Form of Registration Rights Agreement



 Exhibit 4.2 
  

 REGISTRATION RIGHTS AGREEMENT 
 by and between 
 MF GLOBAL LTD., 
 MAN GROUP PLC 
 and 
 MAN GROUP U.K. LTD.
  

 Dated as of ·, 2007 
  








 TABLE OF CONTENTS 
  

 

					
	 	  	 	  	Page
			
	 1.
	  	Certain Definitions	  	1
			
	 2.
	  	Demand Registrations	  	4
			
	 3.
	  	Piggyback Registrations	  	6
			
	 4.
	  	S-3 or F-3 Registrations	  	8
			
	 5.
	  	Suspension Periods; Blackout Periods	  	9
			
	 6.
	  	Holdback Agreements	  	10
			
	 7.
	  	Registration Procedures	  	11
			
	 8.
	  	Registration Expenses	  	16
			
	 9.
	  	Indemnification	  	16
			
	 10.
	  	Participation in Underwritten Offerings	  	18
			
	 11.
	  	Securities Act Restrictions	  	18
			
	 12.
	  	Transfers of Rights and Collective Action	  	19
			
	 13.
	  	Miscellaneous	  	20

  

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 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made and entered into as of
•, 2007, by and between MF Global Ltd., a company incorporated in Bermuda (the “Company”), Man Group plc, a company incorporated in the United Kingdom (“Man Group”), and Man Group U.K. Ltd., a company
incorporated in the United Kingdom (“Man Group U.K.”). 
 In consideration of the mutual covenants and agreements herein
contained and other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1. Certain Definitions. 
 In addition to the terms defined elsewhere in this Agreement, the
following terms shall have the following meanings: 
 “Affiliate” of any Person means any other Person which directly, or
indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlling,” “controlled” and “under common
control with”) as used with respect to any Person means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise. 
 “Agreement” means this Registration Rights Agreement, including all amendments, modifications and
supplements and any exhibits or schedules to any of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes operative. 
 “beneficially own” means, with respect to any Person, securities of which such Person or any of such Person’s Affiliates, directly
or indirectly, has “beneficial ownership” as determined pursuant to Rule 13d-3 and Rule 13d-5 of the Exchange Act, including securities beneficially owned by others with whom such Person or any of its Affiliates has agreed to act
together for the purpose of acquiring, holding, voting or disposing of such securities; provided that a Person shall not be deemed to “beneficially own” (i) securities tendered pursuant to a tender or exchange offer made by
such Person or any of such Person’s Affiliates until such tendered securities are accepted for payment, purchase or exchange, (ii) any security as a result of an oral or written agreement, arrangement or understanding to vote such security
if such agreement, arrangement or understanding: (a) arises solely from a revocable proxy given in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the Exchange Act, and
(b) is not also then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor report). 
 “Blackout Period” has the meaning set forth in Section 5(b). 
 “Common Shares” means any of
the common shares issued by the Company. If at any time Registrable Common Shares include securities other than common shares issued by the Company then, when referring to Common Shares other than Registrable Common Shares, “Common Shares”
shall include securities of the same class or classes as such other securities. 







 “Company” has the meaning set forth in the introductory paragraph. 
 “Demand Registration” has the meaning set forth in Section 2(a). 
 “Demand Registration Statement” has the meaning set forth in Section 2(a). 
 “Exchange Act” means the Securities Exchange Act of 1934. 
 “Form S-3 or F-3” means a registration statement on Form S-3 or Form F-3 under the Securities Act or such successor forms thereto permitting registration of securities under the
Securities Act. 
 “Governmental Entity” means any national, federal, state, municipal, local, territorial, foreign or other
government or any department, commission, board, bureau, agency, regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral body or public or private tribunal. 
 “Holdback Agreement” has the meaning set forth in Section 6. 
 “Holdback Period” has the meaning set forth in Section 6. 
 “IPO Lockup” means the restrictions contained in the IPO Purchase Agreement (or agreements contemplated therein) on offers, sales and
registrations of Common Shares and related matters following the pricing of the initial public offering of the Common Shares, after giving effect to any waivers, modifications or terminations of such restrictions. 
 “IPO Purchase Agreement” means the Purchase Agreement between the Company, Man Group, the Shareholder and Citigroup Global Markets Inc.,
J.P. Morgan Securities Inc., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC, dated •, 2007, relating to the initial public offering of the Common Shares. 
 “Man Group” has the meaning set forth in the introductory paragraph. 
 “Man Group U.K.” has the meaning set forth in the introductory paragraph. 
 “Minimum Amount” means the lesser of (i) $50,000,000 and (ii) 5% of the aggregate market value of all outstanding Common
Shares unless, at any time, the total number of all remaining Registrable Common Shares would, if fully sold, yield gross proceeds to the Shareholder of less than such amount, in which case the “Minimum Amount” shall mean the gross
proceeds to be realized upon the sale of all such remaining Registrable Common Shares. 
 “Nasdaq” means The Nasdaq Stock
Market, Inc. or any successor reporting system. 
 “Other Holdback Parties” has the meaning set forth in Section 6.

 “Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust,
incorporated organization, association, corporation, institution, public benefit corporation, Governmental Entity or any other entity. 
  

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 “Piggyback Registration” has the meaning set forth in Section 3(a). 
 “Prospectus” means the prospectus or prospectuses (whether preliminary or final) included in any Registration Statement, as amended or
supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Common Shares covered by such Registration Statement and by all other amendments and supplements to the prospectus, including
post-effective amendments and all material incorporated by reference in such prospectus or prospectuses. 
 “Registrable Common
Shares” means, at any time, (i) all Common Shares held of record by Man Group U.K. as of the date hereof, (ii) any securities of the Company issued or issuable after the date hereof with respect to the Common Shares referred to in
clause (i) by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise and (iii) securities issued by the issuer thereof in exchange
for or in replacement of any securities referred to in clauses (i) and (ii), but excluding (iv) any and all such Common Shares and other securities referred to in clauses (i), (ii) and (iii) that (a) have been sold
pursuant to an effective registration statement or Rule 144 under the Securities Act, (b) have been sold in a transaction where a subsequent public distribution of such securities would not require registration under the Securities Act,
(c) are eligible for sale pursuant to Rule 144(k) under the Securities Act or (d) are not outstanding (or any combination of clauses (a), (b), (c) and (d)). 
 “Registration Expenses” has the meaning set forth in Section 8(a). 
 “Registration Statement” means any registration statement of the Company which covers any of the Registrable Common Shares pursuant to
the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all documents incorporated by reference in such Registration Statement.

