Chief Executive Officer Employment Agreement



 Exhibit 10.1 
 EXECUTION COPY 
 CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT 
 AGREEMENT effective September 1, 2007, between FCStone, Group, Inc., and Paul G. Anderson. 
 1. Employment. FCStone Group, Inc., (hereinafter referred to as “Employer”) employs Paul G. Anderson (hereinafter referred to as “CEO”)
as Chief Executive Officer of Employer, and CEO accepts full-time employment, upon the terms and conditions set forth in this Agreement. For purposes of this Agreement, while Employer shall be the CEO’s employer of record, the term
“Employer” shall be defined as including Employer’s subsidiaries as the context requires. The agreements contained herein are in consideration of CEO’s continued employment, and are in place of all previously established
agreements and understandings between the Employer, its subsidiaries and CEO. Without limiting the generality of the foregoing, this Agreement supersedes and replaces the “Chief Executive Officer Employment Agreement” dated
September 1, 2005, between FCStone, LLC and Paul G. Anderson. 
 2. Annual Review. CEO’s performance shall be reviewed each year by
the Board of Directors of Employer (the “Board”), or by the Compensation Committee of the Board (the “Compensation Committee”). As part of the review, the Board shall review CEO’s Base Salary and may approve an increase, but
not a decrease to CEO’s Base Salary. Such review shall be completed and communicated to CEO between the end of Employer’s fiscal year and the annual meeting of the Board. 
 3. Term of Employment. The term of CEO’s employment under this Agreement (“Term”) shall begin on September 1, 2007 and shall end on August 31, 2012. During the Term,
Employer’s employment under this Agreement can be terminated by Employer or CEO pursuant to Paragraphs 9 and 10, respectively. 
 4. Compensation
and Benefits. As compensation for all services by CEO under this Agreement, CEO shall be entitled to the following compensation during the Term: 
 a. Base Salary. CEO shall be paid an annualized Base Salary of $550,000, or as increased by the Board from time to time. Base Salary, as adjusted by the Board, shall be considered the new Base Salary for
purposes of this Agreement. CEO’s Base Salary shall be payable in accordance with Employer’s regular payroll practices and shall be subject to applicable required withholding and authorized deductions. Execution of this Agreement by CEO
shall constitute written authorization for Employer to make the withholdings from CEO’s compensation as provided by this Sub-paragraph 4(a). 
 b. Annual Bonus Opportunity. Employer agrees that CEO shall be eligible to receive an annual performance bonus (“Annual Bonus”) from Employer with respect to each fiscal year of Employer that ends during the Term,
subject to the terms and conditions as set by the Board or Compensation Committee. Prior to or within the first 3 months of each fiscal year, the Compensation Committee, 

  

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in consultation with CEO, shall identify the performance and other bonus eligibility criteria by which CEO’s bonus eligibility shall be determined for
that fiscal year. The amount of any such Annual Bonus shall be determined by the Board or the Compensation Committee in its discretion, consistent with Employer’s performance, CEO’s contribution to Employer’s performance and any other
bonus eligibility criteria set for that fiscal year. The parties agree that the threshold bonus opportunity shall be set at 125% of Base Salary, the annual target bonus opportunity shall be set at 200% of Base Salary; and there shall be no cap on
the amount of Annual Bonus. The Annual Bonus, if any, shall be payable within 60 days of the end of the fiscal year in which it was earned. In order to be eligible to receive the Annual Bonus for a given fiscal year, CEO must be employed on the last
day of the fiscal year in which the Annual Bonus was earned. 
 c. Long-Term Incentive Awards. Employer further agrees that CEO
shall be eligible to receive annual long-term incentive (“LTI”) compensation with respect to each fiscal year of Employer that ends during the Term, subject to the terms and conditions as set by the Board or Compensation Committee in the
FCStone Group, Inc. Executive Long Term Incentive Plan in effect for the then current fiscal year. Prior to or within the first 3 months of each fiscal year, the Board or Compensation Committee, in consultation with CEO, shall identify the
performance and other eligibility criteria by which CEO’s LTI award shall be determined for that fiscal year. For fiscal year 2008, the Compensation Committee has agreed to use the same criteria for LTI as used for the Annual Bonus in
Sub-paragraph 4(b) and has agreed that CEO’s LTI opportunity shall be based on the following schedule (For further details, see the FCStone Group, Inc. Executive Long Term Incentive Plan Effective Fiscal Year 2008): 
  

			
	Annual Threshold LTI Opportunity:	 	150% of Base Salary
	Annual Target LTI Opportunity	 	300% of Base Salary
	Annual Maximum LTI Opportunity:	 	600% of Base Salary

 The Board or Compensation Committee, in its discretion, shall decide whether the annual LTI will be awarded in the
form of a Full-Value Award, such as restricted stock, or in the form of an Appreciation-Only Award, such as stock settled stock appreciation rights, or as a combination of Full-Value Awards and Appreciation-Only Awards. If the annual LTI award is an
equity-based award, then the calculation to determine the number of shares underlying the Full-Value Award and/or the Appreciation-Only Award shall be determined by calculating the “fair value” of such award in accordance with Statement of
Financial Accounting Standards No. 123R. The LTI award, if any, shall be awarded within 90 days of the end of the fiscal year in which it was earned, and shall vest 25% on each of the first 4 anniversaries of the date of grant. If the LTI award
is an Appreciation-Only Award, the exercise price of such award shall be the fair market value of a share of Employer’s common stock on the date of grant. In order to be eligible to receive the LTI award for a given fiscal year, CEO must be
employed on the last day of the fiscal year in which the LTI award was earned. The parties agree that, with respect to CEO, this Sub-paragraph 4(c) replaces and supersedes any previous long-term or short-term incentive plans, programs or policies of
Employer or its affiliates in which CEO has been eligible in the past. 
  

