Document:

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                                                                    Exhibit 10.2

                             PENSON WORLDWIDE, INC.

                          EMPLOYEE STOCK PURCHASE PLAN

      I.    PURPOSE OF THE PLAN

            This Employee Stock Purchase Plan is intended to promote the
interests of Penson Worldwide, Inc., a Delaware corporation, by providing
eligible employees with the opportunity to acquire a proprietary interest in the
Corporation through participation in a payroll deduction-based employee stock
purchase plan designed to qualify under Section 423 of the Code.

            Capitalized terms herein shall have the meanings assigned to such
terms in the attached Appendix.

      II.   ADMINISTRATION OF THE PLAN

            The Compensation Committee is hereby appointed by the Board to serve
as Plan Administrator and shall in that capacity have full authority to
interpret and construe any provision of the Plan and to adopt such rules and
regulations for administering the Plan as it may deem necessary in order to
comply with the requirements of Code Section 423. Decisions of the Plan
Administrator shall be final and binding on all parties having an interest in
the Plan.

      III.  STOCK SUBJECT TO PLAN

            A. The stock purchasable under the Plan shall be shares of
authorized but unissued or reacquired Common Stock, including shares of Common
Stock purchased on the open market. The number of shares of Common Stock
initially reserved for issuance over the term of the Plan shall be limited to
312,500 shares.

            B. The number of shares of Common Stock available for issuance under
the Plan shall automatically increase on the first trading day of January each
calendar year during the term of the Plan, beginning with calendar year 2007, by
an amount equal to one percent (1%) of the total number of shares of Common
Stock outstanding on the last trading day in December of the immediately
preceding calendar year, but in no event shall any such annual increase exceed
62,500 shares.

            C. Should any change be made to the Common Stock by reason of any
stock split, stock dividend, recapitalization, combination of shares, exchange
of shares or other change affecting the outstanding Common Stock as a class
without the Corporation's receipt of consideration, appropriate adjustments
shall be made to (i) the maximum number and class of securities issuable under
the Plan, (ii) the maximum number and/or class of securities by which the share
reserve is to increase automatically each calendar year pursuant to the
provisions of Section III.B of this Article One, (iii) the maximum number and
class of securities purchasable per Participant on any one Purchase Date, (iv)
the maximum number and class of securities purchasable in total by all
Participants on any one Purchase Date and (v) the number and class of
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securities and the price per share in effect under each outstanding purchase
right in order to prevent the dilution or enlargement of benefits thereunder.

      IV.   OFFERING PERIODS

            A. Shares of Common Stock shall be offered for purchase under the
Plan through a series of overlapping offering periods until such time as (i) the
maximum number of shares of Common Stock available for issuance under the Plan
shall have been purchased or (ii) the Plan shall have been sooner terminated.

            B. Each offering period shall be of such duration (not to exceed
twenty-four (24) months) as determined by the Plan Administrator prior to the
start date of such offering period. The initial offering period shall commence
at the Effective Time. Subsequent offering periods shall commence at periodic
intervals as determined by the Plan Administrator.

            C. Each offering period shall consist of a series of one or more
successive Purchase Intervals. The first Purchase Interval in effect under the
initial offering period shall commence at the Effective Time.

            D. Should the Fair Market Value per share of Common Stock on any
Purchase Date within a particular offering period be less than the Fair Market
Value per share of Common Stock on the start date of that offering period, then
the individuals participating in such offering period shall, immediately after
the purchase of shares of Common Stock on their behalf on such Purchase Date, be
transferred from that offering period and automatically enrolled in the next
offering period commencing after such Purchase Date.

      V.    ELIGIBILITY

            A. Each individual who is an Eligible Employee on the start date of
any offering period under the Plan may enter that offering period on such start
date or on the start date of any subsequent Purchase Interval within that
offering period, provided he or she remains an Eligible Employee. For the
initial offering period commencing at the Effective Time, each individual who is
an Eligible Employee at that time shall automatically be enrolled as a
Participant with a contribution rate equal to fifteen percent (15%) of his or
her Base Salary. Each individual who first becomes an Eligible Employee after
the start date of an offering period may enter that offering period on the start
date of any subsequent Purchase Interval within that offering period on which he
or she is an Eligible Employee.

            B. The date an individual enters an offering period shall be
designated his or her Entry Date for purposes of that offering period.

            C. Except as otherwise provided in Sections IV.D and V.A above, an
Eligible Employee must, in order to participate in the Plan for a particular
offering period, complete the enrollment forms prescribed by the Plan
Administrator (including a stock purchase agreement and a payroll deduction
authorization) and file such forms with the Plan Administrator (or its
designate) on or before his or her scheduled Entry Date.

                                       2.
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      VI.   PAYROLL DEDUCTIONS

            A. The payroll deduction authorized by the Participant for purposes
of acquiring shares of Common Stock during an offering period may be any
multiple of one percent (1%) of the Base Salary paid to the Participant during
each Purchase Interval within that offering period, up to a maximum of fifteen
percent (15%) or such lesser percentage as may be specified by the Plan
Administrator prior to the start date of such offering period. The deduction
rate so authorized shall continue in effect throughout the offering period,
except to the extent such rate is changed in accordance with the following
guidelines:

                  (i) The Participant may, at any time during the offering
      period, reduce his or her rate of payroll deduction (or, to the extent
      applicable, the percentage of Base Salary to serve as his or her lump sum
      contribution for the initial Purchase Interval of the first offering
      period) to become effective as soon as possible after filing the
      appropriate form with the Plan Administrator. The Participant may not,
      however, effect more than one (1) such reduction per Purchase Interval.

                  (ii) The Participant may, prior to the commencement of any new
      Purchase Interval within the offering period, increase the rate of his or
      her payroll deduction by filing the appropriate form with the Plan
      Administrator. The new rate (which may not exceed the maximum payroll
      deduction percentage in effect for that offering period) shall become
      effective on the start date of the first Purchase Interval following the
      filing of such form.

            B. Payroll deductions shall begin on the first pay day
administratively feasible following the Participant's Entry Date and shall
(unless sooner terminated by the Participant) continue through the pay day
ending with or immediately prior to the last day of that offering period. The
amounts so collected shall be credited to the Participant's book account under
the Plan, but no interest shall be paid on the balance from time to time
outstanding in such account. The amounts collected from the Participant shall
not be required to be held in any segregated account or trust fund and may be
commingled with the general assets of the Corporation and used for general
corporate purposes. Payroll deductions collected in a currency other than U.S.
Dollars shall be converted into U.S. Dollars on the last day of the Purchase
Interval in which collected, with such conversion to be based on the exchange
rate determined by the Plan Administrator it its sole discretion.

            C. For the initial Purchase Interval of the first offering period
under the Plan, no payroll deductions shall be required of the Participant until
such time as the Participant affirmatively elects to commence such payroll
deductions following his or her receipt of the 1933 Act prospectus for the Plan.
In the absence of such payroll deductions, the Participant will be required to
contribute the applicable percentage of his or her Base Salary to the Plan in a
lump sum payment immediately prior to the close of that Purchase Interval should
the Participant elect to have shares of Common Stock purchased on his or her
behalf on the Purchase Date for that initial Purchase Interval.

                                       3.
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            D. Payroll deductions shall automatically cease upon the termination
of the Participant's purchase right in accordance with the provisions of the
Plan.

            E. The Participant's acquisition of Common Stock under the Plan on
any Purchase Date shall neither limit nor require the Participant's acquisition
of Common Stock on any subsequent Purchase Date, whether within the same or a
different offering period.

      VII.  PURCHASE RIGHTS

            A. GRANT OF PURCHASE RIGHTS. A Participant shall be granted a
separate purchase right for each offering period in which he or she is enrolled.
The purchase right shall be granted on the Participant's Entry Date and shall
provide the Participant with the right to purchase shares of Common Stock, in a
series of successive installments during that offering period, upon the terms
set forth below. The Participant shall execute a stock purchase agreement
embodying such terms and such other provisions (not inconsistent with the Plan)
as the Plan Administrator may deem advisable.

            Under no circumstances shall purchase rights be granted under the
Plan to any Eligible Employee if such individual would, immediately after the
grant, own (within the meaning of Code Section 424(d)) or hold outstanding
options or other rights to purchase, stock possessing five percent (5%) or more
of the total combined voting power or value of all classes of stock of the
Corporation or any Corporate Affiliate.

            B. EXERCISE OF THE PURCHASE RIGHT. Each purchase right shall be
automatically exercised in installments on each successive Purchase Date within
the offering period, and shares of Common Stock shall accordingly be purchased
on behalf of each Participant on each such Purchase Date. The purchase shall be
effected by applying the Participant's payroll deductions (or, to the extent
applicable, his or her lump sum contribution) for the Purchase Interval ending
on such Purchase Date to the purchase of whole shares of Common Stock at the
purchase price in effect for the Participant for that Purchase Date.

            C. PURCHASE PRICE. The purchase price per share at which Common
Stock will be purchased on the Participant's behalf on each Purchase Date within
the particular offering period in which he or she is enrolled shall be
determined by the Plan Administrator at the start of each offering period and
shall not be less than eighty-five percent (85%) of the LOWER of (i) the Fair
Market Value per share of Common Stock on the Participant's Entry Date or (ii)
the Fair Market Value per share of Common Stock on that Purchase Date.

            D. NUMBER OF PURCHASABLE SHARES. The number of shares of Common
Stock purchasable by a Participant on each Purchase Date during the particular
offering period in which he or she is enrolled shall be the number of whole
shares obtained by dividing the amount collected from the Participant through
payroll deductions during the Purchase Interval ending with that Purchase Date
(or, to the extent applicable, his or her lump sum contribution for that
Purchase Interval) by the purchase price in effect for the Participant for that
Purchase Date. However, the Plan Administrator shall have the discretionary
authority, exercisable prior to the start of any offering period under the Plan,
to establish the maximum number of shares of

                                       4.
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Common stock purchasable per Participant and in total by all Participants
enrolled in that particular offering period on each Purchase Date which occurs
during that offering period.

