39) of the Exchange Act and none of such officers or employees is subject to heightened supervision under the
rules, regulations, ordinances or by-laws of any Governmental Authority. 
 (vi) Neither Transferor, nor any of
its officers or employees, is currently enjoined by any Government Order from engaging or continuing any conduct or practice in connection with any activity or in connection with the purchase or sale of any security. 

(h) Solvency. Transferor is not presently, nor will it as of immediately prior to the Closing and immediately after
the Closing, after giving effect to the transactions contemplated by the Transaction Documents: (a) be insolvent (either because its financial condition is such that the sum of its debts (and Liabilities) is greater than the aggregate fair
market value of its assets or because the fair saleable value of its assets is less than the amount required to pay its probable Liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) on its existing debts and
Liabilities as they mature); (b) have unreasonably small capital with which to engage in its business; or (c) have incurred debts beyond its ability to pay as they become due. The Transferor will be able to make payment of its debts in the
ordinary course of business as they become due, and Transferor expects to be able to continue paying all of its undisputed Liabilities as they become due. Transferor acknowledges that (i) multiple sales and other marketing processes have been
conducted for the sale of its businesses, none of which have, in the business judgment of the Parent’s Board of Directors (the “Board”), produced an acceptable alternative transaction to Transferor and Parent, (ii) the
transactions contemplated hereby, in the business judgment of the Board, represent the most attractive alternative available to Transferor and Parent and (iii) it has received, or will receive upon consummation of the transactions contemplated
hereby, reasonably equivalent value for the Acquired Assets. Transferor further acknowledges that in the absence of the transactions contemplated hereby, it expects to receive an order from FINRA instructing it to exit the clearing and settlement
business, which would significantly impair the value of the Acquired Assets and result in Transferor being unable to satisfy all of its obligations to its creditors and ultimately, in significantly smaller recoveries for its creditors. As of the
date hereof, no alternatives to a liquidation of Transferor are being considered by the Board. Transferor has provided a true and correct pro-forma balance sheet to Newco, prepared in accordance with GAAP, showing the assets and liabilities of
Transferor and Parent as of May 25, 2012, prior to, and after giving effect to the transactions contemplated by the Transaction Documents and the sale of the Transferor’s FCM and Futures Clearing Services business. Such balance sheet has
been prepared in good faith based on assumptions Transferor believes to be reasonable. Transferor has also provided a true and correct balance sheet to Newco, prepared in accordance with GAAP, showing the assets and liabilities included in the
Acquired Assets and Assumed Liabilities. 

  
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 (i) Clearing Contracts and Clients; Other Acquired Contract.

 (i) The Transferor has delivered a computer disk containing a true and complete listing (the “Client
List”) of (A) each Clearing Contract and Client Account that is included in the Acquired Assets; (B) the debit or credit balances held by Transferor in each Client Account or otherwise on behalf of each Client’s client as of
May 21, 2012; and (C) each Client as of the date of this Agreement. Since January 1, 2012, no Client has provided notice (written or oral) or threatened to terminate or reduce in any material respect its relationship with Transferor,
or materially adjust the fee schedule with respect to any Clearing Contract in a manner which would reduce the fees to Transferor. There are no material complaints pending or threatened in writing with respect to any such Client’s account or
other controversies pending with respect to any client account that could reasonably be expected to result in a material complaint. Schedule 3.1(i) sets forth a true and complete list of all Other Acquired Contracts. 

(ii) Each Clearing Contract and each Other Acquired Contract is in full force and effect, and is a legal, valid and
binding agreement of Transferor’s and each other party thereto, enforceable in accordance with its terms, except as the same may be limited by (i) applicable bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or
similar laws in effect which affect the enforcement of creditors’ rights generally or (ii) general principles of equity, whether considered in a proceeding at law or in equity. Each Clearing Contract and any subsequent renewal and each
Other Acquired Contract has been duly authorized, executed and delivered by Transferor and, to the knowledge of Transferor, each other party thereto, in compliance with any Applicable Law. Each Clearing Contract and each Other Acquired Contract will
continue to be valid, binding, enforceable and in full force and effect on substantially identical terms following consummation of the transactions contemplated by the Transaction Documents, subject to any Consent provisions contained therein.

 (iii) Transferor and each Client (with respect to a Clearing Contract) and each other counterparty (with
respect to any Other Acquired Contract) are in material compliance with the terms of each Clearing Contract or Other Acquired Contract (as applicable) to which it is a party, and are not, (whether after the giving of notice, the passage of time or
otherwise) with respect to Client or counterparty, currently in breach or default under any of the terms of any such Clearing Contract or Other Acquired Contract. No event has occurred and no condition or state of facts exists which with notice or
lapse of time or both would constitute a breach or default by Transferor or, to the knowledge of Transferor, any Client or counterparty, or permit termination, modification or acceleration by Transferor or, to the knowledge of Transferor, any Client
or counterparty under any Clearing Contract or Other Acquired Contract. 
 (iv) Transferor has not, and no
Client or counterparty has, repudiated in writing any provision of any Clearing Contract or Other Acquired Contract and Transferor has not received any notice that any Client intends to exercise any

  
 23 

 
termination rights with respect to any Clearing Contract or Other Acquired Contract, or where applicable, not to renew any such Clearing Contract or Other Acquired Contract. 

(v) All Clearing Contracts conform, in all material respects, to the forms of contracts made available to Newco prior to
the date hereof. 
 (vi) True and complete copies of each Clearing Contract for each Client, including a current
fee schedule, have been made available to Newco. 
 (vii) Since January 1, 2012, Transferor has operated
each Client Account in compliance in all material respects with the objectives, guidelines and restrictions of such Client Account, including as set forth in the applicable account guidelines or instructions for such Client Account. 

(viii) Transferor is not a party to any agreement or arrangement pursuant to which it is entitled to provide or receive
compensation as a result of marketing, placement agency or other solicitation services. 
 (ix) Transferor does
not act as an investment adviser or subadviser to any Client, wrap fee program account or wrap sponsor. 
 (x)
Transferor has not assigned to any Person (other than pursuant to this Agreement) any rights, title and interest in any Clearing Contract or Other Acquired Contract. 

(xi) None of the Clearing Contracts or Other Acquired Contracts: 

(A) would, following the assignment thereof to the Transferee, prohibit, limit or restrict (1) the Transferee or any
of its Affiliates from providing the Services or otherwise prohibit, limit or restrict the use of their properties or assets anywhere in the world, (2) competition with any Person or (3) the soliciting or hiring of employees or consultants
or the entry into a business relationship with any prospective client, customer or other Person anywhere in the world; 
 (B) would, following the assignment thereof to Transferee, require (1) Transferee or any of its Affiliates to deal exclusively with any Person or (2) any Person to deal exclusively with
Transferee or any of its Affiliates. 
 (j) Records; Copies of Document. The books and records of
Transferor accurately record in all material respects all actions taken by its Board of Directors and stockholders, and true and complete copies of the originals of such documents have been delivered or made available to Newco. Transferor has made
available for inspection and copying by Newco and its counsel true and correct copies of all documents referred to in this Agreement and the Schedules delivered to Newco in connection herewith. 

  
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 (k) Financial Statements; FOCUS Reports. 

(i) Transferor has delivered to Newco: (i) true and complete copies of (A) the unaudited consolidated balance
sheet of Transferor, dated April 30, 2012 (such date, the “Most Recent Balance Sheet Date”) and (B) the related unaudited and reviewed consolidated statements of income, stockholders’ equity and cash flows of
Transferor for the four (4) month period then ended (together, the “Most Recent Financial Statements”); and (ii) true and complete copies of the audited consolidated balance sheet of Transferor dated December 31,
2011, and the related audited consolidated statements of income, stockholders’ equity and cash flows for the fiscal year then ended (collectively, the “Financial Statements”). Such Financial Statements present fairly in all
material respects the consolidated financial position, results of operations, stockholders’ equity and cash flows of Transferor as at and for the respective periods then ended (except that the unaudited Most Recent Financial Statements are
subject to normal year-end adjustments, which would not be material in the aggregate, and to the absence of notes, which if presented would not materially change the presentation) and have been prepared in accordance with GAAP. 

(ii) Transferor maintains internal control over financial reporting and such internal control over financial reporting is
in all material respects (i) effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of the Financial Statements in accordance with GAAP consistently applied and (ii) includes
policies and procedures that (A) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Transferor, (B) provides reasonable assurance that
transactions are recorded as necessary to permit preparation of the Financial Statements in accordance with GAAP, and that receipts and expenditures of Transferor are being made only in accordance with authorizations of management and directors of
Transferor, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets of Transferor that could have a material effect on its financial statements 

(iii) Transferor has delivered to Newco true and complete copies of all Financial and Operational Combined Uniform Single
(“FOCUS”) Reports filed with FINRA since January 1, 2012. 
 (l) Escheat Property.
Transferor has no liability under any Applicable Law pertaining to abandoned property, escheatment or other similar laws with respect to return of fees, outstanding payables, unclaimed checks or other similar matters. 

(m) No Undisclosed Liabilities. 

(i) Transferor has no Liability whether due or to become due, including any unasserted claim or any off-balance sheet
financial obligation, whether incurred directly or by any predecessor thereto, and whether arising out of any act, omission, transaction, circumstance, sale of goods or services, state of facts, or other condition, except (A) those specifically
reflected or reserved 

  
 25 

 
against on the Most Recent Financial Statements (but only to the extent so reflected or reserved against); (B) liabilities incurred in the ordinary course of business since the date of the
Most Recent Financial Statements consistent with past practices and (C) liabilities that are created under this Agreement or are set forth on the Schedules pursuant to the terms of the applicable representations and warranties requiring
disclosures on such Schedules. 
 (ii) Except as set forth on Schedule 3.1(m)(ii), Transferor has no
outstanding Indebtedness. 
 (n) Operations Since the Most Recent Balance Sheet Date. 

(i) Since the Most Recent Balance Sheet Date, Transferor has conducted its business, in all material respects, in the
ordinary course and in conformity with past practice. 
 (ii) Since the Most Recent Balance Sheet Date,
Transferor has not: 
 (A) entered into or assumed a Contract, or entered into or permitted any amendment,
supplement, waiver or other modification of a Contract, except (other than for a Clearing Contract) in the ordinary course of business; 
 (B) taken any action terminating or waiving any of its rights in a Contract or assets (except in the ordinary course of business); 

(C) merged or consolidated with, purchased substantially all the assets of, or otherwise acquired, a Person; 

(D) made or suffered any material change in its securities clearing, payment or settlement activities; 

(E) incurred Indebtedness outside the ordinary course of business; 

(F) loaned or advanced funds outside the ordinary course of business; 

(G) settled, compromised or cancelled any debt owing to it (except in the ordinary course of business); 

(H) permitted employees to conduct broker-dealer activities except as part of their employment with Transferor;

 (I) sold, transferred or otherwise disposed of a material asset outside the ordinary course of business;

  
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 (J) entered into a new line of business unrelated to the Services;

 (K) created, or assumed any Lien on any material asset outside the ordinary course of business; 

(L) suffered any destruction or casualty loss including with respect to any material assets or property (whether or not
covered by insurance); 
 (M) delayed or postponed the payment of accounts payable and/or other liabilities,
except in the ordinary course of business, or accelerated or caused the acceleration of the collection or receipt of any accounts receivable, except in the ordinary course of business; 

(N) changed accounting principles, policies, practices or related methodologies, except as required by GAAP or changed
any of its methods of reporting income and deductions for federal income tax purposes, except as required by changes in Applicable Law; 
 (O) settled or compromised any material claim, action or proceeding involving any liability for money damages outside the ordinary course of business; 

(P) granted any Person a power of attorney or similar authority, other than in the ordinary course of business or
pursuant to customary broker loan and stock loan facilities; 
 (Q) terminated any property and casualty, errors
and omissions, liability or any other insurance policies covering the Services or permitted any such policies to expire or terminate 
 (R) established or created any employee benefit plan or arrangement (other than the employee retention plans established in connection with the strategic transactions undertaken by the Transferor),
amended or modified any Compensation and Employee Benefit Plan in any material respect except as required by law, or materially changed the base salary or other compensation, in each case with respect to any employee of Transferor; 

(S) hired or terminated any employee, or engaged or terminated the services of any consultant, except in the ordinary
course of business and consistent with Transferor’s usual and customary past practice; or 
 (T) agreed or
committed to take any of the actions in this Section 3.1(n)(ii). 

  
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 (o) Taxes. 

(i) Transferor, with respect to the Services and the Acquired Assets, has filed all Tax Returns required to be filed by
it, each such Tax Return has been prepared in compliance in all material respects with Applicable Law, and each such Tax Return is true, accurate and complete in all material respects. Transferor, with respect to the Services and the Acquired
Assets, has timely paid all Taxes due and payable, whether or not shown on Tax Returns, and Transferor is not and will not be liable for any additional Taxes in respect of any taxable period or any portion thereof ending on or before the Closing
Date. 
 (ii) With respect to the Services and the Acquired Assets, Transferor has timely withheld and timely
paid all Taxes required to be withheld by it in connection with any amounts paid or owing to any member, employee, creditor, independent contractor or other Person. 

(iii) With respect to the Services and the Acquired Assets, Transferor has timely collected all sales, use and value
added Taxes required or permitted to be collected by it, and each of the foregoing has timely remitted all such Taxes to the appropriate Governmental Authority. 

(iv) None of the Acquired Assets of Transferor (A) directly or indirectly secures any debt, the interest on which is
tax exempt under Section 103(a) of the Code; (B) is treated as tax exempt bond financed property under Section 168(g)(5) of the Code or (C) is treated as owned by any other Person pursuant to the provisions of
Section 168(f)(8) of the Internal Revenue Code of 1954, as amended and in effect immediately before the enactment of the Tax Reform Act of 1986. 
 (v) Transferor is not a foreign person as defined in Treasury Regulation section 1.1445-2(b)(2)(i) and will not be subject to withholding under Section 1445 of the Code and the Treasury Regulations
promulgated thereunder with respect to the sale of the Acquired Assets. 
 (vi) No Tax Return of Transferor,
with respect to the Services or the Acquired Assets, is under audit or examination by any Governmental Authority, and no notice of such an audit or examination has been received by Transferor. Each deficiency resulting from any audit or examination
relating to any such Taxes by any Governmental Authority has been paid. Transferor has not given, nor is there a pending request to give, waivers or extensions (or is or would be subject to a waiver or extension given by any other Person) of any
statute of limitations relating to any such Taxes. No closing agreement pursuant to Section 7121 of the Code (or any similar provision of state, local or foreign law) has been entered into by or with respect to Transferor. 

(vii) There are no Liens with respect to Taxes (other than Permitted Liens) on any of the Acquired Assets. 

  
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 (viii) No claim has been made by any Governmental Authority in a
jurisdiction where Transferor, with respect to the Services or the Acquired Assets, does not currently file Tax Returns that Transferor is or may be subject to Tax by such jurisdiction, nor has any Governmental Authority threatened in writing to
make such an assertion. 
 (ix) There are no outstanding closing agreements with, requests for changes in
methods of accounting with, rulings of, or requests for rulings by, any Governmental Authority, with respect to the Services or the Acquired Assets, that are, or if issued or granted would be, binding on Newco or Transferee for any full or partial
taxable period beginning on or after the Closing Date. 
 (p) Labor Matters. None of the employees of
Transferor or any other Transferor Party is or has been a member of, represented by or otherwise subject to any labor union, works council or similar organization. No labor union, labor organization or group of employees has made any demand of any
Transferor Party for recognition or certification. No Transferor Party is or has been a party to, or bound by, any collective bargaining agreement, Contract or other agreement or understanding with any labor union or labor organization, nor has any
of them agreed to recognize any union or other collective bargaining unit nor has any union or other collective bargaining unit been certified as representing any of the employees of Transferor or any other Transferor Party. No Transferor Party is
or has been a party to, affected by or threatened with any labor strike, work stoppage, slowdown, walkout or lockout or any dispute of controversy with any union or with respect to unionization or collective bargaining. No Transferor Party is or has
been engaged in any unfair labor practice and there is no unfair labor practice complaint pending or threatened against any Transferor Party before the National Labor Relations Board. 

(q) Conduct of the Business. Since December 31, 2011, Transferor has carried on its business in the usual,
regular and ordinary course and, except as disclosed in the SEC filings of Parent made prior to the date hereof, since January 1, 2012, no change, event or condition exists or has occurred that, individually or in the aggregate, has had or is
reasonably likely to have, a Material Adverse Effect. 
 (r) Competitive Restrictions. Except as set forth
in the Transferor Disclosure Schedule, neither Transferor, nor any of its directors, officers, or employees, to the Transferor’s knowledge, is restricted under an agreement or understanding from competing with any Person in any respect related
to, or from carrying out, any business competitive with the Services, or from soliciting any Person to be a client or employee of Transferor. 
 (s) Corrupt Practices. 
 (i) None of the Transferor’s
directors, officers or employees has been convicted of any criminal offense or found guilty of any civil offense in either case involving fraud, misrepresentation, dishonesty, breach of fiduciary duty, substantive violation of banking or corporate
Tax laws, embezzlement or other fraudulent conversion or misappropriation of property in connection with their service for the Transferor. 