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 d. Executive Benefits. CEO will be eligible to participate in all employee and executive
pension and welfare benefit plans and programs, fringe benefits and perquisites generally available to Employer’s senior executives, as amended from time to time. CEO will have access to the company aircraft for business travel as stipulated by
company policy and procedures. CEO will be entitled to first-class air (to the extent that CEO is not using the company aircraft) and ground travel and accommodations while traveling on business for Employer. 
 e. Expenses. CEO may incur reasonable expenses in carrying out his duties and responsibilities under this Agreement and for promoting
Employer’s business, including expenses for entertainment, travel and similar items. Subject to applicable tax and other laws, Employer will reimburse CEO for all such reasonable expenses upon CEO’s periodic presentation of an itemized
account of such expenditures, with substantiation, in accordance with Employer’s regular policies as established from time to time. In addition to the general reimbursable expenses pursuant to Employer’s policies and practices, CEO also
shall be entitled to prompt reimbursement for the reasonable cost and value of CEO’s personally owned property and facilities utilized for entertainment on behalf of Employer, subject to applicable tax laws. 
 f. Paid Time Off. CEO shall be entitled to earn and carry-over Paid Time Off (“PTO”) pursuant to Employer’s then-current PTO
policy, but in no event shall CEO be entitled to earn less than 20 days of PTO per year and carry over up to 10 days of unused PTO to be used in the next calendar year. The scheduling of CEO’s PTO shall be within the sole discretion of CEO, but
shall be scheduled to be consistent with and not conflict with CEO’s duties. 
 g. Leaves of Absence. CEO shall be granted
leaves of absence for sickness, medical conditions of CEO or members of his family, jury duty, military training and other reasons deemed appropriate by Employer, as governed by Employer’s then- current policies. 
 5. Titles, Duties and Responsibilities, Reporting. During the Term, CEO shall serve as Employer’s President and Chief Executive Officer and also shall
serve as an officer of such other subsidiaries of Employer as the Board shall direct. CEO shall be responsible for the general management and operation of Employer and shall have such other duties as may be from time to time reasonably and lawfully
assigned by the Board. CEO shall report solely and directly to the Board. CEO further agrees to accept re-election and to serve during all or any part of the Term as a director of Employer without any compensation therefor other than that specified
in this Agreement, if re-elected to such position by the shareholders of Employer. Employer shall re-nominate CEO to be a director of the Board and shall use its best efforts to cause CEO to be re-elected as a director, subject to approval as
required by Employer’s by-laws and governing Board rules and regulations. 
 6. Scope of Service. CEO shall devote substantially all of
his entire time, attention and energies to Employer’s business and shall not during the Term be engaged in any other business activity whether or not such business activity is pursued for gain, profit or other pecuniary advantage, without the
written permission of the Board. However, CEO may invest and manage his personal assets in such 

  

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form or manner as will not require CEO’s services in the operation of the affairs of the companies in which such investments are made. Additionally, CEO
may participate in corporate, trade organization or charitable board memberships that do not materially conflict with his employment with Employer or materially interfere with his employment duties, provided that CEO first discloses any such
proposed memberships to the Board. 
 7. Compliance with Laws, Regulations, Rules and Policies. During the Term, CEO shall perform CEO’s
duties faithfully and diligently and in compliance with all applicable laws, regulations, Employer policies, handbooks, and manuals, and reasonable and lawful direction from the Board. Such compliance with laws and regulations shall include, but not
be limited to, compliance with the Commodity Exchange Act, the rules and regulations of the Commodity Futures Trading Commission, and the rules and regulations of all exchanges and clearing corporations on which Employer or other FCStone companies
transact business. CEO shall also comply with all Employer policies respecting ethics, trading in Employer and affiliated companies’ stock, and all applicable rules and regulations of the Securities and Exchange Commission. 
 8. Indemnification. CEO shall be entitled to indemnification by Employer in accordance with the provisions of Employer’s by-laws and the implementing
Board resolutions as in effect on the date of this Agreement or, if more favorable to CEO, the provisions of such by-laws as in effect at the time indemnification is requested. During the Term and during the 6 year period immediately following the
Term, Employer shall maintain a directors’ and officers’ insurance policy (“D&O Policy”) at the same or greater levels as the levels in the D&O policy in place on the date this Agreement becomes effective. 
 9. Termination by Employer. During the Term, Employer may terminate CEO’s employment if any one or more of the following shall occur: 
 (a) Death. CEO shall die during the Term; provided, however, that CEO’s legal representatives shall be entitled to receive
(1) CEO’s Base Salary and reimbursable business expenses incurred up through the date of CEO’s death; (2) earned but unpaid Annual Bonus, if any, due CEO under this Agreement; (3) a pro-rata Annual Bonus based on actual
bonus, determined and paid out at the end of the fiscal year, with respect to the fiscal year of Employer during which death occurs; and (4) any other vested and accrued compensation and benefits due CEO under this Agreement or other plan,
policy, program, agreement or arrangement of Employer. Upon CEO’s death, he shall become fully vested in all LTI awards, stock awards options and similar equity rights, and all such rights shall become immediately exercisable and remain
exercisable for one year from the date of CEO’s death. Employer shall pay the group health insurance continuation premiums for CEO’s eligible dependents to the extent and for as long as they are eligible for continuation rights under
COBRA. 
 (b) Disability. CEO shall become physically or mentally disabled, by meeting the definition of disability under
Employer’s Long-Term Disability Insurance Policy (“LTD Policy”) or, if there is no LTD Policy, as determined by a licensed physician mutually 