            E. EXCESS PAYROLL DEDUCTIONS. Any payroll deductions not applied to
the purchase of shares of Common Stock on any Purchase Date because they are not
sufficient to purchase a whole share of Common Stock shall be held for the
purchase of Common Stock on the next Purchase Date. However, any payroll
deductions not applied to the purchase of Common Stock by reason of the
limitation on the maximum number of shares purchasable per Participant or in
total by all Participants on the Purchase Date shall be promptly refunded.

            F. SUSPENSION OF PAYROLL DEDUCTIONS. In the event that a Participant
is, by reason of the accrual limitations in Article VIII, precluded from
purchasing additional shares of Common Stock on one or more Purchase Dates
during the offering period in which he or she is enrolled, then no further
payroll deductions shall be collected from such Participant with respect to
those Purchase Dates. The suspension of such deductions shall not terminate the
Participant's purchase right for the offering period in which he or she is
enrolled, and payroll deductions shall automatically resume on behalf of such
Participant once he or she is again able to purchase shares during that offering
period in compliance with the accrual limitations of Article VIII.

            G. WITHDRAWAL FROM OFFERING PERIOD. The following provisions shall
govern the Participant's withdrawal from an offering period:

                  (i) A Participant may withdraw from the offering period in
      which he or she is enrolled at any time prior to the next scheduled
      Purchase Date by filing the appropriate form with the Plan Administrator
      (or its designate), and no further payroll deductions shall be collected
      from the Participant with respect to that offering period. Any payroll
      deductions collected during the Purchase Interval in which such withdrawal
      occurs shall, at the Participant's election, be immediately refunded or
      held for the purchase of shares on the next Purchase Date. If no such
      election is made at the time of such withdrawal, then the payroll
      deductions collected from the Participant during the Purchase Interval in
      which such withdrawal occurs shall be refunded as soon as possible.

                  (ii) The Participant's withdrawal from a particular offering
      period shall be irrevocable, and the Participant may not subsequently
      rejoin that offering period at a later date. In order to resume
      participation in any subsequent offering period, such individual must
      re-enroll in the Plan (by making a timely filing of the prescribed
      enrollment forms) on or before his or her scheduled Entry Date into that
      Purchase Interval.

            H. TERMINATION OF PURCHASE RIGHT. The following provisions shall
govern the termination of outstanding purchase rights:

                  (i) Should the Participant cease to remain an Eligible
      Employee for any reason (including death, disability or change in status)
      while his or her purchase right remains outstanding, then that purchase
      right shall

                                       5.
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      immediately terminate, and all of the Participant's payroll deductions for
      the Purchase Interval in which the purchase right so terminates shall be
      immediately refunded.

                  (ii) However, should the Participant cease to remain in active
      service by reason of an approved unpaid leave of absence, then the
      Participant shall have the right, exercisable up until the last business
      day of the Purchase Interval in which such leave commences, to (a)
      withdraw all the payroll deductions collected to date on his or her behalf
      for that Purchase Interval or (b) have such funds held for the purchase of
      shares on his or her behalf on the next scheduled Purchase Date. In no
      event, however, shall any further payroll deductions be collected on the
      Participant's behalf during such leave. Upon the Participant's return to
      active service (x) within three (3) months following the commencement of
      such leave or (y) prior to the expiration of any longer period for which
      such Participant's right to reemployment with the Corporation is
      guaranteed by statute or contract, his or her payroll deductions under the
      Plan shall automatically resume at the rate in effect at the time the
      leave began, unless the Participant withdraws from the Plan prior to his
      or her return. An individual who returns to active employment following a
      leave of absence that exceeds in duration the applicable (x) or (y) time
      period will be treated as a new Employee for purposes of subsequent
      participation in the Plan and must accordingly re-enroll in the Plan (by
      making a timely filing of the prescribed enrollment forms) on or before
      his or her scheduled Entry Date into the offering period.

            I. CHANGE IN CONTROL. Each outstanding purchase right shall
automatically be exercised, immediately prior to the effective date of any
Change in Control, by applying the payroll deductions of each Participant for
the Purchase Interval in which such Change in Control occurs to the purchase of
whole shares of Common Stock at a purchase price per share not less than
eighty-five percent (85%) of the lower of (i) the Fair Market Value per share of
Common Stock on the Participant's Entry Date into the offering period in which
such individual is enrolled at the time of such Change in Control or (ii) the
Fair Market Value per share of Common Stock immediately prior to the effective
date of such Change in Control. The actual percentage purchase price shall be
equal to the percentage pursuant price in effect under Article VII.C for the
offering period in which the Participant is enrolled at the time of such Change
in Control. However, any applicable limitation on the number of shares of Common
Stock purchasable per Participant shall continue to apply to any such purchase,
but not the limitation applicable to the maximum number of shares of Common
Stock purchasable in total by all Participants on any one Purchase Date.

            The Corporation shall use its best efforts to provide at least ten
(10) days' prior written notice of the occurrence of any Change in Control, and
Participants shall, following the receipt of such notice, have the right to
terminate their outstanding purchase rights prior to the effective date of the
Change in Control.

                                       6.
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            J. PRORATION OF PURCHASE RIGHTS. Should the total number of shares
of Common Stock to be purchased pursuant to outstanding purchase rights on any
particular date exceed the number of shares then available for issuance under
the Plan, the Plan Administrator shall make a pro-rata allocation of the
available shares on a uniform and nondiscriminatory basis, and the payroll
deductions of each Participant, to the extent in excess of the aggregate
purchase price payable for the Common Stock pro-rated to such individual, shall
be refunded.

            K. ESPP BROKERAGE ACCOUNT. The Plan Administrator may require that
the shares purchased on behalf of each Participant shall be deposited directly
into a brokerage account which the Corporation shall establish for the
Participant at a Corporation-designated brokerage firm. The account will be
known as the ESPP Brokerage Account. The following policies and procedures shall
be in place for any shares deposited into the Participant's ESPP Broker Account
until those shares have been held for the requisite period necessary to avoid a
disqualifying disposition under the federal tax laws. Accordingly, the shares
must be held in the ESPP Brokerage Account until the LATER of the following two
periods: (i) the end of the two (2)-year period measured from the start date of
the offering period in which the shares were purchased and (ii) the end of the
one (1)-year measured from the actual purchase date of those shares.

            The deposited shares shall not be transferable (either
electronically or in certificate form) from the ESPP Brokerage Account until the
required holding period for those shares is satisfied. Such limitation shall
apply both to transfers to different accounts with the same ESPP broker and to
transfers to other brokerage firms. Any shares held for the required holding
period may be transferred (either electronically or in certificate form) to
other accounts or to other brokerage firms.

            THE FOREGOING PROCEDURES SHALL NOT IN ANY WAY LIMIT WHEN THE
PARTICIPANT MAY SELL HIS OR HER SHARES. Those procedures are designed solely to
assure that any sale of shares prior to the satisfaction of the required holding
period is made through the ESPP Brokerage Account. In addition, the Participant
may request a stock certificate or share transfer from his or her ESPP Brokerage
Account prior to the satisfaction of the required holding period should the
Participant wish to make a gift of any shares held in that account. However,
shares may not be transferred (either electronically or in certificate form)
from the ESPP Brokerage Account for use as collateral for a loan, unless those
shares have been held for the required holding period.

            To the extent the Plan Administrator requires that shares be
deposited in the ESPP Brokerage Account, the foregoing procedures shall apply to
all shares purchased by the Participant under the Plan, whether or not the
Participant continues in employee status.

            L. ASSIGNABILITY. The purchase right shall be exercisable only by
the Participant and shall not be assignable or transferable by the Participant.

            M. STOCKHOLDER RIGHTS. A Participant shall have no stockholder
rights with respect to the shares subject to his or her outstanding purchase
right until the shares are purchased on the Participant's behalf in accordance
with the provisions of the Plan and the Participant has become a holder of
record of the purchased shares.

                                       7.
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      VIII. ACCRUAL LIMITATIONS

            A. No Participant shall be entitled to accrue rights to acquire
Common Stock pursuant to any purchase right outstanding under this Plan if and
to the extent such accrual, when aggregated with (i) rights to purchase Common
Stock accrued under any other purchase right granted under this Plan and (ii)
similar rights accrued under other employee stock purchase plans (within the
meaning of Code Section 423)) of the Corporation or any Corporate Affiliate,
would otherwise permit such Participant to purchase more than Sixty Thousand
Dollars ($60,000.00) worth of stock of the Corporation or any Corporate
Affiliate (determined on the basis of the Fair Market Value per share on the
date or dates such rights are granted) for each calendar year such rights are at
any time outstanding.

            B. For purposes of applying such accrual limitations to the purchase
rights granted under the Plan, the following provisions shall be in effect:

                  (i) The right to acquire Common Stock under each outstanding
      purchase right shall accrue in a series of installments on each successive
      Purchase Date during the offering period in which such right remains
      outstanding.

                  (ii) No right to acquire Common Stock under any outstanding
      purchase right shall accrue to the extent the Participant has already
      accrued in the same calendar year the right to acquire Common Stock under
      one or more other purchase rights at a rate equal to Sixty Thousand
      Dollars ($60,000.00) worth of Common Stock (determined on the basis of the
      Fair Market Value per share on the date or dates of grant) for each
      calendar year such rights were at any time outstanding.

            C. If by reason of such accrual limitations, any purchase right of a
Participant does not accrue for a particular Purchase Interval, then the payroll
deductions that the Participant made during that Purchase Interval with respect
to such purchase right shall be promptly refunded.

