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                                                                   Exhibit 10.16

                       FULLY DISCLOSED CLEARING AGREEMENT
                      BETWEEN SPEAR, LEEDS & KELLOGG, L.P.
                                       AND
                               OPTIONSXPRESS, INC.

This Fully Disclosed Clearing Agreement and any supplements hereto
(collectively, the "Agreement"), is made and entered into as of this 13 day of
September 2004 by and between Spear, Leeds & Kellogg, L.P. ("SLK") and
optionsXpress, Inc. ("Broker").

1.   Subject to the approval of the New York Stock Exchange ("NYSE"), from the
     opening of business on the date of NYSE approval until the termination of
     this Agreement as provided for in Paragraph 19, hereof, SLK will carry the
     cash and margin accounts of the customers introduced by Broker to SLK, and
     accepted by SLK, and will clear transactions on a fully disclosed basis for
     such accounts, all as more specifically provided in Paragraph 4 hereof, and
     subject to the terms and conditions hereinafter set forth.

     All references made to margin accounts in this agreement shall apply only
     if Broker introduces such accounts and they are accepted by SLK.

2.   LAWS AND REGULATIONS. The term "Applicable Laws and Regulations," as
     referred to in this Agreement, means the following: any applicable United
     States federal, state or foreign laws, rules or regulations including the
     Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act
     of 1934 (the "Exchange Act"), the Investment Company Act of 1940 and the
     Investment Advisers Act of 1940, the Employee Retirement Income Security
     Act of 1974 ("ERISA"), all anti-money laundering and related federal
     statutes, rules or regulations, including 31 U.S.C. 5318(h), the Bank
     Secrecy Act ("BSA") as modified by the USA PATRIOT Act, and any Executive
     Orders administered by the U.S. Treasury Department's Office of Foreign
     Assets Control ("OFAC"); the rules, regulations, and, as applicable, the
     by-laws and constitution of the Securities and Exchange Commission (the
     "SEC"), any state securities authority, any "self-regulatory organization"
     ("SRO") (as defined in Section 3 of the Exchange Act), including the New
     York Stock Exchange, Inc. (the "NYSE") and the National Association of
     Securities Dealers, Inc., (the "NASD") and their respective clearing houses
     and depositories or any other regulatory body or agency having authority
     over the party, a transaction or an account of the party. Broker is not a
     member of the NYSE, and agrees that in each case where there is a reference
     in this Agreement to a rule of the NYSE (the "NYSE Rules") it will comply
     with the comparable rules of the NASD.

3.   REPRESENTATIONS AND WARRANTIES

     (a)  Broker represents, warrants, and covenants to SLK that:

          (1)  Broker is and will remain during the term of this Agreement duly
               registered and in good standing as a broker-dealer with the SEC
               and in compliance in all material respects with all Applicable
               Laws and Regulations.

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          (2)  Broker is and will remain during the term of this Agreement a
               member firm in good standing with the NASD, and Broker is, and
               will provide SLK with not less than 30 days prior notice in the
               event it will not remain, a member firm in good standing with the
               Chicago Board Options Exchange, the International Securities
               Exchange and the Boston Options Exchange.

          (3)  Broker has fulfilled all registration and other requirements of
               all states and the District of Columbia and any foreign countries
               to the extent such registration or other requirements are
               applicable to Broker.

          (4)  To the extent required by law, Broker has entered into a dealer
               agreement with each and every mutual fund or other investment
               company whose shares are sold to Broker's customer accounts.

          (5)  Broker has all requisite authority under Applicable Laws and
               Regulations to enter into this Agreement and to retain the
               services of SLK in accordance with the terms hereof.

          (6)  Broker has obtained a Brokers Blanket Bond and lists SLK as a
               party to be notified if said Bond's monetary limits are reduced
               or if said Bond is cancelled.

          (7)  Notwithstanding the terms of section 3(a)(1) above, Broker is in
               full compliance, and during the term of this Agreement will
               remain in compliance, with the Bank Secrecy Act as amended by the
               USA PATRIOT Act, including federal and state criminal statutes,
               rules and regulations of the U.S. Department of Treasury,
               (including 31 U.S.C. 5318(h)) as well as the sanctions and
               embargo programs administered by the Office of Foreign Assets
               Control ("OFAC").

          (8)  In the event that Broker desires to receive commissions from
               introducing customers that want to clear securities futures
               products, Broker shall be properly registered with the National
               Futures Association ("NFA") and shall remain in good standing
               with the NFA during the term of this Agreement. In such case and
               for so long as Broker receives commissions related to the trading
               of securities futures products, Broker agrees that it will remain
               in material compliance with the rules and regulations of the
               Commodity Exchange Act, the Commodity Futures Trading Commission
               and any other regulatory body or agency having authority over a
               party, a transaction or an account of the party.

     (b)  SLK represents, warrants and covenants that:

          (1)  SLK is duly registered and in good standing as a broker-dealer
               with the SEC and is a member firm in good standing with the NYSE
               and the NASD and any other United States exchanges necessary for
               it to perform as contemplated by this Agreement.

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          (2)  SLK has all requisite authority under Applicable Rules and
               Regulations to enter into this Agreement.

          (3)  SLK is in compliance in all material respects, and during the
               term of this Agreement will remain in compliance in all material
               respects, with all Applicable Laws and Regulations.

4.   DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF SLK

     (a)  SERVICES TO BE PERFORMED BY SLK

     SLK, acting as Broker's agent, shall carry the customers' cash and margin
     accounts introduced by Broker and accepted by SLK on a fully disclosed
     basis, and perform the following services:

     (1)  Execute transactions in the customers' accounts and release or deposit
          money, including via ACH transfer, or securities to or for the
          accounts, only upon Broker's instructions.

     (2)  Prepare and mail monthly statements to Broker's customers on forms
          agreed between SLK and Broker that shall disclose that the account is
          carried on a fully disclosed basis for Broker. Notwithstanding the
          foregoing, to the extent that Broker's customers have requested
          electronic transmission of their monthly statements, SLK shall
          suppress the mailing of a hard copy of the monthly statement. In such
          case, Broker shall be responsible for transmitting the monthly
          statement to Broker's customers on SLK's behalf. Copies of all
          statements prepared for Broker's customers shall be transmitted or
          delivered to Broker. If required by Applicable Laws or Regulations or
          upon reasonable request by Broker, SLK will use commercially
          reasonable efforts to provide Broker with that information that is
          reasonably necessary to permit Broker to prepare and transmit
          confirmations to Broker's customers on forms agreed between SLK and
          Broker.

     (3)  Settle contracts and transactions in securities and securities futures
          contracts and options thereon, (collectively referred to as
          "securities") (i) between Broker and other brokers and dealers, (ii)
          between Broker and its customers and (iii) between Broker and third
          persons.

     (4)  Perform cashiering functions for such customers' accounts, including
          receipt and delivery of securities purchased, sold, borrowed and
          loaned; remittance and receipt of payments therefor, provision of
          custody and safekeeping of securities and cash; and handling of margin
          accounts, dividends and exchanges, rights, warrants, redemptions, and
          tender offers with respect to such securities. In this regard, SLK
          will not accept cash and certain types of cash equivalents, such as
          money orders, traveler's checks, or cashier's checks (whether or not
          in bearer form) or similar instruments in bearer form. SLK reserves
          the right to reject any transaction that violates these prohibitions
          or limitations, or that raises anti-money laundering or OFAC concerns.

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     (5)  SLK shall transmit to Broker, in an electronic format to the extent
          reasonably possible by SLK, a daily position and daily activity file
          to permit Broker to reconcile its books and records and to prepare and
          provide customer account information, including cash balances.

     (6)  Complete the transfer of securities and accounts on behalf of
          customers.

     (7)  Assist Broker in seeking to ensure compliance with restricted and
          control securities under the Securities Act of 1933. Broker is
          responsible for obtaining all the necessary documentation and making
          all necessary legal and factual determinations.

     (8)  Pursuant to NYSE Rule 382(d), SLK will furnish any written customer
          complaint it receives regarding Broker, or Broker's associated
          persons, and relating to the responsibilities allocated to Broker
          under this Agreement directly to:

          (i)    Broker; and

          (ii)   Broker's Designated Examining Authority (or, if none, to its
                 appropriate regulatory agency or authority).

          SLK will also notify the complaining customer, in writing, that it has
          received the complaint, and that the complaint has been furnished to
          the parties listed in 8(i) and 8(ii) above.

     (9)  SLK will also utilize vendor databases for the purposes of verifying
          certain background information for new accounts as well as for OFAC
          screening purposes. SLK will also utilize vendor databases for
          screening wire transfers against the OFAC List. To the extent
          permitted by Applicable Laws and Regulations, SLK will use
          commercially reasonable efforts to notify OX of those circumstances
          where SLK identifies an exception during OFAC screening or requires
          additional information to resolve any issues or exceptions resulting
          from OFAC screening.

     (10) Pursuant to NYSE Rule 382(e):

          (i)    At the commencement of this Agreement, and annually thereafter,
                 SLK will furnish Broker with a list of reports (i.e., exception
                 reports and/or other reports) that it can provide Broker, upon
                 Broker's written request, to assist Broker in its supervision
                 and monitoring of customer accounts.

          (ii)   Upon Broker's request, SLK will assist Broker in designing
                 appropriate AML reports for Broker to review. Broker assumes
                 full responsibility for reviewing any such reports provided to
                 Broker.

          (iii)  SLK will retain and preserve copies of the reports requested by
                 and/or supplied to Broker pursuant to NYSE Rule 440 (Books and
                 Records), or will have the ability to either recreate copies of
                 these reports or provide the report format and data elements
                 contained in the original.

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          (iv)   Annually, within thirty (30) days of July 1st of each year, SLK
                 will give written notice to Broker's Chief Executive Officer
                 and Chief Compliance Officer indicating: (a) the list of
                 reports offered by SLK to Broker described above; and (b) the
                 specific reports actually requested by and/or supplied to
                 Broker as of that date.

                 SLK will also provide a copy of this written notice to Broker's
                 Designated Examining Authority (or if none, to its appropriate
                 regulatory agency or authority).

     (11) SLK, at the request of Broker, agrees to file a notice pursuant to
          Section 314 of the USA PATRIOT Act and the implementing regulations
          related thereto to permit the voluntary sharing of information between
          SLK and Broker. Upon filing such notice, at Broker's request, SLK will
          forward a copy of the notice filed to Broker. SLK will comply with all
          requirements concerning the use, disclosure, and security of
          information shared pursuant to Section 314 of the USA PATRIOT Act.

     (12) NOTWITHSTANDING SUBPARAGRAPHS (a)(1) THROUGH (11) ABOVE, SLK MAY, IN
          ITS SOLE DISCRETION, FOR GOOD CAUSE SHOWN, REFUSE TO OPEN AN ACCOUNT
          FOR A SPECIFIC CUSTOMER; CLOSE AN ACCOUNT ALREADY OPENED; REFUSE TO
          CONFIRM AND/OR CANCEL A CONFIRMATION; REJECT A DELIVERY OR RECEIPT OF
          SECURITIES AND/OR MONEY; REFUSE TO CLEAR ANY TRADE EXECUTED BY BROKER;
          OR REFUSE TO EXECUTE ANY TRADE FOR THE ACCOUNT OF A CUSTOMER
          INTRODUCED BY BROKER. SLK MAY TAKE THESE ACTIONS EVEN IF THE ACCOUNT
          HAS ALREADY BEEN OPENED BY BROKER OR THE TRANSACTION HAS BEEN
          PROCESSED BY BROKER. NOTWITHSTANDING THE FOREGOING, SLK SHALL USE
          COMMERCIALLY REASONABLE EFFORTS UNDER THE CIRCUMSTANCES TO GIVE BROKER
          PRIOR NOTICE THAT IT SHALL TAKE ANY OF THE FOREGOING ACTIONS.

     (13)      Broker acknowledges that in connection with the performance of
          the above described services, SLK may retain, at its option, one or
          more independent data processing service bureaus to perform any of the
          required functions and agrees that SLK shall not be responsible for
          any losses, damages, liability or expenses incurred by, or claims made
          by, Broker or its customers arising from the failure of any such
          service bureau to perform said functions accurately, in accordance
          with specifications, or within the customary time periods. SLK's only
          obligation will be to cause any such service bureau to correct any
          processing error in its next regularly scheduled processing, and to
          deliver any overdue work as soon as reasonably practicable. In the
          event such service bureau fails to perform as required hereunder, SLK
          shall use commercially reasonable efforts to replace such service
          bureau in a commercially reasonable timeframe. In the event there
          exists a controversy or claim by Broker relating to the service
          bureau's failure to perform, SLK, in its sole discretion, will take
          such actions as it deems reasonable under the circumstances to resolve
          any such controversy or claim. In no event shall SLK be responsible
          for indirect or consequential damages.

     (b)  INFORMATION TO BE SUPPLIED BY SLK

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     (1)  Upon Broker's request, and to the extent permitted by Applicable Laws
          and Regulations and any applicable contracts, SLK will use
          commercially reasonable efforts to furnish Broker with information and
          documents obtained by SLK in the course of its performance hereunder,
          including information, reports and documents obtained from third party
          vendors engaged by SLK.

     (2)  Upon executing this Agreement, SLK shall provide Broker with a copy of
          its most recent FOCUS Report. Upon request, SLK agrees to furnish
          Broker with a copy of its current FOCUS Report.

     (3)  SLK shall provide Broker notice of any event that materially adversely
          impacts SLK's ability to carry out its duties and responsibilities
          under this Agreement.

