Document:

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Redacted portions have been marked with asterisks (****). Confidential treatment
has been requested for the redacted portions. The confidential redacted portions
have been filed separately with the Securities and Exchange Commission.

                                                                    EXHIBIT 10.3

                                                    Proprietary and Confidential

                       FULLY DISCLOSED CLEARING AGREEMENT

         This Fully Disclosed Clearing Agreement (the "Agreement") is executed
and entered into by and between Penson Financial Services, Inc. ("Penson"), a
division of Service Asset Management Company, a North Carolina corporation, and
CyBerBroker, Inc. ("Correspondent").

         WHEREAS, Correspondent is in the process of registering or is
registered with the Securities Exchange Commission ("SEC") as a broker-dealer of
securities in accordance with Section 15(b) of the Securities and Exchange Act
of 1934 (the "Act") and is applying for membership or is a member of the
National Association of Securities Dealers, Inc. ("NASD"), and desires for
Penson to act as a clearing broker for Correspondent; and

         WHEREAS, Penson meets all requirements of the SEC to function as a
clearing broker, and desires to enter into an agreement to clear and maintain
cash, margin, option or other accounts ("Accounts") for Correspondent or
customers ("Customers") of Correspondent.

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and of the guarantee of this Agreement by any guarantor(s), and for
other good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:

1.       REPRESENTATIONS AND WARRANTIES

         Correspondent represents and warrants to Penson that:

         (a)      Correspondent is a corporation duly organized, validly
                  existing and in good standing under the laws of the state of
                  its incorporation.

         (b)      Correspondent has all the requisite authority in conformity
                  with all applicable laws and regulations to enter into this
                  Agreement and to retain the services of Penson in accordance
                  with the terms hereof.

         (c)      Correspondent shall employ as a manager of its brokerage
                  operation only a person who has all requisite licenses and
                  experience in compliance with applicable securities laws and
                  regulations.

         (d)      Correspondent shall duly employ personnel ("Registered
                  Representatives") who have the requisite licenses and
                  experience in compliance with applicable securities laws and
                  regulations.

         (e)      Correspondent has advised Penson of any clearing arrangements
                  that have been made or are expected to be made with any other
                  clearing broker or dealer.

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                                                    Proprietary and Confidential

         Penson represents and warrants to Correspondent that:

         (a)      Penson is a corporation duly organized, validly existing and
                  in good standing under the laws of the state of North
                  Carolina.

         (b)      Penson is registered as a broker-dealer with the SEC and is in
                  compliance with the rules and regulations thereof.

         (c)      Penson is a member corporation in good standing of the NASD
                  and is in compliance with the rules and regulations thereof.

         (d)      Penson is in compliance with the rules and regulations of each
                  national securities exchange of which it is a member.

2.       CUSTOMER AND CORRESPONDENT ACCOUNTS

         Responsibility for compliance with the provisions of the NASD Rules of
Fair Practice regarding opening, approving and monitoring Customer accounts
shall be allocated between Penson and Correspondent as set forth in this Section
2.

         (a)      ACCOUNT DOCUMENTATION. Correspondent will be responsible for
                  obtaining and verifying all required information about, and
                  the identity of, each potential Customer. Correspondent will
                  be responsible for obtaining all documents related to customer
                  accounts, and for the transmission of all required documents
                  to Penson on a timely basis. Penson may, in its discretion,
                  receive documents directly from the Customer. Correspondent
                  acknowledges the obligation to retain all documents in an
                  easily accessible place in accordance with SEC rules and
                  agrees to provide the original application by overnight
                  delivery or a legible copy by facsimile transmission within 24
                  hours of a request from Penson. Correspondent will be
                  responsible for complying with the requirement of SEC Rule
                  15g-9, if applicable.

         (b)      KNOWLEDGE OF CUSTOMER AND CUSTOMER'S INVESTMENT OBJECTIVES.
                  Correspondent will be responsible for learning and documenting
                  all the required information relating to each and every
                  Customer in order to insure compliance by Correspondent with
                  applicable rules and regulations. This required information
                  includes, but is not limited to, all of the information and
                  instructions submitted to Penson pursuant to Section 2(a), any
                  additional facts relative to the Customer's investment
                  objectives, and every person holding power of attorney over
                  any Customer Account. It shall be the responsibility of
                  Correspondent to ensure that those of its Customers who open
                  Accounts hereunder shall not be minors. Correspondent shall be
                  solely responsible for any issues regarding the suitability of
                  any investments for its Customers.

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                                                    Proprietary and Confidential

         (c)      ACCEPTANCE OF ACCOUNTS. Prior to any Customer Account being
                  opened with Penson, it must be approved by Correspondent.
                  Penson reserves the right to withhold acceptance of, or to
                  reject, for any reason, any Customer, Customer Account,
                  Correspondent Account or any transaction for any Account and
                  to terminate any Account previously accepted by Penson.
                  Initial acceptance of each Account shall be conditioned upon
                  Penson's receipt of completed forms as required by Section
                  2(a). Correspondent shall not submit such forms with respect
                  to any Customer Account unless Correspondent has in its
                  possession the documentation of all information required
                  pursuant to Section 2(b). Penson shall be under no obligation
                  to accept any Account as to which any documentation required
                  to be submitted to Penson or maintained by Correspondent
                  pursuant to Sections 2(a) and 2(b) is incomplete. Prior to
                  acceptance of any Account, no action taken by Penson or any of
                  its employees, including, without being limited to, executing
                  or clearing a trade in any Account, shall be deemed to be or
                  shall constitute acceptance of such Account.

         (d)      SUPERVISION OF ORDERS AND ACCOUNTS. Penson will execute orders
                  for Correspondent's Customers after Correspondent's
                  appropriate principals have accepted and approved said
                  Accounts. Correspondent will be responsible for the review and
                  supervision of, and the suitability of, investments made by
                  each and every one of its Customers and Penson shall have no
                  responsibility. Correspondent shall be responsible for
                  insuring that all transactions in and activities related to
                  all Accounts opened by it with Penson, including discretionary
                  Accounts, will be in compliance with all applicable laws,
                  rules and regulations of the United States, the several
                  states, governmental agencies, securities exchanges and the
                  NASD, including any laws relating to Correspondent's fiduciary
                  responsibilities to Customers, either under the Employee
                  Retirement Income Security Act of 1974 or otherwise.
                  Correspondent shall diligently supervise the activities of its
                  officers, employees and representatives with respect to all
                  Accounts. Penson will perform the clearing services provided
                  for in this Agreement for Accounts accepted by it in
                  accordance with the terms of this Agreement, as it may be
                  amended from time to time, and otherwise in accordance with
                  its best business judgment. To the extent, if any, that Penson
                  accepts from Correspondent orders for execution in accordance
                  with Section 7(a), Correspondent shall be responsible for
                  informing Penson of the location of the securities that are
                  the subject of the order so that Penson may comply with the
                  provisions of Art. III, Sec. 21 of the NASD Rules of Fair
                  Practice.

         (e)      ACCOUNTS OF ASSOCIATED PERSONS. Correspondent will not accept
                  Accounts for any persons that come within the express
                  provisions of Art. III, Sec. 28 of the NASD Rules of Fair
                  Practice unless Correspondent has complied with the provisions
                  of said Rule and, if applicable, provided evidence of employer
                  approval as required by said Rule.

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                                                    Proprietary and Confidential

         (f)      ACCOUNT RESPONSIBILITY FOR CERTAIN PURPOSES. Notwithstanding
                  anything herein to the contrary, for purposes of the
                  Securities Investment Protection Act of 1970 and the financial
                  responsibility rules of the Securities and Exchange
                  Commission, the Customer Accounts are the responsibility of
                  Penson. For all other purposes, the Customer Accounts shall be
                  the full, total and sole responsibility of Correspondent.

3.       EXTENSION OF CREDIT

         Responsibility for compliance with the provisions of Regulation T
issued by the Board of Governors of the Federal Reserve System pursuant to the
Securities Exchange Act of 1934 ("Regulation T") and all other applicable rules,
regulations and requirements of any exchange or regulatory agency affecting the
extension of credit shall be allocated between Penson and Correspondent as set
forth in this Section 3.

         (a)      MARGIN AGREEMENTS. At the time of opening of each margin
                  account, Correspondent will furnish Penson with a Penson
                  Customer Margin and Short Account Agreement, executed by the
                  Customer, on the form furnished to Correspondent by Penson.
                  Correspondent may use a substitute form upon written approval
                  by Penson.

         (b)      MARGIN AND MARGIN MAINTENANCE. Correspondent is responsible
                  for assuring Customer's payment of Customer's initial margin
                  requirements and of all amounts necessary to meet subsequent
                  maintenance calls in each Customer Account, in order to insure
                  compliance with Regulation T and the house rules of Penson.
                  Such payment may be collected by Correspondent on Penson's
                  behalf, or made directly to Penson at Correspondent's option.
                  Correspondent is responsible for the payment of initial margin
                  and of all amounts necessary to meet subsequent margin calls
                  in each Correspondent Account. Penson shall have the unlimited
                  right to buy in or sell out positions in Accounts whenever
                  Penson, in its sole discretion, deems such action appropriate
                  and despite whether, if the Account is a Margin Account, any
                  such Account is then in compliance with applicable margin
                  maintenance requirement or has requested an extension of time
                  to make any payment required by Regulation T. Correspondent
                  acknowledges that Penson has the right to demand payment on
                  any debit balance and that Correspondent is responsible to
                  Penson for any unsecured debit balance resulting from any
                  failure of a Customer to make any such payments upon demand.

         (c)      MARGIN REQUIREMENTS. Initial margin and margin maintenance
                  requirements applicable to any margin account shall be in
                  accordance with the house rules of Penson, rather than in
                  accordance with any lower requirement of any law, any exchange
                  or any regulatory agency. Penson may change the margin
                  requirements applicable to any Account or class of accounts,
                  as described in its house rules;

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                                                    Proprietary and Confidential

                  Correspondent shall be responsible for advising its Customer
                  of the changed requirements and for the payment by the
                  Customer of any additional margin necessary to insure
                  compliance with such increased requirements.

         (d)      LOSSES. In addition to, and not in limitation of,
                  Correspondent's agreement to indemnify Penson pursuant to the
                  provisions of Section 10, Correspondent indemnifies and holds
                  harmless Penson from and against any and all loss, cost,
                  expense and liability (including legal and accounting fees and
                  expenses) sustained by Penson arising out of any of the
                  following:

                  (i)      any failure by any Customer to comply with the terms
                           of its Customer Margin and Short Account Agreement
                           with Penson;

                  (ii)     The failure of Correspondent or any Customer to
                           comply with Regulation T;

                  (iii)    the failure of Correspondent to satisfy its
                           obligations under this Section 3; or

                  (iv)     The failure of delivery of securities sold or failure
                           of payment for securities purchased in accordance
                           with the provisions of Regulation T; the return to
                           Penson unpaid of any check given to Penson by
                           Correspondent or any Customer; or the payment for
                           and/or delivery of all "when issued" transactions
                           which Penson may accept or execute for the Accounts.

4.       MAINTENANCE OF BOOKS AND RECORDS

         Penson will maintain stock records and other records on a basis
consistent with generally accepted practices in the securities industry and will
maintain copies of such records in accordance with the NASD and SEC guidelines
for record retention in effect from time to time. Penson and Correspondent shall
each be responsible for preparing and filing the reports required by the
governmental and regulatory agencies that have jurisdiction over each and Penson
and Correspondent will each provide the other with such information, if any,
which is in the control of one party but is required by the other to prepare any
such report.

5.       RECEIPT, DELIVERY AND SAFEGUARDING OF FUNDS AND SECURITIES

         (a)      RECEIPT AND DELIVERY IN THE ORDINARY COURSE OF BUSINESS.
                  Penson, acting on behalf of Correspondent, will receive and
                  deliver all funds and securities in connection with
                  transactions for Customer Accounts in accordance with the
                  Customer's instructions to Correspondent. Correspondent shall
                  be responsible for advising Customers of their obligations to
                  deliver funds or securities in

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                                                    Proprietary and Confidential

         connection with each such transaction. Correspondent shall be
         responsible for any failure of any Customer to fulfill such obligation.
         Penson shall be responsible for the safeguarding of all funds and
         securities delivered to and accepted by it, subject to count and
         verification by Penson. However, Penson will not be responsible for any
         funds or securities delivered by a Customer or Correspondent, its
         agents or employees, until such funds or securities are physically
         delivered to Penson's premises and accepted by Penson or deposited in
         bank accounts maintained in Penson's name. It is expressly understood
         and agreed, however, that Correspondent is responsible for compliance
         with the Currency and Foreign Transactions Reporting Act (31 U.S.C.
         Section 5311. et seq.) and the rules and regulations promulgated
         thereunder (31 C.F.R. Section 103.11, as amended, et seq.).

(b)      CUSTODY SERVICES. Whenever Penson has been instructed to act as
         custodian of the securities in any Correspondent or Customer Account,
         or to hold such securities in "safekeeping," Penson may hold the
         securities in the Customer's name or may cause such securities to be
         registered in the name of Penson or its nominee or in the names of
         nominees of any depository used by Penson. Penson will perform the
         services required in connection with acting as custodian for securities
         in Correspondent and Customer Accounts, such as (i) collection and
         payment of dividends; (ii) transmittal and handling (through
         Correspondent) of tenders or exchanges pursuant to tender offers and
         exchange offers; (iii) transmittal of all proxy materials and other
         shareholder communications; and (iv) handling of exercises or
         expirations of rights and warrants, and of redemptions of securities.

(c)      RECEIPT AND DELIVERY PURSUANT TO SPECIAL INSTRUCTION. Upon instruction
         from Correspondent or a Customer, Penson will make such transfers of
         securities or Accounts as may be requested. Correspondent shall be
         responsible for determining if any securities held in Correspondent or
         Customer Accounts are "restricted securities" or "control stock" as
         defined by the rules of the SEC and that orders executed for such
         securities are in compliance with applicable laws, rules and
         regulations.

