FULLY DISCLOSED CLEARING AGREEMENT
RIDGE CLEARING & OUTSOURCING SOLUTIONS, INC.
HUDSON SECURITIES INC.
This agreement (the “Agreement”), dated as of December 1, 2007, between Ridge Clearing & Outsourcing
Solutions, Inc. (“Ridge”) and Hudson Securities Inc. (“Correspondent”), sets forth the terms and conditions
under which Ridge will provide execution and clearing services, on a fully disclosed basis, to Correspondent and
its customers. Ridge will provide such services only to the extent required by this Agreement, and shall not be
responsible for any duties or obligations not specifically allocated to Ridge by this Agreement. Nothing in this
Agreement shall be deemed to delegate to Ridge any regulatory obligation of Correspondent. The parties agree
that the target date for the conversion of Correspondent onto the Services is April 1, 2008.
APPLICABLE LAWS AND RULES AND APPROVAL BY NYSE
Throughout the term of this Agreement, each of the parties hereunder shall be subject to the provisions of
federal, state and local laws, rules and regulations and the constitution, by-laws, rules, regulations and
stated policies of the New York Stock Exchange, Inc. (“NYSE”), and any other securities exchange or
association or regulatory or self-regulatory organization (“SRO”) vested with authority over the parties
and/or the transactions contemplated hereby, applicable to the parties, as currently in effect or as they
may be hereinafter amended, revised or supplemented (collectively, the “Applicable Laws and Rules”).
To the extent that specific Applicable Laws and Rules are cited in this Agreement, such individual
Applicable Laws and Rules shall also apply as currently in effect or as they may be hereinafter amended,
revised or supplemented. Correspondent agrees to comply with the NYSE rules cited herein, as well as
comparable SRO provisions (including, without limitation, comparable NASD rules). In the event that