 “S-3 or F-3 Registration” has the meaning set forth in Section 4(a). 
 “SEC” means the Securities and Exchange Commission or any successor agency. 
 “Securities Act” means the Securities Act of 1933. 
 “Shareholder” means initially Man Group U.K. and thereafter any other transferee of the Registrable Common Shares that becomes a Shareholder pursuant to Section 12, but in each case only if and
for as long as Man Group U.K. or any such transferee is both (i) a wholly owned subsidiary of Man Group (or is Man Group) and (ii) the holder of record of Registrable Common Shares. If at any time there is more than one Shareholder, the
term “Shareholder” shall mean all Shareholders, collectively, unless the context otherwise requires. For purposes of this Agreement, the Company may deem and treat the registered holder of Registrable Common Shares as the holder and
absolute owner thereof, and the Company shall not be affected by any notice to the contrary. 
 “Shareholder’s Counsel”
has the meaning set forth in Section 7(a)(i). 
  

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 “Suspension Period” has the meaning set forth in Section 5. 
 “Termination Date” means the earlier of (i) the first date on which there are no Registrable Common Shares or there is no
Shareholder and (ii) the date three years after the date of this Agreement, provided that, in the case of this clause (ii), (x) such three-year period shall be extended by the number of days in any Suspension Period commenced
pursuant to Section 5 during such period (as it may be so extended) and by the number of days in any Third Party Holdback Period commenced during such period (as it may be so extended) and (y) the Termination Date shall be at least 45 days
after the end of the last Suspension Period and at least 45 days after the end of the last Third Party Holdback Period. 
 “Third
Party Holdback Period” means any Holdback Period imposed on the Shareholder pursuant to Section 6 in respect of an underwritten offering of Common Shares in which (i) the Shareholder did not participate or (ii) the
Shareholder’s participation was reduced pursuant to Section 3(b) or 3(c). 
 “underwritten offering” means a
registered offering in which securities of the Company are sold to one or more underwriters on a firm-commitment basis for reoffering to the public, and “underwritten Shelf Takedown” means an underwritten offering effected pursuant to an
S-3 or F-3 Registration. 
 In addition to the above definitions, unless the context requires otherwise: 
 (i) any reference to any statute, regulation, rule or form as of any time shall mean such statute, regulation, rule or form as amended or
modified and shall also include any successor statute, regulation, rule or form from time to time; 
 (ii)
“including” shall be construed as inclusive without limitation, in each case notwithstanding the absence of any express statement to such effect, or the presence of such express statement in some contexts and not in others; 
 (iii) references to “Section” are references to Sections of this Agreement; 
 (iv) words such as “herein”, “hereof”, “hereinafter” and “hereby” when used in this Agreement
refer to this Agreement as a whole; and 
 (v) references to “business day” mean a business day in The City of New
York. 
 Section 2. Demand Registrations. 
 (a) Right to Request Registration. Subject to the provisions hereof and to the IPO Lockup and continuing until the Termination Date, the Shareholder may at any time request registration for resale under the
Securities Act of all or part of the Registrable Common Shares separate from an S-3 or F-3 Registration (a “Demand Registration”); provided, however, that (based on the then-current market prices) the number of
Registrable Common Shares included in the Demand Registration would, if fully sold, yield gross proceeds to the Shareholder of at least 

  

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the Minimum Amount. Subject to Section 2(d) and Section 5 below, the Company shall use reasonable best efforts (i) to file a Registration
Statement registering for resale such number of Registrable Common Shares as requested to be so registered pursuant to this Section 2(a) (a “Demand Registration Statement”) within forty-five (45) days after the
Shareholder’s request therefor and (ii) to cause such Demand Registration Statement to be declared effective by the SEC as soon as practical thereafter. If permitted under the Securities Act, such Registration Statement shall be one that
is automatically effective upon filing. 
 (b) Number of Demand Registrations. Subject to the limitations of Section 2(a), the
Shareholder shall be entitled to request up to five (5) Demand Registrations in the aggregate (for all Persons who are or may become a Shareholder pursuant to Section 12). A Registration Statement shall not count as a permitted Demand
Registration unless and until it has become effective and the Shareholder is able to register and sell at least 50% of the Registrable Common Shares requested to be included in such registration. 
 (c) Priority on Demand Registrations. The Company may include Common Shares other than Registrable Common Shares in a Demand Registration for any
accounts on the terms provided below and in Section 2(g) and, if such Demand Registration is an underwritten offering, only with the consent of the managing underwriters of such offering. If the managing underwriters of the requested Demand
Registration advise the Company and the Shareholder requesting such Demand Registration that in their opinion the number of Common Shares proposed to be included in the Demand Registration exceeds the number of Common Shares which can be sold in
such underwritten offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Common Shares proposed to be sold in such underwritten offering), the Company shall include in such Demand
Registration (i) first, the number of Registrable Common Shares that the Shareholder proposes to sell, and (ii) second, the number of Common Shares proposed to be included therein by any other Persons (including Common Shares to be sold
for the account of the Company) allocated among such Persons in such manner as the Company may determine. If the number of Common Shares which can be sold is less than the number of Common Shares proposed to be registered pursuant to clause (i)
above by the Shareholder, the amount of Common Shares to be sold shall be allocated to the Shareholder. 
 (d) Restrictions on Demand
Registrations. The Shareholder shall not be entitled to request a Demand Registration (i) within sixty (60) days after the effective date of any prior Demand Registration, Piggyback Registration or S-3 or F-3 Registration or the
pricing date of any underwritten Shelf Takedown or (ii) when the Company is diligently pursuing a primary underwritten offering pursuant to a Piggyback Registration. The restriction in clause (i) shall not apply to any request for a Demand
Registration if the request is to register and sell all remaining Registrable Common Shares in an underwritten offering and the managing underwriters for the offering advise the Company that in their judgment (subject to subsequent changes in market
conditions) all such remaining shares could be sold in such offering. Notwithstanding the foregoing, the Company shall not be obligated to take any action that would violate any lockup or similar restriction relating to any Demand Registration or
underwritten Shelf Takedown then in effect. The Company, however, shall not be obligated to proceed with a Demand Registration if the offering to be effected pursuant to such registration can be effected pursuant to an S-3 or 

  

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F-3 Registration and the Company, in accordance with Section 4, effects or has effected an S-3 or F-3 Registration pursuant to which such offering can
be effected. 
 (e) Selection of Underwriters. If any of the Registrable Common Shares covered by a Demand Registration is to be sold
in an underwritten offering, the Shareholder shall have the right to select the managing underwriter or underwriters to administer the offering, but only with the prior written consent of the Company (not to be unreasonably withheld). 
 (f) Other Registration Rights. The Company shall not grant to any Person the right to request the Company (i) to register securities in a
Demand Registration unless such rights are consistent with the provisions hereof, or (ii) to register any securities other than securities of the same class as the Registrable Common Shares being registered in a Demand Registration. 