(d)      DRAFT-ISSUING AUTHORITY. At its discretion Penson may authorize certain
         of Correspondent's employees to sign drafts as drawer payable to
         Correspondent's Customers in amounts and pursuant to conditions as may
         be determined by Penson from time to time. Correspondent agrees that it
         will not request Penson to authorize someone to sign drafts who is not
         an employee of Correspondent. Correspondent agrees to fully indemnify
         Penson from the negligence, fraud, or mistakes of Correspondent or
         Correspondent's employees in connection with any draft issuing
         authority granted to them and Correspondent authorizes Penson to charge
         any Correspondent Account or any other assets of Correspondent held by

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                                                    Proprietary and Confidential

         Penson with the amount of any such losses. Notwithstanding Section
         5(a), Penson will not be responsible for the safeguarding of funds
         withdrawn by Correspondent or Correspondent's employees pursuant to
         such draft issuing authority. Penson may withdraw this draft issuing
         privilege without notice at any time during the term of this Agreement.
         Notwithstanding anything herein to the contrary, Penson may at any
         time, at its sole discretion, despite any prior authorization, refuse
         payment on any draft for which Correspondent is drawer and Penson is
         drawee.

6. CONFIRMATIONS AND STATEMENTS

     (a) PREPARATION AND TRANSMISSION. Penson will prepare and send to Customers
         monthly statements of account (or quarterly statements if no activity
         occurs in an account during any quarter covered by such statement),
         which statements shall meet Penson's requirements as to format and
         quality and will indicate that Correspondent is the introducing broker
         for the Account. Penson will be responsible for preparing and
         transmitting confirmations. Upon prior written approval from Penson,
         Correspondent may assume the responsibility of preparing and
         transmitting confirmations, including the responsibility for compliance
         with the provisions of Art. III, Section 12 of the NASD Rules of Fair
         Practice. Copies of all monthly or quarterly statements sent by Penson
         to Customers will be send to Correspondent. Penson will also provide to
         Correspondent monthly statements of clearing services performed by
         Penson for Correspondent and Customer Accounts showing the fees charged
         for such services during the month, as provided in Section 8.

     (b) EXAMINATION AND NOTIFICATION OF ERRORS. Correspondent shall examine
         promptly all monthly statements of account, monthly statements of
         clearing services and other reports provided to Correspondent by
         Penson. Correspondent shall notify Penson of any error claimed by
         Correspondent in any Account in connection with (i) any transaction
         prior to the settlement date of such transaction, (ii) information
         appearing on daily reports within seven days of such report, and (iii)
         information appearing on monthly statements or reports within 30 days
         of Correspondent's receipt of any monthly statement or report. Any
         notice of error shall be accompanied by such documentation as may be
         necessary to substantiate Correspondent's claim. Correspondent shall
         provide promptly upon Penson's request any additional documentation
         which Penson reasonably believes is necessary or desirable to determine
         and correct any such error.

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                                                    Proprietary and Confidential

7.       ACCEPTANCE OF ORDERS, EXECUTION OF TRANSACTIONS, OTHER SERVICES

         (a)      CUSTOMERS' ORDERS. Orders received by Correspondent can be
                  executed by Correspondent or forwarded to Penson for
                  execution. The party executing the order shall be responsible
                  for errors in execution. Acceptance of orders from Customers
                  shall be the responsibility of Correspondent, and
                  Correspondent shall be responsible for the authenticity of all
                  orders. Correspondent shall advise each of its Customers that
                  its relationship with Penson is solely that of an introducing
                  broker to a clearing broker and that, except as set forth in
                  Section 2(f) above, Correspondent bears all responsibility for
                  the Customer's Account. Penson is not obligated to accept for
                  execution any orders placed directly with Penson by a
                  Customer. In addition, Penson is not obligated to accept any
                  orders from Correspondent if Penson determines in good faith
                  that it should not. Correspondent assumes the risk of failure
                  by an over-the-counter dealer with which Correspondent
                  executes an order in the event such dealer fails to perform,
                  and will reimburse Penson for any loss incurred by it in the
                  transaction.

         (b)      TRANSACTIONS CLEARING. During the term of this Agreement,
                  Penson will clear transactions on a fully disclosed basis for
                  Accounts of Correspondent and the Customers that Correspondent
                  introduces and Penson accepts as provided in Section 2(b);
                  provided, however, that Penson is not obligated to clear any
                  transactions for Correspondent or Correspondent's Customers if
                  Penson determines in good faith that it should not.

         (c)      OTHER SERVICES. Penson will perform such other services, upon
                  such terms and at such prices, as Penson and Correspondent may
                  from time to time agree.

8.       FEES AND SETTLEMENTS FOR SECURITIES TRANSACTIONS

         (a)      COMMISSIONS: FEES FOR CLEARING SERVICES.

                  (i)      Correspondent has provided to Penson its basic
                           commission schedule and Penson will charge each
                           Customer the commission shown on such schedule or
                           which Correspondent otherwise directs Penson to
                           charge on each transaction. Correspondent's basic
                           commission schedule may be amended from time to time
                           by written instructions to Penson from Correspondent.
                           Penson shall be required to implement such changes
                           only to the extent that they are within the usual
                           capabilities of Penson's data processing and
                           operations systems and only over such reasonable time
                           as Penson may deem necessary or desirable to avoid
                           disruption of Penson's normal operational
                           capabilities. Penson may charge Correspondent for
                           changes in the basic commission schedule.
                           Correspondent's basic

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                                                    Proprietary and Confidential

                  commission schedule shall be within the format of Penson's
                  computer system.

         (ii)     Penson will charge Correspondent for clearing services
                  according to the fee schedule set forth in Schedule A attached
                  hereto and incorporated herein for all purposes. Clearing
                  charges may be modified from time to time by Penson without
                  re-execution of this Agreement. To implement new charges,
                  Penson will mail or telecopy a new Schedule A to
                  Correspondent. If Correspondent does not object to the new
                  charges within ten (10) days of such mailing or telecopying,
                  as provided below, the new charges shall become effective and
                  the new Schedule A shall become a part of and modify this
                  Agreement without any further action by the parties. Upon such
                  event, Penson and Correspondent shall replace the previous
                  Schedule A with the new Schedule A. Correspondent may object
                  to new charges by giving notice canceling this Agreement as
                  provided under Sections 12 and 19(m). During the pendency of
                  such notice period, the previous charges shall continue to be
                  effective until termination.

(b)      SETTLEMENTS. Penson will collect commissions from Customers on behalf
         of Correspondent and through Correspondent. Penson may make payments to
         Correspondent against such commissions in advance of the monthly
         settlement contemplated by this Section 8(b), the amount of such
         payments to be determined in Penson's sole discretion based upon
         Penson's experience with Correspondent.

                  As soon as practicable after the end of each month, Penson
         will forward to the Correspondent a statement showing the amount of
         commissions and other amounts collected by Penson on Correspondent's
         behalf, and all amounts due to Penson from Correspondent (including,
         without being limited to, clearing charges, other charges, other fees
         and Customer's unsecured debit items, however arising), together with
         the amount by which the total owed Correspondent exceeds the total owed
         Penson. If such statement indicates that Correspondent owes monies to
         Penson, Correspondent shall promptly pay Penson the amount by which the
         total owed Penson exceeds the total owed Correspondent. If
         Correspondent fails to make such payment on a timely basis, Penson
         shall have the right to charge any other Account maintained by Penson
         for Correspondent or any other assets of Correspondent held by Penson
         (including the deposit required pursuant to Section 9 and positions and
         balances in Correspondent Accounts) for the net amount due Penson. Any
         failure by Penson to charge any Account or assets of Correspondent held
         by Penson shall not act as a waiver of Penson's right to demand payment
         of, or to charge Correspondent's Accounts for, the full amount due at
         any time.

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9.       DEPOSIT

         Contemporaneously with the signing of this Agreement, Correspondent
will deliver cash or securities to Penson, as specified in Schedule A attached,
for deposit in an account maintained by Penson. If at any subsequent time
Penson, in its sole discretion, requires an additional deposit, Correspondent
will deposit additional cash or securities in an amount specified by Penson.
Instead of making such additional deposit, Correspondent may reduce
Correspondent's business volume or modify the nature of the securities involved
in the Correspondent's transactions ("business mix") as specified by Penson. Any
failure by Penson to demand compliance with the requirement that Correspondent
either deposit additional amounts or modify Correspondent's business mix shall
not act as a waiver of Penson's right to demand compliance with such
requirements at any time. If the deposit is not adequately funded as required by
Penson, Penson may, in addition to all other rights under this Agreement,
transfer cash or securities of Correspondent held by Penson to the deposit
account. Correspondent agrees that if Penson, at its sole discretion, determines
it to be necessary, Penson shall accept only liquidating transactions for
Customer Accounts and that Correspondent will give notice of such fact to
Customers. If such notice is not given to Customers by Correspondent,
Correspondent agrees that Penson may give such notice to Customers. Penson shall
be entitled to set-off against any deposit in addition to any and all other
rights or remedies Penson may have under this Agreement or otherwise.
Correspondent agrees that if this Agreement is terminated for any reason, Penson
may liquidate securities deposited and deduct from such deposit any amounts
Correspondent owes Penson because of failure to meet any of Correspondent's
obligations under this Agreement.

10.      INDEMNIFICATION

         (a)      INDEMNITY.

                  (i) Correspondent agrees to indemnify and hold harmless
                  Penson, each person who controls Penson within the meaning of
                  the Securities Exchange Act of 1934 and any directors,
                  officers, employees, agents and attorneys of Penson ("Penson
                  Indemnified Persons") from and against all claims, demands,
                  proceedings, suits and actions and all liabilities, losses,
                  expenses and costs (including any legal and accounting fees
                  and expenses) relating to Penson's defense of any failure, for
                  any reason, fraudulent or otherwise, by Correspondent,
                  Correspondent's employees, independent agents or contractors,
                  or Customers to comply with any obligation under this
                  Agreement or any other agreement executed and delivered to
                  Penson in connection with Penson's performance of services
                  hereunder and any act or failure to act by Penson Indemnified
                  Persons, except any act or failure to act which is the result
                  of gross negligence or willful misconduct on the part of any
                  such Penson Indemnified Person. Without limiting the
                  generality of the foregoing, such failure is explicitly
                  intended by the parties to include failure resulting from (i)
                  suspension of trading or bankruptcy or insolvency of any
                  company, securities of

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                  which are held in a Customer's Accounts; (ii) failure by any
                  Customer to maintain adequate margin; or (iii) breach of any
                  obligation existing between Correspondent and a Customer of
                  Correspondent or any law, rule or regulation of the United
                  States, a state or territory thereof, the SEC the Federal
                  Reserve Board or other authority, applicable to any
                  transaction contemplated by this Agreement.

                  (ii) Penson shall indemnify and hold Correspondent harmless
                  against any losses, claims, damages, liabilities or expenses
                  including without limitation those asserted by Customers
                  (which shall include, but not be limited to, all costs of
                  defense and investigation and all attorney's fees) to which
                  Correspondent may become subject, insofar as such losses,
                  claims, damages, liabilities or expenses arise out of, or are
                  based upon the gross negligence or willful misconduct of
                  Penson or its employees in providing the services contemplated
                  hereunder.

                  (iii) Upon receipt by any indemnified party under this Section
                  of notice of the commencement of any action, if a claim is to
                  be made against the indemnifying party under this Section, the
                  indemnified party will promptly notify the indemnifying party.
                  The omission to notify the indemnifying party will not relieve
                  it from any liability that it may have to any indemnified
                  party otherwise than under this Section 10(a)(iii). In any
                  such action brought against any indemnified party, the
                  indemnifying party will be entitled to participate in and, to
                  the extent that it may wish, to assume the defense thereof,
                  subject to the provisions herein stated, with counsel
                  satisfactory to such indemnified party. After notice from the
                  indemnifying party to such indemnified party of its election
                  so to assume the defense thereof, the indemnifying party will
                  not be liable to such indemnified party under this Section for
                  any legal or other expense subsequently incurred by such
                  indemnified party in connection with the defense thereof other
                  than reasonable costs of investigation. The indemnified party
                  shall have the right to employ separate counsel in any such
                  action and to participate in the defense thereof, but the fees
                  and expenses of such counsel shall not be at the expense of
                  the indemnifying party if the indemnifying party has assumed
                  the defense of the action with counsel satisfactory to the
                  indemnified party.

         (b)      SECURITY INTEREST AND AUTHORIZATION TO CHARGE. Correspondent
                  grants to Penson a first lien and security interest in any
                  Correspondent Account maintained by Penson and any other
                  assets of Correspondent now or hereafter held by Penson and
                  authorizes Penson to discharge such lien by charging such
                  Account and assets with all amounts owing to Penson including,
                  but not limited to, (i) any cost or expense resulting from
                  failures to deliver or failures to receive, (ii) any losses
                  resulting from unsecured debit balances in any Customer or
                  Correspondent Account and (iii) any amounts to which Penson is
                  otherwise entitled pursuant to the provisions of Section
                  10(a). Penson shall have discretion to liquidate or sell any
                  securities without notice to Correspondent, and to determine
                  which securities

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                  to sell. Such charge may be made against Correspondent Account
                  or assets at any time and in such amount as Penson deems
                  appropriate. No delay in charging any Correspondent Account or
                  asset shall operate as a waiver of Penson's right to do so at
                  any future time as and when Penson deems appropriate. Penson
                  shall have the unlimited right to set-off any indebtedness or
                  other obligations of Correspondent under this Agreement or
                  otherwise (absolute or contingent, matured or unmatured)
                  against any obligations of Penson to Correspondent, including
                  from the Deposit (as described in Section 9 and/or any other
                  money, securities, or other property of Correspondent in
                  Penson's possession).

