Document:

exv10w43

Exhibit
10.43

SETTLEMENT AGREEMENT

     This SETTLEMENT AGREEMENT (this “Settlement Agreement”) is made and entered into this
5th day of November, 2008 by and between SAMCO Holdings, Inc. (“Holdings”), SAMCO Financial
Services, Inc. (“SFS”), and SAMCO Capital Markets, Inc. (“SCM,” and together with
Holdings and SFS, “SAMCO”), on the one hand, and Penson Worldwide, Inc. (“PWI”) and
Penson Financial Services, Inc. (“PFSI,” and together with PWI, “Penson”), on the
other hand.

W
I T N E S S E T H:

     WHEREAS, each of SAMCO and Mr. Roger J. Engemoen, Jr. (“Guarantor”) are parties in one
or more of the proceedings listed on Exhibit A (the “Cases”) or have
indemnification obligations owing to Penson in respect thereof; and

     WHEREAS, PWI and PFSI on their own behalf and on behalf of their respective affiliates,
predecessors, representatives, shareholders, officers, directors, agents, successors and assigns
(all of whom are, together with PFSI and PWI, referred to herein collectively as the “Penson
Parties”), on the one hand, and Holdings, SFS and SCM on their own behalf and on behalf of
their respective affiliates, predecessors, representatives, shareholders, officers, directors,
agents, successors and assigns (all of whom are, together with Holdings, SFS and SCM, referred to
herein collectively as the “SAMCO Parties”), desire to set forth below the terms on which
the parties will, upon full and complete satisfaction of the terms of this Settlement Agreement,
resolve and satisfy their obligations to each other to the extent set forth in this Settlement
Agreement;

     NOW, THEREFORE, in consideration of the payments, promises, guaranties, covenants and
agreements as set forth below and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned hereby agree as follows:

     1. SAMCO Payments and Guaranty. In connection with the resolution of potential
disputes between certain SAMCO Parties and Penson Parties, each of the SAMCO Parties agrees and
acknowledges that any and all payments made by the SAMCO Parties to PFSI under Section 1 are made
against undisputed obligations due and owing to one or more of the Penson Parties by one or more of
the SAMCO Parties and, accordingly, such payments shall not be returned, nor shall any SAMCO Party
make claim against any such payment after it has been delivered to PFSI. However, to the extent
partial payments are made, such payments shall be credited towards any obligations that are due and
owing. Each of the SAMCO Parties hereby covenants to do the following:

	 	•	 	No later than February 15, 2009, the SAMCO Parties, or any one or more of them,
shall pay to PFSI an aggregate of $714,000 in immediately available funds (the
“First Payment”);
	 
	 	•	 	In addition to the First Payment and the waiver of rights with respect to the
LLC

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	 	 	 	Funds (defined below), the SAMCO Parties, or any one or more of them, shall also pay
to PFSI, as settlement payments in respect of the SAMCO Parties’ obligations to
indemnify the Penson Parties in respect of the Cases, an aggregate additional
amount of $2,165,243, of which $600,000 shall be paid no later than June 15, 2009,
and $1,565,243 shall be paid no later than December 31, 2009 (such amounts, together
with the First Payment and the waiver with respect to the LLC Funds, referred to
herein as the “Settlement Payment”) (notwithstanding anything to the
contrary herein, to the extent any indemnification obligations of any SAMCO Parties
shall be less than the amount of any Settlement Payment due at the dates set forth
herein, the date such portion of such Settlement Payment shall be due shall be
deferred to the date when indemnification obligations have matured and are at least
equal to the Settlement Payment due, it being further understood and agreed that the
SAMCO Parties obligations hereunder shall not be deemed to have been completed until
all of the Settlement Payment has been timely received by the applicable Penson
Parties); and
	 
	 	•	 	Contemporaneously with the execution and delivery of this Settlement Agreement,
Guarantor shall execute and deliver to PFSI the Guaranty, in the form attached
hereto as Exhibit B (the “Guaranty”) and shall fully and completely
pay and perform all of his obligations thereunder.

For purposes of this Settlement Agreement, the term “LLC Funds” shall mean an
amount equal to $86,000, which PFSI owes to the SAMCO Parties in connection with the
SAMCO Parties’ previous assignment to PFSI of the right to receive all economic
interests attributable to PFSI’s interest in each of Capital Management, LLC and IBC
Associates, L.L.C. The LLC Funds shall be deemed to have been paid in full as of the
date of this Settlement Agreement.

