Document:

Exhibit 10.04

222 South Riverside Plaza, Suite 900

Chicago, IL 60606

The process of trading begins with your completing at
least one set of account forms.

This Application contains
a negotiable contract (the “Account Agreement”) through which you agree to
assume certain contractual obligations and contractually waive certain rights.
Accordingly, this Account Application, including the Account Agreement, MUST BE
READ CAREFULLY and signed by EVERY person or group trading contracts as defined
by the account agreement through R.J. O’Brien (“RJO”). Original agreements must
be completed and returned to your broker. Customers may print out account
agreements from the Internet and send original signed documentation back to
broker. However, customers utilizing Internet forms should pay particular
attention to paragraph 13 of the Account Agreement.

Please be sure that you
read and understand everything in this Application. Fill it out fully and
legibly, signing and dating, in ink, where required. Otherwise, the opening of
your account may be delayed. A new account can be traded only when the
Application and initial funds are accepted in, and the Application is approved
by, RJO’s Chicago office. 

SINCE TRADES INVOLVE AN
IMMEDIATE OBLIGATION BY RJO TO THE RESPECTIVE EXCHANGES, UNLESS OTHER
ARRANGEMENTS HAVE BEEN MADE, YOUR TRADING CAN BEGIN ONLY WHEN CLEARED FUNDS ARE
RECEIVED BY R.J. O’BRIEN, IN THE FORM OF:

A.                      A bank wire to the Harris Trust & Savings
Bank of Chicago for the account of R.J. O’Brien, Customer Segregated Account
367-171-6. The ABA routing, if necessary, is 071-000-288. (Be sure to include
your name as it appears on your account agreement and also your complete
account number.);

B.                        A certified check or cashier’s check made
payable to R.J. O’Brien. If this is a new account, personal checks, money
market checks and savings and loan checks may require clearance before you can
trade. In addition, the originating source of all funds coming into the account
must match the name on the account;

C.                        TRANSFER of funds and/or existing positions to
your account from another firm. When transferring an account, please fill out
the Account Transfer Form in the back of this booklet, return it to RJO with
all other required documents (via your Introducing Broker, if any), and RJO
will apply positions and funds to your account accordingly.

WHEN YOUR ACCOUNT IS OPEN
AND TRADING, READ YOUR STATEMENTS CAREFULLY, AS SOON AS THEY ARE RECEIVED. If
you plan to be away, check in with your broker as frequently as prudent! Do not delay reviewing your trading status. If
you have ANY questions about an individual trade or your balance or position,
either phone your account representative (broker) immediately, or if he or she
is unavailable or a problem is not resolved at once, call the RJO Compliance
staff in Chicago at 312-373-5000.

ATTENTION:
                      Please make a copy
of this entire account application for your records.

Rev. 1/05

 

RISK DISCLOSURE
STATEMENT FOR FUTURES AND OPTIONS

This brief statement does
not disclose all of the risks and other significant aspects of trading in
futures and options. In light of the risks, you should undertake such
transactions only if you understand the nature of the contracts (and
contractual relationships) into which you are entering and the extent of your
exposure to risk. Trading in futures and options is not suitable for many
members of the public. You should carefully consider whether trading is
appropriate for you in light of your experience, objectives, financial
resources and other relevant circumstances.

Futures

1.  Effect of “Leverage” or “Gearing”

Transactions in futures
carry a high degree of risk. The amount of initial margin is small relative to
the value of the futures contract so that transactions are “leveraged” or
“geared.” A relatively small market movement will have a proportionately larger
impact on the funds you have deposited or will have to deposit: this may work
against you as well as for you. You may sustain a total loss of initial margin
funds and any additional funds deposited with the firm to maintain your
position. If the market moves against your position or margin levels are
increased, you may be called upon to pay substantial additional funds on short
notice to maintain your position. If you fail to comply with a request for
additional funds within the time prescribed, your position may be liquidated at
a loss and you will be liable for any resulting deficit.

2. Risk-reducing
orders or strategies

The placing of certain
orders (e.g. “stop-loss” orders, where permitted under local law, or
“stop-limit” orders) which are intended to limit losses to certain amounts may
not be effective because market conditions may make it impossible to execute
such orders. Strategies using combinations of positions, such as “spread” and
“straddle” positions may be as risky as taking simple “long” or “short”
positions.

Options

3. Variable degree
of risk

Transactions in options
carry a high degree of risk. Purchasers and sellers of options should
familiarize themselves with the type of option (i.e. put or call) which they
contemplate trading and the associated risks. You should calculate the extent
to which the value of the options must increase for your position to become
profitable, taking into account the premium and all transaction costs.

The purchaser of options
may offset or exercise the options or allow the options to expire. The exercise
of an option results either in a cash settlement or in the purchaser acquiring
or delivering the underlying interest. If the option is on a future, the
purchaser will acquire a futures position with associated liabilities for
margin (see the section on Futures above). If the purchased options expire
worthless, you will suffer a total loss of your investment which will consist
of the option premium plus transaction costs. If you are contemplating
purchasing deep-out-of the-money options, you should be aware that the chance
of such options becoming profitable ordinarily is remote.

Selling (“writing” or
“granting”) an option generally entails considerably greater risk than purchasing
options. Although the premium received by the seller is fixed, the seller may
sustain a loss well in excess of that amount. The seller will be liable for
additional margin to maintain the position if the market moves unfavorably. The
seller will also be exposed to the risk of the purchaser exercising the option
and the seller will be obligated to either settle the option in cash or to
acquire or deliver the underlying interest. If the option is on a future, the
seller will acquire a position in a future with associated liabilities for
margin (see the section on Futures above). If the option is “covered” by the
seller holding a corresponding position in the underlying interest or a future
or another option, the risk may be reduced. If the option is not covered, the
risk of loss can be unlimited.

Certain exchanges in some
jurisdictions permit deferred payment of the option premium, exposing the
purchaser to liability for margin payments not exceeding the amount of the
premium. The purchaser is still subject to the risk of losing the premium and
transaction costs. When the option is exercised or expires, the purchaser is
responsible for any unpaid premium outstanding at that time.

Additional risks
common to futures and options

4. Terms and
conditions of contracts

You should ask the firm
with which you deal about the terms and conditions of the specific futures or
options which you are trading and associated obligations (e.g., the
circumstances under which you may become obligated to make or take delivery of
the underlying interest of a futures contract and, in respect to options,
expiration dates and restrictions on the time for exercise). Under certain
circumstances the specifications of outstanding contracts (including the
exercise price of an option) may be modified by the exchange or clearing house
to reflect changes in the underlying interest.

5. Suspension or
restriction of trading and pricing relationships

Market conditions (e.g.
illiquidity) and/or the operation of the rules of certain markets (e.g. the
suspension of trading in any contract or contract month because of price limits
or “circuit breakers”) may increase the risk of loss by making it difficult or
impossible to effect transactions or liquidate/offset positions. If you have
sold options, this may increase the risk of loss. Further, normal pricing
relationships between the underlying interest and the future, and the
underlying interest and the option may not exist. This can occur when, for
example, the futures contract underlying the option is subject to price limits
while the option is not. The absence of an underlying reference price may make
it difficult to judge “fair” value.

 2
 

 

6. Deposited cash and property

You should familiarize yourself with the protections
accorded money or other property you deposit for domestic and foreign
transactions, particularly in the event of a firm insolvency or bankruptcy. The
extent to which you may recover your money or property may be governed by
specific legislation or local rules. In some jurisdictions, property which had
been specifically identifiable as your own will be pro-rated in the same manner
as cash for purposes of distribution in the event of a shortfall.

7. Commission and other charges

Before you begin to trade, you should obtain a clear
explanation of all commission, fees and other charges for which you will be
liable. These charges will affect your net profit (if any) or increase your
loss.

8. Transactions in other
jurisdictions

Transactions on markets in other jurisdictions,
including markets formally linked to a domestic market, may expose you to
additional risk. Such markets may be subject to regulation which may offer
different or diminished investor protection. Before you trade you should
inquire about any rules relevant to your particular transactions. Your local
regulatory authority will be unable to compel the enforcement of the rules of
regulatory authorities or markets in other jurisdictions where your
transactions have been effected. You should ask the firm with which you deal
for details about the types of redress available in both your home jurisdiction
and other relevant jurisdictions before you start to trade.

9. Currency risks

The profit or loss in transactions in foreign currency
denominated contracts (whether they are traded in your own or another
jurisdiction) will be affected by fluctuations in currency rates where there is
a need to convert from the currency denomination of the contract to another
currency.

10. Trading facilities

Most open-outcry and electronic trading facilities are
supported by computer-based component systems for the order routing, execution,
matching, registration or clearing of trades. As with all facilities and
systems, they are vulnerable to temporary disruption or failure. Your ability
to recover certain losses may be subject to limits on liability imposed by the
system provider, the market, the clearinghouse and/or member firms. Such limits
may vary: you should ask the firm with which you deal for details in this
respect.

11. Electronic trading

Trading on an electronic trading system may differ not
only from trading in an open-outcry market but also from trading on other
electronic trading systems. If you undertake transactions on an electronic
trading system, you will be exposed to risks associated with the system
including the failure of hardware and software. The result of any system
failure may be that your order is either not executed according to your
instructions or is not executed at all.

12. Off-exchange transactions

In some jurisdictions, and only then in restricted
circumstances, firms are permitted to effect off-exchange transactions. The
firm with which you deal may be acting as your counterparty to the transaction.
It may be difficult or impossible to liquidate an existing position, to assess
the value, to determine a firm price or to assess the exposure to risk, For
these reasons, these transactions may involve increased risks. Off-exchange
transactions may be less regulated or subject to a separate regulatory regime.
Before you undertake such transactions, you should familiarize yourself with
applicable rules and attendant risks.

I hereby acknowledge that I have
received and understood this Risk Disclosure Statement.

	
  

  	
  If Individual or Joint Account:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Customer
  Name

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  X

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Customer
  Signature

  	
  Date

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Joint
  Party Name

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  X

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Joint Party
  Signature

  	
  Date

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  

  	
  If Corporation, Partnership, or other entity: (All
  General Partners must sign),

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  X

  	
  /s/ Annette A. Cazenave Sr. V. Pres., Refco Comm.
  Mgmt.

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
  Title

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  9/27/06

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  X

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
  Title

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date

  	
   

  	
   

  	
   

  	
   

  

 

 3
 

 

PRIVACY POLICY

	
  R.J. O’Brien and

  	
   

  	
      believe in
  respecting the privacy and security

  
	
   

  	
  (Name of
  Introducing Broker)

  	
   

  

of your personal information. Please read this Privacy Policy
carefully.

We do not disclose any nonpublic personal information
about our customers or former customers to anyone, except as permitted by law.

Collection of Information

We collect nonpublic personal information about you from the following
sources:

·                             Information
we receive from you on applications or other forms;

·                             Information
about your transactions with us, our affiliates or others; and

·                             Information
we receive from a consumer reporting agency.

Information Sharing with
Nonaffiliated Third Parties as Permitted by Law

We are permitted by law to share all the information
we collect, as described above, with (1) companies that perform marketing
services on our behalf and (2) other third parties that assist us with
preparing and processing orders and statements.

Confidentiality and Security

We restrict access to nonpublic personal information
about you to those employees who need to know that information to provide
products or services to you. We maintain physical, electronic and procedural
safeguards that are designed to protect your nonpublic information.

 4
 

NOTICE TO
CUSTOMERS

To help the government fight the funding of terrorism
and money laundering activities, Federal law requires all financial
institutions to obtain, verify, and record information that identifies each
person who opens an account.

What this means for you: When you open an account, we
will ask for your name, address, date of birth and other information that will
allow us to identify you. We may also ask to see your driver’s license or other
identifying documents.

 5
 

 

INSTRUCTIONS
FOR ACCOUNT FORMS

	
  Risk Disclosure Statement for Futures and Options

  	
   

  	
  Pages 2-3

  
	
  (This CFTC Risk
  Disclosure must be signed by all customers.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Privacy
  Policy

  	
   

  	
  Page 4

  
	
  (Please review)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notice
  to Customers

  	
   

  	
  Page 5

  
	
  (Please review)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Account
  Application

  	
   

  	
  Page 7

  
	
  (All customers
  must complete.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  General
  Partner Information

  	
   

  	
  Pages 8-9

  
	
  (All General
  Partners of a Partnership must complete.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Account
  Agreement

  	
   

  	
  Pages 10-16

  
	
  (Please review
  and sign were applicable.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Personal
  Guarantee

  	
   

  	
  Page 17

  
	
  (All Corporate,
  LLC, and Partnership accounts must sign.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exercise
  and Assignment Policy

  	
   

  	
  Page 18

  
	
  (Must be signed
  by all customers.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Hedge
  Agreement

  	
   

  	
  Page 19

  
	
  (All customers
  requesting bone fide hedge margins must complete and sign.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Introducing
  Broker Authorization

  	
   

  	
  Page 20

  
	
  (Must be signed
  by all customers.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Trading
  and Order Routing Disclosure Statement

  	
   

  	
  Page 22

  
	
  (Must be
  reviewed by all customers.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  New York
  Board of Trade Electronic Order Routing Systems Disclosure Statement

  	
   

  	
  Page 23

  
	
  (Must be
  reviewed by all customers.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Additional
  Risk Disclosure

  	
   

  	
  Page 24

  
	
  (All customers
  must review and sign if applicable.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Request
  for Electronic Transmission of Customer Statements

  	
   

  	
  Page 25

  
	
  (Must be signed
  by all customers requesting statements be sent electronically.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Internal
  Revenue Code Substitute Form W-9

  	
   

  	
  Page 26

  
	
  (Must be
  completed by all U.S. Citizens.)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Account
  Transfer Form

  	
   

  	
  Page 27

  

 

 6

PARTNERSHIP

INDIVIDUAL GENERAL PARTNER INFORMATION

1) General Partner

	
  Refco Comm. Mgmt.