         (c)      RESERVES. In connection with any claim that does or could give
                  rise to a claim for indemnification under this Section 10 for
                  Penson or a Penson Indemnified Person, Penson may, in its
                  discretion, in addition to any and all other rights and
                  remedies under this Agreement, reserve and retain any money,
                  securities or other property of Correspondent pending a
                  determination of such claim. The money, securities or other
                  property of Correspondent set aside in such a reserve shall be
                  subject to Penson's standard lien and security interest
                  described in Section 10(b) above.

11.      UNDERTAKINGS OF CORRESPONDENT

         (a)      FINANCIAL STATEMENTS AND OTHER REPORTS. Correspondent will
                  furnish to Penson as soon as possible a copy of
                  Correspondent's balance sheet and statement of earnings for
                  the current fiscal year and for each of Correspondent's
                  subsequent fiscal years. Each such balance sheet and statement
                  of earnings shall be certified by independent public
                  accountants. Correspondent also shall furnish Penson with
                  copies of its monthly and quarterly Focus filings promptly
                  after filing.

         (b)      OTHER CLEARING SERVICES. During the term of this Agreement,
                  Correspondent will not sign a clearing agreement with another
                  clearing broker or dealer without prior written approval by
                  Penson.

         (c)      SUSPENSION OR RESTRICTION. In the event that Correspondent or
                  any employee of Correspondent shall become subject to
                  suspension or restriction by any regulatory body having
                  jurisdiction over Correspondent and Correspondent's securities
                  business, Correspondent will notify Penson immediately and
                  Correspondent authorizes Penson to take such steps as may be
                  necessary for Penson to maintain compliance with the rules and
                  regulations to which Penson is subject. Correspondent further
                  authorizes Penson, in any event, to comply with directives or
                  demands made upon Penson by any exchange or regulatory body
                  relative to Correspondent and Customers. In connection with
                  such directives or demands, Penson may seek advice or legal
                  counsel and Correspondent will reimburse Penson for reasonable
                  fees and expenses of such counsel.

                                     Page 12

<PAGE>   13

                                                    Proprietary and Confidential

         (d)      FIXED PRICE OFFERINGS. Correspondent agrees that in making
                  sales of Securities, as a part of a fixed price offering, it
                  will comply with all applicable rules of the NASD, including,
                  without limitation, the NASD's Interpretations with respect to
                  Free-Riding and Withholding under Article III, Sections 1 and
                  24, of the NASD's Rules of Fair Practice.

         (e)      CUSTOMER ORDERS. Correspondent represents that all orders
                  received by Penson will be in accordance with its Customers'
                  instructions. The parties hereto expressly agree that Penson
                  shall not be responsible for investigation into the facts
                  surrounding any transaction that it may have with
                  Correspondent, or that Correspondent may have with its
                  Customers or other persons, nor shall Penson be under any
                  responsibility for compliance by Correspondent with any laws
                  or regulations which may be applicable to Correspondent.

         (f)      INQUIRIES ON CERTIFICATES. Penson agrees to act as
                  Correspondent's direct inquirer under the Lost and Stolen
                  Securities Program under Rule 17f-1 (l7CFR 240.17f-1).

12.      TERMINATION OF AGREEMENT: TRANSFER OF ACCOUNTS

         (a)      EFFECTIVENESS. Unless earlier terminated as provided herein,
                  this Agreement shall remain in force for a five (5) year
                  period from the date Correspondent first processes
                  transactions with Penson. Subsequent to this initial five year
                  term, either party may terminate this Agreement by giving
                  forty-five (45) days prior written notice to the other party.

         (b)      TERMINATION BY PENSON. Notwithstanding Section 12(a), Penson
                  may terminate this Agreement at any time on five (5) days
                  written notice to Correspondent in the event that
                  Correspondent:

                  (i)      fails to comply with the terms of this Agreement and
                           upon notification by Penson fails to begin compliance
                           within 10 days from said notification; or

                  (ii)     is enjoined, prohibited or suspended, as a result of
                           an administrative or judicial proceeding, from
                           engaging in securities business activities
                           constituting all or portions of Correspondent's
                           securities business, which injunction, prohibition or
                           suspension in Penson's judgment makes impracticable
                           the fully disclosed clearing relationship established
                           in this Agreement.

         (c)      AUTOMATIC TERMINATION. In addition to any other provisions for
                  termination herein, this Agreement shall terminate immediately
                  in the event that either Correspondent or Penson ceases to
                  conduct its business or that Penson:

                                     Page 13

<PAGE>   14

                                                    Proprietary and Confidential

                  (i)      is no longer registered as a broker/dealer with the
                           SEC; or

                  (ii)     is no longer a member in good standing of the NASD;
                           or

                  (iii)    is suspended by any national securities exchange of
                           which Penson is a member for failure to comply with
                           the rules and regulations thereof.

         (d)      CONVERSION OF ACCOUNTS. In the event that this Agreement is
                  terminated for any reason, it shall be Correspondent's
                  responsibility to arrange for the conversion of Correspondent
                  and Customer Accounts to another clearing broker.
                  Correspondent will give Penson notice (the "Conversion
                  Notice") of:

                  (i)      the name of the broker that will assume
                           responsibility for clearing services for Customers
                           and Correspondent;

                  (ii)     the date on which such broker will commence providing
                           such services;

                  (iii)    Correspondent's undertaking, in form and substance
                           satisfactory to Penson, that Correspondent's
                           agreement with such broker provides that such broker
                           will accept on conversion all Correspondent and
                           Customer Accounts, then maintained by Penson; and

                  (iv)     the name of an individual within that organization
                           who Penson can contact to coordinate the conversion.
                           The Conversion Notice shall accompany Correspondent's
                           notice of termination given pursuant to Section 12(a)
                           or within thirty (30) days of the occurrence of an
                           event specified in Section 12(c).

                           If Correspondent fails to give the Conversion Notice
                  to Penson, Penson may give to Customers such notice as Penson
                  deems appropriate of the termination of this Agreement and may
                  make such arrangements as Penson deems appropriate for
                  transfer or delivery of Customer and Correspondent Accounts.
                  In addition, Correspondent shall pay any costs incurred by
                  Penson as billed by any third party vendors such as transfer
                  agents, etc.

         (e)      SURVIVAL. Termination of this Agreement shall not affect
                  Penson's rights or liabilities relating to business transacted
                  prior to the effective date of such termination. From the date
                  of termination until transfer or delivery of all Customer and
                  Correspondent Accounts, Penson's rights and liabilities
                  relating to business transacted after such termination shall
                  be governed by the same terms as those set forth in this
                  Agreement.

                                     Page 14
<PAGE>   15

                                                    Proprietary and Confidential

         (f)      NO OBLIGATION TO RELEASE. Penson shall not be required to
                  release to Correspondent any securities or cash held by Penson
                  for Correspondent in one or more Correspondent Accounts until
                  any amounts owing to Penson pursuant to the provisions of this
                  Agreement are paid; and Correspondent's outstanding
                  obligations hereunder to Penson are determined, including
                  determination of any disputed amounts, and satisfied; and any
                  property of Penson in the possession of Correspondent is
                  returned to Penson.

         (g)      TERMINATION FOR SELF CLEARING. Correspondent at its option may
                  terminate this Agreement upon forty five (45) days written
                  notice to Penson if:

                  (i)      Correspondent has processed transactions with Penson
                           for at least a thirty month period; and

                  (ii)     ****

13.      CONFIDENTIAL NATURE OF DOCUMENTS

         All agreements, documents, papers, and data in any form, supplied by
Correspondent concerning Correspondent's business or Customers shall be treated
by Penson as confidential. To the extent such documents or data are retained by
Penson, they shall be kept in a safe place and shall be made available to third
parties only as authorized by Correspondent in writing or pursuant to any order
or request of a court or regulatory body having appropriate jurisdiction. Penson
shall give Correspondent prompt notice of the receipt by Penson of any such
order or subpoena, unless prohibited from doing so by the issuing authority
which notice shall be given prior to Penson's compliance therewith. Such
documents shall be made available by Penson for inspection and examination by
Correspondent's auditors, by properly authorized agents or employees of any
regulatory bodies or commissions or by such other persons as Correspondent may
authorize in writing. Notwithstanding anything herein to the contrary,
Correspondent expressly authorizes Penson to supply any information requested
relating to Correspondent, its business, or its Customers to any regulatory body
having appropriate authority.

14.      NOTICE TO CUSTOMERS

         Subject to the requirements of the NASD Rules of Fair Practice,
Correspondent shall provide, or cause to be provided to every Customer upon the
opening of a Customer Account, notice of the existence and general terms of this
Agreement.

                                     Page 15
<PAGE>   16

                                                    Proprietary and Confidential

15.      CUSTOMER COMPLAINT PROCEDURES

         Correspondent will be responsible for the initial handling of all
Customer complaints. Any Customer who initiates a complaint with Penson will be
referred by Penson to Correspondent. If any such complaint is based upon an
alleged act or failure to act by Penson, Correspondent will notify Penson
promptly of such complaint and the basis therefor; and will consult with Penson;
and the parties will cooperate in determining the validity of such complaint and
the appropriate action to be taken.

16.      REMEDIES CUMULATIVE

         The enumeration herein of specific remedies shall not be exclusive of
any other remedies. Any delay or failure by any party to this Agreement to
exercise any right, power, remedy or privilege herein contained, or now or
hereafter existing under any applicable statute or law, shall not be construed
to be a waiver of such right, power, remedy or privilege, nor to limit the
exercise of such right, power, remedy or privilege, or shall it preclude the
further exercise thereof or the exercise of any other right, power, remedy or
privilege.

17.      GUARANTEE

         The corporation or individual(s) who guarantee the obligations of
Correspondent under this Agreement by executing the signature lines designated
for such purpose at the end of this Agreement (the "Guarantor(s)"), in
consideration of Penson's entering into the Agreement, do(es) hereby personally
guarantee(s) (jointly and severally, if more than one) the performance by
Correspondent of the provisions of the Agreement (including without limitation
the indemnification provisions of Section 10) and shall promptly pay any amount
that is not paid by Correspondent to Penson under the Agreement. This is an
absolute, unconditional and unlimited guarantee of payment and may be proceeded
upon by Penson or a Penson Indemnified Person before filing any action against
Correspondent or after any action against Correspondent has been commenced.
Guarantor(s) grants to Penson a first lien and security interest on any and all
money and securities of a Guarantor(s) held by Penson. Penson shall have the
unlimited right to set-off any amounts owed to it by Guarantor(s) against any
obligation of Penson to Guarantor(s). Penson also shall have the unlimited right
to set-off any amounts owed to it by Guarantor(s) against any obligation of
Penson to Guarantor(s). Penson also shall have the absolute and unlimited right
to sell, transfer, or liquidate any of the assets in any of Guarantor(s)'
accounts with Penson for any amounts owed to it by Correspondent or
Guarantor(s). The obligations of the Guarantor(s) shall not be discharged or
impaired or otherwise affected by the failure of Penson or a Penson Indemnified
Person to assert, claim, demand or enforce any remedy under this Agreement, nor
by waiver, modification or amendment of this Agreement or any compromise,
settlement or discharge of obligations of Correspondent under this Agreement, or
any release or impairment of any collateral by Penson or a Penson Indemnified
Person.

                                     Page 16
<PAGE>   17

                                                    Proprietary and Confidential

18.      RESPONSIBILITY FOR ERRORS; LIMIT ON LIABILITY; NO CONSEQUENTIAL DAMAGES

         In the general course of business, Penson and Correspondent shall each
be responsible for correcting their own errors. In any action by Correspondent
against Penson for any claim arising out of the relationship created by this
Agreement, Penson shall only be liable to Correspondent in cases of gross
negligence or willful misconduct, and in such cases Penson shall only be liable
for the amount or actual monetary losses suffered by Correspondent.
Correspondent, shall not, in any such action or proceeding, or otherwise, assert
any claim against Penson for consequential damages on account of any loss, cost,
damage or expense which Correspondent may suffer or incur related to
transactions in connection with this Agreement or otherwise, including, but not
limited to, any lost opportunity claims.

19.      MISCELLANEOUS

         (a)      TAX REPORTING. Penson shall be responsible for providing IRS
                  Form 1099 and other information required to be reported by
                  federal, state or local tax laws, rules or regulations, to
                  Accounts solely with respect to events subsequent to the
                  effective date of this Agreement and for the mailing of same
                  at Penson's expense.

         (b)      SCOPE OF SERVICES. Penson shall limit its services pursuant to
                  the terms of this Agreement to those services expressly set
                  forth herein and related thereto.

         (c)      MODIFICATION. This Agreement may be modified only by a writing
                  signed by both parties to this Agreement. Such modification
                  shall not be deemed as a cancellation of this Agreement.
                  Subject to the NASD Rules of Fair Practice, this agreement and
                  all modifications may be required to be submitted to the NASD
                  for approval prior to effectiveness. It is expressly
                  understood that brokerage services cannot be provided by
                  Correspondent under this Agreement until such approval, if
                  required, is received.

         (d)      ASSIGNMENT. This Agreement shall be binding upon all
                  successors, assigns or transferees of both parties hereto,
                  irrespective of any change with regard to the name of or the
                  personnel of Correspondent or Penson. Any assignment of this
                  Agreement shall be subject to the requisite review and/or
                  approval of any regulatory or self-regulatory agency or body
                  whose review and/or approval must be obtained prior to the
                  effectiveness and validity of such assignment. No assignment
                  of this Agreement shall be valid unless the non-assigning
                  party, in its sole discretion consents to such an assignment
                  in writing. Neither this Agreement nor any operation hereunder
                  is intended to be, shall not be deemed to be, and shall not be
                  treated as a general or limited partnership, association or
                  joint venture or agency relationship between Correspondent and
                  Penson.