     2. Release by the Penson Parties. Effective as of the date hereof, the Penson Parties
shall be deemed to have waived any and all rights any Penson Party may hold, have held or could
hold against any SAMCO Party, including, but not limited to any liability created by any indemnity,
solely with respect to (i) any claims brought by persons or entities solely in their capacity as
SFS customers, arising from events alleged to have occurred in the Cases; and (ii) any future
claims brought by persons or entities solely in their capacity as SFS customers based upon
substantially similar facts to those alleged to have occurred in one or more of the Cases,
involving substantially the same causes of action and either the alleged actions and/or omissions
of (A) Mr. Solow and/or his employees and/or other independent contractors with which he was
associated while he was an independent contractor for SFS as in the Cases (whether or not such
person or parties are actually impleaded in the Cases) or (B) other parties actually impleaded in
one or more of the Cases. It is expressly agreed and acknowledged by the parties that (A) this
Settlement Agreement in no way limits any claim the Penson Parties may have against any one or more
of the SAMCO Parties with respect to any other matter not expressly covered by this Settlement
Agreement and, notwithstanding the immediately preceding sentence to the contrary, the Penson
Parties may continue to implead and/or assert cross claims against SFS into the Cases (and any
future cases) and SFS shall not resist or refuse to be so impleaded on the basis of this Settlement
Agreement, and (B) the SAMCO Parties shall otherwise remain obligated to pay (I)

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their own defense costs with respect to the Cases (and any future cases) and (II) any
judgments or arbitral awards by any court or arbitration panel actually rendered against the SAMCO
Parties in the Cases (and any future cases) for acts or conduct caused or attributable to the SAMCO
Parties.

     3. Release by the SAMCO Parties. Effective as of the date hereof, the SAMCO Parties
each shall be deemed to have waived any and all rights any SAMCO Party may hold, have held or could
hold against any Penson Party, including, but not limited to any liability created by any
indemnity, arising from (i) events alleged to have occurred in the Cases; and (ii) any future
liability or obligation of the Penson Parties, or any of them, relating to any future claims
brought by persons or entities solely in their capacity as SFS customers based upon substantially
similar facts to those alleged to have occurred in one or more of the Cases, involving
substantially the same causes of action and either the alleged actions and/or omissions of (A) Mr.
Solow and/or his employees and/or other independent contractors with which he was associated while
he was an independent contractor for SFS as in the Cases (whether or not such person or parties are
actually impleaded in the Cases), or (B) other parties actually impleaded in one or more of the
Cases. It is expressly agreed and acknowledged by the parties that (A) this Settlement Agreement in
no way limits any claim the SAMCO Parties may have against any one or more of the Penson Parties
with respect to any other matter not expressly covered by this Settlement Agreement, and (B) the
Penson Parties shall otherwise remain obligated to pay any judgments or arbitral awards by any
court or arbitration panel actually rendered against the Penson Parties in the Cases (and any
future cases) for acts or conduct caused or attributable to the Penson Parties.

     4. Financial Statements. Each of the SAMCO Parties shall deliver to PWI financial
statements regarding such SAMCO Party’s financial operations and condition on a monthly basis, not
later than the 25th day after the end of each month, which financial statements shall be certified
to be true and correct by an officer of the applicable SAMCO Party. Such certified financial
statements shall include all financial information reasonably requested by PWI. PWI’s rights under
this Section 4 shall be in addition to, and not in limitation of, any contractual or other rights
currently held by PWI or any of the Penson Parties.

