Document:

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                                                                   EXHIBIT 10.12

                               GUARANTY AGREEMENT
                               ------------------
                                    (LIMITED)

         WHEREAS, the execution of this Guaranty Agreement (this "Guaranty
Agreement") is a condition to SERVICE ASSET INVESTMENT, INC., a Texas
corporation ("Borrower"), borrowing from GUARANTY FEDERAL BANK, F.S.B., a
federal savings bank ("Lender"), a term loan in the aggregate principal amount
of $10,000,000 pursuant to that certain Loan Agreement dated March 30, 2000, as
amended of even date herewith (such Loan Agreement, as it may have been or may
hereafter be amended or modified from time to time, being hereinafter referred
to as the "Loan Agreement") between Borrower and Lender;

         NOW, THEREFORE, for valuable consideration, the receipt and adequacy of
which are hereby acknowledged, ROGER J. ENGEMOEN, JR., an individual residing at
1501 Barclay Drive, Austin, Texas 78746 (the "Guarantor"), hereby irrevocably
and unconditionally guarantees to Lender, subject to the terms of this Guaranty
Agreement, the full and prompt payment and performance of the Guaranteed
Indebtedness (hereinafter defined), this Guaranty Agreement being upon the
following terms:

         1. DEFINITION OF GUARANTEED INDEBTEDNESS. The term "Guaranteed
Indebtedness" as used herein means the Borrower's obligations under Term Loan C
(as defined in the Loan Agreement), provided that Guarantor's liability with
respect to such obligations shall be limited to an amount not to exceed
$2,600,000. All other capitalized terms used and not otherwise defined herein
shall have their respective meanings as set forth in the Loan Agreement.

         2. ABSOLUTE GUARANTY; NO SET-OFF RIGHTS. This instrument shall be an
absolute, continuing, irrevocable, and unconditional guaranty of payment and
performance, and not a guaranty of collection, of the Guaranteed Indebtedness as
provided herein, and the Guarantor shall remain liable on its obligations
hereunder until the payment and performance in full of the Guaranteed
Indebtedness. No set-off counterclaim, recoupment, reduction, or diminution of
any obligation, or any defense of any kind or nature which Borrower may have
against Lender or any other party, or the Guarantor may have against Borrower,
Lender, or any other party, shall be available to, or shall be asserted by, the
Guarantor against Lender or any subsequent holder of the Guaranteed Indebtedness
or any part thereof or against payment of the Guaranteed Indebtedness or any
part thereof.

         3. NO IMPAIRMENT OF RIGHTS. If the Guarantor becomes liable for any
indebtedness owing by Borrower to Lender by endorsement or otherwise, other than
under this Guaranty Agreement, such liability shall not be in any manner
impaired or affected hereby, and the rights of Lender hereunder shall be
cumulative of any and all other rights that Lender may ever have against the
Guarantor. The exercise by Lender of any right or remedy hereunder or under any
other instrument, or at law or in equity, shall not preclude the concurrent or
subsequent exercise of any other right or remedy.

         4. OBLIGATIONS OF GUARANTORS; NO DUTY TO EXHAUST REMEDIES; WAIVER OF
SUBROGATION. In the event of default by Borrower in payment or performance of
the Guaranteed Indebtedness, or any part thereof, when such Guaranteed
Indebtedness becomes due, whether by its terms, by acceleration, or otherwise,
Guarantor shall promptly pay the amount due thereon to Lender

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without notice or demand in lawful money of the United States of America and it
shall not be necessary for Lender, in order to enforce such payment by either
Guarantor, first to institute suit or exhaust its remedies against Borrower or
any other guarantor or others liable on such Guaranteed Indebtedness, or to
enforce any rights against any collateral which shall ever have been given to
secure such Guaranteed Indebtedness. Notwithstanding anything to the contrary
contained in this Guaranty Agreement, until such time as the Guaranteed
Indebtedness has been paid in full, Guarantor hereby irrevocably waives any and
all rights it may now or hereafter have under any agreement or at law or in
equity (including, without limitation, any law subrogating Guarantor to the
rights of Lender) to assert any claim against or seek contribution,
indemnification or any other form of reimbursement from Borrower or any other
guarantors or any other party liable for payment of any or all of the Guaranteed
Indebtedness for any payment made by Guarantor under or in connection with this
Guaranty Agreement or otherwise. If acceleration of the time for payment of any
amount payable by Borrower under the Guaranteed Indebtedness is stayed upon the
insolvency, bankruptcy, or reorganization of Borrower, all such amounts
otherwise subject to acceleration under the terms of the Guaranteed Indebtedness
shall nonetheless be payable by Guarantor hereunder forthwith on demand by
Lender.

         5. NO IMPAIRMENT OF GUARANTOR'S OBLIGATIONS. Guarantor hereby agrees
that its obligations under this Guaranty Agreement shall not be released,
discharged, diminished, impaired, reduced, or affected for any reason or by the
occurrence of any event, including, without limitation, one or more of the
following events, whether or not with notice to or the consent of the Guarantor:
(a) the taking or accepting of collateral as security for any or all of the
Guaranteed Indebtedness or the release, surrender, exchange, or subordination of
any collateral now or hereafter securing any or all of the Guaranteed
Indebtedness; (b) any partial release of the liability of the Guarantor
hereunder, or the full or partial release of any other guarantor or obligor from
liability for any or all of the Guaranteed Indebtedness; (c) any disability of
Borrower, or the dissolution, insolvency, or bankruptcy of Borrower, the
Guarantor, or any other party at any time liable for the payment of any or all
of the Guaranteed Indebtedness; (d) any renewal, extension, modification,
waiver, amendment, or rearrangement of any or all of the Guaranteed Indebtedness
or any instrument, document, or agreement evidencing, securing, or otherwise
relating to any or all of the Guaranteed Indebtedness; (e) any adjustment,
indulgence, forbearance, waiver, or compromise that may be granted or given by
Lender to Borrower, the Guarantor, or any other party ever liable for any or all
of the Guaranteed Indebtedness; (f) any neglect, delay, omission, failure, or
refusal of Lender to take or prosecute any action for the collection of any of
the Guaranteed Indebtedness or to foreclose or take or prosecute any action in
connection with any instrument, document, or agreement evidencing, securing, or
otherwise relating to any or all of the Guaranteed Indebtedness; (g) the
unenforceability or invalidity of any or all of the Guaranteed Indebtedness or
of any instrument, document, or agreement evidencing, securing, or otherwise
relating to any or all of the Guaranteed Indebtedness; (h) any payment by
Borrower or any other party to Lender is held to constitute a preference under
applicable bankruptcy or insolvency law or if for any other reason Lender is
required to refund any payment or pay the amount thereof to someone else; (i)
the settlement or compromise of any of the Guaranteed Indebtedness; (j) the
non-perfection of any security interest or lien securing any or all of the
Guaranteed Indebtedness; (k) any impairment of any collateral securing any or
all of the Guaranteed Indebtedness; (l) the failure of Lender to sell any
collateral securing any or all of the Guaranteed Indebtedness in a commercially
reasonable manner or as otherwise required by law; (m) any change in the

GUARANTY AGREEMENT - Page 2

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corporate existence, structure, or ownership of Borrower; or (n) any other
circumstance which might otherwise constitute a defense available to, or
discharge of, Borrower or the Guarantor.

         6. REPRESENTATIONS AND WARRANTIES. The Guarantor represents and
warrants to Lender as follows:

                 (a) The Guarantor has the power and authority and legal right
         to execute, deliver, and perform its obligations under this Guaranty
         Agreement and this Guaranty Agreement constitutes the legal, valid, and
         binding obligation of the Guarantor, enforceable against the Guarantor
         in accordance with its terms, except as limited by bankruptcy,
         insolvency, or other laws of general application relating to the
         enforcement of creditors' rights.

                 (b) The execution, delivery, and performance by the Guarantor
         of this Guaranty Agreement do not and will not violate or conflict with
         any law, rule, or regulation or any order, writ, injunction, or decree
         of any court, governmental authority or agency, or arbitrator and do
         not and will not conflict with, result in a breach of, or constitute a
         default under, or result in the imposition of any lien upon any assets
         of the Guarantor pursuant to the provisions of any indenture, mortgage,
         deed of trust, security agreement, franchise, permit, license, or other
         instrument or agreement to which the Guarantor or its properties is
         bound.

                 (c) No authorization, approval, or consent of, and no filing or
         registration with, any court, governmental authority, or third party is
         necessary for the execution, delivery, or performance by the Guarantor
         of this Guaranty Agreement or the validity or enforceability thereof.

                 (d) The value of the consideration received and to be received
         by the Guarantor as a result of Lender making Term Loan C to Borrower
         under the Loan Agreement and the Guarantor executing and delivering
         this Guaranty Agreement is reasonably worth at least as much as the
         liability and obligation of the Guarantor hereunder, and such liability
         and obligation and the Loan Agreement have benefitted and may
         reasonably be expected to benefit the Guarantor directly and
         indirectly.

                 (e) The Guarantor has, independently and without reliance upon
         Lender and based upon such documents and information as the Guarantor
         has deemed appropriate, made its own analysis and decision to enter
         into this Guaranty Agreement.

         7. COVENANTS OF GUARANTOR. Guarantor covenants and agrees that, as long
as the Guaranteed Indebtedness or any part thereof is outstanding or Lender has
any commitment under the Loan Agreement:

                 (a) Guarantor will furnish promptly to Lender written notice of
         the occurrence of any default under this Guaranty Agreement or an Event
         of Default under the Loan Agreement of which Guarantor has knowledge.

GUARANTY AGREEMENT - Page 3

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                  (b) Guarantor will furnish promptly to Lender such additional
         information concerning Guarantor as Lender may request.

                  (c) Guarantor will obtain at any time and from time to time
         all authorizations, licenses, consents or approvals as shall now or
         hereafter be necessary or desirable under all applicable laws or
         regulations or otherwise in connection with the execution, delivery and
         performance of this Guaranty Agreement and will promptly furnish copies
         thereof to Lender.

                  (d) Guarantor will at all times own directly or indirectly and
         free and clear of all liens and encumbrances whatsoever at least the
         same percentage of voting shares of Borrower, if any, as it owns
         directly or indirectly on the date hereof.

         8. LENDER'S RIGHTS WITH RESPECT TO GUARANTOR'S PROPERTY IN LENDER'S
POSSESSION. Lender shall have the right to set off and apply against this
Guaranty Agreement or the Guaranteed Indebtedness or both, at any time and
without notice to Guarantor, any and all deposits (general or special, time or
demand, provisional or final) or other sums at any time credited by or owing
from Lender to Guarantor whether or not the Guaranteed Indebtedness is then due
and irrespective of whether or not Lender shall have made any demand under this
Guaranty Agreement. As security for this Guaranty Agreement and the Guaranteed
Indebtedness, Guarantor hereby grants Lender a security interest in all money,
instruments, certificates of deposit, and other property of Guarantor now or
hereafter held by Lender, including, without limitation, property held in
safekeeping. In addition to Lender's right of setoff and as further security for
this Guaranty Agreement and the Guaranteed Indebtedness, Guarantor hereby grants
Lender a security interest in all deposits (general or special, time or demand,
provisional or final) and all other accounts of Guarantor now or hereafter on
deposit with or held by Lender and all other sums at any time credited by or
owing from Lender to Guarantor. The rights and remedies of Lender hereunder are
in addition to other rights and remedies (including, without limitation, other
rights of setoff) which Lender may have.

         9. SUBORDINATION. (a) Guarantor hereby agrees that the Subordinated
Indebtedness (as hereinafter defined) shall be subordinate and junior in right
of payment to the prior payment in full of all Guaranteed Indebtedness, and the
Guarantor hereby assigns the Subordinated Indebtedness to Lender as security for
the Guaranteed Indebtedness. If any sums shall be paid to the Guarantor by
Borrower or any other person or entity on account of the Subordinated
Indebtedness, such sums shall be held in trust by the Guarantor for the benefit
of Lender and shall forthwith be paid to Lender without affecting the liability
of the Guarantor under this Guaranty Agreement and may be applied by Lender
against the Guaranteed Indebtedness in such order and manner as Lender may
determine in its sole discretion. Upon the request of Lender, the Guarantor
shall execute, deliver, and endorse to Lender such documents and instruments as
Lender may request to perfect, preserve, and enforce its rights hereunder. For
purposes of this Guaranty Agreement, the term "Subordinated Indebtedness" means
all indebtedness, liabilities, and obligations of Borrower to the Guarantor,
whether such indebtedness, liabilities, and obligations now exist or are
hereafter incurred or arise, or whether the obligations of Borrower thereon are
direct, indirect, contingent, primary, secondary, several, joint and several, or
otherwise, and irrespective of whether such indebtedness, liabilities, or
obligations are evidenced by a note, contract, open account, or otherwise, and

GUARANTY AGREEMENT - Page 4

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irrespective of the person or persons in whose favor such indebtedness,
obligations, or liabilities may, at their inception, have been, or may hereafter
be created, or the manner in which they have been or may hereafter be acquired
by the Guarantor.

         (b) Guarantor agrees that any and all liens, security interests,
judgment liens, charges, or other encumbrances upon Borrower's assets securing
payment of any Subordinated Indebtedness shall be and remain inferior and
subordinate to any and all liens, security interests, judgment liens, charges,
or other encumbrances upon Borrower's assets securing payment of the Guaranteed
Indebtedness or any part thereof, regardless of whether such encumbrances in
favor of the Guarantor or Lender presently exist or are hereafter created or
attached. Without the prior written consent of Lender, Guarantor shall not (i)
file suit against Borrower or exercise or enforce any other creditor's right it
may have against Borrower, or (ii) foreclose, repossess, sequester, or otherwise
take steps or institute any action or proceedings (judicial or otherwise,
including without limitation the commencement of, or joinder in, any
liquidation, bankruptcy, rearrangement, debtor's relief or insolvency
proceeding) to enforce any liens, security interests, collateral rights,
judgments or other encumbrances held by the Guarantor on assets of Borrower.

         (c) In the event of any receivership, bankruptcy, reorganization,
rearrangement, debtor's relief, or other insolvency proceeding involving
Borrower as debtor, Lender shall have the right to prove and vote any claim
under the Subordinated Indebtedness and to receive directly from the receiver,
trustee or other court custodian all dividends, distributions, and payments made
in respect of the Subordinated Indebtedness. Lender may apply any such
dividends, distributions, and payments against the Guaranteed Indebtedness in
such order and manner as Lender may determine in its sole discretion.

         10. AMENDMENTS; CUMULATIVE REMEDIES. No amendment or waiver of any
provision of this Guaranty Agreement nor consent to any departure by the
Guarantor therefrom shall in any event be effective unless the same shall be in
writing and signed by Lender. No failure on the part of Lender to exercise, and
no delay in exercising any right, power, or privilege hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise of any right, power,
or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power, or privilege. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

         11. SUCCESSORS AND ASSIGNS. This Guaranty Agreement is for the benefit
of Lender and its successors and assigns, and in the event of an assignment of
the Guaranteed Indebtedness, or any part thereof, the rights and benefits
hereunder, to the extent applicable to the indebtedness so assigned, may be
transferred with such indebtedness. This Guaranty Agreement is binding not only
on the Guarantor, but on the Guarantor's heirs and personal representatives.

         12. RELIANCE BY LENDER. The Guarantor recognizes that Lender is relying
upon this Guaranty Agreement and the undertakings of the Guarantor hereunder in
making extensions of credit to Borrower under the Loan Agreement and further
recognizes that the execution and delivery of this Guaranty Agreement is a
material inducement to Lender in making Term Loan C under the Loan Agreement.
The Guarantor hereby acknowledges that there are no conditions to the full
effectiveness of this Guaranty Agreement.

GUARANTY AGREEMENT - Page 5

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         13. GOVERNING LAW. THIS GUARANTY AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

         14. FEES AND EXPENSES. The Guarantor shall pay on demand all reasonable
attorneys' fees and all other costs and expenses incurred by Lender in
connection with the enforcement or collection of this Guaranty Agreement.

         15. WAIVERS BY GUARANTOR. The Guarantor hereby waives promptness,
diligence, notice of any default under the Guaranteed Indebtedness, demand for
payment, notice of acceptance of this Guaranty Agreement, presentment, notice of
protest, notice of dishonor, notice of the incurring by Borrower of additional
indebtedness, and all other notices and demands with respect to the Guaranteed
Indebtedness and this Guaranty Agreement.

         16. VALIDITY; ENFORCEABILITY. The Loan Agreement, and all of the terms
thereof, are incorporated herein by reference, the same as if stated verbatim
herein, and Guarantor agrees that Lender may exercise any and all rights granted
to it under the Loan Agreement and the other Loan Documents (as defined in the
Loan Agreement) without affecting the validity or enforceability of this
Guaranty Agreement.

         17. NO RELIANCE ON LENDER. The Guarantor hereby represents and warrants
to Lender that the Guarantor has adequate means to obtain from Borrower and the
Subsidiaries on a continuing basis information concerning the financial
condition and assets of Borrower and the Subsidiaries and that the Guarantor is
not relying upon Lender to provide (and Lender shall have no duty to provide)
any such information to the Guarantor either now or in the future.

         18. NO ORAL AGREEMENTS. THIS GUARANTY AGREEMENT REPRESENTS THE FINAL
AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR'S GUARANTY OF THE
GUARANTEED INDEBTEDNESS AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES HERETO.

GUARANTY AGREEMENT - Page 6

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EXECUTED as of the 31st day of July, 2000.

                                        GUARANTOR:

                                        /s/ ROGER J. ENGEMOEN, JR.
                                        ----------------------------------------
                                        Roger J. Engemoen, Jr.

GUARANTY AGREEMENT - Page 7
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                               GUARANTY AGREEMENT
                                    (LIMITED)

     WHEREAS, the execution of this Guaranty Agreement (this "Guaranty
Agreement") is a condition to SERVICE ASSET INVESTMENT, INC., a Texas
corporation ("Borrower"), borrowing from GUARANTY FEDERAL BANK, F.S.B., a
federal savings bank ("Lender"), a term loan in the aggregate principal amount
of $10,000,000 pursuant to that certain Loan Agreement dated March 30, 2000, as
amended of even date herewith (such Loan Agreement, as it may have been or may
hereafter be amended or modified from time to time, being hereinafter referred
to as the "Loan Agreement") between Borrower and Lender;

     NOW, THEREFORE, for valuable consideration, the receipt and adequacy of
which are hereby acknowledged, J. KELLY GRAY, an individual residing at 1313
Weston Lane, Austin, Texas 78746 (the "Guarantor") hereby irrevocably and
unconditionally guarantees to Lender, subject to the terms of this Guaranty
Agreement, the full and prompt payment and performance of the Guaranteed
Indebtedness (hereinafter defined), this Guaranty Agreement being upon the
following terms:

     1. DEFINITION OF GUARANTEED INDEBTEDNESS. The term "Guaranteed
Indebtedness" as used herein means the Borrower's obligations under Term Loan C
(as defined in the Loan Agreement), in an amount not to exceed $2,600,000. All
other capitalized terms used and not otherwise defined herein shall have their
respective meanings as set forth in the Loan Agreement

     2. ABSOLUTE GUARANTY; NO SET-OFF RIGHTS. This instrument shall be an
absolute, continuing, irrevocable, and unconditional guaranty of payment and
performance, and not a guaranty of collection, of the Guaranteed Indebtedness as
provided herein, and the Guarantor shall remain liable on its obligations
hereunder until the payment and performance in full of the Guaranteed
Indebtedness. No set-off, counterclaim, recoupment, reduction, or diminution of
any obligation, or any defense of any kind or nature which Borrower may have
against Lender or any other party, or the Guarantor may have against Borrower,
Lender, or any other party, shall be available to, or shall be asserted by, the
Guarantor against Lender or any subsequent holder of the Guaranteed Indebtedness
or any part thereof or against payment of the Guaranteed Indebtedness or any
part thereof.

     3. NO IMPAIRMENT OF RIGHTS. If the Guarantor becomes liable for any
indebtedness owing by Borrower to Lender by endorsement or otherwise, other than
under this Guaranty Agreement, such liability shall not be in any manner
impaired or affected hereby, and the rights of Lender hereunder shall be
cumulative of any and all other rights that Lender may ever have against the
Guarantor. The exercise by Lender of any right or remedy hereunder or under any
other instrument, or at law or in equity, shall not preclude the concurrent or
subsequent exercise of any other right or remedy.

     4. OBLIGATIONS OF GUARANTORS; NO DUTY TO EXHAUST REMEDIES; WAIVER OF
SUBROGATION. In the event of default by Borrower in payment or performance of
the Guaranteed Indebtedness, or any part thereof, when such Guaranteed
Indebtedness becomes due, whether by its terms, by acceleration, or otherwise,
Guarantor shall promptly pay the amount due thereon to Lender without notice or
demand in lawful money of the United States of America and it shall not be
necessary for

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Lender, in order to enforce such payment by either Guarantor, first to institute
suit or exhaust its remedies against Borrower or any other guarantor or others
liable on such Guaranteed Indebtedness, or to enforce any rights against any
collateral which shall ever have been given to secure such Guaranteed
Indebtedness. Notwithstanding anything to the contrary contained in this
Guaranty Agreement, until such time as the Guaranteed Indebtedness has been paid
in full, Guarantor hereby irrevocably waives any and all rights it may now or
hereafter have under any agreement or at law or in equity (including, without
limitation, any law subrogating Guarantor to the rights of Lender) to assert any
claim against or seek contribution, indemnification or any other form of
reimbursement from Borrower or any other guarantors or any other party liable
for payment of any or all of the Guaranteed Indebtedness for any payment made by
Guarantor under or in connection with this Guaranty Agreement or otherwise. If
acceleration of the time for payment of any amount payable by Borrower under the
Guaranteed Indebtedness is stayed upon the insolvency, bankruptcy, or
reorganization of Borrower, all such amounts otherwise subject to acceleration
under the terms of the Guaranteed Indebtedness shall nonetheless be payable by
Guarantor hereunder forthwith on demand by Lender.

