Document:

Termination and Mutual Release Agreement

 Exhibit 10.5 
 TERMINATION AND MUTUAL RELEASE AGREEMENT 
 This
Termination and Mutual Release Agreement (this “Agreement”) is made and entered into as of the
5th day of June, 2012 (the “Effective
Date”), by and among Broadridge Financial Solutions, Inc. (“Broadridge Financial”), Ridge Clearing & Outsourcing Solutions, Inc. (“Ridge”), Broadridge Financial Solutions (Canada) Inc.,
(“Broadridge Canada” and, together with Broadridge Financial and Ridge, collectively “Broadridge”), Penson Worldwide, Inc. (“PWI”), Penson Financial Services, Inc. (“PFSI”) and
Penson Financial Services Canada Inc. (“PFSC” and, together with PWI and PFSI, collectively “Penson”) (Broadridge, PWI, PFSC and PFSI is referred to each as a “Party” and collectively, as the
“Parties”). 
 RECITALS: 
 WHEREAS, Broadridge Financial and PWI entered into that certain Master Services Agreement dated as of November 2, 2009, as amended from time to time prior to the date hereof (as amended, the
“MSA”); 
 WHEREAS, Broadridge Financial and PWI agreed to cause their respective affiliates to enter into
schedules governed by the terms of the MSA (including, without limitation, any and all attachments thereto, each a “Schedule” and collectively, the “Schedules,” and the MSA, the Schedules and all attachments and
other documents, agreements and instruments related thereto referred to as the “MSA Documents”), by which certain affiliates of Broadridge (the “Ridge Local Affiliates”) would provide certain services to certain
affiliates of PWI, including PFSI and PFSC, (the “Penson Local Affiliates”) in Canada, the United States and the United Kingdom1; 
 WHEREAS, Broadridge, the Ridge Local Affiliates, Penson and the Penson Local Affiliates (each of the foregoing, an “MSA Party,” and, collectively, the “MSA Parties”) did
enter into certain Schedules to provide certain services, which are governed by the terms of the MSA; 
 WHEREAS, PFSI has
advised Broadridge that it has been ordered by FINRA to sell, transfer or convey its U.S. correspondent clearing business as soon as possible or its U.S. correspondent clearing business will be shut down and liquidated, thereby triggering a
termination of schedules under the MSA Documents (the “FINRA Order”); 
 WHEREAS, as a result of the FINRA Order noted
above, PFSI and Penson have determined that a termination of the MSA documents is imminent and unavoidable; 
  

	1 	All capitalized terms not defined herein shall have the meanings given to them in the MSA Documents. 

 WHEREAS, Broadridge Financial has agreed, at the request of Penson, which has advised
Broadridge that it is acting in furtherance of the FINRA Order, to transfer (the “Ridge Transaction”) the equity interests in Ridge to Apex Clearing Holdings LLC (“Newco”); 

WHEREAS, Penson has informed Broadridge that subsequent to completion of the Ridge Transaction, in furtherance of the FINRA Order, it
intends to transfer to Ridge certain correspondent clearing contracts, and related underlying customer accounts, including those of PFSI (collectively, the “Transferred Accounts”), which prior to the date hereof were supported
indirectly through the services provided by Broadridge and the Ridge Local Affiliates pursuant to the MSA Documents (the “Acquisition Transaction”); 
 WHEREAS, Broadridge has determined, despite the imminent termination of those Schedules (the “Terminating Schedules”) pursuant to which certain of the Ridge Local Affiliates provide
services to certain of the Penson Local Affiliates in the United States and the United Kingdom, to allow the termination of such Terminating Schedules on the terms and conditions hereof without triggering the full termination damages described in
Section 3 hereof; 
 WHEREAS, Penson has determined that it is in the best interests of Penson and its customers that
Broadridge and the Ridge Local Affiliates cooperate in transferring the Transferred Accounts and to continue to provide services related to such Transferred Accounts; and 
 WHEREAS, Ridge has requested that Broadridge and the Ridge Local Affiliates provide services to Ridge in the United States similar to those governed by the MSA Documents pursuant to a new services
contract with Ridge in form and substance acceptable to Broadridge and Ridge (the “New Services Agreement”) concurrent with or immediately following the transfer of the Transferred Accounts. 

NOW THEREFORE, in consideration of the terms and conditions set forth herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows: 
 Section
1. Termination of Agreements. On the terms of and subject to the conditions set forth in this Agreement, and effective as of the Effective Date, the Parties hereby terminate each of the Terminating Schedules and acknowledge and agree that,
except as otherwise expressly provided in this Agreement, no Party has any further obligations or shall derive any consideration or other benefit under any of the Terminating Schedules. 

Section 2. Termination of Broadridge Seller Note. Broadridge agrees that, subject to and conditioned upon the occurrence of the
Closing (as defined below), and subject to the terms of Section 8 hereof, that certain Amended and Restated Seller Note, dated effective as of July 1, 2011 (the “Broadridge Seller Note”), in the original principal amount
of $20,578,155, shall be cancelled and all obligations of PWI under the Broadridge Seller Note, including but not limited to any liabilities with respect to legal, accounting or other expenses or reimbursements, are hereby discharged and released in
full. 
 Section 3. Transition Assistance. Notwithstanding anything in Section 1 above or

  
 2 

 
in the MSA Documents, (a) Penson agrees that it will assist in the transfer of Transferred Accounts to Ridge, as may be reasonably requested by Broadridge subsequent to the date hereof; and
(b) Broadridge agrees that, notwithstanding anything to the contrary in any MSA Documents, it will allow Penson continued use of, and will continue to provide to Penson, without charge, the Software and Services pursuant to the MSA Documents,
as necessary to enable Penson to complete the orderly transfer of Transferred Accounts and related assets in accordance with all applicable legal and regulatory requirements. 
 Section 4. Termination Claims. Broadridge contends that as a result of the termination of the Terminating Schedules, it has incurred and suffered and has the right to assert claims, including for
Damages, against PWI and PFSI in an amount not less than $87 million (the “Termination Claims”). Penson disputes the Termination Claims and contends that it possesses valid defenses to such claims. The Parties now desire and intend
to settle, compromise and resolve the Termination Claims on the terms set forth herein, subject to the terms of Section 8 hereof, and to that end, enter into this Agreement and the Releases contained in Section 7 hereof. 