     5. Termination. The Penson Parties may terminate this Settlement Agreement and,
without limitation, revoke any relief afforded to the SAMCO Parties pursuant to Section 2, without
liability and without returning any payments made to any of them hereunder: (i) upon written
notice, should any of the SAMCO Parties and Guarantor default on any of their respective
obligations under this Settlement Agreement or the Guaranty at any time; or (ii) immediately,
without notice, upon SCM, Holdings or Guarantor becoming insolvent or filing for, or becoming
subject to, bankruptcy proceedings or proceedings similar to bankruptcy and payments owed pursuant
to this Settlement Agreement and/or the Guaranty are not timely paid as set forth in herein and
therein (the occurrence of any of the foregoing events shall be deemed a “SAMCO Event of
Default”). In addition to all other rights and remedies of the Penson Parties, should a SAMCO
Event of Default occur relating to any payment required to be made pursuant to this Settlement
Agreement, the SAMCO Parties shall pay interest on such unpaid amount at the Brokers Call Rate
(announced from time to time by PFSI as applicable to its

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customers and payable on the basis of a year comprised of 365 days) from the date such payment
was to have been made by the Guarantor through the date such amount is been paid.

     6. No Prior Assignment of Claim. Each of the SAMCO Parties and Guarantor, on the one
hand, and the Penson Parties, on the other hand, hereby represents and warrants that it has not
assigned to any third party any claims, demands, actions and/or causes of action that would
otherwise be covered by or the subject of this Settlement Agreement.

     7. Authority. Each of the signatories hereto hereby represents and warrants that it
has the power and authority to enter into this Settlement Agreement.

     8. Successors and Assigns. This Settlement Agreement is binding on and for the
benefit of the parties and their respective successors and assigns. This Settlement Agreement may
not be assigned by any party except that the Penson Parties may assign this Settlement Agreement to
any successor in interest. Prior to the satisfaction of the SAMCO Parties obligations under this
Settlement Agreement, no SAMCO Parties may engage in any transaction which would reasonably be
expected to significantly adversely affect the ability of the SAMCO Parties to perform their
obligations under this Settlement Agreement.

     9. Amendment. This Settlement Agreement may not be changed except in writing signed
by the parties against whose interest such change shall operate.

     10. Governing Law. This Settlement Agreement shall be governed by the laws of the
State of Texas as to all matters, including but not limited to matters of validity, construction,
effect and performance, exclusive of the principles of conflict of laws thereof.

     11. Jurisdiction. This Settlement Agreement is executed and performable in part in
Dallas County, Texas. Exclusive venue for all lawsuits or claims arising from this Settlement
Agreement shall be in the civil district courts of Dallas County, Texas, and each party hereto
agrees to not bring any such action in the courts of any State or County.

     12. Notice. All notices and other communications required or permitted by this
Settlement Agreement shall be in writing and shall be deemed given to a party when (a) delivered to
the appropriate address by hand or by nationally recognized overnight courier service (costs
prepaid); (b) sent by facsimile or e-mail with confirmation of transmission by the transmitting
equipment; or (c) received or rejected by the addressee, if sent by certified mail, return receipt
requested, in each case to the following addresses, facsimile numbers or e-mail addresses and (or
to such other address, facsimile number, e-mail address or person as a party may designate by
notice to the other parties):

SAMCO Parties: Roger J. Engemoen, Jr.

6805 Capital of Texas Hwy, Suite 350

Austin, Texas 78731

Fax no.: (512) 231-8526

and

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To: Roger J. Engemoen, Jr., as guarantor

1907 Georgia Landing Cove

Austin, Texas 78746

Penson Parties: Attn: Audit Committee Chairman

1700 Pacific Avenue, Suite 1400

Dallas, Texas 75201

Fax no.: (214) 765-1164

with a copy

to: Andrew B. Koslow

1700 Pacific Avenue, Suite 1400

Dallas, Texas 75201

Fax no.: (214) 765-1164

     13. Construction. In the event that any terms of this Settlement Agreement become
subject to construction by any court or arbitration panel, the terms of the Settlement Agreement
shall be construed reasonably, equally, equitably, and fairly with regard to all parties, and shall
not be strictly construed against the released parties or against any party as the drafting party.

     14. Counterparts. This Settlement Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this Settlement Agreement and
all of which, when taken together, will be deemed to constitute one and the same agreement. The
exchange of copies of this Settlement Agreement and of signature pages by facsimile transmission
shall constitute effective execution and delivery of this Settlement Agreement as to the parties
and may be used in lieu of the original Settlement Agreement for all purposes. Signatures of the
parties transmitted by facsimile shall be deemed to be their original signatures for all purposes.

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

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     IN WITNESS WHEREOF, the undersigned have executed this Settlement Agreement as of the date
first above written.

	 	 	 	 	 	 	 
	 	 	SAMCO Holdings, Inc.
	 
	 

	 	 	 	By:
	 	/s/ Roger J. Engemoen, Jr.
	 

	 	 	 	Name:
	 	Roger J. Engemoen, Jr.
	 

	 	 	 	Title:
	 	Chairman
	 
	 	 	 	 	 	 
	 	 	SAMCO Financial Services, Inc.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ S. Jim Allen, Jr.
	 

	 	 	 	Name:
	 	/s/ S. Jim Allen, Jr.
	 

	 	 	 	Title:
	 	CEO
	 
	 	 	 	 	 	 
	 	 	SAMCO Capital Markets, Inc.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Roger J. Engemoen, Jr.
	 

	 	 	 	Name:
	 	Roger J. Engemoen, Jr.
	 

	 	 	 	Title:
	 	Chairman

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	 	 	Penson Worldwide, Inc.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Andrew B. Koslow
	 

	 	 	 	Name:
	 	Andrew B. Koslow
	 

	 	 	 	Title:
	 	Authorized Signatory
	 
	 	 	 	 	 	 
	 	 	Penson Financial Services, Inc.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Andrew B. Koslow
	 

	 	 	 	Name:
	 	Andrew B. Koslow
	 

	 	 	 	Title:
	 	Authorized Signatory

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Exhibit A

Cases

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Exhibit B

GUARANTY

This
Guaranty (the “Guaranty”) dated as of November 5, 2008, is made by the undersigned
(“Guarantor”) in favor of Penson Financial Services, Inc. (“Penson”).

Guarantor has agreed to execute this Guaranty in favor of Penson as Guarantor will derive benefits
from Penson’s entry into the Settlement Agreement with SAMCO Holdings, Inc., SAMCO Capital
Markets, Inc. and SAMCO Financial Services, Inc. (the “SAMCO Affiliates”) dated the date hereof
(the “Settlement Agreement”). Accordingly, to induce Penson to enter into the Settlement Agreement
and to release obligations owing by any SAMCO Affiliates with respect to the Cases, Guarantor
agrees as follows:

	 	1.	 	Guaranty. Guarantor hereby unconditionally and irrevocably guarantees to Penson, and
its successors and assigns, the full and prompt payment of any and all amounts owed by any
of the SAMCO Affiliates to Penson, pursuant to the Settlement Agreement a copy of which is
attached hereto as Exhibit A. Guarantor’s Obligations (defined below) shall be due no
later than 30 days after any default by any SAMCO Affiliate under the Settlement Agreement.
Interest on all amounts due hereunder shall accrue if payment is not made when due by
Guarantor at the Broker’s Call rate announced from time to time by Penson with respect to
its clients (payable on the basis of a year comprised of 365 days) from the date such
payments are due until the date paid. Notwithstanding anything to the contrary contained
herein Guarantor shall never be obligated to pay more than an aggregate amount of
$2,000,000 hereunder plus (i) interest on the amounts demanded by Penson at the rate
provided for herein from the date of Penson’s demand hereunder until paid in full, to the
extent accrued, and (ii) all fees and expenses of Penson incurred in connection with
enforcing its rights against Guarantor hereunder, including reasonable attorney fees
(collectively, the “Obligations”).
	 
	 	2.	 	Guarantor’s Liability. Guarantor’s liability hereunder shall be irrevocable, absolute,
independent and unconditional and shall not be affected by any circumstance that might
constitute a discharge of a surety or guarantor other than the indefeasible payment and
performance in full of the Obligations. Guarantor agrees as follows: (i) Guarantor’s
liability hereunder shall not be contingent upon Penson’s exercise of any remedy it may
have against any other person or entity (“Person”) or against any collateral for any
Obligations, other than the thirty day grace period set forth herein; (ii) Guarantor’s
payment of a portion, but not all, of the Obligations shall in no way limit or affect
Guarantor’s liability for any unsatisfied portion of the Obligations; (iii) Guarantor’s
liability shall remain in full force and effect and not be impaired or affected by any
(A) insolvency, bankruptcy, reorganization, composition, assignment, liquidation or
dissolution of any Person as allowed under applicable law, (B) limitation, discharge or
cessation of liability of any Person for any Obligations under applicable law; (C)
assignment or other transfer, in whole or in part, of any of Penson’s rights or interests
under this Guaranty; and (D) claim, defense or setoff, other than that of prior performance
that any Person may assert, including any defense of incapacity or lack of authority to
execute a document as allowed under applicable law.
	 
	 	3.	 	Consents. Guarantor hereby consents and agrees that, without notice to or assent from
Guarantor: (i) the time, manner, place or terms of any payment and/or performance under any
agreement with any SAMCO Affiliate may be extended or changed; and (ii) Penson may release,
in whole or in part, any Person liable for any part of the Obligations or exercise or
refrain from exercising any right or remedy of Penson even if the same results in the
elimination of any right of subrogation or other right of Guarantor; in each case as Penson
deems advisable without impairing or affecting this Guaranty.
	 
	 	4.	 	Obligations Not Affected; Waivers. Guarantor’s covenants, agreements and obligations
under this Guaranty shall in no way be released, diminished, reduced, impaired or otherwise
affected by reason of the happening from time to time of any of the following things, for
any reason, whether by voluntary act, operation of law or order of any competent
governmental authority and whether or not Guarantor is given any notice or is asked for or
gives any further consent (all requirements for which, however arising, Guarantor hereby
waives): (i) any right to require Penson to proceed against another Person; or (ii) the
defense of the statute of limitations in any action hereunder and any right of set off or
counterclaim or other defense or benefit afforded by applicable law in favor of sureties or
guarantors (iii) failure, omission, delay, neglect, refusal or

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	 	 	 	lack of diligence by Penson to assert, enforce, give notice of intent to exercise—or any
other notice with respect to—or exercise any right, privilege, power or remedy conferred
Penson or any other Person in any of the Cases or by law or action on the part of Penson or
any other Person granting indulgence, grace, adjustment, forbearance or extension of any
kind to any Person, or (iv) death, legal incapacity, disability, voluntary or involuntary
liquidation, dissolution, sale of any collateral, marshaling of assets and liabilities,
change in corporate or organizational status, receivership, insolvency, bankruptcy,
assignment for the benefit of creditors, reorganization, arrangement, composition or
readjustment of debt or other similar proceedings of or affecting any SAMCO Affiliate or
any of the assets of any SAMCO Affiliate, even if any of the indebtedness of any SAMCO
Affiliate is thereby rendered void, unenforceable or uncollectible. The Obligations shall
conclusively be deemed to have been contracted and permitted to exist in reliance upon this
Guaranty. Guarantor waives diligence, presentment, protest, demand for payment, notice of
default dishonor or nonpayment to or upon any other Person in respect of the Obligations.
 
	 
	 	5.	 	Subrogation. Until all payments required under the Settlement Agreement have been made,
Guarantor shall not have or directly or indirectly exercise, (i) any rights of subrogation,
or (ii) any rights of contribution, indemnification, reimbursement or suretyship claims
arising out of this Guaranty. If any amount shall be paid to Guarantor on account of the
forgoing rights at any time when any Obligations are outstanding, such amount shall be held
in trust for Penson’s benefit and shall be forthwith paid to Penson in respect of the
Obligations. It is expressly agreed and acknowledged that in no way shall this Guaranty
affect Guarantor’s rights to receive any (A) director and officer or other insurance
protections afforded to him through policies held by any of Penson or its affiliates for
any claims against him in his individual capacity including, but not limited to, insurance
for the Claims set forth in Exhibit A to the Settlement Agreement or (B) any indemnity
payments based on indemnification rights existing by agreement or under applicable law.
	 
	 	6.	 	Continuing Guaranty; Set Off. Guarantor agrees that this Guaranty is a continuing
guaranty relating to all Obligations and acknowledges that this Guaranty shall remain in
full force and effect even during periods when no Obligations exist. To the extent any
Obligation performed is rescinded, such Obligation shall be revived in full force and
effect without reduction or discharge with respect to Guarantor. Penson shall also have the
unlimited right to setoff any amounts owed to it by Guarantor against any obligation of
Penson to Guarantor. This Guaranty is a guaranty of payment and not merely a guaranty of
collection.
	 
	 	7.	 	Payments. All payments made by Guarantor shall be applied in such order as Penson shall
elect. Guarantor shall make all payments without deduction, set off or counterclaim and
Guarantor hereby waives any common law or contractual right of offset against Penson with
respect to the Obligations. Penson shall not be required to provide notice with respect to
any claim under this Guaranty but shall, upon Guarantor’s request, provide reasonable
evidence of the occurrence of payments by Penson with respect to the Obligations created
under this Guaranty. Obligations shall be deemed to arise 30 days after any default by any
SAMCO Affiliate under the Settlement Agreement in accordance with the terms of the
Settlement Agreement. Guarantor agrees that, if at any time all or any part of any payments
previously received by Penson from Guarantor must be returned by Penson — or recovered
from Penson — for any reason (including the order of any bankruptcy court), this Guaranty
shall automatically be reinstated to the same effect as if the prior application had not
been made.
	 
	 	8.	 	Financial Information/Other Covenants. Guarantor represents and warrants to Penson that
(i) Guarantor has sufficient assets to pay the Obligations based on information previously
provided to Penson and (ii) so long as this Guaranty is in effect, Guarantor shall furnish
to Penson such information from time to time relating to Guarantor’s financial condition as
Penson may reasonably request and will execute and deliver such further documents and
perform such acts as Penson shall deem necessary to effectuate the purposes of this
Guaranty and shall reasonably request. Guarantor acknowledges and agrees that, as of the
date of the Guaranty until such time as Penson shall determine otherwise, Guarantor shall
deliver such financial information monthly by no later than the 25th day after
the end of each such month. Guarantor covenants to maintain at all times a Net Worth (as
hereinafter defined) equal to at least $10,000,000. “Net Worth” means the gross fair market
value of total assets exclusive of amounts due from related parties and excluding all
intangibles less total liabilities, which liabilities include but are not limited to
estimated taxes on asset appreciation and any reserves or offsets against losses, all
calculated in accordance with generally accepted accounting principles. Guarantor further
covenants not to incur any (A) indebtedness other than that set forth on Schedule 1 hereto
except to the extent such indebtedness would not exceed $6,000,000 in the aggregate or (B)
liens on any indebtedness other than as that set forth on Schedule 1 hereto except to the
extent the amount of such secured indebtedness would not exceed $6,000,000 in the
aggregate (the terms

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	 	 	 	“indebtedness” and ‘liens” shall be broadly interpreted, respectively, to mean all
indebtedness of any kind (including, without limitation, pursuant to guaranties) and all
liens and security interests of any kind.
	 
	 	9.	 	Notices/Costs and Expenses. All notices hereunder shall be in writing and shall be
mailed, sent via telecopy or delivered by hand (i) if to Penson to 1700 Pacific Ave., Suite
1400, Dallas, TX 75201, att: General Counsel and Audit Committee Chairman, telecopy (214)
765-1164 ; and (ii) if to Guarantor, at or it its address or telecopy number set forth
below its name on the signature page hereof, or, in each case, to such other address or
telecopy number as such party shall have designated in writing to the other party. All
notices shall be effective upon receipt. Guarantor agrees to pay on demand all costs and
expenses of Penson and fees and disbursements of counsel in connection with the enforcement
of this Guaranty.
	 
	 	10.	 	Binding Effect; Entire Agreement; Amendments; Severability. This Guaranty shall be
binding upon Guarantor and its successors, assigns, personal representatives, heirs and
legatees; provided that Guarantor shall not have the right to assign or transfer
Guarantor’s rights or obligations hereunder without Penson’s prior written consent. This
Guaranty constitutes the entire agreement of Guarantor with respect to the matters set
forth herein and supersedes any prior oral or written agreement with respect thereto. This
Guaranty may not be modified without a written instrument executed by Guarantor and Penson.
Whenever possible, each provision hereof shall be interpreted as to be effective and valid
under all applicable laws and regulations. If, however, any provision hereof shall be
prohibited under any such law or regulation, it shall be deemed modified to conform to the
minimum requirements of such law or regulation, or if for any reason it is not deemed so
modified, it shall be ineffective and invalid only to the extent of such prohibition
without affecting the remaining provisions hereof.
	 