  

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selected by Employer and CEO that CEO is unable substantially to perform his duties and responsibilities hereunder for (1) a period of 180 consecutive
days; or (2) for shorter periods aggregating 180 days during any twelve-month period (collectively referred to as the “Disability Period.”). In the event that Employer and CEO cannot agree on a licensed physician to make the
disability determination, each party shall select a licensed physician and the two licensed physicians shall select a third licensed physician to make the disability determination for purposes of this provision. Employer shall continue to pay CEO
his compensation, less any short term disability (“STD) benefits or long-term disability (“LTD”) benefits that CEO receives through Employer’s STD or LTD policy or plan, benefits and reimbursable business expenses up through the
Disability Period. The last day of the Disability Period shall be the date of termination of CEO’s employment for purposes of this Agreement. If Employer terminates CEO’s employment due to disability, CEO shall receive (1) earned but
unpaid Annual Bonus, if any, due CEO under this Agreement; (2) a pro-rata Annual Bonus based on actual bonus, determined and paid at the end of the fiscal year, with respect to the fiscal year of Employer during which disability occurs; and
(3) any other vested and accrued compensation and benefits due CEO under this Agreement or other plan, policy, program, agreement or arrangement of Employer. Upon CEO’s disability, he shall become fully vested in all LTI awards, and stock
awards options and similar equity right and all such rights shall become immediately exercisable and remain exercisable for one year from the date of CEO’s date of termination. Employer also shall pay the group health insurance continuation
premiums for CEO’s eligible dependents to the extent and for as long as they are eligible for continuation rights under COBRA. 
 (c)
For Cause. CEO acts, or fails to act, in a manner that provides Cause for termination of employment. For purposes of this Agreement, the term “Cause” means (i) any material breach by CEO of any material term of this
Agreement; (ii) the willful and continued failure of CEO to perform his duties hereunder; (iii) CEO willfully engages in acts of misconduct that materially impact the goodwill or business of Employer; (vi) CEO willfully breaches a
fiduciary trust for personal profit; or (v) CEO willfully violates any law, rule or regulation; provided, however, that no termination under (i) or (ii) above shall be effective unless the CEO does not cure such refusal or failure to
the Board’s good faith satisfaction as soon as practicable after the Board gives the CEO written notice identifying with specificity such breach or failure (and, in any event, within 30 calendar days after receipt of such written notice). No
act or failure to act on the part of the CEO shall be considered “willful” unless it is done, or omitted to be done, by the CEO in bad faith or without reasonable belief that his action or omission was in the best interest of Employer.

 Employer shall give CEO written notice of its decision to terminate CEO’s employment for Cause and shall state the date of termination within the
notice. If Employer terminates CEO’s employment for Cause, CEO only shall be entitled to be paid for any unpaid Base Salary, reimbursable business expenses and any vested and accrued compensation and benefits due CEO under this Agreement or
other plan, program, policy, or agreement of Employer up through the date of termination and shall be entitled to no further compensation and benefits after the date of termination. 
  

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 (d) Change of Control. In the event of a Change in Control (as defined in the FCStone
Group, Inc. Change in Control Severance Plan, as amended from time to time (the “CIC Plan”), CEO’s rights to payment upon Employer’s termination of CEO’s employment for other than Cause (as that term is defined in the CIC
Plan), Disability, or Death or CEO’s termination of his employment for Good Reason (as that term is defined in the CIC Plan) in connection with a Change in Control shall be governed by the terms of the CIC Plan. If during the Term, Employer
terminates or amends the CIC Plan in effect as of September 1, 2006, and such action reduces or eliminates any or all of CEO’s change-in-control benefits, then Employer shall provide CEO immediately before the effective date of such action
with either a group or individual change-in-control agreement that provides equivalent, on a benefit by benefit basis, change-in-control benefits as provided under the CIC Plan. 
 (e) Without Cause. If Employer terminates CEO’s employment for any reason other than as described in Sub-paragraphs 9(a)-(d), the
termination shall be deemed a termination Without Cause. Employer shall give CEO written notice of its decision to terminate CEO’s employment Without Cause and shall state the date of termination within the notice. In that event, CEO shall
receive (1) any unpaid Base Salary and reimbursable business expenses due up through the date of termination; (2) earned but unpaid Annual Bonus, if any, due CEO under this Agreement; (3) a pro-rata Annual Bonus based on actual bonus,
determined and paid at the end of the fiscal year, with respect to the fiscal year of Employer during which the termination occurs; (4) a lump-sum cash payment equal to 200% of the sum of CEO’s current annual Base Salary and his prior year
Annual Bonus; and (5) any other vested and accrued compensation and benefits due CEO under this Agreement or other plan, policy, program, agreement or arrangement of Employer. Upon CEO’s termination Without Cause, he shall become fully
vested in all LTI awards, stock awards, options and similar equity rights, and all such rights shall become immediately exercisable and remain exercisable for 2 years from the date of CEO’s termination. In addition, Employer also shall pay
retiree health insurance premiums for CEO and his eligible dependents for 2 years. If Employer’s retiree health insurance benefits is not equal to or greater than Employer’s retiree health insurance benefits in effect on the effective date
of this Agreement, or if Employer does not offer retiree health insurance benefits at the time of termination of CEO or at any time during the 2-year period immediately following the date of termination of CEO’s employment, then Employer shall
provide CEO and his eligible dependents with alternative health insurance coverage equal to the retiree health insurance coverage in effect on the effective date of this Agreement for the 2-year period. (For example, if Employer ceases to offer
retiree health insurance benefits one year after the date of the termination of CEO’s employment, then Employer will provide CEO with alternative health insurance coverage for the next year.) 
 10. Termination by CEO. CEO may terminate his employment under this Agreement with or without Good Reason on 30 days written notice to Employer.
Termination by CEO for “Good Reason” shall mean any of the following occurring, without CEO’s prior written consent, within the 90 day period immediately preceding CEO’s written notice to Employer of his intent to terminate his
employment (i) the assignment to CEO of any duties materially inconsistent with Paragraph 5, or any other action by the Board that results in a diminution in the CEO’s position, authority, duties or responsibilities, other than an
isolated, insubstantial and inadvertent 