(g) Effective Period of Demand Registrations. Upon the date of effectiveness of any Demand Registration for an underwritten offering and if
such offering is priced promptly on or after such date, the Company shall use commercially reasonable efforts to keep such Demand Registration Statement effective for a period equal to sixty (60) days from such date or such shorter period which
shall terminate when all of the Registrable Common Shares covered by such Demand Registration have been sold by the Shareholder pursuant to such Demand Registration. If the Company shall withdraw any Demand Registration pursuant to Section 5
before such sixty (60) days end and before all of the Registrable Common Shares covered by such Demand Registration have been sold pursuant thereto, the Shareholder shall be entitled to a replacement Demand Registration which shall be subject
to all of the provisions of this Agreement. A Demand Registration shall not count against the limit on the number of such registrations set forth in Section 2(b) if (i) after the applicable Registration Statement has become effective, such
Registration Statement or the related offer, sale or distribution of Registrable Common Shares thereunder becomes the subject of any stop order, injunction or other order or restriction imposed by the SEC or any other governmental agency or court
for any reason not attributable to the Shareholder or its Affiliates (other than the Company and its controlled Affiliates) and such interference is not thereafter eliminated so as to permit the completion of the contemplated distribution of
Registrable Common Shares or (ii) in the case of an underwritten offering, the conditions specified in the related underwriting agreement, if any, are not satisfied or waived due to a breach by the Company of its covenants, representations or
warranties therein, and as a result of any such circumstances described in clause (i) or (ii), less than all of the Registrable Common Shares covered by the Registration Statement are sold by the Shareholder pursuant to such Registration
Statement. 
 Section 3. Piggyback Registrations. 
 (a) Right to Piggyback. Whenever after the date hereof the Company proposes to register any Common Shares under the Securities Act (other than a registration statement on Form S-8, F-8, S-4 or F-4),
whether for its own account or for the account of one or more holders of Common Shares (other than the Shareholder), and the form of registration statement to be used may be used for any registration of Registrable Common Shares (a
“Piggyback Registration”), the Company shall give written notice to the Shareholder of its intention to effect such a registration and, subject to Sections 3(b) and 3(c), shall include in such registration 

  

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statement and in any offering of Common Shares to be made pursuant to that registration statement all Registrable Common Shares with respect to which the
Company has received a written request for inclusion therein from the Shareholder within 10 days after the Shareholder’s receipt of the Company’s notice. The Company shall have no obligation to proceed with any Piggyback Registration
and may abandon, terminate and/or withdraw such registration for any reason at any time prior to the pricing thereof. If the Company or any other Person other than the Shareholder proposes to sell Common Shares in an underwritten offering pursuant
to a registration statement on Form S-3 or F-3 under the Securities Act, such offering shall be treated as a primary or secondary underwritten offering pursuant to a Piggyback Registration. 
 (b) Priority on Primary Piggyback Registrations. If a Piggyback Registration is initiated as a primary underwritten offering on behalf of the
Company and the managing underwriters advise the Company and the Shareholder (if the Shareholder has elected to include Registrable Common Shares in such Piggyback Registration) that in their opinion the number of Common Shares proposed to be
included in such offering exceeds the number of Common Shares which can be sold in such offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Common Shares proposed to be sold in such
offering), the Company shall include in such registration and offering (i) first, the number of Common Shares that the Company proposes to sell, and (ii) second, the number of Common Shares requested to be included therein by holders of
Common Shares, including the Shareholder (if the Shareholder has elected to include Registrable Common Shares in such Piggyback Registration), pro rata among all such holders on the basis of the number of Common Shares requested to be included
therein by all such holders or as such holders and the Company may otherwise agree. 
 (c) Priority on Secondary Registrations. If a
Piggyback Registration is initiated as an underwritten registration on behalf of a holder of Common Shares other than the Shareholder, and the managing underwriters advise the Company that in their opinion the number of Common Shares proposed to be
included in such registration exceeds the number of Common Shares which can be sold in such offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Common Shares to be sold in such
offering), then the Company shall include in such registration (i) first, the number of Common Shares requested to be included therein by the holder(s) requesting such registration, (ii) second, the number of Common Shares requested to be
included therein by other holders of Common Shares including the Shareholder (if the Shareholder has elected to include Registrable Common Shares in such Piggyback Registration), pro rata among such holders on the basis of the number of Common
Shares requested to be included therein by such holders or as such holders and the Company may otherwise agree, and (iii) third, the number of Common Shares that the Company proposes to sell. 
 (d) Selection of Underwriters. If any Piggyback Registration is a primary or secondary underwritten offering, the Company shall have the right to
select the managing underwriter or underwriters to administer any such offering. 
  

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 (e) Other Registration Rights. The Company shall not grant to any Person the right to request the
Company to register any Common Shares in a Piggyback Registration unless such rights are consistent with the provisions hereof. 
 Section 4.
S-3 or F-3 Registrations. 
 (a) Right to Request Registration. At any time that the Company is eligible to use Form S-3
or F-3 and continuing until the Termination Date, the Shareholder shall be entitled to request on up to three occasions that the Company file a Registration Statement on Form S-3 or F-3 (or an amendment or supplement to an existing registration
statement on Form S-3 or F-3) for a public offering of all or any portion of the Registrable Common Shares pursuant to Rule 415 promulgated under the Securities Act or otherwise (an “S-3 or F-3 Registration”). Upon
each such request, and subject to Section 5, the Company shall use reasonable best efforts (i) to file a Registration Statement (or any amendment or supplement thereto) covering the number of shares of Registrable Common Shares
specified in such request under the Securities Act on Form S-3 or F-3 (an “S-3 or F-3 Registration Statement”) for public sale in accordance with the method of disposition specified in such request within thirty (30) days
after the Shareholder’s written request therefor and (ii) to cause such S-3 or F-3 Registration Statement to become effective as soon as practical thereafter. If permitted under the Securities Act, each such Registration Statement shall be
one that is automatically effective upon filing. 
 (b) Right to Effect a Shelf Takedown. The Shareholder shall be entitled, at any
time and from time to time when an S-3 or F-3 Registration Statement is effective and until the Termination Date, to sell such Registrable Common Shares as are then registered pursuant to such Registration Statement (each, a “Shelf
Takedown”), but only upon not less than three (3) business days’ prior written notice to the Company (whether or not such takedown is underwritten); provided, that no prior notice shall be required of any sale pursuant to a
plan that complies with Rule 10b5-1 under the Exchange Act. The Shareholder shall be entitled to request that a Shelf Takedown shall be an underwritten offering, provided, however, that (based on the then-current market prices) the
number of Registrable Common Shares included in such underwritten Shelf Takedown would yield gross proceeds to the Shareholder of at least the Minimum Amount and provided, further, that the Shareholder shall not be entitled to request
any underwritten Shelf Takedown within sixty (60) days after the pricing date of any other underwritten offering effected pursuant to a Demand Registration, a Piggyback Registration or an S-3 or F-3 Registration, or when the Company is
diligently pursuing an underwritten offering pursuant to (or treated as being pursuant to) a Piggyback Registration. The Shareholder shall also give the Company prompt written notice of the consummation of each Shelf Takedown (whether or not
underwritten). 
 (c) Priority on Underwritten Shelf Takedowns. The Company may include Common Shares other than Registrable Common
Shares in an underwritten Shelf Takedown for any accounts on the terms provided below, but only with the consent of the managing underwriters of such offering. If the managing underwriters of the requested underwritten Shelf Takedown advise the
Company and the Shareholder that in their opinion the number of Common Shares proposed to be included in the underwritten Shelf Takedown exceeds the number of Common Shares which can be sold in such offering without materially delaying or
jeopardizing the 