     5. NO IMPAIRMENT OF GUARANTOR'S OBLIGATIONS. Guarantor hereby agrees that
its obligations under this Guaranty Agreement shall not be released, discharged,
diminished, impaired, reduced, or affected for any reason or by the occurrence
of any event, including, without limitation, one or more of the following
events, whether or not with notice to or the consent of the Guarantor: (a) the
taking or accepting of collateral as security for any or all of the Guaranteed
Indebtedness or the release, surrender, exchange, or subordination of any
collateral now or hereafter securing any or all of the Guaranteed Indebtedness;
(b) any partial release of the liability of the Guarantor hereunder, or the full
or partial release of any other guarantor or obligor from liability for any or
all of the Guaranteed Indebtedness; (c) any disability of Borrower, or the
dissolution, insolvency, or bankruptcy of Borrower, the Guarantor, or any other
party at any time liable for the payment of any or all of the Guaranteed
Indebtedness; (d) any renewal, extension, modification, waiver, amendment, or
rearrangement of any or all of the Guaranteed Indebtedness or any instrument,
document, or agreement evidencing, securing, or otherwise relating to any or all
of the Guaranteed Indebtedness; (e) any adjustment, indulgence, forbearance,
waiver, or compromise that may be granted or given by Lender to Borrower, the
Guarantor, or any other party ever liable for any or all of the Guaranteed
Indebtedness; (f) any neglect, delay, omission, failure, or refusal of Lender to
take or prosecute any action for the collection of any of the Guaranteed
Indebtedness or to foreclose or take or prosecute any action in connection with
any instrument, document, or agreement evidencing, securing, or otherwise
relating to any or all of the Guaranteed Indebtedness; (g) the unenforceability
or invalidity of any or all of the Guaranteed Indebtedness or of any instrument,
document, or agreement evidencing, securing, or otherwise relating to any or all
of the Guaranteed Indebtedness; (h) any payment by Borrower or any other party
to Lender is held to constitute a preference under applicable bankruptcy or
insolvency law or if for any other reason Lender is required to refund any
payment or pay the amount thereof to someone else; (i) the settlement or
compromise of any of the Guaranteed Indebtedness; (j) the non-perfection of any
security interest or lien securing any or all of the Guaranteed Indebtedness;
(k) any impairment of any collateral securing any or all of the Guaranteed
Indebtedness; (l) the failure of Lender to sell any collateral securing any or
all of the Guaranteed Indebtedness in a commercially reasonable manner or as
otherwise required by law; (m) any change in the

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corporate existence, structure, or ownership of Borrower; or (n) any other
circumstance which might otherwise constitute a defense available to, or
discharge of, Borrower or the Guarantor.

     6. REPRESENTATIONS AND WARRANTIES. The Guarantor represents and warrants to
Lender as follows:

          (a) The Guarantor has the power and authority and legal right to
     execute, deliver, and perform its obligations under this Guaranty Agreement
     and this Guaranty Agreement constitutes the legal, valid, and binding
     obligation of the Guarantor, enforceable against the Guarantor in
     accordance with its terms, except as limited by bankruptcy, insolvency, or
     other laws of general application relating to the enforcement of creditors'
     rights.

          (b) The execution, delivery, and performance by the Guarantor of this
     Guaranty Agreement do not and will not violate or conflict with any law,
     rule, or regulation or any order, writ, injunction, or decree of any court,
     governmental authority or agency, or arbitrator and do not and will not
     conflict with, result in a breach of, or constitute a default under, or
     result in the imposition of any lien upon any assets of the Guarantor
     pursuant to the provisions of any indenture, mortgage, deed of trust,
     security agreement, franchise, permit, license, or other instrument or
     agreement to which the Guarantor or its properties is bound.

          (c) No authorization, approval, or consent of, and no filing or
     registration with, any court, governmental authority, or third party is
     necessary for the execution, delivery, or performance by the Guarantor of
     this Guaranty Agreement or the validity or enforceability thereof.

          (d) The value of the consideration received and to be received by the
     Guarantor as a result of Lender making Term Loan C to Borrower under the
     Loan Agreement and the Guarantor executing and delivering this Guaranty
     Agreement is reasonably worth at least as much as the liability and
     obligation of the Guarantor hereunder, and such liability and obligation
     and the Loan Agreement have benefitted and may reasonably be expected to
     benefit the Guarantor directly and indirectly.

          (e) The Guarantor has, independently and without reliance upon Lender
     and based upon such documents and information as the Guarantor has deemed
     appropriate, made its own analysis and decision to enter into this Guaranty
     Agreement.

     7. COVENANTS OF GUARANTOR. Guarantor covenants and agrees that, as long as
the Guaranteed Indebtedness or any part thereof is outstanding or Lender has any
commitment under the Loan Agreement:

          (a) Guarantor will furnish promptly to Lender written notice of the
     occurrence of any default under this Guaranty Agreement or an Event of
     Default under the Loan Agreement of which Guarantor has knowledge.

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          (b) Guarantor will furnish promptly to Lender such additional
     information concerning Guarantor as Lender may request.

          (c) Guarantor will obtain at any time and from time to time all
     authorizations, licenses, consents or approvals as shall now or hereafter
     be necessary or desirable under all applicable laws or regulations or
     otherwise in connection with the execution, delivery and performance of
     this Guaranty Agreement and will promptly furnish copies thereof to Lender.

          (d) Guarantor will at all times own directly or indirectly and free
     and clear of all liens and encumbrances whatsoever at least the same
     percentage of voting shares of Borrower, if any, as it owns directly or
     indirectly on the date hereof.

     8. LENDER'S RIGHTS WITH RESPECT TO GUARANTOR'S PROPERTY IN LENDER'S
POSSESSION. Lender shall have the right to set off and apply against this
Guaranty Agreement or the Guaranteed Indebtedness or both, at any time and
without notice to Guarantor, any and all deposits (general or special, time or
demand, provisional or final) or other sums at any time credited by or owing
from Lender to Guarantor whether or not the Guaranteed Indebtedness is then due
and irrespective of whether or not Lender shall have made any demand under this
Guaranty Agreement. As security for this Guaranty Agreement and the Guaranteed
Indebtedness, Guarantor hereby grants Lender a security interest in all money,
instruments, certificates of deposit, and other property of Guarantor now or
hereafter held by Lender, including, without limitation, property held in
safekeeping. In addition to Lender's right of setoff and as further security for
this Guaranty Agreement and the Guaranteed Indebtedness, Guarantor hereby grants
Lender a security interest in all deposits (general or special, time or demand,
provisional or final) and all other accounts of Guarantor now or hereafter on
deposit with or held by Lender and all other sums at any time credited by or
owing from Lender to Guarantor. The rights and remedies of Lender hereunder are
in addition to other rights and remedies (including, without limitation, other
rights of setoff) which Lender may have.

     9. SUBORDINATION. (a) Guarantor hereby agrees that the Subordinated
Indebtedness (as hereinafter defined) shall be subordinate and junior in right
of payment to the prior payment in full of all Guaranteed Indebtedness, and the
Guarantor hereby assigns the Subordinated Indebtedness to Lender as security for
the Guaranteed Indebtedness. If any sums shall be paid to the Guarantor by
Borrower or any other person or entity on account of the Subordinated
Indebtedness, such sums shall be held in trust by the Guarantor for the benefit
of Lender and shall forthwith be paid to Lender without affecting the liability
of the Guarantor under this Guaranty Agreement and may be applied by Lender
against the Guaranteed Indebtedness in such order and manner as Lender may
determine in its sole discretion. Upon the request of Lender, the Guarantor
shall execute, deliver, and endorse to Lender such documents and instruments as
Lender may request to perfect, preserve, and enforce its rights hereunder. For
purposes of this Guaranty Agreement, the term "Subordinated Indebtedness" means
all indebtedness, liabilities, and obligations of Borrower to the Guarantor,
whether such indebtedness, liabilities, and obligations now exist or are
hereafter incurred or arise, or whether the obligations of Borrower thereon are
direct, indirect, contingent, primary, secondary, several, joint and several, or
otherwise, and irrespective of whether such indebtedness, liabilities, or
obligations are evidenced by a note, contract, open account, or otherwise, and

GUARANTY AGREEMENT - Page 4

<PAGE>   12

irrespective of the person or persons in whose favor such indebtedness,
obligations, or liabilities may, at their inception, have been, or may hereafter
be created, or the manner in which they have been or may hereafter be acquired
by the Guarantor.

     (b) Guarantor agrees that any and all liens, security interests, judgment
liens, charges, or other encumbrances upon Borrower's assets securing payment of
any Subordinated Indebtedness shall be and remain inferior and subordinate to
any and all liens, security interests, judgment liens, charges, or other
encumbrances upon Borrower's assets securing payment of the Guaranteed
Indebtedness or any part thereof, regardless of whether such encumbrances in
favor of the Guarantor or Lender presently exist or are hereafter created or
attached. Without the prior written consent of Lender, Guarantor shall not (i)
file suit against Borrower or exercise or enforce any other creditor's right it
may have against Borrower, or (ii) foreclose, repossess, sequester, or otherwise
take steps or institute any action or proceedings (judicial or otherwise,
including without limitation the commencement of, or joinder in, any
liquidation, bankruptcy, rearrangement, debtor's relief or insolvency
proceeding) to enforce any liens, security interests, collateral rights,
judgments or other encumbrances held by the Guarantor on assets of Borrower.

     (c) In the event of any receivership, bankruptcy, reorganization,
rearrangement, debtor's relief, or other insolvency proceeding involving
Borrower as debtor, Lender shall have the right to prove and vote any claim
under the Subordinated Indebtedness and to receive directly from the receiver,
trustee or other court custodian all dividends, distributions, and payments made
in respect of the Subordinated Indebtedness. Lender may apply any such
dividends, distributions, and payments against the Guaranteed Indebtedness in
such order and manner as Lender may determine in its sole discretion.

     10. AMENDMENTS; CUMULATIVE REMEDIES. No amendment or waiver of any
provision of this Guaranty Agreement nor consent to any departure by the
Guarantor therefrom shall in any event be effective unless the same shall be in
writing and signed by Lender. No failure on the part of Lender to exercise, and
no delay in exercising any right, power, or privilege hereunder shall operate as
a waiver thereof; nor shall any single or partial exercise of any right, power,
or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power, or privilege. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

     11. SUCCESSORS AND ASSIGNS. This Guaranty Agreement is for the benefit of
Lender and its successors and assigns, and in the event of an assignment of the
Guaranteed Indebtedness, or any part thereof, the rights and benefits hereunder,
to the extent applicable to the indebtedness so assigned, may be transferred
with such indebtedness. This Guaranty Agreement is binding not only on the
Guarantor, but on the Guarantor's heirs and personal representatives.

     12. RELIANCE BY LENDER. The Guarantor recognizes that Lender is relying
upon this Guaranty Agreement and the undertakings of the Guarantor hereunder in
making extensions of credit to Borrower under the Loan Agreement and further
recognizes that the execution and delivery of this Guaranty Agreement is a
material inducement to Lender in making Term Loan C under the Loan Agreement.
The Guarantor hereby acknowledges that there are no conditions to the full
effectiveness of this Guaranty Agreement.

GUARANTY AGREEMENT - Page 5

<PAGE>   13

     13. GOVERNING LAW. THIS GUARANTY AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

     14. FEES AND EXPENSES. The Guarantor shall pay on demand all reasonable
attorneys' fees and all other costs and expenses incurred by Lender in
connection with the enforcement or collection of this Guaranty Agreement.

     15. WAIVERS BY GUARANTOR. The Guarantor hereby waives promptness,
diligence, notice of any default under the Guaranteed Indebtedness, demand for
payment, notice of acceptance of this Guaranty Agreement, presentment, notice of
protest, notice of dishonor, notice of the incurring by Borrower of additional
indebtedness, and all other notices and demands with respect to the Guaranteed
Indebtedness and this Guaranty Agreement.

     16. VALIDITY; ENFORCEABILITY. The Loan Agreement, and all of the terms
thereof, are incorporated herein by reference, the same as if stated verbatim
herein, and Guarantor agrees that Lender may exercise any and all rights granted
to it under the Loan Agreement and the other Loan Documents (as defined in the
Loan Agreement) without affecting the validity or enforceability of this
Guaranty Agreement.

     17. NO RELIANCE ON LENDER. The Guarantor hereby represents and warrants to
Lender that the Guarantor has adequate means to obtain from Borrower and the
Subsidiaries on a continuing basis information concerning the financial
condition and assets of Borrower and the Subsidiaries and that the Guarantor is
not relying upon Lender to provide (and Lender shall have no duty to provide)
any such information to the Guarantor either now or in the future.

     18. NO ORAL AGREEMENTS. THIS GUARANTY AGREEMENT REPRESENTS THE FINAL
AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR'S GUARANTY OF THE
GUARANTEED INDEBTEDNESS AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES HERETO.

GUARANTY AGREEMENT - Page 6

<PAGE>   14

     EXECUTED as of the 31st day of July, 2000.

                                       GUARANTOR:

                                       /s/ J. KELLY GRAY
                                       -----------------
                                       J. Kelly Gray

GUARANTY AGREEMENT - Page 7

<PAGE>   15
                               GUARANTY AGREEMENT
                                    (LIMITED)

         WHEREAS, the execution of this Guaranty Agreement (this "Guaranty
Agreement") is a condition to SERVICE ASSET INVESTMENT, INC., a Texas
corporation ("Borrower"), borrowing from GUARANTY FEDERAL BANK, F.S.B., a
federal savings bank ("Lender"), a term loan in the aggregate principal amount
of $10,000,000 pursuant to that certain Loan Agreement dated March 30, 2000, as
amended of even date herewith (such Loan Agreement, as it may have been or may
hereafter be amended or modified from time to time, being hereinafter referred
to as the "Loan Agreement") between Borrower and Lender;

         NOW, THEREFORE, for valuable consideration, the receipt and adequacy of
which are hereby acknowledged, WILLIAM D. GROSS, an individual residing at 7424
Axminster, Dallas, Texas 75214 (the "Guarantor"), hereby irrevocably and
unconditionally guarantees to Lender, subject to the terms of this Guaranty
Agreement, the full and prompt payment and performance of the Guaranteed
Indebtedness (hereinafter defined), this Guaranty Agreement being upon the
following terms:

         1. DEFINITION OF GUARANTEED INDEBTEDNESS. The term "Guaranteed
Indebtedness" as used herein means the Borrower's obligations under Term Loan C
(as defined in the Loan Agreement), provided that Guarantor's liability with
respect to such obligations shall be limited to an amount not to exceed
$1,600,000. All other capitalized terms used and not otherwise defined herein
shall have their respective meanings as set forth in the Loan Agreement.

         2. ABSOLUTE GUARANTY; NO SET-OFF RIGHTS. This instrument shall be an
absolute, continuing, irrevocable, and unconditional guaranty of payment and
performance, and not a guaranty of collection, of the Guaranteed Indebtedness as
provided herein, and the Guarantor shall remain liable on its obligations
hereunder until the payment and performance in full of the Guaranteed
Indebtedness. No set-off, counterclaim, recoupment, reduction, or diminution of
any obligation, or any defense of any kind or nature which Borrower may have
against Lender or any other party, or the Guarantor may have against Borrower,
Lender, or any other party, shall be available to, or shall be asserted by, the
Guarantor against Lender or any subsequent holder of the Guaranteed Indebtedness
or any part thereof or against payment of the Guaranteed Indebtedness or any
part thereof.

         3. NO IMPAIRMENT OF RIGHTS. If the Guarantor becomes liable for any
indebtedness owing by Borrower to Lender by endorsement or otherwise, other than
under this Guaranty Agreement, such liability shall not be in any manner
impaired or affected hereby, and the rights of Lender hereunder shall be
cumulative of any and all other rights that Lender may ever have against the
Guarantor. The exercise by Lender of any right or remedy hereunder or under any
other instrument, or at law or in equity, shall not preclude the concurrent or
subsequent exercise of any other right or remedy.

         4. OBLIGATIONS OF GUARANTORS; NO DUTY TO EXHAUST REMEDIES; WAIVER OF
SUBROGATION. In the event of default by Borrower in payment or performance of
the Guaranteed Indebtedness, or any part thereof, when such Guaranteed
Indebtedness becomes due, whether by its terms, by acceleration, or otherwise,
Guarantor shall promptly pay the amount due thereon to Lender

<PAGE>   16

without notice or demand in lawful money of the United States of America and it
shall not be necessary for Lender, in order to enforce such payment by either
Guarantor, first to institute suit or exhaust its remedies against Borrower or
any other guarantor or others liable on such Guaranteed Indebtedness, or to
enforce any rights against any collateral which shall ever have been given to
secure such Guaranteed Indebtedness. Notwithstanding anything to the contrary
contained in this Guaranty Agreement, until such time as the Guaranteed
Indebtedness has been paid in full, Guarantor hereby irrevocably waives any and
all rights it may now or hereafter have under any agreement or at law or in
equity (including, without limitation, any law subrogating Guarantor to the
rights of Lender) to assert any claim against or seek contribution,
indemnification or any other form of reimbursement from Borrower or any other
guarantors or any other party liable for payment of any or all of the Guaranteed
Indebtedness for any payment made by Guarantor under or in connection with this
Guaranty Agreement or otherwise. If acceleration of the time for payment of any
amount payable by Borrower under the Guaranteed Indebtedness is stayed upon the
insolvency, bankruptcy, or reorganization of Borrower, all such amounts
otherwise subject to acceleration under the terms of the Guaranteed Indebtedness
shall nonetheless be payable by Guarantor hereunder forthwith on demand by
Lender.

         5. NO IMPAIRMENT OF GUARANTOR'S OBLIGATIONS. Guarantor hereby agrees
that its obligations under this Guaranty Agreement shall not be released,
discharged, diminished, impaired, reduced, or affected for any reason or by the
occurrence of any event, including, without limitation, one or more of the
following events, whether or not with notice to or the consent of the Guarantor:
(a) the taking or accepting of collateral as security for any or all of the
Guaranteed Indebtedness or the release, surrender, exchange, or subordination of
any collateral now or hereafter securing any or all of the Guaranteed
Indebtedness; (b) any partial release of the liability of the Guarantor
hereunder, or the full or partial release of any other guarantor or obligor from
liability for any or all of the Guaranteed Indebtedness; (c) any disability of
Borrower, or the dissolution, insolvency, or bankruptcy of Borrower, the
Guarantor, or any other party at any time liable for the payment of any or all
of the Guaranteed Indebtedness; (d) any renewal, extension, modification,
waiver, amendment, or rearrangement of any or all of the Guaranteed Indebtedness
or any instrument, document, or agreement evidencing, securing, or otherwise
relating to any or all of the Guaranteed Indebtedness; (e) any adjustment,
indulgence, forbearance, waiver, or compromise that may be granted or given by
Lender to Borrower, the Guarantor, or any other party ever liable for any or all
of the Guaranteed Indebtedness; (f) any neglect, delay, omission, failure, or
refusal of Lender to take or prosecute any action for the collection of any of
the Guaranteed Indebtedness or to foreclose or take or prosecute any action in
connection with any instrument, document, or agreement evidencing, securing, or
otherwise relating to any or all of the Guaranteed Indebtedness; (g) the
unenforceability or invalidity of any or all of the Guaranteed Indebtedness or
of any instrument, document, or agreement evidencing, securing, or otherwise
relating to any or all of the Guaranteed Indebtedness; (h) any payment by
Borrower or any other party to Lender is held to constitute a preference under
applicable bankruptcy or insolvency law or if for any other reason Lender is
required to refund any payment or pay the amount thereof to someone else; (i)
the settlement or compromise of any of the Guaranteed Indebtedness; (j) the
non-perfection of any security interest or lien securing any or all of the
Guaranteed Indebtedness: (k) any impairment of any collateral securing any or
all of the Guaranteed Indebtedness; (l) the failure of Lender to sell any
collateral securing any or all of the Guaranteed Indebtedness in a commercially
reasonable manner or as otherwise required by law; (m) any change in the

GUARANTY AGREEMENT - Page 2

<PAGE>   17

corporate existence, structure, or ownership of Borrower; or (n) any other
circumstance which might otherwise constitute a defense available to, or
discharge of, Borrower or the Guarantor.

         6. REPRESENTATIONS AND WARRANTIES. The Guarantor represents and
warrants to Lender as follows:

            (a) The Guarantor has the power and authority and legal right to
         execute, deliver, and perform its obligations under this Guaranty
         Agreement and this Guaranty Agreement constitutes the legal, valid, and
         binding obligation of the Guarantor, enforceable against the Guarantor
         in accordance with its terms, except as limited by bankruptcy,
         insolvency, or other laws of general application relating to the
         enforcement of creditors' rights.