Section 5. Remaining MSA Termination Claims. In order to induce Broadridge to enter into this Agreement, to agree to the
termination of the Terminating Schedules, and to waive certain of its rights, claims and interests under the MSA Documents, the parties agree that from and after the Effective Date, subject to the terms of Section 8 hereof, Broadridge’s
claims in respect of the MSA Documents shall be limited to an aggregate of $20 million and shall be further limited solely to those claims that Broadridge may have against PFSC in connection with the termination of the MSA Documents to the extent
related to PFSC (the “Remaining MSA Termination Claims”), which the parties acknowledge shall not be subject to the Releases contained in Section 7 hereof, and PFSC shall not release any of its defenses with respect to the
Remaining MSA Termination Claims, which the parties acknowledge shall not be subject to the Releases contained in Section 7 hereof. 
 Section 6. Conditions Precedent to Closing. The effectiveness of this Agreement is subject to and conditioned on the satisfaction of each of the following conditions precedent (or waiver by the
Party entitled to the benefit of such condition precedent) (the time of such satisfaction or waiver of all of the following conditions is referred to herein as the “Closing”), and thereafter this Agreement shall be binding upon and
inure to the benefit of the Parties and their respective successors and assigns. Penson agrees that the failure to satisfy any of the conditions set forth in this Agreement shall in no way affect or impair the obligations of any Party or be
construed as a waiver by any Party of any of Broadridge’s rights under any of the MSA Documents or hereunder. 
 (a) Broadridge shall have received each of the following: 
 (i)
this Agreement, duly authorized, executed and delivered by PWI, PFSC and PFSI; 
 (ii) written confirmation from
Penson, in a form reasonably acceptable to Broadridge, that the Acquisition Transaction has closed; 

  
 3 

 (iii) written confirmation from Penson, in a form reasonably acceptable to
Broadridge, that Penson consents to Broadridge’s entry into the New Services Agreement with Ridge concerning the Transferred Accounts; 
 (iv) written confirmation from Penson that Newco has received all expected equity contributions from Apex Clearing Solutions LLC (or an affiliate thereof); 

(v) the New Services Agreement, fully executed, authorized and delivered by Ridge; and 

(vi) such other agreements, documents, instruments and certificates as Broadridge may reasonably request related to the
transactions contemplated by this Agreement and the Acquisition Transaction. 
 (b) Penson shall have received
each of the following or the following shall have occurred (as applicable): 
 (i) this Agreement, duly
authorized, executed and delivered by Broadridge; 
 (ii) written confirmation from Broadridge that it consents
to the Acquisition Transaction; and 
 (iii) the Acquisition Transaction has closed. 

Section 7. Releases. 
 (a) In consideration of Broadridge’s execution of this Agreement, subject to and conditioned upon the occurrence of the Closing, Penson, on behalf of itself, the Penson Local Affiliates, and their
respective current and former agents, servants, officers, directors, shareholders, employees, subsidiaries, divisions, branches, units, affiliates, parents, attorneys, successors, predecessors, heirs, personal representatives, and assigns, and any
other party, person or entity claiming under or through Penson and the Penson Local Affiliates, but in no event including Ridge or Newco (each, a “Penson Party” and collectively, the “Penson Parties”), hereby
generally, irrevocably and forever releases, discharges and acquits Broadridge and the Ridge Local Affiliates and their respective current and former agents, servants, officers, directors, shareholders, employees, subsidiaries, divisions, branches,
units, affiliates, parents, attorneys, successors, predecessors, heirs, personal representatives, and assigns (each, a “Broadridge Party” and collectively, the “Broadridge Parties”), to the fullest extent permitted
by law, from all manners of action, causes of action, judgments, executions, debts, demands, rights, damages, costs, expenses and claims of every kind, nature, and character whatsoever, whether in law or in equity, whether based on contract
(including, without limitation, quasi-contract or estoppel), statute, regulation, tort (including, without limitation, intentional torts, fraud, misrepresentation, defamation, breaches of alleged fiduciary duty, recklessness, gross negligence, or
negligence) or otherwise, 