  

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success of the offering (including the price per share of the Common Shares proposed to be sold in such offering), the Company shall include in such
underwritten Shelf Takedown (i) first, the number of Common Shares that the Shareholder proposes to sell, and (ii) second, the number of Common Shares proposed to be included therein by any other Persons (including Common Shares to be sold
for the account of the Company) allocated among such Persons in such manner as the Company may determine. If the number of Common Shares which can be sold is less than the number of Registrable Common Shares proposed to be included in the
underwritten Shelf Takedown pursuant to clause (i) above, the amount of Common Shares to be so sold shall be allocated to the Shareholder. The provisions of this paragraph (c) apply only to a Shelf Takedown that the Shareholder has
requested be an underwritten offering. 
 (d) Selection of Underwriters. If any of the Registrable Common Shares are to be sold in an
underwritten Shelf Takedown initiated by the Shareholder, the Shareholder shall have the right to select the underwriter or underwriters, but only with the prior written consent of the Company (not to be unreasonably withheld). 
 (e) Other Registration Rights. The Company shall not grant to any Person the right to request the Company (i) to register any Common Shares
in an S-3 or F-3 Registration unless such rights are consistent with the provisions hereof, or (ii) to include any securities of the Company other than Common Shares in an underwritten Shelf Takedown. 
 (f) Effective Period of S-3 or F-3 Registrations. The Company shall use reasonable best efforts to keep any S-3 or F-3 Registration Statement
effective for a period of one year after the effective date of such registration statement, except as follows. Notwithstanding the foregoing, the Company shall not be obligated to keep any such registration statement effective, or to permit
Registrable Common Shares to be registered, offered or sold thereunder, at any time on or after the Termination Date, unless an underwritten Shelf Takedown has been priced but not completed prior to the Termination Date, in which event the Company
shall remain so obligated until such offering is completed. 
 Section 5. Suspension Periods; Blackout Periods. 
 (a) Suspension Periods. The Company may (i) delay the filing of a Registration Statement in conjunction with a Demand Registration or an S-3
or F-3 Registration or (ii) prior to the pricing of any underwritten offering or other offering of Registrable Common Shares pursuant to a Demand Registration or an S-3 or F-3 Registration, delay such underwritten or other offering (and, if it
so chooses, withdraw any registration statement that has been filed), but in each case described in clauses (i) and (ii) only if the board of directors of the Company determines in good faith (x) that such delay would enable the
Company to avoid disclosure of material information, the disclosure of which at that time would not be in the Company’s best interests, or (y) that the registration or offering to be delayed would, if not delayed, materially adversely
affect the Company and its subsidiaries taken as a whole or materially interfere with, or jeopardize the success of, any pending or proposed material transaction, including any debt or equity financing, any acquisition or disposition, any
recapitalization or reorganization or any other material transaction, whether due to commercial reasons, a desire to avoid premature disclosure of information or any other reason. Any period during which the Company has 

  

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delayed a filing or an offering pursuant to this Section 5 is herein called a “Suspension Period”. In no event shall there be more than two
Suspension Periods during any rolling period of 365 days, and the number of days covered by any one or more Suspension Periods shall not exceed 90 days in the aggregate during any rolling period of 365 days. If pursuant to this
Section 5 the Company delays a Demand Registration requested by the Shareholder, the Shareholder shall be entitled to withdraw such request and, if it does so, such request shall not count against the limitation on the number of such
registrations set forth in Section 2(b). If pursuant to this Section 5 the Company withdraws an S-3 or F-3 Registration Statement requested by the Shareholder, the Shareholder shall be entitled to make a further request for an S-3 or F-3
Registration pursuant to this Agreement. The Company shall provide prompt written notice to the Shareholder of the commencement and termination of any Suspension Period (and any withdrawal of a registration statement pursuant to this
Section 5), but shall not be obligated under this Agreement to disclose the reasons therefor. Man Group shall (and shall cause its controlled Affiliates to) keep the existence of each Suspension Period confidential and refrain from making
offers and sales of Registrable Common Shares (and direct any other Persons making such offers and sales to refrain from doing so) during each Suspension Period. 
 (b) Blackout Periods. Unless the Company otherwise permits by notice in writing to the Shareholder, the Shareholder shall not make any offers or sales of Registrable Common Shares during the period (each a
“Blackout Period”) beginning on the •th day of the third month of each fiscal quarter of the Company and ending • full trading day after the Company publicly issues its earnings release for such fiscal quarter (or
fiscal year in the case of the fourth fiscal quarter). A “full trading day” after an earnings release means at least one full-day trading session on the New York Stock Exchange shall have elapsed after the public issuance of such
earnings release. Notwithstanding this Section 5(b), but subject to the other provisions hereof, Registrable Common Shares may be offered and sold during a Blackout Period if such offers and sales are made pursuant to a plan that complies with
Rule 10b5-1 under the Exchange Act (and is established outside a Blackout Period). Notwithstanding this Section 5(b), the Shareholder may make offers and sales of Registrable Common Shares in an underwritten offering pursuant to a Demand
Registration or in an underwritten Shelf Takedown during a Blackout Period, unless a Suspension Period is in effect. 
 Section 6.
Holdback Agreements. 
 The restrictions in this Section 6 shall apply only for as long as the Man Group is the beneficial owner
of any Registrable Common Shares. If the Company sells Common Shares or other securities convertible into or exchangeable for (or otherwise representing a right to acquire) Common Shares in a primary underwritten offering pursuant to any
registration statement under the Securities Act (whether or not the Shareholder is given an opportunity to participate), or if any other Person sells Common Shares in a secondary underwritten offering pursuant to a Piggyback Registration and the
Shareholder is given an opportunity (not subsequently reduced by more than 25% or withdrawn pursuant to the “cut-back” provisions of this Agreement) to participate in the offering, and if the managing underwriters for such offering advise
the Company (in which case the Company promptly shall notify the Shareholder) that a public sale or distribution of Registrable Common Shares outside such offering would materially adversely affect such offering, then, if requested by the Company,
Man Group shall agree, as contemplated 