            (b) The execution, delivery, and performance by the Guarantor of
         this Guaranty Agreement do not and will not violate or conflict with
         any law, rule, or regulation or any order, writ, injunction, or decree
         of any court, governmental authority or agency, or arbitrator and do
         not and will not conflict with, result in a breach of, or constitute a
         default under, or result in the imposition of any lien upon any assets
         of the Guarantor pursuant to the provisions of any indenture, mortgage,
         deed of trust, security agreement, franchise, permit, license, or other
         instrument or agreement to which the Guarantor or its properties is
         bound.

            (c) No authorization, approval, or consent of, and no filing or
         registration with, any court, governmental authority, or third party is
         necessary for the execution, delivery, or performance by the Guarantor
         of this Guaranty Agreement or the validity or enforceability thereof.

            (d) The value of the consideration received and to be received by
         the Guarantor as a result of Lender making Term Loan C to
         Borrower under the Loan Agreement and the Guarantor executing and
         delivering this Guaranty Agreement is reasonably worth at least as much
         as the liability and obligation of the Guarantor hereunder, and such
         liability and obligation and the Loan Agreement have benefitted and may
         reasonably be expected to benefit the Guarantor directly and
         indirectly.

            (e) The Guarantor has, independently and without reliance upon
         Lender and based upon such documents and information as the Guarantor
         has deemed appropriate, made its own analysis and decision to enter
         into this Guaranty Agreement

         7. COVENANTS OF GUARANTOR. Guarantor covenants and agrees that, as long
as the Guaranteed Indebtedness or any part thereof is outstanding or Lender has
any commitment under the Loan Agreement:

            (a) Guarantor will furnish promptly to Lender written notice of the
         occurrence of any default under this Guaranty Agreement or an Event of
         Default under the Loan Agreement of which Guarantor has knowledge.

GUARANTY AGREEMENT - Page 3

<PAGE>   18

            (b) Guarantor will furnish promptly to Lender such additional
         information concerning Guarantor as Lender may request.

            (c) Guarantor will obtain at any time and from time to time all
         authorizations, licenses, consents or approvals as shall now or
         hereafter be necessary or desirable under all applicable laws or
         regulations or otherwise in connection with the execution, delivery and
         performance of this Guaranty Agreement and will promptly furnish copies
         thereof to Lender.

            (d) Guarantor will at all times own directly or indirectly and free
         and clear of all liens and encumbrances whatsoever at least the same
         percentage of voting shares of Borrower, if any, as it owns directly
         or indirectly on the date hereof.

         8. LENDER'S RIGHTS WITH RESPECT TO GUARANTOR'S PROPERTY IN LENDER'S
POSSESSION. Lender shall have the right to set off and apply against this
Guaranty Agreement or the Guaranteed Indebtedness or both, at any time and
without notice to Guarantor, any and all deposits (general or special, time or
demand, provisional or final) or other sums at any time credited by or owing
from Lender to Guarantor whether or not the Guaranteed Indebtedness is then due
and irrespective of whether or not Lender shall have made any demand under this
Guaranty Agreement. As security for this Guaranty Agreement and the Guaranteed
Indebtedness, Guarantor hereby grants Lender a security interest in all money,
instruments, certificates of deposit, and other property of Guarantor now or
hereafter held by Lender, including, without limitation, property held in
safekeeping. In addition to Lender's right of setoff and as further security for
this Guaranty Agreement and the Guaranteed Indebtedness, Guarantor hereby grants
Lender a security interest in all deposits (general or special, time or demand,
provisional or final) and all other accounts of Guarantor now or hereafter on
deposit with or held by Lender and all other sums at any time credited by or
owing from Lender to Guarantor. The rights and remedies of Lender hereunder are
in addition to other rights and remedies (including, without limitation, other
rights of setoff) which Lender may have.

         9. SUBORDINATION. (a) Guarantor hereby agrees that the Subordinated
Indebtedness (as hereinafter defined) shall be subordinate and junior in right
of payment to the prior payment in full of all Guaranteed Indebtedness, and the
Guarantor hereby assigns the Subordinated Indebtedness to Lender as security for
the Guaranteed Indebtedness. If any sums shall be paid to the Guarantor by
Borrower or any other person or entity on account of the Subordinated
Indebtedness, such sums shall be held in trust by the Guarantor for the benefit
of Lender and shall forthwith be paid to Lender without affecting the liability
of the Guarantor under this Guaranty Agreement and may be applied by Lender
against the Guaranteed Indebtedness in such order and manner as Lender may
determine in its sole discretion. Upon the request of Lender, the Guarantor
shall execute, deliver, and endorse to Lender such documents and instruments as
Lender may request to perfect, preserve, and enforce its rights hereunder. For
purposes of this Guaranty Agreement, the term "Subordinated Indebtedness" means
all indebtedness, liabilities, and obligations of Borrower to the Guarantor,
whether such indebtedness, liabilities, and obligations now exist or are
hereafter incurred or arise, or whether the obligations of Borrower thereon are
direct, indirect, contingent, primary, secondary, several, joint and several, or
otherwise, and irrespective of whether such indebtedness, liabilities, or
obligations are evidenced by a note, contract, open account, or otherwise, and

GUARANTY AGREEMENT - Page 4

<PAGE>   19

irrespective of the person or persons in whose favor such indebtedness,
obligations, or liabilities may, at their inception, have been, or may hereafter
be created, or the manner in which they have been or may hereafter be acquired
by the Guarantor.

         (b) Guarantor agrees that any and all liens, security interests,
judgment liens, charges, or other encumbrances upon Borrower's assets securing
payment of any Subordinated Indebtedness shall be and remain inferior and
subordinate to any and all liens, security interests, judgment liens, charges,
or other encumbrances upon Borrower's assets securing payment of the Guaranteed
Indebtedness or any part thereof, regardless of whether such encumbrances in
favor of the Guarantor or Lender presently exist or are hereafter created or
attached. Without the prior written consent of Lender, Guarantor shall not (i)
file suit against Borrower or exercise or enforce any other creditor's right it
may have against Borrower, or (ii) foreclose, repossess, sequester, or otherwise
take steps or institute any action or proceedings (judicial or otherwise,
including without limitation the commencement of, or joinder in, any
liquidation, bankruptcy, rearrangement, debtor's relief or insolvency
proceeding) to enforce any liens, security interests, collateral rights,
judgments or other encumbrances held by the Guarantor on assets of Borrower.

         (c) In the event of any receivership, bankruptcy, reorganization,
rearrangement, debtor's relief, or other insolvency proceeding involving
Borrower as debtor, Lender shall have the right to prove and vote any claim
under the Subordinated Indebtedness and to receive directly from the receiver,
trustee or other court custodian all dividends, distributions, and payments made
in respect of the Subordinated Indebtedness. Lender may apply any such
dividends, distributions, and payments against the Guaranteed Indebtedness in
such order and manner as Lender may determine in its sole discretion.

         10. AMENDMENTS; CUMULATIVE REMEDIES. No amendment or waiver of any
provision of this Guaranty Agreement nor consent to any departure by the
Guarantor therefrom shall in any event be effective unless the same shall be in
writing and signed by Lender. No failure on the part of Lender to exercise, and
no delay in exercising any right, power, or privilege hereunder shall operate as
a waiver thereof; nor shall any single or partial exercise of any right, power,
or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power, or privilege. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

         11. SUCCESSORS AND ASSIGNS. This Guaranty Agreement is for the benefit
of Lender and its successors and assigns, and in the event of an assignment of
the Guaranteed Indebtedness, or any part thereof, the rights and benefits
hereunder, to the extent applicable to the indebtedness so assigned, may be
transferred with such indebtedness. This Guaranty Agreement is binding not only
on the Guarantor, but on the Guarantor's heirs and personal representatives.

         12. RELIANCE BY LENDER. The Guarantor recognizes that Lender is relying
upon this Guaranty Agreement and the undertakings of the Guarantor hereunder in
making extensions of credit to Borrower under the Loan Agreement and further
recognizes that the execution and delivery of this Guaranty Agreement is a
material inducement to Lender in making Term Loan C under the Loan Agreement.
The Guarantor hereby acknowledges that there are no conditions to the full
effectiveness of this Guaranty Agreement.

GUARANTY AGREEMENT - Page 5

<PAGE>   20

         13. GOVERNING LAW. THIS GUARANTY AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

         14. FEES AND EXPENSES. The Guarantor shall pay on demand all reasonable
attorneys' fees and all other costs and expenses incurred by Lender in
connection with the enforcement or collection of this Guaranty Agreement.

         15. WAIVERS BY GUARANTOR. The Guarantor hereby waives promptness,
diligence, notice of any default under the Guaranteed Indebtedness, demand for
payment, notice of acceptance of this Guaranty Agreement, presentment, notice of
protest, notice of dishonor, notice of the incurring by Borrower of additional
indebtedness, and all other notices and demands with respect to the Guaranteed
Indebtedness and this Guaranty Agreement

         16. VALIDITY; ENFORCEABILITY. The Loan Agreement, and all of the terms
thereof, are incorporated herein by reference, the same as if stated verbatim
herein, and Guarantor agrees that Lender may exercise any and all rights granted
to it under the Loan Agreement and the other Loan Documents (as defined in the
Loan Agreement) without affecting the validity or enforceability of this
Guaranty Agreement.

         17. NO RELIANCE ON LENDER The Guarantor hereby represents and warrants
to Lender that the Guarantor has adequate means to obtain from Borrower and the
Subsidiaries on a continuing basis information concerning the financial
condition and assets of Borrower and the Subsidiaries and that the Guarantor is
not relying upon Lender to provide (and Lender shall have no duty to provide)
any such information to the Guarantor either now or in the future.

         18. NO ORAL AGREEMENTS. THIS GUARANTY AGREEMENT REPRESENTS THE FINAL
AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR'S GUARANTY OF THE
GUARANTEED INDEBTEDNESS AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES HERETO.

GUARANTY AGREEMENT - Page 6

<PAGE>   21

EXECUTED as of the 31st day of July, 2000.

                                     GUARANTOR:

                                     /s/ WILLIAM D. GROSS
                                     ----------------------
                                     William D. Gross

GUARANTY AGREEMENT - Page 7

<PAGE>   22

                               GUARANTY AGREEMENT
                                    (LIMITED)

         WHEREAS, the execution of this Guaranty Agreement (this "Guaranty
Agreement") is a condition to SERVICE ASSET INVESTMENT, INC., a Texas
corporation ("Borrower"), borrowing from GUARANTY FEDERAL BANK, F.S.B., a
federal savings bank ("Lender"), a term loan in the aggregate principal amount
of $10,000,000 pursuant to that certain Loan Agreement dated March 30, 2000, as
amended of even date herewith (such Loan Agreement, as it may have been or may
hereafter be amended or modified from time to time, being hereinafter referred
to as the "Loan Agreement") between Borrower and Lender;

         NOW, THEREFORE, for valuable consideration, the receipt and adequacy of
which are hereby acknowledged, PHILIP A. PENDERGRAFT, an individual residing at
3708 Big Bear Lake Drive, Arlington, Texas 76016 (the "Guarantor") hereby
irrevocably and unconditionally guarantees to Lender, subject to the terms of
this Guaranty Agreement, the full and prompt payment and performance of the
Guaranteed Indebtedness (hereinafter defined), this Guaranty Agreement being
upon the following terms:

         1. DEFINITION OF GUARANTEED INDEBTEDNESS. The term "Guaranteed
Indebtedness" as used herein means the Borrower's obligations under Term Loan C
(as defined in the Loan Agreement), provided that Guarantor's liability with
respect to such obligations shall be limited to an amount not to exceed
$1,600,000. All other capitalized terms used and not otherwise defined herein
shall have their respective meanings as set forth in the Loan Agreement.

         2. ABSOLUTE GUARANTY; NO SET-OFF RIGHTS. This instrument shall be an
absolute, continuing, irrevocable, and unconditional guaranty of payment and
performance, and not a guaranty of collection, of the Guaranteed Indebtedness as
provided herein, and the Guarantor shall remain liable on its obligations
hereunder until the payment and performance in full of the Guaranteed
Indebtedness. No set-off, counterclaim, recoupment, reduction, or diminution of
any obligation, or any defense of any kind or nature which Borrower may have
against Lender or any other party, or the Guarantor may have against Borrower,
Lender, or any other party, shall be available to, or shall be asserted by, the
Guarantor against Lender or any subsequent holder of the Guaranteed Indebtedness
or any part thereof or against payment of the Guaranteed Indebtedness or any
part thereof.

         3. NO IMPAIRMENT OF RIGHTS. If the Guarantor becomes liable for any
indebtedness owing by Borrower to Lender by endorsement or otherwise, other than
under this Guaranty Agreement, such liability shall not be in any manner
impaired or affected hereby, and the rights of Lender hereunder shall be
cumulative of any and all other rights that Lender may ever have against the
Guarantor. The exercise by Lender of any right or remedy hereunder or under any
other instrument, or at law or in equity, shall not preclude the concurrent or
subsequent exercise of any other right or remedy.

         4. OBLIGATIONS OF GUARANTORS; NO DUTY TO EXHAUST REMEDIES; WAIVER OF
SUBROGATION. In the event of default by Borrower in payment or performance of
the Guaranteed Indebtedness, or any part thereof, when such Guaranteed
Indebtedness becomes due, whether by its terms, by acceleration, or otherwise,
Guarantor shall promptly pay the amount due thereon to Lender

<PAGE>   23

without notice or demand in lawful money of the United States of America and it
shall not be necessary for Lender, in order to enforce such payment by either
Guarantor, first to institute suit or exhaust its remedies against Borrower or
any other guarantor or others liable on such Guaranteed Indebtedness, or to
enforce any rights against any collateral which shall ever have been given to
secure such Guaranteed Indebtedness. Notwithstanding anything to the contrary
contained in this Guaranty Agreement, until such time as the Guaranteed
Indebtedness has been paid in full, Guarantor hereby irrevocably waives any and
all rights it may now or hereafter have under any agreement or at law or in
equity (including, without limitation, any law subrogating Guarantor to the
rights of Lender) to assert any claim against or seek contribution,
indemnification or any other form of reimbursement from Borrower or any other
guarantors or any other party liable for payment of any or all of the Guaranteed
Indebtedness for any payment made by Guarantor under or in connection with this
Guaranty Agreement or otherwise. If acceleration of the time for payment of any
amount payable by Borrower under the Guaranteed Indebtedness is stayed upon the
insolvency, bankruptcy, or reorganization of Borrower, all such amounts
otherwise subject to acceleration under the terms of the Guaranteed Indebtedness
shall nonetheless be payable by Guarantor hereunder forthwith on demand by
Lender.

         5. NO IMPAIRMENT OF GUARANTOR'S OBLIGATIONS. Guarantor hereby agrees
that its obligations under this Guaranty Agreement shall not be released,
discharged, diminished, impaired, reduced, or affected for any reason or by the
occurrence of any event, including, without limitation, one or more of the
following events, whether or not with notice to or the consent of the Guarantor:
(a) the taking or accepting of collateral as security for any or all of the
Guaranteed Indebtedness or the release, surrender, exchange, or subordination of
any collateral now or hereafter securing any or all of the Guaranteed
Indebtedness; (b) any partial release of the liability of the Guarantor
hereunder, or the full or partial release of any other guarantor or obligor from
liability for any or all of the Guaranteed Indebtedness; (c) any disability of
Borrower, or the dissolution, insolvency, or bankruptcy of Borrower, the
Guarantor, or any other party at any time liable for the payment of any or all
of the Guaranteed Indebtedness; (d) any renewal, extension, modification,
waiver, amendment, or rearrangement of any or all of the Guaranteed Indebtedness
or any instrument, document, or agreement evidencing, securing, or otherwise
relating to any or all of the Guaranteed Indebtedness; (e) any adjustment,
indulgence, forbearance, waiver, or compromise that may be granted or given by
Lender to Borrower, the Guarantor, or any other party ever liable for any or all
of the Guaranteed Indebtedness; (f) any neglect, delay, omission, failure, or
refusal of Lender to take or prosecute any action for the collection of any of
the Guaranteed Indebtedness or to foreclose or take or prosecute any action in
connection with any instrument, document, or agreement evidencing, securing, or
otherwise relating to any or all of the Guaranteed Indebtedness; (g) the
unenforceability or invalidity of any or all of the Guaranteed Indebtedness or
of any instrument, document, or agreement evidencing, securing, or otherwise
relating to any or all of the Guaranteed Indebtedness; (h) any payment by
Borrower or any other party to Lender is held to constitute a preference under
applicable bankruptcy or insolvency law or if for any other reason Lender is
required to refund any payment or pay the amount thereof to someone else; (i)
the settlement or compromise of any of the Guaranteed Indebtedness; (j) the
non-perfection of any security interest or lien securing any or all of the
Guaranteed Indebtedness; (k) any impairment of any collateral securing any or
all of the Guaranteed Indebtedness; (1) the failure of Lender to sell any
collateral securing any or all of the Guaranteed Indebtedness in a commercially
reasonable manner or as otherwise required by law; (m) any change in the

GUARANTY AGREEMENT - Page 2

<PAGE>   24

corporate existence, structure, or ownership of Borrower; or (n) any other
circumstance which might otherwise constitute a defense available to, or
discharge of, Borrower or the Guarantor.

         6. REPRESENTATIONS AND WARRANTIES. The Guarantor represents and
warrants to Lender as follows:

            (a) The Guarantor has the power and authority and legal right to
         execute, deliver, and perform its obligations under this Guaranty
         Agreement and this Guaranty Agreement constitutes the legal, valid, and
         binding obligation of the Guarantor, enforceable against the Guarantor
         in accordance with its terms, except as limited by bankruptcy,
         insolvency, or other laws of general application relating to the
         enforcement of creditors' rights.

            (b) The execution, delivery, and performance by the Guarantor of
         this Guaranty Agreement do not and will not violate or conflict with
         any law, rule, or regulation or any order, writ, injunction, or decree
         of any court, governmental authority or agency, or arbitrator and do
         not and will not conflict with, result in a breach of, or constitute a
         default under, or result in the imposition of any lien upon any assets
         of the Guarantor pursuant to the provisions of any indenture, mortgage,
         deed of trust, security agreement, franchise, permit, license, or other
         instrument or agreement to which the Guarantor or its properties is
         bound.

            (c) No authorization, approval, or consent of, and no filing or
         registration with, any court, governmental authority, or third party is
         necessary for the execution, delivery, or performance by the Guarantor
         of this Guaranty Agreement or the validity or enforceability thereof.

            (d) The value of the consideration received and to be received by
         the Guarantor as a result of Lender making Term Loan C to Borrower
         under the Loan Agreement and the Guarantor executing and delivering
         this Guaranty Agreement is reasonably worth at least as much as the
         liability and obligation of the Guarantor hereunder, and such liability
         and obligation and the Loan Agreement have benefitted and may
         reasonably be expected to benefit the Guarantor directly and
         indirectly.

            (e) The Guarantor has, independently and without reliance upon
         Lender and based upon such documents and information as the Guarantor
         has deemed appropriate, made its own analysis and decision to enter
         into this Guaranty Agreement.

         7. COVENANTS OF GUARANTOR. Guarantor covenants and agrees that, as long
as the Guaranteed Indebtedness or any part thereof is outstanding or Lender has
any commitment under the Loan Agreement:

            (a) Guarantor will furnish promptly to Lender written notice of the
         occurrence of any default under this Guaranty Agreement or an Event of
         Default under the Loan Agreement of which Guarantor has knowledge.

GUARANTY AGREEMENT - Page 3

<PAGE>   25

            (b) Guarantor will furnish promptly to Lender such additional
         information concerning Guarantor as Lender may request.

            (c) Guarantor will obtain at any time and from time to time all
         authorizations, licenses, consents or approvals as shall now or
         hereafter be necessary or desirable under all applicable laws or
         regulations or otherwise in connection with the execution, delivery and
         performance of this Guaranty Agreement and will promptly furnish copies
         thereof to Lender.

            (d) Guarantor will at all times own directly or indirectly and free
         and clear of all liens and encumbrances whatsoever at least the same
         percentage of voting shares of Borrower, if any, as it owns directly or
         indirectly on the date hereof.

         8. LENDER'S RIGHTS WITH RESPECT TO GUARANTOR'S PROPERTY IN LENDER'S
POSSESSION. Lender shall have the right to set off and apply against this
Guaranty Agreement or the Guaranteed Indebtedness or both, at any time and
without notice to Guarantor, any and all deposits (general or special, time or
demand, provisional or final) or other sums at any time credited by or owing
from Lender to Guarantor whether or not the Guaranteed Indebtedness is then due
and irrespective of whether or not Lender shall have made any demand under this
Guaranty Agreement. As security for this Guaranty Agreement and the Guaranteed
Indebtedness, Guarantor hereby grants Lender a security interest in all money,
instruments, certificates of deposit, and other property of Guarantor now or
hereafter held by Lender, including, without limitation, property held in
safekeeping. In addition to Lender's right of setoff and as further security for
this Guaranty Agreement and the Guaranteed Indebtedness, Guarantor hereby grants
Lender a security interest in all deposits (general or special, time or demand,
provisional or final) and all other accounts of Guarantor now or hereafter on
deposit with or held by Lender and all other sums at any time credited by or
owing from Lender to Guarantor. The rights and remedies of Lender hereunder are
in addition to other rights and remedies (including, without limitation, other
rights of setoff) which Lender may have.

