Document:

Settlement Agreement

 Exhibit 10.1 
 IN THE MATTER OF AN ARBITRATION 
 IN THE MATTER OF THE ARBITRATION ACT 1996 
 BETWEEN 
 MAN GROUP PLC 
 CLAIMANT 
 AND 

 

	(1)	AIG UK LIMITED 

  

	(2)	NOVAE SYNDICATES LIMITED AS MANAGING AGENT ON BEHALF OF THE UNDERWRITING MEMBERS OF SYNDICATE 1007 AT LLOYD’S FOR THE 2004-2005 YEAR OF ACCOUNT 

 

	(3)	LIBERTY MUTUAL INSURANCE EUROPE LIMITED TRADING AS LIBERTY INTERNATIONAL UNDERWRITERS 

  

	(4)	UNDERWRITERS OF SYNDICATE BRT2987 AT LLOYD’S 

  

	(5)	ACE EUROPEAN GROUP LIMITED 

  

	(6)	AXIS SPECIALTY LONDON 

  

	(7)	UNDERWRITERS OF SYNDICATE CSL1084 AT LLOYD’S 

  

	(8)	UNDERWRITERS OF SYNDICATE HAR2000 AT LLOYD’S 

  

	(9)	CNA INSURANCE COMPANY LIMITED 

  

	(10)	SWISS RE EUROPE S.A. 

  

	(11)	TALBOT 2002 UNDERWRITING CAPITAL LIMITED 

  

	(12)	HOUSTON CASUALTY COMPANY 

  

	(13)	AIG EXCESS LIABILITY INSURANCE INTERNATIONAL LIMITED 

 RESPONDENTS 
  
 SETTLEMENT AGREEMENT (“The Agreement”) 
  
  
  

	A.	Whereas Man Group plc is the policy holder under a series of professional indemnity policies as set out in Appendix 1 hereto and together referred to hereinafter as “the
Policies” for the period 14 December 2004 to 1 November 2005 under which the Respondents agreed to indemnify the Claimant and its subsidiaries upon certain terms set out therein. 

	B.	Whereas the total insurance cover provided by the Respondents under the Policies is in the aggregate sum of USD150,000,000, split in the layers set out in Appendix 1 hereto and
which insurance cover excludes the self–insured retention on the part of the Claimant of USD 2,000,000. 

  

	C.	Whereas proceedings were brought against Man Financial Inc, now MF Global Inc. (“MFG”) and certain employees of MFG by the Receiver of Philadelphia Alternative Asset
Management Co LLC (“the Plaintiff”). (Civil Action No. 06-CV-1944 (MMB)) (“the Proceedings”). 

  

	D.	Whereas the Proceedings were compromised with Court approval on 26 December 2007 on the basis of a payment by MFG to the Plaintiff in the sum of USD75 million (“the
Settlement”). 

  

	E.	Whereas the Claimant, MFG and its employees incurred certain costs in and about the defence of the proceedings and related regulatory proceedings (“the Costs”).

  

	F.	Whereas Man Group plc, the Claimant herein, brought these arbitration proceedings on behalf of MFG (its former subsidiary) against the Respondents for an indemnity in relation to
the Settlement and the Costs (“the Indemnity”) and the Respondents’ sought the repayment of advanced defence costs by way of counterclaim. 

 NOW it is hereby agreed that: 
 Payment 
  

	1.	The Claimant, MFG and the Respondents (collectively “the Parties”) hereto agree that the monies already paid as advanced defence costs to the Claimant by the Respondents
in the sum of USD12,871,663.16 are to be retained by the Claimant in addition to the monies to be paid under Clause 2 hereof. 

  

	2.	The Respondents each agree to pay to the Claimant (by payment to the Claimant’s broker, Willis Limited, or as otherwise directed) their proportion of the amount for which they
are severally liable of the settlement amount agreed by the Parties of USD 62,128,336.84 on or before 7 November 2008, failing which interest will accrue on any late payment at the rate of 8% per annum. Each Respondent’s liability
shall be limited to the amount appearing next to its name in Appendix 1 and shall not be joint. For the avoidance of doubt, the Claimant has the right to enforce the terms of this Agreement against any individual Respondent in the event of
non-payment in part or whole by that Respondent of its payment due under this Clause 2 and for its costs of such action to be paid by that Respondent. 