  

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action that is not taken in bad faith and is remedied by the Board within a reasonable time after receipt of notice thereof from CEO; (ii) any
requirement by Employer that the CEO’s services be rendered primarily at a location or locations other than within the greater Des Moines or the greater Kansas City metropolitan area and for other than a de minimis period of time;
(iii) any material breach of this Agreement by Employer that is not remedied by Employer as soon as practicable after CEO provides the Board with written notice identifying such breach or failure (and in any event within 30 calendar days after
receipt of such written notice); or (iv) any failure by Employer to comply with any provision of Paragraph 4, other than an isolated, insubstantial and inadvertent failure that is not taken in bad faith and is remedied by Employer promptly
after receipt of notice thereof from CEO; (v) failure of Employer or the Board to re-nominate CEO to be a member of the Board; and (vi) failure of Employer to obtain the assumption in writing of its obligation under this Agreement by any
successor to all or substantially all of the assets of Employer within 15 days after a merger, consolidation or similar transaction. 
 In no event shall a
termination of CEO’s employment for Good Reason occur unless CEO gives written notice to Employer in accordance with Paragraph 17 stating with specificity the events or actions that constitute Good Reason (a “Good Reason Notice”). In
addition, CEO shall provide the Good Reason Notice to Employer during the 90-day period immediately following the date that the events or actions constituting Good Reason first became known to CEO. CEO shall provide Employer with an opportunity to
cure (if curable) the events or actions constituting Good Reason within a reasonable period of time, but at least 30 days from the date on which Employer receives the Good Reason Notice. 
 In the event that CEO terminates his employment for Good Reason, such termination shall be treated the same as a termination by Employer Without Cause and CEO shall be entitled to the same compensation and benefits as
provided under Sub-paragraph 9(e). 
 If CEO terminates his employment with Employer without Good Reason, then such termination shall be treated the same as
a termination by Employer for Cause and CEO shall only be entitled to the compensation and benefits as provided under Sub-paragraph 9(c) Notwithstanding anything contained in this Agreement to the contrary, upon CEO’s termination of employment
due to retirement under Employer’s tax-qualified defined benefit plan, CEO shall become fully vested in all LTI awards, stock awards, options and similar equity rights, and all such rights shall become immediately exercisable and remain
exercisable for 2 years from the date of CEO’s retirement. 
 11. No Mitigation. CEO shall not be required to mitigate the amount of any
payment provided in accordance with Paragraphs 9 and 10 by seeking other employment or otherwise, nor shall the amount of any payment provided for hereunder be reduced by any compensation earned by CEO as the result of employment by another employer
after the date of termination of employment by Employer. 
  

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 12. Disclosure of Proprietary Information. 
 (a) CEO understands and acknowledges that the success of the Employer’s business in large part depends upon the development, use and protections of
certain Proprietary Information which has been developed at substantial expense by Employer and/or its affiliates, and which Employer and/or its affiliates will continue to refine and develop during CEO’s employment and thereafter. 

(b) CEO acknowledges that his work for Employer necessitates the disclosure to him of Proprietary Information and materials of Employer and its
affiliates as well as of their customers and customer prospects which CEO agrees to hold in the strictest confidence unless and until the information becomes public knowledge through no fault of his own. “Proprietary Information” includes,
but is not limited to, knowledge, information, documents or materials or data: 
  

	 	(i)	Business information such as, but not limited to: 

  

	 	(A)	Information about marketing/business/strategic plans, analytical techniques, market data and forecasts, production data or forecasts, and profit data or forecasts:


  

	 	(B)	Training programs and materials, the details of the operations of Employer or its affiliates including compliance operations and employee manuals and procedures, computer programs
and data, internally generated forms, 

  

	 	(C)	The identity and account information of former, current or potential customers or clients, as well as other information and records relating to such former, current or potential
customers or clients; 

  

	 	(D)	Personnel information including, without limitation, salaries, duties, qualifications, performance levels, and terms of compensation of other employees; 

  

	 	(E)	The development and use of certain systems, methods and processes which Employer or its affiliates have not made public; 