  

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in this Section 6, not to (and to cause its controlled Affiliates not to) sell, transfer, pledge, issue, grant or otherwise dispose of, directly or
indirectly (including by means of any short sale), or request the registration of, any Registrable Common Shares (or any securities of any Person that are convertible into or exchangeable for, or otherwise represent a right to acquire, Registrable
Common Shares) for a period equal (each such period, a “Holdback Period”) to the lesser of (i) ninety-one (91) days beginning on and including the pricing date for such underwritten offering and (ii) such shorter
period as to which the managing underwriters for such offering may agree (each such agreement of Man Group, a “Holdback Agreement”). Notwithstanding the foregoing, the Shareholder shall not be subject to more than one Holdback
Agreement relating to an underwritten offering pursuant to a Piggyback Registration during any rolling period of 365 days, other than any such Holdback Agreement relating to an underwritten offering in which the Shareholder was permitted to
participate without being subject to an underwriters’ cutback. Each Holdback Agreement shall be in writing in form satisfactory to the Company and the managing underwriters. Notwithstanding the foregoing, Man Group shall not be obligated
to make a Holdback Agreement unless the Company, each selling shareholder in such offering, all of the Company’s officers and directors and each Person (if any) who beneficially owns 10% or more of the outstanding Common Shares and has the
right to require the Company to register Common Shares for sale under the Securities Act (collectively, “Other Holdback Parties”) also execute agreements substantially identical to such Holdback Agreement. Each Holdback Agreement
shall provide that Man Group shall be released from its obligations thereunder if and when any of the Other Holdback Parties is released (in whole or in part) from the prohibition on offers and sales of Common Shares in its hold back agreement
relating to the same offering (other than a release of an individual that is due to a personal hardship and affects only a small number of Common Shares), and the Company shall promptly notify Man Group of any such release. A Holdback Agreement
shall not apply to (i) the exercise of any warrants or stock options to purchase shares of the Company (provided that such restrictions shall apply with respect to the securities issuable upon such exercise), (ii) transfers to
Affiliates where the transferee agrees in writing with the Company to be bound by the terms hereof, or (iii) any Registrable Common Shares included in the underwritten offering giving rise to the application of this Section 6. A Holdback
Agreement shall prohibit Man Group and its controlled Affiliates from entering into any hedging or similar arrangement in respect of the Registrable Common Shares. 
 Section 7. Registration Procedures. 
 (a) Whenever the Shareholder requests that any Registrable
Common Shares be registered pursuant to this Agreement, the Company shall use reasonable best efforts to effect, as soon as practical as provided herein, the registration and the sale of such Registrable Common Shares in accordance with the intended
methods of disposition thereof, and, pursuant thereto, the Company shall, as soon as practical as provided herein: 
 (i)
subject to the other provisions of this Agreement, use reasonable best efforts to prepare and file with the SEC a Registration Statement with respect to such Registrable Common Shares and cause such Registration Statement to become effective (unless
it is automatically effective upon filing); and before filing a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to the Shareholder and the underwriters or other distributors, if any, identified by the 

  

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Shareholder copies of all such documents proposed to be filed, including documents incorporated by reference in the Prospectus and, if requested by the
Shareholder, one set of the exhibits incorporated by reference, and the Shareholder and a single counsel selected by the Shareholder (“Shareholder’s Counsel”) shall have a reasonable opportunity to review and comment on the
Registration Statement and each such Prospectus (and each amendment or supplement thereto) before it is filed with the SEC, and the Shareholder shall have the opportunity to object to any information pertaining to the Shareholder that is contained
therein and the Company will make the corrections reasonably requested by the Shareholder with respect to such information prior to filing any Registration Statement or Prospectus or any amendment or supplement thereto; 
 (ii) use reasonable best efforts to prepare and file with the SEC such amendments and supplements to such Registration Statement and the
Prospectus used in connection therewith as may be necessary to comply with the applicable requirements of the Securities Act and to keep such Registration Statement effective for the relevant period required hereunder, but no longer than is
necessary to complete the distribution of the Common Shares covered by such Registration Statement, and to comply with the applicable requirements of the Securities Act with respect to the disposition of all the Common Shares covered by such
Registration Statement during such period in accordance with the intended methods of disposition set forth in such Registration Statement; 
 (iii) use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement, or the lifting of any suspension of the qualification or exemption from
qualification of any Registrable Common Shares for sale in any jurisdiction in the United States; 
 (iv) furnish to the
Shareholder and each managing underwriter, if any, without charge, conformed copies of each Registration Statement and amendment thereto and copies of each supplement thereto promptly after they are filed with the SEC (but only one set of exhibits
thereto need be provided); and deliver, without charge, such number of copies of the preliminary and final Prospectus and any supplement thereto as the Shareholder may reasonably request in order to facilitate the disposition of the Registrable
Common Shares of the Shareholder covered by such Registration Statement in conformity with the requirements of the Securities Act; 
 (v) use reasonable best efforts to register or qualify such Registrable Common Shares under such other securities or blue sky laws of such U.S. jurisdictions as the Shareholder reasonably requests and continue such registration or
qualification in effect in such jurisdictions for as long as the applicable Registration Statement may be required to be kept effective under this Agreement (provided that the Company will not be required to (I) qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph (v), (II) subject itself to taxation in any such jurisdiction or (III) consent to general service of process in any such
jurisdiction); 
  