  	
   

  	
  41 - 1457292

  	
   

  	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
  Social Security

  	
   

  	
  Occupation 

  	
   

  	
  Date of Birth

  
	
   

  	
   

  	
  Refco Commodity Mgmt. Inc..

  	
   

  	
   

  	
   

  	
   

  
	
  Employer Name

  	
   

  	
  Nature of Business

  	
   

  	
   

  	
   

  	
   

  
	
  312
  - 456 - 6462

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Daytime Phone

  	
   

  	
  Home Phone

  	
   

  	
  Fax Phone

  	
   

  	
   

  

 

Financials

 

	
  Annual Income:

  	
   

  	
  Liquid Net
  Worth:**

  	
   

  	
  Total Net Worth:
  

  
	
  o  $25,000
  - $50,000*

  	
   

  	
  o  $5,000
  - $25,000

  	
   

  	
  o  $5,000
  - $25,000

  
	
  o  $50,000
  - $100,000

  	
   

  	
  o  $25,000
  - $50,000

  	
   

  	
  o  $25,000
  - $50,000

  
	
  o  $100,000
  - $200,000

  	
   

  	
  o  $50,000
  - $100,000

  	
   

  	
  o  $50,000
  - $100,000

  
	
  o  $200,000
  - $1,000,000

  	
   

  	
  o  $100,000
  - $500,000

  	
   

  	
  o  $100,000
  - $500,000

  
	
  o  over
  $1,000,000

  	
   

  	
  o  $500,000
  - $1,000,000

  	
   

  	
  o  $500,000
  - $1,000,000

  
	
   

  	
   

  	
  o  $1,000,000
  - $2,000,000

  	
   

  	
  o  $1,000,000
  - $2,000,000

  
	
  *If
  under $25,000, give amount & source:

  	
   

  	
  o  $2,000,000
  and over

  	
   

  	
  x  $2,000,000
  and over

  
	
   

  	
   

  	
  **Excluding
  equity in home

  	
   

  	
   

  

 

Investment
Experience

 

	
  Futures:

  	
   

  	
  Commodity
  Options:

  	
   

  	
  Commodity Funds:

  	
   

  	
  Stocks/Bonds:

  
	
  x

  	
  Yes

  	
   

  	
  o  Yes

  	
   

  	
  x  Yes

  	
   

  	
  o  Yes

  
	
  o

  	
  No

  	
   

  	
  x  No

  	
   

  	
  o  No

  	
   

  	
  x  No

  
	
  9

  	
  Years

  	
   

  	
  ___ Years

  	
   

  	
  _9  Years

  	
   

  	
  ___ Years

  

 

	
  If
  yes, please list accounts:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  o  Open

  	
   

  	
  o  Closed

  	
   

  	
   

  	
   

  	
  o  Open

  	
   

  	
  o  Closed

  
	
  Firm

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Firm

  	
   

  	
   

  	
   

  	
   

  

 

Do you understand:

	
  x

  	
  Yes

  	
   

  	
  o  No

  	
   

  	
  Basics of
  Futures Trading?

  
	
  x

  	
  Yes

  	
   

  	
  o  No

  	
   

  	
  Risks of Loss
  and the Possibility of Incurring a Debit?

  
	
  o

  	
  Yes

  	
   

  	
  o  No

  	
   

  	
  RJO Margin
  Policy? (See Account Agreement, section 3)

  
	
  x

  	
  Yes

  	
   

  	
  o  No

  	
   

  	
  Is Futures
  Trading Suitable for you?

  
	
  x

  	
  Yes

  	
   

  	
  o  No

  	
   

  	
  Are you an
  employee or member of any futures or securities exchange, NFA, NASD; a member
  firm of either of

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  those entities
  or an employee of RJO?  If yes, list:

  	
  Member NFA

  	
   

  

 

2) General Partner

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
  Social Security

  	
   

  	
  Occupation 

  	
   

  	
  Date of Birth

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Employer Name

  	
   

  	
  Nature of Business

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Daytime Phone

  	
   

  	
  Home Phone

  	
   

  	
  Fax Phone

  	
   

  	
   

  

 

Financials

 

	
  Annual Income:

  	
   

  	
  Liquid Net
  Worth:**

  	
   

  	
  Total Net Worth:
  

  
	
  o  $25,000
  - $50,000*

  	
   

  	
  o  $5,000
  - $25,000

  	
   

  	
  o  $5,000
  - $25,000

  
	
  o  $50,000
  - $100,000

  	
   

  	
  o  $25,000
  - $50,000

  	
   

  	
  o  $25,000
  - $50,000

  
	
  o  $100,000
  - $200,000

  	
   

  	
  o  $50,000
  - $100,000

  	
   

  	
  o  $50,000
  - $100,000

  
	
  o  $200,000
  - $1,000,000

  	
   

  	
  o  $100,000
  - $500,000

  	
   

  	
  o  $100,000
  - $500,000

  
	
  o  over
  $1,000,000

  	
   

  	
  o  $500,000
  - $1,000,000

  	
   

  	
  o  $500,000
  - $1,000,000

  
	
   

  	
   

  	
  o  $1,000,000
  - $2,000,000

  	
   

  	
  o  $1,000,000
  - $2,000,000

  
	
  *If
  under $25,000, give amount & source:

  	
   

  	
  o  $2,000,000
  and over

  	
   

  	
  o  $2,000,000
  and over

  
	
   

  	
   

  	
  **Excluding
  equity in home

  	
   

  	
   

  

 

Investment
Experience

 

	
  Futures:

  	
   

  	
  Commodity
  Options:

  	
   

  	
  Commodity Funds

  	
   

  	
  Stocks/Bonds

  
	
  o  Yes

  	
   

  	
  o  Yes

  	
   

  	
  o  Yes

  	
   

  	
  o  Yes

  
	
  o  No

  	
   

  	
  o  No

  	
   

  	
  o  No

  	
   

  	
  o  No

  
	
  ___ Years

  	
   

  	
  ___ Years

  	
   

  	
  ___ Years

  	
   

  	
  ___ Years

  

 

	
  If
  yes, please list accounts:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  o  Open

  	
   

  	
  o  Closed

  	
   

  	
   

  	
   

  	
  o  Open

  	
   

  	
  o  Closed

  

 

Do you understand:

	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Basics of
  Futures Trading?

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Risks of Loss
  and the Possibility of Incurring a Debit?

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  RJO Margin
  Policy? (See Account Agreement, section 3)

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Is Futures
  Trading Suitable for you?

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Are you an
  employee or member of any futures or securities exchange, NFA, NASD; a member
  firm of either

  
	
   

  	
   

  	
   

  	
   

  	
  of those
  entities or an employee of RJO?  If yes, list: 

  	
   

  	
   

  

 

 8
 

3) General Partner

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
  Social Security

  	
   

  	
  Occupation 

  	
   

  	
  Date of Birth

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Employer Name

  	
   

  	
  Nature of Business

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Daytime Phone

  	
   

  	
  Home Phone

  	
   

  	
  Fax Phone

  	
   

  	
   

  

 

Financials

 

	
  Annual Income:

  	
   

  	
  Liquid Net
  Worth:**

  	
   

  	
  Total Net Worth:
  

  
	
  o  $25,000
  - $50,000*

  	
   

  	
  o  $5,000
  - $25,000

  	
   

  	
  o  $5,000
  - $25,000

  
	
  o  $50,000
  - $100,000

  	
   

  	
  o  $25,000
  - $50,000

  	
   

  	
  o  $25,000
  - $50,000

  
	
  o  $100,000
  - $200,000

  	
   

  	
  o  $50,000
  - $100,000

  	
   

  	
  o  $50,000
  - $100,000

  
	
  o  $200,000
  - $1,000,000

  	
   

  	
  o  $100,000
  - $500,000

  	
   

  	
  o  $100,000
  - $500,000

  
	
  o  over
  $1,000,000

  	
   

  	
  o  $500,000
  - $1,000,000

  	
   

  	
  o  $500,000
  - $1,000,000

  
	
   

  	
   

  	
  o  $1,000,000
  - $2,000,000

  	
   

  	
  o  $1,000,000
  - $2,000,000

  
	
  *If
  under $25,000, give amount & source:

  	
   

  	
  o  $2,000,000
  and over

  	
   

  	
  o  $2,000,000
  and over

  
	
   

  	
   

  	
  **Excluding
  equity in home

  	
   

  	
   

  

 

Investment
Experience

 

	
  Futures:

  	
   

  	
  Commodity
  Options:

  	
   

  	
  Commodity Funds

  	
   

  	
  Stocks/Bonds

  
	
  o  Yes

  	
   

  	
  o  Yes

  	
   

  	
  o  Yes

  	
   

  	
  o  Yes

  
	
  o  No

  	
   

  	
  o  No

  	
   

  	
  o  No

  	
   

  	
  o  No

  
	
  ___ Years

  	
   

  	
  ___ Years

  	
   

  	
  ___ Years

  	
   

  	
  ___ Years

  

 

	
  If
  yes, please list accounts:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  o  Open

  	
   

  	
  o  Closed

  	
   

  	
   

  	
   

  	
  o  Open

  	
   

  	
  o  Closed

  
	
  Firm

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Firm

  	
   

  	
   

  	
   

  	
   

  

 

Do you understand:

	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Basics of
  Futures Trading?

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Risks of Loss
  and the Possibility of Incurring a Debit?

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  RJO Margin
  Policy? (See Account Agreement, section 3)

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Is Futures
  Trading Suitable for you?

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Are you an
  employee or member of any futures or securities exchange, NFA, NASD; a member
  firm of either 

  
	
   

  	
   

  	
   

  	
   

  	
  of those entities
  or an employee of RJO?  If yes, list:

  	
   

  	
   

  

 

4) General Partner

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
  Social Security

  	
   

  	
  Occupation 

  	
   

  	
  Date of Birth

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Employer Name

  	
   

  	
  Nature of Business

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Daytime Phone

  	
   

  	
  Home Phone

  	
   

  	
  Fax Phone

  	
   

  	
   

  

 

Financials

 

	
  Annual Income:

  	
   

  	
  Liquid Net
  Worth:**

  	
   

  	
  Total Net Worth:
  

  
	
  o  $25,000
  - $50,000*

  	
   

  	
  o  $5,000
  - $25,000

  	
   

  	
  o  $5,000
  - $25,000

  
	
  o  $50,000
  - $100,000

  	
   

  	
  o  $25,000
  - $50,000

  	
   

  	
  o  $25,000
  - $50,000

  
	
  o  $100,000
  - $200,000

  	
   

  	
  o  $50,000
  - $100,000

  	
   

  	
  o  $50,000
  - $100,000

  
	
  o  $200,000
  - $1,000,000

  	
   

  	
  o  $100,000
  - $500,000

  	
   

  	
  o  $100,000
  - $500,000

  
	
  o  over
  $1,000,000

  	
   

  	
  o  $500,000
  - $1,000,000

  	
   

  	
  o  $500,000
  - $1,000,000

  
	
   

  	
   

  	
  o  $1,000,000
  - $2,000,000

  	
   

  	
  o  $1,000,000
  - $2,000,000

  
	
  *If
  under $25,000, give amount & source:

  	
   

  	
  o  $2,000,000
  and over

  	
   

  	
  o  $2,000,000
  and over

  
	
   

  	
   

  	
  **Excluding
  equity in home

  	
   

  	
   

  

 

Investment
Experience

 

	
  Futures:

  	
   

  	
  Commodity
  Options:

  	
   

  	
  Commodity Funds

  	
   

  	
  Stocks/Bonds

  
	
  o  Yes

  	
   

  	
  o  Yes

  	
   

  	
  o  Yes

  	
   

  	
  o  Yes

  
	
  o  No

  	
   

  	
  o  No

  	
   

  	
  o  No

  	
   

  	
  o  No

  
	
  ___ Years

  	
   

  	
  ___ Years

  	
   

  	
  ___ Years

  	
   

  	
  ___ Years

  

 

	
  If
  yes, please list accounts:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  o  Open

  	
   

  	
  o  Closed

  	
   

  	
   

  	
   

  	
  o  Open

  	
   

  	
  o  Closed

  
	
  Firm

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Firm

  	
   

  	
   

  	
   

  	
   

  

 

Do you understand:

	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Basics of
  Futures Trading?

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Risks of Loss
  and the Possibility of Incurring a Debit?

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  RJO Margin
  Policy? (See Account Agreement, section 3)

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Is Futures
  Trading Suitable for you?

  
	
  o  Yes

  	
   

  	
  o  No

  	
   

  	
  Are you an
  employee or member of any futures or securities exchange, NFA, NASD; a member
  firm

  
	
   

  	
   

  	
   

  	
   

  	
  of either of
  those entities or an employee of R.J. O’Brien?  If yes,
  list:

  	
   

  	
   

  

 

 9

ACCOUNT AGREEMENT

1. ACCOUNT STATUS

R.J. O’Brien (RJO) agrees to accept and maintain for
the undersigned Customer one or more accounts and to act as broker or dealer
for Customer in the execution and clearance of orders for transactions
involving the purchase and sale of commodity futures contracts; options on
futures contracts; commodities and forward contracts, security futures
contracts (“SSF”); option, spot and forward foreign exchange transactions;
exchange for physicals (“EFPs”); and any other cash transaction (individually,
a “Contract” and collectively, “Contracts”). Customer hereby represents that
all responses made in connection with the Account Application and Account
Agreement are complete and correct, and that RJO will be informed of any
material change in such data, including financial information.

Customer warrants to RJO that if Customer is an
individual or if this is a joint account, Customer(s) is of legal age and of
sound mind. Unless otherwise indicated in the Application, no one except the
Customer(s) identified in the Account Application has an interest in the
account(s).

Customer agrees to permit verification of relevant
information by RJO through third parties (including credit reporting entities).
In any event, this Account Agreement and the account(s) permitted hereunder
become effective only upon acceptance by an authorized representative of RJO at
its principal office in Chicago, Illinois.