            D. In the event there is any conflict between the provisions of this
Article and one or more provisions of the Plan or any instrument issued
thereunder, the provisions of this Article shall be controlling.

      IX.   EFFECTIVE DATE AND TERM OF THE PLAN

            A. The Plan was adopted by the Board on July 26, 2005, and shall
become effective at the Effective Time, provided no purchase rights granted
under the Plan shall be exercised, and no shares of Common Stock shall be issued
hereunder, until (i) the Plan shall have been approved by the stockholders of
the Corporation and (ii) the Corporation shall have complied with all applicable
requirements of the 1933 Act (including the registration of the shares of Common
Stock issuable under the Plan on a Form S-8 registration statement filed with
the Securities and Exchange Commission), all applicable listing requirements of
any stock exchange (or the Nasdaq National Market, if applicable) on which the
Common Stock is listed

                                       8.
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for trading and all other applicable requirements established by law or
regulation. In the event such stockholder approval is not obtained, or such
compliance is not effected, within twelve (12) months after the date on which
the Plan is adopted by the Board, the Plan shall terminate and have no further
force or effect, and all sums collected from Participants during the initial
offering period hereunder shall be refunded.

            B. Unless sooner terminated by the Board, the Plan shall terminate
upon the earliest of (i) the last business day in June 2015, (ii) the date on
which all shares available for issuance under the Plan shall have been sold
pursuant to purchase rights exercised under the Plan or (iii) the date on which
all purchase rights are exercised in connection with a Change in Control. No
further purchase rights shall be granted or exercised, and no further payroll
deductions shall be collected, under the Plan following such termination.

      X.    AMENDMENT OF THE PLAN

            A. The Board may alter, amend, suspend or terminate the Plan at any
time to become effective immediately following the close of any Purchase
Interval. However, the Plan may be amended or terminated immediately upon Board
action, if and to the extent necessary to assure that the Corporation will not
recognize, for financial reporting purposes, any compensation expense in
connection with the shares of Common Stock offered for purchase under the Plan,
should the financial accounting rules applicable to the Plan at the Effective
Time be subsequently revised so as to require the Corporation to recognize
compensation expense in the absence of such amendment or termination.

            B. In no event may the Board effect any of the following amendments
or revisions to the Plan without the approval of the Corporation's stockholders:
(i) increase the number of shares of Common Stock issuable under the Plan,
except for permissible adjustments in the event of certain changes in the
Corporation's capitalization, (ii) alter the purchase price formula so as to
reduce the purchase price payable for the shares of Common Stock purchasable
under the Plan or (iii) modify the eligibility requirements for participation in
the Plan.

      XI.   GENERAL PROVISIONS

            A. All costs and expenses incurred in the administration of the Plan
shall be paid by the Corporation; however, each Plan Participant shall bear all
costs and expenses incurred by such individual in the sale or other disposition
of any shares purchased under the Plan.

            B. Nothing in the Plan shall confer upon the Participant any right
to continue in the employ of the Corporation or any Corporate Affiliate for any
period of specific duration or interfere with or otherwise restrict in any way
the rights of the Corporation (or any Corporate Affiliate employing such person)
or of the Participant, which rights are hereby expressly reserved by each, to
terminate such person's employment at any time for any reason, with or without
cause.

                                       9.
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            C. The provisions of the Plan shall be governed by the laws of the
State of Texas without resort to that State's conflict-of-laws rules.

                                      10.
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                                   SCHEDULE A

                          CORPORATIONS PARTICIPATING IN
                          EMPLOYEE STOCK PURCHASE PLAN
                            AS OF THE EFFECTIVE TIME

                             Penson Worldwide, Inc.
                         Penson Financial Futures, Inc.
                         Penson Financial Services, Inc.
                             Nexa Technologies, Inc.
                     Penson Financial Services Canada, Inc.
                       Penson Financial Services UK, Ltd.
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                                    APPENDIX

            The following definitions shall be in effect under the Plan:

            A. BASE SALARY shall mean the regular base salary paid to a
Participant by one or more Participating Companies during such individual's
period of participation in one or more offering periods under the Plan before
deduction of any income tax or employment tax withholdings or contributions to
any 401(k) or Code Section 125 Plan now or hereafter established by the
Corporation or any other Participating Corporation.

            B. BOARD shall mean the Corporation's Board of Directors.

            C. CHANGE IN CONTROL shall mean a change in ownership of the
Corporation pursuant to any of the following transactions:

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

                  (ii) a stockholder-approved sale, transfer or other
      disposition of all or substantially all of the Corporation's assets in
      complete liquidation or dissolution of the Corporation, or

                  (iii) the acquisition, directly or indirectly by any person or
      related group of persons (other than the Corporation or a person that
      directly or indirectly controls, is controlled by, or is under common
      control with, the Corporation), of beneficial ownership (within the
      meaning of Rule 13d-3 of the 1934 Act) of securities possessing more than
      fifty percent (50%) of the total combined voting power of the
      Corporation's outstanding securities pursuant to a tender or exchange
      offer made directly to the Corporation's stockholders.

            D. CODE shall mean the Internal Revenue Code of 1986, as amended.

            E. COMMON STOCK shall mean the Corporation's common stock.

            F. COMPENSATION COMMITTEE shall mean the Compensation Committee of
the Corporation's Board of Directors.

            G. CORPORATE AFFILIATE shall mean any parent or subsidiary
corporation of the Corporation (as determined in accordance with Code Section
424), whether now existing or subsequently established.

                                      A-1.
<PAGE>
            H. CORPORATION shall mean Penson Worldwide, Inc., a Delaware
corporation, and any corporate successor to all or substantially all of the
assets or voting stock of Penson Worldwide, Inc. that shall by appropriate
action adopt the Plan.

            I. EFFECTIVE TIME shall mean the time at which the Underwriting
Agreement is executed and the Common Stock priced for the initial public
offering of such Common Stock. Any Corporate Affiliate that becomes a
Participating Corporation after such Effective Time shall designate a subsequent
Effective Time with respect to its employee-Participants.

            J. ELIGIBLE EMPLOYEE shall mean any person who is employed by a
Participating Corporation on a basis under which he or she is regularly expected
to render more than twenty (20) hours of service per week for more than five (5)
months per calendar year for earnings considered wages under Code Section 3401
(a).

            K. ENTRY DATE shall mean the date an Eligible Employee first
commences participating in the offering period in effect under the Plan. The
earliest Entry Date under the Plan shall be the Effective Time.

            L. FAIR MARKET VALUE per share of Common Stock on any relevant date
shall be determined in accordance with the following provisions:

                  (i) If the Common Stock is at the time traded on the Nasdaq
      National Market, then the Fair Market Value shall be the closing selling
      price per share of Common Stock on the date in question, as such price is
      reported by the National Association of Securities Dealers on the Nasdaq
      National Market and published in The Wall Street Journal. If there is no
      closing selling price for the Common Stock on the date in question, then
      the Fair Market Value shall be the closing selling price on the last
      preceding date for which such quotation exists.

                  (ii) If the Common Stock is at the time listed on any Stock
      Exchange, then the Fair Market Value shall be the closing selling price
      per share of Common Stock on the date in question on the Stock Exchange
      determined by the Plan Administrator to be the primary market for the
      Common Stock, as such price is officially quoted in the composite tape of
      transactions on such exchange and published in The Wall Street Journal. If
      there is no closing selling price for the Common Stock on the date in
      question, then the Fair Market Value shall be the closing selling price on
      the last preceding date for which such quotation exists.

                  (iii) For purposes of the initial offering period that begins
      at the Effective Time, the Fair Market Value shall be deemed to be equal
      to the price per share at which the Common Stock is sold in the initial
      public offering pursuant to the Underwriting Agreement.

            M. 1933 ACT shall mean the Securities Act of 1933, as amended.

                                      A-2.
<PAGE>
            N. PARTICIPANT shall mean any Eligible Employee of a Participating
Corporation who is actively participating in the Plan.

            O. PARTICIPATING CORPORATION shall mean the Corporation and such
Corporate Affiliate or Affiliates as may be authorized from time to time by the
Board to extend the benefits of the Plan to their Eligible Employees. The
Participating Corporations in the Plan are listed in attached Schedule A.

            P. PLAN shall mean the Corporation's Employee Stock Purchase Plan,
as set forth in this document.

            Q. PLAN ADMINISTRATOR shall mean the Compensation Committee acting
in its administrative capacity under the Plan.

            R. PURCHASE DATE shall mean the last business day of each Purchase
Interval.

            S. PURCHASE INTERVAL shall mean each successive six (6)-month period
within a particular offering period at the end of which there shall be purchased
shares of Common Stock on behalf of each Participant.

            T. STOCK EXCHANGE shall mean either the American Stock Exchange or
the New York Stock Exchange.

            U. UNDERWRITING AGREEMENT shall mean the agreement between the
Corporation and the underwriter or underwriters managing the initial public
offering of the Common Stock.

                                      A-3.<PAGE>

                                                                   EXHIBIT 10.13

================================================================================

                         SAMCO REORGANIZATION AGREEMENT

                                      AMONG

                             PENSON WORLDWIDE, INC.
                               SAI HOLDINGS, INC.
                         PENSON FINANCIAL SERVICES, INC.

                                       AND

                           SAMCO CAPITAL MARKETS, INC.
                              SAMCO HOLDINGS, INC.

                            DATED ____________, 2006

================================================================================

<PAGE>

                         SAMCO REORGANIZATION AGREEMENT

     SAMCO REORGANIZATION AGREEMENT (this "Agreement"), dated as of
__________________, 2006, by and between Penson Worldwide, Inc. ("PWI"), SAI
Holdings, Inc. ("SAI") and Penson Financial Services, Inc. ("PFSI" and together
with PWI and SAI the "Contributors" and each a "Contributor") and SAMCO Capital
Markets, Inc. a Texas corporation ("SCMI") and SAMCO Holdings, Inc., a Texas
corporation (the "SHI").