  
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 (ii) Transferor has not made any contribution or expenditure, whether in
the form of money, products, services or facilities, in connection with any election for political office or to any public official except to the extent permitted by Applicable Law. Transferor has not offered or provided any unlawful remuneration,
entertainment or gifts to any Person, including any official of a Governmental Authority or any fiduciary of a Client. 
 (t) No Brokers or Finders. Transferor has not employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions or finder’s fees, and no
broker or finder has acted directly or indirectly for it in connection with the Transaction Documents or the transactions contemplated hereby or thereby except that Transferor or its Parent may owe fees to Moelis & Co. and Financial
Technology Partners, their financial advisors. 
 (u) Power of Attorney. Transferor has not granted any
Person a power of attorney or similar authorization outside the ordinary course of business that is presently in effect or outstanding, other than in connection with security interests granted pursuant to the Indentures of Parent and powers of
attorney granted in the ordinary course of business under customary broker loan and stock loan facilities and custody facilities. 
 (v) Indemnification. Other than pursuant to the provisions of their Organizational Documents and Clearing Contracts, Transferor is not a party to any indemnification agreement with any of its
present stockholders, officers, directors, employees, agents or other Persons who serve or served in any other capacity with any other enterprise at the request of Transferor (a “Covered Person”), and there are no claims for which
any Covered Person would be entitled to indemnification by Transferor if such provisions were deemed in effect. 

(w) AML Standards. Transferor has provided Newco with copies of policies and procedures for verification of the
identity of new Clients and new customers of Transferor and compliance with the PATRIOT Act and other Applicable Law. Such policies and procedures have been duly implemented by Transferor and are operating effectively in all material respects.

 (x) Investment Advisory Activities. Neither the conduct of the Services, nor the ownership, management
or use of the Acquired Assets requires Transferor or any of its officers or employees to be registered as an investment adviser under the Investment Advisers Act of 1940 or as an investment adviser or investment adviser representative or agent under
the Laws of any State. 
 (y) Sufficiency of Assets. The Acquired Assets and the rights of Transferee
under the Transition Services Agreement constitute all the assets and rights, tangible and intangible, of any nature whatsoever, that are currently used in, held for future use in or necessary for the conduct of the Business by Transferee in the
manner currently conducted by Transferor. The Permitted Liens, individually and in the aggregate, do not materially impair the value of the Acquired Assets to which they relate or materially impair or interfere with the use of such Acquired Assets
in the conduct of the Business as currently conducted by Transferor. 

  
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 (z) Disclosure. No representation or warranty by Transferor in this
Agreement, nor any certificate furnished or to be furnished by or on behalf of Transferor, or any Person acting on behalf of such a Person, to Newco or its representatives in connection with or under this Agreement, when taken as a whole together
with information provided or made available to Newco, contains any untrue statement of a material fact, or omits to state any material fact required to make the statements contained in this Agreement or the certificate, as the case may be, not
misleading. Transferor has disclosed to Newco all material facts and circumstances concerning the Acquired Assets, the Assumed Liabilities and the Services that are known to Transferor that would be material to Newco in the context of the
transactions contemplated hereby. 
 (aa) No Other Representations or Warranties. Except for the
representations and warranties expressly set forth in this Section 3.1, Transferor makes no other representation or warranty, express or implied, at law or in equity. 

ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES OF NEWCO AND ACS 
 Section 4.1. Representations and Warranties of Newco. Newco represents and warrants to Transferor as of the date of this Agreement and as of the Closing Date as follows: 

(a) Existence and Good Standing. Newco is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of Delaware. 
 (b) Authorization and Validity. Newco has all
necessary limited liability company power and authority to, and has taken all action on its part necessary to, execute and deliver each Transaction Document to which it is a party, consummate the transactions contemplated hereby and thereby and
perform fully its obligations hereunder and thereunder. The execution and delivery by Newco of each Transaction Document to which Newco is party and the performance by Newco of its respective obligations hereunder and thereunder, have been duly
authorized by all requisite limited liability company action and no other limited liability company proceedings on the part of Newco is required in connection with the execution, delivery and performance of the Transaction Documents to which Newco
is party and the transactions contemplated thereby. The Transaction Documents to which Newco is a party have been (or when executed and delivered, will be) duly executed and delivered by Newco and, assuming due execution by the other parties hereto
and thereto, and are (or when executed and delivered, will be) legal, valid and binding obligations of Newco, enforceable against Newco in accordance with their respective terms, except as the same may be limited by (i) applicable bankruptcy,
insolvency, moratorium, reorganization, fraudulent conveyance or similar laws in effect which affect the enforcement of creditors’ rights generally or (ii) general principles of equity, whether considered in a proceeding at law or in
equity. 
 (c) No Other Representations or Warranties. Except for the representations and warranties
expressly set forth in this Section 4.1, Newco makes no other representation or warranty, express or implied, at law or in equity. 

  
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 Section 4.2. Representations and Warranties of ACS. ACS represents and warrants
to Transferor as of the date of this Agreement and as of the Closing Date as follows: 
 (a) Existence and
Good Standing. ACS is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. 
 (b) Authorization and Validity. ACS has all necessary limited liability company power and authority to, and has taken all action on its part necessary to, execute and deliver each Transaction
Document to which it is a party, consummate the transactions contemplated hereby and thereby and perform fully its obligations hereunder and thereunder. The execution and delivery by ACS of each Transaction Document to which ACS is party and the
performance by ACS of its respective obligations hereunder and thereunder, have been duly authorized by all requisite limited liability company action and no other limited liability company proceedings on the part of ACS is required in connection
with the execution, delivery and performance of the Transaction Documents to which ACS is party and the transactions contemplated thereby. The Transaction Documents to which ACS is a party have been (or when executed and delivered, will be) duly
executed and delivered by ACS and, assuming due execution by the other parties hereto and thereto, and are (or when executed and delivered, will be) legal, valid and binding obligations of ACS, enforceable against ACS in accordance with their
respective terms, except as the same may be limited by (i) applicable bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or similar laws in effect which affect the enforcement of creditors’ rights generally or
(ii) general principles of equity, whether considered in a proceeding at law or in equity. 
 (c) No
Other Representations or Warranties. Except for the representations and warranties expressly set forth in this Section 4.2, ACS makes no other representation or warranty, express or implied, at law or in equity. 

ARTICLE V. 

COVENANTS OF THE PARTIES 
 Section 5.1. Newco’s Covenants Regarding Transferee. Newco covenants, from and after its acquisition of Transferee, to cause Transferee to take the following actions: 

(a) Further Actions. 
 (i) Transferee shall, as promptly as practicable, use all commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or
advisable to fulfill its obligations under the Transaction Documents and to consummate and make effective the transactions contemplated hereunder and thereunder. 

(ii) Transferee will coordinate and cooperate with Transferor in exchanging the information and supplying the reasonable
assistance requested by them in connection with the filings and other actions contemplated by Section 5.5(b). 

  
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 (iii) Transferee will make reasonable commercial efforts to assist
Transferor in the transfer of Client Accounts contemplated hereby in an efficient and professional manner. 
 (b)
Further Assurances. Following the Closing Date, Transferee shall from time to time execute and deliver such additional documents and take such other actions as the Transferor reasonably requests to confirm the rights and obligations under the
Transaction Documents and render the transactions contemplated hereunder and thereunder effective. 
 Section 5.2.
Newco’s Covenants. 
 (a) Further Actions. 

(i) Newco shall, as promptly as practicable, use all commercially reasonable efforts to take, or cause to be taken, all
actions and to do, or cause to be done, all things necessary, proper or advisable to fulfill its obligations under the Transaction Documents and to consummate and make effective the transactions contemplated hereunder and thereunder. 

(ii) Newco will not knowingly take any action that would cause any of its representations and warranties in Article IV to
become untrue. 
 (iii) Newco will coordinate and cooperate with Transferor and ACS in exchanging the
information and supplying the reasonable assistance requested by them in connection with the filings and other actions contemplated by Section 5.5(b). 

(iv) Newco will make reasonable commercial efforts to assist Transferor in the transfer of Client Accounts contemplated
hereby in an efficient and professional manner. 
 (b) Further Assurances. Following the Closing Date,
Newco shall from time to time execute and deliver such additional documents and take such other actions as the Transferor reasonably requests to confirm the rights and obligations under the Transaction Documents and render the transactions
contemplated hereunder and thereunder effective 
 Section 5.3. Newco Actions Relating to Transferee.
Notwithstanding anything to the contrary in this Agreement, Transferor acknowledges, understands and agrees that Transferee is, as of the date hereof, a wholly owned indirect subsidiary of Broadridge and, accordingly, none of Newco’s covenants
to cause Transferee to take or refrain from taking any action hereunder (and none of Transferee’s obligations hereunder, if any) shall be binding on Newco unless and until such time as Newco has acquired Transferee pursuant to that certain
Purchase and Sale Agreement, dated as of the date hereof, by and among, Broadridge, Broadridge Securities Processing Solutions, Inc. and Apex Clearing Holdings LLC. Any covenant or agreement of Transferee hereunder shall be deemed a covenant and
agreement of Newco, after Transferee is acquired by Newco, to cause Transferee to perform or comply with such covenant or agreement. 

  
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 Section 5.4. Mutual Covenants. 

(a) Effect of Investigations. No investigation by any of the parties before or after the date of this Agreement, or
the provision of any documents, whether pursuant to this Agreement or otherwise will affect the representations and warranties of the parties in this Agreement or in any certificate delivered in connection with the Closing. 

(b) Press Releases, Etc. Transferor will consult with Newco as to the form, substance and timing of any press
release or other public disclosure of matters related the Transaction Documents, or any of the transactions contemplated hereby or thereby and no such press release or other public disclosure will be made without the consent of Newco;
provided, however, that Transferor may make such disclosures as are required by Applicable Law after being advised by its counsel that such disclosure is required by Applicable Law and only after Transferor has given Newco a
reasonable opportunity to review and provide comments on the proposed disclosure and after Transferor has incorporated all reasonable comments of Newco. 
 (c) Customer Notice. The parties will either comply with Customer Notice requirements or obtain approval for a waiver of such requirements. 

Section 5.5. Transferor’s Covenants. 

(a) Conduct of Business. Except as expressly permitted by this Agreement or as otherwise consented to by Newco in
writing, from the date of this Agreement to the earlier of the termination of this Agreement and the Closing, Transferor will: 
 (i) provide the Services in the ordinary course of business consistent with past practice; 
 (ii) use all commercially reasonable efforts to preserve intact its present business organization and relationships, keep available the present services of its employees and preserve its rights,
franchises, goodwill and relations with its Clients, suppliers and others with whom it conducts business; and 

(iii) will not take any of the actions referred to in clauses (A) through (T) of
Section 3.1(n)(ii). 
 (b) Further Actions. 

(i) Transferor will, as promptly as practicable, use all commercially reasonable efforts to take, or cause to be taken,
all actions and to do, or cause to be done, all things necessary, proper or advisable to fulfill its obligations under the Transaction Documents and reasonably requested by Newco to consummate and make effective the transactions contemplated
hereunder and thereunder. 

  
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 (ii) Transferor will, as promptly as practicable: 

(A) use all commercially reasonable efforts to make, or cause to be made, the filings and submissions that it is required
to make under Applicable Law to consummate the transactions contemplated by the Transaction Documents; 
 (B)
use all commercially reasonable efforts to obtain, or cause to be obtained, the Governmental Approvals and Consents (other than those Consents covered in paragraph (C) below), if any, needed to consummate the transactions contemplated by the
Transaction Documents; and 
 (C) use all commercially reasonable efforts to obtain, or cause to be obtained,
the other Consents needed by Transferor to assign or transfer the Acquired Assets, including the Clearing Contracts, in accordance with Section 5.5(c). 

(iii) Transferor will not knowingly take any action that would cause any of the representations or warranties in
Article III to become untrue or result in any of the conditions to the Closing set forth in Section 6.1 or Section 6.2 not being satisfied. 

(iv) Transferor will coordinate and cooperate with Newco in exchanging the information and supplying the reasonable
assistance requested by Newco in connection with the filings and other actions contemplated by Section 5.1(a). 
 (c) Client Consents. 
 (i) Transferor shall take all steps
reasonably necessary to obtain the Client Consents or any other third party Consents necessary or appropriate (as determined by Newco in its sole discretion) to consummate the transactions contemplated by this Agreement. 

(ii) Transferor shall keep Newco informed of the status of obtaining the Client Consents or any other third party
Consents required by this Section 5.5(c), including, without limitation: 
 (A) giving Newco copies
of substantive correspondence between Transferor and Clients, or Clients’ representatives or counsel, relating to the Consent solicitation provided for in this Section 5.5(c) within three (3) Business Days of receiving it;

 (B) informing Newco of any indication by a Client (whether orally or in writing) within three
(3) Business Days of such indication, that the Client or investor will: (1) refuse to Consent to the assignment of its Clearing Contract; (2) terminate its Clearing Contract; (3) withdraw more than 10% of its assets under
Transferor’s custody or control; and 

  
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 (C) delivering to Newco, promptly on Newco’s request from time to
time, copies of the executed Client Consents or any other third party Consents and making the originals available for inspection. 
 (d) For the avoidance of doubt, Transferor’s obligations under Section 5.5(b) and Section 5.5(c) shall survive the Closing and continue thereafter until all Consents and
Governmental Approvals that are not obtained prior to the Closing are obtained or Newco determines that such Consents will not be obtained. 
 (e) Expenses Incident to this Agreement. Transferor shall, upon the earlier of (i) the Closing or (ii) five Business Days after the termination of this Agreement, reimburse PEAK6 for all
costs and expenses incurred by PEAK6 and its Affiliates relating to the due diligence of the Acquired Assets and the Services and the negotiation, execution and delivery of the Transaction Documents, including all fees and expenses of legal counsel,
accountants and consultants engaged in connection with the transactions contemplated by the Transaction Documents. In addition, Transferor shall bear the cost of procuring all Governmental Approvals and other Consents, including Client Consents
required in connection with the consummation of the transactions contemplated by the Transaction Agreements. 

(f) Access and Information. From the date of this Agreement to the Closing, (i) Transferor shall give to Newco
and its Affiliates and their respective accountants, counsel and other representatives reasonable access during normal business hours to Transferor’s offices, properties, books, Contracts, commitments, reports, records and personnel, and give
them, or give them access to, the documents, financial data, records and information with respect to Transferor and the Services as Newco from time to time reasonably requests and shall otherwise cooperate and assist, to the extent reasonably
requested by Newco, with Newco’s investigation of the Acquired Assets (including making available to representatives of Newco and its Affiliates, the employees of Transferor and its Affiliates); and (ii) Transferee shall give to Transferor
and its Affiliates and their respective accountants, counsel and other representatives reasonable access during normal business hours to Transferee’s offices, properties, books, Contracts, commitments, reports, records and personnel, and give
them, or give them access to, the documents, financial data, records and information with respect to Transferee and the Services as Transferor from time to time reasonably requests. 

(g) Further Assurances. Following the Closing Date, Transferor shall from time to time execute and deliver such
additional documents and take such other actions as Newco or Transferee reasonably request to confirm the rights and obligations in the Transaction Documents and render the transactions contemplated hereunder and thereunder effective. 

(h) Employee Matters. 
 (i) From and after the execution of this Agreement, Transferee may (and Newco may, on Transferee’s behalf), in its sole discretion, offer to hire and hire employees of Transferor (the
“Employee Offerees”). Transferor shall cooperate with Transferee (or Newco) in its efforts to employ any of the Employee Offerees. Nothing contained herein shall, but subject in all cases to the Transition Services Agreement, in any
way prohibit or limit the right of 

  
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Transferor to terminate the employment of any employee or consultant at any time after the Closing; provided, that, for 120 days after the Closing Date, Transferor shall not terminate the
employment or engagement of any employee or consultant without providing reasonable prior written notice thereof to Transferee so as to permit Transferee, if it chooses in its sole discretion, to offer to hire such employee or consultant in
accordance with its normal hiring process, policies and procedures. Nothing in this Agreement shall be construed to require Newco, Transferee or any of its Affiliates to hire any employee of Transferor of its Affiliates. 

