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                                                             EXHIBIT 10.24

                         EXECUTIVE EMPLOYMENT AGREEMENT

         This EXECUTIVE EMPLOYMENT AGREEMENT ("EA") is made and entered into
this 21st day of April, 2006, by and among Daniel P. Son ("EXECUTIVE"), a
resident of Texas, and PENSON WORLDWIDE, INC., a Delaware corporation (the
"COMPANY").

I.       EMPLOYMENT.

         A.       Executive's employment pursuant to his EA is conditioned on
Executive's signature agreement to, and ongoing compliance with the Confidential
Information, Invention Assignment and Arbitration Agreement, which is EXHIBIT A
hereto ("CONFIDENTIAL INFORMATION AGREEMENT").

         B.       Commencing on January 1, 2006 ("Effective Date"), and for an
indefinite period thereafter, Executive shall be employed pursuant to this EA by
the Company, or by a designated subsidiary of the Company (the Company or such
subsidiary, as the case may be, that employs Executive will be hereinafter
referred to as the "EMPLOYER"). Executive's employment pursuant to this EA shall
continue for an indefinite period, until terminated by either Executive or
Employer.

         C.       Subject only to the provisions of Section VII., Executive's
employment shall be "at-will," meaning that either Executive or Employer may
terminate it at any time, with or without any advance notice and with or without
any particular reason or cause or advance procedures. It also means that
Executive's job duties, responsibilities, title, reporting level, regular place
of employment, compensation, benefits and Employer's policies and procedures can
be changed, in the sole discretion of Employer, at any time, with or without
advance notice and with or without any particular reason or cause or advance
procedures.

         D.       In agreeing to be employed pursuant to this EA, Executive
represents and warrants that Executive has not previously entered into, and in
the future shall not enter into, any agreement, either written or oral, that
conflicts with any of Executive's obligations under this EA or may be an
impediment to Executive providing services under this EA.

II.      POSITION.

         A.       Executive shall be employed by Employer on a regular full-time
basis, with the job title of President, reporting to the Board of Directors.
Executive shall have such job duties and responsibilities commensurate with such
position, which may change as Employer's business needs and market conditions
change from time-to-time.

         B.       Executive's initial, regular place or base of employment shall
be at the Company's principal office in Dallas, Texas.

         C. During Executive's employment with Employer, Executive shall devote
Executive's full business time, best efforts, abilities, energies and skills to
the good faith performance of Executive's job duties and responsibilities
hereunder, and shall perform said duties and responsibilities at all reasonable
times and places in accordance with reasonable directions and requests made by
the Employer consistent with Executive's position and Employer's business needs
as determined by Employer. Executive shall not engage in any other employment,
business, or business-related activity unless Executive receives prior written
approval from Employer's Board of Directors to hold such outside employment or
engage in such business or activity, which written approval shall not be
unreasonably withheld if such outside employment, business or activity would not
in any way be competitive with the business or proposed business of Employer or
otherwise conflict with or adversely affect in any way Executive's ability to
fulfill Executive's obligations under this EA. Executive shall not be required
to receive prior written approval for activities related to family investments
or charitable organizations.

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                                                  Executive Employment Agreement
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III.     CASH COMPENSATION.

         A.       Salary Compensation.

                  1.       Executive shall earn and be paid a salary, at a
weekly rate of Fourteen Thousand Four Hundred Twenty-Three Dollars and Eight
Cents ($14,423.08) which is equivalent to Seven Hundred Fifty Thousand Dollars
and No Cents ($750,000.00) per annum. However, effective on the first day of the
calendar month following the date of the consummation of the initial public
offering of the Company's securities ("IPO"), Executive's salary shall be
reduced to a weekly rate of Nine Thousand Six Hundred Fifteen Dollars and
Thirty-Eight Cents ($9,615.38) which is equivalent to Five Hundred Thousand
Dollars and No Cents ($500,000.00) per annum.

                  2.       Executive's salary shall be paid at periodic
intervals in accordance with Employer's regular payroll schedule and practices.

                  3.       Executive's salary rate shall be reviewed from
time-to-time, generally on an annual basis, and may be changed by the
Compensation Committee of Company's Board of Directors ("Compensation
Committee") in its sole discretion.

         B.       Annual Bonus Compensation Opportunities. As a performance and
retention incentive, Executive shall be eligible to earn an annual bonus award.
The terms and conditions of each such annual bonus award opportunity shall be
provided in writing to Executive not later than January 31 of each calendar year
for that calendar year and shall be attached to this Agreement each year as
Attachment 1. However, the following will apply to each annual bonus award
opportunity made available to Executive during Executive's employment with
Employer.

                  1.       Each annual bonus award opportunity will be
conditioned on Employer's achievement of calendar year revenue and net income
objectives, and any other objectives, established in the discretion of the Board
for the calendar year.

                  2.       Each annual bonus award opportunity also will be
conditioned on Executive's full-time active services to Employer continuously
through the calendar year. However, should the Executive be terminated without
cause, leave for good reason, die or become permanently disabled, the Executive
or his estate will be entitled to all bonus compensation that has been earned in
accordance with the terms of the then applicable annual bonus award opportunity
but not yet paid at the time of Executive's departure, death or permanent
disability, including any bonus compensation earned for partial portions of a
calendar year.

                  3.       It is the intent of Employer, generally, to pay
annual bonuses no later than March 15 of the next calendar year, after
Employer's audited financial statements for the calendar year just ended have
been prepared and approved by the Board.

                  4.       The Employer may provide for periodic progress bonus
awards against the total annual bonus opportunity.

         C.       Discretionary Bonuses. To the extent Employer exceeds both its
revenue and its net income and/or any other objectives established for a
calendar year by the Board, Executive shall be eligible for a discretionary
bonus award, which would be in addition to Executive's annual bonus award
opportunity. Whether to grant such additional bonus award and, if so, in what
form and amount, shall be determinations made in the sole discretion of the
Board.

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                                                  Executive Employment Agreement
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         D.       Withholdings. All cash compensation paid to Executive pursuant
to this EA, including any Severance Benefits per Section VII.B., shall be
subject to (i) any and all applicable federal, state and local income and
employment withholding taxes; (ii) other amounts required to be deducted or
withheld by Employer under applicable law or order requiring the withholding or
deduction of amounts otherwise payable as compensation or wages to employees;
(iii) such other withholdings and deductions as may be allowed by applicable
law; and (iv) such other withholdings and deductions as may be authorized in
writing by Executive.

IV.      EMPLOYEE BENEFITS & EXPENSES.

         A.       Employee Benefits. Executive shall be eligible to participate
in all employee benefits and benefit plans generally made available to executive
employees of Employer from time-to-time, subject to the terms, conditions and
relevant qualification criteria for such benefits and benefit plans. Employer,
in its discretion, may change from time-to-time the employee benefits and
benefit plans it generally makes available to its executive employees.

         B.       Expenses & Expense Reimbursement. Executive shall be entitled
to reimbursement from Employer of all reasonable and necessary business, travel
and entertainment expenses incurred by Executive in the performance of
Executive's job responsibilities hereunder, subject to the expense reimbursement
policies and procedures of Employer in effect from time-to-time which, at
minimum, shall require completion and submission of expense reimbursement
request forms and receipts evidencing such expenses.