                                     Page 17
<PAGE>   18

                                                    Proprietary and Confidential

         (e)      ACCOUNT DOCUMENTATION. Applicable laws and regulations require
                  that Penson must have proper documentation and support for any
                  Account opened on its books. If, after reasonable requests,
                  the necessary documents to enable Penson to comply with such
                  account documentation requirements of the laws and regulations
                  have not been received by Penson, Correspondent shall receive
                  notification that no further orders will be accepted for the
                  Account involved.

         (f)      CONSTRUCTION. The construction and effect of every provision
                  of this Agreement, the rights of the parties hereunder and any
                  questions arising out of the Agreement, shall be subject to
                  the statutory and common law of the state of Texas.

         (g)      ARBITRATION. In the event of a dispute between the parties,
                  such dispute shall be settled by arbitration before
                  arbitrators sitting in Dallas, Texas, in accordance with the
                  rules of the Arbitration Committee of the NASD then in effect.
                  The arbitrators may allocate attorneys' fees and arbitration
                  costs between parties, and such award shall be final and
                  binding between the parties and judgment thereon may be
                  entered in any court of competent jurisdiction.

         (h)      HEADINGS. The headings preceding the text, articles and
                  sections hereof have been inserted for convenience and
                  reference only and shall not be construed to affect the
                  meaning, construction or effect of this Agreement.

         (i)      ENTIRE AGREEMENT. This Agreement shall cover only the types of
                  services set forth herein and is in no way intended nor shall
                  it be construed to bestow upon Correspondent or Penson any
                  special treatment regarding any other arrangements, agreements
                  or understandings that presently exist between Correspondent
                  and Penson or that may hereinafter exist. Correspondent shall
                  be under no obligation whatsoever to deal with Penson or any
                  of its subsidiaries or any companies controlled directly or
                  indirectly by or affiliated with Penson, in any capacity other
                  than as set forth in this Agreement. Likewise, Penson shall be
                  under no obligation whatsoever to deal with Correspondent or
                  any of its affiliates in any capacity other than as set forth
                  in this Agreement.

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

         (k)      FORCE MAJEURE. In addition to any excuse provided by
                  applicable law, all parties hereto shall be excused for
                  liability for non-performance of this Agreement arising from
                  any event beyond any party's control, whether or not
                  foreseeable by

                                           Page 18
<PAGE>   19

                                                    Proprietary and Confidential

                  either party, including but not limited to, labor disturbance,
                  war, fire, accident, adverse weather, inability to secure
                  transportation, governmental act or regulation, inability to
                  obtain raw materials or other causes or events beyond either
                  party's control, whether or not similar to those enumerated
                  above.

         (l)      INTERPLEADER. If Penson receives conflicting claims from
                  Correspondent, a Customer and/or other persons regarding
                  money, securities or other property held by Penson, Penson
                  may, in its sole discretion, tender such money, securities or
                  other property to a court of competent jurisdiction and
                  institute an action in interpleader or other appropriate legal
                  proceeding to determine the rights of the respective
                  claimants. Penson shall have no liability to Correspondent or
                  Customers in connection with any such action, and shall be
                  entitled to reimbursement for its costs and expenses in
                  connection with such action from Correspondent.

         (m)      NOTICE. For the purposes of any and all notices, consents,
                  directions, approvals, restrictions, requests or other
                  communications required or permitted to be delivered
                  hereunder, Penson's address shall be:

                  Attention:       Daniel P. Son
                                   President
                                   Penson Financial Services, Inc.
                                   8080 N. Central, Suite 1010
                                   Dallas, Texas 75206

                  and Correspondent's address shall be:

                                   Mr. Mark Stryker
                                   CyBerBroker, Inc.
                                   1601 Rio Grande, Suite 440
                                   Austin, TX

                  Either party may provide such notice or change its address for
                  notice purposes by giving written notice pursuant to
                  registered or certified mail, return receipt requested, of the
                  new address to the other party.

         (n)      COUNTERPARTS: NASD APPROVAL. This Agreement may be executed in
                  one or more counterparts, all of which taken together shall
                  constitute a single agreement. When each party hereto has
                  executed and delivered to the other a counterpart, this
                  Agreement shall become binding on both parties, subject only
                  to any required approval by the NASD. If required by the NASD,
                  Penson will submit this Agreement to the NASD promptly
                  following execution and will notify Correspondent, or cause
                  Correspondent to be notified promptly upon receipt of such
                  approval.

                                           Page 19
<PAGE>   20

                                                    Proprietary and Confidential

MADE AND EXECUTED AT DALLAS THIS 3RD DAY OF OCTOBER, 1997.

Penson:                            Penson Financial Services, Inc.

                              By:  /s/ DANIEL P. SON
                                   ----------------------------------
                                   Daniel P. Son, President
                                   8080 N. Central, Suite 1010
                                   Dallas, Texas 75206

CORRESPONDENT:

INDIVIDUAL:
                                   ----------------------------------
                                   [Signature]

                                   ----------------------------------
                                   [Print name]

                                   ----------------------------------
                                   [Address]

                                   ----------------------------------

ENTITY:                            CYBERBROKER, INC.
                                   ----------------------------------
                                   [Name]

                                   CORPORATION
                                   ----------------------------------
                                   [Type of Entity, i.e., corporation
                                    partnership, etc.]

                              By:  /s/ MARK STRYKER
                                   ----------------------------------

                              Its: CHIEF OPERATING OFFICER
                                   ----------------------------------
                                   1601 RIO GRANDE
                                   ----------------------------------
                                   [Address]

                                   SUITE 440
                                   ----------------------------------
                                   AUSTIN, TX 78701
                                   ----------------------------------

                                    Page 20
<PAGE>   21

                                                    Proprietary and Confidential

GUARANTEE: The undersigned individual(s) or corporation hereby guarantee(s) the
obligations of Correspondent under the Agreement as provided in Section 17 of
the Agreement.

INDIVIDUAL GUARANTOR(S):
                                   ----------------------------------
                                   [Signature]

                                   [Print name]

                                   ----------------------------------

                                   ----------------------------------
                                   [Signature]

                                   ----------------------------------
                                   [Print name)

                                   ----------------------------------
                                   [Signature]

                                   ----------------------------------
                                   [Print name]

CORPORATE GUARANTOR:
                                   ----------------------------------
                                   [Name of Corporation]

                              By:
                                   ----------------------------------

                              Its:
                                   ----------------------------------

                                   ----------------------------------
                                   [Address]

                                   ----------------------------------

                                   ----------------------------------

                                    Page 21
<PAGE>   22

                                                    Proprietary and Confidential

                                   SCHEDULE A
    TO CLEARING AGREEMENT BETWEEN PENSON FINANCIAL SERVICES, INC. ("PENSON")
                     AND CYBERBROKER, INC. ("CORRESPONDENT")

         ****

                                    Page 22
<PAGE>   23

                                                    Proprietary and Confidential

               AMENDMENT TO THE FULLY DISCLOSED CLEARING AGREEMENT
                                     BETWEEN
                         PENSON FINANCIAL SERVICES, INC.
                                       AND
                                CYBERBROKER, INC.
                             (NAME OF CORRESPONDENT)

This is an Amendment dated July 19, 1999, ("Amendment") to the Fully Disclosed
Clearing Agreement ("Agreement") between Penson Financial Services, Inc., a
division of Service Asset Management Company, a North Carolina corporation and
CyBer Broker, Inc. (Name of Correspondent)

                                   BACKGROUND

In light of recent amendments to NASD Rule 3230, revisions have been made to
certain provisions of the Agreement to incorporate the requirements of these
amendments.

As such the following provisions of the Agreement are hereby amended to read as
follows (revisions are noted in bold print):

4.       MAINTENANCE OF BOOKS AND RECORDS

         Penson will maintain stock records and other records on a basis
         consistent with generally accepted practices in the securities industry
         and will maintain copies of such records in accordance with the NASD
         and SEC guidelines for record retention in effect from time to time. AT
         THE TIME THIS AGREEMENT IS EXECUTED AND ANNUALLY THEREAFTER, PENSON
         WILL PROVIDE CORRESPONDENT WITH A LIST OR DESCRIPTION OF ALL EXCEPTION
         OR OTHER REPORTS THAT IT OFFERS TO CORRESPONDENT. ANNUALLY, PENSON WILL
         PROVIDE CORRESPONDENT WITH A LIST OF THOSE REPORTS REQUESTED BY OR
         SUPPLIED TO CORRESPONDENT AND WILL PROVIDE A COPY OF SUCH NOTICE TO
         CORRESPONDENT'S DEA. Penson and Correspondent shall each be responsible
         for preparing and filing the reports required by the governmental and
         regulatory agencies that have jurisdiction over each and Penson and
         Correspondent will provide the other with such information, if any,
         which is in the control of one party but is required by the other to
         prepare any such report.

5.       RECEIPT, DELIVERY AND SAFEGUARDING OF FUNDS AND SECURITIES

         (d) Draft-Issuing Authority. At its discretion Penson may authorize
         certain of Correspondent's employees to sign drafts as drawer payable
         to Correspondent's Customers in amounts and pursuant to conditions as
         may be determined by Penson from time to time. Correspondent agrees
         that it will not request Penson to authorize someone to sign drafts who
         is not an employee of Correspondent. CORRESPONDENT FURTHER AGREES THAT
         THIS AUTHORITY SHALL NOT BE GRANTED BY PENSON UNTIL CORRESPONDENT HAS
         NOTIFIED PENSON IN WRITING THAT IT HAS ESTABLISHED AND WILL MAINTAIN
         AND ENFORCE SUPERVISORY PROCEDURES WITH RESPECT TO THE ISSUANCE OF SUCH
         INSTRUMENTS. Correspondent agrees to fully indemnify Penson from the
         negligence, fraud, or mistakes of Correspondent or Correspondent's
         employees in connection with any draft issuing authority granted to
         them and Correspondent authorizes Penson to charge any Correspondent
         Account or any other assets of Correspondent held by Penson with the
         amount of any such losses. Notwithstanding Section 5(a), Penson will
         not be responsible for the safeguarding of funds withdrawn by
         Correspondent or Correspondent's employees pursuant to such draft
         issuing authority. Penson may withdraw this draft issuing privilege
         without notice at any time during the term of this Agreement.
         Notwithstanding anything herein to the contrary, Penson may at any

<PAGE>   24

                                                    Proprietary and Confidential

         time, at its sole discretion, despite any prior authorization, refuse
         payment on any draft for which Correspondent is drawer and Penson is
         payee.

15.      CUSTOMER COMPLAINT PROCEDURES

         Correspondent will be responsible for the initial handling of all
         Customer complaints. Any Customer who initiates a complaint with Penson
         will be referred by Penson to Correspondent. PENSON WILL FORWARD ANY
         COMPLAINTS RECEIVED TO CORRESPONDENT'S DESIGNATED EXAMINING AUTHORITY
         ("DEA"). PENSON WILL ALSO NOTIFY THE CUSTOMER IN WRITING THAT THE
         COMPLAINT WAS RECEIVED AND WAS FORWARDED TO CORRESPONDENT AND TO
         CORRESPONDENT'S DEA. If any such complaint is based upon an alleged act
         or failure to act by Penson, Correspondent will notify Penson promptly
         of such complaint and the basis therefor; and will consult with Penson;
         and the parties will cooperate in determining the validity of such
         complaint and the appropriate action to be taken.

Please note that these revisions supercede Sections 4, 5(d), and 15 reflected in
the original Agreement. All other terms and conditions of the Agreement remain
in full force and effect.

PENSON FINANCIAL SERVICES, INC.           CyBerBroker, Inc.
                                          ------------------------------------
                                          (Name of Correspondent)

By: /s/ PHILIP A. PENDERGRAFT             By: /s/ MARK K. STRYKER
    --------------------------------          --------------------------------

Printed Name: Philip A. Pendergraft       Printed Name: Mark K. Stryker
              ----------------------                    ----------------------

Title: EVP                                Title: CEO
       -----------------------------             -----------------------------

Date: 7/29/99                             Date: 7/27/99
      ------------------------------            ------------------------------<PAGE>   1
Redacted portions have been marked with asterisks (****). Confidential treatment
has been requested for the redacted portions. The confidential redacted portions
have been filed separately with the Securities and Exchange Commission.

                                                                    EXHIBIT 10.4

                                                    Proprietary and Confidential

                          REMOTE PROCESSING AGREEMENT

                                    BETWEEN

                         SUNGARD FINANCIAL SYSTEMS INC.

                             a Delaware corporation

                                  ("SUNGARD")

                                      AND

                        PENSON FINANCIAL SERVICES, INC.

                          a North Carolina corporation

                                  ("CUSTOMER")

                                     DATED

                                     July 10     , 1995
                               ------------------
                               ("Effective Date")

By the signatures of their duly authorized representatives below, SunGard and
Customer, intending to be legally bound, agree to all of the provisions of this
Agreement and all Schedules and Addenda to this Agreement.

SUNGARD FINANCIAL SYSTEMS INC.              PENSON FINANCIAL SERVICES, INC.

BY: /s/ DAVID H. TAYLOR                      BY: /s/ DANIEL P. SON
   -------------------------------              -------------------------------

PRINT NAME: David H. Taylor                  PRINT NAME: Daniel P. Son
           -----------------------                      -----------------------

PRINT TITLE: President                       PRINT TITLE: President
            ----------------------                       ----------------------

DATE SIGNED: 7-18-95                         DATE SIGNED: 7-10-95
            ----------------------                       ----------------------

--------------------------------------------------------------------------------

SUNGARD

<PAGE>   2
                                                    Proprietary and Confidential

1.       SERVICES

         1.1      PROVISION OF SERVICES. SunGard shall provide to Customer, and
                  Customer shall accept, the on-line processing, report services
                  and related services described on Schedule A to this Agreement
                  ("System Services") available through use of SunGard's
                  proprietary applications software system identified on
                  Schedule A to this Agreement ("System") and the related
                  documentation listed on Schedule A ("Documentation"), as the
                  System Services, System and Documentation may be modified,
                  revised and updated in accordance with this Agreement.

