Document:

Termination and Mutual Release  Agreement entered into on June 5, 2012

 EXHIBIT 10.40 
 EXECUTION VERSION 
 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 directed by FINRA to enter into a transaction that calls for the transfer of
customer accounts to a new SEC registered broker-dealer by June 8, 2012 or FINRA will seriously consider asking PFSI to accede to a SIPC liquidation, thereby triggering a termination of certain Schedules under the MSA Documents (the “FINRA
Letter”); 
 WHEREAS, as a result of the FINRA Letter 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 Letter, 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 Letter, 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. 

  
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 Section 3. Transition Assistance. Notwithstanding anything in Section 1 above or
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; 

  
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 (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, 

  
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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 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. 

  
 5 

 (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 

  
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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
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:	 	/s/ John Hogan
	Name:	 	
	Title:	 	

  

			
	RIDGE CLEARING & OUTSOURCING SOLUTIONS, INC.
		
	By:	 	/s/ Joseph Barra
	Name:	 	
	Title:	 	

  

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

  
 11Master Services Agreement entered into on June 5, 2012

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc. 

Pursuant to 17 C.F.R. 200.83 
 EXHIBIT 10.41 
 Execution Version 

NOTE: PORTIONS OF THIS AGREEMENT ARE THE SUBJECT OF A 
 CONFIDENTIAL TREATMENT REQUEST BY THE REGISTRANT TO THE 
 SECURITIES AND
EXCHANGE COMMISSION. SUCH PORTIONS HAVE BEEN 
 REDACTED AND ARE MARKED WITH A “[****]” IN PLACE OF THE REDACTED
LANGUAGE. 
 BROADRIDGE FINANCIAL SOLUTIONS, INC. 
 1981 Marcus Avenue 
 Lake Success, New York 

June 5, 2012 
 Apex Clearing Corporation

 c/o Apex Clearing Holding LLC 
 141
W. Jackson Blvd., Suite 500 
 Chicago, IL 60604 
 Attn: Danny Rosenthal 
  

	Re:	Services Agreement between Broadridge Financial Solutions, Inc. and Apex Clearing Corporation (“Apex”) 

Background 
 Broadridge Financial
Solutions, Inc. (“Broadridge”) and Penson Worldwide, Inc. (“Penson”) entered into a Master Services Agreement dated as of November 2, 2009, as amended or modified from time to time (collectively, and a full and complete copy
of which is attached hereto, the “Penson MSA”). Pursuant to the Penson MSA, Ridge Clearing & Outsourcing Solutions, Inc. (“Ridge”, now known as Apex) and Penson Financial Services, Inc. (“PFSI”) entered into
that certain Schedule A (United States) Service Bureau and Operations Support Services Schedule to the Penson MSA, dated as of November 2, 2009, as amended or modified from time to time (collectively, and a full and complete copy of which is
attached hereto, the “U.S. MSA Schedule”, and collectively together with the Penson MSA, the “MSA Documents”). In connection with a series of transactions, including those described on the Term Sheet attached as Attachment 1
hereto (the “Term Sheet”), the securities clearing contracts of PFSI which were the subject of the services being provided by Broadridge and its affiliates under the MSA Documents are being assigned by PFSI to Apex (the
“Transactions”, with Apex also being referred to in the Term Sheet as “JVP1 Sub”). As a result of, and as a pre-condition to, the Transactions, (i) the MSA Documents will be terminated by mutual agreement of Broadridge, PFSI
and Penson pursuant to a Termination and Mutual Release Agreement dated the date hereof (the “Termination Agreement”), and (ii) Apex desires to have Broadridge and its affiliates provide to Apex the services previously provided by
Broadridge and its affiliates to PFSI under the MSA Documents, subject to the terms of this letter. As a result of the termination of the MSA Documents as noted above, and Apex’s willingness to enter into the agreements

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 
set forth herein, PFSI will be relieved of its obligation to pay certain amounts, as more fully described in the Termination Agreement (collectively, the “Debt Forgiveness”). In the
absence of Apex’s agreements set forth herein, the Debt Forgiveness would not occur. This letter sets forth the agreement of Apex to purchase, and Broadridge to provide, certain services, all in accordance with and as further described in this
letter. 
 Interim Agreement 