5.   SERVICES FOR WHICH SLK IS NOT RESPONSIBLE

     Unless otherwise expressly agreed in writing, SLK will not provide, nor be
     responsible for providing, any services not described in Section 4,
     including but not limited to any of the following services:

     (a)  Accounting, bookkeeping or record keeping, cashiering, or other
          services involving commodity transactions, or any other transaction
          not involving securities;

     (b)  Preparation of Broker's payroll records, financial statements or any
          analysis thereof;

     (c)  Preparation or issuance of checks in payment of Broker's expenses,
          other than expenses incurred by SLK on behalf of Broker pursuant to
          this Agreement;

     (d)  Payment of commissions to Broker's salesmen;

     (e)  Preparation or filing of any of Broker's reports to the Securities and
          Exchange Commission, any state securities commission, or any
          securities exchange, securities association or other membership to
          which Broker is subject. However, SLK will, at the request of Broker,
          furnish Broker with any necessary information and data contained in
          records kept by SLK, and not otherwise available to Broker, for use in
          making such reports by Broker or to assist Broker in discharging its
          obligations hereunder.

     (f)  Verification of address changes of Broker's customers.

     (g)  Obtaining and verifying new account information and ensuring that such
          information meets the requirements of NYSE Rule 405(1) and any other
          NYSE Rule including, but not limited to, any verification or
          identification requirements in the Bank Secrecy Act, as amended by the
          USA PATRIOT Act, except that SLK will provide the services referenced
          in Paragraph 4 (i), above.

     (f)  Rendering investment advice to customers.

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     (g)  Preparing and transmitting confirmations to Broker's customers. Copies
          of all confirmations transmitted by Broker shall be transmitted to
          SLK.

     (h)  Transmitting to each customer a copy of the Notice to customers as
          required by New York Stock Exchange Rule 382(c) and in the form agreed
          between Broker and SLK.

6.   DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF BROKER

     (a)  IMMEDIATE NOTIFICATION OF RESTRICTIONS OR SUSPENSIONS, NET CAPITAL
          DEFICIENCIES AND OTHER MATTERS

          Broker will provide SLK with written notification of:

          (1)  any judicial or administrative order, consent or other agreement
               placing limitations upon, restricting or suspending Broker's
               securities business in any respect (whether voluntary or
               involuntary) within 24 hours of first becoming aware of same;

          (2)  any deficiency in Broker's net capital within 24 hours of first
               becoming aware of same;

          (3)  any material action, investigation, inquiry, suit or formal
               proceeding, including pending or threatened indictment (each
               referred to herein as an "action"), against Broker or, where such
               action is material to Broker or its business or operations, any
               of Broker's customers or affiliates, or any officer, director,
               general securities principal, financial or operations principal,
               or employee, independent contractor or other person associated
               with Broker, by or before any court or other tribunal, any
               arbitrator, any governmental authority or any SRO (in writing and
               within ten (10) business days of Broker's receipt of notice of
               such action); and nothing in this Agreement shall require Broker
               to provide notice to SLK of any action which is required by law
               or required by applicable authority to remain confidential; and

          (4)  any event that adversely and materially impacts Broker's ability
               to carry out its duties and responsibilities under this Agreement
               within 24 hours of first becoming aware of same.

          BROKER REPRESENTS AND WARRANTS THAT ALL OF THE ABOVE-MENTIONED AND ANY
          OF THE INFORMATION PROVIDED TO SLK IN CONNECTION WITH THIS AGREEMENT,
          AS WELL AS ALL OTHER INFORMATION PROVIDED IN RESPONSE TO A REQUEST BY
          SLK IS ACCURATE AND COMPLETE.

          THE FAILURE OF BROKER TO PROVIDE THE NOTIFICATION AND INFORMATION AS
          REQUIRED IN SUBPARAGRAPHS (a)(1) (2) AND (4) SHALL BE CONSIDERED A
          MATERIAL DEFAULT UNDER THIS AGREEMENT AND GROUNDS FOR IMMEDIATE
          TERMINATION OF THE AGREEMENT PURSUANT TO PARAGRAPH 19.

     (b)  INFORMATION TO BE SUPPLIED BY BROKER:

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          (1)  Broker will provide SLK with such basic data and documents as
               shall be necessary or appropriate to permit SLK to discharge its
               service obligations hereunder, including, but not limited to,
               copies of records of any receipts of customers' funds and
               securities received directly by Broker. In all cases, such data
               and documents must be compatible with the requirements of SLK's
               bookkeeping system.

          (2)  Broker will furnish SLK with such information and signatures as
               are requested by SLK OR THAT MAY BE REQUIRED BY LAW for the
               opening and carrying of customer accounts on forms that have been
               approved by SLK and Broker.

          (3)  Broker will furnish SLK with such information and documents as
               are requested by SLK to permit SLK to satisfy its obligations
               under the USA PATRIOT Act and implementing regulations
               thereunder.

          (4)  All accounts shall be opened in accordance with SLK's and
               Broker's requirements. Such requirements include, but are not
               limited to, the requirement to obtain, prior to account opening,
               all customer identification information required under the Bank
               Secrecy Act, as amended by the USA PATRIOT Act, and its
               implementing regulations, including but not limited to, for each
               new customer, the customer's name; date of birth (for
               individuals); address(es) (electronic mail address and mailing
               and residential address, for individuals, or principal place of
               business for non-natural persons); and a documentary number. The
               acceptance or opening of an account without such requirements
               being fulfilled shall not be deemed to be a waiver of such
               requirements. A duly authorized and licensed principal of Broker
               will approve in writing the opening of each customer's account.

          (5)  Broker shall be responsible for maintaining proper customer
               addresses and SLK may, for all purposes, rely on such addresses
               furnished by Broker.

          (6)  Pursuant to NYSE Rule 382(e)(1), after receiving SLK's list of
               available exception reports and/or other reports, Broker must
               promptly notify SLK, in writing, of those specific reports
               offered by SLK that Broker requires to supervise and monitor its
               customer accounts. Broker shall advise SLK of exception reports
               it requires to meet its obligations under the Bank Secrecy Act,
               as amended by the USA PATRIOT Act of 2001, and its implementing
               regulations, and SLK will endeavor to use its best efforts to
               prepare such reports.

          (7)  Pursuant to NYSE Rule 382(f), in those instances where SLK
               permits Broker to issue checks, whether to Broker's customers or
               to third parties (i.e., parties other than Broker's customers),
               Broker shall represent to SLK, IN WRITING, that Broker maintains,
               and shall enforce, supervisory procedures with respect to the
               issuance of such checks. Such supervisory procedures

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               must be acceptable to SLK which shall not unreasonably withhold
               its approval.

          (8)  Broker, at the request of SLK, agrees to file a notice pursuant
               to Section 314 of the USA PATRIOT Act and the implementing
               regulations related thereto to permit the voluntary sharing of
               information between Broker and SLK. Upon filing such notice,
               Broker shall forward a copy of the notice filed to SLK. Broker
               agrees to comply with all requirements concerning the use,
               disclosure, and security of information shared pursuant to
               Section 314 of the USA PATRIOT Act and implementing regulations
               thereunder.

     (c)  RECEIPT OF MONEY AND SECURITIES:

          (1)  Broker shall be responsible for all customer purchases until
               actual and complete payment therefor has been received by SLK. In
               the case of checks representing such payment received by SLK,
               Broker shall be responsible until the proceeds are actually
               received and credited to SLK by its bank, in the case of
               Automated Clearing House payments representing such payment
               received by SLK, Broker shall be responsible until the period for
               the customer to dispute the transfer expires or as otherwise
               provided in the National Automated Clearing House Association
               Rules. SLK agrees to use due diligence in depositing such checks
               promptly. SLK RESERVES THE RIGHT TO REJECT ANY CHECK OR OTHER
               PAYMENT THAT RAISES ANTI-MONEY LAUNDERING OR OFAC CONCERNS.

          (2)  Broker shall be responsible for all sales until acceptable
               delivery of the securities to SLK has been made.

          (3)  Broker agrees to promptly turn over to SLK funds or securities
               received by Broker from its customers, together with such
               information as may be relevant or necessary to enable SLK to
               promptly and properly record such remittance and receipts in the
               customers' respective accounts.

          (4)  Broker shall arrange for timely settlement of "delivery versus
               payment" transactions, and shall not introduce any retail or
               individual accounts requiring settlement, on "delivery vs
               payment" or "receive versus payment" basis without first
               obtaining the prior written approval of the customer allowing SLK
               to accept "partial deliveries" and to abide by other clearance
               arrangements as may be directed by the New York Stock Exchange,
               Inc., the American Stock Exchange, Inc., or the NASD. SLK may, at
               its option, charge for late payments or deliveries, any interest
               incurred by it accrued at its then prevailing "Brokers Call" rate
               plus 1% on the principal amount of trade, or at such other
               interest rate as may be agreed upon in writing, above the
               Broker's Call rate.

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          (5)  SLK reserves the right to give prior oral or written notice to
               Broker, and to any customer, of SLK's intention to take remedial
               action for failure to make timely settlement.

     (d)  DUTIES OF BROKER WITH RESPECT TO CUSTOMERS:

          (1)  The customer shall remain the customer of Broker, and Broker
               shall be responsible for obtaining all of the essential facts
               relative to every customer, every cash or margin account, every
               order, and every person holding power of attorney over any
               account accepted by Broker. To the extent required by Applicable
               Laws and Regulations, Broker shall also be responsible for the
               conduct of customer accounts and the supervision thereof,
               including, but not limited to, assessing the suitability of a
               transaction for the customer when required under applicable
               rules, the authenticity of all orders, signatures and
               endorsements, and the genuineness of all signatures, certificates
               and papers, the status under the Securities Act of 1933 of
               securities proposed to be sold or margined by a customer, and
               reviewing the accounts and relevant exception reports for, among
               other things, manipulative practices and insider trading, and
               compliance with all Applicable Laws and Regulations which Broker
               and customers are subject.

          (2)  Broker undertakes to comply with NYSE Rule 405 (1), (2) and (3),
               and with other rules of regulatory organizations having
               jurisdiction over Broker. It is understood that Broker will
               establish adequate procedures regarding Rule 405 and will make a
               diligent attempt in every case to conform to this rule. BROKER
               SHALL ALSO COMPLY WITH ANY DUE DILIGENCE PROCEDURES OR
               REQUIREMENTS RELATING TO CUSTOMER IDENTIFICATION AND VERIFICATION
               UNDER THE ANTI-MONEY LAUNDERING LAWS AND REGULATIONS INCLUDING
               THE USA PATRIOT ACT AND ITS IMPLEMENTING REGULATIONS. Broker
               shall diligently supervise compliance through the use of a
               compliance manual or other written procedures.

          (3)  Broker warrants that, to its best knowledge, the customers
               introduced to SLK by Broker shall not be minors and shall not be
               such as to come under prohibitions referred to in NYSE Rule 407,
               or in any other law, rule or regulation of any other regulatory
               authority; that Broker's customers shall in fact be the owners of
               accounts opened by SLK in their names, and that any orders and
               instructions given by Broker or any of Broker's employees shall
               have been fully and properly authorized.

          (4)  Prior to allowing any of Broker's customers to engage in options
               trading, Broker shall transmit to such customer the most recent
               copy of the document titled "Characteristics and Risks of
               Standardized Options", or its successor, together with any
               effective supplements thereto. A current prospectus of the Option
               Clearing Corporation is optional. Broker will comply in all
               material respects with Broker's options compliance program,
               including the obtaining of information, written approval of
               option accounts by the Senior Registered

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               Options Principal of Broker, and execution of forms. Upon
               request, Broker shall provide SLK with a copy of Broker's options
               compliance program and any forms.

          (5)  This Agreement places the responsibility for "knowing the
               customer," "suitability," and "due diligence" relating to the
               customer on Broker. It permits SLK to satisfy itself, for its own
               benefit, that Broker has the ability to comply itself, for its
               own benefit, and that Broker has the ability to comply and has
               complied with the requirements of NYSE Rule 405 and the
               comparable requirements of similar rules of any other
               self-regulatory organization to which Broker belongs. It is
               understood that the preparation and/or possession by SLK of
               surveillance records or any new data, including exception
               reports, on behalf of, or for the use of Broker, shall neither
               obligate SLK to review such material nor make SLK responsible to
               know its contents. Where SLK undertakes to review such materials
               for its own benefit, such activity does not relieve Broker of the
               obligation to review such materials or to take appropriate action
               with respect to any unusual activity that SLK may bring to
               Broker's attention.

          (6)  Within 10 days after the signing of the Agreement, the Broker
               will provide notice to SLK both of the designation of an
               anti-money laundering compliance officer as discussed more fully
               in Paragraph 6(g)(i)(d), and where required, of its notification
               to the appropriate regulatory authority of its designation.

          (7)  At or prior to the time of the opening of each account, the
               Broker will obtain sufficient information from its customer to
               satisfy itself that the customer is the individual or entity it
               says it is, that its funds are legitimate, and that the account
               is not established or maintained for a prohibited foreign "shell
               bank," as defined by the Bank Secrecy Act, as amended by the USA
               PATRIOT Act, and that, if the customer is a foreign bank, Broker
               has taken reasonable steps to ensure that the account is not used
               to indirectly service prohibited foreign shell banks. Broker will
               obtain a completed certification as referenced in Paragraph
               6(h)(i)(g)(2) below establishing that the foreign bank is not a
               prohibited shell bank, as well as any foreign bank certifications
               described in Paragraph 6(h)(i)(g)(3) below, and promptly forward
               copies of all such certifications to SLK.

          (8)  At or prior to the time of the opening of any account, Broker
               will obtain all customer identification information required by
               the Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001,
               and its implementing regulations, including but not limited to
               documentary numbers such as Taxpayer Identification Numbers
               ("TIN") for U.S. Persons or passport numbers for non-U.S.
               Persons. At or prior to the time of the opening of any account,
               Broker will obtain a copy of the passport of any foreign
               individual opening the account, and where requested, will forward
               a copy to SLK.