  

	 	(ii)	Technical information such as, but not limited to, inventions, technologies, know how, methods, know-how, formulae, compositions, processes, procedures, discoveries, machines,
inventions, computer programs, computer software, compilations of industry information, databases, and similar items or research projects; 

  

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	 	(iii)	Information pertaining to Employer’s or its affiliates future plans and future developments such as, but not limited to, research and development or future marketing or
merchandising; and 

 and any other information which, if known, would be of advantage to others competing with or doing business with Employer
or its affiliates or any of their customers or potential customers, or would be of disadvantage to Employer, its affiliates or any of their customers, whether or not subject to patent, trademark, or trade secret. As part of his commitment to hold
this information in strictest confidence, CEO promises that he will not, during the Term or at any time after Term use for himself or others, directly or indirectly, or divulge or convey to any person not specifically authorized by Employer, any
Proprietary Information. This promise does not extend, however, to his use, communication or disclosure of such Proprietary Information (i) as is specifically required in the ordinary course of performing his job with Employer, (ii) to
such use, communication or disclosure as is authorized in writing by the Board of Directors of Employer, (iii) when required to do so by a court of law, by any governmental agency having supervisory authority over the business of Employer or by
any administrative or legislative body (including a committee thereof) with jurisdiction to order CEO to divulge, disclose, or make accessible such information, (iv) as to such confidential information that becomes generally and lawfully known
to the public or trade without CEO’s violation of this Paragraph 12, or (v) to CEO’s attorney and/or his personal tax and financial advisors as reasonably necessary or appropriate to advance CEO’s tax, financial and other
personal planning (each an “Exempt Person”), provided, however, that any disclosure or use of Proprietary Information by an Exempt Person shall be deemed to be a breach of this Paragraph 12 by CEO. 
 (c) Further, CEO agrees that both while he is an employee of Employer, and after termination, for any reason, of his employment with Employer, he will
take at Employer’s request and expense any and all reasonable and lawful measures to prevent the unauthorized use and disclosure of Proprietary Information and to prevent unauthorized persons or entities from obtaining or using Proprietary
Information. During the same period, CEO further agrees to refrain from taking any actions which would constitute or facilitate the unauthorized use or disclosure of Proprietary Information except in the ordinary course of his duties. CEO
specifically promises (except in the ordinary course of performing his duties), he shall not copy or cause to be made any copies, facsimiles, recordings, reproductions, sample, abstracts or summaries of any Proprietary Information, or to remove the
same from Employer’s or its affiliates premises. 
 (d) CEO further agrees and promise to return to Employer upon request, or
immediately without request when his employment ends for whatever reason, any and all materials of any sort and in whatever form (including all copies of such materials) relating in any way to Employer’s or its affiliates business and in any
way obtained by him during the period of his employment with Employer which are in his possession or control. CEO further agrees that he will not retain any copies of any of the foregoing, and will so represent and verify in writing to Employer upon
termination of his employment. 
  

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 (e) CEO agrees to return all materials, software and equipment which are the property of Employer or its
affiliates at the end of his employment. 
 13. Ownership of Intellectual Property and Business Opportunities. CEO agrees that all work of any
type that he has or will prepare or conceives relating to, or as a result of, his employment with Employer or its affiliates (the “Work”) is and will be the absolute property of Employer and may be modified, used and reused by Employer
with no restrictions. The Work will include, but will not be limited to, new ventures, business relationships, ideas, inventions, discoveries, reports, drafts, notes of research, audits, know-how, trade secrets, budget analysis, software programs,
databases, documentation, drawing and design, work product, renderings, sales and marketing plans, computer codes, artwork and descriptions, whether completed or in the process of creation, in any form whatever. CEO agrees that any and all
intellectual property and business opportunities which has arisen or will arise from the Work shall be the sole property of Employer. All Work performed or created during CEO’s employment with Employer or its affiliates is or will be a
“work made for hire” for Employer under the copyright laws of the United States. In the event any of the Work is for any reason deemed not a “work made for hire” or is not copyrightable material, then in consideration of the
compensation which has been or will be paid to CEO by Employer during his employment, CEO hereby sells and assigns to Employer all intellectual property rights and ownership, including all copyrights, patents, trade secrets and other proprietary
rights, to any and all Work produced by CEO during his employment with Employer or its affiliates. CEO further agrees to execute any and all documents, which from time to time become necessary, to effectuate the assignment of those rights to
Employer. 
 14. Non-Compete and Non-Solicitation Provisions. CEO recognizes that his employment with Employer affords him access to key
confidential and strategic information concerning Employer and its plans and close contact with Employer’s customers, as well as access to information about them, which information and contacts are of great importance to Employer’s
business. Therefore, in consideration of his continued employment by Employer, CEO agrees that for a period of 18 months immediately following the termination of his employment by either party for any reason that CEO shall not: 
 (a) Directly or indirectly, by, through, for or on behalf of others, own, manage, operate, join, control or participate in the ownership, management,
operation, or control of, permit the use of his name by any business activity, or be connected in any manner (such as in a capacity as an owner, director, officer, shareholder, employee, manager, agent, advisor, consultant, independent contractor,
or similar capacity), with any Competing Business. For purposes of this Agreement, “Competing Business” means any entity or person now existing or hereafter created which is engaged in or about to become or seeking to become engaged in
research, development, production, marketing or selling any Competing Product(s). “Competing Product(s)” means product(s). process(es), or service(s) which compete directly or indirectly with Employer’s product(s), process(es), or
service(s) in use, being researched or developed or in the process of becoming researched or developed as of the date of the termination of CEO’s employment. 
  