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 (vi) notify the Shareholder and each distributor of such Registrable Common Shares
identified by the Shareholder, at any time when a Prospectus relating thereto is required under the Securities Act to be delivered by such distributor, of the occurrence of any event as a result of which the Prospectus included in such Registration
Statement contains an untrue statement of a material fact or omits a material fact necessary to make the statements therein not misleading, and, at the request of the Shareholder, the Company shall use reasonable best efforts to prepare, as soon as
practical, a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Common Shares, such Prospectus shall not contain an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein not misleading; 
 (vii) in the case of an underwritten offering in which the
Shareholder participates pursuant to a Demand Registration, Piggyback Registration or an S-3 or F-3 Registration, enter into an underwriting agreement containing such provisions (including provisions for indemnification, lockups, opinions of counsel
and comfort letters) as are customary and reasonable for an offering of such kind, and take all such other customary and reasonable actions as the managing underwriters of such offering may request in order to facilitate the disposition of such
Registrable Common Shares (including, making members of senior management of the Company available to participate in “road-show” and other customary marketing activities); 
 (viii) in the case of an underwritten offering in which the Shareholder participates pursuant to a Demand Registration, Piggyback
Registration or an S-3 or F-3 Registration, and to the extent not prohibited by applicable law or pre-existing applicable contractual restrictions, (A) make reasonably available, for inspection by the Shareholder, Shareholder’s Counsel,
the managing underwriters of such offering and one attorney (and one accountant) for such managing underwriter, pertinent corporate documents and financial and other records of the Company and its subsidiaries and controlled Affiliates,
(B) cause the Company’s officers and employees to supply information reasonably requested by the Shareholder or such managing underwriters or attorney in connection with such offering and (C) make the Company’s independent
accountants available for any such managing underwriters’ due diligence; provided, however, that such records and other information shall be subject to such confidential treatment as is customary for underwriters’ due
diligence reviews; 
 (ix) use reasonable best efforts to cause all such Registrable Common Shares to be listed on each
securities exchange on which securities of the same class issued by the Company are then listed; 
 (x) provide a transfer
agent and registrar for all such Registrable Common Shares not later than the effective date of such Registration Statement and, a reasonable time before any proposed sale of Registrable Common Shares pursuant to a Registration Statement, provide
the transfer agent with printed certificates for the Registrable Common Shares to be sold, subject to the provisions of Section 11; 
  

 - 13 - 








 (xi) make generally available to its shareholders a consolidated earnings statement
(which need not be audited) for a period of 12 months beginning after the effective date of the Registration Statement as soon as reasonably practicable after the end of such period, which earnings statement shall satisfy the requirements of an
earning statement under Section 11(a) of the Securities Act and Rule 158 thereunder; and 
 (xii) promptly notify the
Shareholder and the managing underwriters of any underwritten offering, if any: 
 (1) when the Registration Statement, any
pre-effective amendment, the Prospectus or any Prospectus supplement or any post-effective amendment to the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has
become effective; 
 (2) of any request by the SEC for amendments or supplements to the Registration Statement or the
Prospectus or for any additional information regarding the Shareholder; 
 (3) of the notification to the Company by the SEC
of its initiation of any proceeding with respect to the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement; and 
 (4) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Common Shares
for sale under the applicable securities or blue sky laws of any jurisdiction; and 
 keep Shareholder’s Counsel reasonably apprised as
to the intention and progress of the Company with respect to any Registration Statement hereunder, including by providing Shareholder’s Counsel with copies of all written correspondence with the SEC in connection with any Registration Statement
or Prospectus filed hereunder. 
 For the avoidance of doubt, the provisions of clauses (vii), (viii) and (xi) of this
Section 7(a) shall apply only in respect of an underwritten offering and only if (based on market prices at the time the offering is requested by the Shareholder) the number of Registrable Common Shares to be sold in the offering would yield
gross proceeds to the Shareholder of at least the Minimum Amount. Notwithstanding any provision of this Agreement, the Company shall not be obligated to prepare for inclusion in any Registration Statement any audited financial statements for any
period other than a fiscal year of the Company beginning on or after April 1, 2005 or any unaudited financial statements for any period other than a first, second or third fiscal quarter of any such fiscal year. 
 (b) No Registration Statement (including any amendments thereto) shall contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein not misleading, and no Prospectus (including any supplements thereto) shall contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading, in each case, except for any untrue statement or alleged untrue 

  

 - 14 - 








 
statement of a material fact or omission or alleged omission of a material fact made in reliance on and in conformity with written information furnished to
the Company by or on behalf of Man Group or the Shareholder or any underwriter or other distributor specifically for use therein. 
 (c) At
all times after the Company has filed a registration statement with the SEC pursuant to the requirements of the Securities Act and until the Termination Date, the Company shall use reasonable best efforts to continuously maintain in effect the
registration statement of Common Shares under Section 12 of the Exchange Act and to use reasonable best efforts to file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted
by the SEC thereunder, all to the extent required to enable the Shareholder to be eligible to sell Registrable Common Shares pursuant to Rule 144 under the Securities Act prior to the Termination Date. 
 (d) The Company may require the Shareholder and each distributor of Registrable Common Shares as to which any registration is being effected to furnish
to the Company any other information regarding such Person and the distribution of such securities as the Company may from time to time reasonably request. 
 (e) The Shareholder agrees by having its stock treated as Registrable Common Shares hereunder that, upon being advised in writing by the Company of the occurrence of an event pursuant to Section 7(a)(vi), the
Shareholder will immediately discontinue (and direct any other Persons making offers and sales of Registrable Common Shares to immediately discontinue) offers and sales of Registrable Common Shares until it is advised in writing by the Company that
the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 7(a)(vi), and, if so directed by the Company, the Shareholder will deliver to the Company all copies, other than
permanent file copies then in the Shareholder’s possession, of the Prospectus covering such Registrable Common Shares current at the time of receipt of such notice. 
 (f) The Company may prepare and deliver an issuer free-writing prospectus (as such term is defined in Rule 405 under the Securities Act) in lieu of any supplement to a prospectus, and references herein to any
“supplement” to a Prospectus shall include any such issuer free-writing prospectus. Neither the Shareholder nor any other seller of Registrable Common Shares may use a free-writing prospectus to offer or sell any such shares without the
Company’s prior written consent. 
 (g) It is understood and agreed that any failure of the Company to file a registration statement or
any amendment or supplement thereto or to cause any such document to become or remain effective or usable within or for any particular period of time as provided in Section 2, 4 or 7 or otherwise in this Agreement, due to reasons that are not
reasonably within its control, or due to any refusal of the SEC to permit a registration statement or prospectus to become or remain effective or to be used because of unresolved SEC comments thereon (or on any documents incorporated therein by
reference) despite the Company’s good faith and diligent efforts to resolve those comments, shall not be a breach of this Agreement. However, neither shall any such failure relieve the Company of its obligations hereunder to use commercially
reasonable efforts to remedy such failure. 
  