V.       EQUITY

         A.       Option. On the date on which the agreement between the Company
and the underwriter or underwriters managing the IPO is executed and priced
("UNDERWRITING AGREEMENT"), Executive shall be granted a stock option to
purchase up to One Hundred Thousand (100,000) shares of Company common stock
("Option") under the Company's 2000 Stock Incentive Plan ("PLAN"). The Option
will be granted as an Incentive Stock Option to the extent permissible under
applicable law. The per share exercise price of the Option will be equal to the
price per share at which the Company's common stock is to be sold in the IPO
pursuant to the Underwriting Agreement before underwriting discounts and
commissions, and the vesting commencement date of the Option ("VESTING
COMMENCEMENT DATE") shall be the effective date of the IPO. The Option will vest
and become exercisable over four (4) years in sixteen (16) quarterly
installments of Six Thousand Two Hundred Fifty (6,250) shares each, which will
vest and become exercisable on successive quarterly anniversaries of the Vesting
Commencement Date, provided that Executive has continuously provided active
services to Employer throughout each relevant quarter. The Option will be
evidenced by the Company's form stock option agreement under the Plan, and will
be subject to the terms and conditions of that agreement and the Plan. Executive
will be eligible for future additional stock option grants in the discretion of
the Board of Directors.

         B.       Stock Options & Change in Control. The stock option agreement
for the Option, and the stock option agreement for each stock option granted
after the Option, shall contain the following terms relative to a "Change in
Control" (defined in Section VI.B.2., below).

                  1.       Immediately upon a "Change in Control," twenty-five
percent (25%) of all of Executive's then-outstanding option shares, under each
stock option granted to Executive, shall immediately vest and be exercisable,
unless Executive's then-outstanding options are not assumed by the surviving
entity in such Change in Control transaction, in which case, one hundred percent
(100%) of Executive's then-outstanding option shares, under all stock options
granted to Executive, shall immediately vest and be exercisable.

                  2.       If Executive's employment with the Company or a
successor is terminated "Without Cause" (defined in Section VI.C., below) by the
Company or its successor

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                                                  Executive Employment Agreement
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within 12 months after the effective data of a "Change in Control," or if
Executive terminates his employment with the Company or its successor for "Good
Reason" within 12 months after the effective date of a "Change in Control", then
one hundred percent (100%) of Executive's then-outstanding option shares, under
each stock option granted to Executive, shall immediately vest and be
exercisable as of the effective date of Executive's termination of employment
("TERMINATION DATE") provided that the conditions of Section VII.A.2. and
Section VII.B.2.a.-b., below, have been satisfied by Executive no later than 90
days after the Termination Date.

         C.       Stock Options at Death or Permanent Disability. The terms of
the Option and each stock option granted after the Option shall provide that one
hundred percent (100%) of Executive's then-outstanding option shares, under all
stock options granted to Executive, shall immediately vest and become
exercisable in the event of Executive's death or permanent disability.

VI.      TERMINATION OF EMPLOYMENT

Although Executive's employment shall be "at-will," termination of the
employment relationship between Executive and Employer shall be classified in
one of the following categories, for the limited purpose only of the Severance
Benefit Opportunity of Section VII.B., below:

         A.       By Employer for Cause. Termination of Executive's employment
by Employer for "CAUSE" means a termination by Employer of Executive's
employment for any of the following reasons, upon written notice to Executive at
any time:

                  1.       Executive's conviction or plea of nolo contendre to a
felony offense or crime of violence or dishonesty; or

                  2.       The Company's good faith determination, upon majority
vote of Company's Board of Directors, that:

                           a.       Executive has engaged in theft, fraud,
embezzlement or dishonest conduct with respect to any property or funds of
Employer, any affiliate, subsidiary or parent of Employer, or of any vendor,
partner, employee or customer of Employer that is harmful to Employer, to an
affiliate, subsidiary or parent of Employer or to the business, operations,
reputation or business prospects of any of them;

                           b.       Executive has breached any of his
obligations under the Confidential Information Agreement signed by Executive as
a condition of this EA;

                           c.       Executive has engaged in an act of
misconduct which has had an adverse effect on the business, operations,
reputation or business prospects of Employer or of an affiliate, subsidiary or
parent of Employer; or

                           d.       Executive has failed to adequately perform
the material duties or fulfill the responsibilities of Executive' position;
provided, however, that Employer shall have given written notice to Executive,
and Executive shall have had a period of thirty (30) days within which to
cure/remedy the failure(s), described in such written notice giving rise to
possible termination for Cause under this Section VI.A.2.d.; or

                           e.       Executive has breached one or more of
Executive's other obligations under this EA; provided, however, that Employer
shall have given written notice to Executive, and Executive shall have had a
period of thirty (30) days within which to cure/remedy the breach, described in
such written notice, giving rise to possible termination for by Employer for
Cause under this Section VI.A.2.e.

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                                                  Executive Employment Agreement
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         B.       By Executive for Good Reason.

                  1.       Termination of Executive's employment by Executive
shall qualify as a termination by Executive for "GOOD REASON" if all of the
following conditions are met:

                           a.       Executive shall have given advance written
notice of termination to Employer ("NOTICE"), in accordance with Section
VIII.H., below, that includes the following:

                                    (1)      a description of the act, omission
or breach giving rise to the Notice, and

                                    (2)      a date on which Executive intends
the termination to be effective ("Termination Date"), that is no earlier than 30
days after the date the Notice is delivered to the Employer;

                           b.       The act, omission or breach described in the
Notice is one of the following:

                                    (1)      A reduction, without Executive's
consent, of Executive's salary rate or bonus award opportunity by more than ten
percent (10%), unless the salary rates of all Employer's executive-level
employees also have been reduced by at least such percent;

                                    (2)      A relocation, without Executive's
consent, of Executive's regular place or base of employment by more than fifty
(50) miles; or

                                    (3)      A breach by Employer of one or more
of its obligations under this EA; and

                           c.       The act, omission or breach described in the
Notice first occurred:

                                    (1)      during the 12 months after the
effective date of a "Change in Control" of the Company, or

                                    (2)      no earlier than 90 days before the
date the Notice is delivered to the Employer; and

                           d.       The Employer failed to remedy, before the
Termination Date, the act, omission or breach described in the Notice.

                  2.       A "CHANGE IN CONTROL" means a change in the ownership
or control of the Company, effected through any of the following transactions
first occurring after the Company's IPO, and excluding the Company's IPO:

                           a.       a merger, consolidation or reorganization
approved by the Company's stockholders, unless securities representing more than
fifty percent (50%) of the total combined voting power of the outstanding voting
securities of the successor entity are immediately thereafter beneficially
owned, directly or indirectly and in substantially the same proportion, by the
persons who beneficially owned the outstanding voting securities of the Company
immediately prior to such transaction;

                           b.       any stockholder-approved sale, transfer or
other disposition of all or substantially all of the Company's assets in
complete liquidation or dissolution of the Company; or

                           c.       the acquisition, directly or indirectly, by
any person or related group of persons (other than the Company or a person that
directly or indirectly controls, is

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                                                  Executive Employment Agreement
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controlled by or is under common control with, the Company) of beneficial
ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of
1934, as amended) of securities possessing more than fifty percent (50%) of the
total combined voting power of the Company's outstanding securities.

         C.       Without Cause. Executive's employment is terminated "WITHOUT
CAUSE" if it is terminated in any of the following circumstances:

                  1.       due to Executive's death; or

                  2.       due to Executive's "DISABILITY" which shall mean a
termination upon written notice, or on such prospective date specified in such
notice, delivered by the Employer to Executive, due to Executive's inability,
either with or without reasonable accommodation, by reason of any physical or
mental injury, illness or impairment, to substantially perform the essential
functions required of Executive under this EA for a period of six (6) months
during any rolling 12 month period; or

                  3.       upon any notice, written notice, or on such
prospective date specified in such notice, delivered by the Employer to
Executive, for a reason other than any of the reasons described as "Cause" in
Section VI.A., above; or

                  4.       upon any notice, written notice, or on such
prospective date specified in such notice, delivered by Executive to the
Employer, for a reason other than a reasons and the conditions that qualify as
"Good Reason" under Section VI.B.1., above.

