X0202 4 2006-05-16 0 0001123541 PENSON WORLDWIDE INC PNSN 0001356303 Dyer James S C/O PENSON WORLDWIDE, INC. 1700 PACIFIC AVENUE, SUITE 1400 DALLAS TX 75201 1 0 0 0 Stock Option (right to buy) 17.00 2006-05-16 4 A 0 25000 0.00 A 2016-05-15 Common Stock 25000 25000 D Option currently exercisable. Shares of Common Stock purchased upon exercise of the stock option remain subject to repurchase by the Company at the exercise price until vested. The underlying shares of Common Stock vest in twelve successive equal quarterly installments from the grant date. /s/ Owen M. Scheurich, by power of attorney 2006-05-18