  
 4 

 
accrued or unaccrued, known or unknown, matured, unmatured, liquidated or unliquidated, certain or contingent, that such releasing Penson Party ever had or claimed to have or now has or claims to
have presently or at any future date, against any Broadridge Party arising under or related to any matter or thing whatsoever, including, without limitation, the Broadridge Seller Note, the MSA Documents and their negotiation, execution,
performance, any breaches thereof, or their termination and the relationship between Broadridge and Penson; provided, however, that (A) neither of the Acquisition Transaction nor the New Services Agreement (including their respective
terms and conditions and the transactions contemplated thereby) shall affect the rights, interests and obligations of the Parties under this Agreement; (B) this release shall not release Broadridge from any obligations under this Agreement; and
(C) nothing under this Agreement shall affect the rights, interests and obligations of the parties under either of the Acquisition Transaction or the New Services Agreement. Notwithstanding anything contained in this Agreement to the contrary,
PFSC retains and preserves any and all defenses that PFSC may have against the Remaining MSA Termination Claims under the MSA Documents or under applicable law. 
 (b) In consideration of Penson’s execution of this Agreement, subject to and conditioned upon the occurrence of the Closing, Broadridge, on behalf of itself and the Broadridge Parties (but not
including Newco for any purpose of this paragraph b), hereby generally, irrevocably and forever releases, discharges and acquits the Penson Parties, to the fullest extent permitted by law, from all manners of action, causes of action, judgments,
executions, debts, demands, rights, damages, costs, expenses and claims of every kind, nature, and character whatsoever, whether in law or in equity, whether based on contract (including, without limitation, quasi-contract or estoppel), statute,
regulation, tort (including, without limitation, intentional torts, fraud, misrepresentation, defamation, breaches of alleged fiduciary duty, recklessness, gross negligence, or negligence) or otherwise, accrued or unaccrued, known or unknown,
matured, unmatured, liquidated or unliquidated, certain or contingent, that such releasing Broadridge Party ever had or claimed to have or now has or claims to have presently or at any future date, against any Penson Party arising under or related
to any matter or thing whatsoever, including, without limitation, the Broadridge Seller Note, the MSA Documents and their negotiation, execution, performance, any breaches thereof, or their termination and the relationship between Broadridge and
Penson; provided, however, that (A) neither of the Acquisition Transaction nor the New Services Agreement (including their respective terms and conditions and the transactions contemplated thereby) shall affect the rights, interests and
obligations of the Parties under this Agreement; (B) this release shall not release Penson from any obligations under this Agreement; (C) this release shall not release PFSC from the Remaining MSA Termination Claims; (D) nothing under
this Agreement shall affect the rights, interests and obligations of the parties under either of the Acquisition Transaction or the New Services Agreement, or under any other new commercial arrangements between any Penson Party and either Ridge or
Newco that become effective at any time from and after the Closing; and (E) this clause (b), including the release, discharge and acquittal set forth herein, shall not apply to, or limit the rights, claims, remedies, indemnities or causes of
action of, Ridge for periods of time, or claims, indemnities or rights arising, at 

  
 5 

 
or after the closing of the Ridge Transaction, including all rights of Ridge under the Assignment and Assumption Agreement dated as of May 31, 2012, by and among PFSI and Newco
(the “Assignment Agreement”), and related transaction documents. 
 (c) In entering into
this Agreement, the Parties, and each of them, expressly waive any and all rights that they have or may have under California law (including California Civil Code Section 1542) or under any other similar state or federal statute or under any
common law principle that is of similar effect as California Civil Code Section 1542. California Civil Code Section 1542 provides as follows: 
 A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have
materially affected his or her settlement with the debtor. 
 The consequences of the foregoing waiver have been explained by
counsel to the Parties. The Parties, and each of them, acknowledge that they may hereafter discover facts different from, or in addition to, those which they now know or believe to be true with respect to the Agreement and agree that this Agreement
and the releases contained herein shall be and remain effective in all respects notwithstanding such different or additional facts or the discovery thereof. 
 Section 8. Reinstatement. In the event that this Agreement, the Assignment Agreement or the Purchase and Sale Agreement by and among Broadridge Financial, Broadridge Securities Processing
Solutions, Inc. and Apex Clearing Holdings LLC dated as of May 31, 2012 shall be invalidated, declared to be null and void, or declared to be unenforceable by a court of competent jurisdiction, (i) the Broadridge Seller Note shall be
reinstated in the original principal amount of $20,578,155 and the provisions of Section 2 hereof shall be void, shall not be enforceable against Broadridge, and shall be of no further force and effect; (ii) the Termination Claims shall be
reinstated against PWI and PFSI (in an amount not less than $87 million); (iii) the Remaining MSA Termination Claims shall not be limited to an aggregate of $20 million, and the provisions of Section 5 hereof shall be void, shall not be
enforceable against any party, and shall be of no further force and effect; (iv) the provisions of Section 7 hereof shall be void, shall not be enforceable against any party, and shall be of no further force and effect; and (v) the
Letter Agreement of even date herewith between Ridge (whose name is to be changed to Apex Clearing Corporation) and Broadridge Financial shall be terminated and of no further force or effect. 

Section 9. Representations. Each Party represents and warrants to each other Party, that (i) the execution, delivery and
performance by such Party of this Agreement is within the powers of such Party and have been duly authorized by all necessary action on the part of such Party, (ii) this Agreement has been duly executed and delivered by such Party and
constitutes a valid and binding obligation of such Party, enforceable against such Party in accordance with the terms hereof, (iii) it is not relying upon any statements, understandings, representations, expectations or agreements other than
those expressly set forth in this Agreement, (iv) it has had the opportunity to be represented and advised by legal counsel in connection with this 

  
 6 

 
Agreement, which it enters into voluntarily and of its own choice and not under coercion or duress, (v) it has made its own investigation of the facts and is relying upon its own knowledge
and the advice of its counsel, (vi) it has no expectation that any of the other Parties will disclose facts material to the MSA Documents or this Agreement except as contemplated herein, and (vii) it knowingly waives any and all claims
that this Agreement was induced by any misrepresentation or non-disclosure and knowingly waives any and all rights to rescind or avoid this Agreement based upon presently existing facts, known or unknown. Broadridge represents and warrants that as
of the date hereof, it has not sold, assigned or otherwise transferred any rights or claims arising hereunder or otherwise as a result of the termination of the Broadridge Seller Note and the Terminating Schedules. 

Section 10. Further Assurances. The Parties, other than Ridge, agree to execute and deliver, at no cost to Broadridge, such
further documents and instruments evidencing, pertaining to or facilitating the transactions contemplated by this Agreement and the New Services Agreement as may be reasonably requested by another Party from time to time. 