         9. SUBORDINATION. (a) Guarantor hereby agrees that the Subordinated
Indebtedness (as hereinafter defined) shall be subordinate and junior in right
of payment to the prior payment in full of all Guaranteed Indebtedness, and the
Guarantor hereby assigns the Subordinated Indebtedness to Lender as security for
the Guaranteed Indebtedness. If any sums shall be paid to the Guarantor by
Borrower or any other person or entity on account of the Subordinated
Indebtedness, such sums shall be held in trust by the Guarantor for the benefit
of Lender and shall forthwith be paid to Lender without affecting the liability
of the Guarantor under this Guaranty Agreement and may be applied by Lender
against the Guaranteed Indebtedness in such order and manner as Lender may
determine in its sole discretion. Upon the request of Lender, the Guarantor
shall execute, deliver, and endorse to Lender such documents and instruments as
Lender may request to perfect, preserve, and enforce its rights hereunder. For
purposes of this Guaranty Agreement, the term "Subordinated Indebtedness" means
all indebtedness, liabilities, and obligations of Borrower to the Guarantor,
whether such indebtedness, liabilities, and obligations now exist or are
hereafter incurred or arise, or whether the obligations of Borrower thereon are
direct, indirect, contingent, primary, secondary, several, joint and several, or
otherwise, and irrespective of whether such indebtedness, liabilities, or
obligations are evidenced by a note, contract, open account, or otherwise, and

GUARANTY AGREEMENT - Page 4

<PAGE>   26

irrespective of the person or persons in whose favor such indebtedness,
obligations, or liabilities may, at their inception, have been, or may hereafter
be created, or the manner in which they have been or may hereafter be acquired
by the Guarantor.

         (b) Guarantor agrees that any and all liens, security interests,
judgment liens, charges, or other encumbrances upon Borrower's assets securing
payment of any Subordinated Indebtedness shall be and remain inferior and
subordinate to any and all liens, security interests, judgment liens, charges,
or other encumbrances upon Borrower's assets securing payment of the Guaranteed
Indebtedness or any part thereof, regardless of whether such encumbrances in
favor of the Guarantor or Lender presently exist or are hereafter created or
attached. Without the prior written consent of Lender, Guarantor shall not (i)
file suit against Borrower or exercise or enforce any other creditor's right it
may have against Borrower, or (ii) foreclose, repossess, sequester, or otherwise
take steps or institute any action or proceedings (judicial or otherwise,
including without limitation the commencement of, or joinder in, any
liquidation, bankruptcy, rearrangement, debtor's relief or insolvency
proceeding) to enforce any liens, security interests, collateral rights,
judgments or other encumbrances held by the Guarantor on assets of Borrower.

         (c) In the event of any receivership, bankruptcy, reorganization,
rearrangement, debtor's relief, or other insolvency proceeding involving
Borrower as debtor, Lender shall have the right to prove and vote any claim
under the Subordinated Indebtedness and to receive directly from the receiver,
trustee or other court custodian all dividends, distributions, and payments made
in respect of the Subordinated Indebtedness. Lender may apply any such
dividends, distributions, and payments against the Guaranteed Indebtedness in
such order and manner as Lender may determine in its sole discretion.

         10. AMENDMENTS; CUMULATIVE REMEDIES. No amendment or waiver of any
provision of this Guaranty Agreement nor consent to any departure by the
Guarantor therefrom shall in any event be effective unless the same shall be in
writing and signed by Lender. No failure on the part of Lender to exercise, and
no delay in exercising any right, power, or privilege hereunder shall operate as
a waiver thereof; nor shall any single or partial exercise of any right, power,
or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power, or privilege. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

         11. SUCCESSORS AND ASSIGNS. This Guaranty Agreement is for the benefit
of Lender and its successors and assigns, and in the event of an assignment of
the Guaranteed Indebtedness, or any part thereof, the rights and benefits
hereunder, to the extent applicable to the indebtedness so assigned, may be
transferred with such indebtedness. This Guaranty Agreement is binding not only
on the Guarantor, but on the Guarantor's heirs and personal representatives.

         12. RELIANCE BY LENDER. The Guarantor recognizes that Lender is relying
upon this Guaranty Agreement and the undertakings of the Guarantor hereunder in
making extensions of credit to Borrower under the Loan Agreement and further
recognizes that the execution and delivery of this Guaranty Agreement is a
material inducement to Lender in making Term Loan C under the Loan Agreement.
The Guarantor hereby acknowledges that there are no conditions to the full
effectiveness of this Guaranty Agreement.

GUARANTY AGREEMENT - Page 5

<PAGE>   27

         13. GOVERNING LAW. THIS GUARANTY AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

         14. FEES AND EXPENSES. The Guarantor shall pay on demand all reasonable
attorneys' fees and all other costs and expenses incurred by Lender in
connection with the enforcement or collection of this Guaranty Agreement.

         15. WAIVERS BY GUARANTOR. The Guarantor hereby waives promptness,
diligence, notice of any default under the Guaranteed Indebtedness, demand for
payment, notice of acceptance of this Guaranty Agreement, presentment, notice of
protest, notice of dishonor, notice of the incurring by Borrower of additional
indebtedness, and all other notices and demands with respect to the Guaranteed
Indebtedness and this Guaranty Agreement.

         16. VALIDITY; ENFORCEABILITY. The Loan Agreement, and all of the terms
thereof, are incorporated herein by reference, the same as if stated verbatim
herein, and Guarantor agrees that Lender may exercise any and all rights granted
to it under the Loan Agreement and the other Loan Documents (as defined in the
Loan Agreement) without affecting the validity or enforceability of this
Guaranty Agreement.

         17. NO RELIANCE ON LENDER. The Guarantor hereby represents and warrants
to Lender that the Guarantor has adequate means to obtain from Borrower and the
Subsidiaries on a continuing basis information concerning the financial
condition and assets of Borrower and the Subsidiaries and that the Guarantor is
not relying upon Lender to provide (and Lender shall have no duty to provide)
any such information to the Guarantor either now or in the future.

         18. NO ORAL AGREEMENTS. THIS GUARANTY AGREEMENT REPRESENTS THE FINAL
AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR'S GUARANTY OF THE
GUARANTEED INDEBTEDNESS AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES HERETO.

GUARANTY AGREEMENT - Page 6

<PAGE>   28

EXECUTED as of the 31st day of July, 2000.

                              GUARANTOR:

                              /s/ PHILIP A. PENDERGRAFT
                              -------------------------
                              Philip A. Pendergraft

GUARANTY AGREEMENT - Page 7

<PAGE>   29
                               GUARANTY AGREEMENT
                                    (LIMITED)

         WHEREAS, the execution of this Guaranty Agreement (this "Guaranty
Agreement") is a condition to SERVICE ASSET INVESTMENT, INC., a Texas
corporation ("Borrower"), borrowing from GUARANTY FEDERAL BANK, F.S.B., a
federal savings bank ("Lender"), a term loan in the aggregate principal amount
of $10,000,000 pursuant to that certain Loan Agreement dated March 30, 2000, as
amended of even date herewith (such Loan Agreement, as it may have been or may
hereafter be amended or modified from time to time, being hereinafter referred
to as the "Loan Agreement") between Borrower and Lender;

         NOW, THEREFORE, for valuable consideration, the receipt and adequacy of
which are hereby acknowledged, DANIEL P. SON, an individual residing at 7138
Azalea Lane, Dallas, Texas 75230 (the "Guarantor"), hereby irrevocably and
unconditionally guarantees to Lender, subject to the terms of this Guaranty
Agreement, the full and prompt payment and performance of the Guaranteed
Indebtedness (hereinafter defined), this Guaranty Agreement being upon the
following terms:

         1. DEFINITION OF GUARANTEED INDEBTEDNESS. The term "Guaranteed
Indebtedness" as used herein means the Borrower's obligations under Term Loan C
(as defined in the Loan Agreement), provided that Guarantor's liability with
respect to such obligations shall be limited to an amount not to exceed
$1,600,000. All other capitalized terms used and not otherwise defined herein
shall have their respective meanings as set forth in the Loan Agreement.

         2. ABSOLUTE GUARANTY; NO SET-OFF RIGHTS. This instrument shall be an
absolute, continuing, irrevocable, and unconditional guaranty of payment and
performance, and not a guaranty of collection, of the Guaranteed Indebtedness as
provided herein, and the Guarantor shall remain liable on its obligations
hereunder until the payment and performance in full of the Guaranteed
Indebtedness. No set-off, counterclaim, recoupment, reduction, or diminution of
any obligation, or any defense of any kind or nature which Borrower may have
against Lender or any other party, or the Guarantor may have against Borrower,
Lender, or any other party, shall be available to, or shall be asserted by, the
Guarantor against Lender or any subsequent holder of the Guaranteed Indebtedness
or any part thereof or against payment of the Guaranteed Indebtedness or any
part thereof.

         3. NO IMPAIRMENT OF RIGHTS. If the Guarantor becomes liable for any
indebtedness owing by Borrower to Lender by endorsement or otherwise, other than
under this Guaranty Agreement, such liability shall not be in any manner
impaired or affected hereby, and the rights of Lender hereunder shall be
cumulative of any and all other rights that Lender may ever have against the
Guarantor. The exercise by Lender of any right or remedy hereunder or under any
other instrument, or at law or in equity, shall not preclude the concurrent or
subsequent exercise of any other right or remedy.

         4. OBLIGATIONS OF GUARANTORS; NO DUTY TO EXHAUST REMEDIES; WAIVER OF
SUBROGATION. In the event of default by Borrower in payment or performance of
the Guaranteed Indebtedness, or any part thereof, when such Guaranteed
Indebtedness becomes due, whether by its terms, by acceleration, or otherwise,
Guarantor shall promptly pay the amount due thereon to Lender

<PAGE>   30

without notice or demand in lawful money of the United States of America and it
shall not be necessary for Lender, in order to enforce such payment by either
Guarantor, first to institute suit or exhaust its remedies against Borrower or
any other guarantor or others liable on such Guaranteed Indebtedness, or to
enforce any rights against any collateral which shall ever have been given to
secure such Guaranteed Indebtedness. Notwithstanding anything to the contrary
contained in this Guaranty Agreement, until such time as the Guaranteed
Indebtedness has been paid in full, Guarantor hereby irrevocably waives any and
all rights it may now or hereafter have under any agreement or at law or in
equity (including, without limitation, any law subrogating Guarantor to the
rights of Lender) to assert any claim against or seek contribution,
indemnification or any other form of reimbursement from Borrower or any other
guarantors or any other party liable for payment of any or all of the Guaranteed
Indebtedness for any payment made by Guarantor under or in connection with this
Guaranty Agreement or otherwise. If acceleration of the time for payment of any
amount payable by Borrower under the Guaranteed Indebtedness is stayed upon the
insolvency, bankruptcy, or reorganization of Borrower, all such amounts
otherwise subject to acceleration under the terms of the Guaranteed Indebtedness
shall nonetheless be payable by Guarantor hereunder forthwith on demand by
Lender.

         5. NO IMPAIRMENT OF GUARANTOR'S OBLIGATIONS. Guarantor hereby agrees
that its obligations under this Guaranty Agreement shall not be released,
discharged, diminished, impaired, reduced, or affected for any reason or by the
occurrence of any event, including, without limitation, one or more of the
following events, whether or not with notice to or the consent of the Guarantor:
(a) the taking or accepting of collateral as security for any or all of the
Guaranteed Indebtedness or the release, surrender, exchange, or subordination of
any collateral now or hereafter securing any or all of the Guaranteed
Indebtedness; (b) any partial release of the liability of the Guarantor
hereunder, or the full or partial release of any other guarantor or obligor from
liability for any or all of the Guaranteed Indebtedness; (c) any disability of
Borrower, or the dissolution, insolvency, or bankruptcy of Borrower, the
Guarantor, or any other party at any time liable for the payment of any or all
of the Guaranteed Indebtedness; (d) any renewal, extension, modification,
waiver, amendment, or rearrangement of any or all of the Guaranteed Indebtedness
or any instrument, document, or agreement evidencing, securing, or otherwise
relating to any or all of the Guaranteed Indebtedness; (e) any adjustment,
indulgence, forbearance, waiver, or compromise that may be granted or given by
Lender to Borrower, the Guarantor, or any other party ever liable for any or all
of the Guaranteed Indebtedness; (f) any neglect, delay, omission, failure, or
refusal of Lender to take or prosecute any action for the collection of any of
the Guaranteed Indebtedness or to foreclose or take or prosecute any action in
connection with any instrument, document, or agreement evidencing, securing, or
otherwise relating to any or all of the Guaranteed Indebtedness; (g) the
unenforceability or invalidity of any or all of the Guaranteed Indebtedness or
of any instrument, document, or agreement evidencing, securing, or otherwise
relating to any or all of the Guaranteed Indebtedness; (h) any payment by
Borrower or any other party to Lender is held to constitute a preference under
applicable bankruptcy or insolvency law or if for any other reason Lender is
required to refund any payment or pay the amount thereof to someone else; (i)
the settlement or compromise of any of the Guaranteed Indebtedness; (j) the
non-perfection of any security interest or lien securing any or all of the
Guaranteed Indebtedness; (k) any impairment of any collateral securing any or
all of the Guaranteed Indebtedness; (l) the failure of Lender to sell any
collateral securing any or all of the Guaranteed Indebtedness in a commercially
reasonable manner or as otherwise required by law; (m) any change in the

GUARANTY AGREEMENT - Page 2

<PAGE>   31

corporate existence, structure, or ownership of Borrower; or (n) any other
circumstance which might otherwise constitute a defense available to, or
discharge of, Borrower or the Guarantor.

         6. REPRESENTATIONS AND WARRANTIES. The Guarantor represents and
warrants to Lender as follows:

                  (a) The Guarantor has the power and authority and legal right
         to execute, deliver, and perform its obligations under this Guaranty
         Agreement and this Guaranty Agreement constitutes the legal, valid, and
         binding obligation of the Guarantor, enforceable against the Guarantor
         in accordance with its terms, except as limited by bankruptcy,
         insolvency, or other laws of general application relating to the
         enforcement of creditors' rights.

                  (b) The execution, delivery, and performance by the Guarantor
         of this Guaranty Agreement do not and will not violate or conflict with
         any law, rule, or regulation or any order, writ, injunction, or decree
         of any court, governmental authority or agency, or arbitrator and do
         not and will not conflict with, result in a breach of, or constitute a
         default under, or result in the imposition of any lien upon any assets
         of the Guarantor pursuant to the provisions of any indenture, mortgage,
         deed of trust, security agreement, franchise, permit, license, or other
         instrument or agreement to which the Guarantor or its properties is
         bound.

                  (c) No authorization, approval, or consent of, and no filing
         or registration with, any court, governmental authority, or third party
         is necessary for the execution, delivery, or performance by the
         Guarantor of this Guaranty Agreement or the validity or enforceability
         thereof.

                  (d) The value of the consideration received and to be received
         by the Guarantor as a result of Lender making Term Loan C to Borrower
         under the Loan Agreement and the Guarantor executing and delivering
         this Guaranty Agreement is reasonably worth at least as much as the
         liability and obligation of the Guarantor hereunder, and such liability
         and obligation and the Loan Agreement have benefitted and may
         reasonably be expected to benefit the Guarantor directly and
         indirectly.

                  (e) The Guarantor has, independently and without reliance upon
         Lender and based upon such documents and information as the Guarantor
         has deemed appropriate, made its own analysis and decision to enter
         into this Guaranty Agreement.

         7. COVENANTS OF GUARANTOR. Guarantor covenants and agrees that, as long
as the Guaranteed Indebtedness or any part thereof is outstanding or Lender has
any commitment under the Loan Agreement:

                  (a) Guarantor will furnish promptly to Lender written notice
         of the occurrence of any default under this Guaranty Agreement or an
         Event of Default under the Loan Agreement of which Guarantor has
         knowledge.

GUARANTY AGREEMENT - Page 3

<PAGE>   32

                  (b) Guarantor will furnish promptly to Lender such additional
         information concerning Guarantor as Lender may request.

                  (c) Guarantor will obtain at any time and from time to time
         all authorizations, licenses, consents or approvals as shall now or
         hereafter be necessary or desirable under all applicable laws or
         regulations or otherwise in connection with the execution, delivery and
         performance of this Guaranty Agreement and will promptly furnish copies
         thereof to Lender.

                 (d) Guarantor will at all times own directly or indirectly and
         free and clear of all liens and encumbrances whatsoever at least the
         same percentage of voting shares of Borrower, if any, as it owns
         directly or indirectly on the date hereof.

         8. LENDER'S RIGHTS WITH RESPECT TO GUARANTOR'S PROPERTY IN LENDER'S
POSSESSION. Lender shall have the right to set off and apply against this
Guaranty Agreement or the Guaranteed Indebtedness or both, at any time and
without notice to Guarantor, any and all deposits (general or special, time or
demand, provisional or final) or other sums at any time credited by or owing
from Lender to Guarantor whether or not the Guaranteed Indebtedness is then due
and irrespective of whether or not Lender shall have made any demand under this
Guaranty Agreement. As security for this Guaranty Agreement and the Guaranteed
Indebtedness, Guarantor hereby grants Lender a security interest in all money,
instruments, certificates of deposit, and other property of Guarantor now or
hereafter held by Lender, including, without limitation, property held in
safekeeping. In addition to Lender's right of setoff and as further security for
this Guaranty Agreement and the Guaranteed Indebtedness, Guarantor hereby grants
Lender a security interest in all deposits (general or special, time or demand,
provisional or final) and all other accounts of Guarantor now or hereafter on
deposit with or held by Lender and all other sums at any time credited by or
owing from Lender to Guarantor. The rights and remedies of Lender hereunder are
in addition to other rights and remedies (including, without limitation, other
rights of setoff) which Lender may have.

         9. SUBORDINATION. (a) Guarantor hereby agrees that the Subordinated
Indebtedness (as hereinafter defined) shall be subordinate and junior in right
of payment to the prior payment in full of all Guaranteed Indebtedness, and the
Guarantor hereby assigns the Subordinated Indebtedness to Lender as security for
the Guaranteed Indebtedness. If any sums shall be paid to the Guarantor by
Borrower or any other person or entity on account of the Subordinated
Indebtedness, such sums shall be held in trust by the Guarantor for the benefit
of Lender and shall forthwith be paid to Lender without affecting the liability
of the Guarantor under this Guaranty Agreement and may be applied by Lender
against the Guaranteed Indebtedness in such order and manner as Lender may
determine in its sole discretion. Upon the request of Lender, the Guarantor
shall execute, deliver, and endorse to Lender such documents and instruments as
Lender may request to perfect, preserve, and enforce its rights hereunder. For
purposes of this Guaranty Agreement, the term "Subordinated Indebtedness" means
all indebtedness, liabilities, and obligations of Borrower to the Guarantor,
whether such indebtedness, liabilities, and obligations now exist or are
hereafter incurred or arise, or whether the obligations of Borrower thereon are
direct, indirect, contingent, primary, secondary, several, joint and several, or
otherwise, and irrespective of whether such indebtedness, liabilities, or
obligations are evidenced by a note, contract, open account, or otherwise, and

GUARANTY AGREEMENT - Page 4

<PAGE>   33

irrespective of the person or persons in whose favor such indebtedness,
obligations, or liabilities may, at their inception, have been, or may hereafter
be created, or the manner in which they have been or may hereafter be acquired
by the Guarantor.

         (b) Guarantor agrees that any and all liens, security interests,
judgment liens, charges, or other encumbrances upon Borrower's assets securing
payment of any Subordinated Indebtedness shall be and remain inferior and
subordinate to any and all liens, security interests, judgment liens, charges,
or other encumbrances upon Borrower's assets securing payment of the Guaranteed
Indebtedness or any part thereof, regardless of whether such encumbrances in
favor of the Guarantor or Lender presently exist or are hereafter created or
attached. Without the prior written consent of Lender, Guarantor shall not (i)
file suit against Borrower or exercise or enforce any other creditor's right it
may have against Borrower, or (ii) foreclose, repossess, sequester, or otherwise
take steps or institute any action or proceedings (judicial or otherwise,
including without limitation the commencement of, or joinder in, any
liquidation, bankruptcy, rearrangement, debtor's relief or insolvency
proceeding) to enforce any liens, security interests, collateral rights,
judgments or other encumbrances held by the Guarantor on assets of Borrower.

         (c) In the event of any receivership, bankruptcy, reorganization,
rearrangement, debtor's relief, or other insolvency proceeding involving
Borrower as debtor, Lender shall have the right to prove and vote any claim
under the Subordinated Indebtedness and to receive directly from the receiver,
trustee or other court custodian all dividends, distributions, and payments made
in respect of the Subordinated Indebtedness. Lender may apply any such
dividends, distributions, and payments against the Guaranteed Indebtedness in
such order and manner as Lender may determine in its sole discretion.

         10. AMENDMENTS; CUMULATIVE REMEDIES. No amendment or waiver of any
provision of this Guaranty Agreement nor consent to any departure by the
Guarantor therefrom shall in any event be effective unless the same shall be in
writing and signed by Lender. No failure on the part of Lender to exercise, and
no delay in exercising any right, power, or privilege hereunder shall operate as
a waiver thereof; nor shall any single or partial exercise of any right, power,
or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power, or privilege. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

         11. SUCCESSORS AND ASSIGNS. This Guaranty Agreement is for the benefit
of Lender and its successors and assigns, and in the event of an assignment of
the Guaranteed Indebtedness, or any part thereof, the rights and benefits
hereunder, to the extent applicable to the indebtedness so assigned, may be
transferred with such indebtedness. This Guaranty Agreement is binding not only
on the Guarantor, but on the Guarantor's heirs and personal representatives.