     WHEREAS, SAI and PFSI are, direct or indirect, wholly owned subsidiaries of
PWI and are primarily engaged in the business of providing securities processing
infrastructure products and services.

     WHEREAS, in preparation for the initial public offering of PWI stock (the
"IPO"), the Contributors have determined that they should focus their activities
on their core business operations and have, therefore, determined to reorganize
certain of their non-core business operations (including the SAMCO Capital
Markets Business currently operated by PFSI) under a new holding company, SHI.

     WHEREAS, in conjunction with its IPO, and conditional upon the IPO becoming
effective, PWI intends to offer to its shareholders the opportunity to exchange
shares of common stock of PWI for the capital stock of SHI. The entire capital
stock of SHI will be offered in exchange for an aggregate of 2.5 million (pre
split) shares of common stock of PWI (the "Penson Exchange Stock").

     NOW, THEREFORE, in consideration of the foregoing, and the representations,
warranties, covenants and agreements herein contained, the receipt and adequacy
of which is hereby acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

     SECTION 1.01. Definitions. The following terms, as used herein, have the
following meanings:

     "Ancillary Agreements" means the conveyance documents as set forth in
Exhibit E, the Transition Services Agreement, the Confidentiality Agreement and
the Subleases.

     "Assumed Liabilities" means liabilities, obligations and commitments
identified on Exhibit C.

     "Bank Liens" means any Liens granted by any Contributor to the Guaranty
Bank.

     "Cash Contribution" means the capital contribution to be made by PWI to SHI
in cash in an amount equal to the sum of (1) the product of the Penson Exchange
Stock multiplied by the

                                        2

<PAGE>

Penson Offering Price minus (2) the sum of the SAMCO Net Book Value and the
Keefe Net Book Value.

     "Closing Date" means the date of the SCM Closing.

     "Confidentiality Agreement" means the Confidentiality and Non-Disclosure
Agreement, substantially in the form of Exhibit K.

     "Excluded Assets" means the assets, properties and rights of PFSI listed on
Exhibit B.

     "Excluded Liabilities" means any liabilities, obligations and commitments
of relating to or arising out of the following:

     (i) any liability in respect of any Excluded Asset;

     (ii) any liability in respect of bank credit facilities of the
Contributors; and

     (iii) except as otherwise expressly provided herein, liabilities for any
Tax relating to or arising out of PFSI's operation of the SCM Business or the
operations of SFSI, SFAI or SBD, which accrues, or with respect to any event or
time period occurring, at or prior to the Closing Date.

     "IRS" shall mean the Internal Revenue Service.

     "Keefe Securities" means the securities identified on Exhibit D.

     "Keefe Net Book Value" means the net book value, as shown in the books of
PWI at March 31, 2006, of the Keefe Securities.

     "Lien" means any mortgage, liability, lien (including any tax lien),
pledge, charge, security interest or encumbrance of any kind, other than a
Permitted Lien.

     "Material Agreements" means all contracts, agreements, leases, licenses,
commitments, sales and purchase orders described on Exhibit F.

     "Penson Offering Price" means the initial offering price of a share of
common stock of PWI in the IPO.

     "Person" means an individual, corporation, partnership, association, trust
or other entity or organization, including a government or political subdivision
or an agency or instrumentality thereof.

     "Permits" means the licenses, permits, certificates of authority,
authorizations, approvals and consents issued by any governmental or regulating
authority described on Exhibit G.

     "Permitted Lien" means (a) any Lien for Taxes, assessments and other
governmental charges not yet due and (b) unfiled mortgages, liabilities, liens,
pledges, charges, security interests or encumbrances of any kind arising or
incurred in the ordinary course of business.

                                        3

<PAGE>

     "PFSI Distribution" means the distribution by PFSI to SAI pursuant to
Section 3.01(a).

     "PWI Contribution" means the capital contribution by PWI to SHI pursuant to
Section 3.02.

     "SAI Distribution" means the distribution by SAI to PWI pursuant to Section
3.01(b).

     "SAMCO Net Book Value" means the net book value, as shown in the books of
PWI at March 31, 2006, of the SFSI Securities, SFAI Securities and SBD
Securities and SCM Assets.

     "SAMCO Securities" means collectively the SCMI Securities, SFSI Securities,
SFAI Securities and SBD Securities.

     "SBD" means SAMCO BD LLC.

     "SBD Securities" means all of the membership interests in SBD.

     "SCM Assets" means the properties, assets and rights of every kind, nature,
character and description (whether tangible or intangible, whether absolute,
accrued, contingent, fixed or otherwise and wherever situated) primarily used in
the SCM Business including, without limitation, all right, title and interest in
and to the assets listed on Exhibit A, the Material Agreements, the Permits and
all goodwill associated with SCM Assets or the SCM Business; provided, that "SCM
Assets" shall not include the Excluded Assets.

     "SCM Business" means the activities primarily associated with the SAMCO
Capital Markets Division operated by PFSI prior to the SCM Closing.

     "SCM Closing" has the meaning ascribed in Section 2.05.

     "SCM Division Employee" means the persons employed by PFSI prior to the
date of the SCM Closing in the SCM Business, as further identified in Exhibit H.

     "SCMI Contribution Securities" means all of the securities of SCMI issued
to PFSI in respect of the contribution of the SCM Assets.

     "SCMI Securities" means all of the issued and outstanding securities of
SCMI.

     "SFAI" means SAMCO Financial Advisors Inc.

     "SFAI Securities" means all of the issued and outstanding securities of
SFAI.

     "SFSI" means SAMCO Financial Services Inc.

     "SFSI Securities" means all of the issued and outstanding securities of
SFSI.

     "SHI Securities" means the issued and outstanding securities of SHI.

     "Subleases" means those certain Sublease Agreements in respect of premises
occupied by SAMCO Companies identified on Exhibit J.

                                        4

<PAGE>

     "Tax" means any net income, alternative or add-on minimum, gross income,
gross receipts, sales, use, ad valorem, franchise, capital, paid-up capital,
profits, greenmail, license, withholding, payroll, employment, excise,
severance, stamp, occupation, premium, property, environmental or windfall
profit tax, custom, duty or other tax, governmental fee or other like assessment
or charge of any kind whatsoever, together with any interest or any penalty,
addition to tax or additional amount imposed by any governmental authority
(domestic or foreign) responsible for the imposition of any such tax.

     "Transition Services Agreement" means that certain Transition Services
Agreement between PWI and SHI substantially in the form attached as Exhibit I.

                                   ARTICLE II

                     REORGANIZATION OF SAMCO CAPITAL MARKETS

     SECTION 2.01. Contribution of SCM Assets. Upon the terms and subject to the
conditions set forth in this Agreement, effective as of the SCM Closing, PFSI
shall contribute and otherwise convey, transfer, assign and deliver to SCMI, and
SCMI shall purchase and accept from the PFSI all right, title and interest of in
and to the SCM Assets, wherever located, free and clear of all Liens except
Permitted Liens and the Assumed Liabilities. SCMI acknowledges and agrees that
Excluded Assets are not being acquired by SCMI and are not part of the SCM
Assets.

     SECTION 2.02. Assumption of Liabilities. At the SCM Closing, SCMI shall
assume, and from and after the Closing Date, shall agree to perform, pay, honor
and discharge when due the Assumed Liabilities; provided that SCMI shall not
assume, and the Assumed Liabilities shall not include, any Excluded Liabilities.

     SECTION 2.03. Assignment of Contracts and Rights. Anything in this
Agreement to the contrary notwithstanding, this Agreement shall not constitute
an agreement to assign any SCM Asset or any claim or right or any benefit
arising thereunder or resulting therefrom if an attempted assignment thereof,
without consent of a third party thereto (which consent has not been obtained)
would constitute a breach or other contravention thereof or in any way adversely
affect the rights of SCMI or PFSI thereunder. SCMI and PFSI will use their
commercially reasonable efforts (but without any payment of money by SCMI or
PFSI) to obtain the consent of the other parties to any such SCM Asset or claim
or right or any benefit arising thereunder for the assignment thereof to SCMI as
SCMI may request. If such consent is not obtained, or if an attempted assignment
thereof would be ineffective or would adversely affect the rights of PFSI
thereunder so that SCMI would not in fact receive all such rights, SCMI and PFSI
will cooperate in a mutually agreeable arrangement under which SCMI would obtain
the benefits and assume the obligations thereunder in accordance with this
Agreement, including, without limitation, subcontracting, sub-licensing, or
subleasing to SCMI, or under which PFSI would enforce for the benefit of SCMI,
with SCMI assuming PFSI's obligations, any and all rights of PFSI against a
third party thereto.

     SECTION 2.04. Capital Contribution. In exchange for the capital
contribution by PFSI of the SCM Assets, upon and subject to the terms of this
Agreement, SCMI shall effective

                                        5

<PAGE>

as of the SCM Closing assume the Assumed Liabilities and issue to PFSI the SCMI
Contribution Securities.

     SECTION 2.05. Closing of SCM Asset Contribution. The closing (the "SCM
Closing") of the contribution and transfer of the SCM Assets and the assumption
of the Assumed Liabilities hereunder shall take place at the offices of PWI,
upon satisfaction of the conditions set forth in Article VIII, or at such other
time or place as PFSI shall specify. Unless a different time is specified by
PFSI, the timing of the SCM Closing shall be immediately upon the satisfaction
of the condition stated in Section 7.01(g) and shall be deemed to take place
immediately prior to the PFSI Distribution, SAI Distribution and PWI
Contribution and prior to the IPO becoming effective.