(ii) Nothing in this Section 5.5(h) is intended, or shall be construed, as an employment agreement with
respect to any employee of Transferor (including the Employee Offerees) or to grant any such employee (A) any right of continued employment with other than on an “at will” basis or (B) employment upon any particular terms with
Newco or Transferee other than as specifically provided for in an applicable offer letter or other form of employment letter agreement. Transferor shall be responsible for all severance, COBRA and other obligations with respect to its employees,
including without limitation its employees terminated prior to or in connection with the Closing or the transactions contemplated by this Agreement. 
 (iii) Neither Newco nor Transferee shall assume any of Transferor’s Compensation and Benefit Plans pursuant to this Agreement, the Transition Services Agreement or otherwise in connection with the
transactions contemplated by this Agreement. Transferor shall remain liable and responsible for any and all Liabilities arising under its Compensation and Benefit Plans, contingent or otherwise, whether such Liabilities arise before, on or after the
Closing Date (it being agreed that all such liabilities and obligations are Excluded Liabilities). Any personnel records of any Employee Offerees that accept employment with Transferee shall be delivered by Transferor to Transferee upon such
Employee Offerees’ acceptance of employment with Transferee, unless prohibited by Applicable Law. 
 Section 5.6.
Taxes. 
 (a) Transfer Taxes. All transfer, sales, use, registration, asset transfer, documentary
stamp or similar Taxes and recording charges and fees, if any, attributable to the transactions effected pursuant to this Agreement shall be borne by Transferor. 

(b) Mitigation. Transferee (at the direction of Newco) and Transferor shall, upon reasonable request by the other
party, use all commercially reasonable efforts to obtain any certificate or other document from any Governmental Authority or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including with respect
to the transactions contemplated by the Transaction Documents) with respect to the Acquired Assets and the Services. Notwithstanding the foregoing, no party shall be unreasonably required to prepare any document, or determine any information, not
then in its possession in response to a request under this Section 5.6(b). 

  
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 (c) Allocation of Taxes. For the purposes of determining the Taxes
included in clause (ii) of the definition of Excluded Tax Liabilities in the case of any taxable period that includes but does not end on the Closing Date: 

(i) Except as provided in clause (ii) of this Section 5.6(c), any such taxable period shall be treated
on a “closing of the books” basis as two partial periods, one ending at the close of the Closing Date and the other beginning on the day after the Closing Date; and 
 (ii) Personal property Taxes, if any, imposed in respect of the fiscal year in which the Closing occurs shall be prorated between the period ending on and including the Closing Date and the period
beginning after the Closing Date; provided, that if the Closing Date shall occur before the tax rate or assessment is fixed for such fiscal year, the apportionment of such Taxes shall be based upon a reasonable estimate agreed upon by
Transferee and Transferor; provided, further, that Transferee and Transferor shall recalculate and re-prorate said Taxes and make the necessary cash adjustments promptly upon the issuance of, and on the basis of, the actual Tax bills
received for such fiscal year. 
 (d) Intended Tax Treatment. Each of Transferee, Transferor and Newco
agrees that (i) the transfer of the Acquired Assets and Assumed Liabilities shall be treated, for U.S. federal income tax purposes, as a contribution of the Acquired Assets (subject to the Assumed Liabilities) to Newco, followed by a
contribution of the Acquired Assets (subject to the Assumed Liabilities) to Transferee and (ii) it will not file any Tax Return, or otherwise take any position for U.S. federal income Tax purposes, that is inconsistent with such treatment.

 Section 5.7. Vendor Agreements; Storage Area Networks. 

(a) For period of six (6) months following the Closing Date, if Transferee designates, in one or more notices in
writing to the Transferor, any Vendor Agreement to be transferred to the Transferee, Transferor shall transfer such Vendor Agreement to the Transferee as part of the Acquired Assets and will provide reasonable cooperation to facilitate the
assignment of any contracts with providers of services or products related to or used in connection with the Acquired Assets. 
 (b) No later than 14 days after the Closing, Transferor shall deliver possession of the disaster recovery Storage Area Network to Transferee. In addition, Transferor shall deliver possession of the
non-disaster recovery Storage Area Network to Transferee at a date to be mutually agreed to by the parties after the Closing. No later than 28 days after the Closing, Transferor shall execute and deliver a bill of sale in a form reasonably
acceptable to Transferee conveying all right, title and interest to all Storage Area Networks to Transferee, free and clear of all Liens. 

  
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 Section 5.8. Non-Competition. 

(a) Non-Competition. Transferor acknowledges that from and after the Closing Date, the Transferee and its
Affiliates will continue to engage in the Designated Industry (as defined below), and that competing with the actual activities and/or products in the Designated Industry anywhere in the Designated Area (as defined below) would cause irreparable
damage to the Transferee and its Affiliates. To induce the Transferee to consummate the transactions contemplated by the this Agreement, the Transferor hereby agrees that (other than through its ownership interest in Newco), for a period from the
Closing Date until the fifth (5th) anniversary of the Closing Date, the Transferor will not and will not permit Parent or any of their respective Affiliates, without the prior written consent of the Transferee, directly or indirectly:
(a) engage in activities (other than through the passive ownership of less than 5% of the publicly traded common equity interests of any other Person), license intellectual property to, or engage in activities for or on behalf of any Person or
business that, directly or indirectly compete with the actual activities and/or services of the Transferee in the Designated Industry anywhere in the Designated Area as an agent, employee, consultant, representative, stockholder, member, manager,
partner or in any other capacity, (b) own or invest in (other than through the passive ownership of less than 5% of the publicly traded common equity interests of any other Person), operate, manage, control, engage in, facilitate, or provide
intellectual property or know-how to, any business or Person that competes, directly or indirectly, with the actual activities and/or services of the Transferee in the Designated Industry anywhere in the Designated Area or (c) employ or engage,
or recruit or solicit for employment or engagement, any Person who is (or was as of or after the date hereof) employed or engaged by the Transferor or any of its Subsidiaries and to whom Transferee has provided employment; provided,
however, that the parties acknowledge and agree that: (i) the performance of transition services by Transferor and its Affiliates for the benefit of Newco and its Affiliates; (ii) the conduct of the business of Penson Financial
Services Canada, Inc., operating solely from offices located in Canada and without rights to own or use memberships on any United States stock exchange, and in a manner not competitive with the business of Transferee; and (iii) the performance
of technology services of the nature currently provided by Nexa or its Affiliates (including software execution services that do not involve the provision of any clearing or settlement services) (provided, however, that this clause
(iii) shall not permit Nexa or its Affiliates to provide execution or execution related services to existing Clients in competition with the Transferee), shall not constitute a violation of the provisions of this Section 5.8. As
used herein, (A) the term “Designated Industry” means (i) securities clearing or execution services and related activities or operations, and/or (ii) securities transaction settlement services, and (B) the term
“Designated Area” means anywhere in the world. 
 (b) Acknowledgements. Transferor
acknowledges that the activity, duration and geographical areas set forth in this paragraph (b) are reasonable in scope; provided, however, if at any time the provisions of this paragraph (b) shall be determined to be invalid
or unenforceable, by reason of being vague or unreasonable as to area, duration or scope of activity, this paragraph (b) shall be considered divisible and shall become and be immediately amended to only such area, duration and scope of activity
as shall be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter; and Transferor agrees that this paragraph (b) as so amended shall be valid and binding as though any invalid or
unenforceable provision had not been included herein. 

  
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 (c) Remedies. Transferor acknowledges and agrees that, in the
event of any breach or threatened breach by Transferor or its Affiliates of its obligations under paragraph (a) above, Newco, Transferee and its Affiliates will have no adequate remedy at law, and accordingly, will be entitled, without the
requirement of posting any bond, to injunctive or other appropriate equitable remedies against such breach or threatened breach. For purposes of this paragraph (c), “threatened breach” shall mean any indication, verbal or otherwise, of
Transferor’s or its Affiliates’ intention to breach, or of Transferor’s impending breach of, any of the provisions of this Section 5.8. 

(d) Severability. It is the desire and intent of the parties that the provisions of this Section 5.8 be
enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Section 5.8 shall be adjudicated by a court of
competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Section 5.8 or affecting the validity
or enforceability of this Section 5.8 or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid,
prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Section 5.8 or affecting the validity or enforceability of such provision in
any other jurisdiction. 
 Section 5.9. Confidentiality. 

(a) The Confidentiality Agreement, dated May 15, 2012, between PEAK6 and Parent shall survive the execution and
delivery of this Agreement in accordance with its terms with respect to the Excluded Assets and the Excluded Liabilities, and it shall, with respect to all other matters, survive until the Closing whereupon it shall terminate with respect to all
such other matters. 
 (b) Transferor agrees to, and shall cause its agents, representatives, Affiliates,
employees, officers, directors and consultants (together, “Transferor Representatives”) to, from and after the Closing treat and hold as confidential all proprietary or other non-public information in its possession concerning the
Acquired Assets and the Services (including any information regarding this Agreement, the Transaction Documents or the transactions contemplated hereby or thereby), and not disclose or provide access to such confidential information to any Person;
provided, that Transferor may disclose such information, to the extent (i) Transferor deems reasonably necessary to any Transferor Representative who shall be advised by Transferor of the confidential nature thereof,
(ii) required to discharge any Excluded Liability, (iii) required to comply with any Applicable Law, in which case Transferor shall, to the extent practicable, allow Transferee reasonable time to comment on the text of such disclosure in
advance of its disclosure, or (iv) required to defend itself against any claim or to enforce any of its rights under this Agreement. Transferor agrees and acknowledges that remedies at Law for any breach of its obligations under this
Section 5.9 are inadequate and that, in addition thereto, Newco and Transferee shall be entitled to seek equitable relief, including injunction and specific performance, in the event of any such breach, without necessity of demonstrating
the inadequacy of money damages. 

  
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 (c) To the extent that Transferor or any Transferor Representative has
entered into confidentiality agreements with third parties regarding a potential transaction related to the Business or any material portion of the Acquired Assets, at Closing, such party shall, and shall cause such Affiliates, to (i) subject
to clause (ii) of this sentence, assign all rights relating to the Business and the Acquired Assets in such confidentiality agreements to Transferee and (ii) to the extent such assignment is not permitted, otherwise hold, maintain and,
upon request of Transferee, enforce such confidentiality agreements for the benefit of Transferee. 
 Section 5.10.
Post-Closing Cooperation; Refunds and Remittances. 
 (a) Except as prohibited or limited by Applicable
Law, Transferor shall provide Transferee (a) at the Closing, all records, files and documents (including credit information and financial information), in physical or electronic form or otherwise as reasonably requested by Transferee, to the
extent primarily relating to the Acquired Assets (or potential transactions relating thereto) and (b) after the Closing Date, upon reasonable prior notice, reasonable access during normal business hours to personnel and corporate books, records
and financial information relating to the Acquired Assets with respect to periods prior to the Closing Date. Transferor shall preserve all books and records that are not transferred to Transferee relating to the Business, the Acquired Assets and the
Assumed Liabilities and the Client Assets and other assets transferred pursuant hereto until such time as Transferee provides notice to Transferor that it no longer requires access to such records. 

(b) After the Closing, if Transferor or its Affiliates receives any refund or other amount that is an Acquired Asset or is
otherwise properly due and owing to Transferee or Newco in accordance with the terms of this Agreement, Transferor shall promptly remit or shall cause to be remitted, such amount to Newco or Transferee, as applicable. After the Closing, if
Transferee or Newco receives any refund or other amount that is an Excluded Asset or is otherwise properly due and owing to Transferor in accordance with the terms of this Agreement, Transferee or Newco, as applicable, shall promptly remit or shall
cause to be remitted, such amount to Transferor. 
 Section 5.11. Certain Post-Closing
Restrictions. Until the 120th day after the Closing,
Parent and Transferor shall not sell, convey or pledge or otherwise transfer, whether by sale of assets, merger, consolidation, share exchange or otherwise, any business owned by Parent or its Subsidiaries (including Transferor), except for any
sales, conveyance, pledge or transfer of the FCM and Futures Clearing Services business, and Penson Financial Services Canada, Inc., Penson Ventures, Inc., Market Essentials Group, Inc. and Turnpike Trading Systems, Inc., or their respective assets.

  
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 ARTICLE VI. 
 CONDITIONS PRECEDENT TO THE CLOSING 
 Section 6.1. Conditions to Each
Party’s Obligations. The obligations of Transferor, on the one hand, and Newco, on the other hand, to consummate the transactions contemplated hereby are subject to the fulfillment, on or before the Closing Date, of the following
conditions: 
 (a) No Injunction, etc. No court or other Governmental Authority has issued an order,
injunction, decree or judgment, and there is no action or proceeding pending or threatened before a court or other Governmental Authority (including an action or proceeding of a private party) restraining, enjoining or otherwise prohibiting
consummation of the transactions contemplated by the Transaction Documents or seeking to restrain, enjoin or otherwise prohibit consummation of the transactions contemplated by the Transaction Documents. No court or other Governmental Authority has
promulgated, entered or issued, or determined to be applicable to this Agreement, any Applicable Law making the consummation of the transactions contemplated by the Transaction Documents illegal, and no proceeding with respect to the application of
any such Applicable Law is pending. 
 (b) Subordinated Loans. ACS shall have provided irrevocable notice
stating that ACS and the Lending Affiliate are ready, willing and able to fund the $35 million of proceeds of the Subordinated Loans and the $5 million capital contribution to Newco and that upon receiving confirmation from Newco that the Transferee
has received the Acquired Assets, ACS and the Lending Affiliate will fund such proceeds and contribution. 
 (c)
Broadridge Release. The Broadridge Release shall remain in full force and effect. 
 Section 6.2. Conditions to
Newco’s Obligations. The obligations of Newco and Transferee to consummate the transactions contemplated by the Transaction Documents are also subject to the fulfillment, on or before the Closing Date, of the following conditions (and these
conditions may be waived by Newco): 
 (a) Representations Concerning Transferor. The representations and
warranties in Section 3.1 (disregarding any qualifiers as to materiality, “Material Adverse Effect” or a derivative thereof): (i) were true and correct in all material respects as of the date of this Agreement (except
representations and warranties made as of a certain date, which are true and correct in all material respects as of such date), and (ii) shall be true and correct in all material respects as of the Closing Date with the same effect as though
made on and as of the Closing (except representations and warranties made as of a certain date, which are true and correct in all material respects as of such date). 

(b) Performance. Transferor has duly performed and complied in all material respects with the covenants,
obligations and conditions that it must comply with under this Agreement by or before Closing. 
 (c)
Certificates. Transferor shall have delivered to Newco a certificate, dated as of the Closing Date, certifying the matters in Sections 6.2(a) and (b). 

(d) Governmental Approvals. Any Governmental Approvals required to be made or obtained in connection with executing
and delivering this Agreement or consummating the transactions contemplated by the Transaction Documents including all Governmental 

  
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Approvals that the Newco determines in its sole discretion are required to be obtained from the Governmental Authorities set forth on Schedule 6.2(d), have been made or obtained, on terms
acceptable to Newco in its sole discretion. 
 (e) Lien Releases. Transferor shall have obtained and
delivered to Newco all Lien releases that are necessary or appropriate (as determined by Newco in its sole discretion) to consummate the transactions contemplated by the Transaction Documents. 

(f) No Material Adverse Effect. Since the date of this Agreement, neither Transferor nor Parent shall have suffered
a Material Adverse Effect and no events, facts or circumstances shall have occurred which could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect with respect to Transferor or Parent. 

(g) Organizational Documents. Transferor shall have delivered to Newco a certificate executed by an authorized
officer of Transferor attaching (i) copies of the certificate of incorporation of Transferor as in effect on the Closing Date, including all amendments thereto, certified by the Secretary of State of the State of North Carolina; (ii) a
certificate from the Secretary of State of the State of North Carolina dated within five (5) days of the Closing Date to the effect that Transferor is in good standing in such jurisdiction and listing all Organizational Documents of Transferor
on file; and (iii) copies of the resolutions of the board of directors and stockholders of Transferor approving the transactions contemplated by this Agreement. 

(h) Books and Records. Except for books and records that are Excluded Assets, Transferor shall have provided access
to Transferee to all books and records relating to the Acquired Assets or a copy of any books and records required by Applicable Law to be retained by Transferor. 

(i) Tax Certificate. Transferor shall have delivered to each of Newco and Transferee and Newco has delivered to
Transferee on the Closing Date a certificate in form and substance reasonably satisfactory to Transferee certifying that the transactions contemplated by the Transaction Documents are exempt from withholding under section 1445(a) of the Code.

 (j) Instrument of Assignment and Assumption. Transferor shall have delivered to Transferee a duly
executed counterpart of the Instrument of Assignment and Assumption. 
 (k) Clearing Agencies Approvals.
Transferor and Transferee shall have provided all required guarantees, legal opinions, and member agreements to, and received all approvals from all necessary clearing agencies including those clearing agencies set forth on Schedule 6.2(d).