2. ACCOUNT RISKS

Customer acknowledges the following:

A)                     TRADING
IN CONTRACTS IS HIGHLY SPECULATIVE AND IN NO SENSE MAY BE CONSIDERED A
CONSERVATIVE “INVESTMENT”;

B)                       BECAUSE
OF THE LOW MARGIN DEPOSITS NORMALLY UTILIZED AND THE VOLATILE PRICE MOVEMENTS
WHICH CAN OCCUR IN THE CONTRACT MARKETS, THE POSSIBILITY OF RAPID AND
SUBSTANTIAL LOSSES IS CONTINUALLY PRESENT;

C)                       TRADING
IN CONTRACTS IS APPROPRIATE ONLY FOR THOSE PERSONS FINANCIALLY ABLE TO
WITHSTAND SUBSTANTIAL LOSSES, SOMETIMES GREATLY EXCEEDING THE VALUE OF THEIR
MARGIN DEPOSITS.

3. MARGINS, DEPOSITS AND
BALANCES

All checks and funds from Customer, to be credited to
Customer’s account(s), must be payable only to “R.J. O’Brien”. Customer agrees
at all times to maintain such margin in his account as RJO may from time to
time (at its sole discretion) require, and will meet all margin calls in a reasonable
amount of time. Customer agrees that, if requested to do so, Customer will
promptly wire-transfer such funds. Market conditions permitting, RJO agrees to
make reasonable efforts to notify Customer of margin calls and/or deficiencies
and to allow a reasonable period for Customer to provide funds. FOR THE PURPOSE
OF THIS AGREEMENT, A REASONABLE AMOUNT OF TIME SHALL BE DEEMED TO BE ONE (1)
HOUR, OR LESS THAN ONE HOUR IF, IN RJO’S BUSINESS JUDGMENT, MARKET CONDITIONS
WARRANT. Customer further agrees that, notwithstanding anything in this
Agreement to the contrary, in the event that the account(s) is undermargined,
has zero equity or is equity deficit at any time, or in the event that RJO is
unable to contact Customer due to Customer’s unavailability or due to a
breakdown in electronic communications, RJO shall have the right to liquidate
all or any part of Customer’s positions through any means available, without
prior notice to the Customer.

Furthermore, if at any time Customer’s account does
not contain the amount of margin determined by RJO to be appropriate to protect
it from adverse market activity, or in the case of Customer’s bankruptcy, or
any other event which may cause RJO to be concerned over Customers ability to
perform, RJO may at its sole discretion and without prior notice, to Customer, “straddle”
or “spread” open positions, switch positions to another month, commodity or
exchange, close out positions in whole or part, or limit and/or terminate the
right of the Customer to trade in the account(s), other than for liquidation.
RJO is authorized to take whatever action it deems necessary including, without
prior demand or notice to Customer, hedging and/or offsetting of Customer’s
positions in a cash market or otherwise, selling or otherwise liquidating any
property belonging to the Customer or in which the Customer has an interest,
buying or borrowing any property required to make delivery against any sales,
including short sales, effected for Customer’s account(s) or otherwise
liquidating the positions in Customer’s account(s) by exchange of future for
physical transactions, all for Customer’s sole account and risk. Such
liquidation, sale or purchase may be public or private and may be made without
notice to Customer and in such manner as RJO may, in its sole discretion,
determine.

RJO may require margin in excess of that required by
applicable law, regulation, exchange or clearinghouse minimums. All deposits
shall be deemed made only when cleared funds are actually received by RJO. If a
check is not honored or paid by a bank upon presentment, RJO will immediately
debit Customer’s account for the amount of the returned check as well as any
fees incurred. Any failure by RJO to call for margin at any time shall not
constitute a waiver of RJO’s right to do so any time thereafter, nor shall such
failure create any liability to the Customer. RJO shall not be liable to
Customer for the loss or loss of use of any margin deposits option premiums, or
other property, which loss is the direct or indirect result of bankruptcy,
insolvency, liquidation, receivership, custodianship, or assignment for the
benefit of creditors of any bank, other clearing broker, exchange, clearing
organization or similar entity.

RJO may, for any reason, require Customer to transfer
its account(s) to another firm. If Customer does not transfer its positions
promptly upon demand by RJO, RJO may liquidate the positions and Customer
agrees to indemnify and hold RJO harmless from any and all losses resulting
from such liquidation.

 10
 

The Customer acknowledges that RJO is hereby specially
authorized, for its account and benefit, from time to time and without notice
to it, either separately or with others, to lend, repledge, hypothecate or
rehypothecate, either to itself or to others, any and all property (including
but not limited to securities, commodities warehouse receipts or other
negotiable instruments) held by Customer in any of its accounts and RJO shall
not at any time be required to deliver to Customer such identical property but
may fulfill its obligation by delivery of property of the same kind and amount.

4. DEBIT
BALANCES

All monies, securities,
negotiable instruments, open positions in Contracts, options premiums,
commodities or other property now or at any future time on deposit or in
safekeeping with RJO, shall constitute security for Customer’s obligations
hereunder and Customer grants RJO the right to sell or use such security to
offset and credit any of those obligations not promptly paid. Customer
understands that Customer is liable to RJO for any deficit (“debit”) balance in
the account(s) remaining after any such offset. If Customer does not promptly
pay a debit in Customer’s account(s) and RJO deems it necessary to take
collection action, Customer will hold RJO harmless for all losses and expenses
and will reimburse RJO for the debit and all costs incurred, including
reasonable attorneys’ fees in connection with such collection actions.

Customer agrees to pay interest on debit(s) at the
greater of 1% per month or at an annual rate of 1% over the prime rate at the
Harris Trust & Savings Bank of Chicago.

5. COMMISSIONS, FEES AND
OTHER COSTS

Customer agrees to pay all commissions, fees and other
costs charged by RJO, including but not limited to, introducing broker and
floor brokerage, clearing, exchange and NFA fees. In the event that Customer’s
account is transferred to another broker, transfer commissions and/or service
fees may be charged. Any interest accrued in any account on excess cash
balances shall be retained by RJO. RJO shall be under no obligation to pay or
account to Customer for any interest income or benefits that may be derived
from or use of client monies, reserves, deposits, cash equivalents or any other
property.

If Customer directs RJO to enter into any transaction
which is effected in a foreign currency or if funds provided by Customer
involve the use of a foreign currency: any profit or loss arising as a result
of a fluctuation in the exchange rate affecting such currency will be entirely
for Customer’s account and risk. All initial and subsequent deposits for margin
purposes shall be made in U.S. dollars, unless otherwise requested in writing
by Customer, and written approval from RJO is obtained. RJO is authorized to
convert funds in Customer’s account(s) into and from the relevant foreign
currency at the rate of exchange plus appropriate fees, obtained from RJO or
RJO’s banker.

6. EXCHANGE AND FEDERAL
RULES

All transactions handled by RJO on Customer’s behalf
shall be subject to the constitution, regulations, customs and interpretations
of each exchange or market (and its clearing house, if any), on which the
trades are executed, and to all applicable governmental regulations. RJO shall
not be liable to Customer as a result of any action taken by RJO to comply with
such rules. RJO’s violation of any exchange or other self regulatory
organization’s regulations shall not provide Customer with either a defense to
a claim by RJO or the basis of a claim against RJO.

In the event that the Customer is a regulated institution
or entity, Customer recognizes and acknowledges that it may be required to
comply with regulations including, but not limited to the Commodity Exchange
Act, and that RJO has no obligation to insure that Customer abides by the rules
and regulations pertaining to it.

7. POSITIONS AND
DELIVERIES

Customer authorizes RJO to purchase and sell
Contracts, in accordance with Customer’s oral or written instructions.

Customer acknowledges Customer’s reporting obligations
(regarding certain sized positions) under CFTC Regulation 18.00. These sections
obligate Customer to notify the CFTC on Form 40 on the first day that Customer’s
position is reportable (as defined in CFTC Regulation 15.03) and for each day
thereafter as long as Customer holds the position.

Customer agrees to honor all assignments and deliver
the underlying commodity in the prescribed time. If Customer fails to so
deliver, Customer designates RJO to act as Customer’s agent to buy such
commodity contracts so that the commitment is honored. If a call or a put
option is written on a futures contract, Customer realizes that Customer will
be required to purchase the underlying futures contract at the exercise price
in the event Customer receives a notice of assignment. Customer agrees to honor
all assignments and pay the exercise price in the prescribed time. If Customer
fails to so act, Customer designates RJO as Customer’s agent to liquidate the
underlying futures contract so that Customer’s commitment will be honored.
Customer understands that Customer’s account will be debited for any loss and
that a commission and/or other related transaction costs will be charged for
these services.

Customer understands that, unless the contract
specifications state to the contrary, every futures contract contemplates
delivery and Customer shall promptly advise RJO if Customer intends to make or
take delivery. When Customer intends to take delivery, Customer shall deposit
with RJO the full value of the commodity at least five (5) business days prior
to the first notice day and, in the case of short positions, at least seven (7)
business days prior to last trading day. Alternatively, sufficient funds to
take delivery or the necessary documents must be in the possession of RJO
within the same periods described above. If RJO does not receive the
aforementioned instructions, funds or documents, RJO is authorized, at its
discretion, to borrow or buy any property necessary to honor such obligation,
and Customer shall pay and indemnify RJO for any costs, losses, penalties or damages
(including, but not limited to delivery and storage costs) which RJO might
incur in fulfilling this responsibility.

Customer understands that if Customer does not
liquidate a position prior to the end of trading on the last day before
expiration of a security futures contract, Customer will be obligated to either
make or accept a cash payment for cash settled contracts, or accept delivery of
the underlying securities in exchange for final payment of the settlement price
for SSF contracts settled by physical delivery. Unless the SSF contract
specifications state to the contrary, every SSF contract contemplates delivery.
Before a Customer will be allowed to make or take delivery of an SSF, Customer
must provide RJO with information relating to the broker-dealer through which
Customer will effect delivery. In this regard Customer will identify the name
of the broker-dealer, the broker-dealer’s Depository Trust Number, the broker
Dealer’s Institutional ID number, and the Customer’s account number on the books
of the broker-dealer. When a customer intends to take delivery, Customer shall
provide notification and deposit with RJO the full value of the underlying
securities subject to the SSF at least five (5) business days prior to the last
trading day of the contract. When the customer holds a short position and
intends to make delivery, Customer shall provide notification and tender the
underlying securities subject to the SSF to RJO at least five (5) business days
prior to the last trading day. If RJO does not receive the aforementioned
instructions, funds or stocks, RJO is authorized, at its discretion, to borrow
or buy any stock necessary to honor such obligation, or to liquidate or
otherwise offset the position, and Customer shall pay and indemnify RJO for any
costs, losses, penalties or damages (including, but not limited to settlement
and transaction costs) which RJO might incur in fulfilling this responsibility.

 11
 

8. OPTIONS

CUSTOMER WILL NOT PURCHASE A PUT OR CALL UNLESS
CUSTOMER IS ABLE TO SUSTAIN THE TOTAL LOSS OF THE PREMIUM AND RELATED
TRANSACTION COSTS. CUSTOMER WILL NOT SELL (WRITE) A CALL OR PUT OPTION UNLESS
CUSTOMER EITHER OWNS THE UNDERLYING FUTURES CONTRACT OR IS ABLE TO WITHSTAND
SUBSTANTIAL FINANCIAL LOSSES.

Customer recognizes that Customer is fully responsible
for taking action to exercise an option contract. RJO shall not be required to
take any action with respect to an option contract, including any action to
exercise a valuable option prior to its expiration date, except upon express instructions
from Customer. In this connection, Customer understands that exchanges have
established exercise cut-off times for the tender of exercise instructions, and
that Customer’s options may become worthless in the event that Customer does
not provide instructions promptly. Customer further understands that RJO
cut-off times may differ from the times established by the exchanges, and
hereby agrees to waive any and all claims for damage or loss which might arise
out of an option not being exercised. RJO will not be responsible for
information regarding option expiration dates and assignment notification.
Additionally, RJO will not be responsible for any errors or omissions regarding
such information.

Customer understands that the
RJO exercise policy is on a random basis. All short option positions are
subject to assignment at any time, including positions established on the same
day that exercises are assigned. Notices of assignment are allocated on a
random basis upon best efforts among all customers’ short option positions
which are subject to exercise.

Customer understands that
particular commodity options may cease to trade at any time or expire, either
of which event may result in Customer’s financial loss. Customer also
understands that some exchanges may automatically exercise long in the money
options pursuant to the regulations of such exchange.

9. LIMITATION OF
LIABILITY OF RJO FOR ACTS OF BROKERS

RJO will execute Customer’s
transactions solely as agent of Customer. In executing transactions on an exchange,
RJO may utilize floor brokers (who may be employees or other agents of RJO),
but will not be responsible to Customer for negligence or misconduct of an
independent floor broker if, at the time the floor broker was selected, the
floor broker was authorized to act as such under the rules of the relevant
commodity exchange and the appropriate regulatory agency. RJO will not be
responsible to Customer in the event of error, failure, negligence, or
misconduct on the part of any non-guaranteed Introducing Broker, Commodity
Trading Advisor, or other person acting on Customer’s behalf and, without
limiting the foregoing, RJO has no obligation to investigate the facts
surrounding any transaction in Customer’s Account(s) which is introduced by
such non-guaranteed Introducing Broker, Commodity Trading Advisor, or other
person. With respect to guaranteed Introducing Brokers, Customer agrees that
RJO’s maximum liability to Customer shall be limited to the amount of the
minimum net capital requirement (calculated in accordance with 17 C.F.R. §1.17
as of the date of the finding of actual liability), that would have been
required for the guaranteed Introducing Broker had it been a non-guaranteed
Introducing Broker. Customer expressly acknowledges that a finding of liability
against an Introducing Broker may substantially exceed the amount of the
Introducing Broker’s minimum net capital requirement which, in some
circumstances may be as low as $30,000. This means that Customer’s right to
recover from RJO pursuant to the provisions of this paragraph could also be
limited to $30,000.