     At the SCM Closing,

          (a) SCMI shall issue to PFSI the SCMI Contribution Securities;

          (b) SCMI and PFSI shall enter into the Bill of Sale and Instrument of
Assignment in substantially the form attached hereto as Exhibit E, and PFSI
shall deliver to SCMI (i) such deeds, assignments of leases, bills of sale,
endorsements, consents, assignments and other good and sufficient instruments of
conveyance and assignment as the parties and their respective counsel shall deem
reasonably necessary or appropriate to vest in SCMI all right, title and
interest in, to and under the SCM Assets and (ii) all of the SCM Assets;

          (c) PFSI shall deliver, to the extent available, copies of all third
party consents required for the transfer of the SCM Assets and Assumed
Liabilities;

          (d) the applicable parties shall enter into the Subleases;

          (e) PWI and SHI shall enter into the Transition Services Agreement;

          (f) the Contributors, SCMI, SFSI, SFAI and SHI shall enter into the
Confidentiality Agreement; and

          (g) PFSI and SCMI shall also execute and deliver all such instruments,
documents and certificates as may be reasonably requested by the other party
that are necessary, appropriate or desirable for the consummation at the SCM
Closing of the transactions contemplated by this Agreement.

     SECTION 2.06. Employee Matters.

          (a) PFSI agrees to make SCM Division Employees an offer of transfer of
their employment to SCMI on terms initially no less favorable than presently
applicable to such employee ("Transfer Offer"). For those SCM Division Employees
who accept the Transfer Offer ("Transferred Employees"), PFSI shall transfer to
SCMI immediately after the SCM Closing, all personnel files and employment
information on each Transferred Employee, including the Transfer Offer signed by
each Transferred Employee. For those SCM Division Employees who do not accept
the Transfer Offer ("Terminated Employees"), PFSI shall terminate their
employment immediately prior to the SCM Closing, to be effective immediately
after the SCM

                                        6

<PAGE>

Closing. SCMI hereby agrees to assume any liability incurred by a Contributor as
a result of the termination (the "Termination Liability") of any SCM Division
Employee other than any liability for any wages, salary, benefits (other than
severance, pay in lieu of notice or other termination related claims) or related
employment taxes accrued prior to the Closing Date, and to indemnify and hold
the Contributors harmless from any such liability, which liability shall be
deemed to be an Assumed Liability hereunder.

          (b) Nothing contained in this Agreement shall confer upon any SCM
Division Employee any right with respect to employment, or continuance thereof,
with SCMI nor shall anything herein interfere with the right of SCMI to
terminate the employment of any of the SCM Division Employees at any time, with
or without cause, or restrict SCMI in the exercise of its independent business
judgment in modifying any of the terms and conditions of the employment of the
SCM Division Employees.

     SECTION 2.07. Closing Costs; Transfer Taxes and Fees; Proration

          (a) SCMI shall be responsible for (i) any documentary and transfer
taxes and any sales, use or other taxes imposed by reason of the transfers of
SCM Assets and any deficiency, interest or penalty asserted with respect
thereto, and (ii) the fees and costs of recording or filing all applicable
conveyancing instruments. The parties shall otherwise bear their own expenses.
PFSI and SCMI shall negotiate in good faith to mutually agree on the allocations
of basis or deemed purchase price required to arrive at any valuations upon
which such taxes are based. The parties shall co-operate with each other in the
production of any necessary Tax filings in connection with the foregoing.

                                   ARTICLE III

              CONTRIBUTION OF SAMCO SECURITIES AND KEEFE SECURITIES

     SECTION 3.01. Distribution of SCMI Securities.

          (a) Effective immediately following the SCM Closing, PFSI shall make a
distribution of the SCMI Contribution Securities to SAI.

          (b) Upon receipt of the PFSI Distribution, SAI shall make a
distribution of the SCMI Securities, SFSI Securities, SFAI Securities and Keefe
Securities to PWI.

     SECTION 3.02. Capital Contribution to SHI.

          (a) Effective immediately following the distributions set forth in
Section 3.01 and immediately prior to the effectiveness of the IPO, PWI shall
contribute to SHI, as a capital contribution, the SAMCO Securities and the Keefe
Securities.

          (b) Upon the SCM Closing, PWI agrees to make the Cash Contribution.

                                        7

<PAGE>

                                   ARTICLE IV

                 REPRESENTATIONS AND WARRANTIES OF CONTRIBUTORS

     EXCEPT AS EXPRESSLY SET FORTH IN THIS ARTICLE IV, NO CONTRIBUTOR MAKES ANY
WARRANTIES RELATED TO THE SCM ASSETS, THE ASSUMED LIABILITIES, THE SAMCO
SECURITIES OR OTHERWISE AND ALL SCM ASSETS AND SAMCO SECURITIES ARE SOLD,
LICENSED OR CONVEYED "AS IS" AND "WHERE IS" WITHOUT WARRANTY, EXPRESS OR
IMPLIED, AND ALL OTHER WARRANTIES INCLUDING, WITHOUT LIMITATION, IMPLIED
WARRANTIES AS TO TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND
NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES ARE HEREBY
DISCLAIMED.

     Each Contributor hereby severally represents and warrants to SCMI and SHI,
as applicable, and as to itself only, that:

     SECTION 4.01. Organization and Qualification. Such Contributor is a
corporation duly organized, validly existing and in good standing under the laws
of its state of incorporation and has the requisite corporate power and
authority to enter into this Agreement and the Ancillary Agreements to which it
is party and to perform its obligations hereunder.

     SECTION 4.02. Corporate Authorization. The execution, delivery and
performance by such Contributor of this Agreement and each of the Ancillary
Agreements to which it is party, and the consummation by such Contributor of the
transactions contemplated hereby and thereby have been duly authorized by all
necessary corporate action on the part of such Contributor. This Agreement and
each of the Ancillary Agreements to which it is party, have been, or, in the
case of the Ancillary Agreements, will be, duly executed and delivered by such
Contributor and constitute valid and binding agreements of such Contributor,
enforceable against such Contributor in accordance with their respective terms,
except to the extent that enforceability may be limited by applicable
bankruptcy, moratorium, insolvency, reorganization or other similar laws
affecting the enforcement of creditors' rights generally, and by principles of
equity.

     SECTION 4.03. Governmental Authorization. The execution, delivery and
performance by such Contributor of this Agreement and each of the Ancillary
Agreements to which it is party, and the consummation by such Contributor of the
transactions contemplated hereby and thereby, do not require any action by or in
respect of, or filing with, any governmental body, agency, official or
authority, other than with respect to the approvals required from the National
Association of Securities Dealers.

     SECTION 4.04. Title to Contributed Assets. Neither the SCM Assets not the
SAMCO Securities are subject to any Lien other than (i) Permitted Liens; and
(ii) the Bank Liens. Upon consummation of the transactions contemplated hereby,
Contributors will have transferred to SCMI or SHI as applicable good and
marketable title in and to, or a valid leasehold interest in, each of the SCM
Assets and SAMCO Securities, free and clear of all Liens other than Permitted
Liens and Assumed Liabilities.

                                        8

<PAGE>

                                    ARTICLE V

                 REPRESENTATIONS AND WARRANTIES OF SCMI AND SHI

     Each of SCMI and SHI hereby jointly and severally represents and warrants
to each Contributor that:

     SECTION 5.01. Organization and Qualification. Each of SCMI and SHI is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Texas and has the requisite corporate power and authority to
own, lease and operate its properties and to carry on its business as it is now
being conducted. Each of SCMI and SHI is duly qualified or licensed to do
business, and is in good standing (to the extent applicable), in each
jurisdiction where the nature of its business or proposed business makes such
qualification or licensing necessary.

     SECTION 5.02. Corporate Authorization. Each of SCMI and SHI has the
necessary corporate power and authority to execute and deliver this Agreement
and each of the Ancillary Agreements to which it is party, to perform its
obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby. The execution, delivery and performance by each
of SCMI and SHI of this Agreement, and each of the Ancillary Agreements to which
it is party, and the consummation by each of SCMI and SHI of the transactions
contemplated hereby and thereby have been duly authorized by all necessary
corporate action on the part of each of SCMI and SHI. This Agreement and each of
the Ancillary Agreements to which they are party have been, or, in the case of
the Ancillary Agreements, will be, duly executed and delivered by each of SCMI
and SHI and constitute valid and binding agreements of each of SCMI and SHI,
enforceable against them in accordance with their respective terms, except to
the extent that enforceability may be limited by applicable bankruptcy,
moratorium, insolvency, reorganization or other similar laws affecting the
enforcement of creditors' rights generally, and by principles of equity.

     SECTION 5.03. Governmental Authorization. The execution, delivery and
performance by each of SCMI and SHI of this Agreement and each of the Ancillary
Agreements to which they are party, and the consummation by each of SCMI and SHI
of the transactions contemplated hereby and thereby, do not require any action
by or in respect of, or filing with, any governmental body, agency, official or
authority, other than with respect to the approvals required from the National
Association of Securities Dealers.

     SECTION 5.04. Title to SAMCO Securities and SHI Securities. All of the
SAMCO Securities and SHI Securities have been duly authorized and validly issued
and are fully paid and nonassessable. None of the SAMCO Securities or SHI
Securities were issued in violation of the Securities Act of 1933 or any other
law or regulation applicable to SCMI or SHI. Upon consummation of the
transactions contemplated hereby, PWI will have good and marketable title in and
to the SHI Securities, free and clear of all Liens.

                                        9

<PAGE>

                                   ARTICLE VI

                            COVENANTS OF THE PARTIES

     SECTION 6.01. Further Assurances.