         1.2      ON-LINE PROCESSING SERVICES. SunGard shall provide to Customer
                  the on-line processing services described on Schedule A. The
                  System will be available to Customer twenty-four hours a day
                  except during System maintenance. Customer will have on-line
                  access to the System during every day that any of the United
                  States securities markets are open ("Business Day"). On each
                  Business Day, SunGard will perform a daily batch cycle which
                  will begin at 8:00 p.m. Eastern Time and takes approximately
                  twelve (12) hours for normal data processing, unless
                  additional processing is required by Customer ("Batch Cycle").
                  During the Batch Cycle access by Customer to the System is
                  limited to the inquiry functions and order entry of trades for
                  next Business Day processing. If Customer requests a delay in
                  the commencement of the Batch Cycle or if any clearing
                  entities are not available to be accessed by the System, Batch
                  Processing may be delayed and the System may not be available
                  for next Business Day processing for approximately twelve (12)
                  hours after the commencement of the Batch Cycle. The
                  Designated Location will be staffed at SunGard's usual levels
                  twenty-four (24) hours a day seven (7) days a week.

         1.3      REPORT SERVICES. SunGard shall provide to Customer the report
                  services described on Schedule A, subject to any advance
                  notification procedures stated on Schedule A. SunGard shall
                  transmit all reports to Customer in the manner described in
                  the Documentation.

         1.4      CUSTOMER DATA. Customer shall supply to SunGard all of the
                  data to be processed under this Agreement as described on
                  Schedule A and in the Documentation. Customer shall transmit
                  the data to SunGard by communications link or in another
                  manner described on Schedule A. Customer shall use its best
                  efforts to insure that any information or data which it
                  introduces into the System is accurate and complete. Customer
                  shall maintain copies of all source data and current backup
                  copies of all data supplied to SunGard, and SunGard shall have
                  no liability for any loss or damage caused by Customer's
                  failure to maintain copies.

         1.5      LIMITED USE. Customer may use the System Services and
                  Documentation only in the ordinary course of its business
                  operations and for its own business purposes, including the
                  processing of trades of Customer's correspondent brokers in
                  its ordinary course of business. Customer shall use the System
                  Services only in accordance with the Documentation. Customer
                  may use only the copies of the Documentation that are provided
                  by SunGard, except that Customer may copy the Documentation to
                  the extent reasonably necessary for routine backup and
                  disaster recovery purposes.

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                                                    Proprietary and Confidential

2.       INITIAL IMPLEMENTATION SUPPORT AND TRAINING

         2.1      INITIAL IMPLEMENTATION. SunGard shall provide and Customer
                  shall accept the initial implementation Support described on
                  Schedule C. This shall include delivery to Customer of the
                  initial Copies of the Documentation stated on Schedule C and
                  assistance with any other implementation or related activities
                  described on Schedule C. Subject to the availability of
                  SunGard's personnel, SunGard shall provide to Customer
                  additional implementation support services reasonably
                  requested by Customer. After delivery, Customer shall bear all
                  risk of loss or damage to all copies of the Documentation
                  delivered by SunGard to Customer. SunGard shall provide to
                  Customer replacement or additional copies of the Documentation
                  reasonably requested by Customer.

         2.2      TRAINING. SunGard shall provide and Customer shall accept the
                  Minimum Training described on Schedule C. This shall include
                  basic training in the use of the System Services for a
                  reasonable number of Customer's employees. Subject to the
                  availability of SunGard's personnel, SunGard shall provide to
                  Customer additional training services reasonably requested by
                  Customer. SunGard shall provide training at Customer's
                  location(s) whenever SunGard and Customer agree on-site
                  training is appropriate.

3.       SUNGARD'S OTHER OBLIGATIONS

         3.1      ONGOING SUPPORT SERVICES. SunGard shall provide the following
                  ongoing support services to Customer:

                  (a)      TELEPHONE SUPPORT. SunGard shall provide to Customer,
                           during SunGard's normal business hours, Monday
                           through Friday from 7:30 a.m. Eastern Time to 7:30
                           p.m. Eastern Time (except that Customer and SunGard
                           may agree in advance to provide support services on
                           U.S. holidays), telephone consultative support
                           through SunGard's Customer Support Department
                           regarding Customer's proper and authorized use of the
                           Software. During normal business hours, SunGard shall
                           provide access to at least one of the following
                           people: (i) the primary support person for customer
                           account, (ii) the project manager for customer's
                           account or (iii) a senior manager of SunGard. In
                           addition, telephone consultive support will be
                           provided through the SunGard hotline twenty-four (24)
                           hours a day seven (7) days a week.

                  (b)      ERROR CORRECTIONS. SunGard shall use commercially
                           reasonable efforts to correct failures of the
                           Software to perform in accordance with the
                           Documentation ("Errors") as follows:

                           1. CLASSIFICATION OF ERRORS. An Error shall be
                           classified in accordance with the following terms:

                                    CLASS 1 ERROR. A "Class 1 Error" is any
                                    Error that renders continued use of the
                                    Software either impossible or seriously
                                    impractical and either interrupts production
                                    by Customer or makes continued production
                                    substantially costly to Customer.

                                    CLASS 2 ERROR. A "Class 2 Error" is any
                                    Error that is not a Class 1 Error.

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                                                    Proprietary and Confidential

                           2. NOTIFICATION OF ERRORS. SunGard shall provide to
                           Customer a list of persons (in increasing positions
                           of authority) and telephone numbers ("Calling List")
                           for Customer to contact in order to report an error.
                           When reporting any Error, Customer shall provide the
                           classification of the Error and reasonably detailed
                           documentation and explanation, together with
                           underlying data, to substantiate the Error and to
                           assist SunGard in its efforts to diagnose and correct
                           the Error. Customer will immediately report any Class
                           1 Error. If SunGard detects a Class 1 Error, then
                           SunGard will immediately contact Customer.

                           3. RESPONSE TIME. SunGard shall use commercially
                           reasonable efforts to respond to Customer's initial
                           Error reports with off-site telephone consultation,
                           assistance and advice within fifteen (15) minutes for
                           Class 1 Errors and within one (1) hour for Class 2
                           Errors, but in any event, SunGard shall respond
                           within four working hours. If SunGard fails to so
                           respond, or if the designated person from the Calling
                           List is not available when Customer makes contact
                           with SunGard to report an Error, then Customer shall
                           attempt to contact the next more responsible person
                           of the Calling List until contact is made and a
                           designated person responds to the call.

                                    CLASS 1 ERRORS. For any Class 1 Error,
                                    SunGard shall take all reasonably necessary
                                    steps to supply a reasonable work-around or
                                    correction to Customer as soon as possible.
                                    This will include assigning qualified,
                                    dedicated staff to work on the Error 24
                                    hours per day, 7 days per week, at either
                                    the SunGard site or Designated Location as
                                    necessary. Upon detecting or being notified
                                    of a Class 1 Error, SunGard shall
                                    immediately assemble the appropriate
                                    personnel to analyze the problem, identify
                                    potential solutions and determine the best
                                    plan of action. Customer shall participate
                                    in this process when necessary and provide
                                    SunGard with additional documentation and
                                    examples, if possible, to assist in
                                    resolving the Error. SunGard personnel shall
                                    be dedicated to resolving the Error until an
                                    acceptable work-around or correction is
                                    supplied or until Customer determines in its
                                    reasonable judgment after consultation with
                                    SunGard that a work around or correction
                                    cannot be produced. A SunGard representative
                                    shall keep Customer informed of the status.

                                    CLASS 2 ERRORS. For any Class 2 Error,
                                    SunGard shall work with Customer to document
                                    the Error through mutually established
                                    standards. Class 2 Errors shall be resolved
                                    according to mutually agreed priorities.
                                    SunGard personnel shall be dedicated to
                                    resolving Class 2 Errors through SunGard's
                                    normal software support procedures.

         3.2      MODIFICATIONS. SunGard shall provide to Customer, and Customer
                  shall accept, the following modifications to System Services:

                  (a)      SunGard shall provide modifications, revisions and
                           updates to the System Services which SunGard, in its
                           sole discretion, incorporates into the System
                           Services without additional charge.

                  (b)      SunGard shall use commercially reasonable efforts to
                           develop and implement changes to the System so that
                           the System Services will continue to comply with
                           applicable rules and regulations of regulatory
                           authorities as they may change from time to time.

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                                                    Proprietary and Confidential

                  (c)      At SunGard's option and subject to the availability
                           of SunGard personnel, SunGard shall evaluate and, if
                           feasible and appropriate, produce and implement
                           Customer requests for modifications in the System
                           Services or the System. In SunGard's sole discretion,
                           it may implement requested modifications at no charge
                           in accordance with Section 3.1(a) or offer them at an
                           additional charge in accordance with Section 3.4.

                  (d)      SunGard shall deliver updates to the Documentation
                           whenever SunGard determines, in its sole discretion,
                           that such updates are necessary.

                  (e)      Customer shall accept modifications, revisions and
                           updates in the System Services, System and
                           Documentation, including changes in programming
                           languages, rules of operation and screen or report
                           format, as and when they are implemented by SunGard
                           and provided the modifications, revisions or updates
                           do not have a material adverse effect on the System
                           Services. Customer acknowledges that modifications,
                           revisions and updates in the System Services and the
                           System permitted by this Agreement may result in
                           changes in the form, timing or other features of
                           on-line services, reports and other System Services
                           provided under this Agreement.

         3.3      ENHANCEMENTS. SunGard shall offer to Customer the opportunity
                  to purchase services available through use of refinements,
                  improvements and enhancements to the System which SunGard, in
                  its sole discretion, does not incorporate into the System
                  without additional charge.

         3.4      CONSULTING AND OTHER SERVICES. At Customer's reasonable
                  request and subject to the availability of SunGard's
                  personnel, SunGard shall provide to Customer conversion
                  assistance, consulting services, custom modification
                  programming, support services relating to custom
                  modifications, assistance with data transfers, assistance in
                  the use of the System Services security mechanisms and other
                  specialized support services with respect to the System
                  Services. These services shall be provided by SunGard at
                  Customer location(s) if SunGard and Customer agree that
                  on-site services are appropriate.

         3.5      BACKUP COPIES AND DISASTER RECOVERY. SunGard will make a
                  backup copy, in digital form, of Customer's data files then in
                  SunGard's possession (i) at the end of each business day and
                  stored at an off-site location for a period of five (5)
                  business days and (ii) at the end of each month and saved at
                  an off-site location for a period of the twelve (12) months,
                  provided that the monthly data files for the first four (4)
                  months of any tax year will be saved until the fifth month of
                  the following tax year. SunGard will maintain an agreement for
                  backup processing services with an affiliated company
                  consisting of the right to use an installed, fully operational
                  computer system and networking capability subject to the
                  availability of computer and other hardware. The backup
                  processing will be performed by SunGard using backup copies
                  which will be sent to the backup facility. Customer will be
                  charged for any recovery services associated with any computer
                  hardware or communications equipment required for Customer or
                  its correspondent brokers to access the System that is not
                  located at the Designated Location. In the case of an
                  emergency requiring backup processing, SunGard will promptly
                  contact the person or persons designated in writing by
                  Customer to be notified in such circumstance.

         3.6      SPECIAL PROCESSING. Upon the request of Customer and subject
                  to the limitations of the applications and hardware, SunGard
                  will use commercially reasonable efforts to provide special
                  processing services such as additional, customized reports or
                  other enhancements that are not included the processing
                  services provided under this Agreement. Such special

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                                      -4-

<PAGE>   6

                                                    Proprietary and Confidential

                  processing services will be provided for an additional charge
                  agreed upon by Customer and SunGard in writing.

4.       CUSTOMER'S OTHER OBLIGATIONS

         4.1      ACCESS TO FACILITIES AND EMPLOYEES. Customer shall provide to
                  SunGard access to the Customer's facilities, equipment and
                  employees, and shall otherwise cooperate with SunGard, as
                  reasonably necessary for SunGard to perform its
                  implementation, training, support and other obligations under
                  this Agreement.

         4.2      PROCUREMENT OF HARDWARE AND OTHER ITEMS. Customer shall be
                  responsible, at its expense, for procuring and maintaining the
                  communications equipment and lines, computer equipment,
                  software and all other out of pocket expenses, which comprise
                  the Specified Configuration described on Schedule A, and for
                  updating the Specified Configuration in accordance with
                  SunGard's published updates to Schedule A.

         43       NOTICES AND CERTIFICATIONS. Customer shall give written notice
                  to SunGard (in accordance with Section 9.1) whenever Customer
                  intends to increase the transaction volume, in any material
                  respect, to be processed on the System. Customer shall
                  promptly complete and return to SunGard periodic
                  certifications which SunGard, in its sole discretion, may from
                  time to time send to Customer, certifying that Customer has
                  complied and is then in compliance with the provisions of
                  Section 7.

         4.4      CERTAIN LEGAL REQUIREMENTS. Customer shall be responsible, at
                  its expense, for complying with all laws and regulations of
                  any jurisdiction applicable to use of System Services,
                  including laws and regulations pertaining to (a) remote use of
                  software and related property, (b) communication or
                  transmission of data into or out of a jurisdiction or (c)
                  registration of this Agreement. Customer shall indemnify and
                  hold harmless SunGard (and its affiliates, and the respective
                  directors, officers, employees and agents of SunGard and its
                  affiliates) from and against all actions, claims, damages or
                  liabilities (including reasonable attorneys' fees) arising out
                  of any violation by Customer of any such laws or regulations.

5.       PAYMENTS

         5.1      INITIAL IMPLEMENTATION SUPPORT AND MINIMUM TRAINING. Customer
                  shall pay to SunGard the fees for Initial Implementation
                  Support and Minimum Training in the amounts stated on Schedule
                  C, in accordance with the payment terms stated on Schedule C.

