SOUTHWEST SECURITIES GROUP, INC.
STOCK PURCHASE PLAN
PURPOSE AND ESTABLISHMENT
1.01 Purpose. The Southwest Securities Group, Inc. Stock Purchase Plan, as restated herein (the "Plan"), is
intended to provide a method whereby Eligible Participants will have an opportunity to acquire a proprietary
interest in the Company through the purchase of shares of Common Stock of the Company.
1.02 Shares Reserved. There shall be reserved for issuance and purchase by Participants under the Plan an
aggregate of 1,000,000 shares of Common Stock of the Company.
The following words when used in this Plan have the respective meanings set forth below unless the context
clearly indicates otherwise:
2.01 Account means the account or record established and maintained by the Committee reflecting the value of
the cash and Company Stock, if any, of each Participant attributable to his payroll deductions. Within each such
Account, the Committee shall establish and maintain a cash subaccount, representing a Participant's payroll
deductions awaiting investment in Company Stock and a Company Stock subaccount, representing shares of
Company Stock purchased on behalf of the Participant by the Committee.
2.02 Affiliated Company means the Company and any subsidiary of the Company, as defined in section 424(f) of
2.03 Committee shall mean the individuals described in Article V.
2.04 Company means Southwest Securities Group, Inc., a Delaware corporation.
2.05 Company Stock means the common stock of the Company, $.10 par value.
2.06 Compensation means the total amount paid to a Participant by an Employer as reported on Form W-2 or
1099 for each calendar year during the term hereof.
STOCK PURCHASE PLAN page 1
2.07 Effective Date means January 1, 1998 or such later date as the Board of Directors may establish.
2.08 Eligible Participant means all full-time employees of an Employer with at least one year of service; provided,