 (l) Settlement Bank. Transferee shall have established a new settlement bank line to replace
Transferor’s existing settlement bank line at the Bank of New York Mellon Corporation. 
 (m) Overnight
Funding. Transferee shall have available to it no less than $250 million of secured overnight lending facilities and $300 million of stock loan facility. 

  
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 (n) Unsecured Line. Transferor and ACS shall have provided an
aggregate of $22.0 million (with ACS’ portion being $10,000,000) of unsecured funding to Transferee pursuant to the Credit Agreements. 
 (o) D&O Insurance. Transferee shall have obtained a fidelity bond and director’s and officer’s liability insurance, in each case in amounts acceptable to Newco in its sole discretion.

 (p) Stock Loan Consents. All Consents to the novation of the stock loan agreements or arrangements that
Newco in its sole discretion determines are necessary to consummate the transactions contemplated hereby in form and substance acceptable to Newco, in its sole discretion shall have been obtained. 

(q) Transaction Documents. Each of the Transaction Documents shall be in form and substance satisfactory to Newco
in its sole discretion and shall have been executed by each counterparty thereto other than Newco and Transferee and remain in full force and effect. 
 Section 6.3. Conditions to Transferor’s Obligations. Transferor’s obligations to consummate the transactions contemplated by the Transaction Documents are also subject to the
fulfillment, on or before the Closing Date, of the following conditions: 
 (a) Instrument of Assignment and
Assumption. Transferee shall have delivered to Transferor the Instrument of Assignment and Assumption. 
 (b)
LLC Agreement. Concurrently with the Closing, the LLC Agreement shall have been fully executed and delivered by the parties thereto and Transferor’s LLC interest thereunder shall have been duly issued. 

(c) Clearing Agencies Approvals. Transferor and Transferee shall have provided all required guarantees, legal
opinions and member agreements to, and received all approvals from, all necessary clearing agencies; provided, however, that nothing in this Section 6.3(c) shall require Newco or Transferee or any of its affiliates to
provide any such guarantees, legal opinions or member agreements. 
 (d) Transaction Documents. Each of
the Transaction Documents shall have been executed and delivered by each counterparty thereto other than the Transferor or its Affiliates. 
 ARTICLE VII. 
 TERMINATION 

Section 7.1. Termination. This Agreement may be terminated before the Closing Date: 

(a) by the written agreement of Newco and Transferor; 

  
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 (b) by Newco by written notice to Transferor, at any date or time after 5:00
p.m., New York City time, on June 5, 2012 (the “Outside Date”) if the Closing has not occurred by then; and 
 (c) by Newco if Transferor has materially breached any of its representations, warranties, covenants, agreements or obligations in this Agreement and (if not a willful breach) has not cured such breach
within two (2) Business Days of receiving notice of the breach, provided that Newco has performed and complied, in all material respects, with its representations, warranties, covenants, agreements and obligations required by this
Agreement to have been performed or complied with before this time (it being understood and acknowledged that the truthfulness and accuracy of Transferor’s representations and warranties and the fulfillment of its obligations under this
Agreement shall be determined without giving effect to any materiality or Material Adverse Effect qualifier contained therein). 

Section 7.2. Effect of Termination. If this Agreement is terminated in accordance with Section 7.1, it shall
become void and have no effect, without any obligation or liability to any Person in respect of the Agreement or of the transactions contemplated by the Transaction Documents on the part of any party, or a party’s directors, officers,
employees, agents, representatives, advisers, stockholders, members, partners or Affiliates, except that the provisions of this Section 7.2, Section 5.4(b), Section 5.5(e) and Article IX shall remain
in full force and effect and shall survive any termination of this Agreement and except that each party shall remain liable for any breach of this Agreement prior to its termination. 

ARTICLE VIII. 

INDEMNIFICATION 

Section 8.1. Indemnification by Transferor. 

(a) Subject to Section 8.1(b), from and after the Closing, Transferor will indemnify and hold harmless
Transferee, Newco, ACS, PEAK6 and each of their Affiliates (and their respective officers, directors, employees, shareholders, limited or general partners, members, successors, assigns, agents, advisers and representatives) (each, a
“Transferee Indemnified Person”), from, against and in respect of any and all Losses, including for purposes of this Section 8.1 all claims for consequential damages, special damages, lost profits and diminution in value
and similar claims, whether or not involving a Third Party Claim, incurred, sustained or suffered by any Transferee Indemnified Persons or any of them as a result of, arising out of or directly or indirectly relating to: 

(i) any breach of, or inaccuracy in, any representation or warranty when made or deemed made by Transferor in this
Agreement or in any other Transaction Document; 
 (ii) any breach, violation or non-fulfillment of any
covenant, obligation or agreement of Transferor, including under this Article VIII, in or pursuant to this Agreement or in any other Transaction Document; 

  
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 (iii) any trade fails, dividends received and other settlement claims and
similar claims in respect of securities positions in place or events occurring at or prior to Closing; 
 (iv)
any fraud of Transferor; 
 (v) any Excluded Assets or Excluded Liabilities; 

(vi) any allegation or finding that Transferee or any of its Affiliates (x) is an employer (jointly or otherwise) of
any employee of the Transferor or any of its Affiliates or a successor employer of Transferor or any of its Affiliates, including any claim for severance or other compensation of any kind, or (y) has any Liability with respect to
Transferor’s Compensation and Benefit Plans; 
 (vii) any violation of Applicable Law by the Transferor or
its Affiliates, or any of their respective officers, directors, contractors, managers, employees or agents at any time on or prior to the Closing, and any failure of any of the foregoing at any time on or prior to the Closing to have any required
Licenses or Governmental Approvals; 
 (viii) any failure to transfer all of the Acquired Assets, including all
Clearing Contracts, Client Accounts and related assets for any reason, including the failure to obtain a Consent for the transfer of any Acquired Asset; 
 (ix) any claim by any Client that the transfer or attempted transfer of the applicable Client Account breached any commitment or other agreement with the Client or any Applicable Law; 

(x) any claim by any shareholder, creditor, bondholder or other holder of securities of Parent or Transferor related to
or involving the transactions contemplated by the Transaction Documents; 
 (xi) any failure to obtain any third
party Consent or Governmental Approval required to perform the obligations contained in, or to consummate the transactions contemplated by, this Agreement or any other Transaction Document; 

(xii) any claim based upon facts or circumstances existing or arising (or alleged to have existed or arisen) with respect
to the Acquired Assets, the Business or the Services prior to the Closing; 
 (xiii) any operational disruptions
or errors during the first four (4) Business Days after the Closing arising as a result of, or in connection with, the transactions contemplated by the Transaction Documents; 

(xiv) any noncompliance with any Bulk Sales Laws; or 

  
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 (xv) any broker or financial advisor fees of Moelis & Co. or
Financial Technology Partners. 
 (b) The Transferor’s aggregate liability for payments of cash in respect
of claims for indemnification pursuant to Section 8.1(a)(i) will, other than as provided in Section 8.1(c), not exceed $45,000,000 (the “Transferor Liability Cap”). For the avoidance of doubt, the Transferor
Liability Cap (i) does not apply to the determination of, and shall in no way limit the amount of, the Finally Determined Company Amounts or Finally Determined ACS Amounts (each as defined in the LLC Agreement), (ii) does not apply to, and
shall in no way limit, the application of Section 12.01 of the LLC Agreement to any Finally Determined Company Amounts or Finally Determined ACS Amounts and (iii) does not apply to indemnifiable amounts hereunder that are paid by setoff
against amounts due under the Transition Services Agreement or the License Agreements. Claims for indemnification pursuant to any other provision of Section 8.1(a) are not subject to the limits set forth in Section 8.1(b).

 (c) Notwithstanding the foregoing, the Transferor Liability Cap shall not apply to Losses resulting from,
arising out of, or incurred by the Transferee Indemnified Persons in connection with (i) claims for indemnification pursuant to Section 8.1(a)(i) in respect of breaches of, or inaccuracies in, representations and warranties set
forth in Section 3.1(a) (Organization and Authority), 3.1(d) (No Conflicts), 3.1(h) Solvency, 3.1(o) (Taxes) and (t) (No Brokers or Finders); or (ii) claims based upon fraud or intentional
misrepresentation. 
 Section 8.2. Indemnification by Newco and Transferee. 

(a) Subject to the limitations and other terms and conditions set forth in this Article VIII, from and after the
Closing, Newco and Transferee, at Newco’s direction, will indemnify and hold harmless Transferor and its Affiliates (and their respective officers, directors, employees, shareholders, members, successors, assigns, agents, advisers and
representatives) (each, a “Transferor Indemnified Person”), from, against and in respect of any and all Losses, whether or not involving a Third Party Claim, incurred, sustained or suffered by the Transferor Indemnified Persons or
any of them as a result of, arising out of, directly or indirectly relating to: 
 (i) any breach of, or
inaccuracy in, any representation or warranty made by Newco or Transferee in this Agreement or in any other Transaction Document; 
 (ii) any breach, violation or non-fulfillment of any covenant or agreement of Newco or Transferee, including under this Section 8.2(a), in or pursuant to this Agreement or in any other
Transaction Document; 
 (iii) any fraud of Newco or Transferee; or 

(iv) any Assumed Liability, but only to the extent such Assumed Liability is not the subject of indemnification under
Section 8.1(a) (for the avoidance of doubt, for purposes of this clause (iv), an Assumed Liability shall be deemed subject to the indemnity provisions of Section 8.1(a) notwithstanding that

  
 47 

 
such Assumed Liability may not be indemnifiable thereunder as a result of the limitations set forth in Section 8.1(b) or Section 8.3); provided, that, no
Transferor Indemnified Person should be indemnified under clauses (i) through (iv) if such Loss is based upon, or related to Transferor’s equity interest in Newco or Transferee or in their capacity as a lender thereto. 

(b) Newco and Transferee will have no obligation to indemnify the Transferor Indemnified Persons pursuant to
Section 8.2(a)(i) in respect of Losses arising from the breach of, or inaccuracy in, any representation or warranty described therein unless and until the aggregate amount of all such Losses incurred or suffered by the Transferor
Indemnified Persons exceeds $250,000 (the “Deductible”) (at which point Transferee will indemnify the Transferor Indemnified Persons for all such Losses that exceed the Deductible), and Transferee’s aggregate liability in
respect of claims for indemnification pursuant to Section 8.2(a)(i) will not exceed $10,000,000 (the “Transferee Liability Cap”). Claims for indemnification pursuant to any other provision of Section 8.2(a)
are not subject to the limits set forth in Section 8.2(b). 
 (c) Notwithstanding the foregoing, the
Deductible and the Transferee Liability Cap shall not apply to Losses resulting from, arising out of, or incurred by the Transferor Indemnified Persons in connection with (i) claims for indemnification pursuant to Section 8.2(a)(i)
in respect of breaches of, or inaccuracies in, representations and warranties set forth in Sections 4.1(a) (Existence and Good Standing) and (b) (Authority and Validity); or (ii) claims based upon fraud or intentional
misrepresentation. 
 Section 8.3. Survival. Each of the representations and warranties in this Agreement shall
survive the Closing for a period of twenty-four (24) months following the Closing Date; provided, however, that (a) the representations and warranties in Sections 3.1(a) (Organization and Authority), 3.1(d) (No
Conflicts), 3.1(h) Solvency, 3.1(t) (No Brokers or Finders), Sections 4.1(a) (Existence and Good Standing) and 4.1(b) (Authorization and Validity), shall survive the Closing indefinitely and (b) the
representations and warranties in Sections 3.1(o) (Taxes) or in any certificate delivered pursuant to this Agreement and related thereto shall survive the Closing until the end of the applicable statute of limitations. All covenants set forth
in this Agreement shall survive the Closing indefinitely unless they expire earlier in accordance with the express terms of this Agreement. No claim, lawsuit, or other proceeding arising out of or related to the breach of any representation or
warranty contained in this Agreement may be made by any Indemnified Party unless notice of such claim, lawsuit or other proceeding is given to the Indemnifying Party in accordance with Section 8.4 prior to the end of the applicable
survival period set forth in this Section 8.3. 
 Section 8.4. Third Party Claims. 

(a) Notice of Claim. If any third party notifies an Indemnified Party with respect to any matter which may give
rise to Losses for which indemnification may be sought pursuant to Section 8.1 or Section 8.2, as the case may be (a “Third Party Claim”) under this Section 8.4, then the Indemnified Party will
promptly give written notice to the applicable indemnifying party (the “Indemnifying Party”); provided, however, that no delay on the part of the Indemnified Party in notifying the Indemnifying Party will relieve the
Indemnifying Party from any obligation under this Article VIII, except to the extent such delay actually and materially prejudices the Indemnifying Party. 

  
 48 

 (b) Assumption of Defense, etc. The Indemnifying Party will be
entitled to participate in the defense of any Third Party Claim that is the subject of a notice given by the Indemnified Party pursuant to Section 8.4(a). In addition, the Indemnifying Party will have the right to assume the defense of
such Third Party Claim with counsel of its choice reasonably satisfactory to the Indemnified Party so long as (i) the Indemnifying Party gives written notice to the Indemnified Party within fifteen (15) days after the Indemnified Party has
given notice of the Third Party Claim that the Indemnifying Party will indemnify the Indemnified Party from and against the entirety of any and all Losses the Indemnified Party may suffer resulting from, arising out of, relating to, in the nature
of, or caused by the Third Party Claim; (ii) the Indemnifying Party provides the Indemnified Party with evidence reasonably acceptable to the Indemnified Party that the Indemnifying Party will have adequate financial resources to defend against
the Third Party Claim and fulfill its indemnification obligations hereunder, and, if requested by the Indemnified Party, the Indemnifying Party causes a letter of credit for the benefit of the Indemnified Party to be issued by a bank reasonably
acceptable to the Indemnified Party in the aggregate maximum amount of such indemnification obligations (which amount shall be determined by the Indemnified Party acting reasonably); (iii) the Third Party Claim involves only money damages and
does not seek an injunction or other equitable relief against the Indemnified Party; (iv) the Indemnified Party has not been advised by counsel that an actual or potential conflict exists between the Indemnified Party and the Indemnifying Party
in connection with the defense of the Third Party Claim; (v) the Third Party Claim does not relate to or otherwise arise in connection with any criminal or regulatory enforcement action, suit or proceeding and (vi) settlement of, an
adverse judgment with respect to or the Indemnifying Party’s conduct of the defense of the Third Party Claim is not, in the good faith judgment of the Indemnified Party, likely to be adverse to the Indemnified Party’s reputation or
continuing business interests. The Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third Party Claim; provided, however, that the Indemnifying Party will pay the fees
and expenses of separate co-counsel retained by the Indemnified Party that are incurred prior to Indemnifying Party’s assumption of control of the defense of the Third Party Claim. 

(c) Limitations on Indemnifying Party. The Indemnifying Party will not consent to the entry of any judgment or
enter into any compromise or settlement with respect to the Third Party Claim without the prior written consent of the Indemnified Party. 
 (d) Indemnified Party’s Control. If the Indemnifying Party does not deliver to the Indemnified Party the notice contemplated by Section 8.4(b) within fifteen (15) days after
the Indemnified Party has given notice of the Third Party Claim pursuant to Section 8.4(a) (or any of the conditions set forth in clauses (i) through (vi) of Section 8.4(b) is not satisfied), or otherwise at any
time fails to conduct the defense of the Third Party Claim actively and diligently, the Indemnified Party may defend the Third Party Claim in a good faith and reasonable manner, and may consent to the entry of any judgment or enter into any
compromise or settlement with respect to, the Third Party Claim in any manner it may deem appropriate (and the Indemnified Party need not consult with, or obtain any consent from, the Indemnifying Party in connection therewith); provided,
however, that if the Indemnified Party does not permit 

  
 49 

 
the Indemnifying Party to conduct the defense, then the Indemnified Party may not consent to the entry of any judgment or enter into any compromise or settlement of any Third Party Claim without
the prior written consent of the Indemnifying Party, which consent will not be unreasonably withheld, delayed or conditioned. In the event that the Indemnified Party conducts the defense of the Third Party Claim pursuant to this
Section 8.4, the Indemnifying Party will (i) advance the Indemnified Party promptly and periodically upon demand for the costs of defending against the Third Party Claim (including reasonable attorneys’ fees and expenses) and
(ii) remain responsible for any and all other Losses that the Indemnified Party may incur or suffer resulting from, arising out of, relating to, in the nature of or caused by the Third Party Claim to the fullest extent provided in
Section 8.1 or Section 8.2, as applicable. 
 (e) Consent to Jurisdiction Regarding
Third Party Claim. Transferee and Transferor, each in its capacity as an Indemnifying Party, hereby consents to the non-exclusive jurisdiction of any court in which any Third Party Claim may be brought against any Indemnified Party for purposes
of any claim which such Indemnified Party may have against such Indemnifying Party pursuant to this Agreement in connection with such Third Party Claim, and in furtherance thereof, the provisions of Section 9.3 are incorporated herein by
reference, mutatis mutandis. 
 Section 8.5. Treatment of Materiality. For purposes of this Article
VIII, in determining whether there has been any breach of any representation or warranty, or the amount of any Losses related to a breach of a representation or warranty, such representations and warranties shall be read without regard to any
materiality or Material Adverse Effect or similar qualifier contained therein, and any breach thereof as so read shall be indemnifiable hereunder, subject to Section 8.1(b) and Section 8.2(b). 

