Forum:Theon in Season 3

I recently finished watching series 3 of GOT and have certain questions i wish to ask your opinions on regarding Theon Greyjoy. Personally i was very angered at Theon for betraying Robb and thought i could never forgive him for his treachery but now i'm not so sure after the torture etc.

My question is : Do you think Theon deserves a second chance from the Starks etc. if afterwards he seeked forgiveness from the Bran or somebody or do you think he has to be punished for his treachery?