Broadridge (itself or through its affiliates) will provide services to Apex under this letter agreement in accordance with the terms of the MSA Documents
for a term of ten (10) years commencing on June 5, 2012, based on, and as modified by, the charges, early termination penalties and other business terms as set forth in the Agreed Upon Business Terms set forth in Schedule A hereto
(notwithstanding anything in the MSA Documents to the contrary), including the Term Sheet and the Term Sheet Supplement attached hereto as Attachment 2. Accordingly, in connection with the application of the MSA Documents to the services provided
under this letter agreement, (i) all provisions in the MSA Documents relating to pricing, fees or expense reimbursement (including without limitation, pricing terms in Section V and Attachment B to the U.S. MSA Schedule) are hereby replaced,
superseded, amended and restated in their entirety with the pricing provisions set forth in Schedule A hereto, including the Term Sheet and the Term Sheet Supplement attached hereto as Attachment 2; and (ii) the termination fee amounts set
forth in Section IV.B(i) and Section IV.B(iii) of the U.S. MSA Schedule are hereby replaced, superseded, amended and restated in their entirety with the termination fee amount determined in accordance with Section 2(c) of Services Agreement
provisions of Attachment 1 to Schedule A hereto. In the event of any conflict between this letter agreement (including all schedules and exhibits hereto) and the MSA Documents, this letter agreement shall control. This letter agreement constitutes a
binding agreement between the parties in accordance with its terms, until such time as a Definitive Agreement (defined below) has been mutually executed and delivered by the parties hereto, if ever. 

Definitive Agreement 
 Broadridge and
Apex agree to use good faith efforts to, as expeditiously as practicable, negotiate the terms of, and enter into, a Services Agreement which will supersede and replace the terms of this letter agreement (the “Definitive Agreement”) within
ninety (90) days of the date of this letter. The Definitive Agreement will be based upon the terms of the MSA Documents, with modifications including: (i) incorporation of terms applicable to the Interim Agreement set forth in subparts
(i) and (ii) of the previous paragraph; (ii) the Agreed Upon Business Terms as set forth in Schedule A hereto, (iii) modifications necessary to address the changed corporate structure of Apex as the service recipient, and
(iv) such other modifications as may be mutually agreed upon by Broadridge and Apex, provided the final terms of the Definitive Agreement (not taking into consideration the modifications agreed to in this letter, including Schedule A and the
Attachments) will be no less favorable to Apex in the aggregate than the terms of the MSA Documents to PFSI. In the event that the parties are unable to finalize and execute the Definitive Agreement in the time frame set forth above, the parties
shall continue to operate under the interim agreement evidenced hereby and shall continue to use good faith efforts to, as expeditiously as practicable, finalize and execute the Definitive Agreement. 

  
 -2-

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 Miscellaneous 
 This letter agreement will inure to the benefit of and bind the respective successors and assigns of the parties hereto. This letter agreement shall be governed by and construed in accordance with the
internal substantive laws of the State of New York without giving effect to conflict of laws principles thereof. This letter agreement may be executed in any number of counterparts, and any party hereto may execute any such counterpart, each of
which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument. In the event any portion of this letter agreement is held to be illegal or
unenforceable, the reminder shall continue in full force and effect. This letter agreement constitutes the entire understanding between the parties with respect to its subject matter and may not be modified, amended, terminated or waived except in a
writing signed by the parties. 
 IN WITNESS WHEREOF, this letter agreement has been duly executed and delivered as of the date first above
written. 
  

			
	Apex Clearing Corporation
		
	By:	 	/s/ Danny Rosenthal
		 	Name: Danny Rosenthal
		 	Title: Chief Executive Officer and President

  

			
	Broadridge Financial Solutions, Inc.
		
	By:	 	/s/ John Hogan
		 	Name: John Hogan
		 	Title: President

 Agreed and Accepted, but only with respect to the obligations of PEAK6 Investments, L.P. contained Section 11
of the Term Sheet Supplement (Attachment 2). 
  