Section 8.6. Waiver of Rights to Subrogation. Transferor shall not be entitled to, and Transferor hereby irrevocably
waives any right to, subrogation to any Transferee Indemnified Person with respect to any liability of Transferor that may arise under or pursuant to the Transaction Documents. 

Section 8.7. Investigation. The right to indemnification and all other remedies based upon any representation, warranty,
covenant or agreement contained in this Agreement shall not be limited, diminished or otherwise affected by any investigation conducted with respect to, or any knowledge acquired at any time, whether before or after the Closing and regardless of
whether such knowledge came from Newco, Transferee, Transferor or their respective representatives or any other Person, with respect to the accuracy or inaccuracy of or compliance with any such representation, warranty, covenant or agreement.

 Section 8.8. Calculation of Losses. An Indemnified Party shall not be entitled to recover any amount due
hereunder more than once in respect of the same Loss. In calculating any amount due hereunder in respect of Losses, Losses shall be reduced by any amounts actually recovered by the Indemnified Party under third party insurance policies or third
party indemnification obligations or other rights of recovery from a third party with respect to such Losses, net of any deductible or any other expense incurred by the Indemnified Party in obtaining such recovery (including, with respect to
insurance recoveries, any increase in premiums) , other than any such recovery under any self insurance; provided, however, that no Indemnified Party shall be required to seek any such recovery. 

  
 50 

 Section 8.9. Non-Third Party Claims. In the event any Indemnified Party has a
claim under Section 8.1 or Section 8.2 that does not involve a Third Party Claim, the Indemnified Party shall deliver notice of such claim to the Indemnifying Party; provided, however, that no delay on the part
of the Indemnified Party in notifying the Indemnifying Party will relieve the Indemnifying Party from any obligation under this Article VIII, except to the extent such delay actually and materially prejudices the Indemnifying Party. If the
Indemnifying Party does not notify the Indemnified Party within fifteen (15) Business Days following its receipt of such notice that the Indemnifying Party disputes the liability to such Indemnified Party, such claim specified by such
Indemnified Party in such notice shall be conclusively deemed a liability of the Indemnifying Party and shall be deemed to have been finally determined hereunder. For the avoidance of doubt, any legal fees and other expenses reasonably incurred by
any Indemnified Party in connection with the assertion of any indemnification claim under this Article VIII shall be included in the Losses subject to indemnification in respect of such claim. 

Section 8.10. Interest. Any amounts due that are not paid on or before the second Business Day after such amounts have been
finally determined to be due hereunder shall bear interest compounded daily at a rate equal to the rate of interest from time to time announced publicly by Citibank N.A. as its prime rate, calculated on the basis of the actual number of days elapsed
divided by 365, from such second Business Day to the date of payment. 
 Section 8.11. Escrow. No later than 10
Business Days after the Closing, Transferee and Transferor shall enter into a mutually acceptable escrow agreement (the “Escrow Agreement”) with an escrow agent selected by Newco and reasonably acceptable to the Transferor (the
“Escrow Agent”). The Escrow Agreement shall provide for the establishment of an escrow fund (the “Escrow Fund”) to be funded by Newco on the date the Escrow Agreement is entered into in the amount of the Escrow
Amount, which Escrow Fund shall be held by the Escrow Agent in accordance with the terms of this Section 8.11. Each of Newco and Transferee shall have the right to notify the Escrow Agent of any claim for indemnification made by any
Transferee Indemnified Person pursuant to this Article VIII (an “Escrow Claim Notice”). Promptly following the final determination in accordance with this Article VIII of any claim for indemnification made by any Transferee
Indemnified Person pursuant to this Article VIII (including a request for advancement of expenses pursuant to this Article VIII), upon request by Transferee or Newco, Transferor shall execute and deliver a certificate requesting the Escrow Agent to
deliver by wire transfer to an account designated by Transferee immediately available funds in the amount of such claim as finally determined in accordance with this Article VIII. On the fifth (5th) anniversary of the Closing Date (the
“Escrow Release Date”), Transferee and Transferor shall execute and deliver to the Escrow Agent a certificate requesting the Escrow Agent to deliver by wire transfer to Transferor all amounts that remain in the Escrow Fund, less the
sum of any amounts subject to claims for indemnification that (i) have not been finally determined before the Escrow Release Date in accordance with this Article VIII and (ii) are the subject of Escrow Claim Notices provided before the
Escrow Release Date. If at any time after the Escrow Release Date the entire balance remaining in the Escrow Fund exceeds the sum of any amounts subject to claims for indemnification that (i) have not been finally determined in

  
 51 

 
accordance with this Article VIII as of such time and (ii) are the subject of Escrow Claim Notices provided before such time, at Transferor’s request, Transferee and Transferor shall
execute and deliver a certificate requesting the Escrow Agent to deliver such excess to Transferor by wire transfer. 

Section 8.12. Remedies. The indemnification provided in this Article VIII and in the Indemnity Agreement shall
constitute the sole and exclusive remedy of the parties hereto with respect to all Losses relating to, arising from or connected to a breach of the representations and warranties or covenants contained herein (other than claims of, or causes of
action arising out of, fraud or intentional misrepresentation with respect to the representations and warranties contained herein). Notwithstanding the foregoing, nothing in this Agreement shall limit the application of Section 12.01 of the LLC
Agreement. 
 ARTICLE IX. 
 MISCELLANEOUS 
 Section 9.1. Waivers. Any waiver of any terms or
conditions or of the breach of any covenant, representation or warranty of this Agreement in any one instance shall not operate as or be deemed to be or construed as a further or continuing waiver of any other breach of such term, condition,
covenant, representation or warranty or any other term, condition, covenant, representation or warranty, nor shall any failure or delay at any time or times to enforce or require performance of any provision hereof operate as a waiver of or affect
in any manner such party’s right at a later time to enforce or require performance of such provision or of any other provision hereof; provided, however, that no such waiver, unless it, by its own terms, explicitly provides to the
contrary, shall be construed to effect a continuing waiver of the provision being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party against whom such
waiver is claimed in all other instances or for all other purposes to require full compliance. 
 Section 9.2.
Modifications. Except as otherwise expressly provided in this Agreement, neither this Agreement (including any Schedules hereto), nor any term hereof (or thereof) may be changed, amended, modified, waived, discharged or terminated except to
the extent that the same is effected and evidenced by the written agreement of all of the parties hereto (or their successors in interest, if applicable). 
 Section 9.3. Governing Law. 
 (a) This Agreement shall
be governed by, and interpreted in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely within such State. 

(b) All actions and proceedings arising out of or relating to this Agreement, including the resolution of any and all
disputes hereunder (but excluding any action or proceeding for recognition or enforcement of any judgment in connection with such actions, proceeding or disputes) shall be subject to the exclusive jurisdiction of the state and federal courts located
in Chicago, Illinois, and the Parties to this Agreement hereby irrevocably submit 

  
 52 

 
to the exclusive jurisdiction of such courts in any such action or proceeding and irrevocably waive the defense of an inconvenient forum to the maintenance of any such action or proceeding.
Notwithstanding the foregoing, a party may join a party to a pending action in another jurisdiction initiated by a third party. 
 (c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 9.3(C). 
 Section 9.4. Notices. 

(a) All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing
and sent as follows: 
 (i) If to Transferee, to: 

c/o PEAK6 Investments, L.P. 
 141 W. Jackson Blvd., Suite 500 
 Chicago, IL 60604 

Email: legal@peak6.com 
 Attention: CEO and Chief Legal Officer 
 with a copy (which shall
not constitute notice) to: 
 Sidley Austin LLP 

One South Dearborn 
 Chicago, Illinois 60603 
 Facsimile: (312) 853-7036

 Attention: John R. Box 

  
 53 

 If to Transferor, to: 

Penson Financial Services, Inc. 
 1700 Pacific Avenue 
 Dallas, Texas 75201 

Facsimile: (214) 765-1164 
 Attention: Andrew Koslow 
 with a copy to: 

Morgan, Lewis & Bockius, LLP 

Two Palo Alto Square, Suite 700 
 3000 El Camino Real 
 Palo Alto, CA 94306 

Facsimile: (650) 843-4001 
 Attention: Thomas W. Kellerman 
 (b) All notices and other
communications required or permitted under this Agreement which are addressed as provided in Section 9.4(a), (i) if delivered personally against proper receipt shall be effective upon delivery; (ii) if sent via facsimile shall
be effective upon the date of dispatch if confirmation of transmission is provided and (iii) if sent (A) by certified or registered mail with postage prepaid or (B) by Federal Express or similar courier service with courier fees paid
by the sender, shall be effective upon receipt. The parties hereto may from time to time change their respective addresses for the purpose of notices to that party by a similar notice specifying a new address, but no such change shall be deemed to
have been given unless it is sent and received in accordance with this Section 9.4. 
 Section 9.5. Entire
Understanding; No Third Party Beneficiaries. This Agreement and the other Transaction Documents represent the entire understanding of the parties hereto with reference to the transactions contemplated hereby and thereby and supersede any and all
other oral or written agreements heretofore made. PEAK6 and Transferee shall be express third party beneficiaries of this Agreement. Subject to the immediately preceding sentence, except as expressly provided herein, nothing in this Agreement,
express or implied, is intended to confer upon any Person, other than the parties hereto and their respective heirs, personal representatives, successors and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of
this Agreement. 
 Section 9.6. No Recourse. Notwithstanding anything in this Agreement or any other Transaction
Document, by its acceptance of the benefits of this Agreement, Transferor covenants, agrees and acknowledges, on behalf of itself and its Affiliates, that no Person other than the parties hereto has any obligations hereunder and that, neither
Transferor nor any of its Affiliates nor any of their respective shareholders, creditors, bondholders, security holders, investors, officers, employees, agents, members, managers, general or limited partners have any right of recovery for any claim,
and may not institute any claim, based on, in respect of, or by reason of, the transactions contemplated by this Agreement, against, and no personal liability shall attach to, PEAK6 or its Affiliates (other than the parties hereto) or to any former,
current or future equity holders, directors, officers, employees, agents, members, managers, general or limited partners of PEAK6 or its Affiliates (collectively, each a “Non-Recourse Party”), whether by or through attempted
piercing of the corporate veil, by or through a claim by or on behalf of Parent, or Transferor or any of their Affiliates or any of their respective shareholders, creditors, 

  
 54 

 
bondholders, security holders, investors, officers, employees, agents, members, managers, general or limited partners against any Non-Recourse Party, by the enforcement of any assessment, by any
legal or equitable proceeding, by virtue of any Applicable Law or otherwise. 
 Section 9.7. Assignability. Neither
this Agreement nor any rights or obligations hereunder shall be assignable by any party to any other Person (whether by operation of law or otherwise) without the written consent of the other parties and any purported assignment in violation of this
Section 9.7 shall be void ab initio; provided, that this Agreement (including the rights, interests and obligations hereunder) may be assigned in whole or in part by ACS or Newco to any Affiliate of ACS or Newco
(provided, that ACS and Newco remain liable for all obligations hereunder) or by operation of any consolidation or merger of ACS or Newco and any of their respective Affiliates. Subject to the preceding sentence, this Agreement shall be
binding upon and enforceable by, and shall inure to the benefit of, the parties hereto and their respective heirs, personal representatives, successors and permitted assigns (which shall include any successor entity to Transferor) and no others.

 Section 9.8. Severability. The invalidity or unenforceability of any particular nonmaterial provision of this
Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects by interpreting such invalid or unenforceable provision as nearly to the original meaning as possible so as to make it valid and
enforceable or, if that is not possible or permitted by Applicable Law, by omitting such invalid or unenforceable provision. If any material provision of this Agreement is determined by a court or regulatory body to be invalid or unenforceable, then
the parties shall use their best efforts to address the implications of such invalidity or unenforceability so as to preserve the essential understanding of the parties with respect hereto. 

Section 9.9. Specific Performance and Injunctive Relief. The parties acknowledge that money damages would not be a sufficient
remedy for any breach of this Agreement and that irreparable harm would result if this Agreement were not specifically enforced. Therefore, the rights and obligations of the parties under this Agreement shall be enforceable by a decree of specific
performance issued by any court of competent jurisdiction, and appropriate injunctive relief may be applied for and granted in connection therewith. If Transferor fails or Newco fails to consummate the transactions contemplated in this Agreement in
breach hereof, and if this Agreement has not been terminated pursuant to Section 7.1 of this Agreement, Newco or Transferor, as the case may be, may commence an action, suit or proceeding for the specific enforcement of this Agreement,
subject to any defenses Transferor or Newco, as applicable, may validly assert to any such action. In the event that this Agreement is terminated pursuant to Section 7.1 hereof, nothing in this Section 9.9 shall be construed
to limit the right of Transferor or Newco to seek injunctive relief with respect to the breach of any covenant or agreement that survives such termination in accordance with Section 7.2. 

Section 9.10. 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. The signature pages hereto may be transmitted by facsimile or .pdf, and if so transmitted, shall constitute originals. 

[Remainder of page left intentionally blank.] 

  
 55 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date set
forth above. 
  

			
	PENSON FINANCIAL SERVICES, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	APEX CLEARING HOLDINGS LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	APEX CLEARING SOLUTIONS, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Assignment and Assumption Agreement]Limited Liability Company Agreement

 Exhibit 10.2 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 

APEX CLEARING HOLDINGS LLC 
 A Delaware Limited Liability Company 
 Dated as of May 31, 2012

 THE MEMBERSHIP INTERESTS REPRESENTED BY THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH MEMBERSHIP INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS
OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
	DEFINITIONS	  
			
	1.01	  	Definitions	  	 	1	  
	1.02	  	Construction	  	 	4	  
	
	ARTICLE II	  
	FORMATION	  
			
	2.01	  	Formation	  	 	4	  
	2.02	  	Name	  	 	5	  
	2.03	  	Registered Office; Registered Agent; Principal Office; Other Offices	  	 	5	  
	2.04	  	Purpose	  	 	5	  
	2.05	  	Term	  	 	5	  
	2.06	  	Powers	  	 	5	  
	
	ARTICLE III	  
	MEMBERSHIP; DISPOSITIONS OF INTERESTS	  
			
	3.01	  	Initial Members	  	 	6	  
	3.02	  	Right of First Refusal	  	 	6	  
	3.03	  	Change in Ownership of Members	  	 	7	  
	3.04	  	Business Transactions with Members and Managing Member	  	 	7	  
	3.05	  	Liability to Third Parties	  	 	7	  
	3.06	  	Withdrawal	  	 	8	  
	
	ARTICLE IV	  
	CAPITAL CONTRIBUTIONS	  
			
	4.01	  	Initial Contributions	  	 	8	  
	4.02	  	Subsequent Contributions	  	 	9	  
	4.03	  	Return of Contributions	  	 	9	  
	4.04	  	Securities Laws Restrictions on Membership Interests	  	 	9	  
	
	ARTICLE V	  
	DISTRIBUTIONS; PERCENTAGE OF INTERESTS	  
			
	5.01	  	Distributions	  	 	9	  
	5.02	  	Percentage of Interests	  	 	10	  
	
	ARTICLE VI	  
	MANAGING MEMBER; OFFICERS	  
			
	6.01	  	The Managing Member	  	 	10	  
	6.02	  	Voting Rights	  	 	11	  
	6.03	  	Action by Written Consent	  	 	11	  
	6.04	  	Compensation	  	 	11	  

  
 i 

							
	6.05	  	Conflicts of Interest	  	 	11	  
	6.06	  	Third Parties	  	 	12	  
	6.07	  	Meetings of Members	  	 	12	  
	6.08	  	Voting	  	 	12	  
	
	ARTICLE VII	  
	LIABILITY AND INDEMNIFICATION	  
			
	7.01	  	Limitation of Duties and Liability of Managing Member	  	 	13	  
	7.02	  	Liability of Members	  	 	13	  
	7.03	  	Right to Indemnification	  	 	13	  
	7.04	  	Nature of Obligation	  	 	15	  
	
	ARTICLE VIII	  
	TAXES	  
			
	8.01	  	Tax Elections	  	 	15	  
	8.02	  	Tax Returns	  	 	15	  
	
	ARTICLE IX	  
	BOOKS, RECORDS, REPORTS, AND BANK ACCOUNTS	  
			
	9.01	  	Maintenance of Books	  	 	16	  
	9.02	  	Accounts	  	 	16	  
	9.03	  	Confidentiality	  	 	16	  
	
	ARTICLE X	  
	RELATED AGREEMENTS; INDEMNIFICATION	  
			
	10.01	  	Related Agreements	  	 	16	  
	10.02	  	Sale of the Company	  	 	17	  
	10.03	  	Purchase Option	  	 	17	  
	10.04	  	No Appraisal Rights	  	 	18	  
	10.05	  	Member Further Assurances	  	 	18	  
	
	ARTICLE XI	  
	DISSOLUTION, LIQUIDATION, AND TERMINATION	  
			
	11.01	  	Dissolution	  	 	18	  
	11.02	  	Winding Up, Liquidation and Distribution of Assets	  	 	19	  
	11.03	  	Certificate of Cancellation	  	 	19	  
	
	ARTICLE XII	  
	GENERAL PROVISIONS	  
			
	12.01	  	Finally Determined Amounts	  	 	19	  
	12.02	  	Notices	  	 	20	  
	12.03	  	Entire Agreement	  	 	20	  

  
 ii 

							
	12.04	  	Effect of Waiver or Consent	  	 	20	  
	12.05	  	Amendment or Modification	  	 	21	  
	12.06	  	Binding Effect; No Third Party Beneficiaries	  	 	21	  
	12.07	  	Governing Law; Severability; Jurisdiction	  	 	21	  
	12.08	  	Waiver of Jury Trial	  	 	21	  
	12.09	  	Counterparts	  	 	21	  

  

					
	Exhibit A	    	Percentage of Interests
	Exhibit B	    	Certain Related Agreements
		    	Exhibit 1	    	Broadridge Sale Agreement
		    	Exhibit 2	    	Assignment and Assumption Agreement
		    	Exhibit 3	    	Transition Services Agreement
		    	Exhibit 4	    	Services Agreement
		    	Exhibit 5	    	Termination and Mutual Release Agreement
		    	Exhibit 6	    	Support Services Agreement
		    	Exhibit 7	    	Nexa License Agreement
		    	Exhibit 8	    	PFSI License Agreement

  
 iii

 LIMITED LIABILITY COMPANY AGREEMENT 

APEX CLEARING HOLDINGS LLC, 
 a Delaware Limited Liability Company 
 This Limited Liability Company
Agreement of Apex Clearing Holdings LLC (this “Agreement”), dated as of May 31, 2012, is executed and agreed to, for good and valuable consideration, by the Members (as defined below). 