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 (b) Directly or indirectly, by, through, for or on behalf of others, own, manage, operate, join, control
or participate in the ownership, management, operation, or control of, or be connected in any manner (such as in a capacity as an owner, member, director, officer, shareholder, employee, manager, agent, advisor, consultant, independent contractor,
or similar capacity), with any business now existing or hereafter created, that is engaged in any of the following: (i) calling upon, soliciting, diverting, taking away or accepting business from any past or current customer or client of
Employer or its affiliates, (ii) requesting, inducing, counseling or advising any past or current customer or client of Employer or its affiliates to cease or refrain from doing business with Employer or FCStone; (iii) soliciting for
employment, retaining or employing, or becoming employed by, any past or present employee of Employer or its affiliates; or (iv) requesting, inducing, counseling or advising any other employee of Employer or its affiliates to leave the employ,
of or cease affiliation with, Employer or its affiliates. 
 (c) Directly or indirectly, by through, for or on behalf of others, whether
individually or in a capacity as an owner, member, director, officer, shareholder, employee, manager, agent, advisor, consultant, independent contractor, or similar capacity, in any way interfere with, or counsel or permit others to interfere with,
Employer or its affiliates, or disparage Employer, its affiliates or their officers, directors, employees, agents and representatives, including but not limited to the good business reputation of Employer, its affiliates or their officers,
directors, employees, agents and representatives. Employer agrees that its Board members in place at the time of the execution of this Agreement will not disparage CEO, including but not limited to his good business reputation. Employer and CEO
agree and understand that nothing in this Sub-paragraph 14(c) or this Agreement is in anyway intended to prohibit, limit, or prevent CEO or Employer or Employer’s Board members or employees from providing truthful testimony in a court of law,
to a regulatory or law enforcement agency or pursuant to a properly issued subpoena, and such testimony would not be deemed to be a violation of this Sub-paragraph 14(c). 
 (d) CEO agrees to keep Employer advised of his employment status during the two year term of the non-competition and non-solicitation provisions. CEO further agrees to advise any prospective employer of his
obligations under Paragraphs 12-14. 
 (e) Notwithstanding the provisions of this Paragraph 14, CEO may have an ownership interest of 1% or
less in any publicly held company without violating his obligations under this Paragraph 14. The parties further agree it would not be a violation of CEO’s obligations under this Paragraph 14 for CEO to be employed by or otherwise associated
with a business or entity of which a subsidiary, division, segment, unit, etc. is a Competing Business; provided that CEO shall have no direct or indirect responsibilities or involvement with the Competing Business subsidiary, division, segment,
unit, etc. and CEO shall not breach his confidentiality obligations to Employer. 
 CEO ACKNOWLEDGES THAT THE BUSINESS OF EMPLOYER AND ITS AFFILIATES IS A
WORLDWIDE BUSINESS AND IS SUCH THAT PERSONAL RELATIONSHIPS WITH CUSTOMERS AND GOOD WILL ARE IMPORTANT AND OF 

  

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SIGNIFICANT VALUE TO EMPLOYER, THAT THE BUSINESS IS PRIMARILY CONDUCTED BY TELEPHONE OR ELECTRONIC COMMUNICATION SUCH THAT GEOGRAPHIC LOCATION IS NOT
CRITICAL TO THE CONDUCT OF SUCH BUSINESS; THAT EMPLOYER AND ITS AFFILIATES HAVE INVESTED AND WILL INVEST SUBSTANTIAL RESOURCES IN THE DEVELOPMENT OF THEIR BUSINESSES, AND THAT THE FOREGOING COVENANT IS NECESSARY FOR EMPLOYER’S AND ITS
AFFILIATES PROTECTION AND TO INDUCE EMPLOYER AND ITS AFFILIATES TO MAKE SUCH INVESTMENT. CEO FURTHER ACKNOWLEDGES AND WARRANTS THAT SUCH COVENANT IS REASONABLE IN SCOPE AND DURATION HAVING DUE REGARD FOR THE RIGHTS OF ALL PARTIES. CEO FURTHER
ACKNOWLEDGES AND WARRANTS THAT AS A RESULT OF HIS HIGH-LEVEL EXECUTIVE POSITION WITH EMPLOYER, HE HAS VALUABLE AND IMPORTANT PROPRIETARY KNOWLEDGE ABOUT EMPLOYER’S BUSINESS AND THAT THERE IS THE RISK OF INEVITABLE DISCLOSURE OF THAT PROPRIETARY
KNOWLEDGE IF HE SUBSEQUENTLY WERE TO BE EMPLOYED BY A COMPETING BUSINESS AND THUS THE PROVISIONS OF THIS PARAGRAPH ARE NECESSARY TO PROTECT THE LEGITIMATE BUSINESS INTERESTS OF EMPLOYER AND ITS AFFILIATES. 
 15. Remedies. CEO acknowledges and agrees: 
 (a) That the Proprietary Information is commercially and competitively valuable to Employer and its affiliates and that it is vital to the success of Employer’s and its affiliates’ business; 
 (b) That the unauthorized use or disclosure of said Proprietary Information, or a violation of his promises in Paragraphs 12-14 of this Agreement would
cause irreparable harm to Employer and/or its affiliates; 
 (c) That by this Agreement, other similar agreements and other precautions,
Employer and its affiliates are taking reasonable steps to protect their legitimate business interests. 
 (d) That the restrictions on the
activities in which Employee may engage set forth in this Agreement, and the locations and periods of time for which such restrictions apply, are reasonably necessary in order to protect Employer’s and/or its affiliates’ legitimate
business interests; and 
 (e) That, in the event that CEO breaches his obligations under Paragraph 12-14, CEO shall repay to Employer any
and all severance pay that he has received pursuant to Paragraphs 9 or 10 and any and all stock options profits realized by CEO, and Employer shall have no further obligations to pay any severance pay pursuant to this Agreement or any other
agreement to CEO. 
  