10.
COMMUNICATIONS AND ORDERS

Since all Contracts
experience rapid movements in price, Customer’s attention is required in the
placement of orders and execution of the same by RJO.

Unless a managed
(discretionary) account has been arranged through the execution of a written
trading authorization, each order should be communicated to RJO by the Customer
or Customer’s duly authorized broker. Instructions should include, but may not
necessarily be limited to, the commodity involved, quantity, price, and
delivery month. Any trade not specifically authorized by Customer must be
immediately reported by Customer directly to RJO’s Compliance Department.
Customer will be financially responsible for all trades not so reported and for
any losses arising by virtue of a course of dealing involving his grant of de
facto control over the account to his broker.

Customer agrees that RJO will
not be responsible for delays or inaccuracies in the electronic preparation of
statements or the distribution of market information. Nor will RJO be
responsible for any failure beyond its control, including (but not limited to)
government restrictions, exchange reporting problems, contract market rulings,
strikes, suspension of trading, war or acts of God. RJO’s liability to Customer
is limited to damages arising from its own gross negligence or willful
misconduct and such damages are limited to actual (as distinguished from
consequential) damages suffered by Customer. RJO makes no representation,
warranty or guarantee as to, and shall not be responsible for the accuracy or
completeness of, any information or trading recommendations furnished to
Customer by its employees or agents.

Orders are good for one day
only (regular day trading session) unless specified and accepted as being “open”,
in which case the order will remain open until filled or the Customer so
specifies. If Customer does not specify the actual exchange or forum to execute
its order, RJO in its sole discretion shall execute the Customer’s order using
its best judgment. In some circumstances, this may mean RJO may be on the other
side of Customer’s trade. The price at which an order is actually executed
shall be binding, even if incorrectly reported. Similarly, an order actually
executed but in error reported as not executed is also binding.

Customer understands that
while the Internet and the World Wide Web generally are dependable, technical
problems or other conditions may delay or prevent Customer from entering or
canceling an order on the RJO Online Trading System, or likewise may delay or
prevent RJO from executing an order on the RJO Online Trading System. RJO shall
not be liable for, any technical problems, system failures and malfunctions,
communication line failures, equipment or software failures or malfunctions,
system access issues, system capacity issues, high Internet traffic demand,
security breaches and unauthorized access beyond the reasonable control of RJO,
and other similar computer problems and defects. RJO does not represent,
warrant or guarantee that Customer will be able to access or use the RJO Online
Trading System at times or locations of Customer’s choosing, or that RJO will
have adequate capacity for the RJO Online Trading System as a whole or in part
by RJO’s or Customer’s use of or reliance on the RJO Online Trading System or
its content or in otherwise performing its obligations under or in connection
with this Agreement. In no event will RJO or any of its service providers be
liable to Customer or any third party for any punitive, consequential, special
or similar damages even if advised of the possibility of such damage. If some
jurisdictions do not allow the exclusion or limitation of liability for certain
damages, in such jurisdictions, the liability of RJO or any of its service
providers shall be limited in accordance with this Agreement to the extent
permitted by law. RJO reserves the right to suspend service and deny access to
the RJO Online Trading System without prior notice during scheduled or
unscheduled system maintenance or upgrading.

 12
 

In the event that Customer is
unable to transmit an order through the RJO Online Trading System, or is unable
to confirm that an electronic order has been received by RJO, Customer should
follow these procedures: (i) if Customer’s account is introduced to RJO by an
Introducing Broker, Customer must contact the Introducing Broker, notify the
Introducing Broker of the exact nature of the problem and, if appropriate,
place the order by phone through the Introducing Broker; (ii) if Customer is
unable to contact his Introducing Broker by telephone, or, if Customer’s
account is not an introduced account, Customer must contact RJO at (312)
373-5000 and notify RJO of the exact nature of the problem including, but not
limited to, the details of the order (including the contract, quantity and
whether the order was to buy or sell). Customer agrees that any order placed
through this number shall be for liquidation of existing positions only. This
number is not to be called by customer for customer support. Customer agrees
that when following these procedures, Customer shall be liable for any losses
arising out of any order that has previously been transmitted by electronic
means, as well as the order placed orally through RJO or Customer’s Introducing
Broker.

11. REPORTS
AND NOTICES

SHOULD INACCURACIES OR
DISCREPANCIES APPEAR ON CUSTOMER’S STATEMENTS OF ACCOUNT(S), MARGIN CALLS, AND
NOTICES CUSTOMER AGREES THAT IT IS CUSTOMER’S DUTY TO INFORM RJO OF THE PROBLEM
BY TELEPHONE OR FACSIMILE IMMEDIATELY UPON THE EARLIER OF ACTUAL RECEIPT OF THE
STATEMENT BY CUSTOMER, OR THE TIME THE STATEMENT IS DEEMED RECEIVED BY CUSTOMER
PURSUANT TO THIS PARAGRAPH 11. IN THE EVENT THAT CUSTOMER DOES NOT RESPOND
IMMEDIATELY, EXECUTED ORDERS AND STATEMENT REPORTS SHALL BE CONSIDERED RATIFIED
BY CUSTOMER AND SHALL RELIEVE RJO OF ANY RESPONSIBILITY WHATSOEVER RELATIVE TO
THE ORDER(S) IN QUESTION. ALL REPORTS OF INACCURACIES OR DESCREPANCIES MUST BE
MADE TO CUSTOMER’S BROKER AND TO RJO’S COMPLIANCE DEPARTMENT.

Customer has the
responsibility to maintain contact with Customer’s individual broker at all
times that Customer has market positions or has placed orders but is not
available at Customer’s regular address or telephone number to receive reports.

Customer authorizes RJO to
transmit electronically (which may include electronic mail) to Customer or post
on the RJO Online Trading System all statements, compilations and details of
transactions, and other notices, and Customer hereby consents to such methods
of receiving such information. There will not be any additional cost or fee for
this service. If Customer requests a hard copy of any of these documents, other
than by downloading or printing such information or documents from the RJO Online
Trading System, there will be a charge as established by RJO from time to time.
This consent to receiving such information electronically shall be effective
until revoked by Customer in writing and delivered to RJO. It shall be Customer’s
responsibility to check Customer’s electronic mail and the RJO Online Trading
System site on a regular basis, and no less then daily, to receive statements,
compilations and details of transactions, and other notices from RJO. Customer
agrees to download or print such statements, compilations and details of
transactions, and other notices if such statements or information are available
for downloading or printing. Information sent by electronic mail shall be
deemed received by Customer by 10:00 a.m. (CST) the next business day after RJO
sends the electronic mail, unless RJO receives a message from its system
administrator that the message was not delivered. Information and notices
posted on the RJO Online Trading System shall be deemed received by Customer by
10:00 a.m. (CST) after RJO posts such information and notices.

Customer shall promptly
notify RJO of any difficulty in accessing, opening or otherwise viewing an
electronically transmitted document or information. Upon Customer’s request,
RJO will use an alternative method of delivering such document or information
to Customer, at Customer’s sole expense. Such alternative means of delivery
shall not affect the date such document or information is deemed received by
Customer, as set forth above. Details of trades and any other similar
information or notices either sent to Customer or posted on the RJO Online
Trading System shall be conclusive and binding unless Customer notifies RJO to
the contrary, (i) where a report or notice is sent electronically, posted on
the RJO Online Trading System or made orally, then, as the case may be, at the
earlier of the time actually received, or deemed to be received pursuant to
this paragraph 11 by Customer, or (ii) where a report or notice is in writing
by 8:00 a.m. C.S.T. on the next Business Day following receipt of such report.

12. TAPE
RECORDING

Customer hereby authorizes
RJO to make recordings of telephone conversations between Customer and RJO
regardless of whether a periodic tone signal is used. Customer consents to the
use of such tape recording in any forum in connection with resolving disputes.
RJO and its affiliates may also, at their discretion, utilize a telephone
recording system to place Customers orders. RJO may erase or dispose of such
tapes in accordance with its normal procedures.

13.
AMENDMENTS AND GUARANTEES

This Agreement, reflects the
entire agreement between RJO and Customer and supercedes all prior oral and
written agreements between the parties relating to the subject matter hereof
and no provisions hereof shall in any respect be waived, augmented or modified
by any other party unless in writing and signed by an official so authorized in
RJO’s office headquarters.

NO ONE (INCLUDING FUTURES
COMMISSIONS MERCHANTS (FCMS), ASSOCIATED PERSONS, INTRODUCING BROKERS, FUND
MANAGERS, COMMODITY TRADING ADVISORS OR POOL OPERATORS) CAN GUARANTEE PROFITS
OR THE ABSENCE OF LOSSES. CUSTOMER AGREES TO PROMPTLY NOTIFY THE RJO COMPLIANCE
DEPARTMENT IF ANY SUCH GUARANTEE IS SUGGESTED.

14. GOVERNING LAW AND
WAIVER OF STATUTES OF LIMITATIONS

This Agreement shall be
governed by the internal laws of the State of Illinois, excluding
conflict-of-laws principles. Customer agrees that no law suit, reparations
proceeding before the Commodity Futures Trading Commission, arbitration
proceeding or other claim or action relating to this Agreement or the
transactions in Customer’s account may be initiated by Customer unless
commenced within one year from the date of the disputed transaction. Customer
expressly acknowledges that but for this waiver, Customer would otherwise have
two years to initiate a claim in reparations before the Commodity Futures
Trading Commission or an arbitration before the National Futures Association,
and may be waiving even longer time periods that Customer might otherwise have
to file a claim under state or federal law.

15. CUSTOMER’S
LIABILITY FOR ATTORNEYS FEES

Customer agrees that if
Customer institutes legal, arbitration, or reparation proceedings against RJO
and if the court, arbitration panel, or other adjudicator deciding such
proceedings determines that RJO has substantially prevailed on a claim made by
Customer in such proceedings, Customer shall pay, immediately upon demand, all
costs and expenses (including attorneys’ fees) incurred by RJO in connection
with defending such claim.

16.
ELECTRONIC TRADING AND ONLINE SERVICES

RJO will provide Customer
with an individual password and a unique user identification (together, the “Access
Codes”). The Access Codes will enable Customer to access its account and enter
orders for its account through the

 13
 

RJO Online Trading
System. Customer must maintain the confidentiality of the Access Codes at all
times. Customer accepts full responsibility for the use and protection of the
Access Codes, which includes, but is not limited to, all orders entered into
the RJO Online Trading System using the Access Codes and changes in Customer’s
account information that are entered using the Access Codes.

Customer accepts full responsibility for monitoring
its account(s) with RJO. Should Customer become aware of any loss, theft or
unauthorized use of its Access Codes, Customer shall notify RJO immediately.
Customer shall notify RJO within one (1) Business Day of discovering any
failure to receive compilations and details of transactions or other
communications from RJO. Under either situation, Customer shall provide written
notice to RJO’s Compliance Director at RJO’s office, and such notice will be
deemed received only if actually delivered, sent by electronic mail to
info@rjobrien.com. Attention: Compliance Department, or by fax to 312-373-5225,
Attention: Compliance Department.

Any and all materials that RJO provides to Customer in
connection with the RJO Online Trading System are (i) provided on a
non-exclusive non-transferable basis, (ii) the property of RJO and (iii)
intended for Customer’s use only. Customer shall not resell or permit access to
the RJO Online Trading System to others and agrees not to copy any materials
appearing on the RJO Online Trading System for resale to others. Customer
further agrees not to delete any copyright notices or other indications of
protected intellectual property rights from materials that Customer prints or
downloads from the RJO Online Trading System. Customer shall not obtain any
intellectual property rights in or any right or license to use such materials
or the RJO Online Trading System other than as set out herein.

Customer agrees to use the RJO Online Trading System
at Customer’s own risk. Customer shall be responsible for providing and
maintaining the means by which to access the RJO Online Trading System, which
may include without limitation a personal computer, modem and telephone or
other access line. Customer shall be responsible for all access and service
fees necessary to connect to the RJO Online Trading System and assumes all
charges incurred in accessing such system. Customer further assumes all risks
associated with the use and storage of information on Customer’s personal
computer.

The RJO Online Trading System may contain links to
websites controlled or offered by third parties. The existence of such links
should not be construed as an endorsement, approval or verification by RJO of
any content available on third party sites.

17. TERMINATION

This Agreement may be terminated by RJO or the Customer
immediately upon written notice to the other party. In the event of such
termination, Customer shall immediately liquidate positions in Customer’s
account(s), or transfer such open commodity interest positions to another FCM.
Notwithstanding any termination, Customer shall satisfy all liabilities to RJO
arising hereunder (including, but not limited to, payment of applicable debit
balances, commissions and fees, including fees with respect to the transfer of
positions to another FCM). This Agreement shall be binding upon Customer’s
personal representatives and legal successors, and shall inure to the benefit
of RJO’s successors by merger, assignment, consolidation or otherwise. In the
event of Customer’s bankruptcy proceedings, death, incompetence, dissolution,
or failure to provide adequate margin, RJO is authorized to terminate account
in the fashion described elsewhere in this Agreement, without prior notice to
the Customer. The termination of this Agreement shall not affect the
obligations of the parties arising from transactions entered into prior to such
termination. RJO reserves the right to terminate any Customer account at any
time, for any reason.

18. OFFSETTING
POSITIONS

If Customer maintains separate accounts in which,
pursuant to Commodity Futures Trading Commission Regulation 1.46 (d)(6),
offsetting positions are not closed out, RJO hereby advises Customer that, if
held open, offsetting long and short hedge positions in the separate accounts
may result in the charging of additional fees and commissions and the payment
of additional margin, although offsetting positions will result in no
additional market gain or loss.