Section 11. General. 
 (a) Assignment. Neither this Agreement, nor any of the rights, duties or obligations hereunder, may be delegated or assigned by a Party hereto or thereto without the prior written consent of the
other Parties hereto except to an affiliate, including, without limitation, any merger, consolidation acquisition or amalgamation in which all or substantially all of its assets or equity ownership are transferred or as part of any sale of all or
substantially all of the capital stock or assets. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors and permitted assigns. 

(b) Obligations Several. The obligations of the Parties, other than Ridge, shall be deemed to be several and not
joint with the obligations of any other Party. Ridge’s obligations under this Agreement shall be limited to the releases it is providing pursuant to Section 7(b) hereof. Ridge shall have no liability for the obligations of any other
Broadridge Party under this Agreement, and no Party shall proceed or make any claim against Ridge in respect of such obligations. 
 (c) Interpretation. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the MSA Documents. In this Agreement (i) the words “hereof,”
“herein,” “hereto,” “hereunder” and the like mean and refer to this Agreement as a whole and not merely to the specific Article, Section, subsection, paragraph or clause in which the respective word appears;
(ii) the meaning of defined terms shall be equally applicable to both the singular and plural forms of the terms defined; (iii) the words “including,” “includes” and “include” shall be deemed to be followed by
the words “without limitation;” (iv) the term “or” shall not be limiting; (v) references to agreements and other contractual instruments shall be deemed to include all subsequent amendments and other modifications
thereto. 
 (d) Severability. If any provision of this Agreement (or any portion hereof) is held to be
invalid, illegal or unenforceable, then the validity, legality or enforceability of the remainder of this Agreement shall not in any way be affected or impaired thereby. 

  
 7 

 (e) Notices. All notices, consents, approvals, agreements,
authorizations, acceptances, rejections, requests and waivers under this Agreement must be in writing and shall be forwarded by registered or certified mail or nationally recognized overnight courier and sent to: 

To Broadridge: 
 Broadridge Financial Solutions, Inc. 
 1981 Marcus Avenue 

Lake Success, NY 11042 
 Telephone:      (516) 472-5458 

Attn:                General Counsel 

With a copy to: 
 Squire Sanders (US) LLP 
 221 E. Fourth Street, Suite 2900 

Cincinnati, OH 45202 
 Telephone:      (513) 361-1200 

Attn:                Stephen D. Lerner 

To Penson: 
 Penson Financial Services, Inc. 
 1700 Pacific Avenue, Suite 1400 

Dallas, TX 75201 
 Telephone:      (415) 409-1531 

Attn:                General Counsel 

With a copy to: 
 Morgan, Lewis & Bockius LLP 
 1111 Pennsylvania Ave., NW 

Washington, DC 20004-2541 
 Telephone:      (202) 739-3000 

Attn:                Steven W. Stone 

(f) Headings. The headings in this Agreement are intended for convenience of reference and shall not affect their
interpretation. 
 (g) Counterparts. This Agreement and any document necessary for closing the
transactions contemplated by this Agreement may be executed in counterparts, each of which shall be deemed an original agreement, but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile
signature. 

  
 8 

 (h) Governing Law. This Agreement shall be governed by, and construed
and enforced in accordance with, the Laws of New York applicable to agreements wholly to be executed and to be performed therein. 
 (i) Third-Party Beneficiaries. This Agreement is by and between Broadridge and Penson only and is not intended to confer and shall not confer any benefits or rights upon any other persons not
expressly made parties hereto, including, without limitation, customers of Penson or service providers of Broadridge. 
 (j) Integration; No Modification. This Agreement and the agreements, instruments and documents referred to in this Agreement contain the entire agreement of the parties with respect to its subject
matter and supersede all existing agreements and all other oral, written or other communications between them concerning their subject matter. This Agreement shall not be modified in any way except by a writing signed by both parties. 

[Signature Pages Follow] 

  
 9 

 IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this
Termination and Mutual Release Agreement on the date first written above. 
  

			
	PENSON WORLDWIDE, INC.
		
	By:	 	 /s/ Philip A. Pendergraft

	Name:	 	
	Title:	 	Chief Executive Officer
	
	PENSON FINANCIAL SERVICES, INC.
		
	By:	 	 /s/ Philip A. Pendergraft

	Name:	 	
	Title:	 	Chairman
	
	PENSON FINANCIAL SERVICES CANADA INC.
		
	By:	 	 /s/ Philip A. Pendergraft

	Name:	 	
	Title	 	

  
 10 

 IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this
Termination and Mutual Release Agreement on the date first written above. 
  

			
	BROADRIDGE FINANCIAL SOLUTIONS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	RIDGE CLEARING & OUTSOURCING SOLUTIONS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BROADRIDGE FINANCIAL SOLUTIONS (CANADA) INC.
		
	By:	 	 /s/ Adam D. Amsterdam

	Name:	 	
	Title:	 	President

  
 11Credit Agreement

 Exhibit 10.6 
  

 
 CREDIT AGREEMENT 

dated as of 

June 5, 2012 

between 
 APEX
CLEARING CORPORATION, 
 as the Borrower 
 and 
 PENSON FINANCIAL SERVICES, INC., 

as the Lender 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
		 	 Section 1.01.
	 	Defined Terms	  	 	1	  
		 	 Section 1.02.
	 	Terms Generally	  	 	3	  
		