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 (h) It is further understood and agreed that the Company shall not have any obligations under this
Section 7 at any time on or after the Termination Date, unless an underwritten offering in which the Shareholder participates has been priced but not completed prior to the Termination Date, in which event the Company’s obligations under
this Section 7 shall continue with respect to such offering until such offering is completed or for 15 business days, whichever is shorter. 
 Section 8. Registration Expenses. 
 (a) All expenses incident to the Company’s performance of or compliance with this
Agreement, including all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, NASD fees, listing application fees, printing expenses, transfer agent’s and registrar’s fees, cost of distributing
Prospectuses in preliminary and final form as well as any supplements thereto, and fees and disbursements of counsel for the Company and all independent certified public accountants and other Persons retained by the Company (all such expenses being
herein called “Registration Expenses”) (but not including any underwriting discounts or commissions attributable to the sale of Registrable Common Shares or fees and expenses of counsel representing the Shareholder or any
underwriters or other distributors), shall be borne by the Company. 
 (b) The obligation of the Company to bear the expenses described in
Section 8(a) shall apply irrespective of whether a registration, once properly demanded or requested, if applicable, becomes effective, is withdrawn or suspended, is converted to another form of registration and irrespective of when any of the
foregoing shall occur; provided, however, that Registration Expenses for any Registration Statement withdrawn solely at the request of the Shareholder (unless withdrawn following commencement of a Suspension Period pursuant to
Section 5) shall be borne by the Shareholder. 
 Section 9. Indemnification. 
 (a) The Company shall indemnify, to the fullest extent permitted by law, the Shareholder and each Person who controls the Shareholder (within the meaning
of the Securities Act) against all losses, claims, damages, liabilities, judgments, costs (including reasonable costs of investigation) and expenses (including reasonable attorneys’ fees arising out of or based upon any untrue or alleged untrue
statement of a material fact contained in any Registration Statement or Prospectus) or any amendment thereof or supplement thereto or arising out of or based upon any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as the same are made in reliance and in conformity with information furnished in writing to the Company by Man Group or the Shareholder expressly for use therein. In connection
with an underwritten offering in which the Shareholder participates conducted pursuant to a registration effected hereunder, the Company shall indemnify each participating underwriter and each Person who controls such underwriter (within the meaning
of the Securities Act) to the same extent as provided above with respect to the indemnification of the Shareholder, provided, however, that this sentence shall apply only if (based on the current market prices immediately prior
thereto) the number of Registrable Common Shares to be sold in the offering would yield gross proceeds to the Shareholder of at least the Minimum Amount (or if the Company otherwise approves the offering for purposes of this Section 9).

  

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 (b) In connection with any Registration Statement in which the Shareholder is participating, Man Group
and the Shareholder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus, or amendment or supplement thereto, and shall
indemnify, to the fullest extent permitted by law, the Company, its officers and directors and each Person who controls the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities, judgments, costs
(including reasonable costs of investigation) and expenses (including reasonable attorneys’ fees) arising out of or based upon any untrue or alleged untrue statement of material fact contained in the Registration Statement or Prospectus, or any
amendment or supplement thereto or arising out of or based upon any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that the same are
made in reliance and in conformity with information furnished in writing to the Company by Man Group or the Shareholder expressly for use therein. 
 (c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying Person of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying Person to assume
the defense of such claim with counsel reasonably satisfactory to the indemnified Person. Failure so to notify the indemnifying Person shall not relieve it from any liability that it may have to an indemnified Person otherwise than under this
Section 9. If such defense is assumed, the indemnifying Person shall not be subject to any liability for any settlement made by the indemnified Person without its consent (but such consent will not be unreasonably withheld). An indemnifying
Person who is entitled to, and elects to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to one local counsel) for all Persons indemnified by such indemnifying Person with
respect to such claim (and all other claims arising out of the same circumstances), unless in the reasonable judgment of any indemnified Person there may be one or more legal or equitable defenses available to such indemnified Person which are in
addition to or may conflict with those available to another indemnified Person with respect to such claim, in which case such maximum number of counsel for all indemnified Persons shall be two rather than one). Failure to give prompt written notice
shall not release the indemnifying Person from its obligations hereunder. The indemnifying Person shall not consent to the entry of any judgment or enter into or agree to any settlement relating to a claim or action for which any indemnified Person
would be entitled to indemnification by any indemnified Person hereunder unless such judgment or settlement includes as an unconditional term the giving, by all relevant claimants and plaintiffs to such indemnified Person, a release, satisfactory in
form and substance to such indemnified Person, from all liabilities in respect of such claim or action for which such indemnified Person would be entitled to such indemnification. The indemnifying Person shall not be liable hereunder for any amount
paid or payable or incurred pursuant to or in connection with any judgment entered or settlement effected with the consent of an indemnified Person unless the indemnifying Person has also consented to such judgment or settlement. 
  

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 (d) The indemnification provided for under this Agreement shall remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified Person or any officer, director or controlling Person of such indemnified Person and shall survive the transfer of securities and the Termination Date but only with respect to
offers and sales of Registrable Common Shares made before the Termination Date. 
 (e) If the indemnification provided for in or pursuant to
this Section 9 is due in accordance with the terms hereof, but is held by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying
Person, in lieu of indemnifying such indemnified Person, shall contribute to the amount paid or payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect
the relative fault of the indemnifying Person on the one hand and of the indemnified Person on the other in connection with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as well as any other
relevant equitable considerations. The relative fault of the indemnifying Person on the one hand and of the indemnified Person on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying Person or by the indemnified Person, and by such Person’s relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. In no event shall the liability of the Shareholder or Man Group be greater in amount than the amount for which such indemnifying Person would have been obligated to pay by way of
indemnification if the indemnification provided for under Section 9(a) or 9(b) hereof had been available under the circumstances. 
 Section 10. Participation in Underwritten Offerings. 
 No Person (including the Shareholder) may participate in any
underwritten offering pursuant to a registration effected hereunder unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Shareholder, in the case of any
underwritten offering pursuant to a Demand Registration or any underwritten Shelf Takedown, or by the Company, in any other case and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements,
lockups and other documents required under the terms of such underwriting arrangements. 
 Section 11. Securities Act Restrictions.