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          (9)  At the time of the opening of any account, the Broker will obtain
               sufficient information from its customer to satisfy itself that
               opening the account would not violate the provisions of any
               Applicable Laws and Regulations.

          (10) Broker undertakes to comply with any customer notice provisions
               under the Bank Secrecy Act, as amended by the USA PATRIOT Act,
               and its implementing regulations, concerning the collection and
               verification of customer identification information.

     (e)  REGULATORY AND FINANCIAL DATA

          Upon executing and returning this Agreement to SLK, Broker shall also
          provide SLK with a copy of its most recent FOCUS Report, its Form BD
          and any amendments thereto, and Form U-4s (including DRPs, if any) for
          all individuals listed on Schedules A and B of Form BD (i.e., direct
          owners, executive officers, indirect owners or other control
          affiliates). Thereafter, within 48 hours of SLK's making a request
          therefor, Broker agrees to furnish SLK with a copy of all FOCUS
          Reports, Broker's Form BD and any amendments thereto, and any other
          regulatory filing or submission pertaining to Broker. Broker is
          further required, within 48 hours of any changes or additions to its
          Form BD, and Form U-4s for the above individuals, to notify SLK and
          provide SLK with updated information relating to such changes or
          additions.

     (f)  Broker shall assume all responsibility for reviewing customer
          orders prior to execution, and for errors in execution.

     (g)  ANTI-MONEY LAUNDERING AND OFAC REPORTING AND REGULATORY OBLIGATIONS

          (1)  Broker recognizes its responsibility to and agrees to comply
               with, among others, any applicable anti-money laundering laws and
               regulatory rules and, reporting and recordkeeping requirements
               including, as appropriate, and to the extent applicable, any
               Federal, state and international criminal and civil prohibitions
               against money laundering which may include the following:

               (i)    The Bank Secrecy Act, including any amendments thereto
                      under the USA PATRIOT Act, which now requires, or which
                      may in the future require, among other things:

                      (a)  reports of any transaction over $10,000 in currency,
                           including multiple transactions occurring during the
                           course of the same day, on a Currency Transaction
                           Report, Form 4789 ("CTR");

                      (b)  reports of any transportation of more than $10,000 in
                           currency or monetary instruments into or outside of
                           the United States on a Report of International
                           Transportation of Currency or Monetary Instruments,
                           Form 4790 ("CMIR");

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                      (c)  reports of any suspicious activity on a Suspicious
                           Activity Report ("SAR" or "SAR-SF", collectively
                           referred to as SARs);

                      (d)  the establishment of an anti-money laundering
                           program, consisting of, at a minimum, the development
                           of internal policies, procedures and controls
                           including a system for monitoring and identifying
                           suspicious activity, the designation of a compliance
                           officer and notification of such designation as
                           requested to the appropriate self-regulatory
                           organization, an ongoing employee training program,
                           and an independent audit function to test such
                           programs;

                      (e)  recordkeeping, including, but not limited to,
                           collection and maintenance of records regarding funds
                           transfers of $3,000 or more and the transmission of
                           certain information with such funds transfers;

                      (f)  due diligence and enhanced due diligence policies,
                           procedures and controls for private banking
                           customers, as defined by the BSA, including
                           ascertaining the identity of the nominal and
                           beneficial owners of the account and the source of
                           funds deposited into the account;

                      (g)  conducting enhanced scrutiny of any accounts,
                           including private banking accounts, requested or
                           maintained by or on behalf of a senior political
                           figure, any member of the figure's immediate family,
                           or any close associate of the figure as defined in
                           the USA PATRIOT Act of 2001 and implementing
                           regulations thereunder, and the Treasury Guidance of
                           2001;

                      (h)  procedures with respect to correspondent accounts as
                           defined by the USA PATRIOT Act and its implementing
                           regulations, including:

                           (1)  due diligence and enhanced due diligence
                                policies, procedures and controls for such
                                correspondent accounts;

                           (2)  a prohibition on opening, maintaining,
                                administering or managing such accounts for, or
                                on behalf of, a prohibited foreign shell bank,
                                as defined in the BSA, as amended by the USA
                                PATRIOT Act, and its implementing regulations,
                                and obtaining the appropriate certification(s)
                                concerning foreign shell banks;

                                       13
<Page>

                           (3)  obtaining certification or other evidence of
                                ownership of any foreign bank for whom an
                                account is maintained, and forwarding to SLK a
                                copy of the completed certification form or
                                other evidence of ownership, except that a
                                certification need not be obtained as to
                                ownership where the shares of the foreign bank
                                are publicly traded or where the foreign bank
                                has filed a Form FR Y-7 with the Federal Reserve
                                Board;

                           (4)  as to any foreign bank for whom an account is
                                maintained, obtaining the name and address of a
                                person that resides in the United States and is
                                authorized to accept service of legal process
                                for records regarding such account, and
                                forwarding to SLK a copy of the completed
                                certification form or other document indicating
                                the foreign bank's agent for service of process;
                                and

                           (5)  prompt notification to SLK upon receipt of
                                written notice requiring Broker to terminate a
                                correspondent relationship with a foreign bank
                                where the foreign bank has failed to comply with
                                a summons or subpoena or failed to initiate
                                proceedings in a United States court contesting
                                same; and

                      (i)  special measures imposed by the Secretary of the
                           Treasury by order, rule, regulation or as otherwise
                           required, including additional due diligence for
                           certain customers, accounts or transactions within or
                           involving jurisdictions identified as a primary money
                           laundering concern, additional recordkeeping and
                           reporting of certain financial transactions and the
                           obtaining and retaining of information relating to
                           the beneficial ownership of certain types of
                           accounts;

                      (j)  any future regulations which may be imposed on the
                           Broker involving the obligation to know its customers
                           and their source of funds, to monitor for and
                           identify suspicious activity, or to undertake
                           additional due diligence efforts pursuant to any
                           rule, regulation, order or otherwise as may be
                           required by law.

               (ii)   Rules of the SEC and the self-regulatory organizations
                      relating to currency and other monetary instruments
                      reporting, suspicious activity reporting and related
                      recordkeeping requirements.

                                       14
<Page>

               (iii)  Rules of the various bank regulatory agencies, including
                      the Federal Reserve Board, relating to reporting currency
                      transactions and suspicious activity, including 12 C.F.R.
                      Section 208.62.

               (iv)   Applicable state reporting and recordkeeping requirements
                      with regard to certain currency transactions,
                      transportation of currency or monetary instruments, or
                      reports of suspicious activity.

               (v)    The federal statutes, regulations, Executive Orders and
                      other programs administered by OFAC which prohibit, among
                      other things, the engagement in transactions with and the
                      provision of services to certain sanctioned or embargoed
                      foreign countries and other individuals or entities as
                      listed on the OFAC website (http://www.ustreas.gov/ofac.)

          (2)  SLK reserves the right, to the extent permissible by law, to
               reject any transaction or to freeze or block assets in any
               account or to terminate an account pursuant to the various OFAC
               sanctions programs or pursuant to its obligations under the Bank
               Secrecy Act, as amended by the USA PATRIOT Act.

          (3)  SLK requires that, to the extent permissible by law, Broker
               provide SLK, at the time of filing, copies of reports or other
               communications with regard to the accounts filed with the U.S.
               Treasury Department, the Internal Revenue Service, the U.S.
               Customs Service or any regulatory body or organization relating
               to the reporting of currency transactions, the transfer of
               currency or monetary instruments into or outside of the United
               States and suspicious activity, including, but not limited to,
               CTRs, CMIRs and SARs. Further, to the extent permissible by law,
               Broker will consult with SLK concerning the potential filing of a
               SAR regarding any person with respect to which Broker and SLK
               share an account relationship. Upon filing a SAR with respect to
               any such person, Broker will inform SLK of any measures Broker
               has taken with respect to the account as a result of the activity
               which is the subject matter of the SAR. To the extent permitted
               by law, SLK agrees to provide Broker with copies of any such
               reports it files related to any customer with respect to which
               SLK and Broker share an account relationship.

          (4)  SLK reserves the right to make and file such reports where it
               deems it appropriate in its own interest; and Broker recognizes
               that when SLK does so, SLK does not thereby assume any
               responsibility for such reporting obligation nor relieve Broker
               of its own responsibility for such reporting. To the extent
               permitted by Applicable Laws and Regulations, SLK shall use
               commercially reasonable efforts to provide Broker with advance
               notice to Broker of the filing of any such report and a copy of
               such report. To the extent that SLK or Broker is required to
               prepare or file any reports or records by any entity that
               regulates it, SLK and Broker shall, to the

                                       15
<Page>

               extent permissible by law, cooperate with each other in providing
               any information needed in order to prepare such reports or
               records.

7.   BROKER INDEMNIFICATION

     Broker hereby agrees to indemnify, defend and hold harmless SLK from and
     against all claims, demands, proceedings, suits and actions made or brought
     against SLK, and to indemnify SLK's liabilities, losses, damages, expenses,
     reasonable attorneys' fees and costs arising out of one or more of the
     following:

     (a)  Failure of Broker to provide immediate notification of restrictions,
          suspensions, net capital deficiencies and other matters as required by
          Paragraph 6(a) above;

     (b)  Failure of Broker or the Broker's customer to make payment when due
          for securities purchased, or to deliver when due, securities sold for
          the account of Broker or Broker's customers;

     (c)  Failure of a customer of Broker to meet any initial margin call or any
          maintenance call, except that SLK shall be responsible only for the
          portion of any such losses that are directly attributable to SLK's
          unreasonable failure to give proper and timely notification under the
          circumstances to Broker of any call;

     (d)  Failure of Broker to properly perform its duties, obligations and
          responsibilities with respect to customer accounts (as set forth in
          Paragraph 6, above or in any Supplements hereto), it being understood
          that the participation of any employee of SLK in any transactions
          referred to in Paragraph 6 shall not affect Broker's indemnification
          obligations hereunder, unless such participation by SLK's employee
          involved gross negligence, willful misconduct or was fraudulent;

     (e)  Any dishonest, fraudulent, negligent or criminal act or omission on
          the part of Broker or any of Brokers' officers, partners, employees,
          agents or customers;

     (f)  All claims or disputes between Broker and its customers with respect
          to Broker's duties, obligations and responsibilities set forth in this
          Agreement, it being understood: (i) that Broker guarantees the
          validity of customer orders in the form such orders are transmitted to
          SLK by Broker, and guarantees to SLK that each customer will promptly
          and fully perform his commitments and obligations with respect to all
          transactions in all of the accounts carried by SLK hereunder, and (ii)
          that checks received by SLK from Broker's customers shall not
          constitute payment until they have been paid and the proceeds actually
          received and credited to SLK by its bank;

     (g)  Any adverse claims with respect to any customer securities delivered
          or cleared by SLK, it being understood that SLK shall be deemed to be
          an intermediary between Broker and customer and shall be deemed to
          make no warranties other than as provided in Section 9-306(3) of the
          Uniform Commercial Code;

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<Page>

     (h)  The default by any over-the-counter broker with which the Broker deals
          on a principal basis, giving up SLK for Clearance;

     (i)  The default by any third-party broker with whom the Broker deals
          rather than using SLK to execute a transaction for itself or a
          customer;

     (j)  The negligence, malfeasance, or mistakes of an employee of Broker with
          respect to the use of any check-signing authority that may be granted
          to Broker by SLK;

     (k)  The breach by the Broker of any warranty, representation, duty or
          obligation under this Agreement;

     (l)  SLK's guarantee of any signatures with respect to transactions in the
          accounts of Broker's customers;

     (m)  The failure of Broker's customers to fulfill their obligations to the
          Broker or to SLK (whether or not such failure is in the Broker's
          control); and

     (n)  Any inquiry or investigation, by federal or state law enforcement
          agencies, the SEC, NASD, NYSE or any other regulatory body into the
          activities of Broker or of its officers, partners, employees, agents
          or customers except for inquiries or investigations resulting in a
          finding of gross negligence, fraud, willful misconduct, or criminal
          act or omission on the part of SLK, any of its officers, partners,
          employees and agents with respect to SLK's duties, obligations and
          responsibilities set forth in this Agreement.

8.   MINIMUM EQUITY REQUIREMENT

     (a)  To further assure Broker's performance of its obligations under this
          Agreement, including but not limited to its indemnification
          obligations under Paragraph 7, Broker shall, on or before the
          execution of this Agreement, establish an account(s) at SLK which
          shall at all times contain cash, securities, or a combination of both,
          having a market value of $1,000,000 or such other amount as SLK may
          require at a future date in accordance with the provisions set forth
          in this Paragraph 8 (the "Account"). The amounts maintained in the
          Account shall remain Broker's funds for purposes of providing
          regulatory capital to Broker and Broker shall be credited with all
          interest on and proceeds received from cash and securities maintained
          in the Account. The Account may be used by Broker to trade securities
          on a proprietary basis. This deposit does not represent an ownership
          interest.

     (b)  If SLK shall suffer any loss or incur any expense for which it is
          entitled to be indemnified pursuant to this Agreement, and Broker
          shall fail to make such indemnification within ten (10) business days
          after the amount for which Broker is to indemnify SLK is requested by
          SLK, SLK shall deduct the amount of such claim, loss or expense from
          the commissions then credited to Broker pursuant to Paragraph 9. If
          the amount of said commissions is less than the amount of such claim,
          loss or expense, SLK shall have the right to withdraw from the Account
          cash or securities (or both) having a market value equal to the amount
          of such

                                       17
<Page>

          deficiency. Broker shall then be obligated to immediately deposit in
          the Account cash or securities sufficient to bring the Account back to
          a market level of at least $1,000,000.