          (a) Subject to the terms and conditions of this Agreement, each party
will use its reasonable commercial efforts to take, or cause to be taken, all
actions and to do, or cause to be done, all things necessary or desirable under
applicable laws and regulations to consummate the transactions contemplated by
this Agreement. Each party shall execute and deliver such other documents,
certificates, agreements and other writings and take such other actions as may
be necessary or desirable in order to consummate or implement expeditiously the
transactions contemplated by this Agreement and to vest good and marketable
title to the SCM Assets and SAMCO Securities and SHI Securities.

          (b) After the Closing Date, upon reasonable written notice, each party
shall furnish or cause to be furnished to each other and their employees,
counsel, auditors and representatives access, during normal business hours, such
information and assistance relating to or affecting the SCM Assets and SAMCO
Securities (to the extent within the control of such party) as is reasonably
necessary for financial reporting and accounting matters.

          (c) After the Closing Date, upon reasonable written notice, each party
shall furnish or cause to be furnished to each other, as promptly as
practicable, such information and assistance (to the extent within the control
of such party) relating to the SCM Assets and SAMCO Securities (including,
access to books and records) as is reasonably necessary for the filing of all
Tax returns, and making of any election related to Taxes, the preparation for
any audit by any taxing authority, and the prosecution or defense of any claim,
suit or proceeding related to any Tax return. The parties shall cooperate with
each other in the conduct of any audit or other proceeding relating to Taxes
involving the SCM Business or the SAMCO Securities.

          (d) Neither party shall be required by this section to take any action
that would unreasonably interfere with the conduct of its business or
unreasonably disrupt its normal operations. Any information received by a
Contributor relating to SCMI, SFSI, SFAI or SHI, and all information relating to
a Contributor received by SCMI, SFSI, SFAI or SHI, shall be subject to the
Confidentiality Agreement.

     SECTION 6.02. Certain Filings. The parties shall cooperate with one another
(a) in determining whether any action by, or in respect of, or filing with, any
governmental body, agency, official or authority is required, or any actions,
consents, approvals or waivers are required to be obtained from parties to any
material contracts, in connection with the consummation of the transactions
contemplated by this Agreement and the Ancillary Agreements and (b) in taking
such actions or making any such filings, furnishing information required in
connection therewith and seeking timely to obtain any such actions, consents,
approvals or waivers.

     SECTION 6.03. Confidentiality. The parties hereto shall comply with, and
shall cause their respective officers, directors, employees and representatives
to comply with, all of

                                       10

<PAGE>

their respective obligations under the Confidentiality Agreement with respect to
the information disclosed in connection with or pursuant to this Agreement

     SECTION 6.04. Allocation of Tax Costs. In the Event that the Penson Stock
Exchange shall be determined to be a taxable transaction rather than a tax free
split off, SHI and PWI acknowledge and agree that the costs of any taxes that
have to be paid by any Contributor or by SHI or its subsidiaries shall be for
the account of SHI and SHI agrees to indemnify and hold harmless PWI and the
other Contributors from any such taxes paid by them in connection with the
Penson Stock Exchange or the transactions contemplated by this Agreement.

                                   ARTICLE VII

                              CONDITIONS TO CLOSING

     SECTION 7.01. Conditions to the Obligations of Each Party. The obligations
of the parties to consummate the transactions contemplated hereby are subject to
the satisfaction of the following conditions:

          (a) No judgment, injunction, order or decree shall have been issued
declaring this Agreement invalid, nor shall any judgment, injunction, order,
decree or applicable Law prohibit the consummation of the transactions
contemplated hereby;

          (b) SCMI and SHI and each Contributor shall have executed and
delivered to the other each of the Ancillary Agreements to which it is party;

          (c) The approval of Guaranty Bank to the transactions contemplated by
this Agreement, and the release of all Bank Liens and any other related
encumbrances upon the SCM Assets, SAMCO Securities and Keefe Securities;

          (d) All actions by or in respect of or filings with any governmental
body, agency, official or authority required to permit the consummation of the
transactions contemplated hereby shall have been obtained;

          (e) (i) Each party shall have performed in all material respects all
of its covenants and obligations hereunder required to be performed by it at or
prior to the Closing Date, (ii) the representations and warranties of the
parties contained in this Agreement and in any certificate or other writing
delivered pursuant hereto shall be true and correct in all material respects;

          (f) SHI, SCMI, SFSI and SFAI shall have received all consents,
authorizations or approvals from the NASD in form and substance satisfactory to
the parties for the transfer of the SCM Assets and SAMCO Securities and no such
authorization or approval shall have been withdrawn; and

          (g) The Securities and Exchange Commission shall have confirmed to PWI
its agreement to declare the S-1 Registration Statement relating to PWI's IPO
effective upon PWI's request.

                                       11

<PAGE>

                                  ARTICLE VIII

                                   TERMINATION

     SECTION 8.01. Grounds for Termination. This Agreement may be terminated at
any time prior to the SCM Closing by mutual written agreement of PWI and SHI.

                                   ARTICLE IX

                                  MISCELLANEOUS

     SECTION 9.01. Notices. All notices, requests and other communications to
either party hereunder shall be in writing (including telex, telecopy or similar
writing) and shall be given,

     if to SHI or SCMI, to:

          SAMCO Holdings, Inc.
          6805 Capitol of Texas Highway
          Suite 350
          Austin, Texas 78701
          Attention: Chairman

     if to a Contributor, to:

          Penson Worldwide, Inc.
          1700 Pacific Avenue, Suite 1400
          Dallas Texas 75201
          Attention: President

     SECTION 9.02. Amendments; No Waivers.

          (a) Any provisions of this Agreement may be amended or waived prior to
the SCM Closing Date if, and only if, such amendment or waiver is in writing and
signed, in the case of an amendment, by the parties, or in the case of a waiver,
by the party waiving its right or claim.

          (b) No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

     SECTION 9.03. Expenses. Except as otherwise provided herein, all costs and
expenses incurred in connection with this Agreement shall be paid by the party
incurring such

                                       12

<PAGE>

cost or expense. PFSI shall pay all recording and filing fees that may be
imposed by reason of the sale, transfer, assignment and delivery of the SCM
Assets.

     SECTION 9.04. Successors and Assigns. Except as otherwise provided in this
Agreement, no party hereto shall assign this Agreement or any rights or
obligations hereunder without the prior written consent of the other parties
hereto and any such attempted assignment without such prior written consent
shall be void and of no force and effect. The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.

     SECTION 9.05. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS OTHER
THAN CONFLICT OF LAWS PRINCIPLES THEREOF DIRECTING THE APPLICATION OF ANY LAW
OTHER THAN THAT OF THE STATE OF TEXAS.

     SECTION 9.06. Counterparts; Effectiveness. This Agreement may be signed in
any number of counterparts (including by facsimile), each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument. This Agreement shall become effective when each party
hereto shall have received a counterpart hereof signed by the other party
hereto.

     SECTION 9.07. Entire Agreement; Severability. This Agreement (including the
Exhibits and Schedules hereto) and the Ancillary Agreements all constitute the
entire agreement between the parties with respect to the subject matter hereof
and supersede all prior agreements, understandings and negotiations, both
written and oral, between the parties with respect to the subject matter of this
Agreement. None of this Agreement nor the Ancillary Agreements are intended to
confer upon any person other than the parties hereto any rights or remedies
hereunder. If any term or other provision of this Agreement is invalid, illegal
or incapable of being enforced by any rule of law or public policy, all other
terms and provisions of this Agreement shall nevertheless remain in full force
and effect. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner to the fullest
extent permitted by applicable law.

     SECTION 9.08. Bulk Sales Laws. SCMI, SHI and the Contributors each hereby
waive compliance by the Contributors with the provisions of the "bulk sales",
"bulk transfer" or similar laws of any state.

     SECTION 9.09. Headings; Interpretation. The descriptive headings contained
in this Agreement are included for convenience of reference only and shall not
affect in any way the meaning or interpretation of this Agreement. The parties
have participated jointly in the negotiation and drafting of this Agreement. In
the event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the parties, and no
presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Agreement.

                                       13

<PAGE>

     SECTION 9.10. Incorporation of Exhibits and Schedules. The Exhibits and
Schedules referred to in this Agreement are incorporated herein and made a part
hereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                                       14

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers on the day and year first
above written.

                                        PENSON WORLDWIDE, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        SAI HOLDINGS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        PENSON FINANCIAL SERVICES, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        SAMCO HOLDINGS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        SAMCO CAPITAL MARKETS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

               [Signature Page to SAMCO Reorganization Agreement]

<PAGE>

                                    EXHIBIT A

                                   SCM ASSETS

SCM Assets includes all properties, assets and rights of every kind, nature,
character and description (whether tangible or intangible, whether absolute,
accrued, contingent, fixed or otherwise and wherever situated) primarily used in
the SCM Business including, without limitation, all right, title and interest in
and to the following:

SAMCO Capital Markets Bank Account #0777834664 and Bank Account #3800588984 at
Guaranty Bank, Dallas and all funds standing to the credit of such account (the
"SAMCO Accounts")

Interests in Service Capital Advisors LLC, a Texas limited liability company and
general partner of Service Capital Partners L.P. a Texas limited liability
partnership ("SCP") which is general partner of Service Equity Partners, L.P.
("SEP"); together with all related rights or interests in SCP, SEP and any
agreements or arrangements therewith.

<PAGE>

                                    EXHIBIT B

                                 EXCLUDED ASSETS

Excluded Assets means, collectively, the following: all cash and cash
equivalents and bank accounts and securities accounts of PFSI at the Closing
Date other than the SAMCO Accounts identified on Exhibit A; any and all minute
books, stock transfer records and Tax record of PFSI; real estate and real
estate leases (except to the extent of the Subleases and other licenses provided
for herein or in the Ancillary Agreements); and all rights of PFSI under this
Agreement and the Ancillary Agreements.