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 (f) That nothing herein, including subsection (e) of this Paragraph shall limit or prohibit Employer
or FCStone from pursuing any remedies, whether in law or equity, available for a breach or threatened breach of this Agreement, including the right to seek injunctive relief and to recover monetary damages from CEO. The prevailing party in any such
proceeding to enforce any term or provision of this Agreement shall be entitled to payment from the other party, in addition to any damages that may be awarded, of their reasonable attorney fees and costs incurred in connection with such litigation.

 16. Post-Employment Cooperation. CEO agrees that, after his employment with Employer ends, he will cooperate, in good faith and at
Employer’s request, with Employer by making himself accessible and available to provide consultation, and truthful testimony and assistance in connection with any legal proceeding, investigation, audit, or business matter in which Employer or
any affiliated company or its or their successors, is involved and about which CEO has personal knowledge or information. The parties agree that this cooperation clause is not intended to be an unreasonable burden on CEO and they agree to work in
good faith with each other to schedule the needed assistance from CEO and to be reasonable in the requests made pursuant to this provision. Employer agrees that (i) it shall promptly reimburse CEO for his reasonable and documented out-of-pocket
expenses incurred in connection with his rendering assistance or cooperation pursuant to this Paragraph 16 and (ii) CEO shall be reasonably compensated at the rate of $250 per hour for his time, in excess of 4 hours in the aggregate, spent
providing assistance or cooperation pursuant to this Paragraph 16, to the extent allowed by law. The parties understand and agree that CEO will be entitled to no compensation for his time spent preparing for or testifying pursuant to a subpoena or
other court or agency decision or order. 
 17. Notices. Any notice required or desired to be given under this Agreement shall be deemed given
if in writing sent by certified mail to CEO’s residence in the case of CEO, or to the attention of the then-Chairman of the Board in the case of Employer. 
 18. Severability and Waiver. Should any provision of this Agreement be declared or be determined by an arbitrator or any court of competent jurisdiction to be illegal or invalid, such provision shall be deemed no longer a part
of this Agreement, but the remaining parts, terms or provisions will remain in full force and effect. The failure of any party at any time to require performance of any provision of this Agreement shall in no manner affect the right to enforce the
same. A waiver by any party of any breach of any provision of this Agreement shall not operate, or be construed as, a waiver by such party of any breach of any other provision, or as a waiver of any later breach. 
 19. Assignment. CEO acknowledges that the services to be rendered by CEO are unique and personal. Accordingly, CEO may not assign any of CEO’s rights
or delegate any of CEO’s duties or obligations under this Agreement. The rights and obligations of Employer under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of Employer. 
  

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 20. Governing Law. This Agreement is made and entered into in the State of Missouri, and shall in all
respects be interpreted, enforced and governed under the laws of said State, without regard to the application of Missouri’s choice of law rules. The language of all parts of this Agreement shall in all cases be construed as a whole, according
to its fair meaning, and not strictly for or against any of the parties. 
 21. Arbitration. Any controversy or claim arising out of or
relating to this Agreement or the breach thereof (including, without limitation, disputes under Title VII, the ADEA, the ADA, the FMLA, and other state and federal discrimination, employment or wage laws) shall be settled by arbitration in Kansas
City, Missouri, by an arbitrator chosen by the parties. The arbitration, whether administered by a private arbitrator chosen by the parties or by the American Arbitration Association, shall be conducted in accordance with the employment dispute
rules then existing of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof. The parties shall be free to pursue any remedy before the arbitrator that they shall be
otherwise permitted to pursue in a court of competent jurisdiction. The award of the arbitrator shall be final and binding. The costs of the arbitration, including administration costs and arbitrator fees, shall be borne by the party that incurred
them. Notwithstanding this arbitration provision, the parties agree and understand that Employer is not required to submit a dispute involving CEO’s alleged breach of his obligation under Paragraphs 12-14 to arbitration and may commence an
action in a court of competent jurisdiction with respect to such claim. 
 22. Tax-Related Matters. 
 (a) Withholding. Employer may withhold from any amounts payable under this Agreement such federal, state and local taxes as may be required to be
withheld pursuant to applicable law or regulations. 
 (b) Sections 280G/4999 Golden Parachute Tax. If during or after the Term, CEO
becomes subject to the excise tax (the “Parachute Excise Tax”) imposed by Section 4999 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”), the parties will handle the situation in conformity with
Section 4.5 of the CIC Plan. 
 (c) Section 409A. 
  