     (c)  All cash and/or securities in the Account shall be returned upon the
          later of 10 days after termination of this Agreement or the last
          account is transferred from SLK, less any amounts which SLK is
          entitled to withdraw under the preceding Paragraph; provided, however,
          that SLK may retain in the Account an amount to protect it from any
          claim or proceeding of any type, then pending or threatened in
          writing, until the final determination thereof is made. If within a
          reasonable time after the termination of this Agreement, a claim or
          proceeding is not resolved, the amount retained with respect to such
          claim or proceeding shall be paid or delivered to Broker. If within
          one year after the termination of this Agreement, a threatened claim
          or proceeding is not resolved, or a threatened legal action or
          proceeding is not instituted, the amount retained with respect to such
          threatened claim or proceeding shall be paid or delivered to Broker.

9.   COMMISSION PAYMENTS

     (a)  SLK shall charge each of Broker's customers the commission that Broker
          directs it to charge for each transaction. If specific instructions
          are not received with respect to a specific transaction in the time
          period required by SLK to implement same, SLK shall charge the
          customer the commission prescribed in the basic commission schedule
          delivered to SLK by Broker. Such basic schedule may be amended from
          time to time by Broker by written instructions delivered to SLK;
          provided, however, that such changes shall be implemented only to the
          extent they are within the usual capabilities of SLK's data processing
          and operations systems and only within such reasonable time
          limitations as SLK may deem necessary to avoid disruption of its
          normal operating capabilities. When requested by SLK, Broker will also
          furnish from time to time the source and amount of any commission or
          other payment received by Broker in connection with transactions in
          the customers' accounts.

     (b)  Commissions charged Broker's customers shall be collected by SLK and
          credited to Broker, after deducting SLK's compensation referred to in
          Paragraph 10 (and any other amount owed to SLK pursuant to this
          Agreement). SLK will remit to Broker on the 20th day of each month (or
          the next business day following if the 20th day is not a business day)
          (the "First Monthly Payment") the net amounts due to Broker for the
          period from the 1st of the month through the 15th of the month. In
          addition, SLK shall remit the net amounts due to Broker for the period
          from the 16th of the previous month to the final settlement date in
          the previous month not later than the tenth day of the month (the
          "Second Monthly Payment") and SLK shall provide a preliminary
          statement of the previous month's activity not later than the 5th
          business day of the month. SLK and Broker agree that the First Monthly
          Payment shall be an estimated amount, which shall be adjusted if
          necessary in the Second Monthly Payment, in calculating the total
          amount owed to Broker for that month. On the due dates, SLK shall pay,
          by check of wire transfer, to Broker the amount of commissions due to
          Broker.

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<Page>

10.  COMPENSATION

     As compensation for services provided hereunder by SLK, there shall be
     deducted from the commissions charged Broker's customers the amounts set
     forth in the fully disclosed pricing schedule attached hereto. Said
     compensation schedule may be changed as may be agreed to by both parties.

11.  MARGIN ACCOUNTS

     (a)  Any transaction for a customer will be considered a cash transaction
          until such time as Broker has furnished SLK with an executed
          customer's margin agreement and consent to loan of securities in a
          form acceptable to SLK and Broker.

     (b)  All margin accounts introduced by Broker shall be subject to SLK's
          "house margin requirements" which are attached as Appendix A hereto.
          SLK currently imposes a 40% maintenance requirement. SLK shall provide
          Broker with not less than ten days advance written notice of changes
          to its house margin requirements. NOTWITHSTANDING THE FOREGOING, IN
          ITS SOLE DISCRETION, AND SUBJECT TO MARKET CONDITIONS AND PERIODS OF
          EXTREME VOLATILITY, SLK MAY CHANGE THE HOUSE MARGIN REQUIREMENTS
          APPLICABLE TO ANY CUSTOMER ACCOUNT OR CLASS OF CUSTOMER ACCOUNTS ON
          APPROPRIATE NOTICE TO BROKER, UNLESS MARKET CONDITIONS PREVENT ADVANCE
          NOTICE. Broker shall be responsible for advising its customer(s) of
          the changed requirements and for collecting any additional margin
          necessary to insure compliance with increased requirements.

     (c)  In all margin accounts, Broker shall be responsible for the initial
          margin requirement for any transaction until such initial margin has
          been received by SLK in acceptable form. SLK reserves the right to
          refuse to accept any transaction in a margin account after the initial
          transaction, without actual receipt of the necessary margin, and to
          impose a higher margin requirement, when, in SLK's opinion, the past
          history or nature of such account or the securities therein justifies
          such action.

     (d)  SLK shall use commercially reasonable efforts to notify Broker in
          advance of or concurrently with all margin calls; shall provide Broker
          with copies of such calls and shall permit Broker to initially contact
          any customer to whom a margin call is issued by SLK and to make
          further communications with customers to whom a margin call is issued
          by SLK. Broker shall be responsible for advising its customers of
          margin requirements, including any changed requirements, and for the
          payment by customers of any additional margin necessary to insure
          compliance with the requirements imposed as provided hereunder. In the
          event that Broker does not promptly contact customers as requested by
          SLK or satisfactory margin is not provided within the time specified
          by SLK, SLK shall be at liberty to take such actions as SLK may, in
          its judgment, deem appropriate. Notwithstanding the foregoing, SLK may
          take such commercially reasonable actions as it deems appropriate
          under the circumstances, without prior notice to Broker or customer.
          Broker agrees to cooperate with SLK in complying with and obtaining
          margin on subsequent calls.

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<Page>

     (e)  Interest charged with respect to debit balances in customers' accounts
          shall be determined in accordance with the fully disclosed pricing
          schedule attached hereto.

     (f)  Broker shall be responsible for any failure on the part of a customer
          to meet a "maintenance call", except to the extent directly
          attributable to SLK's unreasonable failure to give proper and timely
          notification to Broker, if, and to the extent, circumstances allow for
          such notice. An officer of Broker who has been designated by Broker
          (and acknowledged in writing by SLK) may request, to the extent
          permitted by the margin rules, that SLK withhold temporarily any
          contemplated action, or "Sell-out" or "Buy-in", for accounts which
          have failed to meet a margin call. Such requests shall be made in
          writing and shall clearly set forth the period of time during which
          the contemplated action is requested to be withheld. Should SLK comply
          in whole or in part with such request, Broker guarantees to reimburse
          SLK immediately for the maximum amount of loss or liability which SLK
          may sustain or incur by reason of any compliance with such request, by
          depositing sufficient funds with SLK in a reserve or other appropriate
          account at a bank of SLK's choosing over which SLK shall be signatory,
          to reimburse SLK for the loss or unsecured indebtedness held in the
          account of the particular customer; provided, however, that compliance
          with such a request shall not be deemed a waiver by SLK of any of its
          rights hereunder, including but not limited to, the right to close out
          a contract or position if, in SLK's judgment, changing conditions
          render such action advisable.

     (g)  Broker shall be responsible for sending each margin customer a written
          statement at the time of the opening of a margin account in compliance
          with Rule 10b-16 of the Securities Exchange Act of 1934.

     (h)  Broker shall obtain a margin agreement from each margin account
          introduced to SLK, including a hypothecation authority, in a form and
          substance acceptable to SLK and Broker.

12.  UNSECURED DEBITS OR UNSECURED SHORT POSITIONS

     Unsecured debits or short positions (on a "marked to market" basis) in a
     customer's account that are not resolved by payment or delivery within
     thirty (30) calendar days shall be charged to the account of the Broker
     maintained by SLK, and to which SLK credits the Broker with commissions
     due. Such unpaid debits or short positions shall be netted against
     commissions due on a monthly basis. Any excess of such unpaid debits or
     short positions over commissions due shall be applied against Broker's
     Account and shall be considered a claim against Broker pursuant to
     Paragraph 7 of this Agreement.

13.  RESPONSIBILITIES AND RIGHTS OF SLK

     (a)  SLK will maintain prescribed books and records of all transactions
          executed or cleared through it. SLK also undertakes to perform in good
          faith the services agreed to be performed in this Agreement, including
          the foregoing, but, except to the extent that a transaction or
          customer raises concerns related to money laundering, shall not be
          bound to make any investigation into the facts surrounding any
          transaction that it

                                       20
<Page>

          may have with Broker or that Broker may have with its customers or
          other persons, nor shall SLK be under any responsibility of compliance
          by Broker with any Applicable Laws and Regulations which may be
          applicable to Broker. Nothing herein shall limit SLK's
          responsibilities in the event and to the extent SLK has agreed herein.

     (b)  Nothing herein shall be deemed to restrict in any way the right of
          SLK, or any affiliate of SLK, to compete with Broker in any or all
          aspects of Broker's business;

14.  DAMAGE CLAIMS BY NON-PARTIES TO THIS AGREEMENT

     (a)  Except as otherwise provided herein or as required by Applicable Laws
          and Regulations, SLK shall have no liability to any of Broker's
          customers and any other non-party for any loss suffered by any such
          customer or non-party.

     (b)  Broker hereby waives any claim against SLK for losses suffered by
          Broker's customers, any other non-party, or by Broker, on account of
          its customers' or another non-party's claims, except to the extent
          that such claims, demands, proceedings, suits and actions, and
          liabilities, expenses, reasonable attorneys' fees, and costs in
          connection therewith, arise out of any willful misconduct, dishonesty,
          gross negligence, fraud, or criminal act or omission on the part of
          SLK, any of its officers, partners, employees or agents with respect
          to SLK's duties, obligations and responsibilities set forth in this
          Agreement.

15.  INDEMNIFICATION BY SLK

     SLK hereby agrees to indemnify, defend and hold harmless Broker from and
     against all claims, demands, proceedings, suits and actions, and all
     liabilities, expenses, reasonable attorneys' fees, and costs in connection
     therewith, arising out of any willful misconduct, dishonesty, gross
     negligence, fraud, or criminal act or omission on the part of SLK, any of
     its officers, partners, employees and agents with respect to SLK's duties,
     obligations and responsibilities set forth in this Agreement.

16.  EMPLOYEES

     Without the prior written consent of the other, neither party will during
     the period of this Agreement and for one (1) year thereafter, hire or
     attempt to hire any person who is employed by the other on the termination
     of this Agreement, or whose employment with the other terminated within the
     one year period prior to the termination of this Agreement.

17.  CONSTRUCTION OF AGREEMENT

     (a)  Neither this Agreement nor the performance of the services hereunder
          shall be considered to create a joint venture or partnership between
          SLK and Broker, or between Broker and other brokers for whom SLK may
          perform the same or similar services. Neither SLK nor Broker will
          utilize the name of the other in any way without the other's consent,
          and under no circumstances shall either party employ the other's name
          in such a manner as to create the impression that the relationship

                                       21
<Page>

          created or intended between them is anything other than that of
          clearing broker and correspondent broker.

     (b)  During the term of this Agreement, Broker will provide SLK with notice
          of any other similar agreement relating to the services contemplated
          by this Agreement.

18.  CONFIDENTIALITY

     (a)  Broker and SLK agree not to disclose the terms of this Agreement to
          any outside parties, except to regulatory bodies with appropriate
          jurisdiction, to authorized employees of Broker or SLK on a need-to
          know basis, or as required by law, regulation or judicial process. Any
          other publication or disclosure of the terms of this Agreement,
          including as required to provide notice to customers introduced by
          Broker, may be made only with the prior written consent of the
          parties.

     (b)  SLK shall (i) maintain in strict confidence all Confidential
          Information (as defined in Section 18(d)), (ii) not disclose
          Confidential Information to any person or entity and (iii) not in any
          manner make use of, copy, misuse, misappropriate or reverse engineer
          or otherwise appropriate Confidential Information.

     (c)  Notwithstanding Section 18(b)(ii), SLK may disclose Confidential
          Information if necessary for the purpose of permitting SLK (i) to
          perform its obligations under this Agreement, (ii) to comply with
          Applicable Laws and Regulations or regulatory process or as required
          by subpoena, court order, court decree or other judicial process,
          (iii) to obtain relevant legal or other professional advice, (iv) to
          enforce its rights under this Agreement, (v) for any other internal
          purpose including credit, compliance, risk management, management
          decisions and reporting, operations or recordkeeping requirements; or
          (vi) to cooperate with any reasonable request made by an entity with
          regulatory jurisdiction over SLK. If Confidential Information is
          disclosed by SLK (for any purpose described in the previous sentence),
          then SLK, if legally permitted, shall (x) use its best efforts to
          inform such person that the Confidential Information is not to be
          disclosed to any other person except for the purposes described in the
          previous sentence, or as may be required by applicable law, regulation
          or judicial or regulatory process and (y) use its best efforts notify
          Broker in advance of such disclosure and in any event as soon as
          reasonably practicable.

     (d)  For purposes of this Section 18, "Confidential Information" means
          non-public information regarding this Agreement, the activities
          contemplated by this Agreement, the terms of this Agreement, including
          any rates or pricing, Broker's transactions executed by SLK or
          unaffiliated third party brokers on Broker's behalf and cleared by SLK
          pursuant to this Agreement or any other information or data that is
          disclosed, accessible to or acquired by SLK (or disclosed by SLK to
          its Affiliates) that relates to the past, present or future business
          or affairs of the Broker. For the avoidance of doubt, Confidential
          Information shall not include (i) any information which is or enters
          the public domain other than due to breach of this provision by SLK,
          (ii) any information which was, or was entitled to be, in

                                       22
<Page>

          the possession of any director, officer, employee, agent, attorney or
          other representative or advisor of SLK (each, a "Relevant Person")
          prior to its disclosure by SLK to the Relevant Person and (iii) any
          information which SLK receives from or is made available by an
          unaffiliated third party at any time, so long as the information was
          not known by SLK to be confidential at the time when disclosed by SLK.

