FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
This First Amendment to Executive Employment Agreement (this “First Amendment”) is made and entered
into as of the 19 th day of June, 2008, by and between Daniel P. Son, a resident of the state of Texas
(“Executive”), and Penson Worldwide, Inc., a Delaware corporation (the “Company”).
WHEREAS, Executive and the Company are parties to that certain Executive Employment Agreement, dated
April 21, 2006 (the “Employment Agreement”); and
WHEREAS, Executive and Company desire now to amend the Employment Agreement as set forth herein.
NOW, THEREFORE, in consideration of the premises herein and in reliance on the covenants and
agreements hereinafter set forth and subject to the terms and conditions contained herein, Executive and the
Company agree as follows:
I. DEFINED TERMS.
Capitalized terms used but not defined herein shall have the meanings afforded such terms in the Employment
The introductory paragraph to Section III.B. of the Agreement is hereby amended in its entirety to read as
Annual Bonus Compensation Opportunities. As a performance and retention incentive, Executive shall be
eligible to earn an annual bonus award. The terms and conditions of each such annual bonus award opportunity
shall be provided in writing to Executive not later than January 31 of each calendar year for that calendar year
and shall be attached to this Agreement each year as Attachment 1; provided, that the foregoing sentence shall
not be applicable to any annual bonus opportunity for Executive determined by the Compensation Committee
on or prior to June 30, 2008, for the 2008 calendar year or any portion thereof. However, the following will
apply to each annual bonus award opportunity made available to Executive during Executive’s employment
III. NO OTHER AMENDMENTS.
Except as expressly herein amended, the Employment Ag