  

 2 

	3.	It is agreed by the Parties that following the payment in Clause 2 above the aggregate limit of the Policies is eroded by the sum of USD 75million. 

  

	4.	The Claimant and the Respondents have agreed that they have and will bear their own costs in connection both with the Arbitration and this Agreement. The Claimant and the
Respondents have agreed to pay in equal proportions the costs of the Tribunal and associated costs of the hearing venue and transcription arrangements. The costs of the party appointed arbitrators will be met by the party responsible for his
appointment. 

 Full and Final Settlement 
  

	5.	The payment by each of the Respondents of its proportion of the settlement monies pursuant to Clauses 1 and 2 above and more particularly set out in Appendix 1 hereto is in full and
final settlement of that Respondent’s liability for the Indemnity sought by the Claimant. 

  

	6.	With effect from the date of payment by each individual Respondent of the sum due from them under Clause 2 and Appendix 1 hereof, that individual Respondent and the Claimant and the
Claimant’s current and former subsidiaries (including MFG) and any individual insured will hereby forever release and fully discharge each other from all liability arising from any of the facts which were the subject of the notification dated
21 July 2005 as supplemented in any documentation supplied or by representations made to the Respondents or the Respondents’ legal advisers thereafter in support of the claim for Indemnity and irrevocably waive all claims, known or
unknown, in respect of or in connection with the said notification, save for obligations and liabilities arising under this Agreement and any liabilities, costs, expenses or loss arising in connection with any breach of or the enforcement of this
Agreement. This release and discharge is also given by the Claimant on its own behalf and on behalf of its current or former subsidiaries (including MFG) and any individual insured in connection with the notifications made by the Claimant under its
Directors & Officers Policy, Crime Policy and Employment Practices Liability Policy and contained in a letter from the Claimant to AIG Europe (UK) Limited dated 13 February 2006. 

  

	7.	The Parties further undertake and covenant that they will not commence or pursue proceedings against any of the other parties in respect of or in connection with the Proceedings,
save, for the avoidance of doubt, for proceedings to enforce the terms and obligations of this Agreement or proceedings in respect of liabilities, costs, expenses or loss arising from any breach of this Agreement. 

  

 3 

 Confidentiality 
  

	8.	The Parties will keep confidential and will not disclose the terms of this Agreement, save that the terms may be disclosed: 

  

	 	(a)	by any party with the prior written consent of all the other parties (such consent not to be unreasonably withheld); or 

  

	 	(b)	by the Parties to their respective regulators, parent companies, professional advisers, brokers, statutory auditors, insurers or reinsurers, but only to the extent required; or

  

	 	(c)	where required by compulsion of law, but only to the extent required. 

 For the avoidance of doubt, MFG will file on Forms 8K, 10Q and 10K such notifications as are or will be required by the United States Securities and Exchange Commission (“SEC”). 
 Contracts (Rights of Third Parties) Act 1999 
  

	9.	No person who is not a party to this Agreement will have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. For these purposes,
MFG will be treated as a party to this Agreement. 

 Additional Action 
  

	10.	Each party to this Agreement will execute and deliver such other documents and do such other acts and things as may be necessary or desirable to carry out the terms, provisions and
purposes of this Agreement. 

 Entire Agreement 
  

	11.	This Agreement constitutes the entire agreement and understanding between the Parties relating to the subject matter of this Agreement. The Parties acknowledge and confirm that in
entering into this Agreement, they are not relying upon any statement, undertaking or representation made by or on behalf of any other party to this Agreement, whether or not in writing, at any time prior to the execution of this Agreement which is
not set out or contemplated herein. The Parties expressly agree that they will not have any right of action in relation to any statement or representation, whether oral or written, made on behalf of any other party in the course of any negotiations
which preceded the execution of this Agreement, unless such statements or representations were made fraudulently. 

 Counterparts

  

	12.	This Agreement may be entered into in any number of counterparts, each being an original and when taken together constituting one and the same Agreement. 

 

 4 

 Capacity 
  

	13.	The Parties represent and warrant that they have capacity to enter into this Agreement and that the signatory named below has authority to enter into this Agreement on its or their
behalf. 

 Governing law 
  

	14.	This Agreement shall be governed by and construed in accordance with English law and the High Court of England shall have exclusive jurisdiction in respect of any dispute or
disputes, which may arise directly or indirectly under, out of or in connection with this Agreement. 