VII.     OBLIGATIONS UPON TERMINATION.

         A.       Any Termination. In addition to any other obligations that may
apply under the Confidential Information Agreement and/or under this EA, the
Parties shall have the following obligations upon any termination of their
employment relationship pursuant to this EA:

                  1.       Employer:

                           a.       Employer shall pay Executive (or Executive's
estate) any unpaid cash compensation earned by Executive pursuant to this EA
through the Termination Date; and

                           b.       Employer shall allow Executive and/or
Executive's dependents, at their sole cost and expense, to continue
participation after the Termination Date in those group health benefit plan in
which Executive and/or Executive's dependents are entitled to participate
pursuant to the terms and conditions of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended ("COBRA").

                           c.       Employer shall allow Executive and/or
Executive's estate, at their sole cost and expense, to exercise all of
Executive's vested option shares, including those vested consistent with Section
V.B., in accordance with the terms and conditions of the applicable stock option
plan and stock option agreement that govern such option shares.

                  2.       Executive:

                           a.       No later than fifteen (15) days after the
Termination Date, Executive shall return to Employer all items of property that
had been provided for Executive's use during employment with Employer or with
any of its predecessors, or had been paid for by Employer or any of its
predecessors, and

                           b.       No later than fifteen (15) days after the
Termination Date,

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                                                  Executive Employment Agreement
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Executive shall return to Employer all documents created or received during the
course of Executive's employment with Employer or with any of its predecessors,
except Executive may retain Executive's personal copies of documents evidencing
Executive's hire, compensation, benefits, stock options, this EA, the
Confidential Information Agreement and any documents that may have been received
by Executive as a shareholder of the Company.

         B.       Severance Benefit Opportunity. Subject to the conditions of
Section VII.B.2.-3., below, Employer shall provide Severance Benefits to
Executive for the Severance Period in the event that Executive's employment with
Employer (i) is terminated by Employer without Cause or (ii) is terminated by
Executive for Good Reason. Such Severance Benefits, if and to the extent
provided, are not compensation for past services or labor performed by
Executive, but to preserve the goodwill existing between the Parties, to resolve
any disputes or disagreements that may exist between them relating to
Executive's employment and the termination thereof, and to assist Employer and
Executive to move onto other business and employment opportunities,
respectively.

                  1.       Severance Benefits during Severance Period. The
"SEVERANCE PERIOD" shall be twelve (12) months measured from the Effective Date
of the Post Termination General Release of All Claims Agreement. "SEVERANCE
BENEFITS" shall consist of the following:

                           a.       Post-Termination Payments. Periodic
payments, at the Executive's weekly salary rate in effect just prior to the time
of the act or omission resulting in Executive's termination ("SEVERANCE
PAYMENTS"). Such payments shall be paid at periodic intervals in accordance with
Employer's regular payroll schedule and practices.

                           b.       COBRA Premium Payments. At Employer's full
expense, continuation coverage for Executive and Executive's eligible
dependent(s), existing as of the Termination Date, under Employer's group health
plans, subject to the terms, conditions and election requirements of COBRA or
applicable state law counterpart to COBRA ("PAID HEALTH PLAN COVERAGE"). Any
additional period of post-termination health plan coverage to which Executive
and Executive's dependents may be eligible under COBRA, or under a state law
counterpart to COBRA, after expiration of COBRA Premium Benefits provided under
this Section VII.B.1.b., shall be at Executive's full personal cost and expense.

                  2.       Severance Benefit Conditions & Limitations.

                           a.       In order to receive any Severance Benefits,
Executive must execute a Post-Termination General Release of All Claims
Agreement, in a form provided by Employer that is substantially similar in all
material respects to EXHIBIT B hereto, which is made a part of this EA ("GENERAL
RELEASE"); provided, however, that the General Release becomes effective and
enforceable in accordance with its terms.

                           b.       Executive shall provide, cooperatively and
in good faith, to those person(s) designated by Employer, all information
necessary to effectively transition to others Executive's job, technical,
operational and financial information and knowledge, work product and pending
work, as and to the extent requested by Employer during the 60 day period after
the Termination Date.

                           c.       In order to receive and continue to receive
Severance Benefits, Executive must comply with Executive's obligations under the
Confidential Information Agreement in accordance with its terms, and must comply
with the restrictions of this Section VII.B.2.c. For the purposes of this
Section VII.B.2.c., the following definitions shall apply: (i) "BUSINESS" means
the development, marketing and sales of technology-based processing solutions
for the execution, clearing, custody and settlement of securities, commodities
and/or foreign exchange transactions; (ii) "CUSTOMER" means any person, entity
or business that was a customer, or was specifically targeted to become a
customer, of the Employer or the Company during the one (1)

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                                                  Executive Employment Agreement
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year period prior to the Termination Date; (iii) "TERRITORY" means and includes
each of the fifty (50) states of the United States of America, Canada and the
United Kingdom; and (iv) "SERVICE PROVIDER," means any person who is during the
Severance Period, and was at any time during the one (1) year period prior to
the Termination Date, an employee, consultant, or independent contractor of the
Employer or the Company.

                                    (1)      Non-Solicitation of Service
Providers. During the Severance Period, Executive shall not, anywhere in the
Territory, on Executive's own behalf or on behalf of any other person or
entity, either directly or indirectly recruit, encourage or solicit any Service
Provider to leave or reduce that Service Provider's employment with or services
to the Employer or to the Company

                                    (2) Non-Solicitation of Customers. During
the Severance Period, Executive shall not, anywhere in the Territory, on
Executive's own behalf or on behalf of any other person or entity, either
directly or indirectly, contact, recruit, encourage or solicit any Customer with
respect to the Business.

                                    (3) Non-Competition. During the Severance
Period, Executive shall not, anywhere in the Territory, whether as an employee,
agent, consultant, advisor, independent contractor, proprietor, partner,
officer, director, joint venturer, trustee, stockholder, investor, lender or
guarantor of any corporation, partnership or other entity, or in any other
capacity, either directly or indirectly (on Executive's own behalf or on behalf
of any other person or entity) (a) engage in the Business or (b) permit
Executive's name to be used in the Business. Notwithstanding the foregoing,
Executive may own, directly or indirectly, solely as an investment, up to two
percent (2%) of any class of "publicly traded securities" of any business that
is competitive with or similar to the Business or any person who owns a business
that is competitive with or similar to the Business.

Executive acknowledges and agrees that each of the restrictions of Section
VII.B.2.c. is reasonable with respect to subject matter, length of time, and
geographic area, and will not prevent Executive from pursuing an occupation or
living during the Severance Period.

                  d.       In the event that Executive breaches any of
Executive's obligations under Section VII.B.2.c., above, prior to expiration of
the Severance Period:

                           (1)      Executive shall cease to be entitled to any
further Severance Benefits, otherwise to be provided under Section VII.B.1.,
above, except that Executive shall be eligible to receive or retain, as the case
may be, Severance Benefits equal to fifty percent (50%) of the total amount of
Severance Benefits to which Executive otherwise would have been eligible to
receive in the absence of such breach; and

                           (2)      Employer shall be entitled to recover from
Executive any and all amounts that may have been paid to or on behalf of
Executive as Severance Benefits in excess of fifty percent (50%) of the total
amount of Severance Benefits to which Executive otherwise would have been
eligible to receive in the absence of Executive's breach; and

                           (3) Employer shall be entitled to take any and all
action(s) necessary to pursue legal and equitable remedies against Executive,
including, without limitation, injunctive relief.

                  e.       Severance Benefits provided under Section VII.B.1.,
above, shall in all cases be reduced by any payments or benefits to which
Executive may be entitled under the federal Worker Adjustment Retraining
Notification Act, and/or under any applicable state law counterpart statute.

                  f.       Severance Benefits under Section VII.B.1., above,
shall be the only severance and/or measure of damages or loss, to which
Executive shall be entitled upon any termination of Executive's employment with
Employer. Except as set forth in Section VII.A.1., above, no other amounts or
benefits shall be owed to Executive including, but not limited to, under any
other plan, program or practice of Employer or of any subsidiary, affiliate or
parent of Employer.