         12. RELIANCE BY LENDER. The Guarantor recognizes that Lender is relying
upon this Guaranty Agreement and the undertakings of the Guarantor hereunder in
making extensions of credit to Borrower under the Loan Agreement and further
recognizes that the execution and delivery of this Guaranty Agreement is a
material inducement to Lender in making Term Loan C under the Loan Agreement.
The Guarantor hereby acknowledges that there are no conditions to the full
effectiveness of this Guaranty Agreement.

GUARANTY AGREEMENT - Page 5

<PAGE>   34

         13. GOVERNING LAW. THIS GUARANTY AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

         14. FEES AND EXPENSES. The Guarantor shall pay on demand all reasonable
attorneys' fees and all other costs and expenses incurred by Lender in
connection with the enforcement or collection of this Guaranty Agreement.

         15. WAIVERS BY GUARANTOR. The Guarantor hereby waives promptness,
diligence, notice of any default under the Guaranteed Indebtedness, demand for
payment, notice of acceptance of this Guaranty Agreement, presentment, notice of
protest, notice of dishonor, notice of the incurring by Borrower of additional
indebtedness, and all other notices and demands with respect to the Guaranteed
Indebtedness and this Guaranty Agreement.

         16. VALIDITY; ENFORCEABILITY. The Loan Agreement, and all of the terms
thereof, are incorporated herein by reference, the same as if stated verbatim
herein, and Guarantor agrees that Lender may exercise any and all rights granted
to it under the Loan Agreement and the other Loan Documents (as defined in the
Loan Agreement) without affecting the validity or enforceability of this
Guaranty Agreement.

         17. NO RELIANCE ON LENDER. The Guarantor hereby represents and warrants
to Lender that the Guarantor has adequate means to obtain from Borrower and the
Subsidiaries on a continuing basis information concerning the financial
condition and assets of Borrower and the Subsidiaries and that the Guarantor is
not relying upon Lender to provide (and Lender shall have no duty to provide)
any such information to the Guarantor either now or in the future.

         18. NO ORAL AGREEMENTS. THIS GUARANTY AGREEMENT REPRESENTS THE FINAL
AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR'S GUARANTY OF THE
GUARANTEED INDEBTEDNESS AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES HERETO.

GUARANTY AGREEMENT - Page 6

<PAGE>   35

EXECUTED as of the 31 day of July, 2000.

                                                GUARANTOR:

                                                /s/ DANIEL P. SON
                                                --------------------------------
                                                Daniel P. Son

GUARANTY AGREEMENT - Page 7

<PAGE>   36
                              AMENDED AND RESTATED
                             STOCK PLEDGE AGREEMENT

         This AMENDED AND RESTATED STOCK PLEDGE AGREEMENT ("Pledge Agreement"),
dated as of July 31, 2000, is made by and between Service Asset Investments,
Inc., a Texas corporation ("Pledgor") and Guaranty Federal Bank, F.S.B., a
federal savings bank ("Pledgee").

                                   WITNESSETH:

         WHEREAS, Pledgor and Pledgee have entered into a Loan Agreement dated
as of March 30, 2000 (such agreement, together with all amendments,
restatements, modifications and supplements thereto, being hereinafter referred
to as the "Loan Agreement"); and

         WHEREAS, in connection with the transactions contemplated by the Loan
Agreement, the Pledgor executed that certain Pledge Agreement dated March 30,
2000 (the "Original Pledge Agreement"), which the Pledgor hereby acknowledges
and ratifies;

         WHEREAS, Pledgor has requested Pledgee to make an additional term loan
to Pledgor in the principal amount of $10,000,000 pursuant to the terms of a
First Amendment to Loan Agreement, dated of even date herewith, between Pledgor
and Pledgee (the "First Amendment");

         WHEREAS, Pledgee has conditioned its acceptance of the First Amendment
upon the execution and delivery of this Pledge Agreement by Pledgor, which
amends and restates the Original Pledge Agreement; and

         WHEREAS, capitalized terms used herein shall have the meanings assigned
to them in the Loan Agreement.

         NOW, THEREFORE, to induce Pledgee to enter into the First Amendment to
Loan Agreement and for good and valuable considerations, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows, intending to be legally bound:

         1. Grant of Security Interest and Pledge.

                  (a) As security for the payment and performance of the Notes
         and the Obligations, including, without limitation, the due and
         punctual payment of the principal of, and accrued and unpaid interest
         on, the Notes, whether at maturity, by acceleration or otherwise, and
         all renewals, extensions, rearrangements, amendments, modifications and
         increases thereof, Pledgor hereby pledges and grants to Pledgee a first
         priority security interest in and to, and assigns and transfers to
         Pledgee, (i) all of the capital stock of (y) Service Asset Management
         Company, a North Carolina corporation and (z) Penson Worldwide, Inc., a
         Delaware corporation, as evidenced on the date hereof by the
         certificates described on Schedule 1 attached hereto; (ii) all proceeds
         and products of the stock described

<PAGE>   37

         in item (i) above; and (iii) all income, stock dividends and other
         distributions from items (i) and (ii) above (such shares, proceeds,
         products, income, stock dividends and distributions being referred to
         collectively as the "Collateral"). The Collateral shall be held by
         Pledgee, but shall continue to be registered in the name of the Pledgor
         unless and until the occurrence of an Event of Default.

                  (b) Pledgor hereby designates and appoints Pledgee as its
         attorney-in-fact and proxy, with full power of substitution, which
         designation and appointment is irrevocable and coupled with an
         interest, exercisable upon the occurrence of an Event of Default for
         the purpose of voting the Collateral and performing any and all acts,
         in the name, place and stead of Pledgor, that are authorized by the
         provisions of this Pledge Agreement. Accordingly, Pledgor irrevocably
         constitutes and appoints Pledgee as Pledgor's proxy and
         attorney-in-fact, effective only after notice to Pledgor after an Event
         of Default has occurred and so long as it is continuing, but with full
         power of substitution, to vote, and to act with respect to, the
         Collateral, standing in the name of Pledgor or with respect to which
         Pledgor is entitled to vote and act.

                  (c) Concurrently with, or within two Business Days after, the
         execution and delivery of this Pledge Agreement, Pledgor shall deliver
         to Pledgee all certificates identified in Schedule 1 accompanied by
         undated stock powers duly executed in blank.

         2. Voting.

         During the term of this Pledge Agreement and for so long as no Event of
Default shall have occurred, Pledgor shall have the sole and absolute right to
vote the Collateral. After an Event of Default has occurred and so long as it is
continuing, the right to vote the Collateral is vested exclusively in Pledgee.
Such proxy is coupled with an interest, is irrevocable, and continues until the
Obligations are fully paid and performed.

         3. Cash Dividends and Distributions.

         During the term of this Pledge Agreement and for so long as no Event of
Default shall have occurred, cash dividends and cash distribution payments may
be paid to Pledgor. All non-cash dividends and other non-cash distributions
shall be immediately delivered to Pledgee (together with appropriate stock
powers signed by Pledgor).

         4. Transfer, Dividends, Etc. After Default.

         If an Event of Default shall have occurred, then upon written notice to
Pledgor, Pledgee may take any of the following actions:

                  (a) Pledgee may, in its absolute discretion, cause all or any
         of the Collateral then held by it under this Pledge Agreement to be
         transferred into the name of Pledgee, or the name or names of the
         nominee or nominees of Pledgee;

                                       -2-

<PAGE>   38

         (b) Pledgee may receive, and Pledgor upon request shall assign to the
order of Pledgee, all dividends, interest or principal and payments or other
distributions in respect of the Collateral, all of which shall thereafter be
held by Pledgee as part of the Collateral or shall be applied to the Notes and
the Obligations in such manner and order as Pledgee determines in its absolute
discretion;

         (c) Pledgee, as Pledgor's attorney-in-fact and proxy, shall have and
may exercise on behalf of Pledgor all rights of an owner in respect of any of
the Collateral hereunder or may, in any respect not contrary to the provisions
of this Pledge Agreement, permit such rights to be exercised by Pledgor; and,
without limiting the generality of the foregoing, in its discretion:

                  (i) Pledgee may join in and become a party to any plan of
         reorganization and readjustment, whether voluntary or involuntary, may
         deposit any of the Collateral under such plan or make any exchange or
         surrender or permit any substitution of or cancellation of the
         Collateral as required by such plan and may take all such action as may
         be required by such plan; provided, however, that all securities issued
         or created under such plan and exchanged for the Collateral or any
         portion thereof, and all securities, monies or property received
         pursuant to such plan shall thereafter be subject to the terms of this
         Pledge Agreement and become part of the Collateral or shall be applied
         to the Notes and Obligations in such manner and order as Pledgee
         determines in its absolute discretion; and

                  (ii) Pledgee may receive, endorse and collect all checks,
         whether or not made payable to the order of Pledgor, representing any
         dividend, interest or principal payments or other distributions at any
         time paid or made on or with respect to the Collateral all of which
         shall be held by Pledgee pursuant to the terms of this Pledge Agreement
         as part of the Collateral or shall be applied to the Notes and
         Obligations in such manner and order as Pledgee determines in its
         absolute discretion.

         5. Representations and Warranties of Pledgor. Pledgor represents and
warrants to Pledgee as follows:

                  (a) Financing Statements. Except for financing statements in
         favor of Pledgee, no financing statement covering the Collateral or any
         portion thereof, or any proceeds thereof, is on file in any public
         office.

                  (b) Ownership Free of Encumbrances. All shares of capital
         stock that are Collateral are duly issued, fully paid and
         non-assessable, and except for the security interest granted hereby to
         Pledgee, Pledgor now owns the Collateral free from any lien, security
         interest, claim or encumbrance.

                  (c) Benefit. Pledgor will benefit, directly or indirectly,
         from the loans to Pledgor evidenced by the Notes.

                                      -3-
<PAGE>   39

                  (d) All Outstanding Stock: No Warrants; Etc. The 1,000 shares
         of common stock of Service Asset Management Company pledged hereunder
         represent all of the outstanding capital stock of Service Asset
         Management Company. The ____ shares of stock of Penson Worldwide, Inc.
         pledged hereunder represent all of the outstanding capital stock of
         Penson Worldwide, Inc. There are no warrants, options or other rights
         to acquire capital stock of Service Asset Management Company and Penson
         Worldwide, Inc. outstanding.

                  (e) Organization and Authority. Pledgor is a corporation duly
         organized, validly existing, and in good standing under the laws of its
         state of incorporation. Pledgor has the corporate power and authority
         to execute, deliver, and perform this Agreement, and the execution,
         delivery, and performance of this Agreement by Pledgor have been duly
         authorized by all necessary corporate action on the part of Pledgor and
         do not and will not violate or conflict with the articles of
         incorporation or bylaws of Pledgor or any law, rule, or regulation or
         any order, writ, injunction, or decree of any court, governmental
         authority, or arbitrator and do not and will not conflict with, result
         in a breach of, or constitute a default under the provisions of any
         indenture, mortgage, deed of trust, security agreement, or other
         instrument or agreement binding on Pledgor or any of its property.

         6. Covenants.

                  (a) Encumbrances. Pledgor shall not create, permit, or suffer
         to exist, and shall defend the Collateral against, any Lien, security
         interest, or other encumbrance on the Collateral except the pledge and
         security interest of Pledgee hereunder, and shall defend Pledgor's
         rights in the Collateral and Pledgee's security interest in the
         Collateral against the claims of all Persons.

                  (b) Sale of Collateral. Pledgor shall not sell, assign, or
         otherwise dispose of the Collateral or any part thereof without the
         prior written consent of Pledgee.

                  (c) Distributions. If Pledgor shall become entitled to receive
         or shall receive any stock certificate (including, without limitation,
         any certificate representing a stock dividend or a distribution in
         connection with any reclassification, increase, or reduction of capital
         or issued in connection with any reorganization), option or rights,
         whether as an addition to, in substitution of, or in exchange for any
         Collateral or otherwise, Pledgor agrees to accept the same as Pledgee's
         agent and to hold the same in trust for Pledgee, and to deliver the
         same forthwith to Pledgee in the exact form received, with the
         appropriate endorsement of Pledgor when necessary and/or appropriate
         undated stock powers duly executed in blank, to be held by Pledgee as
         additional Collateral for the Obligations, subject to the terms hereof.
         Any sums paid upon or in respect of the Collateral upon the liquidation
         or dissolution of the issuer thereof shall be paid over to Pledgee to
         be held by it as additional Collateral for the Obligations subject to
         the terms hereof; and in case any distribution of capital shall be made
         on or in respect of the Collateral or any property shall be distributed
         upon or with respect to the Collateral pursuant to any recapitalization
         or reclassification of the capital of the issuer thereof or pursuant to
         any reorganization of the issuer thereof, the property so distributed

                                       -4-

<PAGE>   40

         shall be delivered to the Pledgee to be held by it, as additional
         Collateral for the Obligations, subject to the terms hereof. All sums
         of money and property so paid or distributed in respect of the
         Collateral that are received by Pledgor shall, until paid or delivered
         to Pledgee, be held by Pledgor in trust as additional security for the
         Obligations.

                  (d) Further Assurances. At any time and from time to time,
         upon the request of Pledgee, and at the sole expense of Pledgor,
         Pledgor shall promptly execute and deliver all such further instruments
         and documents and take such further action as Pledgee may deem
         necessary or desirable to preserve and perfect its security interest in
         the Collateral and carry out the provisions and purposes of this
         Agreement, including, without limitation, the execution and filing of
         such financing statements as Pledgee may require. A carbon,
         photographic, or other reproduction of this Agreement or of any
         financing statement covering the Collateral or any part thereof shall
         be sufficient as a financing statement and may be filed as a financing
         statement. Subject to the right of Pledgor to receive cash dividends
         under Section 3 hereof, in the event any Collateral is ever received by
         Pledgor, Pledgor shall promptly transfer and deliver to Pledgee such
         Collateral so received by Pledgor (together with any necessary
         endorsements in blank or undated stock powers duly executed in blank),
         which Collateral shall thereafter be held by Pledgee pursuant to the
         terms of this Agreement. Pledgee shall at all times have the right to
         exchange any certificates representing Collateral for certificates of
         smaller or larger denominations for any purpose consistent with this
         Agreement.

                  (e) Inspection Rights. Pledgor shall permit Pledgee and its
         representatives to examine, inspect, and copy Pledgor's books and
         records at any reasonable time and as often as Pledgee may reasonably
         desire.

                  (f) Taxes. Pledgor agrees to pay or discharge prior to
         delinquency all taxes, assessments, levies, and other governmental
         charges imposed on it or its property, except Pledgor shall not be
         required to pay or discharge any tax, assessment, levy, or other
         governmental charge if (i) the amount or validity thereof is being
         contested by Pledgor in good faith by appropriate proceedings
         diligently pursued, (ii) such proceedings do not involve any risk of
         sale, forfeiture, or loss of the Collateral or any interest therein,
         and (iii) adequate reserves therefor have been established in
         conformity with GAAP.

                  (g) Notification. Pledgor shall promptly notify Pledgee of (i)
         any Lien, security interest, encumbrance, or claim made or threatened
         against the Collateral, (ii) any material change in the Collateral,
         including, without limitation, any material decrease in the value of
         the Collateral, and (iii) the occurrence or existence of any Event of
         Default or the occurrence or existence of any condition or event that,
         with the giving of notice or lapse of time or both, would be an Event
         of Default.

                  (h) Additional Securities. Pledgor shall not consent to or
         approve the issuance of any additional shares of any class of capital
         stock of any issuer of Collateral, or any securities convertible into,
         or exchangeable for, any such shares or any warrants, options,

                                      -5-
<PAGE>   41

         rights, or other commitments entitling any Person to purchase or
         otherwise acquire any such shares.

         7. Rights of Pledgee Upon Event of Default.

         Upon the occurrence of an Event of Default, Pledgee may, at its option,
but subject to the provisions of this Section 7, have and exercise all rights of
a secured party under the Texas Business and Commerce Code, including, without
limitation, the following specific rights:

                  (a) to take and assume immediate possession of the Collateral
         without further notice to Pledgor or prior resort to legal process;

                  (b) to sell or otherwise dispose of all or any portion of the
         Collateral judicially or at public or private sale or any combination
         thereof, and to bid and become a purchaser at any public (including
         judicial) sale;

                  (c) written notice shall be given to Pledgor as provided for
         in Section 13 hereof 10 days prior to the date of any public sale of
         all or any portion of the Collateral, or 10 days prior to the date
         after which a private sale of all or any portion of Collateral will be
         made, and Pledgor agrees that such notice shall constitute reasonable
         commercial notice of such public or private sale;

                  (d) to apply the proceeds of disposition of the Collateral in
         satisfaction of the Notes and the Obligations; and

                  (e) to apply any cash or other proceeds received by Pledgee
         pursuant to Section 4(c)(ii) hereof in full or partial satisfaction of
         the Notes and the Obligations.

         Pledgee, pursuant to paragraph (b) of Section 1 of this Pledge
Agreement, may make and execute all conveyances, assignments and transfers of
the Collateral sold pursuant to this Section 7 that Pledgee shall reasonably
deem advisable, and the Pledgor hereby ratifies and confirms all that Pledgee,
as Pledgor's attorney-in-fact, shall reasonably do by virtue thereof.
Nevertheless, Pledgor shall, if so requested by Pledgee, ratify and confirm any
sale or sales by executing and delivering or causing to be executed and
delivered to Pledgee or to such purchaser or purchasers all such instruments as
may, in the sole judgment of Pledgee, be advisable for the purpose.

         The receipt of Pledgee for the purchase money paid at any such sale
made by it shall be sufficient discharge therefor to any purchaser of any of the
Collateral, or any portion thereof, sold as aforesaid; and no such purchaser (or
his, her or its representatives or assigns), after paying such purchase money
and receiving such receipt, shall be bound to see to the application of such
purchase money or any part thereof or in any manner whatsoever be answerable for
any loss, misapplication or non-application of any such purchase money, or any
part thereof, or be bound to inquire as to the authorization, necessity,
expediency or regularity of any such sale.

                                      -6-

<PAGE>   42

         8. No Waiver.

         No failure on the part of the Pledgee to exercise, and no delay on the
part of Pledgee in exercising, any right, power or remedy hereunder shall
operate as a waiver hereof, nor shall any single or partial exercise by Pledgee
of any right, power or remedy hereunder serve to in any way limit Pledgee in the
further exercise of all or any portion of its rights, powers and remedies
hereunder. The remedies herein provided are cumulative and are not exclusive of
any remedies provided by law.

         9. Termination of Pledge.

         When the Notes and Obligations (and all renewals, extensions,
modifications and increases thereof) have been fully and indefeasibly paid and
performed and all commitments to lend under the Loan Agreement have terminated,
this Pledge Agreement shall terminate and be of no further force or effect. Upon
termination of this Pledge Agreement, Pledgee hereby covenants and agrees to
forthwith assign, transfer and deliver the Collateral, or to cause such
Collateral to be assigned, transferred and delivered, to Pledgor or its
designees.

         10. Governing Law, Severability.

         This Pledge Agreement shall in all respects be construed and
interpreted in accordance with and governed by the laws of the State of Texas.
Any provisions of this Pledge Agreement which are found to be invalid shall be
severable and shall not invalidate the remainder of this Pledge Agreement.

         11. Successors and Assigns.

         This Pledge Agreement shall be binding upon and inure to the benefit of
the respective successors and assigns of Pledgor and Pledgee and each subsequent
holder of the Notes and the Obligations; provided, however, Pledgor may not
assign any of its rights or obligations under this Pledge Agreement.

         12. Additional Instruments and Assurances.

         Pledgor hereby agrees, at its own expense, to execute and deliver or
cause to be executed and delivered, from time to time, any and all other
instruments and to perform such other acts as Pledgee may reasonably request to
effect the purpose of this Pledge Agreement. Pledgor agrees to pay all transfer
taxes, if any, that may be payable or determined to be payable in connection
with any transfer of all or any portion of the Collateral pursuant to the terms
hereof.

         13. Notices.

         All notices, demands and other communications required or permitted to
be given shall be in writing and must be personally delivered or mailed by
prepaid certified or registered mail to the

                                       -7-

<PAGE>   43

party to whom such notice or communication is directed at the address of such
party shown on the signature page hereof. Any such notice or other communication
shall be deemed to have been given (whether actually received or not) on the day
it is personally delivered as aforesaid or, if mailed, on the second business
day it is mailed as aforesaid.

         14. Amendment.

         Neither this Pledge Agreement nor any term or provision hereof may be
amended, except by an instrument in writing executed by Pledgor and Pledgee.