	 	(1)	Full Compliance. It is the intent of the parties that all compensation and benefits payable or provided to CEO (whether under this Agreement or otherwise) shall fully comply
with the requirements of Code Section 409A. The Company agrees that it will not, without CEO’s prior written consent, take any action, or refrain from taking any action, that would result in the imposition of tax, interest and/or penalties
upon CEO under Code Section 409A, and that it will hold CEO harmless if any action it takes results in the imposition of such tax, interest and/or penalties. 

  

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	 	(2)	Specified Employee. Notwithstanding anything contained in this Agreement to the contrary, if CEO is a “specified employee” (determined in accordance with Code
Section 409A and Treasury Regulation Section 1.409-3(i)(2)) as of the Termination Date, and if any payment, benefit or entitlement provided for in this Agreement or otherwise both (i) constitutes a “deferral of compensation”
within the meaning of Code Section 409A (“Nonqualified Deferred Compensation”) and (ii) cannot be paid or provided in a manner otherwise provided herein or otherwise without subjecting CEO to additional tax, interest and/or
penalties under Code Section 409A, then any such payment, benefit or entitlement that is payable during the first 6 months following the Termination Date shall be paid or provided to CEO in a lump sum cash payment to be made on the earlier of
(x) CEO’s death or (y) the first business day of the seventh calendar month immediately following the month in which the Termination Date occurs. 

  

	 	(3)	Expense Reimbursements. Notwithstanding anything contained in this Agreement to the contrary, except to the extent any reimbursement, payment or entitlement does not qualify
as Nonqualified Deferred Compensation, (i) the amount of expenses eligible for reimbursement or the provision of any in-kind benefit (as defined in Section 409A) to CEO during any calendar year will not affect the amount of expenses
eligible for reimbursement or provided as in-kind benefits to CEO in any other calendar year, (ii) the reimbursements for expenses for which CEO is entitled shall be made on or before the last day of the calendar year following the calendar
year in which the applicable expense is incurred and (iii) the right to payment or reimbursement or in-kind benefits may not be liquidated or exchanged for any other benefit. 

  

	 	(4)	Reimbursement of Expenses in Connection with a Separation from Service. Notwithstanding anything contained in this Agreement to the contrary, any payment or benefit under
Paragraph 9 or otherwise due to a “separation from service” (as such term is described in Code Section 409A and the Treasury Regulations) that is exempt from Code Section 409A pursuant to Treasury Regulation
Section 1.409A-1(b)(9)(v) shall be paid or provided to CEO only to the extent the expenses are not incurred or the benefits are not provided beyond the last day of the second taxable year of CEO following the taxable year of CEO in which the
separation from service occurs; provided, however that Employer reimburses such expenses no later than the last day of the third taxable year following the taxable year of CEO in which the separation from service occurs. 

  

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	 	(5)	Involuntary Separation due to Good Reason. Notwithstanding anything contained in this Agreement to the contrary, CEO may only terminate his employment for Good Reason in
accordance with Paragraph 10 only if such termination of employment complies with Treasury Regulation Section 1.409A-1(n) (2). It is the intent of the Parties that the definition of Good Reason and the separation-from-service procedures
specified in Paragraph 10 fully comply with Treasury Regulation Section 1.409A-1(n) (2). 

  

	 	(6)	Tax Gross-Ups. Notwithstanding anything contained in this Agreement to the contrary, all tax gross-ups provided in connection with any payment made pursuant to this Agreement
shall be paid by the end of CEO’s taxable year next following CEO’s taxable year in which CEO (or Employer on his behalf) remits the related taxes, and which shall otherwise fully complies with Treasury Regulation Section 1.409A-3(i)
(1) (v). 

  

	 	(7)	Dispute Resolution Payments. Provided that if such costs are not reimbursed in connection with a dispute exempt from Section 409A pursuant to Treasury Regulation
Section 1.409A-1(b)(11), then such payment shall be made by Employer to CEO in the year following the year in which the dispute is resolved. 

 (d) Section 83. It is the intent of the parties that all LTI compensation that is equity-based incentive compensation be taxed under Code Section 83. CEO may – but is not obligated to – make
an election under Code Section 83(b) within 30 days of the date of grant of any equity-based Full-Value Award. 
 23. CEO’s Legal Costs.
Employer agrees to reimburse CEO for the reasonable costs and expenses, including attorneys’ fees and other outside advisor fees, which he incurs in the negotiation of this Agreement, prior to its execution. CEO shall provide Employer with
appropriate documentation evidencing these costs. 
 24. Entire Agreement. This Agreement contains the entire understanding of the parties.
Except as expressly provided herein, it may be changed only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. 
 25. Controlling Document. If any provision of any agreement, plan, program, policy or arrangement of Employer conflicts with any provision of this
Agreement, the provision of this Agreement shall control and prevail. 
 26. Headings. The headings of the paragraphs contained in this
Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 
  

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 27. Counterparts. This Agreement may be executed in two or more counterparts, and such counterparts shall
constitute one and the same instrument. Signatures delivered by facsimile shall be deemed effective for all purposes to the extent permitted under applicable law. 
  

									
	FCSTONE GROUP, INC.	 		 	CEO
					
	By:	 	 /s/ Bruce Krehbiel
	 		 	By:	 	 /s/ Paul G. Anderson

		 	Chairman	 		 		 	Paul G Anderson
					
	Date:	 	6-26-08	 		 	Date:	 	7-10-08
					
	By:	 	 /s/ David Bolte
	 		 		 	
		 	Secretary	 		 		 	
					
	Date:	 	6-26-08	 		 		 	

  

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