	 ARTICLE II THE ADVANCES
	  	 	3	  
		 	 Section 2.01.
	 	The Advances	  	 	3	  
		 	 Section 2.02.
	 	Requests for Advances	  	 	4	  
		 	 Section 2.03.
	 	Funding of Advances	  	 	4	  
		 	 Section 2.04.
	 	Termination of the Commitment	  	 	4	  
		 	 Section 2.05.
	 	Repayment of Advances; Evidence of Debt	  	 	4	  
		 	 Section 2.06.
	 	Voluntary Prepayments of the Advances	  	 	5	  
		 	 Section 2.07.
	 	Interest	  	 	5	  
		 	 Section 2.08.
	 	Payments	  	 	5	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	6	  
		 	 Section 3.01.
	 	Formation; Powers; Qualification; Subsidiaries	  	 	6	  
		 	 Section 3.02.
	 	Authorization; Enforceability	  	 	6	  
		 	 Section 3.03.
	 	Governmental Approvals; No Conflicts	  	 	6	  
		 	 Section 3.04.
	 	No Event of Default	  	 	6	  
		
	 ARTICLE IV CONDITIONS
	  	 	7	  
		 	 Section 4.01.
	 	Each Advance	  	 	7	  
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	7	  
		 	 Section 5.01.
	 	Notices	  	 	7	  
		 	 Section 5.02.
	 	Books and Records; Inspection Rights	  	 	7	  
		 	 Section 5.03.
	 	Further Assurances	  	 	8	  
		 	 Section 5.04.
	 	Use of Proceeds; Margin Regulations	  	 	8	  
		 	 Section 5.05.
	 	No Amendment to Apex Credit Agreement	  	 	8	  
		 	 Section 5.06.
	 	FOCUS Reports and other Information	  	 	8	  
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	8	  
		 	 Section 6.01.
	 	Merger, Sales of Assets	  	 	8	  
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	8	  
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	10	  
		 	 Section 8.01.
	 	Notices	  	 	10	  
		 	 Section 8.02.
	 	Waivers; Amendments	  	 	10	  
		 	 Section 8.03.
	 	Expenses; Indemnity; Damage Waiver	  	 	11	  
		 	 Section 8.04.
	 	Successors and Assigns	  	 	11	  
		 	 Section 8.05.
	 	Survival	  	 	11	  
		 	 Section 8.06.
	 	Counterparts; Integration	  	 	11	  
		 	 Section 8.07.
	 	Severability	  	 	12	  
		 	 Section 8.08.
	 	Headings	  	 	12	  
		 	 Section 8.09.
	 	Right of Setoff	  	 	12	  
		 	 Section 8.10
	 	Governing Law; Consent to Service of Process	  	 	12	  
		 	 Section 8.11
	 	WAIVER OF JURY TRIAL	  	 	13	  

  
 i 

 Exhibits 
 Exhibit A – Form of Advance Request 

  
 ii 

 CREDIT AGREEMENT, dated as of June 5, 2012, between Apex Clearing Corporation, a New York
corporation, as the Borrower (the “Borrower”), and Penson Financial Services, Inc., a North Carolina limited liability company, as the Lender (the “Lender”). 

W I T N E S S E T H: 
 WHEREAS, the Borrower has requested that the Lender make certain loans available to it in a principal amount not to exceed $12,000,000 at any time outstanding; and 

WHEREAS, the Lender has agreed to make such loans to the Borrower upon the terms and conditions set forth herein; 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Defined Terms. As used in this Agreement,
the following terms have the meanings specified below: 
 “Advance” has the meaning ascribed to such term in
Section 2.01 hereof or, when used with respect to the Apex Credit Agreement, Section 2.01 thereof. 
 “Advance
Request” means a loan request substantially in the form attached hereto as Exhibit A. 
 “Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agreement” means this Credit Agreement. 
 “Apex Credit Agreement” means the Credit Agreement dated as of the date hereof between the Borrower and Apex Clearing Solutions LLC. 

“Borrower” has the meaning ascribed to such term in the Preamble hereto. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed. 
 “Commitment” means $12,000,000 as such commitment may be
reduced from time to time pursuant to Section 2.04(b) hereof. 
 “Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “controlled”
have meanings correlative thereto. 

 “Default” means any event or condition which upon notice, lapse of time or
both would, unless cured or waived, become an Event of Default. 
 “dollars” or “$” refers to
lawful money of the United States of America. 
 “Effective Date” means the “Closing Date” as defined
in the Assignment and Assumption Agreement dated on or about May 31, 2012 by and among the Lender, Apex Clearing Holdings LLC and Apex Clearing Solutions LLC. 
 “Event of Default” has the meaning assigned to such term in Article VII hereof. 
 “Governmental Authority” means the government of the United States of America or any other nation, or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as
the European Union or the European Central Bank). 
 “Lender” has the meaning ascribed to such term in the
Preamble hereto. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease
having substantially the same economic effect as any of the foregoing) relating to such asset. 
 “Material Adverse
Effect” means a material adverse effect on (a) the business, assets, operations or condition, financial or otherwise, of the Borrower or the Borrower and its Subsidiaries, taken as a whole, (b) the ability of the Borrower to
perform any of its obligations under this Agreement or (c) any of the rights of or benefits available to the Lender under this Agreement. 
 “Maturity Date” means December 5, 2012, as the same may be accelerated in accordance with the provisions hereof. 
 “Obligations” shall mean all present and future obligations and liabilities of the Borrower of every type and description arising under or in connection with this Agreement due or to
become due to the Lender or any Person entitled to indemnification pursuant to Section 8.03, or any of their respective successors, transferees or assigns, and shall include, without limitation, (i) all liability of the Borrower for
principal of and interest on the Advances and (ii) all liability of the Borrower under this Agreement for any fees, expense reimbursements and indemnifications. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

  
 2 

 “Pro Rata Share” means, in respect of this Agreement, 6/11 and, in respect
of the Apex Credit Agreement, 5/11. 
 “Requirement of Law” shall mean, as to any Person, any law, treaty, rule
or regulation or determination of a court, arbitrator or other Governmental Authority, in each case, applicable to or binding upon such Person or any of its property or to which such person or any of its property is subject. 