         15. Compliance and Securities Laws.

         The securities initially pledged to Pledgee hereunder have not been
registered under the Securities Act of 1933 or any other securities statute.
Pledgor agrees that, because of the Securities Act of 1933, as amended, or any
other laws or regulations, and for other reasons, there may be legal and/or
practical restrictions or limitations affecting Pledgee in any attempts to
dispose of certain portions of the Collateral and to enforce its rights,
privileges and remedies granted pursuant to this Pledge Agreement. For these
reasons, Pledgee is hereby authorized by Pledgor, but not obligated, in the
event of the occurrence of an Event of Default, to sell all or any part of the
Collateral at private sale, subject to investment letter or in any other manner
that will not require the Collateral, or any part thereof, to be registered in
accordance with the Securities Act of 1933, as amended, or the rules and
regulations promulgated thereunder, or any other similar law or regulation, at
the best price reasonably obtainable by Pledgee at any such private sale or
other disposition in the manner mentioned above. Pledgee is also hereby
authorized by Pledgor, but not obligated, to take such actions, give such
notices, obtain such consents, and do such other things as Pledgee reasonably
may deem to be required or appropriate in the event of sale or disposition of
any of the Collateral. Pledgor understands that Pledgee may in its discretion
approach a restricted number of potential purchasers and that a sale under such
circumstances may yield a lower price for the Collateral, or any part or parts
thereof, than would otherwise be obtainable if same were either offered to a
large number of potential purchasers, or registered and sold in the open market.
Pledgor agrees (a) that in the event Pledgee shall, upon the occurrence of an
Event of Default, sell the Collateral, or any portion thereof, at such private
sale or sales, Pledgee shall have the right, but not the obligation, to obtain
or rely upon the advice and opinion of any member or firm of a national
securities exchange as to the best price reasonably obtainable upon such a
private sale thereof, and (b) that such reliance shall be conclusive evidence
that Pledgee handled such matter in a commercially reasonable manner under the
applicable provisions of the Texas Business and Commerce Code.

         16. Liens Carried Forward.

         This Pledge Agreement is an amendment and restatement of the Original
Pledge Agreement and does not constitute a novation or discharge thereof. Except
for the release of Pledgor's security interest in the capital stock of Yee
Desmond, Schroeder & Allen and IBI, Inc. all of the security interests and liens
granted in the Original Pledge Agreement are renewed, extended, carried forward,
ratified and confirmed in this Pledge Agreement.

                                       -8-

<PAGE>   44

         17. Final Agreement. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       -9-

<PAGE>   45

         Executed to be effective as of the date first written above.

                                    PLEDGOR:

                                    SERVICE ASSET INVESTMENTS, INC.

                                    By: /s/ ROGER J. ENGEMOEN, JR.
                                        ----------------------------------------
                                        Name: Roger J. Engemoen, Jr.
                                              ----------------------------------
                                        Title: President
                                               ---------------------------------

                                    Address:     1700 Pacific Avenue
                                                 Suite 1400
                                                 Dallas, Texas 75201

                                    PLEDGEE:

                                    GUARANTY FEDERAL BANK, F.S.B.

                                    By: /s/ TROY ANDERSON
                                        ----------------------------------------
                                             Troy Anderson
                                             Vice President

                                    Address:     8333 Douglas Avenue
                                                 Dallas, Texas 75235

                              AMENDED AND RESTATED
                             STOCK PLEDGE AGREEMENT
                                 SIGNATURE PAGE

<PAGE>   46

                                   SCHEDULE 1

<TABLE>
<CAPTION>
            ENTITY                      NUMBER OF SHARES    CERTIFICATE NUMBER(S)
            ------                      ----------------    ---------------------
<S>                                     <C>                 <C>
Service Asset Management Company             1,000                     4

Penson Worldwide, Inc.                       1,000                     1
</TABLE>

<PAGE>   47
                          PENSON STOCK PLEDGE AGREEMENT

         This PENSON STOCK PLEDGE AGREEMENT ("Pledge Agreement"), dated as of
July 31, 2000, is made by and between Penson Worldwide, Inc., a Delaware
corporation ("Pledgor"), and Guaranty Federal Bank, F.S.B., a federal savings
bank ("Pledgee").

                                   WITNESSETH:

         WHEREAS, Service Asset Investments, Inc. and Pledgee have entered into
a Loan Agreement dated as of March 30, 2000 (such agreement, together with all
amendments, restatements, modifications and supplements thereto, being
hereinafter referred to as the "Loan Agreement"); and

         WHEREAS, the Borrower has requested Pledgee to make an additional term
loan to Pledgor in the principal amount of $10,000,000 pursuant to the terms of
a First Amendment to Loan Agreement, dated of even date herewith, between
Borrower and Pledgee (the "First Amendment"); and

         WHEREAS, Pledgee has conditioned its acceptance of the First Amendment
upon the execution and delivery of this Pledge Agreement by Pledgor; and

         WHEREAS, Pledgor is a subsidiary of the Borrower, and expects to derive
direct and indirect benefits from the execution and delivery of the First
Amendment and the making of the additional term loan thereunder;

         WHEREAS, capitalized terms used herein shall have the meanings assigned
to them in the Loan Agreement.

         NOW, THEREFORE, to induce Pledgee to enter into the First Amendment to
Loan Agreement and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows, intending to be legally bound:

         1. Grant of Security Interest and Pledge.

                  (a) As security for the payment and performance of the Notes
         and the Obligations, including, without limitation, the due and
         punctual payment of the principal of, and accrued and unpaid interest
         on, the Notes, whether at maturity, by acceleration or otherwise, and
         all renewals, extensions, rearrangements, amendments, modifications and
         increases thereof, Pledgor hereby pledges and grants to Pledgee a first
         priority security interest in and to, and assigns and transfers to
         Pledgee, (i) all of the capital stock of Penson Worldwide Settlements,
         Ltd., a United Kingdom company, as evidenced on the date hereof by the
         certificates described on Schedule 1 attached hereto; (ii) all proceeds
         and products of the stock described in item (i) above; and (iii) all
         income, stock dividends and other distributions from items (i) and (ii)
         above (such shares, proceeds, products, income, stock

<PAGE>   48

         dividends and distributions being referred to collectively as the
         "Collateral"). The Collateral shall be held by Pledgee, but shall
         continue to be registered in the name of the Pledgor unless and until
         the occurrence of an Event of Default.

                  (b) Pledgor hereby designates and appoints Pledgee as its
         attorney-in-fact and proxy, with full power of substitution, which
         designation and appointment is irrevocable and coupled with an
         interest, exercisable upon the occurrence of an Event of Default for
         the purpose of voting the Collateral and performing any and all acts,
         in the name, place and stead of Pledgor, that are authorized by the
         provisions of this Pledge Agreement. Accordingly, Pledgor irrevocably
         constitutes and appoints Pledgee as Pledgor's proxy and
         attorney-in-fact, effective only after notice to Pledgor after an Event
         of Default has occurred and so long as it is continuing, but with full
         power of substitution, to vote, and to act with respect to, the
         Collateral, standing in the name of Pledgor or with respect to which
         Pledgor is entitled to vote and act.

                  (c) Concurrently with, or within two Business Days after, the
         execution and delivery of this Pledge Agreement, Pledgor shall deliver
         to Pledgee all certificates identified in Schedule 1 accompanied by
         undated stock powers duly executed in blank.

         2. Voting.

         During the term of this Pledge Agreement and for so long as no Event of
Default shall have occurred, Pledgor shall have the sole and absolute right to
vote the Collateral. After an Event of Default has occurred and so long as it is
continuing, the right to vote the Collateral is vested exclusively in Pledgee.
Such proxy is coupled with an interest, is irrevocable, and continues until the
Obligations are fully paid and performed.

         3. Cash Dividends and Distributions.

         During the term of this Pledge Agreement and for so long as no Event of
Default shall have occurred, cash dividends and cash distribution payments may
be paid to Pledgor. All non-cash dividends and other non-cash distributions
shall be immediately delivered to Pledgee (together with appropriate stock
powers signed by Pledgor).

         4. Transfer, Dividends. Etc. After Default.

         If an Event of Default shall have occurred, then upon written notice to
Pledgor, Pledgee may take any of the following actions:

                  (a) Pledgee may, in its absolute discretion, cause all or any
         of the Collateral then held by it under this Pledge Agreement to be
         transferred into the name of Pledgee, or the name or names of the
         nominee or nominees of Pledgee;

                                       -2-
<PAGE>   49

                  (b) Pledgee may receive, and Pledgor upon request shall assign
         to the order of Pledgee, all dividends, interest or principal and
         payments or other distributions in respect of the Collateral, all of
         which shall thereafter be held by Pledgee as part of the Collateral or
         shall be applied to the Notes and the Obligations in such manner and
         order as Pledgee determines in its absolute discretion;

                  (c) Pledgee, as Pledgor's attorney-in-fact and proxy, shall
         have and may exercise on behalf of Pledgor all rights of an owner in
         respect of any of the Collateral hereunder or may, in any respect not
         contrary to the provisions of this Pledge Agreement, permit such rights
         to be exercised by Pledgor; and, without limiting the generality of the
         foregoing, in its discretion:

                           (i) Pledgee may join in and become a party to any
                  plan of reorganization and readjustment, whether voluntary or
                  involuntary, may deposit any of the Collateral under such plan
                  or make any exchange or surrender or permit any substitution
                  of or cancellation of the Collateral as required by such plan
                  and may take all such action as may be required by such plan;
                  provided, however, that all securities issued or created under
                  such plan and exchanged for the Collateral or any portion
                  thereof, and all securities, monies or property received
                  pursuant to such plan shall thereafter be subject to the terms
                  of this Pledge Agreement and become part of the Collateral or
                  shall be applied to the Notes and Obligations in such manner
                  and order as Pledgee determines in its absolute discretion;
                  and

                           (ii) Pledgee may receive, endorse and collect all
                  checks, whether or not made payable to the order of Pledgor,
                  representing any dividend, interest or principal payments or
                  other distributions at any time paid or made on or with
                  respect to the Collateral all of which shall be held by
                  Pledgee pursuant to the terms of this Pledge Agreement as part
                  of the Collateral or shall be applied to the Notes and
                  Obligations in such manner and order as Pledgee determines in
                  its absolute discretion.

         5. Representations and Warranties of Pledgor. Pledgor represents and
warrants to Pledgee as follows:

                  (a) Financing Statements. Except for financing statements in
         favor of Pledgee, no financing statement covering the Collateral or any
         portion thereof, or any proceeds thereof is on file in any public
         office.

                  (b) Ownership Free of Encumbrances. All shares of capital
         stock that are Collateral are duly issued, fully paid and
         non-assessable, and except for the security interest granted hereby to
         Pledgee, Pledgor now owns the Collateral free from any lien, security
         interest, claim or encumbrance.

                  (c) Benefit. Pledgor will benefit, directly or indirectly,
         from the loans to Pledgor evidenced by the Notes.

                                      -3-
<PAGE>   50

                  (d) All Outstanding Stock; No Warrants; Etc. The ____ shares
         of stock of Penson Worldwide Settlements, Inc. pledged hereunder
         represent all of the outstanding capital stock of Penson Worldwide
         Settlements, Ltd. There are no warrants, options or other rights to
         acquire capital stock of Penson Worldwide, Settlements, Ltd.
         outstanding.

                  (e) Organization and Authority. Pledgor is a corporation duly
         organized, validly existing, and in good standing under the laws of its
         state of incorporation. Pledgor has the corporate power and authority
         to execute, deliver, and perform this Agreement, and the execution,
         delivery, and performance of this Agreement by Pledgor have been duly
         authorized by all necessary corporate action on the part of Pledgor and
         do not and will not violate or conflict with the articles of
         incorporation or bylaws of Pledgor or any law, rule, or regulation or
         any order, writ, injunction, or decree of any court, governmental
         authority, or arbitrator and do not and will not conflict with, result
         in a breach of, or constitute a default under the provisions of any
         indenture, mortgage, deed of trust, security agreement, or other
         instrument or agreement binding on Pledgor or any of its property.

         6. Covenants.

                  (a) Encumbrances. Pledgor shall not create, permit, or suffer
         to exist, and shall defend the Collateral against, any Lien, security
         interest, or other encumbrance on the Collateral except the pledge and
         security interest of Pledgee hereunder, and shall defend Pledgor's
         rights in the Collateral and Pledgee's security interest in the
         Collateral against the claims of all Persons.

                  (b) Sale of Collateral. Pledgor shall not sell, assign, or
         otherwise dispose of the Collateral or any part thereof without the
         prior written consent of Pledgee.

                  (c) Distributions. If Pledgor shall become entitled to receive
         or shall receive any stock certificate (including, without limitation,
         any certificate representing a stock dividend or a distribution in
         connection with any reclassification, increase, or reduction of capital
         or issued in connection with any reorganization), option or rights,
         whether as an addition to, in substitution of, or in exchange for any
         Collateral or otherwise, Pledgor agrees to accept the same as Pledgee's
         agent and to hold the same in trust for Pledgee, and to deliver the
         same forthwith to Pledgee in the exact form received, with the
         appropriate endorsement of Pledgor when necessary and/or appropriate
         undated stock powers duly executed in blank, to be held by Pledgee as
         additional Collateral for the Obligations, subject to the terms hereof.
         Any sums paid upon or in respect of the Collateral upon the liquidation
         or dissolution of the issuer thereof shall be paid over to Pledgee to
         be held by it as additional Collateral for the Obligations subject to
         the terms hereof; and in case any distribution of capital shall be made
         on or in respect of the Collateral or any property shall be distributed
         upon or with respect to the Collateral pursuant to any recapitalization
         or reclassification of the capital of the issuer thereof or pursuant to
         any reorganization of the issuer thereof, the property so distributed
         shall be delivered to the Pledgee to be held by it, as additional
         Collateral for the Obligations, subject to the terms hereof. All sums
         of money and property so paid or distributed in respect

                                       -4-
<PAGE>   51

         of the Collateral that are received by Pledgor shall, until paid or
         delivered to Pledgee, be held by Pledgor in trust as additional
         security for the Obligations.

                  (d) Further Assurances. At any time and from time to time,
         upon the request of Pledgee, and at the sole expense of Pledgor,
         Pledgor shall promptly execute and deliver all such further instruments
         and documents and take such further action as Pledgee may deem
         necessary or desirable to preserve and perfect its security interest in
         the Collateral and carry out the provisions and purposes of this
         Agreement, including, without limitation, the execution and filing of
         such financing statements as Pledgee may require. A carbon,
         photographic, or other reproduction of this Agreement or of any
         financing statement covering the Collateral or any part thereof shall
         be sufficient as a financing statement and may be filed as a financing
         statement. Subject to the right of Pledgor to receive cash dividends
         under Section 3 hereof, in the event any Collateral is ever received by
         Pledgor, Pledgor shall promptly transfer and deliver to Pledgee such
         Collateral so received by Pledgor (together with any necessary
         endorsements in blank or undated stock powers duly executed in blank),
         which Collateral shall thereafter be held by Pledgee pursuant to the
         terms of this Agreement. Pledgee shall at all times have the right to
         exchange any certificates representing Collateral for certificates of
         smaller or larger denominations for any purpose consistent with this
         Agreement.

                  (e) Inspection Rights. Pledgor shall permit Pledgee and its
         representatives to examine, inspect, and copy Pledgor's books and
         records at any reasonable time and as often as Pledgee may reasonably
         desire.

                  (f) Taxes. Pledgor agrees to pay or discharge prior to
         delinquency all taxes, assessments, levies, and other governmental
         charges imposed on it or its property, except Pledgor shall not be
         required to pay or discharge any tax, assessment, levy, or other
         governmental charge if (i) the amount or validity thereof is being
         contested by Pledgor in good faith by appropriate proceedings
         diligently pursued, (ii) such proceedings do not involve any risk of
         sale, forfeiture, or loss of the Collateral or any interest therein,
         and (iii) adequate reserves therefor have been established in
         conformity with GAAP.

                  (g) Notification. Pledgor shall promptly notify Pledgee of (i)
         any Lien, security interest, encumbrance, or claim made or threatened
         against the Collateral, (ii) any material change in the Collateral,
         including, without limitation, any material decrease in the value of
         the Collateral, and (iii) the occurrence or existence of any Event of
         Default or the occurrence or existence of any condition or event that,
         with the giving of notice or lapse of time or both, would be an Event
         of Default.

                  (h) Additional Securities. Pledgor shall not consent to or
         approve the issuance of any additional shares of any class of capital
         stock of any issuer of Collateral, or any securities convertible into,
         or exchangeable for, any such shares or any warrants, options, rights,
         or other commitments entitling any Person to purchase or otherwise
         acquire any such shares.

                                       -5-
<PAGE>   52

         7. Rights of Pledgee Upon Event of Default.

         Upon the occurrence of an Event of Default, Pledgee may, at its option,
but subject to the provisions of this Section 7, have and exercise all rights of
a secured party under the Texas Business and Commerce Code, including, without
limitation, the following specific rights:

                  (a) to take and assume immediate possession of the Collateral
         without further notice to Pledgor or prior resort to legal process;

                  (b) to sell or otherwise dispose of all or any portion of the
         Collateral judicially or at public or private sale or any combination
         thereof, and to bid and become a purchaser at any public (including
         judicial) sale;

                  (c) written notice shall be given to Pledgor as provided for
         in Section 13 hereof 10 days prior to the date of any public sale of
         all or any portion of the Collateral, or 10 days prior to the date
         after which a private sale of all or any portion of Collateral will be
         made, and Pledgor agrees that such notice shall constitute reasonable
         commercial notice of such public or private sale;

                  (d) to apply the proceeds of disposition of the Collateral in
         satisfaction of the Notes and the Obligations; and

                  (e) to apply any cash or other proceeds received by Pledgee
         pursuant to Section 4(c)(ii) hereof in full or partial satisfaction
         of the Notes and the Obligations.

         Pledgee, pursuant to paragraph (b) of Section 1 of this Pledge
Agreement, may make and execute all conveyances, assignments and transfers of
the Collateral sold pursuant to this Section 7 that Pledgee shall reasonably
deem advisable, and the Pledgor hereby ratifies and confirms all that Pledgee,
as Pledgor's attorney-in-fact, shall reasonably do by virtue thereof.
Nevertheless, Pledgor shall, if so requested by Pledgee, ratify and confirm any
sale or sales by executing and delivering or causing to be executed and
delivered to Pledgee or to such purchaser or purchasers all such instruments as
may, in the sole judgment of Pledgee, be advisable for the purpose.

         The receipt of Pledgee for the purchase money paid at any such sale
made by it shall be sufficient discharge therefor to any purchaser of any of the
Collateral, or any portion thereof, sold as aforesaid; and no such purchaser (or
his, her or its representatives or assigns), after paying such purchase money
and receiving such receipt, shall be bound to see to the application of such
purchase money or any part thereof or in any manner whatsoever be answerable for
any loss, misapplication or non-application of any such purchase money, or any
part thereof, or be bound to inquire as to the authorization, necessity,
expediency or regularity of any such sale.

                                       -6-
<PAGE>   53

         8. No Waiver.

         No failure on the part of the Pledgee to exercise, and no delay on the
part of Pledgee in exercising, any right, power or remedy hereunder shall
operate as a waiver hereof, nor shall any single or partial exercise by Pledgee
of any right, power or remedy hereunder serve to in any way limit Pledgee in the
further exercise of all or any portion of its rights, powers and remedies
hereunder. The remedies herein provided are cumulative and are not exclusive of
any remedies provided by law.

         9. Termination of Pledge.

         When the Notes and Obligations (and all renewals, extensions,
modifications and increases thereof) have been fully and indefeasibly paid and
performed and all commitments to lend under the Loan Agreement have terminated,
this Pledge Agreement shall terminate and be of no further force or effect. Upon
termination of this Pledge Agreement, Pledgee hereby covenants and agrees to
forthwith assign, transfer and deliver the Collateral, or to cause such
Collateral to be assigned, transferred and delivered, to Pledgor or its
designees.

         10. Governing Law, Severability.

         This Pledge Agreement shall in all respects be construed and
interpreted in accordance with and governed by the laws of the State of Texas.
Any provisions of this Pledge Agreement which are found to be invalid shall be
severable and shall not invalidate the remainder of this Pledge Agreement.

         11. Successors and Assigns.

         This Pledge Agreement shall be binding upon and inure to the benefit of
the respective successors and assigns of Pledgor and Pledgee and each subsequent
holder of the Notes and the Obligations; provided, however, Pledgor may not
assign any of its rights or obligations under this Pledge Agreement.

         12. Additional Instruments and Assurances.

         Pledgor hereby agrees, at its own expense, to execute and deliver or
cause to be executed and delivered, from time to time, any and all other
instruments and to perform such other acts as Pledgee may reasonably request to
effect the purpose of this Pledge Agreement. Pledgor agrees to pay all transfer
taxes, if any, that may be payable or determined to be payable in connection
with any transfer of all or any portion of the Collateral pursuant to the terms
hereof.

         13. Notices.

         All notices, demands and other communications required or permitted to
be given shall be in writing and must be personally delivered or mailed by
prepaid certified or registered mail to the

                                       -7-
<PAGE>   54

party to whom such notice or communication is directed at the address of such
party shown on the signature page hereof. Any such notice or other communication
shall be deemed to have been given (whether actually received or not) on the day
it is personally delivered as aforesaid or, if mailed, on the second business
day it is mailed as aforesaid.

         14. Amendment.

         Neither this Pledge Agreement nor any term or provision hereof may be
amended, except by an instrument in writing executed by Pledgor and Pledgee.