<PAGE>

                                    EXHIBIT C

                               ASSUMED LIABILITIES

Assumed Liabilities means, collectively, all liabilities and obligations,
whether now existing or hereafter arising, and whether due or to become due,
absolute or contingent, direct or indirect, liquidated or unliquidated,
determined or undetermined, related to or arising out of the SCM Business,
including without limitation: all accounts payable and accrued expenses relating
to the SCM Assets or SCM Business; any executory obligations related to the SCM
Business or SCM Assets (including obligations pursuant to any contract or other
agreement included in the SCM Assets); and the obligations assumed pursuant to
Section 2.06.

For the avoidance of doubt, the Assumed Liabilities shall include all
liabilities in respect of, and all costs or expenses associated with, regulatory
compliance by the SCM Business, including any investigation or proceeding or
censure by any regulatory body such as the NASD or other entitles regulating any
part of the SCM Business, and any liability for any fines imposed by or other
amounts levied by any such regulatory agency in respect of the SCM Business,
irrespective of whether the actions or inaction giving rise to any such
liability, cost or expense arose prior to or after the Closing.

<PAGE>

                                    EXHIBIT D

                                KEEFE SECURITIES

<TABLE>
<CAPTION>
                      KEEFE ENTITY                                      UNITS HELD
                      ------------                                      ----------
<S>                                                        <C>
Keefe Managers LLC, a Delaware limited liability company           20,000 Class A Units
Keefe Ventures LLC, a Delaware limited liability company   Membership interests representing an
                                                                  18% Sharing Percentage
    Keefe Performance Holding LLC, a Delaware limited              20,000 Class A Units
                    liability company
   Rainbow Performance Holding LLC, a Delaware limited             20,000 Class A Units
                    liability company
</TABLE>

<PAGE>

                                    EXHIBIT E

                              CONVEYANCE DOCUMENTS
<PAGE>

                    BILL OF SALE AND INSTRUMENT OF ASSIGNMENT

     THIS BILL OF SALE AND INSTRUMENT OF ASSIGNMENT, made, executed and
delivered this ___ day of _______, 2006, by Penson Financial Services, Inc.
("PFSI") in favor of SAMCO Capital Markets Inc, a Texas corporation ("SCMI").

     WHEREAS:

     1. The PFSI and SCMI are wholly owned indirect subsidiaries of Penson
Worldwide, Inc. ("PWI") and PFSI is the owner and operator of a business unit
known as the SAMCO Capital Markets Division (the "SCM DIVISION").

     2. PFSI and SCMI are parties to that certain SAMCO Reorganization
Agreement, dated as of _____________, 2006 (the "REORGANIZATION AGREEMENT"),
pursuant to which, among other things, PFSI agreed to transfer substantially all
of the assets and liabilities of the SCM Division to SCMI, by way of a capital
contribution, and SCMI agreed to accept such contribution and assume
substantially all of the liabilities associated with the SCM Division.
Capitalized terms used and not defined herein shall have the same meaning as in
the Reorganization Agreement.

     3. Prior to the contribution of the SCM Division, SCMI will have no
significant assets of liabilities.

     4. The parties desire to carry out the intent and purpose of the
Reorganization Agreement by the execution and delivery of this instrument
evidencing the vesting in the SCMI of all rights in and to all of the SCM Assets
and the assumption of the Assumed Liabilities, to the extent provided in the
Reorganization Agreement.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged:

     (1) Effective from and after the date hereof:

          (a)  PFSI does hereby sell, assign, transfer, convey, grant, set-over,
               deliver and confirm unto SCMI, its successors and assigns, all of
               PFSI's right, title and interest in and to all of the SCM Assets,
               as further described in Schedule 1 hereto; and

          (b)  SCMI accepts the SCM Assets assumes and agrees to perform, pay,
               honor and discharge when due the Assumed Liabilities, as further
               described in Schedule 2 hereto

     (2) The transfers and assumptions pursuant to Section 1 shall be deemed to
take place immediately upon the Securities and Exchange Commission having
confirmed to PWI, upon PWI's request, its agreement to declare the S-1
Registration Statement relating to PWI's Initial Public Offering effective. For
the avoidance of doubt, the transfer pursuant to Section 1 shall be

<PAGE>

deemed to take place immediately prior to the PFSI Distribution, SAI
Distribution and PWI Contribution.

     (3) The sale and assignment shall in no circumstances include any of the
Excluded Assets or Excluded Liabilities identified on Schedule 3.

     (4) This Bill of Sale and Instrument of Assignment shall be governed by and
construed under the laws of Texas without regard to conflicts of laws provisions
thereof and without regard to the United Nations Convention on Contracts for the
International Sale of Goods.

     (5) This Bill of Sale and Instrument of Assignment shall be binding upon
PFSI and SCMI, their respective successors, permitted assigns and legal
representatives, for the uses and purposes set forth and referred to and shall
inure to the benefits of PFSI and SCMI, their respective successors, permitted
assigns and legal representatives.

     (6) This Bill of Sale and Instrument of Assignment is entered solely for
the benefit of the parties hereto (and their permitted successors, assigns and
legal representatives) and no other person shall be a direct or indirect
beneficiary or have any direct or indirect cause of action or claim in
connection herewith.

                  [Remainder of page intentionally left blank]

<PAGE>

     IN WITNESS WHEREOF, PFSI and SCMI have caused this Bill of Sale and
Instrument of Assignment to be duly executed as of the date first above written.

                                        PENSON FINANCIAL SERVICES, INC.

                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        SAMCO HOLDINGS, INC.

                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

<PAGE>

                                   SCHEDULE 1
                                       TO
                    BILL OF SALE AND INSTRUMENT OF ASSIGNMENT

                                   SCM ASSETS

<PAGE>

                                   SCHEDULE 2
                                       TO
                    BILL OF SALE AND INSTRUMENT OF ASSIGNMENT

                               ASSUMED LIABILITIES

<PAGE>

                                   SCHEDULE 3
                                       TO
                    BILL OF SALE AND INSTRUMENT OF ASSIGNMENT

                    EXCLUDED ASSETS AND EXCLUDED LIABILITIES

<PAGE>

                                    EXHIBIT F

                               MATERIAL AGREEMENTS

1. Remote Processing Agreement dated as of July 10, 1995 (as amended) between
Sungard Financial Systems, Inc. and PFSI.

<PAGE>

                                    EXHIBIT G

                                     PERMITS

<PAGE>

                                    EXHIBIT H

                             SCM DIVISION EMPLOYEES

                         EMPLOYEE NAME (LAST, FIRST, MI)

                                BROADAWAY, ROGER
                                FORREST, JAMES P.
                                  HARKER, DOUG
                              LANE, CHRISTINA MARIE
                              MAVERICK, JOSEPH LEE
                                 PRICE, PHILLIP
                                 DAVIS, MARY ANN
                                VILLARREAL, MIKE
                              WESTERMAN, ALLEN RAY
                              WESTERMAN, DUANE LEE
                               WRIGHT, JAMES CLAY
                               WRIGHT, NANCY CAROL
                                ANDERLY, MELISSA
                                 BAKER, DIANA K.
                                BAUCHMAN, RICHARD
                                BENNETT, SUZANNE
                                 BILLINGS, ELLEN
                                  BOSTIAN, RON
                                 BREARD, MICHAEL
                                BROOKS, CARLA JO
                                 BROWN, JOAN F.

<PAGE>

                         EMPLOYEE NAME (LAST, FIRST, MI)

                                 CETHOUTE, ALIX
                               COTTRELL, JOHN HALL
                              FINN, STEVEN CHARLES
                                GARDNER, JAMES B.
                                GROSS, WILLIAM D.
                                HAMILTON, MICHAEL
                                  HOEL, DOROTHY
                                HOPPER, GEORGE D.
                             KIRCHWEY, GEORGE ALLEN
                                   LOGAN, JACK
                              LOPEZ, GAYLA PERKINS
                                MANNES, JOSEPH R.
                                MCCLANAHAN, BRIAN
                             MCCORMICK, LARRY KEITH
                             MILLER, WILLIAM ROBERT
                                  NEJDL, SARAH
                               OEHRLEIN, JOYCE L.
                               OWEN, VARINA GRAVES
                               PARKER, MARILYN Y.
                               PATRICK, MISTY DAWN
                               PEIKARI, SHERIN M.
                               PHILLIPS, ROBERT M.
                                   POLK, JAMES

<PAGE>

                         EMPLOYEE NAME (LAST, FIRST, MI)

                                 ROSEE, ERIC M.
                                ROWLETT, LOUIS A.
                              SHIELS, ROBERT GORDON
                               SLEDGE, STEVE ALAN
                                  SMITH, NOLAN
                                  STONE, STEVE
                              STUART, JOHN MICHAEL
                             THOMPSON, JACOB WHITTEN
                                TOMCKO, SUSAN M.
                               WALLACE, GENE ALLAN
                              WEBB, AUSTIN GREGGORY
                                 WILEY, DORY A.
                                  YOUNG, STEVE
                             ZACHARY, MITCHELL LOGAN
                                BLITCH, MILTON E.
                                ROSS, ROBERT LEE
                                 SHAW, JAMES A.
                                 ASCH, MITCHELL
                                  BENDER, DOUG
                                 CALLAHAN, PAUL
                                 DOWNIE, DEBBIE
                                 DUNN, DANIEL J.
                             ENGEL, CHARLES PATRICK

<PAGE>

                         EMPLOYEE NAME (LAST, FIRST, MI)

                           GALLAGHER, RICHARD MICHAEL
                                 HEALY, JOHN K.
                                  HEINZ, THOMAS
                                  HUNT, ALAN L.
                               JEDZINIAK, HENRY J.
                                LEWIS, CATHERINE
                                 MADDEN, STEPHEN
                             MULLEN, THOMAS CHARLES
                                  PASTORE, JOHN
                                  REED, CURTIS
                                  SMITH, CASEY
                                STEFANIK, ROBERT
                                 THOMAS, TERESA
                                  WALDRON, JOHN
                                WALTERS, SCOTT A.
                            VON HOLTEN, CHARLES DAVID
                                MCULLOCH, WARREN
                                  BRADLEY, LEE
                                 DAGHER, MATTHEW
                                  FRANKE, KURT
                                 PONTI, MARY ANN
                                 STUDLEY, RALPH
                                  COTTON, CLARK

<PAGE>

                         EMPLOYEE NAME (LAST, FIRST, MI)

                                  GILES, WENDY
                             INGRAM, GEORGE DOUGLAS
                                 INGRAM, CHARLES
                                  JUMPER, JOHN
                               POOLE, CARRIE ANNE
                                 SHELTON, KEVIN

<PAGE>

                                    EXHIBIT I

                          TRANSITION SERVICES AGREEMENT

<PAGE>

                                    EXHIBIT J

                                    SUBLEASES

1. Approximately 18,201 Rentable Square Feet and located on Floor 20 of the
building 1700 Pacific Avenue, Dallas Texas 75201 leased from F/P/D Master Lease,
Inc., a Texas corporation pursuant to that certain Office Lease dated as of May
20, 1998, by Service Asset Management Company, a North Carolina corporation, as
tenant (as amended).