19. CFTC REG. 15.05 -DESIGNATION OF
RJO AS AGENT OF FOREIGN BROKERS, CUSTOMERS OF FOREIGN TRADERS; AND REG. 21.03
SELECTED SPECIAL CALLS -DUTIES OF FOREIGN BROKERS, DOMESTIC AND FOREIGN
TRADERS, FUTURES COMMISSION MERCHANTS AND 
CONTRACT MARKETS

If the Customer is a foreign broker it understands
that pursuant to CFTC Regulation 15.05, RJO is Customer’s agent (and in the
case of a foreign broker the agent of its customers) for purposes of accepting
delivery and service of any communication upon RJO shall constitute valid and
effective service or delivery upon Customer (and if it is a foreign broker,
upon its customers). The Customer understands that said regulation requires RJO
to transmit the communication promptly to it (or its customer) in a manner
which is reasonable under the circumstances or specified by the CFTC. The
Customer also understands CFTC Regulation 21.03 requires it to provide to the
CFTC upon special call, market information concerning its options and futures
trading (or its customers’) as outlined in the regulation. If the Customer
fails to respond to the special call, the CFTC may direct the appropriate
contract market and all brokers to prohibit further trades for or on its behalf
(or for its customers) in the contract specified in the call unless such trades
offset existing open contracts. Special calls are made where the information
requested would assist the CFTC in determining whether a threat of market
manipulation, corner, squeeze or other market disorder existed. Under
Regulation 21.03(g) if the Customer believes it is aggrieved by the action
taken by the CFTC it shall have the opportunity for a prompt hearing after the
CFTC acts. (The Customer understands that copies of CFTC Regulation 15.05 and
21.03 are available from RJO).

20. MARKET
INFORMATION

Exchange and RJO brochures and research are often
provided as trading tools. In addition, RJO’s Online Trading System may also
contain certain market information. The information contained therein is
believed to be reliable, however, no representation is made as to its accuracy,
completeness or reliability. Moreover, interpretation of such information is
extremely subjective and may vary widely from trader to trader. Customer
understands that such information may reflect opinions and RJO shall have no
liability arising out of any trading losses incurred by Customer arising out of
reliance upon such information or opinions in connection with any trading
decision.

21. CONSENT TO
JURISDICTION

Customer agrees that all disputes, claims, actions or
proceedings arising directly, indirectly, or otherwise in connection with, out
of, related to or from this Agreement shall be litigated or arbitrated only in
a court or arbitration forum located in Chicago, Illinois, unless otherwise
agreed by RJO. Customer consents and submits to the jurisdiction of any state
or federal court or arbitration forum located within the Northern District of
Illinois. Customer hereby waives any right Customer may have to transfer or
change the venue of any litigation brought against Customer by RJO or by

 14
 

Customer against RJO.
Customer acknowledges and consents to RJO’s election to instigate legal action
to collect any debit balance in Customer’s account(s) in any court located in
the Northern District of Illinois.

Customer appoints and designates RJO (or any other
party whom RJO may from time to time hereinafter designate) as Customer’s true
and lawful attorney-in-fact and duly authorized agent for service of legal
process and agrees that service of such process upon such attorney-in-fact
shall constitute personal service of such process upon Customer; provided, that
RJO or such other party shall, within five days after receipt of any such
process, forward the same by air courier or by certified mail, together with
all papers affixed thereto, to Customer at Customer’s mailing address. If any
provision of this paragraph shall be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition
or invalidity, without invalidating the remaining provisions of this paragraph.

22. WAIVER, AMENDMENT AND ASSIGNMENT

The failure of RJO to enforce at any time any
provision of this Agreement shall not be construed to be a waiver of such
provision nor in any way to affect the validity of this Agreement or the right
of RJO thereafter to enforce each and every provision hereof. No waiver of any
breach of this Agreement shall be held to constitute a waiver of any other or
subsequent breach. No waiver or amendment shall be implied from any conduct,
action, or inaction. No provision of this Agreement may be waived or amended
unless such waiver or amendment is in writing and signed by an authorized
officer of RJO. Any rights that Customer may have pursuant to this Agreement
shall not be assigned, transferred, sold or otherwise conveyed by Customer to
another party. Under certain circumstances, RJO may, subject to exchange,
National Futures Association (“NFA”) or Commodity Futures Trading Commission (“CFTC”)
rules, assign this account to another duly registered Futures Commission
Merchant (“FCM”).

23. FACSIMILE EXECUTION

RJO requires that all customers have an original account
agreement with original signatures on file with the Customer Accounts
Department. However, at the sole discretion of RJO, documents signed and
transmitted by facsimile machine or telecopier may be accepted as original
documents. The signature of any person or entity thereon, is to be considered
as an original signature, and the document transmitted is to be considered to
have the same binding effect as an original signature on an original document.
At the request of RJO, any facsimile or telecopy document must be re-executed
in original form by the persons or entities who executed the facsimile or
telecopy document. No party hereto may raise the use of a facsimile or
telecopier machine as a defense to the enforcement of this Agreement or any
amendment or other document executed in compliance with this section.

24. FOREIGN EXCHANGE

All foreign exchange transactions made and entered
hereunder will be entered by RJO as principal. In other words, RJO will be the
opposite party to the transaction with Customer, as opposed to merely executing
Customer’s order with a third party. Customer acknowledges, understands and
agrees that RJO is not acting as a broker, agent, advisor, or in any fiduciary
capacity in connection with foreign exchange transactions. RJO will make
available the bid and/or ask price at which RJO is prepared to enter into a
foreign exchange transaction with Customer. Each bid price or ask price shall
be for either a spot contract or forward contract with a specified value date
and shall specify each foreign currency involved. RJO expects that these prices
will be reasonably related to the bid prices and ask prices available in the
market at the time for similar transactions, but a number of factors, such as
communication system delays, high volume, or volatility can result in
deviations between prices quoted by RJO and other sources.

Customer should be aware that prices on foreign
exchange transactions are not determined by open outcry or otherwise on
registered exchanges, and that such transactions are not subject to the same
regulatory oversight as transactions in regulated futures and/or options on
futures contracts. RJO makes no warranty, express or implied, that the bid and
ask prices represent prevailing bid and ask prices.

25. CUSTOMER REPRESENTATIONS AND
WARRANTIES FOR FOREIGN EXCHANGE TRANSACTIONS

Customer represents and warrants that Customer is
making its own independent decisions of whether to enter into a foreign
exchange transaction and whether that transaction is appropriate or proper for
Customer based upon Customer’s own judgment and upon advice from such advisors
as Customer deems necessary. Customer is not relying on any communication
(written or oral) of RJO as investment advice or as a recommendation to enter
into any foreign exchange transaction. Customer understands that information
and explanations related to the terms and conditions of a foreign exchange
transaction shall not be considered investment advice or a recommendation to
enter into that foreign exchange transaction. Customer further represents and
warrants that it has not received any assurance or guarantee from RJO as to the
expected results of trading in foreign exchange transactions. Customer
represents and warrants that Customer is capable of evaluating and understanding
each foreign exchange transaction (either on Customer’s own behalf or through
independent professional advice), and understands and accepts the terms,
conditions, and risks of each foreign exchange transaction to which Customer is
a party. Customer warrants that Customer is willing and financially able to
sustain all losses associated with the foreign exchange transactions entered
into by Customer and that RJO shall not be liable to customer for the loss of
any margin deposits or other funds deposited by Customer in connection with
such foreign exchange transactions.

26. SEVERABILITY

If any provision of this Agreement shall be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity ascend, without invalidating the
remaining provisions of this Agreement.

THIS ACCOUNT AGREEMENT CONTAINS A
CONTRACTUAL AGREEMENT. DO NOT SIGN UNTIL YOU HAVE READ IT CAREFULLY. BY SIGNING
BELOW, THE UNDERSIGNED REPRESENTS AND WARRANTS TO RJO THAT ALL INFORMATION
CONTAINED HEREIN, OR IN ANY OTHER ACCOUNT FORM OR OTHER DOCUMENT FROM THE
UNDERSIGNED IS TRUE AND CORRECT AND THAT IF ANY CHANGES TO SUCH INFORMATION
OCCUR, THE UNDERSIGNED WILL IMMEDIATELY INFORM RJO, IN WRITING, OF SUCH
CHANGES. BY SIGNING BELOW, THE UNDERSIGNED ACKNOWLEDGES THAT (S)HE HAS READ AND
UNDERSTANDS ALL OF THE TERMS AND CONDITIONS OF THE COMMODITY CUSTOMER AGREEMENT
AND SHALL BE BOUND BY THEM.

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E. Partnership Account (General
or Limited)

The undersigned, JWH Global Trust, hereby
represents to you that there is a general partner in a general or limited partnership
known as JWH Global Trust (the “Partnership”), and attached hereto is a
copy of its signed Partnership Agreement
and/or Certificate of Limited Partnership. The Partnership is duly
organized, validly existing partnership under the laws of the state(s) in which
it was formed and in which it does business. In consideration of your opening
one or more commodities accounts for and in the name of the Partnership, the
undersigned further represents that as a partner in the Partnership having a
significant interest therein, he has proper authority to sign the Agreement and
all related documents on behalf of the Partnership and, for the account and
risk of the Partnership, to buy, sell, and trade in commodity futures
contracts, options on futures contracts and security futures contracts of every
kind whatsoever, and to borrow money for such purposes in said account in
accordance with your terms and conditions.

Customer understands that R.J. O’Brien is relying upon
such information in opening this account, and agrees to promptly notify R.J. O’Brien,
in writing, of the death or retirement of any of the General Partners or any
material change in the appropriate partnership agreement.

 

	
  X

  	
  /s/ Annette A. Cazenave

  	
   

  	
  Sept. 27, 2006

  	
   

  
	
   

  	
  Signature

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Annette A. Cazenave, Sr. V.P., Refco Comm. Mgmt.

  	
   

  	
  (All
  General Partners must sign. Attach extra page if neccesary.)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Name

  	
   

  	
   

  

 

F. Limited Liability
Company

Customer represents and warrants that the Limited
Liability Company is duly organized and in good standing under the laws of its
state of organization and that trading in commodity futures contracts, options
on futures contracts and security futures contracts is within the powers
granted to it. The undersigned represents that he is a manager or otherwise has
full authority to enter into the Agreement on behalf of the Company and is
concurrently furnishing to R.J. O’Brien a Limited Liability Company Resolution
as prescribed by R.J. O’Brien. Attached is the Operating Agreement and Articles of Organization for this Limited
Liability Company.

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name of Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Date

  	
   

  	
   

  	
   

  
					

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PERSONAL
GUARANTEE

(To be signed by Corporate, LLC, Trust or Partnership Accounts)

The undersigned (jointly and severally if there is more than one)
hereby unconditionally and irrevocably guarantees full and prompt payment to
RJO of all sums owed to RJO by Customer pursuant to the forgoing Account
Agreement, whether such sums are now existing or are hereafter created. The
undersigned waives any notice of default or dishonor of presentment of payment,
notice of non-payment protest of any other notice and agrees that RJO shall
have no obligation at any time to resort payment from Customer, or from any
other person, firm or corporation liable for the guaranteed debt before
proceeding on this Guarantee. The undersigned agrees to pay all reasonable
attorneys’ fees and court costs, if any, incurred by RJO in connection with the
enforcement of this Guarantee and Customer’s obligations under the Account
Agreement.

All monies, securities, negotiable instruments, open positions on
futures contracts, options premiums, commodities or other property belonging to
the undersigned now or at any future time that are on deposit with RJO, for any
purpose, are hereby pledged to RJO for discharge of all of the undersigned’s
obligations hereunder, and RJO may, in its discretion, transfer any of such
property from any of the undersigned’s accounts to RJO to offset and credit
against any of the undersigned’s obligations to RJO under this Guarantee.

This Guarantee is a continuing one and shall remain in full force and
effect until revoked by the undersigned by a written notice to RJO, but such
revocation shall not, in any way, affect any liability for losses sustained
prior to such revocation.

 

	
  X

  	
   

  	
   

  	
   

  	
   

  
	
  Guarantor’s
  Signature

  	
   

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Guarantor (Print
  Name)

  	
   

  	
   

  	
  Social Security
  Number

  

 

 17

EXERCISE AND ASSIGNMENT POLICY

Exercise and assignment is
the procedure by which an option position is converted into a futures position.
The buyer of an option on a futures contract has the right (but not the
obligation) to assume a specified futures position at a predetermined price
(the exercise or strike price) at any time prior to the expiration of the
option. The seller of the option must assume the opposite futures position if
the buyer exercises this right.

There are four major
differences between exercising an option on a futures position and making and
taking delivery on a futures contract:

An option may be exercised on
any business day between its sale and execution.

An option is exercised by the
buyers Clearing Member while a selling Clearing Member is randomly selected to
satisfy the obligation of the option.

An option contract does not
have to be exercised; it may be allowed to expire, or be liquidated (offset).

When an option is exercised,
assignment of the short and long futures position is accomplished by the
Clearing House or corporation through a book entry into the futures clearing
system. The Clearing Members of the buyer and the seller are assigned futures
positions at the strike price, and are subject to immediate variation margin
calls.

The commodity exchanges have
various provisions for exercising in-the-money options at expiration date.
Customers have an obligation to monitor in-the-money options as the expiration
dates approach. RJO will automatically exercise in-the-money options.

RJO has procedures for
assuring exercise notices to customers on a first-in-first-out non-preferential
basis when it receives a notice from the Clearing House or corporation.

When a customer, who has a
short position, is assigned an exercise notice, the broker should attempt to
notify such customer prior to trading the next business day. If the assigned
futures positions results in an open futures position, as opposed to offsetting
an existing futures position, the customer must promptly pay any additional margins
required.