 Dated this 23rd day of October 2008. 
  
  

					
	 /s/ Rosling King LLP
	 		 	 /s/ Chadbourne & Parke

			
	Rosling King LLP	 		 	 Chadbourne & Parke

	  
 Solicitors for the Claimant and MFG

	 		 	Solicitors for the Respondents

  

 5 

 MAN GROUP PLC V AIG UK LIMITED AND OTHERS 
 APPENDIX 1 TO THE AGREEMENT 
 Man Group PLC Professional Indemnity Insurance Policies 14.12.2004 – 1.11.2005 
 Insurer Participation

  

							
	 Type
	  	 Insurer
	  	Participation %	 	Proportion to pay
	 Professional Indemnity – Primary
 Policy Number
 39001223
	  	AIG UK Ltd	  	100%	 	NIL
		  	TOTAL	  	100%	 	NIL
				
	 Professional Indemnity – 1st Excess
 Policy
Number
 QL120704
	  	Novae Syndicates Limited as Managing Agent on behalf of the underwriting members of Syndicate 1007 at Lloyd’s for the 2004-2005 Year of Account	  	25%	 	US$3,032,084.23
				
		  	Liberty Mutual Insurance Europe Ltd Trading as Liberty International Underwriters	  	25%	 	US$3,032,084.23
				
		  	Underwriters of Syndicate BRT2987 at Lloyd’s	  	10%	 	US$1,212,833.69
				
		  	ACE European Group Limited	  	10%	 	US$1,212,833.69
				
		  	AXIS Specialty London	  	5%	 	US$606,416.85
				
		  	Underwriters of Syndicate CSL1084 at Lloyd’s	  	15%	 	US$1,819,250.54
				
		  	Underwriters of Syndicate HAR2000 at Lloyd’s	  	10%	 	US$1,212,833.69
				
		  	TOTAL	  	100%	 	US$12,128,336.92

  

 6 

							
	 Type
	  	 Insurer
	  	Participation %	  	Proportion to pay
	 Professional Indemnity –
 2nd
Excess
 Policy Number QL122404
	  	Novae Syndicates Limited as Managing Agent on behalf of the underwriting members of Syndicate 1007 at Lloyd’s for the 2004-2005 Year of Account	  	20%	  	US$5,000,000
				
		  	CNA Insurance Company Limited	  	6.9566%	  	US$1,739,150
				
		  	AIG UK Ltd	  	20%	  	US$5,000,000
				
		  	AXIS Specialty London	  	20%	  	US$5,000,000
				
		  	Swiss Re Europe S.A.	  	13.9130%	  	US$3,478,250
				
		  	Talbot 2002 Underwriting Capital Limited	  	8.6956%	  	US$2,173,900
				
		  	Underwriters of Syndicate CSL1084 at Lloyd’s	  	10.4348%	  	US$2,608,700
				
		  	TOTAL	  	100%	  	US$25,000,000
				
	 Professional Indemnity –
 3rd
Excess
 Policy Number QL173104
	  	Novae Syndicates Limited as Managing Agent on behalf of the underwriting members of Syndicate 1007 at Lloyd’s for the 2004-2005 Year of Account	  	20%	  	US$5,000,000
				
		  	Houston Casualty Company	  	10%	  	US$2,500,000
				
		  	AIG Excess Liability Insurance International Limited	  	10%	  	US$2,500,000
				
		  	Underwriters of Syndicate HAR2000 at Lloyd’s	  	6.6038%	  	US$1,650,950
				
		  	Underwriters of Syndicate BRT2987 at Lloyd’s	  	1.8868%	  	US$471,700

  

 7 

							
	 Type
	  	 Insurer
	  	Participation %	  	Proportion to pay
		  	ACE European Group Limited	  	15%	  	US$3,750,000
				
		  	ACE European Group Limited	  	20%	  	US$5,000,000
				
		  	Liberty Mutual Insurance Europe Ltd Trading as Liberty International Underwriters	  	4.7169%	  	US$1,179,225
				
		  	Talbot 2002 Underwriting Capital Limited	  	2.3585%	  	US$589,625
		  	Swiss Re Europe S.A.	  	9.4340%	  	US$2,358,500
				