“Subsidiary” means any corporation, limited partnership, limited liability company, or other entity of which securities
or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by the Borrower. 

“Total Advances” means, on any date an Advance is to be made hereunder, the aggregate principal amount of Advances
requested to be made under this Agreement and under the Apex Credit Agreement. 
 “Unused Commitment” means the
Commitment as in effect on the date of determination less the aggregate principal amount of all Advances outstanding hereunder. 

Section 1.02. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, and Exhibits shall be construed to refer to Articles and Sections of, and
Exhibits to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time and (f) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

ARTICLE II 
 THE
ADVANCES 
 Section 2.01. The Advances. 

(a) Subject to the terms and conditions set forth herein, the Lender agrees to make a loan to the Borrower in one or more
advances (each, an “Advance”) from time to 

  
 3 

 
time from the Effective Date to the Maturity Date in each case in a principal amount not to exceed the Unused Commitment before giving effect to the principal amount of any such Advance. Subject
to the terms and conditions hereof and prior to the Maturity Date, the Borrower may borrow, prepay and reborrow Advances hereunder. 
 (b) The amount of any Advance made hereunder on any date shall be the product of (i) the Total Advances and (ii) the Pro Rata Share, but shall in no event be greater than the Unused Commitment.

 Section 2.02. Requests for Advances. To request an Advance, the Borrower shall notify the Lender of such request
by delivery of an Advance Request not later than 10:00 a.m., New York City time, one (1) Business Day before the date of the proposed Advance or such shorter period as Lender may agree; provided that an Advance Request may be submitted at any
time on the Effective Date for an Advance to be made on the Business Day after the Effective Date. Each such Advance Request shall specify the following information in compliance with this Section 2.02: 

(a) the aggregate amount of the requested Advance which shall be not less than $250,000; 

(b) the date of such Advance, which shall be a Business Day and shall be the same day as the advance made under the Apex
Credit Agreement; and 
 (c) the location and number of the account to which funds are to be disbursed.

 Section 2.03. Funding of Advances. The Lender will make the principal amount of the Advances available to the
Borrower by promptly crediting the principal amount of such Advance to the account designated by the Borrower in the applicable Advance Request. 
 Section 2.04. Termination of the Commitment. Unless terminated earlier, the Commitment shall terminate on the Maturity Date. 

Section 2.05. Repayment of Advances; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Lender
the then unpaid principal amount of each Advance, together with all accrued and unpaid interest due and owing hereunder, on the Maturity Date. 
 (b) The Lender shall maintain an account in which it shall record (i) the amount of each Advance made hereunder, (ii) the amount of any principal or interest due and payable or to become due and
payable from the Borrower to the Lender hereunder and (iii) the amount of any sum received by the Lender hereunder. 
 (c)
The entries made in the accounts maintained pursuant to paragraph (b) of this Section 2.05 shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of the Lender to
maintain such account or any error therein shall not in any manner affect the obligation of the Borrower to repay the Advances and all accrued and unpaid interest due and owing thereon in accordance with the terms of this Agreement. 

  
 4 

 Section 2.06. Voluntary Prepayments of the Advances. (a) The Borrower shall have
the right at any time and from time to time to prepay the principal amount of any Advance in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section 2.06. 

(b) The Borrower shall notify the Lender in writing of any prepayment hereunder not later than 11:00 a.m., New York City time, one
(1) Business Day before the date of prepayment. Each such notice shall specify the prepayment date and the principal amount of each Advance or portion thereof to be prepaid. Prepayments shall be accompanied by accrued interest to the extent
required by Section 2.07. 
 Section 2.07. Interest. (a) Except as provided in paragraph (b) below, the
Advances shall bear interest for each day at the rate per annum equal to seven percent (7%). 
 (b) If any interest on any
Advance or any other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, and upon and during the continuation of an Event of Default, then Advances and other amounts payable
pursuant to this Agreement shall bear interest, after as well as before judgment, at a rate per annum equal to nine percent (9%). 
 (c) Except as provided in paragraphs (d) and (e) below, accrued interest on the Advances shall be payable in arrears on the Maturity Date; provided that (i) interest accrued pursuant to
paragraph (b) of this Section 2.07 shall be payable on demand, and (ii) in the event of any repayment or prepayment of the Advances and accrued interest on the principal amount of the Advance repaid or prepaid shall be payable on the
date of such repayment or prepayment. 
 (d) All interest hereunder shall be computed on the basis of a year of 360 days and
shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

Section 2.08. Payments. (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal,
interest, or fees or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds. Any amounts received after such time on any date may, in the discretion of the Lender, be deemed to have been received on
the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Lender at 1700 Pacific Avenue, Dallas, TX 75201, facsimile: (214) 765-1164, attention: Andrew Koslow, or to such other address
or account designated by the Lender. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest
thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars. 
 (b) All payments
of principal or interest hereunder before, at or after the Maturity Date (whether voluntary or mandatory, upon liquidation, pursuant to any bankruptcy proceeding or otherwise) shall be made simultaneously with a pro rata principal payment or
interest payment, as the case may be, under the Apex Credit Agreement. The amount of any such principal or interest payment hereunder shall be equal to the product of (i) the total aggregate amount of principal or interest to be paid under Apex
Credit Agreement and this 

  
 5 

 
Agreement on such date, multiplied by (ii) the Pro Rata Share. In the event that Lender shall receive any repayment or other recovery from Borrower in excess of its Pro Rata Share to which
it is then entitled in accordance with this Agreement, Lender shall hold such excess amount in trust for the benefit of the lender under the Apex Credit Agreement and promptly pay over or deliver such excess to such other lender for application in
accordance with the Apex Credit Agreement. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 The Borrower hereby represents and warrants to the Lender that: 