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                                                  Executive Employment Agreement
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                  3.       Delayed Commencement Date for Severance Benefits.
Notwithstanding any provision to the contrary in this EA, no Severance Benefits
to which Executive otherwise becomes entitled under this EA, shall be made or
provided to Executive prior to the EARLIER of (i) the expiration of the six
(6)-month period measured from the date of his "separation from service" with
the Employer (as such term is defined in Treasury Regulations issued under
Section 409A of the Internal Revenue Code("Code")) or (ii) the date of his
death, if Executive is deemed at the time of such separation from service to be
a "key employee" within the meaning of that term under Code Section 416(i) and
such delayed commencement is otherwise required in order to avoid a prohibited
distribution under Code Section 409A(a)(2). Upon the expiration of the
applicable Code Section 409A(a)(2) deferral period, all Severance Benefits that
otherwise would have payable to Executive during the deferral period shall be
paid or reimbursed to Executive in a lump sum, and any remaining Severance
Benefits due to Executive pursuant to this EA shall be paid or provided in
accordance with Section VII.B.1.

VIII. MISCELLANEOUS.

         A.       Governing Law. This EA shall be construed and interpreted in
accordance with the laws of State of Texas.

         B.       Severability. Should any provision (or portion of provision)
of this EA become or be deemed unenforceable, such unenforceability will not
affect any other provision and this EA shall be construed as if such
unenforceable provision (or portion of provision) had never been contained
herein, except that if the restrictions of VII.B.2.c.(2)-(3)., are found to be
unenforceable, Executive shall not be entitled to more than 50% of the Severance
Benefits provided by Section VII.B.1.

         C.       Remedies. Except as otherwise provided herein, all rights and
remedies provided pursuant to this EA or by law shall be cumulative, and no such
right or remedy shall be exclusive of any other. Either of the Parties may
pursue any one or more rights or remedies hereunder or may seek damages or
specific performance in the event of the other party's breach hereunder or may
pursue any other available remedy.

         D.       Arbitration. Any and all disputes by and among any of the
Parties that arise from or relate to this EA shall be resolved through final and
binding arbitration which shall be instead of any civil litigation, except to
the extent specifically set forth in Section VIII.D.5., below. Each of the
Parties hereby waives their respective right to a jury trial as to such
disputes, and understands and agrees that the arbitrator's decision shall be
final and binding to the fullest extent permitted by law and enforceable by any
court having jurisdiction thereof. The provisions of this Section VIII D. shall
replace and supersede the provisions of Section 5 of the Confidential
Information Agreement in its entirety.

                  1.       Arbitration shall be conducted in Dallas, Texas, in
accordance with the National Rules for the Resolution of Employment Disputes of
the American Arbitration Association ("AAA Rules") then in effect and to the
extent consistent with applicable law, although the arbitrator shall be selected
by mutual agreement of the parties and need not be a panel member of the
American Arbitration Association. It is the Parties' intent that, prior to
initiating arbitration proceedings, the Parties shall mediate their dispute with
one another in a good faith attempt to avoid the necessity of resolving their
disputes through arbitration proceedings.

                  2.       The arbitrator shall allow the discovery authorized
and/or required by applicable law in arbitration proceedings, including but not
limited to discovery available under applicable State and/or federal arbitration
statutes, including the Federal Arbitration Act.

                  3.       The arbitrator shall issue a written award that sets
forth the essential findings of fact and conclusions of law on which the award
is based. The arbitrator shall have the

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                                                  Executive Employment Agreement
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authority to award any relief authorized by applicable law in connection with
the asserted claims or disputes. The arbitrator's award shall be subject to
correction, confirmation, or vacation, as provided by any applicable law setting
forth the standard of judicial review of arbitration awards.

                  4.       Each party to the arbitration shall bear their own
respective attorneys' fees and costs incurred in connection with the
arbitration; and the parties shall share equally the arbitrator's fees, unless
law applicable at the time of the arbitration hearing requires otherwise. The
arbitrator shall award attorneys' fees and costs of arbitration to the
prevailing party. If there is a dispute as to which of the Parties is the
prevailing party in the arbitration, the Arbitrator will decide this issue.

                  5.       Any dispute or controversy arising out of or relating
to any interpretation, construction, performance or breach of Sections 2 and 4
of the Confidential Information Agreement may, at the election of the Company in
its sole discretion, be brought in any state or federal court of competent
jurisdiction. In connection therewith, Executive acknowledges that his breach of
or other failure to comply with any provision of the foregoing Sections would
cause irreparable harm to the Company for which there is no adequate remedy at
law, and that in the event of such breach or failure the Company shall have, in
addition to any and all remedies at law, the right to an injunction, specific
performance, or other equitable relief to prevent the violation of his
obligations thereunder.

                  6.       To the extent that any of the AAA Rules or anything
in this Section VIII.D. conflicts with any arbitration procedures required by
applicable law, the arbitration procedures required by applicable law shall
govern. In the event Executive is a registered representative under the rules of
the National Association of Securities Dealers, Inc. ("NASD"), then
notwithstanding anything to the contrary in this Section, if required by the
rules of the NASD, the arbitration shall be conducted in accordance with the
rules and procedures of the NASD, the Company's Employee Handbook and other
Company documentation (each of which contain policies and procedures relating to
NASD arbitration).

         E.       Assignment; Successors. This EA may not be assigned by
Executive. This EA may be assigned by Employer, upon written notice to
Executive, and shall be binding on the successors of Employer.

         F.       Changes to Agreement. This EA may only be changed by another
written agreement signed by Executive and by a duly authorized representative of
Company. Notwithstanding the foregoing, the Company reserves the right to amend
this EA in any way that the Company in good faith determines may be advisable to
help ensure compliance with Section 409A of the Code and any regulations or
other guidance thereunder (together, "Section 409A"). Any such amendment shall
preserve, to the extent reasonably possible and in a manner intended to satisfy
Section 409A and avoid the imputation of penalties or taxes under Section 409A,
the original intent of the parties and the level of benefits hereunder.

         G.       Counterparts. This EA may be executed in more than one
counterpart, each of which shall be deemed an original, but all of which
together shall constitute but one and the same instrument.

         H.       Notices. Notice under this EA, including any change to the
following and assignment of this EA by the Company, shall be delivered as
follows:

                  To the Company:   Penson Worldwide, Inc.
                                    1700 Pacific Avenue, Suite 1400
                                    Dallas, Texas 75201
                                    Attn: Chairman, Compensation Committee

                  To: Executive:    Daniel P. Son

                                  Page 10 of 11                    Daniel P. Son
                                                  Executive Employment Agreement
<PAGE>

                                    1700 Pacific Avenue, Suite 1400
                                    Dallas, Texas 75201

         I.       Complete Agreement. There are no promises, representations or
commitments made by, between or among Executive and Employer regarding the
subjects covered by this EA that do not appear expressly written in this EA. In
executing this EA, each of the Parties represents and warrants to the others
that it is not relying on any promises, representations, negotiations,
statements or commitments that are not expressly set forth in this EA. This EA
supersedes, cancels and replaces any and all prior verbal and written agreements
between the Parties regarding any of the subjects covered by this EA.

IN WITNESS WHEREOF, the Parties have executed this EA as of the date first above
written.

                                         EXECUTIVE:

                                         /s/ Daniel P. Son
                                         --------------------------------------
                                         Name: Daniel P. Son

                                         THE COMPANY -- Pension Worldwide, Inc.:

                                         /s/ John Drew
                                         --------------------------------------
                                         By:    John Drew
                                         Title: Chair, Compensation Committee
                                                Board of Directors

                                  Page 11 of 11                    Daniel P. Son
                                                  Executive Employment Agreement<PAGE>

                                                                   Exhibit 10.25

                        EIGHTH AMENDMENT TO OFFICE LEASE
                        --------------------------------

      THIS EIGHTH AMENDMENT TO OFFICE LEASE (this "Eighth Amendment") is made as
of the later of the dates accompanying a signature by Landlord and Tenant below,
by and between BERKELEY FIRST CITY, LTD., a Delaware limited partnership
("Landlord"), and PENSON WORLDWIDE, INC., a Delaware corporation ("Tenant").

                                   WITNESSETH:
                                   -----------

      WHEREAS, Landlord's predecessor-in-interest, F/P/D Master Lease, Inc., a
Texas corporation ("Original Landlord"), and Tenant's predecessor-in-interest,
Service Asset Management Company, a North Carolina corporation ("Original
Tenant"), entered into that certain Office Lease dated as of May 20, 1998 (the
"Original Lease"), with respect to the lease of approximately 31,478 square feet
of Net Rentable Area (as defined in the Lease) on the 14th floor known as Suite
1400 of that certain office building known as 1700 Pacific (the "Building"),
which Original Lease was amended by (i) that certain First Amendment to Office
Lease dated as of July 16, 1998, (ii) that certain Second Amendment to Office
Lease dated as of February 17, 1999, (iii) that certain Third Amendment to
Office Lease dated as of September 20, 1999, (iv) that certain Fourth Amendment
to Office Lease dated as of November 30, 1999, (v) that certain Fifth Amendment
to Office Lease dated as of May 25, 2000, (vi) that certain Sixth Amendment to
Office Lease dated as of January 9, 2001, and (vi) that certain Seventh
Amendment to Office Lease dated as of July 9, 2001 (the Original Lease, as so
amended, being hereinafter sometimes called the "Current Lease"), which
currently relates to approximately 68,524 square feet of Net Rentable Area (as
that term is defined in the Lease) on the 14th, 15th and 20th floors of the
Building (such approximately 68,524 square feet of Net Rentable Area being
hereinafter sometimes called the "Current Premises");

      WHEREAS, as documents ancillary to the Current Lease, Original Landlord
and Original Tenant also entered into that certain Temporary Space License
Agreement dated as of November 8, 1999 (the "Garage Space License"), which
granted Original Tenant a temporary license to use space on the third floor of
the On-Site Garage (as that term is defined in the Original Lease) for a back-up
electrical generator, and that certain Antenna Site License Agreement dated as
of February 15, 2001 (the "Antenna License"), which granted Original Tenant a
license to use space on the roof of the Building for specified "Site Equipment"
(as that term is defined in the Antenna License);

      WHEREAS, Original Landlord sold the Building to Landlord in June 2005;
therefore, Landlord is the current owner of the Building;

      WHEREAS, in September 2000, Original Tenant changed its name to Penson
Financial Services, Inc., as confirmed by an Application for Amended Certificate
of Authority filed by Original Tenant with the Secretary of State of the State
of Texas on September 25, 2000;

      WHEREAS, prior to the date of this Eighth Amendment, Original Tenant has
assigned all of its rights and obligations under the Current Lease, the Garage
Space License and the

EIGHTH AMENDMENT TO OFFICE LEASE

<PAGE>

Antenna License to Tenant, which is the ultimate parent company of Original
Tenant; and Tenant has assumed all such rights and obligations; and

      WHEREAS, Landlord and Tenant now desire to amend the Current Lease to
expand the Current Premises, to extend the Term of the Current Lease (and,
accordingly, the terms of the Garage Space License and the Antenna License) and
to modify certain other provisions of the Current Lease as set forth herein,
with the Current Lease, as modified by this Eighth Amendment, being sometimes
referred to herein as "this Lease".

      NOW, THEREFORE, for and in consideration of the mutual covenants contained
in this Eighth Amendment, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Landlord and Tenant do hereby
agree as follows:

      1.    Expansions of Current Premises.
            ------------------------------

      (a) Effective as of July 1, 2006 (the "2006 Expansion Effective Date"),
the Original Lease is hereby amended to include within the Leased Premises
approximately 13,084 Rentable Square Feet on the 19th floor of the Building, as
shown more particularly on Exhibit "A" attached hereto (such approximately
13,084 Rentable Square Feet being hereinafter sometimes called the "2006
Expansion Premises"); and as of the 2006 Expansion Effective Date, the 2006
Expansion Premises shall be added to the definition of "Leased Premises" as that
term is used in this Lease. Accordingly, as of the 2006 Expansion Effective Date
the Leased Premises for Tenant shall consist of approximately 81,608 Rentable
Square Feet on the 14th, 15th, 19th and 20th floors of the Building.

      (b) Effective as of February 1, 2008 (the "2008 Expansion Effective
Date"), this Lease is hereby amended to include within the Leased Premises the
approximately 13,084 remaining Rentable Square Feet on the 19th floor of the
Building, as shown more particularly on Exhibit "A" attached hereto (such
approximately 13,084 remaining Rentable Square Feet being hereinafter sometimes
called the "2008 Expansion Premises"); and as of the 2008 Expansion Effective
Date, the 2008 Expansion Premises shall be added to the definition of "Leased
Premises" as that term is used in this Lease. Accordingly, as of the 2008
Expansion Effective Date the Leased Premises for Tenant shall consist of
approximately 94,692 Rentable Square Feet on the 14th, 15th, 19th and 20th
floors of the Building.

      (c) The square footage recitations in this Paragraph 1 are subject to
Tenant's further rights to expand pursuant to its right of first refusal
prescribed in Paragraph 8 below.

      2. Extension of the Term of This Lease. The Term of the Current Lease, as
well as the terms of the Garage License Agreement and the Antenna License
Agreement, are scheduled to expire after the close of business on December 31,
2008. By their execution of this Eighth Amendment, Landlord and Tenant hereby
agree that the Term of this Lease for the Current Premises, the 2006 Expansion
Premises and the 2008 Expansion Premises shall continue through and including
June 30, 2016 (with the date of June 30, 2016 being hereby substituted for the
date of November 30, 2008 in the definition of "Expiration Date" on Page 2 of
the Original Lease). Similarly, the terms of the Garage License Agreement and
the Antenna License Agreement shall

                                       2

EIGHTH AMENDMENT TO OFFICE LEASE

<PAGE>

be extended accordingly. This Paragraph 2, however, is subject to the provisions
of Paragraph 11 below.

      3. Minimum Rent. The definition of Minimum Rent on Page 2 of the Original
Lease is hereby amended to be as follows: (a) for the period of the Lease Term
through and including June 30, 2006, such Minimum Rent shall be as stated in the
Current Lease; (b) commencing on the 2006 Expansion Effective Date and
continuing through and including January 31, 2008, such Minimum Rent shall be
$115,611.33 per month; and (c) commencing on the 2008 Expansion Effective Date
and continuing through and including the Expiration Date of this Lease, such
Minimum Rent shall be $134,147.00 per month.

      4.    Tenant's Proportionate Share; Base Year for Operating Costs.
            -----------------------------------------------------------

      (a) For the period of the Lease Term through and including June 30, 2006,
Tenant's Proportionate Share of any Excess Operating Costs shall continue to be
calculated as prescribed in the Current Lease. Commencing on the 2006 Expansion
Effective Date and continuing through and including January 31, 2008, Tenant's
Proportionate Share of any Excess Operating Costs shall be 6.088%, i.e., based
upon a total of 81,608 Rentable Square Feet Rental Square in the Leased
Premises, in lieu of the 5.112% share set forth in Paragraph 4 of the
above-mentioned Sixth Amendment to Office Lease. Commencing on the 2008
Expansion Effective Date and continuing through and including the Expiration
Date of this Lease, Tenant's Proportionate Share of any Excess Operating Costs
shall be 7.064%, i.e., based upon the total of 94,692 Rentable Square Feet
Rental Square in the Leased Premises.

      (b) On and after the 2006 Expansion Effective Date and continuing through
and including the Expiration Date of this Lease the Base Year for Operating
Costs shall become calendar year 2006.

      5.    "AS IS"; Improvement Allowances.
            -------------------------------

      (a) Tenant acknowledges that it has made a complete examination and
inspection of the Premises and accepts the same in its current condition, "AS
IS, WHERE IS", without recourse to Landlord, and Landlord shall have no
obligation to complete any improvements to the Premises. ADDITIONALLY, LANDLORD
MAKES NO WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE LEASEHOLD
IMPROVEMENTS IN THE PREMISES. ALL IMPLIED WARRANTIES WITH RESPECT THERETO,
INCLUDING BUT NOT LIMITED TO THOSE OF MERCHANTABILITY, HABITABILITY AND FITNESS
FOR A PARTICULAR PURPOSE, ARE EXPRESSLY DISCLAIMED, NEGATED AND WAIVED. This
Paragraph 5(a), however, is subject to the lease amendments set out in Paragraph
12 below.

      (b) The parties further agree that at any time prior to October 1, 2006,
Tenant may request from Landlord a reimbursement for out-of-pocket costs which
Tenant has incurred in remodeling the Current Premises and/or the 2006 Expansion
Premises; and provided that Tenant is not then in default under this Lease
beyond applicable grace periods, Landlord will reimburse Tenant for up to
$735,140.00 of Tenant's out-of-pocket costs. Such $735,140.00 amount has been
calculated by multiplying $30.00 times the Rentable Square Feet in the 2006
Expansion

EIGHTH AMENDMENT TO OFFICE LEASE

                                       3
<PAGE>

Premises and $5.00 times the Rentable Square Feet in the Current Premises;
however, the entire $735,140.00 (the "2006 Allowance") may be used for
improvements in the Current Premises, in the 2006 Expansion Premises, or
allocated between the Current Premises and the 2006 Expansion Premises as Tenant
so chooses. Notwithstanding the immediately preceding sentence to the contrary,
the 2006 Allowance shall be reduced by 5% of the amounts so requested by Tenant,
in order to account for a construction management fee payable to Landlord on
account of Landlord's coordination efforts and costs in facilitating Tenant's
remodeling activities. In connection with the remodeling for which a
reimbursement is prescribed in this subparagraph (b), Landlord and Tenant
further agree that the construction contract for such remodeling shall be
executed by Landlord after approval thereof by both Landlord and Tenant;
moreover, both Landlord and Tenant also agree that Landlord shall pay the cost
of such remodeling until the above-stated allowance has been reduced to zero,
after which time Tenant shall pay all remaining costs and shall indemnify
Landlord from any claims by the contractors on account of such remaining costs.

      (c) The parties further agree that at any time which is after the 2008
Expansion Effective Date and prior to May 1, 2008, Tenant may request from
Landlord a reimbursement for out-of-pocket costs which Tenant has incurred in
remodeling the 2008 Expansion Premises; and provided that Tenant is not then in
default under this Lease beyond applicable grace periods, Landlord will
reimburse Tenant for up to $330,371.00 (the "2008 Allowance") of Tenant's
out-of-pocket costs in remodeling the 2008 Expansion Premises, such $330,371.00
amount for the 2008 Allowance having been calculated by multiplying $30.00 times
the Rentable Square Feet in the 2008 Expansion Premises and then multiplying
that product times 84.1667% (the percentage of the 120-month Lease Term
prescribed in Paragraph 2 above which will be remaining as of the 2008 Expansion
Effective Date). Notwithstanding the immediately preceding sentence to the
contrary, the 2008 Allowance shall be reduced by 5% of the amounts so requested
by Tenant, in order to account for a construction management fee payable to
Landlord on account of Landlord's coordination efforts and costs in facilitating
Tenant's remodeling activities.

      6.    Parking.
            -------

      (a) For the period of the Lease Term through and including June 30, 2006,
Tenant's parking privileges shall continue to be as prescribed in the Current
Lease. Effective as of the 2006 Expansion Effective Date and continuing through
January 31, 2008, Tenant's parking permits, as originally explained in
Paragraph53 of the Original Lease, shall be amended to provide that Landlord
shall provide Tenant, in lieu of the parking permits specified in the Current
Lease, sixteen (16) permits for unassigned, unreserved parking in the On-Site
Garage, as that term is defined in the Current Lease (the "On-Site Unreserved
Permits") and ninety (90) permits for unassigned, unreserved parking in the
Off-Site Garage, as that term is defined in the Current Lease (the "Off-Site
Permits").

      (b) Effective as of the 2008 Expansion Effective Date and continuing
throughout the remainder of the Term of this Lease, Tenant's parking permits, as
originally explained in Paragraph53 of the Original Lease, shall be amended to
provide that Landlord shall provide Tenant, in lieu of the parking permits
specified in subsection (a) immediately above, eighteen (18) permits for
unassigned, unreserved parking in the On-Site Garage, as that term is defined in

                                       4

EIGHTH AMENDMENT TO OFFICE LEASE

<PAGE>

the Current Lease (the "On-Site Unreserved Permits") and one hundred two (102)
permits for unassigned, unreserved parking in the Off-Site Garage, as that term
is defined in the Current Lease (the "Off-Site Permits").

      (c) For the period of the Lease Term through and including June 30, 2006,
Tenant's Parking Fees shall continue to be calculated as prescribed in the
Current Lease. Effective as of the 2006 Expansion Effective Date and throughout
the remainder of the Term of this Lease, Tenant shall pay Landlord or Landlord's
designated agent, as monthly Parking Fees, the sum of the following: (i) an
amount determined by multiplying (A) $200.00, plus applicable sales tax, per
month, times (B) the number of On-Site Unreserved Permits which Tenant then has
a right to under this Eighth Amendment; plus (II) an amount determined by
multiplying (A) $100.00 per month, plus applicable sales tax, times (B) the
number of Off-Site Permits, which Tenant then has a right to under this Eighth
Amendment, Such Parking Fees shall be payable in accordance with the Parking
Agreement.

      (d) In addition to the parking permits prescribed above, Tenant may
request one or more additional permits for unreserved parking in either the
Off-Site Garage or the On-Site Garage (the "Availability Permit(s)"); and
Landlord agrees that for as long as Landlord in its sole discretion deems it
able to do so, Landlord shall make available one or more of the Availability
Permit(s) requested by Tenant. All Availability Permits which Tenant may acquire
shall be issued solely on a month-to-month basis and subject to recall, in whole
or in part, based on the then present and anticipated future parking needs for
the Building, as determined by Landlord in its sole discretion. The Parking Fees
for any Availability Permit(s) which Tenant may acquire shall be the same as
prescribed in the immediately preceding grammatical paragraph; however, Landlord
at its option may revise the Parking Fees for Availability Permit(s) to the
Parking Fees charged from time to time by Landlord to other users of such
parking permits. Notwithstanding the foregoing, each Availability Permit will be
leased solely on a month-to-month basis, and either Landlord or Tenant may
terminate the lease of an Availability Permit by providing the other written
notice of its election to terminate the lease of such Availability Permit no
less than thirty (30) days prior to any such termination.

      7. Tenant's Monument Sign. Landlord and Tenant acknowledge that the
Building does not currently have an exterior, ground level, tenant monument
sign. Landlord agrees to cooperate in good faith with Tenant to determine a
mutually acceptable location either for a monument sign or for ground floor
signage on the Building, as well as the size, shape and general concept scheme
of the sign. The monument sign, if erected, would be designed and installed at
Landlord's cost. During the Term of this Lease, Tenant, at Tenant's cost, would
have the right to one line of identification on the monument sign or ground
floor signage on the Building.

      8. Tenant's Right of First Refusal. Paragraph 60 of the Original Lease, as
well as Paragraph 8 of the above-described Fourth Amendment to Office Lease and
the above-described Fifth Amendment to Office Lease, are hereby rendered
inoperative and of no further force or effect. Instead, Landlord hereby agrees
that throughout the Term of this Lease and as long as no uncured event of
default has occurred under this Lease, Tenant shall have a right of first
refusal to lease any vacant space in the area(s) located on the 14th floor
though and including the 21st

                                       5
EIGHTH AMENDMENT TO OFFICE LEASE

<PAGE>

floor and in the area(s) located on the 24th floor through and including the
26th floor (i.e., all of the so-called Low-Mid Rise Elevator Stack of the
Building other than the 22nd and 23rd floors), as well as any vacant space
contiguous to the Premises in the so-called Low Rise Elevator Stack of the
Building (with all such the designated areas being hereinafter referred to as
the "Designated Areas"), which Landlord intends to market for lease to a party
or parties other than the current tenant(s) thereof. The right granted by this
Paragraph 8 shall apply throughout the Term of this Lease and any renewals or
extensions thereof; however, such right is subject to the following terms and
conditions:

    If a proposed tenant, i.e., other than the current tenant in the space,
    gives Landlord an expression of interest in leasing then vacant space within
    any of the Designated Areas (either as a separate leased premises or
    together with space outside the Designated Areas), and if Landlord intends
    to enter into a lease with the proposed tenant for such space, Landlord
    shall deliver to Tenant a written notice which (i) specifies the portion or
    portions of the Designated Areas and, if applicable, any other space in the
    Building which the proposed tenant wishes to lease and Landlord intends to
    allow to be leased along with the portion or portions of the Designated
    Areas (all such space being referred to collectively as the "Refusal
    Space"), (ii) identifies the proposed tenant, (iii) summarizes what Landlord
    considers to be the most significant business terms of the proposed lease,
    and (iv) offers to lease the Refusal Space to Tenant on the same terms and
    conditions as Landlord intends to offer to the proposed tenant. Tenant shall
    then have a period of three (3) business days from the delivery of such
    notice (the "Delivery Date") to accept the lease offered by Landlord. If
    within such 3 business day period Tenant does not give Landlord written
    notice of its acceptance of the lease offered by Landlord (time being of the
    essence), then Landlord shall be entitled to execute with the proposed
    tenant identified in Landlord's notice to Tenant (or with an "affiliated
    entity," i.e., an entity affiliated to such identified proposed tenant by
    common ownership), a lease of the Refusal Space for the same or better (for
    Landlord) terms as stated in the notice to Tenant. If within one hundred
    eighty (180) days after the Delivery Date Landlord does so execute a lease
    of the Refusal Space, this right of first refusal shall abate as to that
    portion of the Refusal Space which is in the Designated Areas, until the
    expiration of such lease and any extensions or renewals thereof. If Landlord
    does not execute a lease of the Refusal Space with the proposed tenant or an
    affiliated entity within one hundred eighty (180) days after the Delivery
    Date, then Landlord shall again comply with the terms of this Paragraph 8 in
    marketing the portion of the Refusal Space which is in the Designated Areas.

      9. Tenant's Conditional Right to Create a Separate Lease for the 20th
Floor. Tenant advises Landlord that it has formed or is in the process of
forming a new entity to be named SAMCO Holdings, Inc. ("SAMCO Holdings"), as
described in Tenant's Form S-1 filed with the United States Securities and
Exchange Commission on September 15, 2005, and specifically in the paragraphs
entitled "Split off transaction" which are included in the section of that Form
S-1 which is entitled "Management's discussion and analysis of financial
condition and results of operations". Landlord hereby agrees that as long as no
uncured event of default has occurred under this Lease, then at any time after
the 2006 Expansion Effective Date, Tenant may request Landlord to remove the
20th floor portion of the Premises (the "20th Floor Premises") from the

                                       6

EIGHTH AMENDMENT TO OFFICE LEASE

<PAGE>

Premises covered by this Lease in exchange for Landlord's lease of the 20th
Floor Premises with SAMCO Holdings (the "SAMCO Lease"); and Landlord agrees that
it will accommodate Tenant's request if in Landlord's judgment, not to be
unreasonably withheld, the financial condition and business operations of SAMCO
Holdings are sufficient to assure Landlord of SAMCO Holdings's likely compliance
with the terms of the SAMCO Lease. If such removal of the 20th Floor Premises
and such SAMCO Lease is effected, then (i) the terms of the SAMCO Lease will be
exactly the same as the terms of this Lease, with the exception that all terms
relating to Rentable Square Footage, either directly or indirectly (such as
rentals, parking permits, etc.) shall be reduced proportionately relative to the
Rentable Square Feet in the 20th Floor Premises, (ii) the terms of this Lease
relating to Rentable Square Footage, either directly or indirectly, will be
revised to specify terms which are proportionately reduced from what existed
immediately prior to the SAMCO Lease, and (iii) Tenant shall have no further
obligation under this Lease with respect to the 20th Floor Premises.

      10.   Tenant's Renewal Option.  Landlord and Tenant hereby agree that
Paragraph 61 of the Original Lease (entitled "Option to Extend Lease Term")
shall continue to apply to this Lease. i.e., there is one remaining 5-year
renewal option available to Tenant pursuant to such Paragraph 61.

      11. Tenant's Termination Right. Notwithstanding anything contained in this
Lease to the contrary, Landlord agrees that as long as no uncured event of
default has occurred and remains uncured under this Lease, Tenant may terminate
this Lease (and, accordingly, the Garage License Agreement and the Antenna
License Agreement) effective as of the close of business on the last day of any
calendar month (the "Termination Month") after December 31, 2013, which is at
least twelve (12) full months subsequent to the month (the "Notice Month")
during which a written termination notice (the "Termination Notice") is
delivered by Tenant to Landlord, it being agreed by Landlord and Tenant that
such written Termination Notice may be delivered at any time after -- but not
before -- December 31, 2012. Tenant agrees that if it delivers to Landlord a
Termination Notice as contemplated in this Paragraph 11, then it shall be
unconditionally and irrevocably obligated as follows:

      (a)   Paragraph 2 hereinabove shall be deemed amended to provide that the
            Term of this Lease (and, accordingly, the terms of the Garage
            License Agreement and the Antenna License Agreement) ends on the
            last date of the Termination Month.

      (b)   Tenant must remain current in its rentals and other obligations
            under this Lease through the date of termination.

      (c)   Tenant's Termination Notice must be accompanied by Tenant's payment
            to Landlord (i.e., a payment in addition to all rentals and other
            financial obligations specified elsewhere in this Lease) of a
            Termination Fee in the amount described below.

      (d)   Tenant must vacate the Premises by the close of business on the
            last day of the Termination Month.

                                       7

EIGHTH AMENDMENT TO OFFICE LEASE

<PAGE>

For purposes of this Paragraph 11, the term "Termination Fee" shall equal the
following:

      (i)   Unless the Premises has increased due to Tenant's exercise of a
            right of first refusal as prescribed in Paragraph 8 above, the
            Termination Fee will be $1,631,102.50.

      (ii)  If the Premises has increased due to Tenant's exercise of a right of
            first refusal as prescribed in Paragraph 8 above, or if for any
            other reason the Premises has been expanded to a size greater than
            as is provided in this Eighth Amendment, the Termination Fee will be
            equal to the sum of $1,631,102.50 plus 50% of the remaining lease
            obligation for the additional space leased.

      12. Further Revisions to the Current Lease. Effective immediately, the
notice address for Landlord is as follows: Management Office, Suite L 100, 1700
Pacific Avenue, Dallas, Texas 75201, or at such other place as Landlord may
designate from time to time in writing. In addition, Landlord hereby agrees to
the following additional revisions to the Current Lease:

      (a)   The next-to-last sentence in the first subparagraph in Paragraph
            7 of the Original Lease (with the subparagraphs in Paragraph 7 of
            the Original Lease being indented with "bullet" paragraph
            identifications) states:  "Tenant shall pay Landlord as
            additional Rent for extra service within 5 days after receipt of
            a bill therefor the greater of (A) the actual cost of the extra
            service [if more than one tenant has requested and is furnished
            after-hours HVAC service for the same hour(s) the charge will be
            prorated if reasonably possible], or (B) $50 per hour per floor
            (whole or partial) of after-hours HVAC service."  Landlord and
            Tenant hereby agree that effective as of the 2006 Expansion
            Effective Date, that sentence shall be deleted in its entirety
            from the Lease and the following sentence substituted in its
            place:  "Tenant shall reimburse Landlord as additional Rent for
            after-hours HVAC service the actual cost incurred by Landlord,
            without markup, in furnishing the after-hours HVAC service to
            Tenant, such reimbursement to be paid by Tenant to Landlord
            within five (5) business days after Tenant's receipt of a written
            statement from Landlord."

      (b)   Supplementing the requirements imposed upon Landlord pursuant to
            the first sentence in Paragraph 7 of the Original Lease, Landlord
            agrees that it shall ensure that the Building common areas
            (including restrooms) on any floor which Tenant is an occupant
            are in compliance with all Applicable Laws (as defined in
            Paragraph 14(a) of the Original Lease), including but not limited
            to the Americans with Disabilities Act (ADA) and Texas
            Accessibility Standards (TAS), both at the time of Tenant's
            possession of the Premises and throughout the extended Term of
            this Lease as prescribed in Paragraph 2 above, as well as any
            extensions thereof.  In this regard, Landlord further assures
            Tenant that such common areas are currently in compliance with
            Applicable Laws.

      (c)   Also supplementing the requirements imposed upon Landlord
            pursuant to the first sentence in Paragraph 7 of the Original
            Lease, Landlord agrees that to the extent

                                       8

EIGHTH AMENDMENT TO OFFICE LEASE

<PAGE>

            mold is found in the Project which is reasonably deemed likely to
            cause any health concerns to people who work in, or visit, the
            Project, and to the extent that the mold was not created by Tenant,
            then Landlord shall cause such mold to be removed from the Project
            as soon as is reasonably possible so as not to cause any health
            concerns to people who work in, or visit, the Project.

      (d)   Supplementing the requirements imposed upon Landlord pursuant to
            the first sentence in Paragraph 38(e) of the Original Lease,
            Landlord agrees that it shall comply with all laws applicable to
            hazardous substances (as that term in defined in Paragraph 38(a)
            of the Original Lease.  Landlord agrees that Tenant shall have no
            obligations as to hazardous substances that exist in the Project
            as of the date this Eighth Amendment is signed or that
            subsequently are found in the Project, except to the extent such
            hazardous substances are placed in the Project by Tenant.

      (e)   The following sentence is hereby added to the conclusion of
            Paragraph 9(a) of the Original Lease: "Notwithstanding anything to
            the contrary in this Paragraph 9(a), Landlord shall not be permitted
            to collect more than 100% of the Operating Costs from tenants in the
            Project."

      (f)   Paragraph 57 of the Original Lease is hereby deleted in its
            entirety.

      (g)   Paragraph 27(h) is hereby deleted in its entirety. Landlord agrees
            that Tenant's abandonment of the Premises will not be a violation of
            this Lease as long as Tenant is not in default either as to its
            payment obligations under this Lease or as to Tenant's other
            obligations prescribed in this Lease that are not related to its
            occupancy of the Premises (such as maintaining insurance as
            prescribed in this Lease).

      (h)   Supplementing Paragraph 32(a) of the Original Lease, Landlord hereby
            assures Tenant that other than the ground leases reflected in
            Exhibit B of the Original Lease, there are no other leases affecting
            the Premises. Landlord further assures Tenant that the assurance of
            quiet enjoyment which is contained in Paragraph 33 of the Original
            Lease is in no way reduced or adversely affected by Landlord's
            disclosure of such ground leases to Tenant.

      (i)   Supplementing subparagraph (i) of Paragraph 11(a) of the Original
            Lease, Landlord hereby agrees that all of the subsidiaries and
            "Affiliates" (defined in such subparagraph in the Original Lease)
            shall be entitled to occupy and use the Premises during the Term of
            this Lease.

      13. Brokerage Commissions. Landlord and Tenant hereby represent and
warrant to each other that, other than commissions due and payable by Landlord
to Trammell Crow Company (representing Landlord in this transaction) and The
Staubach Company - Southwest, Inc. (representing Tenant in this transaction),
each of whom will be compensated by Landlord pursuant to a separate commission
agreement between the Landlord and each respective

                                       9

EIGHTH AMENDMENT TO OFFICE LEASE

<PAGE>

brokerage company so named, no commission is due and payable to any broker or
other leasing agent in connection with this Eighth Amendment as a result of its
own dealings with any broker or leasing agent. In this regard, Landlord and
Tenant hereby agree to indemnify and hold each other harmless from and against
all loss, damage, cost and expense (including reasonable attorneys' fees)
suffered by the other party as a result of a breach of the foregoing
representation and warranty.

      14. SNDA. Contemporaneously with the execution of this Eighth Amendment,
Landlord has delivered to Tenant a Subordination, Non-Disturbance and Attornment
Agreement ("SNDA") from Landlord's mortgagee, on the standard form used by such
mortgagee which either (i) has been executed by Landlord's mortgagee or (ii) has
been accompanied by evidence acceptable to Tenant that the mortgagee will
execute such SNDA promptly after Tenant executes it.

      15. Full Force and Effect. In the event any of the terms of the Current
Lease conflict with the terms of this Eighth Amendment, the terms of this Eighth
Amendment shall control. Except as amended hereby, all terms and conditions of
the Current Lease, as well as the terms of the Garage Space License and the
Antenna License, shall remain in full force and effect, and Landlord and Tenant
hereby ratify and confirm the Lease as amended hereby. The Current Lease, as
amended herein, together with the Garage Space License and the Antenna License,
constitute the entire agreement between the parties hereto, and no further
modification of this Lease shall be binding unless evidenced by an agreement in
writing signed by Landlord and Tenant.

      16. Execution Requirement; Effective Date; Counterparts; Telecopy. The
submission by Landlord of this Eighth Amendment to Tenant for examination,
negotiation or signature does not constitute an option for, or a representation
by, Landlord. This Eighth Amendment shall be effective if and when (and only if
and when) it has been executed by both Landlord and Tenant. When such condition
has been satisfied, the effective date of this Eighth Amendment shall be the
latest date accompanying a signature by Landlord and Tenant below; and if either
or both signatures fail to be accompanied by a date, then the date of such
signature(s) shall be established by the best alternative evidence. Counterpart
execution and delivery of a signed copy by telecopy transmission shall be
effective with regard to the signing party(ies).

                                       10

EIGHTH AMENDMENT TO OFFICE LEASE

<PAGE>

LANDLORD:

BERKELEY FIRST CITY, L.P.,
a Delaware limited partnership

By:   KAL First City L.L.C., a Delaware
      limited liability company and sole
      general partner

      By:/s/ Jon Hamilton
         ---------------------------
            Jon Hamilton, Manager

Date: _________________, 2006

TENANT:

PENSON WORLDWIDE, INC.,
a Delaware corporation

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

Date: _________________, 2006

                                       11

EIGHTH AMENDMENT TO OFFICE LEASE

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