	
    If Individual or Joint Account:

  	
   

  	
   

  	
   

  	
  If Corporation, Partnership, or
  other entity: (All

  
	
   

  	
   

  	
   

  	
   

  	
  General Partners must sign.)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  	
   

  	
  X

  	
  /s/ Annette Cazenave

  	
   

  	
  9/27/06

  
	
   

  	
  Customer Signature

  	
   

  	
  Date

  	
   

  	
   

  	
  Signature

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Sr. V.P., Refco Comm. Mgmt.

  	
   

  	
   

  
	
   

  	
  Print Customer Name

  	
   

  	
   

  	
   

  	
   

  	
  Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  	
   

  	
  X

  	
   

  	
   

  	
   

  
	
   

  	
  Joint Party Signature

  	
   

  	
  Date

  	
   

  	
   

  	
  Signature

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Joint Party Name

  	
   

  	
   

  	
   

  	
   

  	
  Date

  	
   

  	
   

  

 

 18
 

HEDGE REPRESENTATION

(To Be Signed By Hedge Customers Only)

In order to induce R.J. O’Brien & Associates, Inc.
(“RJO”) to open and maintain the undersigned’s account, the undersigned
represents that the transactions identified below in this account are for
hedging or recognized risk management purposes only and shall be entered into
solely for the purpose of protection against losses which may be incurred in a
cash position in a specific commodity, or with respect to derivatives such as
financial, interest rate or stock index futures to protect against losses that
may be incurred in an existing financial portfolio.

The following commodities are for bona fide hedging
purposes. This section must be filled out completely.

	
  Commodity

  	
   

  	
  Economic Justification*

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

The undersigned is familiar with all laws, rules and
regulations concerning hedging in such contracts and has not relied upon RJO
for any related advice.

This notification is a continuing one and shall remain
in force until canceled in writing. The undersigned acknowledges that RJO shall
rely upon this representation and shall notify RJO immediately if this
representation does not remain true and correct.

Commodity Futures Trading Commission Regulation 190.06
(d) requires that a broker must provide an opportunity for each customer to
specify when undertaking its first hedging contract whether, in the event of
the broker’s bankruptcy, such customer prefers that open commodity contracts
held in a hedging account be liquidated by the trustee. Accordingly, please
indicate below your preference for open contracts in your account if such an
event were to occur.

I instruct that, in the event of bankruptcy, the
trustee:

(INITIAL ONE)
liquidate           
not liquidate           
open commodity positions in my hedge account without seeking my instructions.

	
  If Individual or Joint Account:

  	
   

  	
   

  	
   

  	
  If Corporation, Partnership, or
  other entity:  (All

  
	
   

  	
   

  	
   

  	
   

  	
  General Partners must sign.)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  X

  	
   

  	
   

  	
   

  
	
  Print Customer Name

  	
   

  	
   

  	
   

  	
   

  	
  Signature

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Customer Signature

  	
   

  	
  Date

  	
   

  	
  Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  X

  	
   

  	
   

  	
   

  
	
  Print Joint Party Name

  	
   

  	
   

  	
   

  	
   

  	
  Signature

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Joint Party Signature

  	
   

  	
  Date

  	
   

  	
  Date

  	
   

  	
   

  

 

*                            Reason
why account owner is using the listed commodity as protection against loss in
the cash market. (i.e. Corn Farmer, Mortgage Lender)

 19
 

 

INTRODUCING BROKER AUTHORIZATION

To: R.J. O’Brien:

I/We wish to open a commodity futures (and/or options
on futures) account (hereinafter referred to as the “Account”) with

	
  

  	
   

  	
   

  

(Introducing
Broker)

(hereinafter referred to as the “Introducing Broker”
or “IB”). Because the IB is not a member of the various exchanges and may not
be subject to exchange jurisdiction, I/we agree that my Accounts are to be
carried with your firm on a disclosed basis. All documents must be
appropriately completed and returned to RJO via my IB (along with margin funds)
before an account can be opened in my name. Some of these forms are required by
RJO, or by Federal laws, or exchange rules.

I/We understand that:

(i) The relationship between RJO and its employees and
the IB is only to clear trades introduced to you by the IB; (ii) the IB is not
controlled by RJO; (iii) supervision and control of activity in my Account(s)
rest with the IB, subject to exchange, government and NFA regulations; (iv)
commissions charged to my Account(s) are established by the IB and that these
charges include your fee for clearing my transactions, along with any
applicable NFA fees.

I/We agree that RJO is not responsible or liable
whatsoever for any matter relating to sales practices, trading practices,
errors in order entry or any similar or other matter, it being expressly
understood, agreed and acknowledged by myself that RJO’s sole responsibilities
hereunder relate to the execution, clearing, accounting and confirmation of
transactions for my account on various exchanges in accordance with the
instructions received by RJO from IB for and on behalf of myself in accordance
with usual and customary practices. I/We agree to refrain from bringing any
action or counterclaim against RJO and will assert any such claim against only
the IB (or, when applicable, the non-employee commodity pool operator or
commodity trading advisor) for any redress with respect to any matter other
than RJO’s gross negligence or willful misconduct in executing, clearing and/or
accounting of transactions. With respect to RJO’s guarantee, if any, of IB’s
obligations under the Commodity Exchange Act or CFTC regulations, I/we
acknowledge that such guarantee is limited as set forth in paragraph 9 of my
Account Agreement.

	
    If Individual or Joint Account:

  	
   

  	
   

  	
   

  	
  If Corporation, Partnership, or
  other entity: (All

  
	
   

  	
   

  	
   

  	
   

  	
  General Partners must sign.)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  	
   

  	
  X

  	
   

  	
   

  	
   

  
	
   

  	
  Customer Signature

  	
   

  	
  Date

  	
   

  	
   

  	
  Signature

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Customer Name

  	
   

  	
   

  	
   

  	
   

  	
  Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  	
   

  	
  X

  	
   

  	
   

  	
   

  
	
   

  	
  Joint Party Signature

  	
   

  	
  Date

  	
   

  	
   

  	
  Signature

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Joint Party Name

  	
   

  	
   

  	
   

  	
   

  	
  Date

  	
   

  	
   

  

 

 20
 

 

MANAGED ACCOUNT AGREEMENT - POWER OF ATTORNEY

The
undersigned hereby authorizes John W. Henry & Company, Inc. as his agent
and attorney in fact to buy, sell (including short sales) and trade in
commodity futures contracts, options on commodity future contracts, physical
commodities, foreign commodity futures contracts, and options on foreign
commodity futures contracts, foreign commodities, forward contracts and
contracts in the unregulated foreign exchange market on margin or otherwise in
accordance with your terms and conditions for the undersigned’s account and
risk in the undersigned’s name or number on your books. The undersigned hereby
agrees to indemnify and hold harmless from and pay you promptly on demand for
any and all losses arising therefrom or debit balance due thereon in the
undersigned(s) account.

In
all such purchases, sales or trades you are authorized to follow the
instruction of John W. Henry & Company, Inc. (“agent”) in every respect concerning the
undersigned’s account through you; and he is authorized to act for the
undersigned and in the undersigned’s behalf in the same manner and with the
same force and effect as the undersigned might or could do with respect to such
purchases, sales, or trades as well as with respect to all other things necessary
or that would be incidental to the furtherance of conduct of such purchases,
sales or trades.

The
undersigned hereby ratifies and confirms any and all transactions with you
heretofore made by the aforesaid agent or for the undersigned account. All
duplicate statements should be sent to                                                                                         .

(Name and
address of authorized individual)

                                                                        . (Should
authorised individual wish to receive statements via email, please complete
Request for Transmission of Electronic Customer Statements.)

This
authorization and indemnity is in addition to (and in no way limits or
restricts) any rights which you may have under any other agreements or
agreements between the undersigned and you firm.

You
shall not have any liability for following the instructions of the agent, and
the undersigned shall never attempt to hold you liable for the agent’s actions
or inactions.

The
undersigned represents that the agent has provided the disclosure document to
the undersigned concerning the agent’s trading advice, including any options
trading advice and the strategies to be used by the agent, which the
undersigned has read and understood, or, in the alternative, the agent has
furnished the undersigned with a signed written statement explaining the agent’s
exemption form applicable registration and disclosure document requirements of
the Commodity Futures Trading Commission and National Futures Association.

The
undersigned understands that there are many strategies that can be used in
trading options, some of which have unlimited risk of loss and could result in
the undersigned sustaining a total loss of all funds in the account and the
undersigned being liable for any deficit in such account resulting therefrom.
The undersigned acknowledges that he has discussed with the advisor the nature
and risks of the strategy to be used in connection with options to be traded
for the account.

This
authorization and indemnity is also one and shall remain in force and effect
until revoked by the undersigned by a written notice addressed to you and
delivered to your office at 222 South Riverside Plaza, Suite 900, Chicago,
Illinois 60606; but such revocation shall not affect any liability in any way
resulting from transactions initiated prior to such revocation. This
authorization and indemnity shall inure to the benefit of your present firm and
any successor firm or firms irrespective of any change or changes at any time
in the personnel thereof for any cause whatsoever, and of the assigns of your
present firm or any successor firm.

I have read and understand
the above and agree to all terms and conditions therein.

	
  X

  	
  /s/ Annette A. Cazenave

  	
   

  	
  9/27/06

  
	
   

  	
  Customer
  Signature

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  
	
   

  	
  Joint Party
  Signature

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  X

  	
  /s/ K.S. Webster
  10/4/04

  	
   

  	
   

  
	
   

  	
  Agent Signature
  and Date

  	
   

  	
  Social Security
  Number of Agent

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Kenneth S.
  Webster, John W. Henry & Company, Inc.

  	
   

  	
   

  
	
   

  	
  Agent Name

  	
   

  	
  Agent Employer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Commodity
  Trading Advisor

  	
   

  	
   

  
	
   

  	
  Agent Occupation

  	
   

  	
  Agent Principal
  Business

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  by    Kenneth
  S. Webster,

  	
   

  	
   

  
	
   

  	
  Senior Vice
  President and

  	
   

  	
   

  
	
   

  	
  Chief Operating
  Officer

  	
   

  	
   

  

 

 21
 

ELECTRONIC TRADING AND
ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT*

Electronic trading and order
routing systems differ from traditional open outcry pit trading and manual
order routing methods. Transactions using an electronic system are subject to
the rules and regulations of the exchange(s) offering the system and/or listing
the contract. Before you engage in transactions using an electronic system, you
should carefully review the rules and regulations of the exchange(s) offering
the system and/or listing contracts you intend to trade.

DIFFERENCES
AMONG ELECTRONIC TRADING SYSTEMS

Trading or routing orders
through electronic systems varies widely among the different electronic
systems. You should consult the rules and regulations of the exchange offering
the electronic system and/or listing the contract traded or order routed to
understand, among other things, in the case of trading systems, the system’s
order matching procedure, opening and closing procedures and prices, error
trade policies, and trading limitations or requirements, and in the case of all
systems, qualifications for access and grounds for termination and limitations
on the types of orders that may be entered into the system. Each of these
matters may present different risk factors with respect to trading on or using
a particular system. Each system may also present risks related to system
access, varying response times, and security. In the case of Internet-based
systems, there may be additional types of risks related to system access,
varying response times and security, as well as risks related to service
providers and the receipt and monitoring of electronic mail.

RISKS
ASSOCIATED WITH SYSTEM FAILURE

Trading through an electronic
trading or order routing system exposes you to risks associated with system or
component failure. In the event of system or component failure, it is possible
that, for a certain time period, you may not be able to enter new orders,
execute existing orders, or modify or cancel orders that were previously
entered. System or component failure may also result in loss of orders or order
priority.

SIMULTANEOUS
OPEN OUTCRY PIT AND ELECTRONIC TRADING

Some contracts offered on an
electronic trading system may be traded electronically and through open outcry
during the same trading hours. You should review the rules and regulations of
the exchange offering the system and/or listing the contract to determine how
orders that do not designate a particular process will be executed.

LIMITATION
OF LIABILITY

Exchanges offering an
electronic trading or order routing system and/or listing the contract may have
adopted rules to limit their liability, the liability of FCMs, and software and
communication system vendors and the amount of damages you may collect for system
failure and delays. These limitations of liability provisions vary among the
exchanges. You should consult the rules and regulations of the relevant
exchange(s) in order to understand these liability limitations.

*Each exchange’s relevant
rules are available upon request from the industry professional with whom you
have an account. Some exchange’s relevant rules also are available on the
exchange’s Internet home page.

 22
 

NEW YORK BOARD OF TRADE

ELECTRONIC
ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT

The NYBOT exchanges have
implemented an electronic order routing system (“EOR”), which enables futures
commission merchants (“FCMs”) to place orders for contracts electronically with
floor brokers and, where customers have access to FCM automated order routing systems,
to transmit orders to floor brokers using those systems.

The EOR differs from
traditional manual order routing methods and is subject to the rules and
regulations of each NYBOT exchange. Before you enter orders using the EOR, you
should carefully review the rules and regulations of the relevant exchange.

RISKS
ASSOCIATED WITH SYSTEM FAILURE

Entering orders through an
electronic order routing system exposes you to risks associated with systems or
component failure. In the event of system or component failure, it is possible
that, for a certain time period, you may not be able to enter new orders, or
modify or cancel orders that were previously entered. Systems or component
failure may also result in loss of orders or order priority.

LIMITATIONS
OF LIABILITY

Each of Coffee, Sugar &
Cocoa Exchange, Inc., New York Cotton Exchange, New York Futures Exchange, Inc.
and Citrus Associates of the New York Cotton Exchange, Inc. have adopted
By-Laws and Rules which contain limitations of liability provisions. The
exchanges have adopted rules to limit their liability, the liability of their
members, member firms and clearing members and the amount of damages you may
collect for system failure and delays. You should consult the rules and
regulations of the relevant exchange in order to understand these liability
limitations. Those rules and regulations are available upon request from the
industry professional with whom you have an account or by contacting the
relevant NYBOT exchange listed above.