         5.2      MONTHLY FEES. On a monthly basis, beginning on the first day
                  of processing live trades on the System ("Effective Date") and
                  continuing until termination of this Agreement, Customer shall
                  pay to SunGard the fees described on Schedule C. Customer
                  shall pay minimum monthly fees for certain services as stated
                  on Schedule C.

         5.3      SPECIAL SERVICE FEES. Customer shall pay to SunGard the
                  service fees stated on Schedule C for conversion, consulting
                  services, custom modification programming, support services
                  relating to custom modifications, assistance with data
                  transfers, and other specialized support services under
                  Sections 3.4. In each case where service fees are not
                  specified on Schedule C, then the fees for such services shall
                  be based upon SunGard's standard professional fee rates.
                  SunGard's standard professional fee rates in effect on the
                  date of this Agreement are stated on Schedule C and are
                  subject to increase in the ordinary course of business.

         5.4      EXPENSE REIMBURSEMENTS. Customer shall be responsible for all
                  out-of-pocket expenses to receive, deliver or transmit reports
                  or data, and shall reimburse SunGard for all such

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                                                    Proprietary and Confidential

                  expenses incurred by SunGard. Whenever any services are
                  provided by SunGard at a Customer location or any other
                  location requested by Customer other than one of SunGard's
                  locations, Customer shall reimburse SunGard for its reasonable
                  travel, lodging, meal and related expenses incurred by SunGard
                  personnel in providing such services.

         5.5      OTHER FEES. If Customer requires replacement or additional
                  copies of the Documentation, then Customer shall pay to
                  SunGard the corresponding fees stated on Schedule C.

         5.6      TAXES. The fees and other amounts payable by Customer to
                  SunGard under this Agreement do not include any taxes of any
                  jurisdiction that may be assessed or imposed upon the services
                  provided under this Agreement or the copies of the
                  Documentation provided to Customer, including sales, use,
                  excise, value added, personal property, export, import and
                  withholding taxes, excluding only taxes based upon SunGard's
                  net income. Customer shall directly pay any such taxes
                  assessed against it, and Customer shall promptly reimburse
                  SunGard for any such taxes payable or collectable by SunGard.

         5.7      PAYMENT TERMS. SunGard shall submit invoices to Customer on a
                  monthly basis for monthly fees and routine expense
                  reimbursements. SunGard shall submit invoices to Customer for
                  any other fees or expense reimbursements as and when incurred.
                  All invoices shall be sent to Customer's address for invoices
                  stated on Schedule A. Customer's payments shall be due within
                  thirty (30) days after receipt of Invoice. Interest at the
                  rate of eighteen percent (18%) per annum (or, if lower, the
                  maximum rate permitted by applicable law) shall accrue on any
                  amount not paid by Customer to SunGard when due under this
                  Agreement, and shall be payable by Customer to SunGard on
                  demand unless subject to a good faith dispute. Except as
                  provided in Sections 6.1 and 6.2(c), all fees and other
                  amounts paid by Customer under this Agreement are
                  non-refundable, unless subject to a good faith dispute.

         5.8      FEE INCREASES. Beginning on the first day of the sixth (6th)
                  year of processing of live trades and on an annual basis, by
                  giving at least one hundred and twenty (120) days advance
                  written notice to Customer (in accordance with Section 9.1),
                  SunGard may increase the fees payable under this Agreement.

6.       WARRANTIES AND LIMITATIONS

         6.1      PERFORMANCE. SunGard shall use reasonable care in processing
                  all work transmitted to it by Customer. SunGard shall have no
                  liability under this Section 6.1 unless, within thirty (30)
                  days after the applicable date of service, SunGard receives
                  notice from Customer (in accordance with Section 9.1)
                  describing a material processing error caused by SunGard's
                  failure to use reasonable care, together with adequate
                  supporting documentation and data. Upon receipt of any such
                  notice, SunGard's only obligation under this Section 6.1 is to
                  correct the error and redo the work affected as soon as
                  reasonably practical at no additional charge, or, at SunGard's
                  option, to refund or credit the charges applicable to the work
                  affected.

         6.2      RIGHT TO PERFORM SERVICES; NO INFRINGEMENT. SunGard warrants
                  to Customer that it has the full legal right to use the System
                  to provide the System Services in accordance with this
                  Agreement, and that the System Services and Documentation, in
                  the form delivered to Customer by SunGard and when properly
                  used for the purpose and in the manner specifically authorized
                  by this Agreement, do not infringe in any material respect
                  upon any United States patent or copyright or any trade secret
                  or other proprietary right of any person. SunGard shall
                  reimburse Customer for any damages finally awarded against and
                  paid by Customer to the extent attributable to a violation of
                  the foregoing warranty. SunGard shall have no liability under
                  this Section 6.2 unless Customer gives written notice to
                  SunGard (in accordance with Section 9.1) within ten (10) days
                  after any applicable

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                                                    Proprietary and Confidential

                  infringement claim is initiated against Customer and allows
                  SunGard to have sole control of the defense or settlement of
                  the claim. If any applicable infringement claim is initiated,
                  or in SunGard's sole opinion is likely to be initiated,
                  against Customer or SunGard, then SunGard shall have the
                  option, at its expense, to:

                  (a)      modify or replace all or the infringing part of the
                           System Services, System or Documentation so that it
                           is no longer infringing, provided that the System
                           Services do not change in any material adverse
                           respect; or

                  (b)      procure the right to continue using or providing the
                           infringing part of the System Services, System or
                           Documentation; or

                  (c)      remove all or the infringing part of the System
                           Services, System or Documentation, and refund to
                           Customer the corresponding portion of any monthly fee
                           paid in advance, in which case this Agreement shall
                           terminate with respect to the affected System
                           Services.

         6.3      CARE OF DATA. SunGard shall use commercially reasonable care
                  in handling tapes or other materials which encode or contain
                  data belonging to Customer. SunGard's only obligation for
                  breach of this Section 6.3 shall be to replace or repair the
                  tape or material lost or damaged and to make commercially
                  reasonable efforts to regenerate any lost data from backup
                  copies maintained by SunGard or from source data provided by
                  Customer.

         6.4      APPLICATION OF DATA. SunGard shall have no liability for any
                  loss or damage resulting from any application of the results
                  obtained from the use of any services provided under this
                  Agreement or from any unintended or unforeseen results
                  obtained from the use of any services provided under this
                  Agreement.

         6.5      EXCLUSION FOR UNAUTHORIZED ACTIONS. SunGard shall have no
                  liability under any provision of this Agreement with respect
                  to any performance problem, claim of infringement or other
                  matter to the extent attributable to any unauthorized or
                  improper use or modification of the System, any unauthorized
                  combination of the System with other software (other than
                  software included in the Specified Configuration), or any
                  breach of this Agreement by Customer.

         6.6      FORCE MAJEURE. SunGard shall not be liable for, nor shall
                  SunGard be considered in breach of this Agreement due to, any
                  failure to perform its obligations under this Agreement as a
                  result of a cause beyond its control, including any act of God
                  or a public enemy, act of any military, civil or regulatory
                  authority, change in any law or regulation, fire, flood,
                  earthquake, storm or other like event, disruption or outage of
                  communications, power or other utility, labor problem,
                  unavailability of supplies, or any other cause, whether
                  similar or dissimilar to any of the foregoing, which could not
                  have been prevented by SunGard with reasonable care. Customer
                  acknowledges that availability of System Services is subject
                  to normal System downtime and that SunGard is not responsible
                  for delays or inability to access services caused by
                  communications problems.

         6.7      DISCLAIMER AND EXCLUSIONS. EXCEPT AS EXPRESSLY STATED IN THIS
                  AGREEMENT, SUNGARD MAKES NO REPRESENTATIONS OR WARRANTIES,
                  ORAL OR WRITTEN, EXPRESSED OR IMPLIED, INCLUDING IMPLIED
                  WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
                  PURPOSE, REGARDING THE SYSTEM, THE SYSTEM SERVICES OR ANY
                  OTHER MATTER PERTAINING TO THIS AGREEMENT. EXCEPT FOR DAMAGES
                  REIMBURSABLE UNDER SECTION 6.2, SUNGARD'S TOTAL LIABILITY
                  UNDER THIS AGREEMENT SHALL UNDER NO CIRCUMSTANCES EXCEED AN
                  AMOUNT EQUAL TO FIVE HUNDRED THOUSAND DOLLARS ($500,000).
                  UNDER NO CIRCUMSTANCES

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<PAGE>   9

                                                    Proprietary and Confidential

                  SHALL SUNGARD BE LIABLE TO CUSTOMER OR ANY OTHER PERSON FOR
                  LOST REVENUES, LOST PROFITS, LOSS OF BUSINESS, OR ANY INDIRECT
                  OR CONSEQUENTIAL DAMAGES OF ANY NATURE, WHETHER OR NOT
                  FORESEEABLE.

         6.8      OTHER LIMITATIONS. The warranties made by SunGard in this
                  Agreement, and the obligations of SunGard under this
                  Agreement, run only to Customer and not to its affiliates, its
                  customers or any other persons. Under no circumstances shall
                  any other person be considered a third party beneficiary of
                  this Agreement or otherwise entitled to any rights or remedies
                  under this Agreement. Customer shall have no rights or
                  remedies against SunGard except as specifically provided in
                  this Agreement. No action or claim of any type relating to
                  this Agreement may be brought or made by Customer more than
                  one (1) year after Customer first has knowledge of the basis
                  for the action or claim.

7.       CONFIDENTIALITY, OWNERSHIP AND RESTRICTIVE COVENANTS

         7.1      CONFIDENTIAL INFORMATION. All business information disclosed
                  by one party to the other in connection with this Agreement
                  shall be treated as confidential information unless it is or
                  later becomes publicly available through no fault of the other
                  party or it was or later is rightfully developed or obtained
                  by the other party from independent sources free from any
                  duty of confidentiality. Each party's confidential information
                  shall be held in strict confidence by the other party,
                  using the same standard of care as it uses to protect its own
                  confidential information, and shall not be used or disclosed
                  by the other party for any purpose except as necessary to
                  implement or perform this Agreement, or except as required by
                  law provided that the other party is given a reasonable
                  opportunity to obtain a protective order. Without limiting the
                  generality of the foregoing, such confidential information
                  shall include Customer's data, reports generated by SunGard
                  from Customer's data and the details of Customer's computer
                  operations.

         7.2      SUNGARD'S PROPRIETARY ITEMS. Customer acknowledges that the
                  System and Documentation, the object code and the source code
                  for the System, the name of the System, the visual
                  expressions, screen formats, report formats and other design
                  features of the System, all ideas, methods, algorithms,
                  formulae and concepts used in developing and/or incorporated
                  into the System or Documentation, all future modifications,
                  revisions, updates, releases, refinements, improvements and
                  enhancements of the System or Documentation, all derivative
                  works based upon any of the foregoing, and all copies of the
                  foregoing (referred to, collectively, as "Proprietary Items"
                  are trade secrets and proprietary property of SunGard, having
                  great commercial value to SunGard. Customer acknowledges that
                  the restrictions in this Agreement are reasonable and
                  necessary to protect SunGard's legitimate business interests.

         7.3      OWNERSHIP RIGHTS. All Proprietary Items provided to Customer
                  under this Agreement are being provided on a strictly
                  confidential and limited use basis. Title to all Proprietary
                  Items and all related patent, copyright, trademark, service
                  mark, trade secret, intellectual property and other ownership
                  rights shall remain exclusively with SunGard, even with
                  respect to such items that were created by SunGard
                  specifically for or on behalf of Customer. This Agreement is
                  not an agreement of sale, and no title, patent, copyright,
                  trademark, service mark, trade secret, intellectual property
                  or other ownership rights to any Proprietary Items are
                  transferred to Customer by virtue of this Agreement. All
                  copies of Proprietary Items in Customer's possession shall
                  remain the exclusive property of SunGard and shall be deemed
                  to be on loan to Customer during the term of this Agreement.

         7.4      DISCLOSURE RESTRICTIONS. All Proprietary Items in Customer's
                  possession, whether or not authorized, shall be held in strict
                  confidence by Customer, and Customer shall take all steps
                  reasonably necessary to preserve the confidentiality thereof.
                  Customer shall not, directly

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                                       -8-

<PAGE>   10

                                                    Proprietary and Confidential

                  or indirectly, communicate, publish, display, loan, give or
                  otherwise disclose any Proprietary Item to any person, or
                  permit any person to have access to or possession of any
                  Proprietary Item. Customer shall limit its use of and access
                  to Proprietary Items to only those of its employees whose
                  responsibilities require such use or access. Customer shall
                  advise all such employees, before they receive access to or
                  possession of any Proprietary Items, of the confidential
                  nature of the Proprietary Items and require them to abide by
                  the terms of this Agreement. Customer shall be liable for any
                  breach of this Agreement by any of its employees or any other
                  person who obtains access to or possession of any Proprietary
                  Item from or through Customer.

         7.5      USE RESTRICTIONS. Customer shall not do, nor shall it permit
                  any other person to do, any of the following:

                  (a)      use any Proprietary Item for any purpose, at any
                           location or in any manner not specifically authorized
                           by this Agreement; or

                  (b)      make or retain any copy of any Proprietary Item
                           except as specifically authorized by this Agreement;
                           or

                  (c)      create or recreate the source code for the System, or
                           re-engineer, reverse engineer, decompile or
                           disassemble the System; or

                  (d)      modify, adapt, translate or create derivative works
                           based upon the System or Documentation, or combine or
                           merge any part of the System or Documentation with or
                           into any other software or documentation; or

                  (e)      refer to or otherwise use any Proprietary Item as
                           part of any effort to develop a program having any
                           functional attributes, visual expressions or other
                           features similar to those of the System or to compete
                           with SunGard; or

                  (f)      remove, erase or tamper with any copyright or other
                           proprietary notice printed or stamped on, affixed to,
                           or encoded or recorded in any Proprietary Item, or
                           fail to preserve all copyright and other proprietary
                           notices in any copy of any Proprietary Item made by
                           Customer; or

                  (g)      sell, market, license, sublicense, distribute or
                           otherwise grant to any person, including any
                           outsourcer, vendor, consultant or partner, any right
                           to use any Proprietary Item, whether on Customer's
                           behalf or otherwise; or

                  (h)      use the System to conduct any type of service bureau
                           or timesharing operation or to provide remote
                           processing, network processing, network
                           communications or similar services to any person,
                           whether on a fee basis or otherwise; or

                  (i)      attempt to do any of the foregoing.