			
	PEAK6 Investments, L.P.
		
	By:	 	PEAK6 LLC
	Its:	 	General Partner
		
	By:	 	/s/ Jay Coppoletta
		 	Name: Jay Coppoletta
		 	Title: Chief Legal Officer

  
 -3-

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 Signature Page to MSA Letter Agreement 

 

  
 -4-

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 Schedule A 

Terms and Conditions 

The following business terms have been agreed upon by Broadridge and Apex, which will apply to all services being provided by Broadridge under this
letter and will be contained in any Definitive Agreement: 
 Agreed Upon Business Terms 

Section 2 of the “Services Agreement” portion of the Term Sheet attached hereto as Attachment 1, as modified or supplemented by the Term
Sheet Supplement set forth in Attachment 2, including Attachments 2A through 2D, all of which are hereby incorporated by reference. 

  
 -5-

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 ATTACHMENT 1 
 Term Sheet 
 May 21, 2012 

[****] 
 [****]

 [****] 
  

	 	1.	[****] 

	 	2.	[****] 

	 	3.	[****] 

	 	4.	[****] 

  

	 	a.	[****] 

	 	b.	[****] 

	 	c.	[****] 

  

	 	5.	[****] 

	 	6.	[****] 

	 	7.	[**** ] 

 [****] 

 

	 	1.	[****] 

	 	2.	[****] 

 [****] 

 

	 	1.	[****] 

	 	2.	[****] 

 [****] 

 

	 	1.	[****] 

	 	2.	[****] 

	 	3.	[****.] 

	 	4.	[****] 

 Services Agreements

  

	 	1.	[****] 

	 	2.	Broadridge enters into a new 10-year master services agreement (the “MSA”) with Newco and JVP1 Sub for Broadridge and its affiliates to provide
services to Newco and JVP1 Sub. In the event that the Existing MSA is assigned to JVP1 Sub, upon the entry into the MSA, the Existing MSA will terminate without any penalty, fee or obligation except as set forth in Section 6 below.

  

	 	a.	 Broadridge agrees that under the MSA it will perform, in consideration of the revenue sharing arrangement set forth below, (i) all services
consistent with the services Broadridge currently provides and services Broadridge has committed to provide to PFSI, and (ii) as necessary, any or all services to be 

  
 -6-

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

	 	
provided by PFSI and/or Nexa pursuant to the PFSI/Nexa TSA in the event PFSI and/or Nexa do not perform any or all such services pursuant to, and for the remainder of the term of, the PFSI/Nexa
TSA. The services in (i) above shall include [****]. To the extent Broadridge performs any services pursuant to the PFSI/Nexa TSA, Broadridge shall be paid in accordance with the terms of the TSA (but in no event more for such services than
PFSI’s cost therefor). The parties intend that the MSA (or other agreement entered into relating to such services) shall contain “catch-all” and “no-extras” provisions to this effect. Payments to Broadridge under the MSA
will be as follows: 

 [****] of Net Revenue – [****]% of such Net Revenues [****] 

Next [****] of Net Revenue – [****]% of such Net Revenues 
 Next [****] of Net Revenue – [****]% of such Net Revenues 
 Net Revenues in
excess of [****] – [****]% of such Net Revenues 
 “Net Revenue” shall mean annual (calendar year) revenues from
correspondent clearing businesses run on the Broadridge platform only and shall exclude any revenues relating to non-correspondent clearing businesses such as revenue from floor brokerage operations, clearance, execution, order routing and other
fees (but only to the extent such revenues are related to non-correspondent clearing businesses). 
  

	 	b.	If Newco and/or JVP1 Sub identify any product or service needed (based on the current business operations of the operations to be acquired by JVP1 Sub and Newco) to
operate their respective businesses within four months of closing that is not provided under the MSA or currently performed by PFSI or one of its affiliates for itself, Broadridge will agree to build or otherwise obtain such product or service
[****] and provide such product or service to Newco and JVP1 Sub at [****], except to the extent prohibited by law, rule or regulation, or by a regulator. After expiration of such four month period, if Newco and/or JVP1 Sub identify any product or
service needed to operate their respective businesses that is not provided under the MSA or currently performed by PFSI or one of its affiliates for itself, Broadridge shall supply such product or service to Newco and JVP1 Sub (i) [****] or
(ii) at a price to be negotiated between JVP1 Sub and Broadridge in good faith if provision of such product or service to JVP1 Sub will cost Broadridge more than the additional revenues reasonably expected to be received by Broadridge as a
result of such product or service. 