		  	TOTAL	  	100%	  	US$25,000,000
				
	 Professional Indemnity –
 4th
Excess
 Policy Number QL173004
	  	Novae Syndicates Limited as Managing Agent on behalf of the underwriting members of Syndicate 1007 at Lloyd’s for the 2004-2005 Year of Account	  	10%	  	NIL
				
		  	CNA Insurance Company Ltd	  	2.5%	  	NIL
				
		  	Underwriters of Syndicate BRT2987 at Lloyd’s	  	2.5%	  	NIL
				
		  	AIG UK Ltd	  	10%	  	NIL
				
		  	AXIS Specialty London	  	10%	  	NIL
				
		  	AIG Excess Liability Insurance International Limited	  	25%	  	NIL
				
		  	Liberty Mutual Insurance Europe Ltd Trading as Liberty International Underwriters	  	10%	  	NIL
				
		  	ACE European Group Limited	  	10%	  	NIL
				
		  	ACE European Group Limited	  	15%	  	NIL
				
		  	Talbot 2002 Underwriting Capital Limited	  	5%	  	NIL
				
		  	TOTAL	  	100%	  	NIL

  

 8 

 IN THE MATTER OF AN ARBITRATION 
 IN THE MATTER OF THE ARBITRATION ACT 1996 
 BETWEEN 
 MAN GROUP PLC 
 CLAIMANT 
 AND 
  

	(1)	AIG UK LIMITED 

  

	(2)	NOVAE SYNDICATES LIMITED AS MANAGING AGENT ON BEHALF OF THE UNDERWRITING MEMBERS OF SYNDICATE 1007 AT LLOYD’S FOR THE 2004-2005 YEAR OF ACCOUNT 

 

	(3)	LIBERTY MUTUAL INSURANCE EUROPE LIMITED TRADING AS LIBERTY INTERNATIONAL UNDERWRITERS 

  

	(4)	UNDERWRITERS OF SYNDICATE BRT2987 AT LLOYD’S 

  

	(5)	ACE EUROPEAN GROUP LIMITED 

  

	(6)	AXIS SPECIALTY LONDON 

  

	(7)	UNDERWRITERS OF SYNDICATE CSL1084 AT LLOYD’S 

  

	(8)	UNDERWRITERS OF SYNDICATE HAR2000 AT LLOYD’S 

  

	(9)	CNA INSURANCE COMPANY LIMITED 

  

	(10)	SWISS RE EUROPE S.A. 

  

	(11)	TALBOT 2002 UNDERWRITING CAPITAL LIMITED 

  

	(12)	HOUSTON CASUALTY COMPANY 

  

	(13)	AIG EXCESS LIABILITY INSURANCE INTERNATIONAL LIMITED 

 RESPONDENTS 
  
 SETTLEMENT AGREEMENT 
  
  
 Rosling King LLP 
 2-3 Hind Court 
 Fleet Street 
 London 
 EC4A 3DL 
 Tel: 020 7353 2353 
 Ref:    GNS/2307-14-3

  

 9First Amendment to Loan Agreement and First Amendment to Promissory Note

 Exhibit 10.1 
 FIRST AMENDMENT TO LOAN AGREEMENT AND 
 FIRST AMENDMENT TO PROMISSORY NOTE 
 (Universal Truckload Services, Inc.) 
 This First Amendment to Loan Agreement and First Amendment to Promissory Note (“First
Amendment”) is made this 28th day of October, 2008, between Universal Truckload Services, Inc., a Michigan corporation with offices at 12755 E.
Nine Mile Road, Warren, Michigan 48089 (“Borrower”) and Keybank National Association, a national banking association, with offices at 100 S. Main Street, Ann Arbor, Michigan 48104 (“Lender”). 
 RECITALS 
 A. Borrower and Lender have
entered into that certain Loan Agreement, dated October 29, 2007 (“Loan Agreement”), pursuant to which Lender has provided Borrower with a loan in the original principal amount of $20,000,000.00 (“Loan”). Capitalized terms
used in this First Amendment and not otherwise defined shall have the meanings given to them in the Loan Agreement. 
 B. Borrower executed
and delivered to Lender a Promissory Note (Revolving Credit), dated October 29, 2007, to evidence the Loan (“Note”). 
 C.
Borrower has requested an extension of the Maturity Date of the Loan and certain other modifications to the terms of the Loan, the Note and the Loan Documents. Lender has agreed to such extension and modifications subject to the terms and conditions
set forth in this First Amendment. 
 NOW, THEREFORE, in consideration of and in reliance upon the foregoing recitals and for other good and
valuable consideration, the receipt of which is hereby acknowledged, Borrower and Lender agree as follows: 
 1. The Loan Agreement is amended
as follows: 
 a. The definition of Maturity Date in Section 1.2 is amended to read in its entirety as follows:

 “‘Maturity Date’ means October 27, 2009.” 
 b. Section 2.3 is amended and restated to read in its entirety as follows: 
 “2.3 Fees. The Borrower shall pay the Lender the following fees: 
  

	 	(a)	Borrower agrees to pay Lender a letter of credit fee of three quarters of one percent (0.75%) per annum of the amount of any issued and outstanding standby Letters of Credit,
payable annually in advance, plus usual and customary issuance and administrative fees. 

 All fees payable hereunder shall be fully earned and non-refundable upon issuance of each standby Letter
of Credit.” 
 c. Section 5.23(c) is amended and restated to read in its entirety as follows: 
 “(c) Maintain at all times, and tested as of the end of each fiscal quarter of Borrower commencing September 30, 2008, a Tangible Net Worth of
not less than $100,000,000.” 
 d. The signature block is amended to replace “Universal Truckload Systems, Inc”
with “Universal Truckload Services, Inc.” 
 2. The Note is amended as follows: 
 a. The Maturity Date is now October 27, 2009. 
 3. Survival. In all other respects and except as expressly amended, modified or restated in this First Amendment, the Loan Agreement, the Note, the Loan Documents and all of the terms, covenants and conditions
thereof as originally executed and delivered are ratified and confirmed in their entirety and shall remain in full force and effect until the Loan, with all accrued interest thereon, shall be fully paid and satisfied. Borrower reaffirms and ratifies
each and every term of the Loan Agreement, the Note and the Loan Documents including, without limitation, the representations and warranties given to Lender, which such representations and warranties are true and correct as of the date hereof,
except for representations given as of or with respect to a particular date. 
 4. Effect of First Amendment. This First Amendment
shall not be construed as an agreement to substitute a new obligation or to extinguish an obligation under the Loan Agreement, the Note or the Loan Documents and shall not constitute a novation as to the obligations of the parties. If any express
conflict shall exist between the agreements of the parties herein and as set forth in the Loan Agreement, the Note or the Loan Documents, this First Amendment shall govern and supersede the agreements set forth in the previous documents. 

5. Payment of Costs. Borrower agrees that it shall pay all reasonable closing costs with respect to this First Amendment including, without
limitation, reasonable attorneys’ fees. 
 6. Representations and Warranties. Except as set forth in this First Amendment,
Borrower has fully complied with all covenants and agreements to be complied with or performed by it under the Loan Agreement, the Note and the Loan Documents and Borrower is not aware of any present default under the Loan Agreement, the Note or the
Loan Documents. Borrower has the full power and authority to enter into this First Amendment. 
 7. Release of Claims. Borrower, in
every capacity, hereby waives, discharges and forever releases Lender, Lender’s employees, officers, directors, attorneys, stockholders and successors and assigns, from and of any and all claims, causes of action, allegations or assertions that
the Borrower may have or may have made at any time up, through and including the date of this First Amendment, regardless of whether any such claims, causes of actions, allegations or assertions arose as a result of Lender’s actions or
omissions in connection with making the Loan or any other obligations of any nature or kind of Borrower. 
 [Remainder of Page Intentionally
Left Blank] 
  

 2 

 IN WITNESS WHEREOF, the undersigned hereto have caused this First Amendment to be duly executed and
delivered as of the day and year first above written. 
  

			
	 BORROWER:

	
	 UNIVERSAL TRUCKLOAD SERVICES, INC.

		
	 By:
	 	 /s/ Robert E. Sigler

	 Name:
	 	Robert Sigler
	 Title:
	 	CFO
	
	 LENDER:

	
	 KEYBANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Erik M. Siersma

	 Name:
	 	Erik M. Siersma
	 Title:
	 	Vice President

 [Signature Page to First Amendment to Loan Agreement and 
 First Amendment to Promissory Note dated October 28, 2008] 
  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]