         7.6      NOTICE AND REMEDY OF BREACHES. Customer shall promptly give
                  written notice to SunGard (in accordance with Section 9.1) of
                  any actual or suspected breach by Customer of any of the
                  provisions of this Section 7, whether or not intentional, and
                  Customer shall, at its expense, take all steps reasonably
                  requested by SunGard to prevent or remedy the breach.

         7.7      AUDIT. SunGard may, at its expense and by giving reasonable
                  advance written notice to Customer (in accordance with Section
                  9.1), enter Customer locations during normal business hours
                  and audit the number of copies of the Documentation in
                  Customer's possession and information pertaining to Customer's
                  compliance with the provisions of this

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<PAGE>   11

                                                    Proprietary and Confidential

                  Section 7. If SunGard discovers that Customer is not in
                  compliance with the provisions of this Section 7 in any
                  material respect, then Customer shall reimburse SunGard for
                  the expenses incurred by SunGard in conducting the audit.

         7.8      ENFORCEMENT. Customer acknowledges that any breach of any of
                  the provisions of this Section 7 shall result in irreparable
                  Injury to SunGard for which money damages could not adequately
                  compensate. If there is a breach, then SunGard shall be
                  entitled, in addition to all other rights and remedies which
                  SunGard may have at law or in equity, to have a decree of
                  specific performance or an injunction issued by any competent
                  court, requiring the breach to be cured or enjoining all
                  persons involved from continuing the breach. The existence of
                  any claim or cause of action which Customer or any other
                  person may have against SunGard shall not constitute a defense
                  or bar to the enforcement of any of the provisions of this
                  Section 7.

         7.9      DOCUMENTATION FOR CORRESPONDENTS. Notwithstanding the
                  disclosure and use restrictions set forth herein, Customer may
                  copy and provide to its correspondent brokers those portions
                  of the Documentation pertaining to the proper use of the
                  System by Customer's correspondent brokers (e.g., portions
                  pertaining to trade input, data inquiries or report
                  generation), provided that (a) no Documentation shall be
                  provided to any correspondent broker of Customer unless and
                  until such correspondent broker signs a fully disclosed
                  clearing agreement or similar contract with Customer which
                  requires the correspondent broker to preserve the
                  confidentiality of such Documentation, (b) any such
                  Documentation provided to any correspondent broker of Customer
                  shall be accompanied by a cover page identifying it as
                  proprietary property of SunGard Financial Systems Inc., and
                  stating that it is subject to Customer's contractual
                  obligations to preserve the confidentiality thereof, and (c)
                  no modifications shall be made to the Documentation provided
                  to any correspondent broker of Customer without SunGard's
                  express prior written consent.

8.       TERMINATION

         8.1      INITIAL TERM; RENEWAL. The term of this Agreement begins on
                  the Effective Date stated on the first page of this Agreement
                  and shall continue for five (5) years, and thereafter for
                  successive one-year renewal terms unless and until terminated
                  in accordance with this Section 8 or any other section of this
                  Agreement. SunGard or Customer may terminate this Agreement at
                  the end of the Initial Term or at the end of any one-year
                  renewal term by giving at least ninety (90) days advance
                  written notice of termination (in accordance with Section 9.1)
                  to the other.

8.2      TERMINATION BY CUSTOMER.

         (a)      Customer may terminate this Agreement immediately upon notice
                  to SunGard (in accordance with Section 9.1) if SunGard
                  improperly denies Customer access to the System Services and
                  Customer's files maintained in the System for more than one
                  (1) business day, or if SunGard fails to provide to Customer
                  any daily reports described on Schedule A for more than two
                  (2) consecutive business days, in either case unless due to a
                  hardware or software malfunction or defect, in which case
                  SunGard shall be allowed a reasonable period of time to
                  correct the malfunction or defect.

         (b)      After the first two years of the Agreement, the Company may
                  terminate the Agreement upon at least six months notice if the
                  Company permanently discontinues its correspondent clearing
                  business and in no way provides correspondent clearing
                  services.

--------------------------------------------------------------------------------
                                      -10-

<PAGE>   12

                                                    Proprietary and Confidential

         8.3      TERMINATION BY SUNGARD. SunGard may immediately terminate this
                  Agreement, by giving written notice of termination to Customer
                  (in accordance with Section 9.1), upon the occurrence of any
                  of the following events:

                  (a)      Customer fails to pay to SunGard, within ten (10)
                           days after SunGard makes written demand therefor, any
                           past-due amount payable under this Agreement
                           including interest thereon) that is not the subject
                           of a good faith dispute as to which Customer has
                           given written notice to SunGard (in accordance with
                           Section 9.1) explaining its position in reasonable
                           detail.

                  (b)      Customer breaches, in any material respect, any of
                           the provisions of Section 7 or Section 9.3.

                  (c)      Customer breaches any of its other obligations under
                           this Agreement and does not cure the breach within
                           thirty (30) days after SunGard gives written notice
                           to Customer (in accordance with Section 9.1)
                           describing the breach in reasonable detail.

                  (d)      Bankruptcy, insolvency, dissolution or liquidation
                           proceedings of any nature are instituted by or
                           against Customer or Customer discontinues all or a
                           significant part of its business operations.

         8.4      SUSPENSION OF SERVICES. On the occurrence of any event which
                  would permit SunGard to terminate this Agreement under Section
                  8.3, in addition to all other rights and remedies which
                  SunGard may have at law or in equity, SunGard may, without
                  terminating this Agreement, and in its sole discretion and
                  without further notice to Customer, suspend performance of any
                  or all of its services under this Agreement and/or activate
                  internal controls in the System that are designed to deny
                  Customer access to the System Services and files, until and
                  unless SunGard determines, in its sole discretion and upon
                  whatever conditions SunGard chooses to impose on Customer, to
                  resume performance of some or all of the suspended services or
                  allow Customer access to the System Services and files.

         8.5      EFFECT OF TERMINATION. Upon a termination of this Agreement,
                  whether under this Section 8 or otherwise, Customer shall
                  immediately cease all use of the System Services,
                  Documentation and other Proprietary Items, Customer shall
                  promptly return to SunGard all copies of the Documentation and
                  any other Proprietary Items then in Customer's possession.
                  Customer shall remain liable for all payments due to SunGard
                  with respect to the period ending on the date of termination.
                  Within thirty (30) days after termination of this Agreement,
                  Customer shall give notice to SunGard (in accordance with
                  Section 9.1) containing reasonable instructions regarding the
                  disposition of tapes, data, files and other property belonging
                  to Customer and then in SunGard's possession. SunGard shall
                  comply with that notice, except that SunGard may retain all
                  such property until SunGard receives all payments due to
                  SunGard under this Agreement. Upon request contained in such
                  notice, SunGard shall convert Customer's data to machine
                  readable form to the extent practicable and at Customer's
                  expense. If Customer fails to give that notice within thirty
                  (30) days after termination of this Agreement, then SunGard
                  may dispose of such property as it sees fit. The provisions of
                  Sections 5, 6 and 7 shall survive any termination of this
                  Agreement, whether under this Section 8 or otherwise.

9.       OTHER PROVISIONS

         9.1      NOTICE. All notices, consents and other communications under
                  or regarding this Agreement shall be in writing and shall be
                  deemed to have been received on the earlier of the date of
                  actual receipt, the third business day after being mailed by
                  first class certified air mail, or

--------------------------------------------------------------------------------
                                                       SunGard:      Customer:
                                                       [ILLEGIBLE]   [ILLEGIBLE]

                                      -11-

<PAGE>   13

                                                    Proprietary and Confidential

                  the first business day after being sent by a reputable
                  overnight delivery service. Any notice may be given by
                  facsimile, provided that signed written original is sent by
                  one of the foregoing methods within twenty-four (24) hours
                  thereafter. Customer's address for notices is stated on
                  Schedule A. SunGard's address for notices is 504 Totten Pond
                  Road, Waltham, Massachusetts 02154 Attention: Contract
                  Administration. Either party may change its address for
                  notices by giving written notice of the new address to the
                  other party in accordance with this Section 9.1.

         9.2      DEFINED TERMS. As used in this Agreement, the following terms
                  have the following meanings:

                  (a)      "affiliate" means, with respect to a specified
                           person, any person which directly or indirectly
                           controls, is controlled by, or is under common
                           control with the specified person as of the date of
                           this Agreement, for as long as such relationship
                           remains in effect.

                  (b)      "copy" means any paper, disk, tape, film, memory
                           device, or other material or object on or in which
                           any words, object code, source code or other symbols
                           are written, recorded or encoded, whether permanent
                           or transitory.

                  (c)      "including" means including but not limited to.

                  (d)      "person" means any individual, sole proprietorship,
                           joint venture, partnership, corporation, company,
                           firm, bank, association, cooperative, trust, estate,
                           government, governmental agency, regulatory
                           authority, or other entity of any nature.

         9.3      PARTIES IN INTEREST. This Agreement shall bind, benefit and be
                  enforceable by and against SunGard and Customer and, to the
                  extent permitted hereby, their respective successors and
                  assigns. Customer shall not assign this Agreement or any of
                  its rights hereunder, nor delegate any of its obligations
                  hereunder, without SunGard's prior written consent. SunGard's
                  consent shall not be unreasonably withheld in the case of an
                  assignment to a purchaser of or a successor to substantially
                  all of Customer's business, or to an affiliate of Customer,
                  provided that SunGard receives prior notice (in accordance
                  with Section 9.1) of the assignment together with the
                  successor's written undertaking to assume all of Customer's
                  obligations under this Agreement. Any change in control of
                  Customer, and any assignment by merger or otherwise by
                  operation of law, shall constitute an assignment of this
                  Agreement by Customer for purposes of this Section 9.3.

         9.4      RELATIONSHIP. The relationship between the parties created by
                  this Agreement is that of independent contractors and not
                  partners, joint venturers or agents.

         9.5      ENTIRE UNDERSTANDING. This Agreement, which includes and
                  incorporates the Schedules referred to herein, states the
                  entire understanding between the parties with respect to its
                  subject matter, and supersedes all prior proposals, marketing
                  materials, negotiations and other written or oral
                  communications between the parties with respect to the subject
                  matter of this Agreement. Any written, printed or other
                  materials which SunGard provides to Customer that are not
                  included in the Documentation are provided on an "as is"
                  basis, without warranty, and solely as an accommodation to
                  Customer.

         9.6      MODIFICATION AND WAIVER. No modification of this Agreement,
                  and no waiver of any breach of this Agreement, shall be
                  effective unless in writing and signed by an authorized
                  representative of the party against whom enforcement is
                  sought. No waiver of any breach

--------------------------------------------------------------------------------
                                                       SunGard:      Customer:
                                                       [ILLEGIBLE]   [ILLEGIBLE]

                                      -12-

<PAGE>   14

                                                    Proprietary and Confidential

                  of this Agreement, and no course of dealing between the
                  parties, shall be construed as a waiver of any subsequent
                  breach of this Agreement.

         9.7      SEVERABILITY. A determination that any provision of this
                  Agreement is invalid or unenforceable shall not affect the
                  other provisions of this Agreement.

         9.8      HEADINGS. Section headings are for convenience of reference
                  only and shall not affect the interpretation of this
                  Agreement.

         9.9      JURISDICTION AND PROCESS. In any action relating to this
                  Agreement, (a) each of the parties irrevocably consents to the
                  exclusive jurisdiction and venue of the federal and state
                  courts located in the Commonwealth of Pennsylvania, (b) each
                  of the parties irrevocably waives the right to trial by jury,
                  (c) each of the parties irrevocably consents to service of
                  process by first class certified mail, return receipt
                  requested, postage prepaid, to the address at which the party
                  is to receive notice in accordance with Section 9.1, and (d)
                  the prevailing party shall be entitled to recover its
                  reasonable attorney's fees (including, if applicable, charges
                  for in-house counsel), court costs and other legal expenses
                  from the other party.

         9.10     GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED
                  IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF
                  PENNSYLVANIA EXCLUDING CHOICE OF LAW.