19.  TERMINATION

     This agreement shall continue until terminated as hereinafter provided:

     (a)  Upon the unreasonable rejection by SLK of any customers or trades
          pursuant to Paragraph 4, Broker may, upon fifteen (15) days prior
          written notice to SLK, terminate this Agreement.

     (b)  This Agreement may be terminated by either party, without cause, upon
          thirty (30) days written notice delivered in person or by registered
          or certified mail.

     (c)  In the event either party defaults in the performance of its
          obligations under this Agreement, the non-defaulting party may
          terminate this Agreement on the following terms and conditions.
          Written notice must be delivered to the defaulting party specifying
          the nature of the default and notifying the defaulting party that
          unless the default is cured within a period of ten (10) days from
          receipt of the notice or, with respect to those notices of default
          relating to non-U.S. Applicable Laws and Regulations, within thirty
          (30) days from receipt of the notice, this Agreement may be terminated
          without further proceedings by the non-defaulting party.
          Notwithstanding the foregoing, the non-defaulting party may, in its
          discretion, accept the provision of proof by the defaulting party that
          it has used its best efforts to correct such default in a timely
          manner and will continue to use its best efforts to cure the default
          if the default cannot reasonably be corrected within 10 or 30 days, as
          the case may be, and give the defaulting party additional time to cure
          the default.

     (d)  THIS AGREEMENT MAY BE TERMINATED BY SLK OR BROKER IMMEDIATELY IN THE
          EVENT THAT THE OTHER PARTY IS CRIMINALLY INDICTED, ENJOINED, DISABLED,
          SUSPENDED, PROHIBITED OR OTHERWISE UNABLE TO ENGAGE IN THE SECURITIES
          BUSINESS, OR ANY PART OF IT, AS A RESULT OF ANY ADMINISTRATIVE OR
          JUDICIAL PROCEEDING OR ACTION BY THE U.S. DEPARTMENT OF JUSTICE OR
          STATE PROSECUTOR, THE SEC, NYSE, NASD, ANY STATE SECURITIES REGULATOR
          OR ANY OTHER SELF-REGULATORY ORGANIZATION HAVING JURISDICTION, OR
          PURSUANT TO A VOLUNTARY AGREEMENT OR UNDERSTANDING WITH ANY OF THE
          AFOREMENTIONED ENTITIES.

     (e)  THIS AGREEMENT MAY BE TERMINATED BY SLK OR BROKER IMMEDIATELY IN THE
          EVENT THAT THE OTHER PARTY INCURS A NET CAPITAL DEFICIENCY, BECOMES A
          DEBTOR IN A BANKRUPTCY PROCEEDING, IS PLACED INTO RECEIVERSHIP OR
          BECOMES INSOLVENT.

     (f)  SLK MAY TERMINATE THIS AGREEMENT IMMEDIATELY UPON NOTICE TO THE BROKER
          IN THE EVENT THAT:

                                       23
<Page>

          (i)    SLK discovers that Broker has failed to comply with any of the
                 notification requirements of Paragraphs 6(a)(1), (2) or (4).

          (ii)   The Broker is adjudicated bankrupt or insolvent or a trustee or
                 similar creditors' representative is appointed by court order,
                 or any property of the Broker is sequestered by court order and
                 such order 'remains in effect for more than thirty (30)
                 calendar days, or a petition is filed by or against the Broker
                 either voluntarily or involuntarily under any bankruptcy,
                 reorganization, arrangement, insolvency, readjustment of debt,
                 dissolution or liquidation law of any jurisdiction, whether now
                 or hereafter in effect, and is not dismissed within thirty (30)
                 calendar days of such filing, or the Broker makes an assignment
                 for the benefit of its creditors, or admits in writing its
                 inability to pay its debts generally as they become due, or
                 consents to the appointment of a receiver, trustee or
                 liquidator for itself or for any property held by it; or

          (iii)  SLK may take appropriate steps, including but not limited to
                 the immediate termination of this Agreement and/or the
                 liquidation of an account or any portion thereof, upon the
                 failure of the Broker to close the account of a prohibited
                 shell bank; upon notification that the Broker has failed to
                 terminate a correspondent relationship with a foreign bank
                 where the foreign bank has failed to comply with a summons or
                 subpoena, or has failed to initiate proceedings in a United
                 States court contesting same or has failed to provide a foreign
                 bank certification.

     (g)  Termination of this Agreement shall not affect the parties' rights or
          liabilities relating to the business prior to the effective date of
          such termination. From the date of termination until transfer or
          conversion of all of Broker's customers' accounts, the parties' rights
          and liabilities related to the business transacted after such
          termination shall be governed by the same terms as those set forth in
          this Agreement. Termination of this Agreement, however caused, shall
          not release Broker or SLK from any liability or responsibility to the
          other with respect to transactions effected prior to the effective
          date of such termination, whether or not claims relating to such
          transactions shall have been made before or after such termination.

     (h)  If Broker terminates this Agreement pursuant to subparagraph (b) above
          within the first year of the date of this Agreement, or SLK terminates
          this Agreement pursuant to subparagraph (c) or (d) above, Broker will
          pay to SLK a termination fee equal to the reasonable expenses incurred
          by SLK (i) in establishing systems procedures and capacity for
          servicing Broker and its customers, and (ii) in discontinuing the
          clearing arrangement. However, in no event shall said termination fee
          be less than $5,000 or more than $10,000. Said fee shall be paid
          within 10 days after receipt of SLK's statement setting forth, in
          reasonable detail, the expenses incurred by SLK.

     (i)  If either party terminates the Agreement, SLK shall have the right to
          impose commercially reasonable limitations upon Broker's activities
          during the period between the giving of notice of termination and the
          transfer of Broker's and

                                       24
<Page>

          customers' accounts. Such limitations may include, but shall not be
          limited to, making available new products and services, allowing the
          growth of a particular business line, or the expansion or continuation
          of any product, service or business that has an increased risk.

20.  TRANSFER OF CUSTOMER ACCOUNTS UPON TERMINATION

     (a)  In the event that this Agreement is terminated for any reason, it
          shall be Broker's responsibility to arrange for the transfer of Broker
          and customer accounts to another clearing broker. SLK will use
          commercially reasonable efforts to accommodate Broker's reasonable
          clearing needs until such time as a transfer of Broker and customer
          accounts is completed. Broker will give SLK notice ("Transfer Notice")
          of (i) the name of the broker which will assume responsibility for
          clearing services for Broker and customers; (ii) the date on which
          such broker will commence providing such services; (iii) Broker's
          undertaking, in form and substance satisfactory to SLK, that Broker's
          agreement with such broker provides that such broker will accept on
          transfer all Broker and customer accounts then maintained by SLK; and
          (iv) the name of an individual within that organization whom SLK can
          contact to coordinate the transfer.

     (b)  In the event that Broker terminates the Agreement pursuant to
          Paragraph 19 above, Broker shall give the Transfer Notice to SLK at
          the same time as it gives SLK notice of termination. In the event that
          SLK terminates the Agreement pursuant to Section 19(b), 19(c) or
          19(f)(i), Broker shall give the Transfer Notice to SLK within 45 days
          of receipt of the termination notice. If Broker fails to give SLK a
          timely Transfer Notice, SLK may give customers such notice as SLK
          deems appropriate of the termination of this Agreement and may make
          such arrangements as SLK deems appropriate for the transfer or
          delivery of customer and Broker accounts. Broker shall pay any costs
          thereby incurred by SLK as billed by third party vendors such as
          transfer agents, etc.

     (c)  IF BROKER CLOSES AN ACCOUNT AS A RESULT OF THE SHELL BANK PROVISIONS
          OR AS A RESULT OF MONEY LAUNDERING CONCERNS, BROKER MUST NOTIFY SLK
          WITHIN 48 HOURS OF THE FACTS RELATING TO THOSE CONCERNS.

21.  ACTION AGAINST CUSTOMERS; CUSTOMER COMPLAINTS

     (a)  SLK shall have the right at all times, in its sole discretion, and at
          its sole expense, to institute and prosecute in its name, upon notice
          to Broker, any action or proceeding against any of Broker's customers
          as to any controversy or claim arising out of SLK's transactions with
          Broker or with Broker's customers, and nothing contained in this
          Agreement shall be deemed or construed to impair or prejudice such
          right in any way whatsoever, nor shall the institution or prosecution
          of any such action or proceeding relieve Broker of any liability or
          responsibility which Broker would otherwise have had under this
          Agreement. Upon notice from SLK that it requires an assignment of
          rights from Broker to carry out the intent of this paragraph and to
          the extent Broker will not be prejudiced in any manner by an
          assignment of its

                                       25
<Page>

          rights, Broker and SLK shall enter into an assignment agreement which
          shall include terms reasonably requested by Broker, including, without
          limitation, that Broker may monitor the status of any claims which
          could affect its rights. In the event Broker will be prejudiced by an
          assignment of rights, Broker and SLK shall discuss the course of
          action with respect to seeking recovery of any claims and each shall
          act in good faith to negotiate a manner in which SLK may pursue such
          claims.

     (b)  In addition to SLK's obligations regarding customer complaints
          pursuant to NYSE Rule 382(d), set forth in Paragraph 4(h) of this
          Agreement, SLK and Broker shall each communicate to the other any
          complaint/inquiry regarding the other.

22.  NOTICES

     Any notice or request that is required or permitted to be given under this
     Agreement shall be sufficient if in writing, and sent by hand or registered
     or certified mail, in either case, return receipt requested, to the
     respective parties at the following addresses:

     Broker:
     optionsXpress, Inc.
     Suite 220
     39 South LaSalle Street
     Chicago, Illinois 60603
     Attention: General Counsel

     SLK:                                        with a copy to:

     Spear, Leeds & Kellogg                      Goldman Sachs& Co.
     30 Hudson Street                            One New York Plaza
     Jersey City, NJ 07302                       New York, NY 10004
     Attn: Brian Duggan                          ATTN: Steve Wolf

23.  AMENDMENTS

     This Agreement represents the entire Agreement between the parties with
     respect to the subject matter contained herein. This Agreement may not be
     changed orally, but only in a writing signed by both parties.

24.  EXCHANGE REGULATION

     The parties acknowledge that they will be subject to the rules of the
     securities exchanges, securities futures exchanges or associations of which
     either party is or may become a member, and of any governmental agencies to
     whose jurisdiction either party may be subject. Notwithstanding this
     Agreement, Broker shall remain subject to only to those Applicable Laws or
     Regulations of Broker and nothing herein shall be deemed to be a consent by
     Broker to the jurisdiction or authority of any exchange or regulatory
     authority.

                                       26
<Page>

25.  WAIVER

     The failure of either party to insist upon strict adherence to any term of
     this Agreement on any occasion shall not be considered a waiver or deprive
     that party of the right thereafter to insist upon strict adherence to that
     term or any other term of this Agreement.

26.  ASSIGNMENT

     Neither party may assign or delegate any of its rights or obligations
     hereunder without the prior written consent of the other party, which
     consent shall not be unreasonably withheld, provided that Broker shall give
     SLK not less than 30 days prior notice of any such assignment.
     Notwithstanding the foregoing, SLK may assign this Agreement (i) to any
     entity which controls, is controlled by or is under common control with SLK
     or (ii) to any entity which succeeds to all or substantially all of the
     assigning party's assets or clearing business. In addition, a change in
     control of the parent of either party shall not be deemed an assignment.
     This Agreement shall be binding upon, and shall inure to the benefit of,
     the respective permitted successors and assigns of the parties.

27.  APPLICABLE LAW

     This Agreement shall be governed by and construed in accordance with the
     laws of the State of New York.

28.  ARBITRATION DISCLOSURE

     -    ARBITRATION IS FINAL AND BINDING ON THE PARTIES.

     -    THE PARTIES ARE WAIVING THEIR RIGHT TO SEEK REMEDIES IN COURT,
          INCLUDING THE RIGHT TO JURY TRAIL.

     -    PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED THAN AND DIFFERENT
          FROM COURT PROCEEDINGS.

     -    THE ARBITRATORS' AWARD IS NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR
          LEGAL REASONING AND ANY PARTY'S RIGHT TO APPEAL OR TO SEEK
          MODIFICATION OF RULINGS BY THE ARBITRATORS IS STRICTLY LIMITED.

     -    THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF
          ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY.

29.  ARBITRATION AGREEMENT

     ANY CONTROVERSY BETWEEN SLK AND BROKER ARISING OUT OF THIS AGREEMENT OR THE
     BUSINESS OF THIS AGREEMENT SHALL BE SUBMITTED TO ARBITRATION BEFORE THE
     NATIONAL ASSOCIATION OF SECURITIES

                                       27
<Page>

     DEALERS DISPUTE RESOLUTION INC., AND IN ACCORDANCE WITH THE RULES THEROF.

30.  This Agreement shall be submitted to and/or approved by any national
     securities exchange, or other regulatory and self-regulatory bodies vested
     with the authority to review and/or approve this Agreement or any amendment
     or modifications hereto. In the event of any disapproval, the parties
     hereto agree to bargain in good faith to achieve the requisite approval.

31.  If any provision or condition of this Agreement shall be held to be invalid
     or unenforceable by any court, or regulatory or self-regulatory agency or
     body, such invalidity or unenforceability shall attach only to such
     provision or condition. The validity of the remaining provisions and
     conditions shall not be affected thereby, and this Agreement shall be
     carried out as if any such invalid or unenforceable provision or conditions
     were not contained herein.

32.  For purposes of the Securities and Exchange Commission's financial
     responsibility rules and the Securities Investor's Protection Act, the
     Broker's customers will be considered customers of SLK and not customers of
     the Broker. Nothing herein shall cause the Broker's customers to be
     construed or interpreted as customers of SLK for any other purpose, or to
     negate the intent of any other Paragraph of this agreement, including, but
     not limited to, the delineation of responsibilities as set forth elsewhere
     in this Agreement.