 The Registrable Common Shares are restricted securities under the Securities Act and may not be offered or sold except pursuant to an
effective registration statement or an available exemption from registration under the Securities Act. Accordingly, the Shareholder shall not, directly or through others, offer or sell any Registrable Common Shares except pursuant to a Registration
Statement as contemplated herein or pursuant to Rule 144 or another exemption from registration under the Securities Act, if available. Prior to any transfer of Registrable Common Shares other than pursuant to an effective registration
statement, the Shareholder shall notify the Company of such transfer and the Company may require the Shareholder to provide, prior to such transfer, such evidence that the transfer will comply with the Securities Act 

  

 - 18 - 








 
(including written representations or an opinion of counsel) as the Company may reasonably request. The Company may impose stop-transfer instructions with
respect to any Registrable Common Shares that are to be transferred in contravention of this Agreement (including Section 6 and this Section 11). Any certificates representing the Registrable Common Shares may bear a legend (and the
Company’s share registry may bear a notation) referencing the restrictions on transfer contained in this Agreement, until such time as such securities have ceased to be or are to be transferred in a manner that results in their ceasing to be,
Registrable Common Shares. Subject to the provisions of this Section 11, the Company will replace any such legended certificates with unlegended certificates promptly upon request by any Shareholder in order to facilitate a lawful transfer or
at any time after such shares cease to be Registrable Common Shares. 
 Section 12. Transfers of Rights and Collective Action.

 (a) Transfers to Man Group and Subsidiaries. Registrable Common Shares may be transferred to and held by Man Group or any
majority-owned subsidiary of Man Group from time to time and in whole or in part, but only if the transfer complies with Section 11. Each such transfer shall be effective when (but only when) the transferred securities are registered in the
name of the transferee. Upon any such effective transfer, the transferee shall automatically become and have the rights of a Shareholder with respect to the Registrable Common Shares so transferred and the transferor shall automatically cease to be
and to have the rights of a Shareholder with respect to the transferred Registrable Common Shares. The Company may require any transferee that becomes a Shareholder to sign a written acknowledgement that it has become a Shareholder hereunder.
Notwithstanding the foregoing, any Shareholder that (i) ceases to be the registered owner of Registrable Common Shares or (ii) ceases to be Man Group or a majority-owned subsidiary of Man Group, shall automatically cease to be a
Shareholder and, in the case of clause (ii), any Registrable Common Shares held by such Person shall automatically cease to be Registrable Common Shares for all purposes hereunder. With respect to any Person that ceases to be a Shareholder (either
entirely or only with respect to transferred securities), the rights and obligations of such Person arising under Section 9 or otherwise hereunder with respect to periods and matters existing before such cessation shall survive such cessation.

 (b) Collective Action. At any time when there is more than one Shareholder, they shall act collectively as if they were one
Shareholder holding all of their Registrable Common Shares, and any act, determination or request permitted or required to be done or made hereunder by any of them shall be done or made solely by Man Group on their behalf in a coordinated manner as
if they were one Shareholder. Man Group shall cause each Shareholder (and former Shareholder) to perform its obligations under, and otherwise comply with, the provisions of this Agreement. 
 (c) Transfers to Other Persons. Registrable Common Shares may be transferred to and held by Persons other than Man Group or a majority-owned
subsidiary of Man Group, but only if the transfer complies with Section 11 and only if, before any such shares are transferred to any such other Person (other than pursuant to a Registration Statement or Rule 144 under the Securities Act), or
otherwise become held by any such other Person, such other Person agrees in writing with the Company, in a form reasonably satisfactory to the Company, to comply with 

  

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Section 11 with respect to any future transfers of such shares. Notwithstanding any other provision of this Agreement, however, no such other Person
shall have the rights of a Shareholder or of Man Group hereunder, and no shares transferred to or held by any such other Person shall have the benefits afforded to Registrable Common Shares hereunder. 
 Section 13. Miscellaneous. 
 (a)
Notices. Except as otherwise provided herein, all notices, requests, consents and other communications required or permitted hereunder shall be in writing and shall be hand delivered, mailed (postage prepaid) by registered or certified mail
or sent by e-mail or facsimile transmission (with telephone confirmation promptly thereafter), 
 If to the Company: 
  

			
	MF Global Ltd.
	717 Fifth Avenue
	New York, New York 10022
	Attention:	  	Howard Schneider, General Counsel
	Facsimile:	  	(212) 589-6215
	E-mail:	  	hschneider@mfglobal.com

 If to the Shareholder: 
  

			
	Man Group plc
	·	  	
	·	  	
	Attention:	  	·
	Facsimile:	  	·
	Email:	  	·

 or at such other address as any such party hereto may specify by written notice to the others, and, except as
otherwise provided herein, each such notice, request, consent and other communication shall for all purposes of the Agreement be treated as being effective or having been given when delivered personally or by mail or, in the case of e-mail or
facsimile delivery, upon receipt of e-mail or facsimile confirmation of delivery and telephonic confirmation. 
 (b) No Waivers. No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 (c) Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, it being understood that there are no intended
third party beneficiaries hereof. 
  

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 (d) Governing Law. This Agreement shall be governed by and construed in accordance with the law of
the State of New York. 
 (e) Jurisdiction. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter
arising out of or in connection with, this Agreement or the transactions contemplated hereby must be brought in any federal or state court located in the Borough of Manhattan in The City of New York, and each of the parties hereby consents to the
jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of
the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 13(a) shall be deemed effective
service of process on such party. 
 (f) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (g)
Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts (including by e-mail or facsimile) and by different parties hereto in separate counterparts, with the same effect as if all parties had signed the same
document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. This Agreement shall become effective when each party hereto shall have received counterparts hereof signed by
all of the other parties hereto. 
 (h) Entire Agreement. This Agreement contains the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes and replaces all other prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof. 
 (i) Captions. The headings and other captions in this Agreement are for convenience and reference only and shall not be used in interpreting,
construing or enforcing any provision of this Agreement. 
 (j) Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in
no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent
possible. 
  

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 (k) Amendments. The provisions of this Agreement, including the provisions of this sentence, may
not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the Company and Man Group. 
 (l) Conditions Precedent and Termination. The provisions of this Agreement will only take effect upon the consummation of the initial public
offering of the Common Shares and only if the initial public offering of such Common Shares is consummated by June 30, 2008 (or such later date as may be agreed to in writing by the parties hereto). 
 [Execution Page Follows] 
  

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 IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by each of the parties
hereto as of the date first written above. 
  

			
	MF GLOBAL LTD.
		
	By:	 	  
		 	Name:
		 	Title:
	
	MAN GROUP PLC
		
	By:	 	  
		 	Name:
		 	Title:
	
	MAN GROUP U.K. LTD.
		
	By:	 	  
		 	Name:
		 	Title: