Document:

exv10w45

Exhibit 10.45

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

     This AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (the “EA”) is made and entered into
this 31st day of December, 2008, by and among Philip A. Pendergraft (the “Executive”), a resident
of Texas, and Penson Worldwide, Inc., a Delaware corporation (the “Company”).

     WHEREAS, Executive is currently a party to an employment agreement with the Company dated
April 21, 2006, as amended on June 19th, 2008, (the “Prior Agreement”).

     WHEREAS, the Company desires that Executive continue to be employed by the Company and
Executive is willing to continue to be employed by the Company; and

     WHEREAS, the Company and Executive desire to amend and restate the terms and conditions of the
Prior Agreement in order to bring those terms and conditions into documentary compliance with the
final Treasury Regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) and continue Executive’s employment with the Company in accordance with those amended and
restated terms and conditions.

     In consideration of the mutual agreements hereinafter set forth, Executive and the Company
have agreed and do hereby agree as follows:

I. Employment.

     A. Executive’s employment pursuant to this EA is conditioned on Executive’s signature
agreement to, and ongoing compliance with the Confidential Information, Invention Assignment and
Arbitration Agreement, which is attached as Exhibit A hereto (“Confidential Information
Agreement”).

     B. Commencing as of the date hereof (the “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
Chief Executive Officer, 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.

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     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.

III. Cash Compensation.

     A. Salary Compensation.

          1. Effective July 1, 2008, Executive shall earn and be paid a salary, at a weekly rate of
Eleven Thousand Five Hundred Thirty-Eight Dollars and Forty-Six Cents ($11,538.46) which is
equivalent to Six Hundred Thousand Dollars and No Cents ($600,000.00) 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 (the “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 the calendar year for which the bonus is to be earned 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 Executive be
terminated without cause, leave for good reason, die or become permanently disabled, 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. Any bonus awarded to Executive pursuant to this Section III. B shall be paid to Executive
in accordance with the terms of Attachment 1; however, such bonus shall be

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paid to Executive not later than the 15th day of the third calendar month following the close of
the calendar year for which such bonus is earned.

          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. Any such discretionary
bonus shall be paid to Executive not prior to January 1 of the calendar year following the calendar
year for which such bonus is earned and not later than the 15th day of the third calendar month
following the close of the calendar year for which such bonus is earned

     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. Executive
must submit proper documentation for each such expense within one hundred twenty (120) days after
the later of (i) Executive’s incurrence of such expense or (ii) Executive’s receipt of the invoice
for such expense. If such expense qualifies hereunder for reimbursement, then the Employer shall
reimburse Executive for that expense within thirty (30) business days thereafter. In no event
shall any such expense be reimbursed later than the close of the calendar year following the
calendar year in which is incurred. The amount of reimbursement to which Executive becomes
entitled in any calendar year will not affect the amount of expenses eligible for reimbursement
hereunder in any other calendar year. In addition, none of Executive’s rights to such
reimbursement may be liquidated or exchanged for any other benefit or payment.

V. Equity

     A. Stock Options & Change in Control. Executive will be eligible for stock option and
other equity grants in the discretion of the Compensation Committee. The stock option agreement
for each stock option granted to Executive 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,

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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 within 12 months after the
effective date 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.

     B. Stock Options at Death or Permanent Disability. The terms of each stock option
granted to Executive shall provide that one hundred percent (100%) of Executive’s then-outstanding
option shares 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;

               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

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               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.

     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, which 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 material reduction, without Executive’s consent, of Executive’s salary rate or bonus
award opportunity, unless the salary rates of all Employer’s executive-level employees also have
been reduced by at least the same percent by which Executive’s salary rate has been reduced. For
purposes of the foregoing, a reduction in Executive’s salary rate or bonus award opportunity by
more than ten percent (10%) shall be deemed to be a material reduction;

                    (2) A material relocation, without Executive’s consent, of Executive’s regular place or base
of employment. For purposes of the foregoing, a change of the geographic location of Executive’s
regular place or base of employment by more than fifty (50) miles shall be deemed to be a material
change; or

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

               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 and

                    (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

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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 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;

          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;

          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 written notice, or on such prospective date specified in such notice, delivered by
Executive to the Employer, for a reason other than 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 plans
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

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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, 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
stockholder of the Company.

     B. Severance Benefit Opportunity. Subject to the conditions of Section VII.B.2 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 extend
for twelve (12) months. It shall commence on the first pay date within the sixty (60)-day period
measured from the date of Executive’s “Separation from Service” (as defined in Section VII.B.3) due
to his termination without Cause or his resignation for Good Reason. “Severance Benefits” shall
consist of the following:

               a. Post-Termination Payments. Periodic payments at 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 during the Severance Period at periodic
intervals in accordance with Employer’s regular payroll schedule and practices.

               Any salary continuation payments to which Executive becomes entitled in accordance with this
Section VII.B.1 shall be treated as a right to a series of separate payments for purposes of
Section 409A of the Code, and each such payment that becomes due and payable during the period
commencing with the date of Executive’s Separation from Service and ending on March 15 of the
succeeding calendar year is hereby designated a “Short-Term Deferral Payment” and shall be paid
during that period.

               b. COBRA Premium Payments. Provided Executive and/or his dependents are eligible and
timely elect to continue their healthcare coverage under the Company’s group health plan pursuant
to their rights under COBRA, Employer will reimburse Executive for the costs he incurs to obtain
such continued coverage for himself and his eligible dependents (collectively, the “Coverage
Costs”). In order to obtain reimbursement for such Coverage Costs, Executive must submit
appropriate evidence to Employer of each periodic payment within sixty (60) days after the payment
date, and Employer shall within thirty (30) days after such submission reimburse Executive for that
payment. During the period such medical care coverage remains in effect hereunder, the following
provisions shall govern the arrangement: (a) the amount of Coverage Costs eligible for
reimbursement in any one calendar year of such coverage shall not affect the amount of Coverage
Costs eligible for reimbursement in any other

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calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage
Costs shall be reimbursed after the close of the calendar year following the calendar year in which
those Coverage Costs were incurred; and (iii) Executive’s right to the reimbursement of such
Coverage Costs cannot be liquidated or exchanged for any other benefit. To the extent the
reimbursed Coverage Costs constitute taxable income to Executive, Employer shall report the
reimbursement as taxable W-2 wages and collect the applicable withholding taxes, and any remaining
tax liability shall be Executive’s sole responsibility.

          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”) within 21 days (or 45 days if such longer period is required under applicable law)
following Executive’s Separation from Service; 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)-year period prior to the Termination
Date; (iii) “Territory” means and includes each of the fifty (50) states of the United States of
America and its protectorates, Canada, the United Kingdom, Japan and Hong Kong; 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.

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Executive acknowledges and agrees that each of the restrictions of this 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. Any additional payments that Executive is eligible to receive pursuant to this
Section in order to bring the total amount of Severance Benefits to 50% shall be paid at the same
time or times as such payments would otherwise have been paid under section VII.B.1;

                    (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.

     3. Separation from Service. For purposes of this Agreement, “Separation from Service”
shall mean Executive’s cessation of Employee status and shall be deemed to occur at such time as
the level of the bona fide services Executive is to perform in Employee status (or as a consultant
or other independent contractor) permanently decreases to a level that is not more than twenty
percent (20%) of the average level of services Executive rendered in Employee status during the
immediately preceding thirty-six (36) months (or such shorter period for which Executive may have
rendered such service). Any such determination as to Separation from Service, however, shall be
made in accordance with the applicable standards of the Treasury Regulations issued under Code
Section 409A. For purposes of determining whether Executive has incurred a Separation from Service,
Executive will be deemed to continue in “Employee” status for so long as he remains in the employ
of one or more members of the Employer Group, subject to the control and direction of the employer
entity as to both the work to be performed and the manner and method of performance. “Employer
Group” means the Company and any other corporation or business controlled by, controlling or under
common control with, the Company as determined in accordance with Sections 414(b) and (c) of the
Code and the Treasury Regulations thereunder, except that in applying Sections 1563(a)(1), (2) and
(3) for purposes of determining the controlled group of corporations under Section 414(b), the
phrase “at least 50 percent” shall

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be used instead of “at least 80 percent” each place the latter phrase appears in such sections
and in applying Section 1.414(c)-2 of the Treasury Regulations for purposes of determining trades
or businesses that are under common control for purposes of Section 414(c), the phrase “at least 50
percent” shall be used instead of “at least 80 percent” each place the latter phrase appears in
Section 1.414(c)-2 of the Treasury Regulations.

          4. Section 409A.

               a. This Agreement is intended to comply with the requirements of Code Section 409A.
Accordingly, all provisions herein shall be construed and interpreted to comply with Code Section
409A and if necessary, any such provision shall be deemed amended to comply with Code Section 409A
and the regulations thereunder.

               b. 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 or (ii) the date of his death, if Executive is deemed, pursuant to
procedures established by the Compensation Committee in accordance with the applicable standards of
Code Section 409A and the Treasury Regulations thereunder and applied on a consistent basis for all
non-qualified deferred compensation plans subject to Code Section 409A, to be a “specified
employee” at the time of such Separation from Service 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 been payable or reimbursed 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. The
specified employees subject to such a delayed commencement date shall be identified on December 31
of each calendar year. If Executive is so identified on any such December 31, he shall have
specified employee status for the twelve (12)-month period beginning on April 1 of the following
calendar year.

               c. Unless required by Section 409A of the Code, the six-month holdback set forth in Section
VII.B.4.b above shall not be applicable to (i) any Severance Benefits under Sections VII.B.1 that
qualify as Short-Term Deferral Payments and (ii) any remaining portion of such Severance Payments
paid after Executive’s Separation from Service to the extent (A) that the dollar amount of those
payments does not exceed two (2) times the lesser of (x) Executive’s annualized compensation (based
on his annual rate of pay for the calendar year preceding the calendar year of his Separation from
Service, adjusted to reflect any increase during that calendar year which was expected to continue
indefinitely had his Separation from Service not occurred) or (y) the maximum amount of
compensation that may be taken into account under a qualified plan pursuant to Section 401(a)(17)
of the Code for the year in which Executive has a Separation from Service, and (B) such Severance
Payments are to be made to Executive no later than the last day of the second calendar year
following the calendar year in which the Separation from Service occurs.

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.

     Philip A. Pendergraft

Page 10 of 13

 

     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 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 Financial Industry Regulatory Authority (“FINRA”), then notwithstanding anything to the
contrary in this Section, if required by the rules of FINRA, the arbitration shall be conducted in
accordance with the rules and procedures of FINRA, the Company’s Employee

     Philip A. Pendergraft

Page 11 of 13

 

Handbook and other Company documentation (each of which contain policies and procedures relating to
FINRA 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:
	 	Philip A. Pendergraft
	 

	 	 	 	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, other than the Confidential Information Agreement and the
agreements evidencing any of Executive’s outstanding equity awards.

     J. Right to Counsel. Executive acknowledges that he has had the right to consult with
counsel and is fully aware of his rights and obligations under this EA.

     Philip A. Pendergraft

Page 12 of 13

 

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

	 	 	 	 	 
	 	 	EXECUTIVE:
	 
	 	 	 	 
	 	 	/s/ Philip A. Pendergraft
	 	 	Name: Philip A. Pendergraft
	 
	 	 	 	 
	 	 	THE COMPANY – Penson Worldwide, Inc.:
	 
	 	 	 	 
	 	 	/s/ David Johnson
	 

	 	By:
	 	David Johnson
	 

	 	Title:
	 	Chair, Compensation Committee
Board of Directors

     Philip A. Pendergraft

Page 13 of 13exv10w46

Exhibit 10.46

Mr. Andrew B. Koslow

2942 Divisadero St.

San Francisco, CA 94123

     Re:      Amendment of Compensation Letter

Dear Andy:

     This letter agreement (the “Amendment Agreement”) amends that certain compensation letter
between you and Penson Worldwide, Inc. (“PWI”) dated as of August 26, 2002 (the “Compensation
Letter”).

     You and PWI have agreed to amend the terms and conditions of the Compensation Letter in order
to bring those terms and conditions into documentary compliance with the final Treasury Regulations
under Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”).
Accordingly, you and PWI hereby agree that, effective December 31, 2008, the Compensation Letter
shall be amended as follows:

     1. Payment of Bonus. Any discretionary bonus payable to you with respect to any year
pursuant to Section 2 of the Compensation Letter will be paid to you not later than the 15th day of
the third calendar month following the close of such calendar year.

     2. Severance Payment. Any severance payable to you under Section 7 of the
Compensation Letter will be paid in accordance with PWI’s normal payroll practices for salaried
employees commencing with the payroll date coincident with or following your Separation from
Service (as such term is defined under Section 409A). Any such payments to which you become
entitled shall be treated as a right to a series of separate payments for purposes of Section 409A,
and each such separate payment that becomes due and payable during the period commencing with the
date of your Separation from Service and ending on March 15 of the succeeding calendar year is
hereby designated a “Short-Term Deferral Payment” and shall be paid during that period.

     3. Compliance with Section 409A.

          a. The Compensation Letter as amended by this Amendment Agreement is intended to comply with
the requirements of Section 409A. Accordingly, all provisions herein shall be construed and
interpreted to comply with Section 409A and, if necessary, any such provision shall be deemed
amended to comply with Section 409A and the regulations thereunder.

          b. Notwithstanding any provision to the contrary in the Compensation Letter as amended by this
Amendment Agreement, no payments or benefits to which you become entitled under the Compensation
Letter in connection with the termination of your employment with the Company shall be made or paid
to you prior to the earlier of (i) the first day of the seventh (7th) month following the date of
your Separation from Service due to such termination of employment or (ii) the date of your death,
if you are deemed, pursuant to the procedures established by the Compensation Committee in
accordance with the applicable standards of Section 409A and the Treasury Regulations thereunder
and applied on a consistent basis for all

 

 

for all non-qualified deferred compensation plans subject to Section 409A, to be a “specified employee” at the time of such Separation from Service and
such delayed commencement is otherwise required in order to avoid a prohibited distribution under
Section 409A(a)(2). Upon the expiration of the applicable Section 409A(a)(2) deferral period, all payments deferred pursuant to this Section 3b shall be paid in a lump sum to you,
and any remaining payments due under the Agreement shall be paid in accordance with the normal
payment dates specified for them herein. The specified employees subject to such a delayed
commencement date shall be identified on December 31 of each calendar year. If you are so
identified on any such December 31, you shall have specified employee status for the twelve
(12)-month period beginning on April 1 of the following calendar year.

          c. Unless required by Section 409A, the six-month holdback set forth in Section 3b above shall
not be applicable to (i) any severance payments that qualify as Short-Term Deferral Payments and
(ii) any remaining portion of such severance payments paid after your Separation from Service to
the extent (A) that the dollar amount of those payments does not exceed two (2) times the lesser of
(x) your annualized compensation (based on your annual rate of pay for the calendar year preceding
the calendar year of your Separation from Service, adjusted to reflect any increase during that
calendar year which was expected to continue indefinitely had your Separation from Service not
occurred) or (y) the maximum amount of compensation that may be taken into account under a
qualified plan pursuant to Section 401(a)(17) of the Code for the year in which you have a
Separation from Service, and (B) such severance payments are to be made to you no later than the
last day of the second calendar year following the calendar year in which the Separation from
Service occurs.

     6. Right to Advice of Counsel. You acknowledge that you have had the right to consult
with counsel and are fully aware of your rights and obligations under the Compensation Letter and
this Amendment Agreement.

     7. Remaining Terms: Except for the amendments set forth in this Amendment Agreement,
all of the other terms of the Compensation Letter shall remain in full force and effect. This
Amendment Agreement does not modify or affect your at-will employment status, which means that you
or the Company may terminate your employment relationship at any time for any reason, with or
without cause.

	 	 	 
	 

	 	Penson Worldwide, Inc.
	 
	 	 
	 

	 	By: /s/ Philip A. Pendergraft
	 
	 	 
	 

	 	Title: CEO
	 
	 	 
	 

	 	Agreed and Acknowledged:
	 
	 	 
	Date: December 31, 2008

	 	/s/ Andrew B. Koslow
	 

	 	Andrew B. Koslow

2

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