33.  In the event each party asserts a claim for indemnification with respect to
     a claim, including the situation in which each party asserts that it bears
     no responsibility for the claim, the proportionate liability, if any, of
     each party shall be determined under this Agreement and the liability for
     such claim shall be apportioned accordingly.

34.  SLK agrees that, subject to the requirements set forth in this section,
     this Agreement shall incorporate the most favorable material terms that are
     available to SLK's Customers to the extent required not to place Broker at
     a competitive disadvantage with respect to SLK's other Customers. In the
     event SLK has made more favorable material terms available to SLK's other
     Customers, and to the extent permitted in applicable contracts, SLK shall
     provide notice to Broker and permit Broker the opportunity to amend this
     Agreement to incorporate the most favorable material terms available. For
     purposes of this section, "favorable material terms" means: (a) rates and
     fees (which shall remain subject to volume and other customary
     requirements); and (b) products or services offered by SLK to Broker or
     Broker's customers. For purposes of this section, "Customer" means: any
     introducing broker that (x) receives clearing services from SLK pursuant to
     an agreement and (y) has similar size and characteristics of Broker, but
     shall specifically exclude any entity that is an affiliate of SLK or The
     Goldman Sachs Group, Inc.

35.  PRIME BROKERAGE:

     (a)  ESTABLISHMENT OF AN ACCOUNT

          SLK agrees to establish on its books and records an account in the
          name of a prime broker for Broker's customers desiring to establish a
          prime brokerage

                                       28
<Page>

          account and to maintain same providing SLK receives from each of such
          customers establishing such an account SIA Form 151 "Executing Broker
          Customer Agreement" and all other documents SLK may deem appropriate.

          Broker shall provide SLK with the Prime Broker tax ID number and the
          full street address of its customer, the "SIA Form 151" as well as the
          necessary settlement instructions.

     (b)  CUSTOMER QUALIFICATIONS

          By introducing Prime Broker accounts to SLK, Broker confirms that it
          is aware that its customer maintains a minimum net equity of
          $1,000,000 in cash or securities with a ready market for trades
          executed on behalf of an account not managed by an advisor, or
          $100,000 in cash or securities with a ready market for trades executed
          on behalf of a customer account managed by an investment advisor
          registered under Section 203 of the Investment Advisors Act of 1940.
          Broker understands that if for any reason the account falls below such
          minimum net equity SLK has the right to refuse to process trades as a
          prime broker transaction. Each time Broker enters an order Broker
          represents that its customer is in compliance with such minimum net
          equity, or will notify SLK otherwise.

          In the event that any prime broker disaffirms any trade Broker has
          executed, Broker hereby agrees to be responsible and liable to SLK for
          settling such transaction.

     (c)  RESTRICTIONS ON ACCOUNT

          Broker understands that SLK in its sole discretion may refuse to
          accept Prime Broker Transactions on Broker's customer's behalf or
          restrict or prohibit trading of securities in Broker's customer's
          account or refuse to clear Broker's customer's transactions.

     (d)  CONFIRMATIONS

          Unless otherwise instructed in writing, SLK shall confirm transactions
          to Broker's customer, as well as to the prime broker, by the morning
          of the next business day after the trade date.

          Broker agrees to notify SLK in a timely manner of the contract amount
          of the transaction, the security involved, the number of shares or
          units, whether the transaction is a purchase or sale, and if a sale,
          whether the transaction was a short or long sale. Broker is
          responsible for complying with all applicable rules and regulations of
          the SEC and applicable self-regulatory organizations governing the
          execution of short sales.

                                       29
<Page>

36.  PROPRIETARY ACCOUNTS OF INTRODUCING BROKERS ["PAIB"]:

     The parties agree to the following conditions and provisions as set forth
     in the SEC No-Action Letter, dated November 3, 1998, relating to the net
     capital treatment of assets in the proprietary account of an introducing
     broker ("PAIB") and to permit Broker to use PAIB assets in its Net Capital
     Computations.

     1.   SLK shall perform a computation for PAIB assets ("PAIB Reserve
          Computation") of Broker in accordance with the customer reserve
          computation set forth in Rule 15c3-3 ("customer reserve formula") with
          the following modifications:

          A.   Any credit (including a credit applied to reduce a debit) that is
               included in the customer reserve formula may not be included as a
               credit in the PAIB reserve computation;

          B.   Note E(3) to Rule 15c3-3a which reduces debit balances by 1%
               under the basic method and subparagraph (a)(1)(ii)(A) of the net
               capital rule which reduces debit balances by 3% under the
               alternative method shall not apply; and

          C.   Neither Note E(1) to Rule 15c3-3a nor NYSE Interpretation /04 to
               item 10 of Rule 15c3-3a regarding securities concentration
               charges shall be applicable to the PAIB reserve computation.

     2.   The PAIB reserve computation shall include all proprietary accounts of
          Broker. All PAIB assets shall be kept separate and distinct from
          customer assets under the customer reserve formula in Rule 15c3-3.

     3.   The PAIB reserve computation shall be prepared within the same time
          frames as those prescribed by Rule 15c3-3 for the customer reserve
          formula.

     4.   SLK shall establish and maintain a separate "Special Reserve Account
          for the Exclusive Benefit of Customers" with a bank in conformity with
          the standards of Paragraph (f) of Rule 15c3-3 ("PAIB Reserve
          Account"). Cash and/or qualified securities as defined in the customer
          reserve formula shall be maintained in the PAIB Reserve Account in an
          amount equal to the PAIB reserve requirement.

     5.   If the PAIB reserve computation results in a deposit requirement, the
          requirement may be satisfied to the extent of any excess debit in the
          customer reserve formula of the same date. However, a deposit
          requirement resulting from the customer reserve formula shall not be
          satisfied with excess debits from the PAIB reserve computation.

     6.   Within two business days of entering into this PAIB Agreement, Broker
          shall notify its designated examining authority in writing (with a
          copy sent to SLK upon request) that it has entered into this PAIB
          Agreement.

                                       30
<Page>

     7.   Commissions receivable and other receivables of Broker from SLK
          (excluding clearing deposits) that are otherwise allowable assets
          under the net capital rule are not to be included in the PAIB reserve
          computation, provided the amounts have been clearly identified as
          receivables on the books and records of Broker and as payables on the
          books of SLK.

     8.   If Broker is a guaranteed subsidiary of SLK or if Broker guarantees
          SLK (i.e., guarantees all liabilities and obligations) then the
          proprietary accounts of Broker shall be excluded from the PAIB Reserve
          Computation.

     9.   Upon discovery that any deposit made to the PAIB Reserve Account did
          not satisfy its deposit requirement, SLK shall by facsimile or
          telegram immediately notify its designated examining authority and the
          Securities and Exchange Commission ("Commission"). Unless a corrective
          plan is found acceptable by the Commission and the designated
          examining authority, SLK shall provide written notification within 5
          business days of the date of discovery to Introducing Brokers that
          PAIB assets held by SLK shall not be deemed allowable assets for net
          capital purposes. The notification shall also state that if Broker
          wishes to continue to count its PAIB assets as allowable, it has until
          the last business day of the month following the month in which the
          notification was made to transfer all PAIB assets to another clearing
          broker. However, if the deposit deficiency is remedied before the time
          at which Broker must transfer its PAIB assets to another clearing
          broker, Broker may choose to keep its assets at SLK.

     10.  The parties shall adhere to the terms of the No-Action letter,
          including the Interpretations set forth, in all respects.

THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE IN PARAGRAPHS 28 AND
29. THE DULY AUTHORIZED REPRESENTATIVES OF THE PARTIES HERETO, AGREE TO BE BOUND
BY THE TERMS AND CONDITIONS CONTAINED HEREIN AS OF THE DATE FIRST ABOVE WRITTEN.

SPEAR, LEEDS & KELLOGG, L.P.

By:    /s/
       ----------------------

Name:
       ----------------------

Title:
       ----------------------

optionsXpress, Inc.

By:    /s/
       ----------------------

Name:
       ----------------------

Title:
       ----------------------

                                       31<Page>
                                                                   Exhibit 10.17

                        FORM OF INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (this "Agreement") is entered into as of the
15th day of January, 2004, by and between optionsXpress, Inc., a Delaware
corporation (the "Company") and DIRECTOR ("Indemnitee").

                                    RECITALS

     A.   The Company is aware that competent and experienced persons are
increasingly reluctant to serve or continue serving as directors or officers of
companies unless they are protected by comprehensive liability insurance and
adequate indemnification due to the increased exposure to litigation costs and
risks resulting from service to such companies that often bear no relationship
to the compensation of such directors or officers.

     B.   The statutes and judicial decisions regarding the duties of directors
and officers often fail to provide directors and officers with adequate,
reliable knowledge of the legal risks to which they are exposed or the manner in
which they are expected to execute their fiduciary duties and responsibilities.

     C.   The Company and the Indemnitee recognize that plaintiffs often seek
damages in such large amounts, and the costs of litigation may be so great
(whether or not the case is meritorious), that the defense and/or settlement of
such litigation can create an extraordinary burden on the personal resources of
directors and officers.

     D.   The board of directors of the Company has concluded that, to attract
and retain competent and experienced persons to serve as directors and officers
of the Company, it is not only reasonable and prudent but necessary to promote
the best interests of the Company and its stockholders for the Company to
contractually indemnify its directors and certain of its officers in the manner
set forth herein, and to assume for itself liability for expenses and damages in
connection with claims against such directors and officers in connection with
their service to the Company as provided herein.

     E.   The Company desires and has requested the Indemnitee to serve or
continue to serve as a director and/or officer of the Company, and the
Indemnitee only is willing to serve, or to continue to serve, as a director
and/or officer of the Company if the Indemnitee is furnished the indemnity
provided for herein by the Company.

     NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants and agreements set forth below, the parties hereto, intending to be
legally bound, hereby agree as follows:

<Page>

     1.   DEFINITIONS. For purposes of this Agreement, the following terms shall
have the corresponding meanings set forth below.

          "Change in Control" means the happening of any of the following
     events:

               (i)    An acquisition by any individual, entity or group (within
     the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) of the
     beneficial ownership (within the meaning of Rule 13d-3 promulgated under
     the Exchange Act) of fifty percent (50%) or more of the combined voting
     power of the then outstanding voting securities of the Company entitled to
     vote generally in the election of directors (the "Outstanding Company
     Voting Securities"); PROVIDED, HOWEVER, that for purposes of this
     definition, the following transactions shall not constitute a Change in
     Control: (i) any acquisition by the Company or by an employee benefit plan
     (or related trust) sponsored or maintained by the Company or an affiliate
     of the Company, or (ii) a Non-Control Transaction;

               (ii)   A change in the composition of the board of directors of
     the Company such that the individuals who, as of the date hereof,
     constitute the board of directors of the Company (such board of directors
     shall be hereinafter referred to as the "Incumbent Board") cease for any
     reason to constitute at least a majority of the board of directors of the
     Company; PROVIDED, HOWEVER, for purposes of this clause (ii), any
     individual who becomes a member of the board of directors of the Company
     subsequent to the date hereof whose election, or nomination for election by
     the Company's stockholders, was approved by a vote of at least a majority
     of those individuals who are members of the board of directors of the
     Company and who were also members of the Incumbent Board (or deemed to be
     such pursuant to this provision) shall be considered as though such
     individual were a member of the Incumbent Board; but, PROVIDED, FURTHER,
     that any such individual whose initial assumption of office occurs as a
     result of either an actual or threatened election contest (as such terms
     are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange
     Act) or other actual or threatened solicitation of proxies or consents by
     or on behalf of a person other than the board of directors of the Company
     shall not be so considered as a member of the Incumbent Board; or

               (iii)  Consummation of a reorganization, merger or consolidation
     or sale or other disposition of all or substantially all of the assets of
     the Company (a "Corporate Transaction"), in each case, unless the Corporate
     Transaction is a Non-Control Transaction.

          "Claim" means a claim or action asserted by a Person in a Proceeding.

          "Company Action" means a Proceeding in which a Claim has been brought
     by or in the name of the Company to procure a judgment in its favor.

          "Covered Entity" means the Company, any subsidiary of the Company or
     any other Person for which Indemnitee is or was or may be deemed to be
     serving at the request of the Company, or any subsidiary of the Company, as
     a director, officer, employee, controlling person, agent or fiduciary.

                                        2
<Page>

          "Disinterested Director" means, with respect to any determination
     contemplated by this Agreement, any Person who, as of the time of such
     determination, is a member of the Company's board of directors but is not a
     party to any Proceeding then pending with respect to any Indemnification
     Event.

          "ERISA" means Employee Retirement Income Security Act of 1974, as
     amended, or any similar Federal statute then in effect.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended,
     or any similar Federal statute then in effect.