ARTICLE I 

DEFINITIONS 
 1.01 Definitions. 
 As used in this Agreement, the following terms
have the following meanings: 
 “ACS” shall mean Apex Clearing Solutions LLC, a Delaware limited liability
company. 
 “Act” means the Delaware Limited Liability Company Act, Del. Code Ann. tit. 6, §18-101 et
seq., as amended from time to time, and any successor statute. 
 “Affiliates” means with respect to any Person
(i) such Person or a member of his immediate family; and (ii) any Person directly or indirectly controlling, controlled by, or under common control with the Person in question. 

“Agreement” has the meaning given that term in the first paragraph of this Agreement. 

“Apex Clearing” means Ridge Clearing & Outsourcing Solutions, Inc., a New York corporation, which shall be
renamed Apex Clearing Corporation on or about the date of closing of the transactions contemplated by the Assignment and Assumption Agreement. 
 “Approved Sale” has the meaning given that term in Section 10.02(c). 
 “Assignment and Assumption Agreement” means that certain Assignment and Assumption Agreement, dated as of May 31, 2012 among PFSI and the Company. 

“Broadridge” means Broadridge Financial Solutions, Inc., a Delaware corporation. 

“Business Opportunities” has the meaning given that term in Section 6.05(c). 

“Capital Contribution” means, with respect to any Member, the amount of such Member’s initial contribution to the
capital of the Company, as increased or decreased pursuant to the terms of this Agreement. 
 “Certificate” has
the meaning given that term in Section 2.01. 
 “Company” means Apex Clearing Holdings LLC, a
Delaware limited liability company. 

 “Confidential Information” has the meaning given that term in
Section 9.03(a). 
 “Exercise Notice” has the meaning given that term in
Section 3.02(c). 
 “Finally Determined Apex Amounts” means, as of the date of determination, any
amounts (A) that have been determined to be payable by PFSI or any of its Affiliates to ACS or any of its Affiliates (other than the Company Apex Clearing and their Subsidiaries) (including without limitation under this Agreement or any Related
Agreement), in each case, either by (i) written agreement between PFSI and the Managing Member, (ii) a judgment or decree of any court of competent jurisdiction, (iii) any other manner provided for in the Related Agreements or
(iv) any other means to which PFSI and the Managing Member shall agree, (B) have not been paid or deemed satisfied pursuant to Section 12.01 and (C) are not Finally Determined Company Amounts. 

“Finally Determined Company Amounts” means, as of the date of determination, any amounts (A) that have been
determined to be payable by PFSI or any of its Affiliates to the Company, Apex Clearing or any of their Subsidiaries (including without limitation under this Agreement or any Related Agreement), in each case, either by (i) written agreement
between PFSI and the Managing Member, (ii) a judgment or decree of any court of competent jurisdiction, (iii) any other manner provided for in the Related Agreements or (iv) any other means to which PFSI and the Managing Member shall
agree and (B) have not been paid or deemed satisfied pursuant to Section 12.01. 
 “Fund
Indemnitors” has the meaning given that term in Section 7.03(b). 
 “Indemnified Person” has
the meaning given that term in Section 7.03(a). 
 “GAAP” means United States Generally Accepted
Accounting Principles. 
 “Governmental Authority” has the meaning given that term in
Section 6.01(b). 
 “Majority Members” means at least two unaffiliated members (including the
Managing Member) holding at least a majority of the Percentage of Interests. 
 “Management Fee” has the
meaning given that term in Section 6.01(b). 
 “Managing Member” has the meaning given that term in
Section 6.01(a). 
 “Members” means PFSI, ACS, QNC, W&W and any other Person admitted to the
Company in accordance with this Agreement, including, for the avoidance of doubt, the Managing Member. 
 “Membership
Interest” means the interest of the Members in the Company, including, without limitation, rights to distributions (liquidating or otherwise), and rights to consent or approve. Except as otherwise set forth in the Agreement, all Membership
Interests shall have the same rights and preferences. 

  
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 “Non-Advisory Subsidiary” means any Subsidiary of PEAK6 other than a
Subsidiary that is primarily engaged in providing investment advice to one or more accounts or investment funds. For the avoidance of doubt, “Non-Advisory Subsidiary” shall not include any such account or investment fund. 

“Non-Transferring Member” has the meaning given that term in Section 3.02(b). 

“Option Purchase Price” means; as of any date of determination, (A) 1.20 times (B) the excess of
(i) PFSI’s Capital Contribution as of such date (taking into account any increases or decreases in such Capital Contribution pursuant to this Agreement), after such Capital Contribution is debited or credited, as the case may be, with
PFSI’s pro-rata portion (based on its Percentage of Interests as of such date of determination) of the net consolidated profits or losses of the Company, as the case may be, between the date of closing of the transactions contemplated by the
Assignment and Assumption Agreement and the then most recent date for which such information is available to the Managing Member, calculated on a GAAP basis, in each case as determined by the Managing Member over (ii) any amounts previously
distributed or deemed to have been distributed by the Company to PFSI pursuant to this Agreement. 
 “PEAK6”
has the meaning given that term in Section 6.05(a). 
 “Percentage of Interests” means, as to any
Member, the percentage determined by dividing the Capital Contribution of such Member by the total Capital Contributions of all Members; as shown on Exhibit A to this Agreement. Exhibit A shall be amended from time to time by the
Managing Member to reflect changes in the Percentages of Interest resulting from changes in the relative Capital Contributions of the Members pursuant to the terms of this Agreement. 

“Person” has the meaning given that term in Subchapter I, Section 18-101(12) of the Act. 

“PFSI” means Penson Financial Services, Inc., a North Carolina corporation. 

“Prohibited Activity” has the meaning given that term in Section 6.05(a). 

“Proposed Transferee” has the meaning given that term in Section 3.02(b). 

“Purchase Price” has the meaning given that term in Section 3.02(b). 

“PWI” means Penson Worldwide, Inc., a Delaware corporation and the indirect parent of PFSI. 

“QNC” means Quivet Neck Capital LLC, an Illinois limited liability company. 

“Related Agreements” means each of the agreements referred to in Exhibit B. 

“Sale of Company Transaction” means either (i) the sale or other disposition, in one transaction or a series of
related transactions, of all or substantially all of the assets of the Company, or (ii) a transaction or series of transactions (including by way of merger, consolidation, recapitalization or reorganization) the result of which is that the
Members immediately prior to such transaction no longer, in the aggregate, hold (after giving effect to such transaction) 50% or more of the Percentage of Interests. 

  
 3 

 “Specified Persons” has the meaning given that term in
Section 6.05(a). 
 “Subsidiary” means any corporation, partnership, limited liability company,
joint venture or other entity in which a Person, directly or indirectly, owns of record or beneficially fifty percent (50%) or more of the outstanding voting securities or of which is a general partner. 

“Substituted Member” has the meaning given that term in Section 3.02. 

“Transfer” means a sale, assignment, transfer, exchange, mortgage, pledge, grant of a security interest, or any other
disposition or encumbrance of any kind whatsoever, whether direct or indirect (including, without limitation, by operation of law). 
 “Transferring Member” has the meaning given that term in Section 3.02(b). 
 “Transfer Notice” has the meaning given that term in Section 3.02(b). 
 “Transfer Notice Date” has the meaning given that term in Section 3.02(b). 
 “Transfer Percentage” has the meaning given that term in Section 3.02(b). 
 “Treasury Regulations” means the income tax regulations promulgated from time to time by the U.S. Department of Treasury. 

“W&W” means Woodland & West LLC, a Pennsylvania limited liability company. 

Other terms defined herein have the meanings so given them. 
 1.02 Construction. 
 Whenever the context requires, the gender of
all words used in this Agreement includes the masculine, feminine, and neuter. All references to Articles and Sections in this Agreement refer to articles and sections of this Agreement, and all references to Exhibits in this Agreement are to
Exhibits attached hereto, each of which is made a part hereof for all purposes. 
 ARTICLE II 

FORMATION 

2.01 Formation. 
 The Company has been formed as a Delaware limited liability company by the filing of a Certificate of Formation (the “Certificate”) with the office of the Delaware Secretary of State as
required under and pursuant to the Act. The rights and obligations of the Members shall be as provided in the Act, except as otherwise provided herein. 

  
 4 

 2.02 Name. 

The name of the Company is “Apex Clearing Holdings LLC” and all Company business must be conducted in that name or such other
names that comply with applicable law as the Managing Member may select from time to time. 
 2.03 Registered Office;
Registered Agent; Principal Office; Other Offices. 
 The registered office of the Company shall be the office of the
initial registered agent named in the Certificate or such other office (which need not be a place of business of the Company) as the Managing Member may designate from time to time in the manner provided by law. The registered agent of the Company
in the State of Delaware shall be the initial registered agent named in the Certificate or such other Person or Persons as the Managing Member may designate from time to time in the manner provided by law. The principal place of business of the
Company and any other offices of the Company shall be at such locations as the Managing Member may designate from time to time. 

2.04 Purpose. 
 The purpose of the Company is to transact any and all lawful business for which limited liability companies may be organized under the Act. 

2.05 Term. 
 The Company commenced on the date of the filing of the Certificate of Formation of the Company with the Secretary of State of Delaware and, except as otherwise provided in the Act or in this Agreement,
shall continue in existence perpetually. 
 2.06 Powers. 

The Company shall possess and may exercise any and all the powers and privileges granted by the Act or by any other applicable law to
limited liability companies or by this Agreement, together with any powers incidental thereto, so far as such powers and privileges are necessary or convenient to the conduct, promotion or attainment of the business, purposes or activities of the
Company, in each case as determined by the Managing Member. 

  
 5 

 ARTICLE III 
 MEMBERSHIP; DISPOSITIONS OF INTERESTS 
 3.01 Initial Members.

 The initial Members of the Company are ACS, PFSI, QNC and W&W, which are admitted to the Company as Members effective
contemporaneously with the execution of this Agreement. 
 3.02 Right of First Refusal. 

(a) Subject to Section 10.02 and Section 10.03, Transfers of any Membership Interest shall not occur without
first complying with the terms of this Section 3.02, provided that nothing herein shall be deemed to prohibit a Transfer in bankruptcy to a trustee in bankruptcy. 
 (b) If any Member proposes to Transfer any of its Membership Interest (the “Transferring Member”), then the Transferring Member shall deliver written notice in accordance with
Section 12.02 (the “Transfer Notice”) of such proposed Transfer simultaneously to the Company and the non-transferring Member (the “Non-Transferring Member”) at least 20 days prior to the closing of such
proposed Transfer (the date of delivery of the Transfer Notice, the “Transfer Notice Date”). The Transfer Notice shall describe in reasonable detail the proposed Transfer including, without limitation, the portion of the Percentage
of Interest held by the Transferring Member to be Transferred (the “Transfer Percentage”), the nature of such Transfer, the cash consideration to be paid for the Transfer Percentage (or, in the event that the consideration is other
than cash, the value of the consideration as determined in good faith by the Transferring Member and the Company) (the “Purchase Price”), and the name and address of the prospective transferee (the “Proposed
Transferee”). The Transferring Member shall enclose with the Transfer Notice a copy of a written offer, letter of intent or other written document signed by the Proposed Transferee setting forth the proposed terms and conditions of the
Transfer. 
 (c) The Non-Transferring Member shall have the right, subject to the terms of this Section 3.02, to
purchase all, but not less than all, of the Transfer Percentage on the same terms and conditions as set forth in the Transfer Notice, including the Purchase Price. If the Non-Transferring Member desires to exercise its right to purchase all of the
Transfer Percentage, it shall give written notice (the “Exercise Notice”) to the Transferring Member and the Company no later than 10 days after the Transfer Notice Date (i) stating that it desires to purchase all of the
Transfer Percentage, and (ii) setting forth a date of closing, which date shall not be earlier than 5 days and not later than 10 days following the date on which the Exercise Notice is given. At the closing, the Non-Transferring Member shall
purchase the Transfer Percentage by wire transfer of immediately available funds to an account designated by the Transferring Member. 
 (d) In the event that the Non-Transferring Member does not exercise its right of first refusal under this Section 3.02, then the Transferring Member may Transfer all of the Transfer Percentage
to the Proposed Transferee on the terms and conditions set forth in the Transfer Notice. Any proposed Transfer on terms and conditions different to the Proposed Transferee, than those described in the Transfer Notice, or any proposed Transfer on the
same terms and conditions to a transferee other than the Proposed Transferee, shall again be subject to the rights of first refusal, and shall require compliance by a Transferring Member with the procedures, described in this
Section 3.02. 

  
 6 

 (e) A Proposed Transferee who receives its Membership Interest following compliance of the
Transferring Member with this Section 3.02 shall be admitted to the Company as a substituted member (“Substituted Member”) upon agreement by such Substituted Member to be bound by the terms of this Agreement in form and
substance acceptable to the Managing Member. A Member shall cease to be a Member when the Member has Transferred all such Member’s interests in the Company to one or more transferees and all such transferees are or become admitted as
Substituted Members. 
 (f) A Substituted Member, or a Non-Transferring Member who exercised its right of first refusal in
accordance with this Section 3.02, shall be entitled to share in such distributions to which the Member whose Percentage Interest has been Transferred was entitled. 

(g) Any purported Transfer of any Membership Interest not in compliance with this Section 3.02 shall be null and void,
regardless of any notice provided to the Company, and shall not create any obligation or liability of the Company to the purported transferee. Any person purportedly acquiring any interest in the Company without compliance with this
Section 3.02 shall not be entitled to admission to the Company as, and shall not be, a Substitute Member. Any expenses (including reasonable legal fees) incurred by the Company relating to a purported Transfer not in compliance with this
Section 3.02 shall be paid, on demand, by the Member who made or attempted to make such purported Transfer. Distributions to that Member may be reduced by the amount of any such expenses not paid, together with interest at a per annum
rate equal to the Prime Rate (as published in the Wall Street Journal) plus 5%, accruing from the day following demand. 

3.03 Change in Ownership of Members. 
 Nothing in this Agreement shall in any way restrict any change in ownership of either Member. Without limiting the generality of the preceding sentence, PFSI acknowledges that PEAK6, the current owner of
ACS, intends to offer the holders of PWI’s 12.5% senior second lien secured notes and 8.00% senior convertible notes an opportunity to invest in ACS or acquire an equity interest in ACS from PEAK6. 

3.04 Business Transactions with Members and Managing Member. 

A Member may lend money to, borrow money from, act as a surety, guarantor or endorser for, guarantee or assume one or more specific
obligations of, provide collateral for, and transact other business with the Company and, subject to applicable law, shall have the same rights and obligations with respect to any such matter as a Person who is not a Member. 