 23
 

ADDITIONAL RISK DISCLOSURE STATEMENT

Dear Sir or Madam:

As a result of the following
information on your account application, RJO is providing you with their
additional risk disclosure before you open a commodity future and option
trading account:

                   Your annual income is less than $25,000

                   Your net worth is less than $25,000

                   You are not between 21 and 65 years of age

                   You do not have at least six months of futures
investment experience

While RJO is prepared to open
your account, it is required to advise you to consider the risks involved with
trading commodity futures and options. The risk of loss in trading commodity
futures and options can be substantial and may be inappropriate for you for the
reason checked above; therefore, you must consider whether such trading is
proper in light of your financial condition. Only Risk Capital (money that you
are able to lose without adversely affecting your standard of living) should be
invested. RJO recommends that you review the Risk Disclosure Statement in the
Account Agreement and/or discuss any concerns with your broker or other
financial advisor before finalizing your decision.

ACKNOWLEDGEMENT

I understand that the risks
associated with commodity trading may not be appropriate for me. However, I
have read the Risk Disclosure Statements and I have considered the financial
risks involved in commodity trading with regard to my financial condition, and
I wish to proceed with opening an account.

	
  If Individual or Joint Account:

  	
   

  	
   

  	
   

  	
  If Corporation, Partnership, or
  other entity: (All

  
	
   

  	
   

  	
   

  	
   

  	
  General Partners must sign.)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  	
   

  	
  X

  	
   

  	
   

  	
   

  
	
   

  	
  Customer Signature

  	
   

  	
  Date

  	
   

  	
   

  	
  Signature

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Customer Name

  	
   

  	
   

  	
   

  	
   

  	
  Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  	
   

  	
  X

  	
   

  	
   

  	
   

  
	
   

  	
  Joint Party Signature

  	
   

  	
  Date

  	
   

  	
   

  	
  Signature

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Joint Party Name

  	
   

  	
   

  	
   

  	
   

  	
  Date

  	
   

  	
   

  

 

 24
 

REQUEST FOR ELECTRONIC TRANSMISSION OF CUSTOMER
STATEMENTS

Attention: R.J. O’Brien

The undersigned Customer (“Customer”) requests that
you provide confirmation statements of activity solely by electronic
transmission to the E-mail address indicated below. Please do not mail hard
copies of such statements (except for monthly statements).

Customer warrants and represents that the
below-referenced E-mail will promptly print out the relevant Customer
statements in the form you transmit. Customer understands that there is a risk
of failure of any electronic transmission, and will not hold you liable
directly or indirectly for such failure. If Customer fails to receive any
confirmation statement that reflects activity of which Customer is aware in the
account, Customer will contact an RJO customer service representative by 8:00
a.m. (CST) on the business day following the day of any such activity.

This consent shall be
effective until revoked by Customer in writing, signed by the undersigned and
delivered to R.J. O’Brien at 222 South Riverside Plaza, Suite 900, Chicago, IL
60606. In addition, Customer acknowledges that for its protection and the
protection of RJO, any request to change the email address listed below must be
in writing and must bear the signature of the undersigned. In the event such a
request is received from a legal entity, such as a corporation, LLC or
partnership, the request must be accompanied by appropriate documentation
establishing that the person signing the request possesses the requisite
authority to bind the entity. By signing below, Customer represents that the
delivery and execution of this consent has been duly authorized.

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  JWH Global Trust

  	
   

  	
  59000001-59000005

  	
   

  	
   

  	
   

  
	
  Customer Name

  	
   

  	
  Account Number (s)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Erin Ryan
  <eryan@refcoinc.com>

  	
   

  	
   

  	
   

  	
   

  
	
  Customer E-mail
  Address (Please Print)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ A. Cazenave

  	
   

  	
   

  	
  9/27/06

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  	
  Date

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  A. Cazenave

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
													

 

 

	
  

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  JWH Global Trust

  	
   

  	
  59000001-59000005

  	
   

  	
   

  	
   

  
	
  Customer Name

  	
   

  	
  Account Number (s)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Lontiveros@refcoinc.com

  	
   

  	
   

  	
   

  	
   

  
	
  Customer E-mail
  Address (Please Print)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Annette Cazenave

  	
   

  	
  9/27/06

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  	
  Date

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name: 

  	
  Annette Cazenave 

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  &

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  cwillis@refcoinc.com

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ A. Cazenave

  	
   

  	
  9/27/06

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
													

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  John W. Henry & Company, Inc.

  	
   

  	
   

  	
   

  	
   

  
	
  Authorized
  Trader’s Name

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IS@JWHmail.com

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Trader’s Email Address (Please Print)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By

  	
  /s/ K.S. Webster

  	
   

  	
  10/04/06

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  	
  Date

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Kenneth S. Webster,

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Senior Vice President

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  and Chief Operating Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
												

 

 25
 

INTERNAL REVENUE CODE
SUBSTITUTE FORM W-9

	
  Social Security
  Number

  	
   

  	
   

  	
  Federal Employer ID Number

  	
  36-4113382

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Legal Account Name:

  	
  JWH Global Trust

  	
   

  
							

 

If you have NOT furnished
R.J. O’Brien with your taxpayer identification number (usually your Social
Security number) and do NOT sign
below, R.J. O’Brien must generally withhold 20% of certain income from your
account. I hereby certify under penalties of perjury that I am not subject to
backup withholding under the provisions of Section 3406 (a)(1)(c) of the
Internal Revenue Code.

	
  X

  	
  /s/ Annette A. Cazenave,

  	
   

  	
   

  	
  Sept. 27, 2006

  	
   

  
	
   

  	
  Signature  Refco Comm. Mgmt – Mging Owner

  	
   

  	
  Date

  	
   

  

 

Please note that all required regulatory information
reporting applicable to activity within this account (including Internal
Revenue Service reporting) will be submitted with the legal name and Federal
Tax Identification Number stated above.

Please note that all Foreign Accounts must fill out a
form W-8 which can be found on the R.J. O’Brien website at www.rjobrien.com. In
addition, this account form must be accompanied by a copy of your passport or
other governmental identification.

 26
 

R.J. O’BRIEN

ACCOUNT TRANSFER

CURRENT BROKERAGE HOUSE:

	
  

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Account #

  	
   

  	
   

  	
   

  	
   

  
					

 

Gentlemen:

I have this day given R.J. O’Brien this form and my
permission for them to present it to you at their discretion. In accordance
with the Commodity Futures Trading Commission Act, I hereby demand that
upon presentation of this document to you by R.J. O’Brien, you do the following:

Please cancel any pending open orders I have with your firm.
Additionally, immediately transfer my account balance and all open futures and
options positions, cash, margins, or securities to:

R.J. O’Brien

222 South Riverside Plaza, Suite 900

Chicago, IL 60606

Send me a confirmation of this transfer.

Very truly yours,

	
  If individual
  or joint account:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Customer Name

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  
	
   

  	
  Customer Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Joint Party Name

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  
	
   

  	
  Joint Party Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date

  	
   

  
					

 

	
  If corporation, partnership or
  other entity:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Name

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Authorized Individual’s Name

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  X

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  	
  Date

  	
   

  	
   

  
											

 

 

 

	
  

  	
  RJO ACCOUNT #:

  	
   

  

 

 27

RJ O’BRIEN

RELATED ACCOUNT AUTHORIZATION

The
undersigned (Customer) hereby authorizes and directs RJ O’Brien (RJO) to open a
new account using all existing account documentation including but not
limited to agreements and risk disclosure acknowledgements, maintained and
existing on file with RJO. Customer hereby
acknowledges the receipt and sufficiency of consideration in exchange
for RJO’s agreement to open this new account. Customer accepts and agrees to be
obligated to all of the representations and terms and conditions contained
within the existing account documentation, customer agreement, and other
agreement, or acknowledgement of receipt of risk disclosures previously agreed
to with RJO or which are herein incorporated by reference.

Customer further represents
that any additional account opened pursuant to this authorization is identical
in all respects to customer’s existing account, except as otherwise disclosed
to RJO in writing, and further represents that there have been no material
changes in customer’s personal information or financial condition as previously
disclosed in prior account documentation.

Customer acknowledges
that his/her separate accounts will not contain long positions in one account
and offsetting short positions in another account unless such accounts are
independently traded or unless one account is a Speculative Account and the
other is a Hedge Account.  In any event,
Customer understands that positions in separate accounts cannot be transferred
from one account to another account if such transfer would result in an
offsetting transaction.

	
  ACCOUNT
  TITLE

  	
   JWH Global Trust

  	
   

  
	
   

  	
   

  	
   

  
	
  EXISTING ACCOUNT #

  	
   

  	
   

  	
  NEW ACCOUNT #

  	
   

  	
   

  
							

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  	
  Joint
  Owner Signature

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Print
  Name

  	
   

  	
   

  	
  Print Name

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
          /        /EXHIBIT 10.1

TYCO ELECTRONICS LTD.

2007 STOCK AND INCENTIVE PLAN

(EFFECTIVE AS OF JUNE 29, 2007)

ARTICLE I

PURPOSE

1.1        Purpose    The purposes of this Tyco
Electronics Ltd. 2007 Stock and Incentive Plan (the “Plan”) are to promote the
interests of TycoElectronics Ltd. (and any successor thereto) by (i) aiding in
the recruitment and retention of Directors and Employees, (ii) providing
incentives to such Directors and Employees by means of performance-related
incentives to achieve short-term and long-term performance goals, (iii)
providing Directors and Employees an opportunity to participate in the growth
and financial success of the Company, and (iv) promoting the growth and success
of the Company’s business by aligning the financial interests of Directors and
Employees with that of the other stockholders of the Company. Toward these
objectives, the Plan provides for the grant of Stock Options, Stock
Appreciation Rights, Annual Performance Bonuses, Long Term Performance Awards
and other Stock-Based Awards.

1.2        Effective Date; Shareholder Approval.    The
Plan is effective as of the date of the dividend distribution of Tyco
Electronics Ltd. shares to the Tyco International Ltd. shareholders of record
on the distribution date.  The Plan was
initially adopted by Tyco International Ltd., as the Company’s sole shareholder
on December 8, 2006.  This amended and
restated Plan was approved by the Tyco Electronics Ltd. Board of Directors on
June 4, 2007 and adopted by Tyco International Ltd., as the Company’s sole shareholder,
on June 4, 2007.

ARTICLE
II

DEFINITIONS

For
purposes of the Plan, the following terms have the following meanings, unless
another definition is clearly indicated by particular usage and context:

“ Acquired Company “ means any business,
corporation or other entity acquired by the Company or any Subsidiary.

“ Acquired Grantee “ means the grantee of a
stock-based award of an Acquired Company and may include a current or former
Director of an Acquired Company.

“ Annual Performance Bonus “ means an Award
of cash or Shares granted under Section 4.4 of the Plan that is paid solely on
account of the attainment of a specified performance target in relation to one
or more Performance Measures.

“ Award “ means any form of incentive or
performance award granted under the Plan, whether singly or in combination, to
a Participant by the Committee pursuant to any terms and conditions that the
Committee may establish and set forth in the applicable Award Certificate.
Awards granted under the Plan may consist of:

(a)                “ Stock Options” awarded pursuant to Section
4.3;

(b)               “ Stock Appreciation Rights” awarded
pursuant to Section 4.3;

(c)                “ Annual Performance Bonuses” awarded
pursuant to Section 4.4;

(d)               “ Long Term Performance Awards” awarded
pursuant to Section 4.5;

(e)                “ Other Stock-Based Awards” awarded pursuant
to Section 4.6;

(f)                  “ Director Awards” awarded pursuant to
Section 4.7; and

 1
 

(g)               “ Substitute Awards” awarded pursuant to
Section 4.8.

“ Award Certificate” means the document
issued, either in writing or an electronic medium, by the Committee or its
designee to a Participant evidencing the grant of an Award.

“ Board” means the Board of Directors of the
Company.

“ Cause” means misconduct that is willfully
or wantonly harmful to the Company or any of its Subsidiaries, monetarily or
otherwise, including, without limitation, conduct that violates the Company’s
Code of ethical Conduct..

“ Change in Control” means the first to
occur of any of the following events:

(a)     any “person” (as defined in
Section 13(d) and 14(d) of the Exchange Act, excluding for this purpose, (i)
the Company or any Subsidiary or (ii) any employee benefit plan of the Company
or any Subsidiary (or any person or entity organized, appointed or established
by the Company for or pursuant to the terms of any such plan that acquires
beneficial ownership of voting securities of the Company), is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly
of securities of the Company representing more than 30 percent of the combined
voting power of the Company’s then outstanding securities; provided, however,
that no Change in Control will be deemed to have occurred as a result of a
change in ownership percentage resulting solely from an acquisition of
securities by the Company; or

(b)     persons who, as of the
Effective Date constitute the Board (the “Incumbent Directors”) cease for any
reason (including without limitation, as a result of a tender offer, proxy
contest, merger or similar transaction) to constitute at least a majority
thereof, provided that any person becoming a Director of the Company subsequent
to the Effective Date shall be considered an Incumbent Director if such person’s
election or nomination for election was approved by a vote of at least 50
percent of the Incumbent Directors; but provided further, that any such person
whose initial assumption of office is in connection with an actual or
threatened proxy contest relating to the election of members of the Board or
other actual or threatened solicitation of proxies or consents by or on behalf
of a “person” (as defined in Section 13(d) and 14(d) of the Exchange Act) other
than the Board, including by reason of agreement intended to avoid or settle
any such actual or threatened contest or solicitation, shall not be considered
an Incumbent Director; or

(c)     consummation of a
reorganization, merger or consolidation or sale or other disposition of at
least 80 percent of the assets of the Company (a “Business Combination”), in
each case, unless, following such Business Combination, all or substantially
all of the individuals and entities who were the beneficial owners of
outstanding voting securities of the Company immediately prior to such Business
Combination beneficially own directly or indirectly more than 50 percent of the
combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors, of the company resulting from such
Business Combination (including, without limitation, a company which, as a
result of such transaction, owns the Company or all or substantially all of the
Company’s assets either directly or through one or more Subsidiaries) in
substantially the same proportions as their ownership, immediately prior to
such Business Combination, of the outstanding voting securities of the Company;
or

(d)     approval by the stockholders
of the Company of a complete liquidation or dissolution of the Company;

provided, however, that if and to the extent that any
provision of this Plan or an Award Certificate applicable to a Long Term
Performance Award, a Restricted Unit Award or a Deferred Stock Unit Award would
cause a payment of deferred compensation that is subject to Code Section
409A(a)(2) to be made upon the occurrence of a “Change in Control,” then such
payment shall not be made unless such “Change in Control” satisfies the
requirements of Code Section 409A(2)(A)(v) and applicable regulations and
rulings thereunder.