          "Expenses" means any and all direct and indirect fees and costs,
     retainers, court costs, transcript costs, fees of experts, witness fees,
     travel expenses, duplicating, printing and binding costs, telephone
     charges, postage and delivery service fees and all other disbursements or
     expenses of any type or nature whatsoever reasonably incurred by Indemnitee
     (including reasonable attorneys' fees and other professionals' fees,
     subject to the limitations set forth in Section 3(c) below) in connection
     with or arising from an. Indemnification Event, including, without
     limitation: (i) the investigation or defense of a Claim; (ii) being, or
     preparing to be, a witness or otherwise participating, or preparing to
     participate, in any Proceeding; (iii) furnishing, or preparing to furnish,
     documents in response to a subpoena or otherwise in connection with any
     Proceeding; (iv) any appeal of any judgment, outcome or determination in
     any Proceeding (including, without limitation, any premium, security for
     and other costs relating to any cost bond, supersedeas bond or any other
     appeal bond or its equivalent); (v) establishing or enforcing any right to
     indemnification under this Agreement (including, without limitation,
     pursuant to Section 2(c) below), Delaware law or otherwise, regardless of
     whether Indemnitee is ultimately successful in such action, unless as a
     part of such action, a court of competent jurisdiction over such action
     determines that each of the material assertions made by Indemnitee as a
     basis for such action was not made in good faith or was frivolous; (vi)
     Indemnitee's defense of any Proceeding instituted by or in the name of the
     Company under this Agreement to enforce or interpret any of the terms of
     this Agreement (including, without limitation, costs and expenses incurred
     with respect to Indemnitee's counterclaims and cross-claims made in such
     action); and (vii) any Federal, state, local or foreign taxes imposed on
     Indemnitee as a result of the actual or deemed receipt of any payments
     under this Agreement, including all interest, assessments and other charges
     paid or payable with respect to such payments.

          "Former Director" means, with respect to a determination contemplated
     by this Agreement made following a Change in Control, a Person who was a
     member of the Company's board of directors prior to such Change in Control
     but who is no longer serving on the Company's board of directors as of the
     time of such determination.

          An "Indemnification Event" shall be deemed to have occurred if
     Indemnitee was or is or becomes, or is threatened to be made, a party to or
     witness or other participant in, or was or is or becomes obligated to
     furnish or furnishes documents in response to a subpoena or otherwise in
     connection with, any Proceeding by reason of the fact that Indemnitee is or
     was or may be deemed a director, officer, employee, controlling person,
     agent or fiduciary of any Covered Entity, or by reason of any action or
     inaction on the

                                        3
<Page>

     part of Indemnitee while serving in any such capacity (including, without
     limitation, rendering any written statement that is a Required Statement or
     is made to another officer or employee of the Covered Entity to support a
     Required Statement).

          "Independent Legal Counsel" means an attorney or firm of attorneys
     designated by the Indemnitee that is satisfactory to a majority of the
     Disinterested Directors (or, if there are no Disinterested Directors, the
     Company's board of directors) that is experienced in matters of corporate
     law and neither presently is, nor in the thirty-six (36) months prior to
     such designation has been, retained to represent: (i) the Company or
     Indemnitee in any matter material to either such party, or (ii) any other
     party to the Proceeding giving rise to a claim for indemnification
     hereunder.

          "Losses" means any and all losses, claims, damages, liabilities,
     judgments, fines, penalties, settlement payments, awards and amounts of any
     type whatsoever incurred by Indemnitee in connection with or arising from
     an Indemnification Event.

          "Non-Control Transaction" means a Corporate Transaction as a result of
     which the Outstanding Company Voting Securities immediately prior to such
     Corporate Transaction would entitle the holders thereof immediately prior
     to such Corporate Transaction to exercise, directly or indirectly, more
     than fifty percent (50%) of the combined voting power of all of the shares
     of capital stock entitled to vote generally in election of directors of the
     corporation resulting from such Corporate Transaction immediately after
     such Corporate Transaction (including, without limitation, a corporation
     which as a result of such transaction owns the Company or all or
     substantially all of the Company's assets either directly or through one or
     more subsidiaries).

          "Organizational Documents" means any and all organizational documents,
     charters or similar agreements or governing documents, including, without
     limitation (i) with respect to a corporation, its certificate of
     incorporation and bylaws, (ii) with respect to a limited liability company,
     its operating agreement, and (iii) with respect to a limited partnership,
     its partnership agreement.

          "Proceeding" means any threatened, pending or completed claim, action,
     suit, proceeding, arbitration or alternative dispute resolution mechanism,
     investigation, inquiry, administrative hearing, appeal or any other actual,
     threatened or completed proceeding, whether brought in the right of a
     Covered Entity or otherwise and whether of a civil (including intentional
     or unintentional tort claims), criminal, administrative, arbitrative or
     investigative nature.

          "Person" means an individual, a partnership, a corporation, a limited
     liability company, an association, a joint stock company, a trust, a joint
     venture, an unincorporated organization or other enterprise or government
     or agency or political subdivision thereof.

          "Required Statement" means a written statement of a Person that is
     required to be, and is, filed with the SEC regarding the design, adequacy
     or evaluation of a Covered Entity's internal controls or the accuracy,
     sufficiency or completeness of reports or statements filed by a Covered
     Entity with the SEC pursuant to federal law and/or

                                        4
<Page>

     administrative regulations, including without limitation, the
     certifications contemplated by Sections 302 and 906 of the Sarbanes-Oxley
     Act of 2002, as amended, or any rule or regulation promulgated pursuant
     thereto.

          "Reviewing Party" means, with respect to any determination
     contemplated by this Agreement, any one of the following: (i) a majority of
     the Disinterested Directors, even if such Persons would not constitute a
     quorum of the Company's board of directors; (ii) a committee consisting
     solely of Disinterested Directors, even if such Persons would not
     constitute a quorum of the Company's board of directors, so long as such
     committee was designated by a majority of the Disinterested Directors;
     (iii) in the absence of any Disinterested Directors and upon the written
     consent of Indemnitee, the Company's stockholders; or (iv) Independent
     Legal Counsel (in which case, any determination shall be evidenced by the
     rendering of a written opinion).

          "SEC" means the Securities and Exchange Commission.

          "Securities Act" means the Securities Act of 1933, as amended, or any
     similar Federal statute then in effect.

     2.   INDEMNIFICATION.

          (a)  INDEMNIFICATION OF LOSSES AND EXPENSES. If an Indemnification
Event has occurred, then, subject to Section 9 below, the Company shall
indemnify and hold harmless Indemnitee, to the fullest extent permitted by law,
against any and all Losses and Expenses, but only if the Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in, or not
opposed to, the best interests of the Company, and, with respect to any criminal
Proceeding, had no reasonable cause to believe Indemnitee's conduct was
unlawful. The termination of any Proceeding by judgment, court order, settlement
or conviction or on plea of nolo contendere, or its equivalent, shall not, of
itself, create a presumption that Indemnitee (i) did not act in good faith in a
manner which he reasonably believed to be in, or not opposed to, the best
interests of the Company, or (ii) with respect to any criminal Proceeding, had
reasonable cause to believe that Indemnitee's conduct was unlawful.

          (b)  LIMITATION WITH RESPECT TO COMPANY ACTIONS. Notwithstanding the
foregoing, the Company shall not indemnify and hold harmless Indemnitee with
respect to any Losses (as opposed to Expenses) in connection with or arising
from any Company Action. Furthermore, the Company shall not indemnify and hold
harmless Indemnitee with respect to any Expenses in connection with or arising
from any Company Action as to which the Indemnitee shall have been finally
adjudged to be liable to the Company by a court of competent jurisdiction due to
Indemnitee's willful misconduct of a culpable nature in the performance of the
Indemnitee's duties to the Company, unless, and then only to extent that, any
court in which such Company Action was brought shall determine upon application
that, despite the adjudication of liability, but in view of all the
circumstances of the case, the Indemnitee is fairly and reasonably entitled to
Expenses for such indemnification as such court shall deem proper.

          (c)  ADVANCEMENT OF EXPENSES. The Company shall advance Expenses to or
on behalf of Indemnitee as soon as practicable, but in any event not later than
30 days after written request therefor by Indemnitee which request shall be
accompanied by vouchers,

                                        5
<Page>

invoices or similar evidence documenting in reasonable detail the Expenses
incurred or to be incurred by Indemnitee. The Indemnitee hereby undertakes to
repay such amounts advanced only if, and to the extent that, it shall ultimately
be determined that Indemnitee is not entitled to be indemnified by the Company
as authorized by this Agreement.

          (d)  CONTRIBUTION. If, and to the extent, the indemnification of
Indemnitee provided for in Section 2(a) above for any reason is held by a court
of competent jurisdiction not to be permissible for liabilities arising under
Federal securities laws or ERISA, then the Company, in lieu of indemnifying
Indemnitee under this Agreement, shall contribute to the amount paid or payable
by Indemnitee as a result of such Losses or Expenses (i) in such proportion as
is appropriate to reflect the relative benefits received by the Covered Entities
and all officers, directors or employees of the Covered Entities other than
Indemnitee who are jointly liable with Indemnitee (or would be if joined in such
Proceeding), on the one hand, and Indemnitee, on the other hand, or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Covered
Entities and all officers, directors or employees of the Covered Entities other
than Indemnitee who are jointly liable with Indemnitee (or would be if joined in
such Proceeding), on the one hand, and the Indemnitee, on the other hand, in
connection with the action or inaction that resulted in such Losses or Expenses,
as well as any other relevant equitable considerations. The relative fault of
the Covered Entities and all officers, directors or employees of the Covered
Entities other than Indemnitee who are jointly liable with Indemnitee (or would
be if joined in such Proceeding), on the one hand, and Indemnitee, on the other
hand, shall be determined by reference to, among other things, the degree to
which their actions were motivated by intent to gain personal profit or
advantage, the degree to which their liability is primary or secondary, and the
degree to which their conduct is active or passive. No Person found guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
found guilty of such fraudulent misrepresentation.

          (e)  If any of Summit Ventures VI-A, L.P., Summit Ventures VI-B, L.P.
or any of their respective affiliates (each, a "Summit Fund") is or is
threatened to be made a party to or a participant in any Proceeding, and the
Summit Fund's involvement in the Proceeding arises in whole or in part from the
Indemnitee's service to the Company as an officer or director of the Company,
then the Summit Fund shall be entitled to all of the indemnification rights and
remedies, and shall to the extent indemnified hereunder, undertake the
obligations of the Indemnitee, under this Agreement to the same extent as
Indemnitee and to the same extent as if such Summit Fund was a party hereto.

     3.   INDEMNIFICATION PROCEDURES.

          (a)  NOTICE OF INDEMNIFICATION EVENT. Indemnitee shall give the
Company notice as soon as practicable of any Indemnification Event of which
Indemnitee becomes aware, provided that any failure to so notify the Company
shall not relieve the Company of any of its obligations under this Agreement,
except if, and then only to the extent that, such failure increases the
liability of the Company under this Agreement.

          (b)  NOTICE TO INSURERS. If, at the time the Company receives notice
of an Indemnification Event pursuant to Section 3(a) above, the Company has
liability insurance in

                                        6
<Page>

effect which may cover such Indemnification Event, the Company shall give prompt
written notice of such Indemnification Event to the insurers in accordance with
the procedures set forth in each of the applicable policies of insurance. The
Company shall thereafter take all necessary or desirable actions to cause such
insurers to pay, on behalf of Indemnitee, all amounts payable as a result of
such Indemnification Event in accordance with the terms of such policies;
PROVIDED THAT nothing in this Section 3(b) shall affect the Company's
obligations under this Agreement or the Company's obligations to comply with the
provisions of this Agreement in a timely manner as provided.

          (c)  SELECTION OF COUNSEL. If the Company shall be obligated hereunder
to pay or advance Expenses or indemnify Indemnitee with respect to any Losses,
the Company shall be entitled to assume the defense of any related Claims, with
counsel selected by the Company, PROVIDED THAT following a Change in Control, if
any Former Directors are seeking indemnification in connection with any such
Proceeding, such counsel shall be subject to the prior written approval of a
majority of such Former Directors who are seeking indemnification, which
approval shall not be unreasonably withheld or delayed. After the retention of
such counsel by the Company and the receipt of any approval required under the
preceding sentence, the Company will not be liable to Indemnitee under this
Agreement for any fees of counsel subsequently incurred by Indemnitee with
respect to the defense of such Claims; PROVIDED THAT: (i) Indemnitee shall have
the right to employ counsel in connection with any such Claim at Indemnitee's
expense; and (ii) if (A) the employment of counsel by Indemnitee has been
previously authorized by the Company, (B) counsel for Indemnitee shall have
provided the Company with written advice that there may reasonably be expected
to exist a conflict of interest between the Company and Indemnitee in the
conduct of any such defense, or (C) the Company shall not continue to retain
such counsel to defend such Claim, then the fees and expenses of Indemnitee's
counsel shall be at the expense of the Company. The Company may not settle or
compromise any claim or consent to the entry of any judgment with respect to
which indemnification is being sought hereunder without the prior written
consent of the Indemnitee (such consent not to be unreasonably withheld).

     4.   DETERMINATION OF RIGHT TO INDEMNIFICATION.

          (a)  SUCCESSFUL PROCEEDING. To the extent Indemnitee has been
successful, on the merits or otherwise, in defense of any Proceeding referred to
in Sections 2(a) or 2(b), the Company shall indemnify Indemnitee against Losses
and Expenses incurred by him in connection therewith. If Indemnitee is not
wholly successful in such Proceeding, but is successful, on the merits or
otherwise, as to one or more but less than all Claims in such Proceeding, the
Company shall indemnify Indemnitee against all Losses and Expenses actually or
reasonably incurred by Indemnitee in connection with each successfully resolved
Claim.

          (b)  OTHER PROCEEDINGS. In the event that Section 4(a) is
inapplicable, the Company shall nevertheless indemnify Indemnitee, unless, but
then only to the extent that, a Reviewing Party chosen pursuant to Section 4(c)
determines that Indemnitee has not met the applicable standard of conduct set
forth in Sections 2(a) or 2(b), as applicable, as a condition to such
indemnification.

          (c)  REVIEWING PARTY DETERMINATION. If, and to the extent, any
applicable law requires the determination that Indemnitee has met the applicable
standard of conduct set forth in

                                        7
<Page>

Sections 2(a) or 2(b), as applicable, as a condition to any such
indemnification, a Reviewing Party shall make such determination, subject to the
following:

               (i)    A Reviewing Party so chosen shall act in the utmost good
     faith to assure Indemnitee a complete opportunity to present to such
     Reviewing Party Indemnitee's case that Indemnitee has met the applicable
     standard of conduct.