         15. Compliance and Securities Laws.

         The securities initially pledged to Pledgee hereunder have not been
registered under the Securities Act of 1933 or any other securities statute.
Pledgor agrees that, because of the Securities Act of 1933, as amended, or any
other laws or regulations, and for other reasons, there may be legal and/or
practical restrictions or limitations affecting Pledgee in any attempts to
dispose of certain portions of the Collateral and to enforce its rights,
privileges and remedies granted pursuant to this Pledge Agreement. For these
reasons, Pledgee is hereby authorized by Pledgor, but not obligated, in the
event of the occurrence of an Event of Default, to sell all or any part of the
Collateral at private sale, subject to investment letter or in any other manner
that will not require the Collateral, or any part thereof, to be registered in
accordance with the Securities Act of 1933, as amended, or the rules and
regulations promulgated thereunder, or any other similar law or regulation, at
the best price reasonably obtainable by Pledgee at any such private sale or
other disposition in the manner mentioned above. Pledgee is also hereby
authorized by Pledgor, but not obligated, to take such actions, give such
notices, obtain such consents, and do such other things as Pledgee reasonably
may deem to be required or appropriate in the event of sale or disposition of
any of the Collateral. Pledgor understands that Pledgee may in its discretion
approach a restricted number of potential purchasers and that a sale under such
circumstances may yield a lower price for the Collateral, or any part or parts
thereof, than would otherwise be obtainable if same were either offered to a
large number of potential purchasers, or registered and sold in the open market.
Pledgor agrees (a) that in the event Pledgee shall, upon the occurrence of an
Event of Default, sell the Collateral, or any portion thereof, at such private
sale or sales, Pledgee shall have the right, but not the obligation, to obtain
or rely upon the advice and opinion of any member or firm of a national
securities exchange as to the best price reasonably obtainable upon such a
private sale thereof, and (b) that such reliance shall be conclusive evidence
that Pledgee handled such matter in a commercially reasonable manner under the
applicable provisions of the Texas Business and Commerce Code.

         16. Final Agreement. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       -8-
<PAGE>   55

         Executed to be effective as of the date first written above.

                               PLEDGOR:

                               PENSON WORLDWIDE, INC.

                               By: /s/ ROGER J. ENGEMOEN JR.
                                  ---------------------------
                                  Name: Roger J. Engemoen Jr.
                                       ----------------------
                                  Title: Chairman
                                        ---------------------

                               Address:  1700 Pacific Avenue
                                         Suite 1400
                                         Dallas, Texas 75201

                               PLEDGEE:

                               GUARANTY FEDERAL BANK, F.S.B.

                               By: /s/ TROY ANDERSON
                                  ---------------------------
                                     Troy Anderson
                                     Vice President

                               Address:  8333 Douglas Avenue
                                         Dallas, Texas 75235

                          PENSON STOCK PLEDGE AGREEMENT
                                 SIGNATURE PAGE

<PAGE>   56

                                   SCHEDULE 1

<TABLE>
<CAPTION>
             ENTITY                    NUMBER OF SHARES    CERTIFICATE NUMBER(S)
             ------                    ----------------    ---------------------
<S>                                    <C>                 <C>
Penson Worldwide Settlements, Ltd.            --                    --
</TABLE>

<PAGE>   57

                                  CERTIFICATE

                                     NO. 1

                            [ILLEGIBLE] 1,000 Shares
                                    Issued to

                        Service Asset Investments, Inc.

                              Dated March 24, 2000
                             FROM WHOM TRANSFERRED

                 Dated
                   ORIGINAL    NO. ORIGINAL   NO. OF SHARES
                 CERTIFICATE      SHARES       TRANSFERRED

                            RECEIVED CERTIFICATE NO.

                               [ILLEGIBLE] Shares

                                     day of

                            ORGANIZED UNDER THE LAWS
                              OF THE STATE OF TEXAS

                         NUMBER                  SHARES

                             PENSON WORLDWIDE, INC.

THIS CERTIFIES THAT Service Asset Investments, Inc. is the owner of One Thousand
(1,000) fully paid and non-assessable shares of a corporation organized under
the laws of the State of Texas transferable only on the books of the Corporation
by the holder hereof in person by duly authorized Attorney upon surrender of
this Certificate properly endorsed.

IN WITNESS WHEREOF, the said Corporation has caused this Certificate to be
signed by its duly authorized officers and to be sealed with the Seal of the
Corporation this 24th day of March, 2000

[SEAL]

/s/ ROGER J. ENGEMOEN, JR.          /s/ PHILIP A. PENDERGRAFT
-------------------------------     --------------------------------
Roger J. Engemoen, Jr. Chairman     Philip A. Pendergraft, Secretary

                                 SHARES $ EACH

<PAGE>   58

                                  CERTIFICATE

                                      FOR

                                     SHARES

                                   ISSUED TO

                                     DATED

For Value Received.                        hereby sell, assign and transfer unto
                                                                          Shares
represented by the written Certificate and do hereby irrevocably constitute and
affirms
                                                                        Attorney
to transfer the said Shares on the books of the written named
Certification with full power of substitution in the premises

Dated

       In presence of

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION
ENLARGEMENT OR ANY CHANGE WHATEVER.

<PAGE>   59
                                   STOCK POWER

         FOR VALUE RECEIVED, the undersigned does hereby sell, assign and
transfer unto __________________________________________ (_______) shares of
common stock, par value $1.00 per share, of Penson Worldwide, Inc., a Delaware
corporation (the "Company"), standing in its name on the books of the Company
represented by Certificate Number ____, dated _____________________, and does
hereby irrevocably constitute and appoint ________________, the undersigned's
attorney to transfer said stock on the books of the Company with full power of
substitution in the premises.

         Dated:   July ____, 2000

                                        SERVICE ASSET INVESTMENTS, INC.

                                        By: /s/ ROGER J. ENGEMOEN, JR.
                                            ------------------------------------
                                             Name: Roger J. Engemoen, Jr.
                                                   -----------------------------

<PAGE>   60

                                   STOCK POWER

         FOR VALUE RECEIVED, the undersigned does hereby sell, assign and
transfer unto ____________________ ___________________________ (_______) shares
of common stock, par value $1.00 per share, of Penson Worldwide Settlements,
Ltd., a United Kingdom company, (the "Company"), standing in its name on the
books of the Company represented by Certificate Number ____, dated
_____________________, and does hereby irrevocably constitute and appoint
________________, the undersigned's attorney to transfer said stock on the books
of the Company with full power of substitution in the premises.

         Dated:   July ___, 2000

                                        PENSON WORLDWIDE, INC.

                                        By: /s/ ROGER J. ENGEMOEN, JR.
                                            ------------------------------------
                                             Name: Roger J. Engemoen, Jr.
                                                   -----------------------------

<PAGE>   61
UNIFORM COMMERCIAL CODE - FINANCING STATEMENT CHANGE - FORM UCC-3 (REV. 9/1/92)

<TABLE>
<S>                                                   <C>                 <C>                   <C>
                                                                                             THIS STATEMENT IS PRESENTED TO A FILING
                                                                                             OFFICER FOR FILING PURSUANT TO THE
                                                                                             UNIFORM COMMERCIAL CODE.
                                                                                             ---------------------------------------
                                                                                             11. [ ] CHECK TO REQUEST SAME DEBTOR
Filed with: Secretary of State                                                                    SEARCH CERTIFICATE.
------------------------------------------------------------------------------------------------------------------------------------
1. DEBTOR (IF PERSONAL) LAST NAME                     FIRST NAME                  M.I.             1A. PREFIX        1B. SUFFIX
Service Asset Investments, Inc.
------------------------------------------------------------------------------------------------------------------------------------
1C. MAILING ADDRESS                                                       1D. CITY, STATE                            1E. ZIP CODE
1700 Pacific Avenue, Suite 1400                                               Dallas, Tx.                               75201
------------------------------------------------------------------------------------------------------------------------------------
2. ADDITIONAL DEBTOR (IF PERSONAL) LAST NAME          FIRST NAME                  M.I.             2A. PREFIX        2B. SUFFIX

------------------------------------------------------------------------------------------------------------------------------------
2C. MAILING ADDRESS                                                       2D. CITY, STATE                            2E. ZIP CODE

------------------------------------------------------------------------------------------------------------------------------------
3. SECURED PARTY (IF PERSONAL) LAST NAME              FIRST NAME                  M.I.
Guaranty Federal Bank, F.S.B.
------------------------------------------------------------------------------------------------------------------------------------
3A. MAILING ADDRESS                                                       3B. CITY, STATE                            3C. ZIP CODE
8333 Douglas Avenue                                                           Dallas, Tx.                                75235
------------------------------------------------------------------------------------------------------------------------------------
4. ADDITIONAL SECURED PARTY (IF ANY)

------------------------------------------------------------------------------------------------------------------------------------
4A. MAILING ADDRESS                                                       4B. CITY, STATE                            4C. ZIP CODE

------------------------------------------------------------------------------------------------------------------------------------
5. ORIGINAL FINANCING STATEMENT NUMBER     5A. ORIGINAL DATE FILED     6. CHECK            THIS FINANCING STATEMENT CHANGE IS TO BE
00-489561                                       5/5/00                    IF               FILED IN THE REAL ESTATE RECORDS.
                                                                          APPLICABLE [ ]   NO. OF ADDITIONAL SHEETS PRESENTED ______
------------------------------------------------------------------------------------------------------------------------------------
7.   A. [X] AMENDMENT - THE FINANCING STATEMENT IS AMENDED AS SET FORTH IN ITEM 8 BELOW.
------------------------------------------------------------------------------------------------------------------------------------
     B. [ ] TOTAL ASSIGNMENT - ALL OF SECURED PARTY'S RIGHTS UNDER THE FINANCING STATEMENT HAVE BEEN ASSIGNED TO THE ASSIGNEE
            WHOSE NAME AND ADDRESS ARE SET FORTH IN ITEM 8 BELOW.
------------------------------------------------------------------------------------------------------------------------------------
     C. [ ] PARTIAL ASSIGNMENT - SOME OF SECURED PARTY'S RIGHTS HAVE BEEN ASSIGNED TO THE ASSIGNEE SHOWN IN ITEM 8 BELOW.
------------------------------------------------------------------------------------------------------------------------------------
     D. [ ] CONTINUATION - THE ORIGINAL STATEMENT IS STILL EFFECTIVE.
------------------------------------------------------------------------------------------------------------------------------------
     E. [ ] TOTAL RELEASE - THE SECURED PARTY RELEASES ALL OF THEIR INTEREST IN THE COLLATERAL.
------------------------------------------------------------------------------------------------------------------------------------
     F. [ ] PARTIAL RELEASE - THE SECURED PARTY RELEASES THE FOLLOWING COLLATERAL DESCRIBED IN ITEM 8 BELOW.
------------------------------------------------------------------------------------------------------------------------------------
     G. [ ] TERMINATION - THE SECURED PARTY(IES) OF RECORD NO LONGER CLAIMS A SECURITY INTEREST AND THE FINANCING
            STATEMENT IS TERMINATED.
------------------------------------------------------------------------------------------------------------------------------------
8. Amendment: The Secured Party's correct zip code is 75225.
   Exhibit A has been amended, is attached hereto and made a part hereof.

------------------------------------------------------------------------------------------------------------------------------------
9. Service Asset Investments, Inc.                                                        THIS SPACE FOR USE OF FILING OFFICER
                                                                                          (DATE, TIME, NUMBER, FILING OFFICER)
/s/ [ILLEGIBLE]
--------------------------------------------------------------------------------
                   SIGNATURE(S) OF DEBTOR(S)

Guaranty Federal Bank, F.S.B.

/s/ [ILLEGIBLE]
--------------------------------------------------------------------------------
               SIGNATURE(S) OF SECURED PARTY(IES)

--------------------------------------------------------------------------------
10. Return copy to:

NAME
ADDRESS
CITY
STATE
ZIP

--------------------------------------------------------------------------------
</TABLE>

STANDARD FORM - FORM UCC-3 (REV. 9/1/92) (C) 1992 OFFICE OF THE SECRETARY OF
STATE OF TEXAS
<PAGE>   62
                        EXHIBIT A TO FINANCING STATEMENT

         (a) all of Debtor's shares of common capital stock of Service Asset
Management Company, a North Carolina corporation, now owned or hereafter
acquired, including without limitation the shares presently evidenced by
certificate number 4; and

         (b) all of Debtor's shares of common stock of Penson Worldwide, Inc., a
Delaware company, now owned or hereafter acquired; and

         (c) all products, proceeds, revenues, distributions, dividends, stock
dividends, securities, and other property, rights, and interests that Debtor
receives or is at any time entitled to receive on account of the above.

<PAGE>   63

                               STATE OF DELAWARE
          UNIFORM COMMERCIAL CODE - FINANCING STATEMENT - FORM UCC - 1
-------------------------------------------------------------------------------
This FINANCING STATEMENT is presented to a Filing Owner for filing pursuant to
the Uniform Commercial Code.

If to be filed with Recorder of Deeds indicate Tax Parcel No.(s).
                                                                 ---------------

No. of additional sheets presented
                                   ---------------------------------------------

-------------------------------------------------------------------------------
                                    PARTIES
-------------------------------------------------------------------------------
Debtor (or Assignor) (last name first if individual) and mailing address:

Penson Worldwide, Inc.
1700 Pacific Avenue
Suite 1400
Dallas, TX 75201

-------------------------------------------------------------------------------
Debtor (or Assignor) (last name first if individual) and mailing address:

-------------------------------------------------------------------------------
This statement is filed without the Debtor's signature to perfect a security
interest in collateral (check X in applicable box(es))

[ ] Already subject to a security interest in another jurisdiction when it was
    brought into this State.

[ ] Already subject to a security interest in another jurisdiction when the
    Debtor's location changed to this State.

[ ] Which is proceeds of the original collateral described below in which a
    security interest is perfected.

[ ] Acquired after a change of name, identity or corporate structure of
    Debtor.

[ ] As to which the filing has lapsed.

     By:
        --------------------------------------------------------------------
        Signature of Secured Party(ies) (Required only if item is checked)

-------------------------------------------------------------------------------
                                    PARTIES
-------------------------------------------------------------------------------
Secured Party(ies) (last name first if individual) and address:

Guaranty Federal Bank, F.S.B.
8333 Douglas Avenue
Dallas, TX 75225

-------------------------------------------------------------------------------
Assignee (if any) of Secured Party(ies) and address of Assignee:

--------------------------------------------------------------------------------
Special Types of Parties (check X in applicable box(es))

[ ] The terms "Debtor" and "Secured Party" mean "Lessee" and "Lessor",
    respectively.

[ ] The terms "Debtor" and "Secured Party" mean "Consignee" and "Cosignor",
    respectively.

[ ] Debtor is a Transmitting Utility.

[ ] Debtor acting in representative capacity (e.g., as trustee).
-------------------------------------------------------------------------------
Filed With: Secretary of State
-------------------------------------------------------------------------------
Prepared By (Name And Address):

Jennifer Knapek, Esq.
Winstead Sechrest & Minick P.C.
1201 Elm Street, #5400
Dallas, Texas 75270

-------------------------------------------------------------------------------
[ ] Check to request Continuation Statement notice for additional fee.
-------------------------------------------------------------------------------

--------------------------------------------------------------------------------
This Financing Statement covers the following types (or items) of property:
Check only if applicable:           [X] Products of collateral are also covered.

See Exhibit A attached hereto and made a part hereof.

--------------------------------------------------------------------------------
If the collateral is crops, the crops are growing or to be grown on the
following described real estate:

--------------------------------------------------------------------------------
If the collateral is (a) goods that are or are to become fixtures; (b) timber to
be cut; or (c) minerals or the like (including oil and gas) or accounts
resulting from the sale thereof at the wellhead or minehead, the description of
the real estate concerned is: (check X in applicable box(es))

[ ] Fixtures      [ ] Timber            [ ] Minerals or accounts resulting from
                                            sale thereof at wellhead or minehead

And this Financing Statement is to be filed in the real estate records where a
mortgage on such real estate would be recorded. If the Debtor does not have an
interest or record, the name of a record owner is:
--------------------------------------------------------------------------------
Penson Worldwide, Inc.

By: /s/ ROGER J. ENGEMOEN JR.                       Chairman
    ----------------------------------------------------------------------------
    Signature of Debtor (or Assignor)               Title

--------------------------------------------------------------------------------
THIS SPACE FOR USE OF FILING OFFICER (DATE, TIME, NUMBER, FILING OFFICER)

--------------------------------------------------------------------------------
<PAGE>   64

                        EXHIBIT A TO FINANCING STATEMENT

         (a) all of Debtor's shares of common stock of Penson Worldwide
Settlements, Ltd., a United Kingdom company, now owned or hereafter acquired;
and

         (b) all products, proceeds, revenues, distributions, dividends, stock
dividends, securities, and other property, rights, and interests that Debtor
receives or is at any time entitled to receive on account of the above.

<PAGE>   65

                      RESOLUTIONS OF THE BOARD OF DIRECTORS
                       OF SERVICE ASSET INVESTMENTS, INC.

         WHEREAS, on or about March 30, 2000, Service Asset Investments, Inc., a
Texas corporation (the "Company"), entered into a Loan Agreement (the "Loan
Agreement") with Guaranty Federal Bank, F.S.B., a federal savings bank ("Bank"),
pursuant to which Bank provided to the Company (a) a term loan in the principal
amount of $10,000,000, and (b) a term loan in the principal amount of
$15,000,000, each of which is secured by the capital stock of Service Asset
Management Co., Yee, Desmond, Schroeder & Allen, IBI, Inc., and Worldwide
Settlements, Ltd.;

         WHEREAS, the Company now desires to obtain an additional term loan in
the principal amount of $10,000,000 and to amend the Loan Agreement to provide
for such additional loan and to modify the collateral which will secure the
three loans described in the Loan Agreement;

         WHEREAS, to evidence the extension of credit from the Bank to the
Company, the Company shall execute and deliver to Bank (a) the First Amendment
to Loan Agreement, (b) a term note in the principal amount of $10,000,000, (c)
Amended And Restated Stock Pledge Agreement (the "Amended Pledge Agreement", and
(d) such other documents or instruments as requested by Bank (the "Amended Loan
Documents");

         NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors finds that
the Amended Loan Documents, and the transactions provided for therein, will
benefit, directly or indirectly, the Company and deems it in the best interests
of the Company that the Company enter into and perform its obligations under the
Amended Loan Documents in substantially the form submitted to the Board of
Directors;

         RESOLVED, FURTHER, that the President (each, an "Authorized Officer")
of the Company is hereby authorized to execute and deliver for and on behalf of
the Company the Amended Loan Documents with such changes in the terms,
conditions and provisions thereof as Authorized Officer deems appropriate and in
the best interests of the Company; the execution of the Amended Loan Documents
shall be conclusive against the Company that such Authorized Officer deemed the
terms, conditions and provisions thereof to be appropriate and in the best
interests of the Company;

         RESOLVED, FURTHER, that each Authorized Officer of the Company or any
one or more of them be, and each hereby is, authorized and directed, on behalf
of the Company, at any time and from time to time hereafter and without further
action by or authority or direction from the Board of Directors of the Company,
to execute and deliver all such other and further agreements, requests,
statements and documents and to do or cause to be done all such other and
further acts and things as any Authorized Officer may determine to be necessary
or advisable under or in connection with the Amended Loan Documents and the
transactions provided for therein; the execution by any Authorized Officer of
any such agreement, request, statement, instrument or document or the doing of
any such act or thing will be conclusive evidence of his or their determination
in that respect;

<PAGE>   66

         RESOLVED, FURTHER, that any and all actions taken by any of the
officers or representatives of the Company, for and on behalf of and in the name
of the Company, with Bank prior to the adoption of these resolutions, which are
within the authority conferred by the foregoing resolutions, are hereby
ratified, authorized, adopted and approved in all respects for all purposes.

         RESOLVED FURTHER, that Bank be, and it hereby is, authorized to rely on
the continuing effect of these resolutions, until Bank receives written notice
to the contrary.

                                        /s/ GARY R. HOLLIDAY
                                        ----------------------------------------
                                        Gary R. Holliday, Secretary

                                      -2-<PAGE>   1
                                                                    EXHIBIT 10.1

                   CENTURY MILESTONE S&T CO., LTD. STOCK PLAN

SECTION 1. INTRODUCTION

     1.1 Establishment. Effective as provided in Section 17, Century Milestone
S&T Co., Ltd., a Colorado corporation (the "Company"), hereby establishes this
plan of stock-based compensation incentives for selected Eligible Participants
of the Company and its affiliated corporations. This Plan shall be known as the
Century Milestone S&T Co., Ltd. Stock Plan (the "Plan").

     1.2 Purpose. The purpose of this Plan is to promote the best interest of
the Company, and its stockholders by providing a means of non-cash remuneration
to selected Eligible Participants who contribute most to the operating progress
and earning power of the Company.

SECTION 2. DEFINITIONS

     The following definitions shall be applicable to the terms used in this
Plan:

     2.1 "Affiliated Corporation" means any corporation that is either a parent
corporation with respect to the Company or a subsidiary corporation with respect
to the Company (within the meaning of Sections 424(e) and (f), respectively, of
the Internal Revenue Code).

     2.2 "Code" means the Internal Revenue Code of 1986, as it may be amended
from time to time.

     2.3 "Committee" means a committee designated by the Board of Directors to
administer this Plan or, if no committee is so designated, the Board of
Directors. Any Committee member who is also an Eligible Participant may receive
an Option or Stock Award only if he abstains from voting in favor of a grant to
himself, and the grant is determined and approved by the remaining Committee
members. The Board of Directors, in its sole discretion, may at any time remove
any member of the Committee and appoint another Director to fill any vacancy on
the Committee.