3.05 Liability to Third Parties. 
 No Member or officer of the Company shall personally be liable for the debts, obligations or liabilities of the Company, whether arising in contract, tort or otherwise, including under a judgment, decree
or order of a court, which shall be solely debts, obligations and liabilities of the Company. Notwithstanding anything contained in this Agreement to the contrary, the failure of 

  
 7 

 
the Company or the Managing Member to observe any formalities or requirements relating to the exercise of the powers of the Company or management of its business and affairs under this Agreement
or the Act shall not be grounds for imposing personal liability on any Member for liabilities of the Company. 
 3.06
Withdrawal. 
 A Member does not have the right or power to withdraw or otherwise resign from the Company as a
member. 
 ARTICLE IV 
 CAPITAL CONTRIBUTIONS 
 4.01 Initial Contributions.

 (a) Upon the closing of the transactions contemplated by the Assignment and Assumption Agreement (and subject to the terms
and conditions thereof), PFSI shall make an initial contribution to the capital of the Company in the form of the capital contribution to Apex Clearing provided for in the Assignment and Assumption Agreement. The initial amount of PFSI’s
Capital Contribution is set forth opposite the name of PFSI on Exhibit A as of the date of closing of the transactions contemplated by the Assignment and Assumption Agreement. 

(b) Upon the closing of the transactions contemplated by the Assignment and Assumption Agreement (and subject to the terms and conditions
thereof), ACS shall make an initial cash contribution of $5,000,000 to the capital of the Company in the form of a direct cash contribution to Apex Clearing provided for in the Assignment and Assumption Agreement. The initial amount of ACS’s
capital contribution is set forth opposite the name of ACS on Exhibit A as of the date of closing of the transactions contemplated by the Assignment and Assumption Agreement. 

(c) Upon the closing of the transactions contemplated by the Assignment and Assumption Agreement (and subject to the terms and conditions
thereof), QNC shall make an initial cash contribution of $500,000 to the capital of the Company. The initial amount of QNC’s capital contribution is set forth opposite the name of QNC on Exhibit A as of the date of closing of the
transactions contemplated by the Assignment and Assumption Agreement. 
 (d) Upon the closing of the transactions contemplated
by the Assignment and Assumption Agreement (and subject to the terms and conditions thereof), W&W shall make an initial cash contribution of $500,000 to the capital of the Company. The initial amount of W&W’s capital contribution is set
forth opposite the name of W&W on Exhibit A as of the date of closing of the transactions contemplated by the Assignment and Assumption Agreement. 
 (e) Notwithstanding anything in this agreement to the contrary, if the Company is dissolved pursuant to Section 11.01(c) prior to the making of the initial contributions of capital provided
for in this Section 4.01, no party shall be obligated to make any contribution to capital hereunder. 

  
 8 

 4.02 Subsequent Contributions. 

Except as provided in Section 4.01, no Member shall have any obligation to make any Capital Contribution. Subsequent Capital
Contributions may be requested from time to time by the Managing Member, in which case all such subsequent Capital Contributions shall be made in accordance with the Percentage of Interests of the Members. If any Member does not contribute the full
amount of any subsequent Capital Contribution in accordance with its Percentage of Interests at such time, the Managing Member may permit other Members to make additional Capital Contributions equal to the amount of such shortfall in amounts
determined by the Managing Member, and the Managing Member shall make corresponding changes to the Members’ Capital Contributions and Percentage of Interests as necessary to reflect such disproportionate Capital Contributions. 

4.03 Return of Contributions. 
 A Member is not entitled to the return of any part of its Capital Contributions or to be paid interest in respect of its Capital Contribution. An unrepaid Capital Contribution is not a liability of the
Company or of any Member. A Member is not required to contribute or to lend any cash or property to the Company to enable the Company to return any Member’s Capital Contribution. 

4.04 Securities Laws Restrictions on Membership Interests. 

The Members acknowledge and agree that the Membership Interests have not been registered under the Securities Act and that, therefore, in
addition to the other restrictions on Transfer contained in this Agreement, cannot be sold unless such transaction is registered under the Securities Act and any other applicable securities law or an exemption from such registration is then
available. 
 4.05 Additional Persons or Members 

Notwithstanding anything to the contrary contained herein, at any time after the date hereof, the Managing Member may, upon execution and
delivery to the Managing Member of a counterpart signature to this Agreement or a joinder agreement hereto, admit any Person as a Member and update Exhibit A hereto to reflect such admission and the applicable Capital Contribution and
Percentage of Interest and, for existing Members, reduction in Percentage of Interest; provided, that the amount of aggregate Capital Contributions from such future Members does not exceed $5,000,000 in the aggregate. 

ARTICLE V 

DISTRIBUTIONS; PERCENTAGE OF INTERESTS 
 5.01 Distributions. 
 (a) The Company shall make such distributions
as the Managing Member determines. 

  
 9 

 (b) Except as expressly otherwise provided in this Agreement, all distributions by the
Company to the Members shall be made to the Members in accordance with their then respective Percentage of Interests in the Company. 
 5.02 Percentage of Interests. 
 The Managing Member may make
adjustments to the Members’ Percentage of Interests (i) without the approval of the Majority Members pursuant to Section 4.02 or Section 12.01(b) and (ii) otherwise, with the approval of the Majority Members,
including in order to reflect the admission of a new Member. 
 ARTICLE VI 

MANAGING MEMBER; OFFICERS 
 6.01 The Managing Member. 
 (a) ACS shall be the “manager”
of the Company for the purposes of the Act and this Agreement (the “Managing Member”). Except as otherwise specifically provided in this Agreement, (i) all management powers over the business and affairs of the Company shall be
exclusively vested in the Managing Member and (ii) the Managing Member shall conduct, direct and exercise full control over all activities of the Company. The Managing Member may act through such persons as it, in its sole discretion, deems
necessary and appropriate to perform its duties hereunder and may designate any such persons as officers of the Company. In the event ACS transfers its Membership Interests, in whole or in part, it may designate such transferee as the successor
Managing Member. Notwithstanding the foregoing, the Managing Member may not sell, transfer or assign a material portion of the assets of the Company and its Subsidiaries (taken as a whole) in one or a series of related transactions (other than the
Company or a Subsidiary of the Company), to an Affiliate of the Managing Member, without the consent of the Majority Members. 

(b) In consideration for providing services as Managing Member, the Company shall pay to the Managing Member an annual management fee
(the “Management Fee”) beginning as of the date of closing of the transactions contemplated by the Assignment and Assumption Agreement and continuing through the end of the term of this Agreement. The annual Management Fee shall be
equal to twenty percent (20%) of the first $10,000,000 of the Company’s consolidated net profits and thirty percent (30%) of any consolidated net profits of the Company in excess of $10,000,000 (in each case, as determined by the
Managing Member) for the calendar year for which such Management Fee applies. Any payment of the Management Fee for any period other than a full calendar-year period shall be adjusted on a pro rata basis according to the actual number of days in
such period. The annual Management Fee with respect to each calendar year shall be due and payable no later than 60 days following the end of such calendar year. 

  
 10 

 6.02 Voting Rights. 

Except as otherwise specifically provided in this Agreement, the Members (other than the Managing Member) shall have no voting, consent
or approval rights under this Agreement. 
 6.03 Action by Written Consent. 

Any action permitted or required by the Act, the Certificate, or this Agreement to be taken at a meeting of the Members may be taken
without a meeting if a consent in writing, setting forth the action to be taken, is signed by the Managing Member, except to the extent any matter under the Act requires the approval of the Majority Members, in which case such action may be taken
without a meeting if a consent in writing setting forth the action to be taken is signed by the Majority Members. Such consent shall have the same force and effect as a unanimous vote at a meeting and may be stated as such in any document or
instrument filed with the Secretary of State of Delaware, and the execution of such consent shall constitute attendance or presence in person at a meeting of the Members. 
 6.04 Compensation. 
 The Members (other than the Managing Member,
which shall be compensated in accordance with Section 6.01), shall receive such compensation, if any, for their services as may be designated from time to time by the Managing Member. In addition, the Managing Member shall be entitled to
be reimbursed for out-of-pocket costs and expenses incurred in the course of its service hereunder. 
 6.05 Conflicts of
Interest. 
 (a) The Managing Member and its Affiliates (but excluding the Company and its Subsidiaries from the
definition of Affiliates for purposes of this Section 6.05) and their respective managers, directors, officers, shareholders, partners, members, employees, representatives, and agents (including any of their representatives serving on
the board of directors or board of managers of the Company’s Subsidiaries or as officers or employees of the Company or any of its Subsidiaries) (collectively, the “Specified Persons”), at any time and from time to time may
engage in and hold interests in other business ventures of any and every type and description, independently or with others; provided, however, that PEAK6 Investments, L.P. (“PEAK6”) and its Non-Advisory Subsidiaries shall not
engage in the business of providing clearing and settlement services for unaffiliated correspondent customers (the “Prohibited Activity”) (it being understood that nothing in this proviso shall restrict or prohibit PEAK6, or any of
its Subsidiaries from (i) owning any class of capital stock of any corporation if such stock is publicly traded and listed on any national or regional stock exchange; provided, however that this exception shall not apply if such ownership of
such class of capital stock exceeds 5% and PEAK6 and/or its Non-Advisory Subsidiary, as the case may be, have acquired such stock with the intent to control or influence the control of the issuer or (ii) acquiring an entity, business,
operations or assets if the Prohibited Activity comprises less than 10% of the revenue of such acquired entity, business, operations or assets). Further, (i) no Specified Person shall have any obligation to offer to the Company, any of its
Subsidiaries or any other Member or officer the right to participate in, and the Specified Person shall not be obligated to present, any particular 

  
 11 

 
business opportunity to the Company, any of its Subsidiaries or any other Member or officer, even if such opportunity is of a character which, if presented to the Company, any of its Subsidiaries
or any other Member or officer, could be taken by such Person (the “Business Opportunities”), in each case, regardless of whether such Business Opportunities are presented to a Specified Person in his, her or its capacity as a
Member, the Managing Member, director or manager on the board of directors or board of managers of the Company or any of its Subsidiaries or officer or employee of the Company or any of its Subsidiaries or otherwise, (ii) none of the Specified
Persons will be obligated to inform or present the Company, any of its Subsidiaries or any other Member or officer of or with any such Business Opportunity, and (iii) neither the Company, any of its Subsidiaries or any other Member or officer
will have or acquire or be entitled to any interest or expectancy or participation (such right to any interest, expectancy or participation, if any, being hereby renounced and waived) in any Business Opportunity as a result of the involvement
therein of any of the Specified Persons. 
 (b) The Company may transact business with any Member or officer, any joint venture
partner, any Persons or entities that have commercial relationships with a Member or officer, or any Affiliate of any of the foregoing. The conduct of such business shall be on terms determined by the Managing Member in accordance with the terms of
this Agreement. 
 (c) A Member may make any decision or determination, or take any action, or exercise any right, power or
privilege, in its sole and absolute discretion acting in the best interest of such Member and not as a fiduciary of the Company or the other Members. Except for any duties expressly imposed by this Agreement, each Member shall owe no duty of any
kind towards the Company or the other Members in performing its duties and exercising its rights hereunder or otherwise. 

6.06 Third Parties. 
 Any Person other than a Member dealing with the Company, may rely on the authority of the Managing Member or any designee of the Managing Member in taking any action in the name of the Company without
inquiry into the provisions of this Agreement or compliance herewith, regardless of whether that action actually is taken in accordance with the provisions of this Agreement. 
 6.07 Meetings of Members. 
 Annual meetings of the Members of the
Company, if any, shall be held at such time, date and place as the Managing Member shall determine. All meetings of the Members of the Company shall be held at such time, date and place, within or without the State of Delaware, as may from time to
time be designated by the Managing Member and specified in the notices or waivers of notice thereof. 
 6.08
Voting. 
 For all matters that are required by applicable law to be voted on by the Members, the Members shall vote
in accordance with the Percentage of Interests set forth on Exhibit A. 

  
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 ARTICLE VII 
 LIABILITY AND INDEMNIFICATION 
 7.01 Limitation of Duties and
Liability of Managing Member. 
 (a) The Managing Member shall not have any duties (including fiduciary duties) or
liabilities relating thereto to the Company, its Subsidiaries or the Members, except as otherwise specifically provided in this Agreement. The Managing Member shall not be liable to the Company or to any Member for any loss or damage sustained by
the Company or any Member, unless the loss or damage shall have been the result of (i) fraud or willful misconduct by the Managing Member or (ii) an intentional material breach of this Agreement by Managing Member which continues for
thirty (30) days after notice is received from PFSI; provided, that the Managing Member shall not be liable for any incidental, consequential, punitive, exemplary, statutory or treble damages attributable to any such breach. The Managing Member
shall not be personally liable under any judgment of a court, or in any other manner, for any debt, obligation or liability of the Company, whether that liability or obligation arises in contract, tort or otherwise, solely by reason of being the
Managing Member of the Company. The Managing Member shall be entitled to rely upon the advice of legal counsel, independent public accountants and other experts, including financial advisors, and any act of or failure to act by the Managing Member
in reliance on such advice shall in no event subject the Managing Member to liability to the Company or any Member. 
 7.02
Liability of Members. 
 No Member shall be liable, responsible or accountable, in damages or otherwise, to any other
Member or to the Company for any act performed or omitted to be performed by the Member with respect to Company matters, except for fraud or willful misconduct or an intentional breach of this Agreement. This Section 7.02 shall be
subject to Section 7.01 with respect to the Managing Member and shall not relieve PFSI of any of its obligations under any other agreement with the Company or Apex Clearing, including under the Related Agreements. 

7.03 Right to Indemnification. 
 (a) The Company hereby agrees to indemnify and hold harmless any Person (each an “Indemnified Person”) to the fullest extent permitted under the Act, as the same now exists or may
hereafter be amended, substituted or replaced (but, in the case of any such amendment, substitution or replacement only to the extent that such amendment, substitution or replacement permits the Company to provide broader indemnification rights than
the Company is providing immediately prior to such amendment), against all expenses, liabilities and losses (including reasonable attorneys’ fees, judgments, fines, excise taxes or penalties) reasonably incurred or suffered by such Person (or
one or more of such Person’s Affiliates) by reason of the fact that such Person (i) is or was a Member, (ii) is or was serving as the Managing Member, or (iii) in the case of the Managing Member and its Affiliates only, is or was
serving as an officer, principal, member, partner, employee or other agent of the Company or is or was serving at the request of the Company as the manager, officer, director, principal, member, partner, employee or agent of another corporation,
partnership, joint venture, limited liability company, trust or other enterprise; provided that no Indemnified Person shall be indemnified for any expenses, liabilities 

  
 13 

 
and losses suffered that are attributable to such Indemnified Person’s or its Affiliates’ fraud or willful misconduct, or for any present or future breaches of any representations,
warranties, agreements or covenants by such Indemnified Person or its Affiliates contained herein or in any other agreements with the Company. Subject to the prior approval of the Managing Member, expenses, including attorneys’ fees, incurred
by any such Indemnified Person in defending a proceeding shall be paid by the Company in advance of the final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Indemnified Person
to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by the Company. The Company may, at its expense, by notice to such Indemnified Person, assume the exclusive right to defend,
compromise or settle any claim or proceeding with counsel selected by the Company; provided that such Indemnified Person shall have the right to participate in any such claim or proceeding and to employ counsel, at its own expense, it being
understood, however, that the Company shall control such defense; provided, further that such Indemnified Person will not be bound by any compromise or settlement effected with respect to such claim or proceeding with respect to which it is
indemnified hereunder without its consent, which consent shall not be unreasonably withheld, conditioned or delayed. Whether or not the Company shall have assumed the defense of a claim or proceeding, no Indemnified Person shall admit any liability
with respect to, or settle, compromise or discharge, any claim or proceeding without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. 

(b) The Company hereby acknowledges that certain of the Indemnified Persons also have certain rights to indemnification, advancement of
expenses and/or insurance provided by ACS and/or certain of its Affiliates and members (collectively, the “Fund Indemnitors”). The Company hereby agrees with respect to any indemnification, hold harmless obligation, expense
advancement or reimbursement provision or any other similar obligation to an Indemnified Person under Section 7.03(a), (i) that it is the indemnitor of first resort (i.e., its obligations to the Indemnified Persons are primary and
any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by any Indemnified Person is secondary), (ii) that it shall be required to advance the full amount of
expenses incurred by any Indemnified Person and shall be liable for the full amount of all expenses, judgments, penalties, fines, and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement or any
other agreement, as applicable, without regard to any rights any Indemnified Person may have against the Fund Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the
Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any Indemnified Person with respect to any claim for
which any Indemnified Person has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of
recovery of any Indemnified Person against the Company. 
 (c) The right to indemnification and the advancement of expenses
conferred in this Section 7.03 shall not be exclusive of any other right which any Person may have or hereafter acquire under any statute, agreement, by-law, approval of the Managing Member or otherwise. The Company agrees that the
Indemnified Persons and the Fund Indemnitors are express third-party beneficiaries of the terms of this Section 7.03. 