               (ii)   Indemnitee shall be deemed to have acted in good faith if
     Indemnitee's action is based on the records or books of account of a
     Covered Entity, including, without limitation, its financial statements, or
     on information supplied to Indemnitee by the officers or employees of a
     Covered Entity in the course of their duties, or on the advice of legal
     counsel for a Covered Entity or on information or records given, or reports
     made, to a Covered Entity by an independent certified public accountant or
     by an appraiser or other expert selected with reasonable care by a Covered
     Entity. In addition, the knowledge and/or actions, or failure to act, of
     any director, officer, agent or employee of a Covered Entity shall not be
     imputed to Indemnitee for purposes of determining the right to
     indemnification under this Agreement. Whether or not the foregoing
     provisions of this Section 4(c)(ii) are satisfied, it shall in any event be
     presumed that Indemnitee has at all times acted in good faith and in a
     manner Indemnitee reasonably believed to be in or not opposed to the best
     interests of the Company. Any Person seeking to overcome this presumption
     shall have the burden of proof and the burden of persuasion, by clear and
     convincing evidence.

               (iii)  If a Reviewing Party chosen pursuant to this Section 4(c)
     shall not have made a determination whether Indemnitee is entitled to
     indemnification within thirty (30) days after receipt by the Company of the
     request therefor, the requisite determination of entitlement to
     indemnification shall be deemed to have been made and Indemnitee shall be
     entitled to such indemnification, absent (A) a misstatement by Indemnitee
     of a material fact, or an omission of a material fact necessary to make
     Indemnitee's statement not materially misleading, in connection with the
     request for indemnification, or (B) a prohibition of such indemnification
     under applicable law; provided, however, that such 30 day period may be
     extended for a reasonable time, not to exceed an additional fifteen (15)
     days, if the Reviewing Party in good faith requires such additional time
     for obtaining or evaluating documentation and/or information relating
     thereto; and provided, further, that the foregoing provisions of this
     Section 4(c)(iii) shall not apply if (I) the determination of entitlement
     to indemnification is to be made by the stockholders of the Company, (II),
     a special meeting of stockholders is called by the board of directors of
     the Company for such purpose within thirty (30) days after the stockholders
     are chosen as the Reviewing Party, (III) such meeting is held for such
     purpose within sixty (60) days after having been so called, and (IV)such
     determination is made thereat.

          (d)  APPEAL TO COURT. Notwithstanding a determination by a Reviewing
Party that Indemnitee is not entitled to indemnification with respect to a
specific Claim or Proceeding (an "Adverse Determination"), Indemnitee shall have
the right to apply to the court in which that Claim or Proceeding is or was
pending or any other court of competent jurisdiction for the purpose of
enforcing Indemnitee's right to indemnification pursuant to this Agreement,
PROVIDED THAT Indemnitee shall commence any such Proceeding seeking to enforce
Indemnitee's right to

                                        8
<Page>

indemnification within one (1) year following the date upon which Indemnitee is
notified in writing by the Company of the Adverse Determination, In the event of
any dispute between the parties concerning their respective rights and
obligations hereunder, the Company shall have the burden of proving that the
Company is not obligated to make the payment or advance claimed by Indemnitee.

          (e)  PRESUMPTION OF SUCCESS. The Company acknowledges that a
settlement or other disposition short of final judgment may be deemed a
successful resolution for purposes of Section 4(a) if it permits a party to
avoid expense, delay, distraction, disruption or uncertainty. In the event that
any Proceeding to which Indemnitee is a party is resolved in any manner (other
than by adverse judgment against Indemnitee) including, without limitation,
settlement of such Proceeding with or without payment of money or other
consideration, it shall be presumed that Indemnitee has been successful on the
merits or otherwise in such Proceeding. Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion, by
clear and convincing evidence.

     5.   ADDITIONAL INDEMNIFICATION RIGHTS; NON-EXCLUSIVITY.

          (a)  SCOPE. The Company hereby agrees to indemnify Indemnitee to the
fullest extent permitted by law, even if such indemnification is not
specifically authorized by the other provisions of this Agreement or any other
agreement, the Organizational Documents of any Covered Entity or by applicable
law. In the event of any change after the date of this Agreement in any
applicable law, statute or rule which expands the right of a Delaware
corporation to indemnify a member of its board of directors or an officer,
employee, controlling person, agent or fiduciary, it is the intent of the
parties hereto that Indemnitee shall enjoy by this Agreement the greater
benefits afforded by such change. In the event of any change in any applicable
law, statute or rule which narrows the right of a Delaware corporation to
indemnify a member of its board of directors or an officer, employee,
controlling person, agent or fiduciary, such change, to the extent not otherwise
required by such law, statute or rule to be applied to this Agreement, shall
have no effect on this Agreement or the parties rights and obligations hereunder
except as set forth in Section 9(a) hereof.

          (b)  NON-EXCLUSIVITY. The rights to indemnification, contribution and
advancement of Expenses provided in this Agreement shall not be deemed exclusive
of, but shall be in addition to, any other rights to which Indemnitee may at any
time be entitled under the Organizational Documents of any Covered Entity, any
other agreement, any vote of stockholders or Disinterested Directors, the laws
of the State of Delaware or otherwise. Furthermore, no right or remedy herein
conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion of any right or remedy hereunder or otherwise shall not
prevent the concurrent assertion of any other right or remedy. The rights to
indemnification, contribution and advancement of Expenses provided in this
Agreement shall continue as to Indemnitee for any action Indemnitee took or did
not take while serving in an indemnified capacity even though Indemnitee may
have ceased to serve in such capacity.

     6.   NO DUPLICATION OF PAYMENTS. The Company shall not be liable under this
Agreement to make any payment of any amount otherwise indemnifiable hereunder,
or for which

                                        9
<Page>

advancement is provided hereunder, if and to the extent Indemnitee has otherwise
actually received such payment, whether pursuant to any insurance policy, the
Organizational Documents of any Covered Entity or otherwise (but specifically
excluding any payment received by the Indemnitee from any insurance policy
maintained by or for the benefit of such Indemnitee (other than the Company) so
long as Indemnitee does not by virtue thereof actually retain duplicative
payments).

     7.   MUTUAL ACKNOWLEDGMENT. Both the Company and Indemnitee acknowledge
that, in certain instances, Federal law or public policy may override applicable
state law and prohibit the Company from indemnifying its directors and officers
under this Agreement or otherwise. For example, the Company and Indemnitee
acknowledge that the SEC has taken the position that indemnification is not
permissible for liabilities arising under certain Federal securities laws, and
Federal legislation prohibits indemnification for certain ERISA violations.
Indemnitee understands and acknowledges that the Company has undertaken, or may
be required in the future to undertake, with the SEC to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee, and any right to
indemnification hereunder shall be subject to, and conditioned upon, any such
required court determination.

     8.   LIABILITY INSURANCE. The Company's Organizational Documents shall at
all times provide for indemnification and exculpation of directors to the
fullest extent permitted under applicable law. In all policies of director and
officer liability insurance, Indemnitee shall be named as an insured in such a
manner as to provide Indemnitee the same rights and benefits as are accorded to
the most favorably insured of the Company's officers and directors. The Company
shall advise Indemnitee as to the general terms of, and the amounts of coverage
provide by, any liability insurance policy described in this Section 8 and shall
promptly notify Indemnitee if, at any time, any such insurance policy will no
longer be maintained or the amount of coverage under any such insurance policy
will be decreased.

     9.   EXCEPTIONS. Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify Indemnitee:

          (a)  against any Losses or Expenses, or advance Expenses to
     Indemnitee, with respect to Claims initiated or brought voluntarily by
     Indemnitee, and not by way of defense (including, without limitation,
     affirmative defenses and counter-claims), except (i) Claims to establish or
     enforce a right to indemnification, contribution or advancement with
     respect to an Indemnification Event, whether under this Agreement, any
     other agreement or insurance policy, the Company's Organizational Documents
     of any Covered Entity, the laws of the State of Delaware or otherwise, or
     (ii) if the Company's board of directors has approved specifically the
     initiation or bringing of such Claim;

          (b)  against any Losses or Expenses, or advance Expenses to
     Indemnitee, with respect to Claims arising (i) with respect to an
     accounting of profits made from the purchase and sale (or sale and
     purchase) by Indemnitee of securities of the Company within the meaning of
     Section 16(b) of the Exchange Act or (ii) pursuant to Sections 304 or 306
     of the Sarbanes-Oxley Act of 2002, as amended, or any rule or regulation
     promulgated pursuant thereto; or

                                       10
<Page>

          (c)  if, and to the extent, that a court of competent jurisdiction
     renders a final, unappealable decision that such indemnification is not
     lawful.

     10.  REMEDIES OF INDEMNITEE.

          (a)  RIGHT TO PETITION COURT. In the event that Indemnitee makes a
request for payment of Losses and Expenses or a request for an advancement of
Expenses and the Company fails to make such payment or advancement in a timely
manner pursuant to the terms of this Agreement, Indemnitee may petition a court
of law to enforce the Company's obligations under this Agreement.

          (b)  BURDEN OF PROOF. In any judicial proceeding brought under this
Section 10, the Company shall have the burden of proving that Indemnitee is not
entitled to payment of Losses and Expenses hereunder.

          (c)  VALIDITY OF AGREEMENT. The Company shall be precluded from
asserting in any Proceeding, including, without limitation, an action under this
Section, that the provisions of this Agreement are not valid, binding and
enforceable or that there is insufficient consideration for this Agreement and
shall stipulate in court that the Company is bound by all the provisions of this
Agreement.

          (d)  FAILURE TO ACT NOT A DEFENSE. The failure of the Company
(including its Board of Directors or any committee thereof, independent legal
counsel or stockholders) to make a determination concerning the permissibility
of the payment of Losses and Expenses or the advancement of Expenses under this
Agreement shall not be a defense in any action brought under this Section 10,
and shall not create a presumption that such payment or advancement is not
permissible.

     11.  MISCELLANEOUS.

          (a)  COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

          (b)  BINDING EFFECT; SUCCESSORS AND ASSIGNS. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors and assigns (including with respect to
the Company, any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business and/or assets of the
Company) and with respect to Indemnitee, his or her spouse, heirs, and personal
and legal representatives and in the case of Section 2(e), the Summit Funds. The
Company shall require and cause any successor or assign (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all, substantially
all, or a substantial part, of the business and/or assets of the Company, to
assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession or
assignment had taken place. This Agreement shall continue in effect for the
benefit of the Indemnitee and such spouses, heirs and personal and legal
representatives and in the case of Section 2(e), the Summit Funds, regardless of
whether Indemnitee continues to serve as a director, officer, employee,
controlling person, agent or fiduciary of any Covered Entity.

                                       11
<Page>

          (c)  NOTICE. All notices and other communications required or
permitted hereunder shall be in writing, shall be effective when given, and
shall in any event be deemed to be given (a) five (5) days after deposit with
the U.S. Postal Service or other applicable postal service, if delivered by
first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c)
one (1) business day after the business day of deposit with Federal Express or
similar, nationally recognized overnight courier, freight prepaid, or (d) one
(1) business day after the business day of delivery by confirmed facsimile
transmission, if deliverable by facsimile transmission, with copy by other means
permitted hereunder, and addressed, if to Indemnitee, to the Indemnitee's
address or facsimile number (as applicable) as set forth beneath the
Indemnitee's signature to this Agreement, or, if to the Company, at the address
or facsimile number (as applicable) of its principal corporate offices
(attention: Secretary), or at such other address or facsimile number (as
applicable) as such party may designate to the other parties hereto.

          (d)  ENFORCEABILITY. This Agreement, when executed and delivered by
the Company in accordance with the provisions hereof, shall be a legal, valid
and binding obligation of the Company, enforceable against the Company in
accordance with its terms.

          (e)  CONSENT TO JURISDICTION. The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction and venue of the courts of the State of
Delaware for all purposes in connection with any Proceeding which arises out of
or relates to this Agreement and agree that any Proceeding instituted under this
Agreement shall be commenced, prosecuted and continued only in the courts of the
State of Delaware.

          (f)  SEVERABILITY. The provisions of this Agreement shall be severable
in the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable that is not itself
invalid, void or unenforceable) shall be construed so as to give effect to the
extent manifested by the provision held invalid, illegal or unenforceable.

          (g)  CHOICE OF LAW. This Agreement shall be governed by and its
provisions shall be construed and enforced in accordance with, the laws of the
State of Delaware, without regard to the conflict of laws principles thereof.

          (h)  SUBROGATION. In the event of payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee (other than with respect to any rights of recovery
under any insurance policy maintained by the Indemnitee or by any Person (other
than the Company) for and on behalf of the Indemnitee) who shall execute all
documents required and shall do all acts that may be necessary to secure such
rights and to enable the Company effectively to bring suit to enforce such
rights.

          (i)  AMENDMENT AND TERMINATION. No amendment, modification,
termination or cancellation of this Agreement shall be effective unless it is in
a writing signed by the parties to be bound thereby. Notice of same shall be
provided to all parties hereto. No waiver of any of

                                       12
<Page>

the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver.

          (j)  NO CONSTRUCTION AS EMPLOYMENT AGREEMENT. Nothing contained in
this Agreement shall be construed as giving Indemnitee any right to be retained
or continue in the employ or service of any Covered Entity.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
                             SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and
as of the day and year first above written.

                                          OPTIONSXPRESS, INC.

                                          By:
                                               ---------------------------------
                                          Its:
                                               ---------------------------------

                                          INDEMNITEE:

                                          Name:
                                               ---------------------------------

                                          Address:

                                          Fax No.:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]