Section 3.01. Formation; Powers; Qualification; Subsidiaries. The Borrower and each of its Subsidiaries is a duly organized,
validly existing corporation in good standing under the laws of the State of New York, has all requisite corporate power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

Section 3.02. Authorization; Enforceability. The execution and delivery of, and the performance by the Borrower of its
obligations under, this Agreement are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, shareholder action. This Agreement has been duly executed and delivered by the Borrower and
constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 Section 3.03.
Governmental Approvals; No Conflicts. The execution and delivery by the Borrower of, and the performance by the Borrower of its obligations under, this Agreement (a) do not require any consent or approval of, registration or filing with,
or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable Requirement of Law or the certificate of incorporation or formation, bylaws or
other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or
any of its Subsidiaries or its respective assets or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of
the Borrower or any of its Subsidiaries. 
 Section 3.04. No Event of Default. No Event of Default or event which
with the giving of notice or mere passage of time or both would constitute an Event of Default has occurred and is continuing. 

  
 6 

 ARTICLE IV 
 CONDITIONS 
 Section 4.01. Each Advance. The obligation of the Lender
to make an Advance is subject to the satisfaction of the following conditions: 
 (a) The representations and warranties of the
Borrower set forth in this Agreement shall be true and correct on and as of the date of such Advance, after giving effect to such Advances and advances under the Apex Credit Agreement. 

(b) At the time of and immediately after giving effect to such Advance and advances under the Apex Credit Agreement, no Default or Event
of Default shall have occurred and be continuing. 
 (c) Receipt by the Lender of an Advance Request. 

(d) A pro rata advance under the Apex Credit Agreement shall have been simultaneously made in accordance with Section 2.01(b)
thereof. 
 Each Advance shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters
specified in paragraphs (a) and (b) of this Section 4.01. 
 ARTICLE V 

AFFIRMATIVE COVENANTS 
 Until the Commitment has expired or been terminated and the principal of and interest on each Advance and all fees and other amounts payable hereunder shall have been paid in full the Borrower covenants
and agrees with the Lender that: 
 Section 5.01. Notices. The Borrower will furnish to the Lender prompt written
notice of the following: 
 (a) the occurrence of any Default or Event of Default; and 

(b) the occurrence of any “event of default” under any agreement for borrowed money or of any material event which, with the
lapse of time or notice, or both, would constitute an “event of default” under any agreement for borrowed money or the demand of any loan under any agreement for borrowed money, or termination of or suspension of any commitment or ability
to borrow under any agreement for borrowed money. 
 Section 5.02. Books and Records; Inspection Rights. The
Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrower will, and
will cause each of its Subsidiaries to, permit the Lender or any representatives designated by the Lender, upon reasonable prior notice (unless an Event of Default shall have occurred and be continuing, in which event no such notice shall be
required), 

  
 7 

 
to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all
at such times as requested by the Lender. 
 Section 5.03. Further Assurances. The Borrower will execute any and all
further documents, financing statements, agreements and instruments, and take all further action that may be required under applicable law, or that the Lender may reasonably request, in order to effectuate the transactions contemplated by this
Agreement. 
 Section 5.04. Use of Proceeds; Margin Regulations. The proceeds of any Advance will be used by the
Borrower to (i) fund its customer reserve requirement under Rule 15c3-3(e) as may arise from time-to-time and/or to generate debit items in order to offset credit items, in each case, as determined in accordance with the customer reserve formula in
Appendix A to SEC Rule 15c3-3 and/or the SEC’s guidance regarding proprietary accounts of introducing brokers and dealers set forth in a “no-action” letter dated November 10, 1998, (ii) to repay any of the Borrower’s
indebtedness for borrowed money that may be outstanding from time to time and/or (iii) to fund Deposits that the Borrower is required to make with any Registered clearing agency of which it is a member. 

Section 5.05. No Amendment to Apex Credit Agreement. No amendment to, waiver of, or other modification or side agreement to
the Apex Credit Agreement will be made or entered into without the prior written consent of the Lender. 
 Section 5.06.
FOCUS Reports and other Information. The Borrower shall provide to the Lender monthly FOCUS reports and such other information respecting the operations, properties, business or condition (financial or otherwise) of the Borrower or its
Subsidiaries as the Lender may, from time to time, reasonably request. 
 ARTICLE VI 

NEGATIVE COVENANTS 
 Until the Commitment has expired or terminated and the principal of and interest on each Advance and all fees and other amounts payable hereunder have been paid in full, the Borrower covenants and agrees
with the Lender that: 
 Section 6.01. Merger, Sales of Assets. The Borrower will not, and will not permit any of
its Subsidiaries to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) any of its
assets (in each case, whether now owned or hereafter acquired), or liquidate or dissolve. 
 ARTICLE VII 

EVENTS OF DEFAULT 
 If any of the following events (“Events of Default”) shall occur: 

(a) the Borrower shall fail to pay any principal of any Advance when and as the same shall become due and payable, whether at the due
date thereof or at a date fixed for prepayment thereof or otherwise; 

  
 8 

 (b) the Borrower shall fail to pay any interest on any Advance or any other amount (other
than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of the Borrower in or in connection with this Agreement or any
amendment or modification hereof or thereof or waiver hereunder or thereunder shall prove to have been incorrect in any material respect when made or deemed made; 
 (d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a) or (b) of this Article VII), and such
failure shall continue unremedied for a period of fifteen (15) days after notice thereof from the Lender to the Borrower; 

(e) an Event of Default under and as defined in the Article VII of the Apex Credit Agreement shall have occurred. 