     2.4 "Common Stock" means the Company's $.0001 par value common stock.

     2.5 "Company" means Century Milestone S&T Co., Ltd., a Colorado
corporation.

     2.6 "Effective Date" means the effective date of this Plan, as set forth in
Section 17 hereof.

     2.7 "Eligible Participant" means any employee, director, officer,
consultant, or advisor of the Company who is determined (in accordance with the
provisions of Section 4 hereof) to be eligible to receive an Option or Stock
Award hereunder.

     2.8 "Option" means the grant to an Eligible Participant of a right to
acquire shares of Common Stock.

     2.9 "Plan" means this Century Milestone S&T Co., Ltd. Stock Plan, dated
August 15, 2000.

     2.10 "Stock Award" means the grant to an Eligible Participant of shares of
Common Stock issuable directly under this Plan rather than upon exercise of an
Option.

     Wherever appropriate, words used in this Plan in the singular may mean the
plural, the plural may mean the singular, and the masculine may mean the
feminine.

CENTURY MILESTONE STOCK PLAN                                         PAGE 1 OF 6
<PAGE>   2

SECTION 3. ADOPTION AND ADMINISTRATION OF THIS PLAN

     Upon adoption by the Company's Board of Directors, this Plan became
effective as of August 15, 2000. In the absence of contrary action by the Board
of Directors, and except for action taken by the Committee pursuant to Section 4
in connection with the determination of Eligible Participants, any action taken
by the Committee or by the Board of Directors with respect to the
implementation, interpretation or administration of this Plan shall be final,
conclusive and binding.

SECTION 4. ELIGIBILITY AND AWARDS

     The Committee shall determine at any time and from time to time after the
effective date of this Plan: (i) the Eligible Participants; (ii) the number of
shares of Common Stock issuable directly or to be granted pursuant to an Option;
(iii) the price per share at which each Option may be exercised, in cash or
cancellation of fees for services for which the Company is liable, if
applicable, or the value per share if a direct issue of stock pursuant to a
Stock Award; and (iv) the terms on which each Option may be granted. Such
determination, as may from time to time be amended or altered at the sole
discretion of the Committee. Notwithstanding the provisions of Section 3 hereof,
no such determination by the Committee shall be final, conclusive and binding
upon the Company unless and until the Board of Directors has approved the same;
provided, however, that if the Committee is composed of a majority of the
persons then comprising the Board of Directors of the Company, such approval by
the Board of Directors shall not be necessary.

SECTION 5. GRANT OF OPTION OR STOCK AWARD

     Subject to the terms and provisions of this Plan, the terms and conditions
under which an Option or Stock Award may be granted to an Eligible Participant
shall be set forth in a written agreement (i.e., a Consulting Agreement,
Services Agreement, Fee Agreement, or Employment Agreement) or, if an Option, a
written Grant of Option in the form attached hereto as Exhibit A (which may
contain such modifications thereto and such other provisions as the Committee,
in its sole discretion, may determine).

SECTION 6. TOTAL NUMBER OF SHARES OF COMMON STOCK

     The total number of shares of Common Stock reserved for issuance by the
Company either directly as Stock Awards or underlying Options granted under this
Plan shall not be more than 3,500,000. The total number of shares of Common
Stock reserved for such issuance may be increased only by a resolution adopted
by the Board of Directors and amendment of this Plan. Such Common Stock may be
authorized and unissued or reacquired Common Stock of the Company.

SECTION 7. PURCHASE OF SHARES OF COMMON STOCK

     7.1 As soon as practicable after the determination by the Committee and
approval by the Board of Directors (if necessary, pursuant to Section 4 hereof)
of the Eligible Participants and the number of shares an Eligible Participant
may be issued directly as a Stock Award or eligible to purchase pursuant to an
Option, the Committee shall give written notice thereof to each Eligible
Participant, which notice may be accompanied by the Grant of Option, if
appropriate, to be executed by such Eligible Participant.

     7.2 The negotiated cost basis of stock issued directly as a Stock Award or
the exercise price for each Option to purchase shares of Common Stock pursuant
to paragraph 7.1 shall be as determined by the Committee, it being understood
that the price so determined by the Committee may vary from one Eligible
Participant to another. In computing the negotiated direct issue price as a
Stock Award or the Option exercise price per share of Common Stock, the
Committee shall take into consideration, among other factors, the restrictions
set forth in Section 11 hereof.

CENTURY MILESTONE STOCK PLAN                                         PAGE 2 OF 6
<PAGE>   3

SECTION 8. TERMS AND CONDITIONS OF OPTIONS

     The Committee shall determine the terms and conditions of each Option
granted to Eligible Participants, which terms shall be set forth in writing. The
terms and conditions so set by the Committee may vary from one Eligible
Participant to another. In the event that all the Committee approves an Option
permitting deferred payments, the Eligible Participant's obligation to pay for
such Common Stock may be evidenced by a promissory note executed by such
Eligible Participant and containing such modifications thereto and such other
provisions as the Committee, in its sole discretion, may determine.

SECTION 9. DELIVERY OF SHARES OF COMMON STOCK UPON EXERCISE OF OPTION

     The Company shall deliver to each Eligible Participant such number of
shares of Common Stock as such Eligible Participant is entitled to receive
pursuant to a Stock Award or elects to purchase upon exercise of the Option.
Such shares, which shall be fully paid and nonassessable upon the issuance
thereof (unless a portion or all of the purchase price shall be paid on a
deferred basis) shall be represented by a certificate or certificates registered
in the name of the Eligible Participant and stamped with an appropriate legend
referring to the restrictions thereon, if any. Subject to the terms and
provisions of the Colorado Business Corporations Act and the written agreement
to which he is a party, an Eligible Participant shall have all the rights of a
stockholder with respect to such shares, including the right to vote the shares
and to receive all dividends or other distributions paid or made with respect
thereto (except to the extent such Eligible Participant defaults under a
promissory note, if any, evidencing the deferred purchase price for such
shares), provided that such shares shall be subject to the restrictions
hereinafter set forth. In the event of a merger or consolidation to which the
Company is a party, or of any other acquisition of a majority of the issued and
outstanding shares of Common Stock of the Company involving an exchange or a
substitution of stock of an acquiring corporation for Common Stock of the
Company, or of any transfer of all or substantially all of the assets of the
Company in exchange for stock of an acquiring corporation, a determination as to
whether the stock of the acquiring corporation so received shall be subject to
the restrictions set forth in Section 11 shall be made solely by the acquiring
corporation.

SECTION 10. RIGHTS OF EMPLOYEES; ELIGIBLE PARTICIPANTS

     10.1 Employment. Nothing contained in this Plan or in any Option or Stock
Award granted under this Plan shall confer upon any Eligible Participant any
right with respect to the continuation of his or her employment by the Company
or any Affiliated Corporation, or interfere in any way with the right of the
Company or any Affiliated Corporation, subject to the terms of any separate
employment agreement to the contrary, at any time to terminate such employment
or to increase or decrease the compensation of the Eligible Participant from the
rate in existence at the time of the grant of an Option or Stock Award. Whether
an authorized leave of absence, or absence in military or government service,
shall constitute termination of employment shall be determined by the Committee
at the time.

     10.2 Non-transferability. No right or interest of any Eligible Participant
in an Option or Stock Award shall be assignable or transferable during the
lifetime of the Eligible Participant, either voluntarily or involuntarily, or
subjected to any lien, directly or indirectly, by operation of law, or
otherwise, including execution, levy, garnishment, attachment, pledge or
bankruptcy. However, the Board of Directors may, in its sole discretion, permit
transfers to family members if and to the extent such transfers are permissible
under applicable securities laws. In the event of an Eligible Participant's
death, an Eligible Participant's rights and interest in an Option or Stock Award
shall be transferable by testamentary will or the laws of descent and
distribution, and delivery of any shares of Common Stock due under this Plan
shall be made to, and exercise of any Options may be made by, the Eligible
Participant's legal representatives, heirs or legatees. If in the opinion of the
Committee a person entitled to payments or to exercise rights with respect to
this Plan is unable to care for his or her affairs because of mental condition,
physical condition, or age, payment due such person may be made to, and such
rights shall be exercised by, such person's guardian, conservator or other legal
personal representative upon furnishing the Committee with evidence satisfactory
to the Committee of such status.

CENTURY MILESTONE STOCK PLAN                                         PAGE 3 OF 6
<PAGE>   4

SECTION 11. GENERAL RESTRICTIONS

     11.1 Investment Representations. The Company may require any person to whom
an Option or Stock Award is granted, as a condition of exercising such Option,
or receiving such Stock Award, to give written assurances in substance and form
satisfactory to the Company and its counsel to the effect that such person is
acquiring the Common Stock subject to the Option or Stock Award for his or her
own account for investment and not with any present intention of selling or
otherwise distributing the same, and to such other effects as the Company deems
necessary or appropriate in order to comply with federal and applicable state
securities laws.

     11.2 Restrictions on Transfer of Common Stock. The shares of Common Stock
issuable directly as a Stock Award or upon exercise of an Option may not be
offered for sale, sold or otherwise transferred except pursuant to an effective
registration statement or pursuant to an exemption from registration, the
availability of which is to be established to the satisfaction of the Company,
and any certificates representing shares of Common Stock will bear a legend to
that effect. However, the Company may, in the sole discretion of the Board of
Directors, register with the Securities and Exchange Commission some or all of
the shares of Common Stock reserved for issuance under this Plan. Special resale
restrictions may, however, continue to apply to officers, directors, control
shareholders and affiliates of the Company and such persons will be required to
obtain an opinion of counsel as regards their ability to resell shares received
pursuant to this Plan.

     11.3 Compliance with Securities Laws. Each Option or Stock Award shall be
subject to the requirement that if at any time counsel to the Company shall
determine that the listing, registration or qualification of the shares of
Common Stock subject to such Option or Stock Award upon any securities exchange
or under any state or federal law, or the consent or approval of any
governmental or regulatory body, is necessary as a condition of, or in
connection with, the issuance or purchase of shares thereunder, such Option or
Stock Award may not be accepted or exercised in whole or in part unless such
listing, registration, qualification, consent or approval shall have been
effected or obtained on conditions acceptable to the Committee. Nothing herein
shall be deemed to require the Company to apply for or to obtain such listing,
registration or qualification.

     11.4 Changes in Accounting Rules. Notwithstanding any other provision of
this Plan to the contrary, if, during the term of this Plan, any changes in the
financial or tax accounting rules applicable to Options or Stock Awards shall
occur that, in the sole judgment of the Committee, may have a material adverse
effect on the reported earnings, assets or liabilities of the Company, the
Committee shall have the right and power to modify as necessary, or cancel, any
then outstanding and unexercised Options.

SECTION 12. COMPLIANCE WITH TAX REQUIREMENTS

     Each Eligible Participant shall be liable for payment of all applicable
federal, state and local income taxes incurred as a result of the receipt of a
Stock Award or an Option, the exercise of an Option, and the sale of any shares
of Common Stock received pursuant to a Stock Award or upon exercise of an
Option. The Company may be required, pursuant to applicable tax regulations, to
withhold taxes for an Eligible Participant, in which case the Company's
obligations to deliver shares of Common Stock upon the exercise of any Option
granted under this Plan or pursuant to any Stock Award, shall be subject to the
Eligible Participant's satisfaction of all applicable federal, state and local
income and other income tax withholding requirements.

SECTION 13. PLAN BINDING UPON ASSIGNS OR TRANSFEREES

     In the event that, at any time or from time to time, any Option or Stock
Award is assigned or transferred to any party (other than the Company) pursuant
to the provisions of Section 10.2 hereof, such party shall take such Option or
Stock Award pursuant to all provisions and conditions of this Plan, and, as a
condition precedent to the transfer of such interest, such party shall agree
(for and on behalf of himself or itself, his or its legal representatives and
his or its transferees and assigns) in writing to be bound by all provisions of
this Plan.

CENTURY MILESTONE STOCK PLAN                                         PAGE 4 OF 6
<PAGE>   5

SECTION 14. COSTS AND EXPENSES

     All costs and expenses with respect to the adoption, implementation,
interpretation and administration of this Plan shall be borne by the Company.

SECTION 15. CHANGES IN CAPITAL STRUCTURE OF THE COMPANY

     Appropriate adjustments shall be made to the number of shares of Common
Stock issuable pursuant to an incomplete or pending Stock Award that has not yet
been delivered or upon exercise of any Options and the exercise price thereof in
the event of: (i) a subdivision or combination of any of the shares of capital
stock of the Company; (ii) a dividend payable in shares of capital stock of the
Company; (iii) a reclassification of any shares of capital stock of the Company;
or (iv) any other change in the capital structure of the Company.

SECTION 16. PLAN AMENDMENT, MODIFICATION AND TERMINATION

     The Board, upon recommendation of the Committee or at its own initiative,
at any time may terminate and at any time and from time to time and in any
respect, may amend or modify this Plan, including:

          (a) Increase the total amount of Common Stock that may be awarded
     under this Plan, except as provided in Section 15 of this Plan;

          (b) Change the classes of persons from which Eligible Participants may
     be selected or materially modify the requirements as to eligibility for
     participation in this Plan;

          (c) Increase the benefits accruing to Eligible Participants; or

          (d) Extend the duration of this Plan.

     Any Option or other Stock Award granted to a Eligible Participant prior to
the date this Plan is amended, modified or terminated will remain in effect
according to its terms unless otherwise agreed upon by the Eligible Participant;
provided, however, that this sentence shall not impair the right of the
Committee to take whatever action it deems appropriate under Section 11 or
Section 15. The termination or any modification or amendment of this Plan shall
not, without the consent of a Eligible Participant, affect his rights under an
Option or other Stock Award previously granted to him.

SECTION 17. EFFECTIVE DATE OF THIS PLAN

     17.1 Effective Date. This Plan is effective as of August 15, 2000, the date
it was adopted by the Board of Directors of the Company.

     17.2 Duration of this Plan. This Plan shall terminate at midnight on August
15, 2005, which is the day before the fifth anniversary of the Effective Date,
and may be extended thereafter or terminated prior thereto by action of the
Board of Directors; and no Option or Stock Award shall be granted after such
termination. Options and Stock Awards outstanding at the time of this Plan
termination may continue to be exercised, or become free of restrictions, in
accordance with their terms.

CENTURY MILESTONE STOCK PLAN                                         PAGE 5 OF 6
<PAGE>   6

SECTION 18. BURDEN AND BENEFIT

     The terms and provisions of this Plan shall be binding upon, and shall
inure to the benefit of, each Eligible Participant, his executives or
administrators, heirs, and personal and legal representatives.

     Dated as of the 15th day of August, 2000.

                                           CENTURY MILESTONE S&T CO., LTD.

                                           By:   /s/ Xiao Gang
                                              ----------------------------------
                                                 Xiao Gang, President

ATTEST:

/s/ Feng Jiming
-----------------------------------
Feng Jiming, Secretary

CENTURY MILESTONE STOCK PLAN                                         PAGE 6 OF 6
<PAGE>   7

                                    EXHIBIT A

                                     FORM OF
                         GRANT OF OPTION PURSUANT TO THE
                   CENTURY MILESTONE S&T CO., LTD. STOCK PLAN

     Century Milestone S&T Co., Ltd., a Colorado corporation (the "Company"),
hereby grants to ________________________________ ("Optionee") an Option to
purchase ___________ shares of common stock, $.0001 par value (the "Shares") of
the Company at the purchase price of $______ per share (the "Purchase Price"),
in accordance with and subject to the terms and conditions of the Century
Milestone S&T Co., Ltd. Stock Plan (the "Plan"). This option is exercisable in
whole or in part, and upon payment in cash or cancellation of fees, or other
form of payment acceptable to the Company, to the principal office of the
Company. This Grant of Option supersedes and replaces any prior notice of option
grant, description of vesting terms or similar documents previously delivered to
Optionee for options granted on the date stated below.

     Unless otherwise set forth in a separate written agreement, in the event
that Optionee's employee or consultant status with the Company or any of its
subsidiaries ceases or terminates for any reason whatsoever, including, but not
limited to, death, disability, or voluntary or involuntary cessation or
termination, this Grant of Option shall terminate with respect to any portion of
this Grant of Option that has not vested prior to the date of cessation or
termination of employee or consultant status, as determined in the sole
discretion of the Company. In the event of termination for cause, this Grant of
Option shall immediately terminate in full with respect to any un-exercised
options, and any vested but un-exercised options shall immediately expire and
may not be exercised. Unless otherwise set forth in a separate written
agreement, vested options must be exercised within six months after the date of
termination (other than for cause), notwithstanding the Expiration Date set
forth below.

     Subject to the preceding paragraph, this Grant of Option, or any portion
hereof, may be exercised only to the extent vested per the attached schedule,
and must be exercised by Optionee no later than ____________________________
(the "Expiration Date") by (i) notice in writing, signed by Optionee; and (ii)
payment of the Purchase Price of a minimum of $1,000 (unless the Purchase Price
for the exercise of all vested options available to be exercised totals less
than $1,000) pursuant to the terms of this Grant of Option and the Plan. Any
portion of this Grant of Option that is not exercised on or before the
Expiration Date shall lapse. The notice must refer to this Grant of Option, and
it must specify the number of shares being purchased, and recite the
consideration being paid therefor. Notice shall be deemed given on the date on
which the notice is received by the Company.

     This Option shall be considered validly exercised once payment therefor has
cleared the banking system or the Company has issued a credit memo for services
in the appropriate amount, or receives a duly executed acceptable promissory
note, if the Option is granted with deferred payment, and the Company has
received written notice of such exercise. If payment is not received within two
business days after the date the notice is received, the Company may deem the
notice to be invalid.

     If Optionee fails to exercise this Option in accordance with this Grant of
Option, then this Grant of Option shall terminate and have no force and effect,
in which event the Company and Optionee shall have no liability to each other
with respect to this Grant of Option.

     This Option may be executed simultaneously in two or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

     The validity, construction and enforceability of this Grant of Option shall
be construed under and governed by the laws of the State of Colorado, without
regard to its rules concerning conflicts of laws, and any action brought to
enforce this Grant of Option or resolve any controversy, breach or disagreement
relative hereto shall be brought only in a court of competent jurisdiction
within the State of Colorado.

CENTURY MILESTONE. STOCK PLAN                                           PAGE A-1
<PAGE>   8

     The shares of common stock issuable upon exercise of the Option (the
"Underlying Shares") may not be sold, exchanged, assigned, transferred or
permitted to be transferred, whether voluntarily, involuntarily or by operation
of law, delivered, encumbered, discounted, pledged, hypothecated or otherwise
disposed of until (i) the Underlying Shares have been registered with the
Securities and Exchange Commission pursuant to an effective registration
statement on Form S-8, or such other form as may be appropriate, in the
discretion of the Company; or (ii) an Opinion of Counsel, satisfactory to the
Company, has been received, which opinion sets forth the basis and availability
of any exemption for resale or transfer from federal or state securities
registration requirements.

     This Grant of Option relates to options granted on ________________, _____.

                                           CENTURY MILESTONE S&T CO., LTD.

                                           BY THE BOARD OF DIRECTORS
                                           OR A SPECIAL COMMITTEE THEREOF

                                               NOT FOR EXECUTION
                                           By:
                                              ----------------------------------

OPTIONEE:

NOT FOR EXECUTION

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

CENTURY MILESTONE. STOCK PLAN                                           PAGE A-2
<PAGE>   9

GRANT OF OPTION PURSUANT TO THE
CENTURY MILESTONE S&T CO., LTD. STOCK PLAN.

OPTIONEE:         ____________________
OPTIONS GRANTED:  ____________________
PURCHASE PRICE:   $______per Share
DATE OF GRANT:    ____________________
EXERCISE PERIOD:  ________ to ________

VESTING SCHEDULE: OPTION ON
                   #SHARES     DATE VESTED (ASSUMING CONTINUED EMPLOYMENT, ETC.)
                  ---------    -----------
                  _________    ___________
                  _________    ___________
                  _________    ___________
                  _________    ___________
                  _________    ___________

EXERCISED TO DATE:       _________  INCLUDING THIS EXERCISE
BALANCE TO BE EXERCISED: _________

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

                               NOTICE OF EXERCISE
                 (TO BE SIGNED ONLY UPON EXERCISE OF THE OPTION)

TO:  Century Milestone S&T Co., Ltd. ("Optionor")

     The undersigned, the holder of the Option described above, hereby
irrevocably elects to exercise the purchase rights represented by such Option
for, and to purchase thereunder, _________ shares of the Common Stock of Century
Milestone S&T Co., Ltd., and herewith makes payment of _______________________
therefor. Optionee requests that the certificates for such shares be issued in
the name of Optionee and be delivered to Optionee at the address of
_______________________________________________________________________________,
and if such shares shall not be all of the shares purchasable hereunder,
represents that a new Notice of Exercise of like tenor for the appropriate
balance of the shares, or a portion thereof, purchasable under the Grant of
Option pursuant to the Century Milestone S&T Co., Ltd. Stock Plan, be delivered
to Optionor when and as appropriate.

                                                  OPTIONEE:

                                                  NOT FOR EXECUTION
Dated:
       -------------------------                  ------------------------------

CENTURY MILESTONE. STOCK PLAN                                           PAGE A-3

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