2. Office space located on Floors 17 and 51 of the building One Penn Plaza, New
York, New York 10119 leased from One Penn Plaza LLC, a New York limited
liability company pursuant to that certain Lease Agreement dated as of October
8, 1999 by Service Asset Management Company, a North Carolina Corporation, as
tenant (as amended).

<PAGE>

                                    EXHIBIT K

                            CONFIDENTIALITY AGREEMENT

<PAGE>

                            CONFIDENTIALITY AGREEMENT

     This Confidentiality Agreement ("AGREEMENT") is entered into this ____ day
of ______, 2006 ("EFFECTIVE DATE"), by and between Penson Worldwide, Inc. ("PWI"
and collectively with its subsidiaries "PENSON"), SAI Holdings, Inc. ("SAI"),
Penson Financial Services, Inc. ("PFSI"), SAMCO Capital Markets, Inc. ("SCMI"),
SAMCO BD LLC ("SBD LLC"), SAMCO Financial Advisors Inc ("SFAI"), SAMCO Financial
Services Inc ("SFSI") and SAMCO Holdings, Inc ("SHI" collectively with its
subsidiaries "SAMCO").

     Whereas pursuant to that certain SAMCO Reorganization Agreement (the
"REORGANIZATION AGREEMENT"), of even date herewith, among PWI, SAI, PFSI, SHI
and SCMI certain business comprising the SAMCO business unit previously operated
by certain subsidiaries of PWI were transferred to SHI and its subsidiaries.
Whereas Penson and SAMCO have, or continue to have access to, confidential
information related to the others business and desire to provide a basis for the
continued confidentiality of such information following the reorganization
pursuant to the Reorganization Agreement.

     The parties hereby agree, in consideration of the mutual promises and
covenants contained in this Agreement, and intending to be legally bound, as
follows.

     In this Agreement a Penson party disclosing Confidential Information to a
SAMCO Party or a SAMCO Party disclosing Confidential Information to a Penson
Party, respectively, is a "DISCLOSING PARTY" and a SAMCO party receiving such
information from a Penson party or a Penson party receiving such information
from a SAMCO party as applicable is a "RECEIVING PARTY".

1. CONFIDENTIAL INFORMATION

     2. "CONFIDENTIAL INFORMATION" means any proprietary information that is
disclosed by a Disclosing Party to a Receiving Party which relates to Disclosing
Party's or its affiliates business (including without limitation, business
plans, financial data, customer information, etc.), technology (including
without limitation, technical drawings, designs, schematics, algorithms,
technical data, product plans, research plans, software, etc.), products,
services, trade secrets, know-how, formulas, processes, ideas, and inventions
(whether or not patentable) and which should be reasonably understood by
Receiving Party as the confidential or proprietary information of Disclosing
Party or its affiliates.

     3. Confidential Information shall not include any information that
Receiving Party can document: (i) is or falls into the public domain without
fault of Receiving Party; (ii) Receiving Party can show by written documentation
was in its possession without any obligation of confidentiality prior to receipt
thereof from Disclosing Party (excluding confidential information related to the
business of Disclosing Party in the possession of Disclosing Party prior to the
Closing as defined in the Reorganization Agreement); (iii) is independently
developed by Receiving Party without reference to the Confidential Information;
or (iv) is obtained by Receiving Party from a third party without any obligation
of confidentiality to Disclosing Party.

     4. For a period of three (3) years following the date of disclosure by
Disclosing Party, Receiving Party shall hold Disclosing Party's Confidential
Information in confidence and shall not disclose Disclosing Party's Confidential
Information without the prior written consent of Disclosing Party, which consent
shall not be unreasonably withheld. Receiving Party shall take all reasonable
measures to protect the Confidential Information of Disclosing Party from
falling into the public domain or the possession of persons other than those
persons authorized to have any such Confidential Information, which measures
shall include at least the degree of care that Receiving Party utilizes to
protect its own information of a similar nature, but in no event less than a
reasonable degree of care.

     5. Nothing in this Agreement shall prohibit Receiving Party from disclosing
Confidential Information of Disclosing Party if legally required to do so by
judicial or arbitration or governmental order or in a judicial or arbitration or
governmental proceeding or if required by any regulatory authority (including,
without limitation, the NASD), having authority over the Disclosing Party
("REQUIRED DISCLOSURE"); provided that Receiving Party shall (i) give Disclosing
Party reasonable notice of such Required Disclosure prior to disclosure; (ii)
cooperate with Disclosing Party in the event that it elects to contest such
disclosure or seek a protective order with respect thereto, and/or (iii) in any
event only disclose the exact Confidential Information, or portion thereof,
specifically requested by the Required Disclosure.

6. GENERAL PROVISIONS

<PAGE>

     7. All Confidential Information of Disclosing Party is and shall remain the
property of Disclosing Party. Nothing contained in this Agreement shall be
construed as granting or conferring any rights by license or otherwise, either
express, implied or by estoppel, to any Confidential Information of Disclosing
Party, or under any patent, copyright, trademark or trade secret of Disclosing
Party. Disclosing Party does not make any representation or warranty with
respect to the non-infringement of third party patents, copyrights, trademarks
or trade secrets with respect to its respective Confidential Information.

     8. ALL CONFIDENTIAL INFORMATION FURNISHED UNDER THIS AGREEMENT IS PROVIDED
BY DISCLOSING PARTY "AS IS, WITH ALL FAULTS." DISCLOSING PARTY DOES NOT MAKE ANY
WARRANTIES, EXPRESS OR IMPLIED, REGARDING THE ACCURACY, COMPLETENESS,
PERFORMANCE, MERCHANTABILITY, FITNESS FOR USE, NONINFRINGEMENT OR OTHER
ATTRIBUTES OF ITS CONFIDENTIAL INFORMATION.

     9. Receiving Party shall not assign or transfer this Agreement or any of
its rights hereunder or delegate any of its obligations hereunder (except by
merger, acquisition, or operation of law) without the prior written consent of
the Disclosing Party, which consent shall not be unreasonably withheld. Subject
to the foregoing, this Agreement shall inure to the benefit of and be binding
upon the parties, their permitted successors and permitted assigns.

     10. Nothing in this Agreement shall be construed to require Disclosing
Party to disclose any Confidential Information to Receiving Party.

     11. Any notice under this Agreement shall be in writing and shall be
effective only if it is delivered by hand or mailed, certified or registered
mail, postage prepaid, return receipt requested, addressed:

if to SAMCO to:

SAMCO Holdings, Inc.
1700 Pacific Avenue, 20th Floor
Dallas Texas 75201
Attention: President

if to Penson, to:

Penson Worldwide, Inc.
1700 Pacific Avenue, Suite 1400
Dallas Texas 75201
Attention: President

Any such notice shall be effective only upon actual receipt by the party to be
notified.

     12. This Agreement shall be construed and governed by the laws of the State
of Texas, without giving effect to its conflicts of law principles.

     13. Receiving Party acknowledges and agrees that due to the unique nature
of Disclosing Party's Confidential Information, there can be no adequate remedy
at law for any breach of its obligations hereunder and, therefore, that upon any
such breach or any threat thereof, Disclosing Party shall be entitled to
appropriate equitable relief in addition to whatever remedies it might have at
law.

     14. This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof and supersedes any prior understanding
and agreements between and among them respecting the subject matter hereof. It
shall not be modified except by a written agreement signed by PWI and SHI. No
delay, failure or waiver of a party's exercise or partial exercise of any right
or remedy under this Agreement shall operate to limit, impair, preclude, cancel,
waive or otherwise affect such right or remedy. No waiver of any provision of
this Agreement shall constitute a waiver of any other provision(s) or of the
same provision on another occasion. If any provision of this Agreement shall be
held by a court of competent jurisdiction to be illegal, invalid or
unenforceable, the remaining provisions shall remain in full force and effect.
More than one counterpart of this Agreement may be executed by the parties
hereto, each of which shall be deemed an original, but all of which together
shall constitute one and the same agreement.

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized representatives effective as of the Effective
Date.

                                        PENSON WORLDWIDE, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        SAI HOLDINGS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        PENSON FINANCIAL SERVICES, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        SAMCO HOLDINGS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        SAMCO CAPITAL MARKETS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        SAMCO FINANCIAL ADVISERS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

<PAGE>

                                        SAMCO FINANCIAL SERVICES, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        SAMCO BD LLC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

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