(f) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Borrower or its debts, or of a substantial part of its respective assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or for a substantial part of its respective assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty
(60) days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (g) the Borrower shall
(i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (f) of this Article VII, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Borrower or a Subsidiary, as the case may be, or for a substantial part of its respective assets, (iv) file an answer admitting the material allegations of a petition filed
against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(h) Borrower’s net capital as defined in, and determined in accordance with, Rule 15c3 1 of the Securities and Exchange Commission,
shall be less than five percent (5.0%) of its debit balances for five (5) consecutive Business Days; or 
 (i) FINRA or the
Securities and Exchange Commission, as applicable, shall revoke the registration of the Borrower as a broker or shall suspend or revoke the Borrower’s status as a member organization thereof; 

then, and in every such event (other than an event described in clause (f) or (g) of this Article VII), and at any time thereafter during the
continuance of such event, the Lender may by notice 

  
 9 

 
to the Borrower, take any of the following actions, at the same or different times: (i) terminate the Commitment, and thereupon the Commitment shall terminate immediately, (ii) declare
the Advances then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Advances so declared to
be due and payable, together with accrued interest thereon and all other Obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower and (iii) pursue its other rights and remedies hereunder; and in case of any event described in clause (f) or (g) of this Article VII, the Commitment shall automatically terminate and the principal of the
Advances then outstanding, together with accrued interest thereon and all fees and other Obligations of the Borrower accrued hereunder shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by the Borrower. 
 ARTICLE VIII 

MISCELLANEOUS 

Section 8.01. Notices. (a) All notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier or email, as follows: 
 (i) if to the Borrower, to it at 141 W. Jackson Blvd., Suite 500, Chicago, IL 60604, email: legal@peak6.com, attention: Finance Department; and 

(ii) if to the Lender, to it at 1700 Pacific Avenue, Dallas, TX 75201, facsimile: (214) 765-1164, attention: Andrew Koslow.

 (b) Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next
business day for the recipient). 
 (c) Either party hereto may change its address or telecopier number for notices and other
communications hereunder by notice to the other party hereto. 
 Section 8.02. Waivers; Amendments. (a) No failure
or delay by the Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Lender hereunder and are cumulative and are not exclusive of any rights or remedies that it would otherwise have. No waiver of
any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be in writing signed by the Lender, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of an Advance shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Lender may have had notice or
knowledge of such Default or Event of Default at the time. 

  
 10 

 (b) Neither this Agreement nor any provision hereof or thereof may be amended or modified
except pursuant to an agreement or agreements in writing entered into by the Borrower and the Lender. 
 Section 8.03.
Expenses; Indemnity; Damage Waiver. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Lender and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Lender), in
connection with the preparation, regulation, execution, delivery and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby
shall be consummated), and (ii) all out-of-pocket expenses incurred by the Lender (including the fees, charges and disbursements of any counsel for the Lender) in connection with the enforcement or protection of its rights (A) in
connection with this Agreement, including its rights under this Section 8.03, or (B) in connection with the Advances made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Advances. 
 Section 8.04. Successors and Assigns. The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that neither party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the other
party (and any attempted assignment or transfer without such consent shall be null and void); provided that the Lender may assign its rights under this agreement by operation of law pursuant to a merger of such Lender into another Person or as part
of a sale by such Lender of all or substantially all of its assets. 
 Section 8.05. Survival. All covenants,
agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Lender and shall
survive the execution and delivery of this Agreement and the making of any Advances, regardless of any investigation made by the Lender or on its behalf and notwithstanding that the Lender may have had notice or knowledge of any Default or Event of
Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Advance or any fee or any other amount payable under
this Agreement is outstanding and unpaid and so long as the Commitment have not expired or terminated. The provisions of Section 8.03 shall survive and remain in full force and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Advances and the Commitment or the termination of this Agreement or any provision hereof. 
 Section 8.06. Counterparts; Integration. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Lender constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. 

  
 11 

 Section 8.07. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 Section 8.08. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the
construction of, or be taken into consideration in interpreting, this Agreement. 
 Section 8.09. Right of Setoff. The
Borrower is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all obligations at any time owing by the Borrower to the Lender hereunder against the amount of any and all claims
(whether or not matured) that have been made in writing for amounts owing to the Borrower under the Assignment and Assumption Agreement dated on or about May 31, 2012 by and among the Lender, Apex Clearing Holdings, LLC and Apex Clearing
Solutions, LLC, the Transition Services Agreement referred to therein and the other Transaction Documents referred to therein (collectively, the “Other Agreements”) and which remain unpaid after five (5) Business Days. If the
proper amount of any such claim is subsequently agreed by the parties or finally determined by a court of competent jurisdiction to be less than the amount of a corresponding offset hereunder, Borrower will promptly pay the amount of such difference
to Lender, together with simple interest at a rate per annum of 11 percent from the date of setoff to the date of payment 

Section 8.10. Governing Law; Consent to Service of Process. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) The Borrower hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Agreement
against the Borrower or its properties in the courts of any jurisdiction. 
 (c) The Borrower hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this

  
 12 

 
Agreement in any court referred to in paragraph (b) of this Section 8.10. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement
irrevocably consents to service of process in the manner provided for notices in Section 8.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

Section 8.11. WAIVER OF JURY TRIAL. EACH OF THE BORROWER AND THE LENDER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE BORROWER AND THE LENDER HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.11.

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	 APEX CLEARING CORPORATION,
 as the Borrower

		
	By	 	  

	Name:	 	
	Title:	 	
	
	PENSON FINANCIAL SERVICES, INC.,
	as the Lender
		
	By	 	  

	Name:	 	
	Title:	 	

 Signature Page to Credit Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}]]