--------------------------------------------------------------------------------
                                      -13-

<PAGE>   15
                                                    Proprietary and Confidential

                                   SCHEDULE A
                         TO REMOTE PROCESSING AGREEMENT
                              DATED JULY 10, 1995

--------------------------------------------------------------------------------
                        SOFTWARE AND RELATED INFORMATION
--------------------------------------------------------------------------------

SOFTWARE:                PHASE3 System

DOCUMENTATION:           PHASE3 Reference Manuals
                         PHASE3 Report Manuals

SPECIFIED
CONFIGURATION:           Not applicable

ADDRESS FOR INVOICES:    717 North Harwood, Suite 680, Dallas, TX  75201
                         ------------------------------------------------------

ADDRESS FOR NOTICES:     717 North Harwood, Suite 680, Dallas, TX  75201
                         ------------------------------------------------------

--------------------------------------------------------------------------------

Customer's Name: PENSON Financial Services, Inc.
                 ----------------------------------
                                                       -----------   -----------
                                                       SunGard:      Customer:
                                                       [ILLEGIBLE]   [ILLEGIBLE]
                                                       -----------   -----------
<PAGE>   16

                                                    Proprietary and Confidential

                                  SCHEDULE C1
                         TO REMOTE PROCESSING AGREEMENT
                              DATED JULY 10, 1995

****
<PAGE>   17

                                                    Proprietary and Confidential

                                  SCHEDULE C2
                         TO REMOTE PROCESSING AGREEMENT
                              DATED JULY 10, 1999

----------------------------------------------------------------------------
                                TRADE DEFINITION
----------------------------------------------------------------------------

Trade Counts for PHASE3 Pricing

<TABLE>
<S>                                                                 <C>
Principal

        Customer Sell; Inventory Buy                                1 Trade
        Customer Buy; Inventory Sell                                1 Trade
        Inventory Buy; Inventory Sell                               1 Trade

Agency

        Client Buys; Broker Sells or Multiple Broker Sells          1 Trade
        Client Sells; Broker Buys or Multiple Broker Buys           1 Trade

Cancel/Corrections

        Originally billed for the first trade                       1 Trade
        Cancel                                                      1 Trade
        Rebill                                                      1 Trade
                                                                    -------
                                                             Total  3 Trades
When Issued

        Originally billed for the first trade                       1 Trade
        Cancel When Issued                                          1 Trade
        Regular Way Trade                                           1 Trade
                                                                    -------
                                                             Total  3 Trades
Repo

        Opening trade regardless of number of pieces of collateral  1 Trade
        Closing trade regardless of number of pieces of collateral  1 Trade
        Each collateral substitution                                1 Trade

Reverse Repo
        Same as Repo

TBA'S
        Originally billed for TBA                                   1 Trade
        Cancel TBA                                                  1 Trade
        Each pool within a lot of an allocation                     1 Trade
</TABLE>

-------------------------------------------------------------------------------
                                                        SUNGARD:    CUSTOMER:
CUSTOMER'S NAME: PENSON Financial Services, Inc.        [ILLEGIBLE] [ILLEGIBLE]
                 -------------------------------
<PAGE>   18

                                                    Proprietary and Confidential

                                  SCHEDULE C3
                         TO REMOTE PROCESSING AGREEMENT
                              DATED JULY 10, 1995

         ****

<PAGE>   19

                                                    Proprietary and Confidential

                                   SCHEDULE C4
                         TO REMOTE PROCESSING AGREEMENT
                               DATED July 10, 1995

--------------------------------------------------------------------------------
                               CONVERSION PROCESS
--------------------------------------------------------------------------------

A.   IMPLEMENTATION PLANNING

     The implementation planning sessions are held early in the conversion
     process, at the client site. Planning sessions will include Customer's
     management and the SunGard conversion team. Objectives of these meetings
     are:

          o Define project organization

          o Define status reporting mechanism

          o Define issues resolution mechanism

          o Define enhancement management mechanism

          o Define file conversions

          o Determine conversion dates

          o Determine dependencies

          o Develop conversion plan, complete with:

              - key activities and target dates

              - responsibilities of all participants

              - training schedule

              - testing methodologies

              - network design

B.   REVIEW OF OPERATIONAL PROCEDURES AND FUNCTIONS

     The review of operational procedures and functions is conducted by the
     SunGard conversion team. This review process is performed prior to
     finalizing the detailed training schedule. Process includes:

          o Complete review of each area of client operations:

              - existing procedures

              - existing forms

              - existing reports

          o Meet with supervisors and key personnel

          o Review of work-flows

          o Report mapping

          o Identification and documentation of impact on operations
            procedures/organizational structure

          o Identification of interfaces

--------------------------------------------------------------------------------
                                                       SUNGARD:      CUSTOMER:
Customer's Name: PENSON Financial Services, Inc.       [ILLEGIBLE]   [ILLEGIBLE]
                 -------------------------------

<PAGE>   20

                                                    Proprietary and Confidential

                              SCHEDULE C4 (CONT'D)
                         TO REMOTE PROCESSING AGREEMENT
                               DATED July 10, 1995

--------------------------------------------------------------------------------
                               CONVERSION PROCESS
--------------------------------------------------------------------------------

C.   CREATION OF PHASE3 ENVIRONMENT

     Telecommunications and additional hardware requirements are determined
     jointly between Customer's technical representative and the SunGard's
     communications manager. The ordering, installation and testing of
     telecommunications is the responsibility of SunGard. The ordering and
     installation of any additional terminals and printers is the responsibility
     of Customer. SunGard and Customer will jointly test any new terminals and
     printers.

     SunGard is responsible for the setup and configuration for the testing and
     training firm.

          o Hardware and telecommunications requirements defined

          o Equipment and lines ordered, installed and tested

          o Training firm setup and configured

          o Installation and testing of required software modifications

D.   FILE CONVERSIONS

     SunGard will develop conversion programs to convert Customer's data files.
     Testing and approval of conversion programs is a joint responsibility
     between Customer and SunGard.

          o Determination of files to be converted

          o Conversion strategy

          o Specifications for converting each file determined

          o Develop conversion programs

          o Written procedures for testing developed

          o Schedule test conversions and verification

E.   STATEMENTS & FORMS

     Customer is responsible for choosing a statement vendor for printing
     monthly customer statements. SunGard will support Customer and the vendor
     in the development and testing of statements. Customer and SunGard will
     evaluate all forms and determine if existing forms must be modified for
     utilization with the PHASE3 System.

         o Customer statements

         o Confirmations

         o Transfer fanfolds

         o New account forms

         o Buy/Sell tickets

         o Checks, N&A Cards, labels, etc.

F.   TRAINING

     SunGard and Customer will jointly develop a comprehensive training
     schedule. SunGard will be responsible for training Customer staff on the
     PHASE3 application. Customer will be responsible for ensuring staff is
     available for participation in scheduled classes.

         o Application training for testing of new software modifications

         o Application training for users

         o Procedural training

--------------------------------------------------------------------------------
                                                       SUNGARD:      CUSTOMER:
Customer's Name: PENSON Financial Services. Inc.       [ILLEGIBLE]   [ILLEGIBLE]
                 -------------------------------

<PAGE>   21

                                                    Proprietary and Confidential

                              SCHEDULE C4 (CONT'D)
                         TO REMOTE PROCESSING AGREEMENT
                               DATED JULY 10, 1995

--------------------------------------------------------------------------------
                               CONVERSION PROCESS
--------------------------------------------------------------------------------

G.   INTERFACES

     SunGard and Customer are jointly responsible for testing of all external
     and internal interfaces. SunGard will be responsible for installation and
     execution of interfaces. Customer is responsible for notification to all
     external vendors and service organizations of conversion dates.

         o Interface requirements defined

             - external

             - internal

         o Program/unit testing

         o Extensive testing with external sources

         o Documentation of procedures

         o Notification of conversion

H.   USER ACCEPTANCE TESTING

     Customer and SunGard are jointly responsible for development and execution
     of test plans for user acceptance testing.

         o Development of test strategy and plan

         o Identification of test cases

         o Development of test data

         o Systems integration tests

         o Regression tests

         o Verification of test results

I.   PROGRESS MEETINGS

     Progress meetings will be scheduled frequently to provide for status
     updates and issue discussion/resolution.

--------------------------------------------------------------------------------
                                                       SUNGARD:      CUSTOMER:
Customer's Name: PENSON Financial Services. Inc.       [ILLEGIBLE]   [ILLEGIBLE]
                 -------------------------------

<PAGE>   22

                                                    Proprietary and Confidential

                                   SCHEDULE C5
                         TO REMOTE PROCESSING AGREEMENT
                                DATED JULY 10, 1995

     ****
<PAGE>   23

                                                    Proprietary and Confidential

                  AMENDMENT TO THE REMOTE PROCESSING AGREEMENT

                                     BETWEEN

                         SUNGARD FINANCIAL SYSTEMS, INC.

                                       AND

                         PENSON FINANCIAL SERVICES, INC.

This is an Amendment dated Sept. 13, 1996, ("Amendment") to the Data Services
Agreement between SunGard Financial Systems, Inc. ("SunGard"), 504 Totten Pond
Road, Waltham, Massachusetts, and Penson Financial Services, Inc. ("Customer"),
8080 N. Expressway, Suite 1010 Dallas, Texas, a North Carolina Corporation,
dated as of July 10, 1995 ("Agreement").

The parties to the Agreement intending to be legally bound agree as follows:

Schedule C1 entitled "SERVICE FEES", as referenced in Section 5 of the
Agreement, is hereby replaced with the attached, revised Schedule C1 which is
incorporated by reference herein and made a part hereof. This revised Schedule
C1 will take effect as of September 1, 1996.

Except as otherwise amended herein, the Agreement remains in full force and
effect.

SUNGARD FINANCIAL SYSTEMS, INC.        PENSON FINANCIAL SERVICES, INC.

BY: /s/ DAVID TAYLOR                   BY: [ILLEGIBLE]
   ----------------------------        -------------------------------

TITLE: President                       TITLE: President
      -------------------------              -------------------------

DATE: 9/13/96                          DATE: 9-26-96
     --------------------------             --------------------------

--------------------------------------------------------------------------------
[SUNGARD LOGO]

<PAGE>   24

                                                    Proprietary and Confidential

                    AMENDMENT TO THE DATA SERVICES AGREEMENT
                                     BETWEEN
                         SUNGARD FINANCIAL SYSTEMS INC.
                                       AND
                         PENSON FINANCIAL SERVICES, INC.

This is an Amendment dated May 1, 1998, ("Amendment") to the Remote Processing
Agreement between SunGard Financial Systems Inc. ("SunGard") 504 Totten Pond
Road, Waltham, Massachusetts 02154 and Penson Financial Services, Inc.
("Customer"), 8080 North Central Expressway, Suite 1010, Dallas, TX 75206, a
North Carolina corporation, dated as of July 10, 1995 ("Agreement").

                                   BACKGROUND

The Initial Term of the Agreement (as defined in Section 8.1 of the Agreement)
has expired. Both parties desire to modify the term and Service Fees of the
Agreement and establish a new Initial Term beginning on May 1, 1998 and
continuing for four years until May 1, 2002 with one (1) year extension terms
thereafter.

As part of this Amendment, SunGard agrees to provide Customer with a one-time
credit of $350,000 against currently outstanding invoices. In addition, SunGard
agrees to provide Customer with a development credit of $75,000 in January 1999
and $75,000 January 2000.

All other terms and conditions in the Agreement remain in full force and effect.

SUNGARD FINANCIAL SYSTEMS INC.         PENSON FINANCIAL SERVICES, INC.

By: /s/ DAVID TAYLOR                   By: /s/ [ILLEGIBLE]
   ---------------------------         -------------------------------

Name Typed: David Taylor               Name Typed:
           -------------------                    --------------------

Title: President                       Title: President
      ------------------------               -------------------------

Date: 5/11/98                          Date: 5-7-98
     -------------------------              --------------------------

--------------------------------------------------------------------------------
[SUNGARD LOGO]
<PAGE>   25

                      [PENSON WORLDWIDE, INC. LETTERHEAD]

September 12, 2000

Mr. Michael Nemerowski
SunGard Financial Systems, Inc.
32 Crosby Drive
Bedford, MA 01730

         Re:     Acknowledgment and Agreement regarding Creation and
                 Use of Penson Software

Dear Michael:

         As we discussed, under the terms and conditions of that certain Remote
Processing Agreement by and between SunGard Financial Systems, Inc. ("SunGard")
and Penson Financial Services, Inc. ("Penson") and dated July 18, 1995 (the
"Agreement"), SunGard provided to Penson an open system interface for SunGard's
PHASE3 System. The purpose of the open system interface is to allow licensees
of the PHASE3 System to utilize other software programs to interface and
exchange data with the PHASE3 System. Penson independently created a
stand-alone application software program that exchanges data with the PHASE3
System through the open system interface (the "Penson Software").

         Per our conversation, Penson's independent development of the Penson
Software and Penson's use of the open system interface to enable the Penson
Software to communicate with the PHASE3 System is consistent with the terms of
the Agreement and should not cause you concern. Nonetheless, in the spirit of
cooperation under the Agreement, we wanted to inform you of this development
and seek to obtain your acknowledgment of the propriety of Penson's actions.
Accordingly, this letter is intended to obtain your confirmation and agreement
as to the following:

                  1) The Penson Software does not constitute a refinement,
         improvement, enhancement or derivative work of the PHASE3 System that
         would be owned by SunGard pursuant to the provisions of Section 7.2 of
         the Agreement;

                  2) The exchange of data through the open system interface does
         not cause Penson to breach or otherwise violate the use restrictions
         set forth in Section 7.5 of the Agreement including, without
         limitation, the provisions of Sections 7.5(d) and 7.5(h); and

                  3) Penson's development of the Penson Software and use of the
         Penson Software in connection with the PHASE3 System is not a
         violation or breach of

                                       1
<PAGE>   26
         any other provision of the Agreement. Thus, Penson remains in good
         standing under the Agreement and the Agreement remains in full force
         and effect.

                  If you determine that the foregoing is acceptable, we would
appreciate acknowledgement of that determination by the execution and delivery
to us of the enclosed copy of this letter. This letter reflects the entire
understanding and agreement between Penson and SunGard with respect to the
subject matter hereof, and supercedes and replaces any other written or verbal
agreements, including any and all terms thereof, relating to Penson's use of
the open system interface and the Penson Software.

We look forward to your favorable consideration of this matter.

Very truly yours,

PENSON WORLDWIDE, INC.

By: /s/ PHIL PENDERGRAFT
    -----------------------------------

Name:   Phil Pendergraft

Title:  Executive Vice President

The foregoing is agreed to and accepted.

SUNGARD FINANCIAL SYSTEMS, INC.

By: /s/ MIKE NEMEROWSKI
    -----------------------------------

Name:   Mike Nemerowski
      ---------------------------------

Title:  President
      ---------------------------------

Date:   September 14, 2000
      ---------------------------------

                                       2

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