  
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 (d) The Company may maintain insurance, at its expense, to protect any Indemnified Person
against any expense, liability or loss described in Section 7.03(a) whether or not the Company would have the power to indemnify such Indemnified Person against such expense, liability or loss under the provisions of this
Section 7.03. 
 (e) Notwithstanding anything contained herein to the contrary (including in this
Section 7.03), any indemnity by the Company relating to the matters covered in this Section 7.03 shall be provided out of and to the extent of the Company assets only and no Member (unless such Member otherwise agrees in
writing or is found in a final decision by a court of competent jurisdiction to have personal liability on account thereof) shall have personal liability on account thereof or shall be required to make additional Capital Contributions to help
satisfy such indemnity of the Company. 
 (f) If this Section 7.03 or any portion hereof shall be invalidated on any
ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this Section 7.03 to the fullest extent permitted by any applicable portion of this
Section 7.03 that shall not have been invalidated and to the fullest extent permitted by applicable law. 
 7.04
Nature of Obligation. 
 The Members agree that the relationship and obligations of the Managing Member to the
Company are the contractual relationship and obligations solely as set forth in this Agreement and that it shall have no other obligations to the Company by reason of its status as Managing Member, including without limitation any fiduciary
obligations, other than those so set forth. 
 ARTICLE VIII 

TAXES 

8.01 Tax Elections. 
 For federal tax purposes, the Members intend for the Company to be classified as an association taxable as corporation. Effective as of the date of formation, the Company shall file IRS Form 8832 to elect
to be classified as an association taxable as a corporation in accordance with Treasury Regulations Section 301.7701-3(c). Any change to that election will require approval of the Majority Members. However, if the Managing Member proposes a
change to the tax election, PFSI’s approval shall not be unreasonably withheld. All other elections permitted to be made by the Company under federal, state, local or foreign laws shall be made by the Managing Member in its sole discretion.

 8.02 Tax Returns. 
 The Managing Member shall cause to be prepared and filed all necessary federal and state income tax returns for the Company, including making the elections described in Section 8.01.

  
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 ARTICLE IX 
 BOOKS, RECORDS, REPORTS, AND BANK ACCOUNTS 
 9.01 Maintenance of
Books. 
 (a) The Company shall keep books and records of accounts and shall keep minutes of the proceedings of its
Members as determined by the Managing Member. The books of account for the Company shall be maintained in accordance with the terms of this Agreement. 
 (b) PFSI shall be afforded access to examine and review the books and records of the Company during normal business hours and upon at least three (3) business days’ notice for a purpose
reasonably related to its interest as a Member. No Member (other than ACS and PFSI) shall be entitled to access the books and records of the Company. The Company shall retain all its books and records as determined by the Managing Member.

 (c) All information received by PFSI pursuant to this Section 9.01 shall be deemed to be Confidential
Information. 
 9.02 Accounts. 
 The Managing Member shall establish and maintain one or more separate bank and investment accounts and arrangements for Company funds in the Company name with financial institutions and firms that the
Managing Member determines. 
 9.03 Confidentiality. 

(a) PFSI agrees to keep confidential (i) this Agreement (except as required by law), (ii) any correspondence between and among
the Members, the Company and Apex Clearing and (iii) all non-public information provided to it in connection with this Agreement and the business of the Company and Apex Clearing (collectively, the “Confidential Information”).

 (b) The Managing Member agrees to keep confidential (i) all non-public information concerning PFSI in its capacity as
Member provided by PFSI to the Managing Member after the date of closing of the transactions contemplated by the Assignment and Assumption Agreement, and (ii) all non-public information regarding PFSI’s ownership of the Company, in each
case except (i) as required by law or legal process, (ii) in connection with the Managing Member conducting the business and affairs of the Company, and (iii) subject to the Managing Member obtaining a customary confidentiality
agreement (as determined by the Managing Member in good faith), in connection with any Sale of Company or Transfer of Membership Interests. 
 ARTICLE X 
 RELATED AGREEMENTS; INDEMNIFICATION 

10.01 Related Agreements. 
 PFSI hereby represents and warrants to ACS upon the closing of the transactions contemplated by the Assignment and Assumption Agreement, each of the agreements set forth on Exhibit B shall have
been duly executed and delivered by each of the named parties therein 

  
 16 

 
and all actions and transactions contemplated by such agreements to be taken or consummated prior to the date of such closing have been so taken and consummated, including the capital
contribution by PFSI to Apex Clearing provided for in the Assignment and Assumption Agreement. 
 10.02 Sale of the
Company. 
 (a) The Managing Member, acting upon the approval of the Majority Members, may at any time effect a Sale of
the Company. 
 (b) In addition to the rights set forth in Section 10.02(a), the Managing Member, acting without the
need for any approval of any Member, may at any time effect a Sale of the Company provided that such sale is to a non-Affiliate of the Managing Member. 
 (c) The consideration in any Sale of the Company pursuant to this Section 10.02 shall be distributed to the Members as if the transaction were a dissolution as provided in
Section 11.02(b). Any distribution to PFSI shall be subject to Section 12.01. 
 (d) If the Managing
Member approves a Sale of Company under Section 10.02 (an “Approved Sale”): 
 (i) each Member
shall take all necessary or desirable actions in connection with the consummation of the Approved Sale as reasonably requested by the Managing Member, including executing and delivering any and all agreements, instruments, consents, waivers,
releases and other documents requested by the Majority Holder (including any applicable purchase agreement, stockholders agreement and/or indemnification and/or contribution agreement), filing applications, reports, returns, filings and other
documents or instruments with governmental authorities and otherwise cooperating with the Managing Member and any prospective purchaser; and 
 (ii) each Member will bear its pro rata share (based on its Percentage of Interests sold by such Member in relation to all Percentage of Interests) of the out-of-pocket costs of any Approved Sale which
are borne the Managing Member to the extent such costs are not otherwise paid by the Company or the acquiring party. Costs incurred by Members on their own behalf will not be considered costs of the transaction hereunder. 

10.03 Purchase Option. 
 (a) PFSI hereby grants ACS the option, which ACS may exercise, in whole or in part, from time to time and at any time, to purchase any or all PFSI’s Membership Interests for an aggregate purchase
price equal to the then-current Option Purchase Price. In the event PFSI elects to purchase less than all of PFSI’s Membership Interests, then the purchase price for the purchased Membership Interests shall be a pro rata portion of the
aggregate purchase price for all of PFSI’s Membership Interests (based on its Percentage of Interests so sold in relation to all its Percentage of Interests). 
 (b) In order to exercise the right in Section 10.03(a), ACS shall give written notice to PFSI of its intention to exercise such option and, subject to receipt of any required regulatory

  
 17 

 
approvals, each of ACS and PFSI shall conclude the purchase of the PFSI Membership Interests specified in such notice as soon as reasonably practicable thereafter. PFSI agrees to cooperate with
ACS in obtaining any required regulatory approvals. 
 (c) In the event ACS acquires the Membership Interests of PFSI pursuant
to this Section 10.03, PFSI shall deliver to ACS an assignment or assignments of all of PSFI’s right, title and interest in the Membership Interests specified by ACS, and such evidence of PFSI’s existence, good standing and
authority and the due execution and delivery by PFSI of the assignment and any documents related thereto as ACS shall request. 

(d) ACS may, at its sole election, set off against any amount payable to PFSI under this Section 10.03, all present and
future amounts payable by PFSI or any of its Affiliates to ACS or any of its Affiliates under this Agreement or any Related Agreement, and any such set-off will be deemed to be payment by ACS for all purposes. Nothing in this
Section 10.03(d) will require any party to pursue recovery under any of its insurance policies. 
 10.04 No
Appraisal Rights. 
 No Member shall be entitled to any appraisal rights with respect to such Member’s Membership
Interests, whether individually or as part of any class or group of Member, in the event of a liquidation, dissolution, merger, consolidation, Sale of Company or other transaction involving the Company or its securities or under any other
circumstance described in Section 18-210 of the Act, unless such rights are expressly provided by the agreement of merger, agreement of consolidation or other document effectuating such transaction. 

10.05 Member Further Assurances. 
 Each Member recognizes and acknowledges that the Company must comply with various federal and state laws and regulations. In connection therewith, each Member agrees to promptly provide the Company with
such information, documents and disclosures as shall be reasonably requested by the Company with respect to such Member in furtherance of compliance by the Company with applicable laws and regulations. 

ARTICLE XI 

DISSOLUTION, LIQUIDATION, AND TERMINATION 
 11.01 Dissolution. 
 The Company shall dissolve and its affairs
shall be wound up on the first to occur of the following: 
 (a) the decision by the Majority Members to dissolve the Company;

 (b) entry of a decree of judicial dissolution of the Company under the applicable provisions of the Act; or 

(c) the termination of the Assignment and Assumption Agreement. 

  
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 11.02 Winding Up, Liquidation and Distribution of Assets. 

(a) Upon dissolution of the Company, an accounting shall be made by the Company’s accountants of the accounts of the Company and of
the Company’s assets, liabilities and operations, from the date of the last previous accounting until the date of dissolution. The Managing Member shall immediately proceed to wind up the affairs of the Company. 

(b) If the Company is dissolved and its affairs are to be wound up, the Managing Member shall (i) sell or otherwise liquidate all of
the Company’s assets as promptly as practicable (except to the extent the Managing Member may determine to distribute any assets to the Members in kind), (ii) discharge all liabilities of the Company (other than liabilities to Members),
including all costs relating to the dissolution, winding up, liquidation and distribution of assets, (iii) establish such reserves as may be reasonably necessary to provide for contingent liabilities of the Company, (iv) discharge any
liabilities of the Company to the Managing Member, (v) discharge any liabilities of the Company to the Members, and (vi) distribute the remaining assets to the Members, pro rata in accordance with their Percentage of Interests but subject,
in the case of PFSI, to Section 12.01. 
 (c) If any assets of the Company are to be distributed in kind, for
purposes of Section 11.02(b), above, the net fair market value of such assets as of the date of dissolution shall be determined by independent appraisal or by the Managing Member. 

11.03 Certificate of Cancellation. 
 On completion of the distribution of Company assets as provided herein, the Company is terminated, and the Managing Member (or such other Person or Persons as the Act may require or permit) shall file a
Certificate of Cancellation with the Secretary of State of Delaware, cancel any other filings made pursuant to Section 2.06, and take such other actions as may be necessary to terminate the Company. 

ARTICLE XII 

GENERAL PROVISIONS 
 12.01 Finally Determined Amounts. 
 (a) Notwithstanding anything to
the contrary in this Agreement, PFSI shall not be entitled to receive any distributions hereunder (including without limitation pursuant to Section 5.01 and Section 11.02) at any time when there are any Finally Determined
Company Amounts. The Managing Member may, at its sole election and from time to time (i) withhold from any distributions payable by the Company to PFSI hereunder an amount equal to all or any portion of the Finally Determined Company Amounts or
(ii) reduce PFSI’s Capital Contribution by an amount equal to all or any portion of any Finally Determined Company Amounts, recalculate the Percentage of Interests of each Member after taking such reduction into account and amend
Exhibit A to reflect the reduction of PFSI’s Capital Contribution and the new Percentage of Interests of each Member. The Company, the Managing Member and PFSI agree that in the event that the Managing Member makes such an election, PFSI
shall be deemed to have satisfied an amount payable to the Company, Apex Clearing or any of their Subsidiaries, as the case may be, equal to the amount of such withheld distribution or reduction, as the case may be. 

  
 19 

 (b) Notwithstanding anything to the contrary in this Agreement, PFSI shall not be entitled
to receive any distributions hereunder (including without limitation pursuant to Section 5.01 and Section 11.02) at any time when there are any Finally Determined Apex Amounts. The Managing Member may, at its sole election
and from time to time, (i) withhold from any distributions payable by the Company to PFSI hereunder an amount equal to all or any portion of the Finally Determined Apex Amounts and pay such amount directly to ACS or the Affiliate thereof to
whom such amount is owed or (ii) reduce PFSI’s Capital Contribution by an amount equal to all or any portion of any Finally Determined Apex Amounts, designate such amount as an additional Capital Contribution by ACS, recalculate the
Percentage of Interests of each Member after taking such reduction into account and amend Exhibit A to reflect such changes in Capital Contributions and the new Percentage of Interests of each Member. The Company, the Managing Member and PFSI
agree that in the event that the Managing Member makes such an election, PFSI shall be deemed to have satisfied an amount payable to ACS or any of its Affiliates, as the case may be, equal to the amount of such withheld distribution or reduction, as
the case may be. 
 12.02 Notices. 
 Any notice, request or consent provided for in, or permitted by, this Agreement will be in writing and will be either personally delivered or sent for next day delivery by a nationally recognized
overnight courier service (charges prepaid). All notices, requests, and consents to be sent to a Member must be sent to or made at the addresses given for that Member on Exhibit A, or such other address as that Member may specify by notice to
the other Members. Any notice, request, or consent to the Company must be given to the Company at the following address: c/o PEAK6 Investments, L.P., 141 W. Jackson Blvd., Suite 500, Chicago, IL 60604. Whenever any notice is required to be given by
law, the Certificate or this Agreement, a written waiver thereof, signed by the Person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. 

12.03 Entire Agreement. 
 This Agreement, together with the Certificate, constitutes the entire agreement of the Members relating to the Company and supersedes all prior contracts or agreements with respect to the Company, whether
oral or written. 
 12.04 Effect of Waiver or Consent. 

A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its
obligations with respect to the Company is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to the Company. Failure on the part of a
Person to complain of any act of any Person or to declare any Person in default with respect to the Company, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default
until the applicable statute-of-limitations period has run. 

  
 20 

 12.05 Amendment or Modification 

Except as may be expressly provided otherwise herein, this Agreement may be amended or modified from time to time only by a written
instrument executed by the Majority Members. 
 12.06 Binding Effect; No Third Party Beneficiaries. 

Subject to the restrictions on transfers set forth in this Agreement, this Agreement is binding on and inures to the benefit of the
Members and their respective successors and assigns. There are no third party beneficiaries of this Agreement. 
 12.07
Governing Law; Severability; Jurisdiction. 
 THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAW OF THE STATE OF DELAWARE, EXCLUDING ANY CONFLICT-OF-LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. In the event of a direct conflict between the provisions of
this Agreement and (a) any provision of the Certificate, or (b) any mandatory provision of the Act (or to the extent such statutes are incorporated into the Act, or the Delaware General Corporation Law), the applicable provision of the
Certificate, the Act, the Delaware General Corporation Law shall control. If any provision of this Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to any extent, the remainder of this Agreement and
the application of that provision to other Persons or circumstances shall not be affected thereby and that provision shall be enforced to the greatest extent permitted by law. 
 All actions and proceedings arising out of or relating to this Agreement, including the resolution of any and all disputes hereunder, shall be heard and determined in the state and federal courts located
in Chicago, Illinois, and the Parties to this Agreement hereby irrevocably submit to the exclusive jurisdiction of such courts in any such action or proceeding and irrevocably waive the defense of an inconvenient forum to the maintenance of any such
action or proceeding. 
 12.08 Waiver of Jury Trial. 

THE PARTIES, BY ACCEPTANCE OF THIS AGREEMENT, HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR ANY ACTS OR OMISSIONS OF A PARTY HERETO. 

12.09 Counterparts. 
 This Agreement may be executed in any number of counterparts with the same effect as if all signing parties had signed the same document. All counterparts shall be construed together and constitute the
same instrument. The execution of this Agreement by facsimile signature shall be sufficient for all purposes and shall be binding on any Person who so executes. 

  
 21 

 IN WITNESS WHEREOF, following adoption of this Agreement, the Members have executed this
Agreement as of the date first set forth above. 
  

			
	PENSON FINANCIAL SERVICES, INC.
		
	By:	 	  

	Name:
	Title:
	
	QUIVET NECK CAPITAL LLC
		
	By:	 	  

	Name:
	Title:
	
	WOODLAND & WEST LLC
		
	By:	 	  

	Name:
	Title:
	
	APEX CLEARING SOLUTIONS, LLC in its capacity as managing member of Apex Clearing Holdings LLC
	
	By: PEAK6 INVESTMENTS, L.P., in its capacity as Manager of Apex Clearing Solutions LLC
	
	By: PEAK6 LLC
	Its: General Partner
		
	By:	 	  

	Name:
	Title:

 [Signature Page to Limited Liability Company Agreement 

of APEX Clearing Holdings, LLC] 

  
 22

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