  

	 	c.	If the entire MSA is terminated by Newco for convenience, Broadridge shall receive a payment equal to $[****], reduced on a straight-line basis over the term of the MSA
(reduced on a monthly basis by $[****] on each monthly anniversary of entry into the MSA) (the “Termination Fee”). 

  

	 	d.	If Broadridge fails to meet its obligations to provide services under the MSA, its payments under the MSA may, at the election of the other party to the agreement, be
reduced to offset losses and damages in connection with such failure, provided that such payments will, other than certain to be agreed exceptions, be capped for each year of the term at the greater of (i) for year one of the MSA, $[****]
million, year two of the MSA, $[****] million, and thereafter $[****] million and (ii) the amount of compensation Broadridge has received under such agreement over the prior rolling [****]-month period (as measured from the date of such
failure. If Broadridge is in material default and does not cure within 30 days, Newco and JVP1 Sub shall be entitled to terminate the MSA and all schedules thereto without payment of the termination fee set forth above. 

 

	 	e.	Broadridge shall have audit rights with regard to Net Revenue calculations. 

 

	 	f.	Broadridge and PEAK6 will mutually agree on a list of additional services to be included in the MSA that Broadridge will provide for no additional cost.

  

	 	3.	[****] 

  

	 	a.	[****] 

	 	b.	[**** ] 

	 	c.	[****] 

  

	 	4.	[****] 

  

	 	5.	PFSI and Broadridge and their respective affiliates, including Nexa, agree not to, directly or indirectly, through ownership, control, management or otherwise, compete
with, facilitate competition with or provide intellectual property or know-how to an entity that directly or indirectly competes with Newco or JVP1 Sub in the correspondent clearing business; provided, however, that Broadridge may provide services
to other parties similar to what it will provide Newco and JVP1 Sub under the MSA. The MSA will contain a mutually agreed to exclusivity provision from JVP1 Sub and Newco. 

  
 -7-

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

	 	6.	[****] 

 Governmental Approvals

 All governmental, regulatory body and exchange approvals and consents (including approvals of self-regulatory organizations) in form
and substance acceptable to PEAK6 will be in place at closing. 
 Funding 
 Replacement overnight funding for the clearing business in amounts reasonably acceptable to PEAK6 shall be in place as of the closing. 
 Confidentiality 
 The parties agree that the terms of this term sheet and all
confidential and proprietary material disclosed to one another during the course of negotiations of the transaction contemplated hereby will be considered confidential and will not, without the other parties’ prior written consent, be disclosed
to any third party, in any manner whatsoever, in whole or in part, other than as otherwise required by law or permitted pursuant to confidentiality agreements between the parties hereto, and will not be used by any party other than in connection
with the transaction contemplated hereby. 
 Other; Non-Binding Nature 
 This term sheet may be executed in counterparts (whether by original signature or facsimile copy thereof), each of which shall be deemed to constitute an original but all of which, when taken together,
shall constitute one and the same instrument. 
 This Term Sheet was prepared to facilitate discussions regarding the proposed transactions
outlined above. This Term Sheet does not constitute an offer to enter into negotiations; it is only a non-binding preliminary expression of interest. No obligations with respect to the negotiation, execution or closing of the proposed Transaction
are created, implied or inferred hereby. The only legally binding obligations that will exist among the parties will be those expressly set forth in definitive transaction documents when and if such definitive transaction documents are executed and
delivered. PEAK6 reserves the right to withdraw from the negotiations and to not proceed with the transactions contemplated hereby or with any transactions for any or no reason at any time prior to the execution and delivery of such definitive
transaction documents. 
 Agreed and accepted: 
  

			
	PEAK6 INVESTMENTS, L.P.
		