	 	11.	 	Governing Law; Consent to Jurisdiction. This Guaranty shall be governed by and
construed in accordance with the laws of the State of Texas (without application of
conflicts of laws principles). Any judicial proceeding brought by Guarantor against Penson
on any dispute arising out of this Guaranty or any matter related hereto shall be brought
solely in the appropriate state or Federal courts located in Dallas, Texas. Guarantor
hereby irrevocably and unconditionally submits, for itself and its property, to the in
personam jurisdiction of the state and Federal courts sitting in Dallas County, Texas, in
each case with respect to any action or proceeding arising out of or relating to this
Guaranty. Guarantor hereby irrevocably and unconditionally waives, to the fullest extent
it may legally and effectively do so, any objection which it may now or hereafter have to
the laying of venue of any suit, action or proceeding arising out of or relating to this
Guaranty in any such court. Guarantor hereby irrevocably waives, to the fullest extent
permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court.
	 
	 	12.	 	WAIVER OF JURY TRIAL. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE GUARANTOR AND
PENSON EACH IRREVOCABLY WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR
PROCEEDING ON, ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE OBLIGATIONS.
	 
	 	13.	 	Relationship to SAMCO Affiliates. The value of the consideration received and to be
received by Guarantor is reasonably worth at least as much as the liability and obligation
of Guarantor incurred or arising under this Guaranty and all related agreements. Guarantor
has determined that such liability and obligation may reasonably be expected to
substantially benefit Guarantor directly or indirectly. Guarantor has had full and
complete access to the underlying papers relating to the Obligations and all other papers
executed by any obligor or any other Person in connection with the Obligations, has
reviewed them and is fully aware of the meaning and effect of their contents. Guarantor is
fully informed of all circumstances which bear upon the risks of executing this Guaranty
and which a diligent inquiry would reveal. Guarantor has adequate means to obtain from
SAMCO Affiliates on a continuing basis information concerning their financial condition,
and is not depending on Penson to provide such information, now or in the future.
Guarantor agrees that Penson shall have no obligation to advise or notify Guarantor or to
provide Guarantor with any data or information,
	 
	 	14.	 	Guarantor Solvent. Guarantor is now solvent, and no bankruptcy or insolvency
proceedings are pending or contemplated by or—to the best of Guarantor’s
knowledge—against Guarantor. Guarantor’s liabilities and obligations under this Guaranty
do not currently render Guarantor insolvent or cause Guarantor’s liabilities to exceed
Guarantor’s assets.
	 
	 	15.	 	Guarantor Release. Effective as of the date of this Guaranty, Guarantor waives any and
all rights he may hold, have held or could hold against any Penson Party (as defined in the
Settlement Agreement), to recover any amount paid under this Guaranty or the Settlement
Agreement, or any expense incurred under this

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	 	 	 	Guaranty or the Settlement Agreement. It is expressly agreed and acknowledged that in no way
shall this Guaranty affect Guarantor’s rights to receive any (A) director and officer or
other insurance protections afforded to him through policies held by any of the Penson
Parties for any claims against him in his individual capacity including but not limited to,
the Cases set forth on Exhibit A to the Settlement Agreement, or (B) any indemnity payments
based on indemnification rights existing by agreement or under applicable law.

IN WITNESS WHEREOF, Guarantor has executed and delivered this Guaranty as of the date first written
above.

/s/ Roger J. Engemoen, Jr.

By: Roger J. Engemoen, Jr.

Address:

1907 Georgia Landing Cove

Austin, Texas 78746

/s/ Christine S. Engemoen

By: Christine S. Engemoen

[Spousal Consent]

-12-exv10w44

Exhibit 10.44

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 Daniel P. Son (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
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.

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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 Ten
Thousand Five Hundred Seventy-Six Dollars and Ninety-Three Cents ($10,576.93) which is equivalent
to Five Hundred Fifty Thousand Dollars and No Cents ($550,000.00) 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.

____ Daniel P. Son

Executive Employment Agreement

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

____ Daniel P. Son

Executive Employment Agreement

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:
	 	Daniel P. Son	 	 
	 

	 	 	 	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.

____ Daniel P. Son

Executive Employment Agreement

Page 12 of 13

 

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 — Penson Worldwide, Inc.:
	 
	 	 
	 

	 	/s/ David Johnson
	 

	 	By:     David Johnson
	 

	 	Title:     Chair, Compensation Committee
	 

	 	               Board of Directors

____ Daniel P. Son

Executive Employment Agreement

Page 13 of 13

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