	By:	 	/s/ Daniel Rosenthal
		 	    Name: Daniel Rosenthal
		 	    Title: Partner, Peak6 Investments

 Date: May 21, 2012 

  
 -8-

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

			
	BROADRIDGE FINANCIAL SOLUTIONS, INC.
		
	By:	 	 /s/ John Hogan

		 	 Name: John Hogan
 Title:
President

	
	Date: 5/21/12
	
	PENSON FINANCIAL SERVICES, INC.
		
	By:	 	 /s/ Philip A. Pendergraft

		 	 Name: Philip A. Pendergraft

Title: Chairman

	
	Date: 5/21/12
	
	NEXA TECHNOLOGIES, INC.
		
	By:	 	 /s/ Philip A. Pendergraft

		 	 Name:

Title:

	
	Date:

  
 -9-

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 Signature Page to Non-Binding Term Sheet Dated May 21, 2012 

  
 -10-

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 Attachment 2 

Term Sheet Supplement 
  

	1.	The revenue share for the remainder of Calendar 2012 under Section 2(a) of the Services Agreement provisions of the Term Sheet for [****] of Net Revenue shall be
reduced from [****]% to (i) [****]%, for June 2012, (ii) [****]%, for July, August and September 2012, and (iii)[ ****]%, for October, November and December 2012. Thereafter, the revenue share under Section 2(a) of the Services
Agreement provisions of the Term Sheet for [****] of Net Revenue shall be increased from [****]% to [****]% for the remainder of the Term. 

  

	2.	The parties agree that Net Revenues of PFSI for the first Quarter of 2012, calculated in accordance with this Agreement, were equal to $26,764,000, as determined in
accordance with the Q1 2012 Net Revenue Reconciliation attached hereto as Attachment 2A hereto. The parties shall determine Net Revenue for the remainder of the Term in a manner consistent with such Attachment 2A. Each month’s revenue share
percentage will be determined based on the annualized revenue for that month, determined based on the revenue per day in that month times the number of days in a year. In addition, Apex shall reimburse Broadridge for the pass-through expenses
consistent with those paid by PFSI over the previous twelve months, including for illustrative purposes without limitation those pass-through expenses set forth on Attachment 2B hereto. 

 

	3.	Pursuant to Section 2(f) of the Services Agreement provisions of the Term Sheet, the following additional services will be provided by Broadridge at no additional
cost to Apex 

  

	 	(a)	The Business as Usual items listed on Attachment 2C hereto (“BAU”) will be completed by Broadridge in accordance with the current schedule included on such
Attachment 2C, or as otherwise mutually agreed to by Apex and Broadridge, including the following: 

  

	 	(i)	Broadridge shall take over correspondent billing, including paying for staffing by end 2012. 

 

	 	(ii)	Broadridge shall provide all services around any additional gaps (as compared to the products and services that PFSI was receiving from Wall Street Concepts) that arise
in tax processing. 

  

	 	(b)	Handle all trade upload support (taking over remaining trade upload functions still at PFSI). 

 

	 	(c)	 Broadridge will take responsibility to get the existing PFSI cost basis data base up to date and cleansed in order to facilitate a timely conversion to
the Broadridge system in order to insure 2012 tax year reporting and filing deadlines are met. Broadridge will provide cost basis reporting in compliance with tax laws for 2012 tax year and beyond. In order to provide the foregoing, Broadridge will
rely on (i) having access to the existing operating PFSI system in order to update it and cleanse it and (ii) PFSI providing the part time support of subject matter experts relative to their system which will be required until this data
base is converted to the Broadridge system (and that such access and support shall be free of charge to Broadridge for the 2012 tax reporting year). 

  
 1 

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

	 	(d)	Broadridge will provide transition services supporting acquired correspondents throughout the Term using the minimum number of resources described on Attachment 2D
hereto. 

  

	 	(e)	Broadridge will perform the transition of daily customer reporting from the DataWatch system to Broadridge’s PostEdge system in a timely manner in accordance with
mutually acceptable schedules. In addition, Broadridge agrees to maintain the StorQM system to continue to support Apex’s regulatory record retention requirements. 

 

	 	(f)	Broadridge will handle all OATS reporting for Apex for orders processed through Broadridge order processing systems until such time as Apex elects to transition that
function “in house” or to a third party. 

  

	4.	Apex has the option to engage Broadridge to provide System Administration and Data Base Administration services at Broadridge’s incremental cost.

  

	5.	Additional services requested by Apex and not identified in the Term Sheet or this Term Sheet Supplement to be provided by Broadridge [****] Such services will be
provided in a manner that is consistent with Broadridge quality and also meets the requirements of the MSA Documents. [****]. 

  

	6.	Broadridge and Apex agree to work in good faith with each other to reduce their expenses that are mutually agreed to be unnecessary, such as among other things the
elimination of unnecessary and or excessive electronic storage of reports or images and documents. 

  

	7.	Immediately following the execution of the letter agreement, the Broadridge and Apex will negotiate in good faith the terms of one or more additional Service Level
Agreements, with the expectation of entering into the Service Level Agreements within thirty (30) days. 

  

	8.	[****]. 

  

	9.	Broadridge and Apex agree that, for the purposes of calculating Net Revenue, the following shall apply: 

 

	 	(a)	Regulatory and exchange fee pass-throughs will be a contra expense and excluded from Net Revenue. 

 

	 	(b)	Amounts passed through to customers up to expenses for postage and statements will be booked as contra expenses against customer fees collected and not included in Net
Revenue. Amounts passed through to customers in excess of expenses for postage and statements will be booked as and included in Net Revenue. 

  

	 	(c)	Reimbursement from a customer of any other pass-through cost will be excluded from Net Revenue. For the avoidance of doubt, the parties agree that the $26,764,000
amount referred to in item 2 above does not include any pass-through costs. 

  

	 	(d)	Amounts paid by issuers and passed through to Apex by Broadridge for proxy, e-mail or other communications with customers pursuant to a separate agreement between Apex
and Broadridge shall be excluded from Net Revenue. 

  
 2 

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

	10.	The indemnification provided by Broadridge under Section 14(A) of the MSA shall include Losses incurred by Apex Client Indemnities arising out of the gross
negligence or willful misconduct of Broadridge. 

  

	11.	In lieu of Section 17.A of the MSA, PEAK6 Investments, L.P. (“PEAK6”) and Apex agree that throughout the Term of the letter agreement PEAK6, Apex and
their Subsidiaries (but not including PEAK6 Advisors LLC, PEAK6 Opportunities Management and the respective funds and accounts for which they serve as an investment manager or managing member) shall not engage in the business of providing clearing
and settlement services for unaffiliated correspondent customers (the “Prohibited Activity”) in competition with Broadridge; it being understood that nothing in this provision shall prohibit PEAK6, Apex or any of their Subsidiaries from:
(i) owning up to 10% in the aggregate any class of capital stock of any corporation if such stock is publicly traded and listed on any national or regional stock exchange or on the Nasdaq national market; or (ii) acquiring an entity,
business, operations or assets if the Prohibited Activity comprises less than 15% of the revenue of such acquired entity, business, operations or assets. This restriction shall not apply to the extent that Broadridge does not perform any required
clearing services in a particular geographic market or is otherwise not capable of performing the services in a competitive manner to the same level and in accordance with the other requirements of the MSA Documents. 

  
 3 

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 Attachment 2A 
 Q1 2012 Net Revenue Reconciliation 
 [****] 

  

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 Attachment 2B 
 Pass-Through Expenses 
 [****] 

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 Attachment 2B cont’d 

[****] 

  

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 Attachment 2C 
 BAU LIST 
 [****] 

 Confidential Treatment is Requested by Broadridge Financial Solutions, Inc.

 Pursuant to 17 C.F.R. 200.83 
  

 Attachment 2D 
 Transition Services 
 [****]

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