 2
 

“ Change in Control Termination” means a
Participant’s involuntary termination of employment that occurs during the 12
month period immediately following a Change in Control.  For this purpose, a Participant’s involuntary
termination of employment includes only the following:

(a)                  termination of
the Participant’s employment by the Company for any reason other than for
Cause, Disability or death;

(b)                 termination of
the Participant’s employment by the Participant after one of the following
events, provided that the Participant’s termination of employment occurs within
one hundred and eighty (180) days after the occurrence of any such event:

i.            the Company (1)
assigns or causes to be assigned to the Participant duties inconsistent in any
material respect with his or her position as in effect immediately prior to the
Change in Control; (2) makes or causes to be made any material adverse change
in the Participant’s position, authority, duties or responsibilities; or (3)
takes or causes to be taken any other action which, in the reasonable judgment
of the Participant, would cause him or her to violate his or her ethical or
professional obligations (after written notice of such judgment has been
provided by the Participant to the Company and the Company has been given a
15-day period within which to cure such action), or which results in a
significant diminution in such position, authority, duties or responsibilities;
or

ii.         the Company, without the
Participant’s consent, (1) requires the Participant to relocate to a principal
place of employment more than fifty (50) miles from his or her existing place
of employment; or (2) reduces the Participant’s base salary, annual bonus, or
retirement, welfare, stock incentive, perquisite (if any) and other benefits
taken as a whole.

“ Code” means the United States Internal
Revenue Code of 1986, as amended.

“ Committee” means the Mangement Development
and Compensation Committee of the Board or any successor committee or
subcommittee of the Board, which committee is comprised solely of two or more
persons who are outside directors within the meaning of Section 162(m)(4)(C)(i)
of the Code and the applicable regulations and nonemployee directors within the
meaning of Rule 16b-3(b)(3) under the Exchange Act.

“ Common Stock” means the common stock of
the Company, $.20 (U.S.) par value, and such other securities or property as
may become subject to Awards pursuant to an adjustment made under Section 5.3
of the Plan.

“ Company” means Tyco Electronics Ltd., a
Bermuda company, or any successor thereto.

“ Deferred Stock Unit” means a Unit granted
under Section 4.6 to acquire Shares upon Termination of Directorship or
Termination of Employment, subject to any restrictions that the Committee, in
its discretion, may determine.

“ Director”
means a member of the Board who is a “non-employee director” within the meaning
of Rule 16b-3(b)(3) under the Exchange Act.

“ Disabled” or
“ Disability” means the inability of the Director or Employee to
perform the material duties pertaining to such Director’s directorship or such
Employee’s employment due to a physical or mental injury, infirmity or
incapacity for 180 days (including weekends and holidays) in any 365-day
period. The existence or nonexistence of a Disability shall be determined by an
independent physician selected by the Company and reasonably acceptable to the
Director or Employee.    Notwithstanding
the above, if and to the extent that any provision of this Plan or an Award
Certificate applicable to a Long Term Performance Award, a Restricted Unit
Award or a Deferred Stock Unit Award would cause a payment of deferred
compensation that is subject to Code Section 409A(a)(2) to be made upon the
occurrence of a “Disability” or upon a person becoming “Disabled,” then such
payment shall not be made unless such “Disability” or condition of being “Disabled”
satisfies the requirements of Code Section 409A(2)(C) and applicable
regulations and rulings thereunder.

 3
 

“ Dividend Equivalent” means an amount equal
to the cash dividend or the Fair Market Value of the stock dividend that would
be paid on each Share underlying an Award if the Share were duly issued and
outstanding on the date on which the dividend is payable.

“ Effective
Date” means June 29, 2007, the date of the dividend distribution of
Tyco Electronics Ltd. shares to the Tyco International Ltd. shareholders of
record on the distribution date.

“ Employee”
means any individual who performs services as an officer or employee of the
Company or a Subsidiary.

“ Exchange Act”
means the United States Securities Exchange Act of 1934, as amended.

“ Exercise
Price” means the price of a Share, as fixed by the Committee, which
may be purchased under a Stock Option or with respect to which the amount of
any payment pursuant to a Stock Appreciation Right is determined.

“ Fair Market Value”
of a Share means the closing sales price on the New York Stock Exchange on the
date as of which the determination of Fair Market Value is being made or, if no
sale is reported for such day, on the next preceding day on which a sale of
Shares was reported.   Notwithstanding
anything to the contrary herein, the Fair Market Value of a Share will in no
event be determined to be less than par value.

“ Fair Market
Value Stock Option” means a Stock Option the Exercise Price of which
is fixed by the Committee at a price equal to the Fair Market Value of a Share
on the date of grant.

“ GAAP”
means United States generally accepted accounting principles.

“ Incentive Stock Option”
means a Stock Option granted under Section 4.3 of the Plan that meets the
requirements of Section 422 of the Code and any related regulations and is
designated in the Award Certificate to be an Incentive Stock Option.

“ Key Employee”
means an Employee who is a “covered employee” within the meaning of Section
162(m)(3) of the Code.

“ Long Term
Performance Award” means an Award granted under Section 4.5 of the
Plan that is paid solely on account of the attainment of a specified
performance target in relation to one or more Performance Measures or other
performance criteria as selected in the discretion of the Committee.

“ Non-Employee
Director” means any member of the Board, elected or appointed, who
is not otherwise an Employee of the Company or a Subsidiary. An individual who
is elected to the Board at an annual meeting of the stockholders of the Company
will be deemed to be a member of the Board as of the date of the meeting.

“ Nonqualified
Stock Option” means any Stock Option granted under Section 4.3 of
the Plan that is not an Incentive Stock Option.

“ Normal
Retirement” means Termination of Employment on or after a
Participant has attained age 60, provided that the sum of the Participant’s age
and years of service with the Company is 70 or higher.

“ Participant
” means a Director, Employee or Acquired Grantee who has been granted an Award
under the Plan.

“ Performance
Cycle” means, with respect to any Award that vests based on
Performance Measures, the period of 12 months or longer over which the level of
performance will be assessed. The first Performance Cycle under the Plan will
begin on such date as is set by the Committee, in its discretion.

 4
 

“ Performance Measure”
means, with respect to any Annual Performance Bonus or Long Term Performance
Award, the business criteria selected by the Committee to measure the level of
performance of the Company during the Performance Cycle. The Committee may
select as the Performance Measure for a Performance Cycle any one or
combination of the following Company measures, as interpreted by the Committee,
which measures (to the extent applicable) will be determined in accordance with
GAAP:

(a)  Net operating profit after taxes;

(b)  Net operating profit after taxes, per Share;

(c)  Return on invested capital;

(d)  Return on assets or net assets;

(e)  Total shareholder return;

(f)  Relative total shareholder return (as
compared with a peer group of the Company);

(g)  Earnings before income taxes;

(h)  Earnings per Share;

(i)  Net income;

(j)  Free cash flow;

(k)  Free cash flow per Share;

(l)  Revenue (or any component thereof); or

(m)  Revenue growth.

“ Performance
Unit” means a Long Term Performance Award denominated in dollar
Units.

“ Plan”
means the Tyco Electronics Ltd. 2007 Stock and Incentive Plan, as it may be
amended from time to time.

“ Premium-Priced
Stock Option” means a Stock Option the Exercise Price of which is
fixed by the Committee at a price that exceeds the Fair Market Value of a Share
on the date of grant.

“ Reporting
Person” means a Director or an Employee who is subject to the
reporting requirements of Section 16(a) of the Exchange Act.

“ Restricted Stock”
means Shares issued pursuant to Section 4.6 that are subject to any
restrictions that the Committee, in its discretion, may impose.

“ Restricted
Unit” means a Unit granted under Section 4.6 to acquire Shares or an
equivalent amount in cash, which Unit is subject to any restrictions that the
Committee, in its discretion, may impose.

“ Securities Act”
means the United States Securities Act of 1933, as amended.

“ Share”
means a share of Common Stock.

“ Stock
Appreciation Right ” means a right granted under Section 4.3 of the
Plan to an amount in cash or Shares equal to any difference between the Fair
Market Value of the Shares as of the date on which the right is exercised and
the Exercise Price.

 5

“ Stock-Based Award ” means an Award granted
under Section 4.6 of the Plan and denominated in Shares.

“ Stock Option ” means a right granted under
Section 4.3 of the Plan to purchase from the Company a stated number of Shares
at a specified price. Stock Options awarded under the Plan may be in the form
of Incentive Stock Options or Nonqualified Stock Options.

“ Subsidiary ” means a subsidiary company
(wherever incorporated) of the Company, as defined by Section 86 of the
Companies Act 1981 of Bermuda, as amended.

“ Target Amount ” means the amount of
Performance Units that will be paid if the Performance Measure is fully (100%)
attained, as determined by the Committee.

“ Target Vesting Percentage ” means the
percentage of performance-based Restricted Units or Shares of Restricted Stock
that will vest if the Performance Measure is fully (100%) attained, as
determined by the Committee.

“ Termination of Directorship ” means the
date of cessation of a Director’s membership on the Board for any reason, with or
without Cause, as determined by the Company.

“ Termination of Employment ” means the date
of cessation of an Employee’s employment relationship with the Company or a
Subsidiary for any reason, with or without Cause, as determined by the Company.

“ Unit ” means, for purposes of Performance
Units, the potential right to an Award equal to a specified amount denominated
in such form as is deemed appropriate in the discretion of the Committee and,
for purposes of Restricted Units or Deferred Stock Units, the potential right
to acquire one Share.

ARTICLE III

ADMINISTRATION

3.1        Committee.   The Plan will be administered by
the Committee.

3.2        Authority of the Committee.   The Committee
or, to the extent required by applicable law, the Board will have the authority,
in its sole and absolute discretion and subject to the terms of the Plan, to:

(a)     Interpret and administer the
Plan and any instrument or agreement relating to the Plan;

(b)     Prescribe the rules and
regulations that it deems necessary for the proper operation and administration
of the Plan, and amend or rescind any existing rules or regulations relating to
the Plan;

(c)     Select Employees to receive
Awards under the Plan;

(d)     Determine the form of an
Award, the number of Shares subject to each Award, all the terms and conditions
of an Award, including, without limitation, the conditions on exercise or
vesting, the designation of Stock Options as Incentive Stock Options or
Nonqualified Stock Options, and the circumstances in which an Award may be
settled in cash or Shares or may be cancelled, forfeited or suspended, and the
terms of the Award Certificate;

(e)     Determine whether Awards will
be granted singly, in combination or in tandem;

(f)      Establish and interpret
Performance Measures (or, as applicable, other performance criteria) in
connection with Annual Performance Bonuses and Long Term Performance Awards,
evaluate the level of 

 6
 

performance over a Performance Cycle and certify the
level of performance attained with respect to Performance Measures (or other
performance criteria, as applicable);

(g)     Waive or amend any terms,
conditions, restriction or limitation on an Award, except that the prohibition
on the repricing of Stock Options and Stock Appreciation Rights, as described
in Section 4.3(g), may not be waived;

(h)     Make any adjustments to the
Plan (including but not limited to adjustment of the number of Shares available
under the Plan or any Award) and any Award granted under the Plan as may be
appropriate pursuant to Section 5.3;

(i)      Determine under which
circumstances Awards may be deferred and the extent to which a deferral will be
credited with Dividend Equivalents and interest thereon;

(j)      Determine whether a
Nonqualified Stock Option or Restricted Share may be transferable to family
members, a family trust or a family partnership;

(k)     Establish any subplans and
make any modifications to the Plan or to Awards made hereunder (including the
establishment of terms and conditions not otherwise inconsistent with the terms
of the Plan) that the Committee  may determine to be necessary or
advisable for grants made in countries outside the United States to comply
with, or to achieve favorable tax treatment under, applicable foreign laws or
regulations;

(l)      Appoint such agents as it
shall deem appropriate for proper administration of the Plan; and

(m)    Take any and all other actions
it deems necessary or advisable for the proper operation or administration of
the Plan.

3.3        Effect of Determinations.   All
determinations of the Committee will be final, binding and conclusive on all
persons having an interest in the Plan.

3.4        Delegation of Authority.   The Board or, if
permitted under applicable corporate law, the Committee, in its discretion and
consistent with applicable law and regulations, may delegate to the Chief
Executive Officer of the Company or any other officer or group of officers as
it deems to be advisable, the authority to select Employees to receive an Award
and to determine the number of Shares under any such Award, subject to any
terms and conditions that the Board or the Committee may establish. When the
Board or the Committee delegates authority pursuant to the foregoing sentence,
it will limit, in its discretion, the number of Shares that may be subject to
Awards that the delegate may grant. Only the Committee will have authority to
grant and administer Awards to Directors, Key Employees and other Reporting
Persons or to delegates of the Committee, and to establish and certify
Performance Measures.

3.5        Employment of Advisors.   The Committee may
employ attorneys, consultants, accountants and other advisors, and the
Committee, the Company and the officers and directors of the Company may rely
upon the advice, opinions or valuations of the advisors employed.

3.6        No Liability.   No member of the Committee or
any person acting as a delegate of the Committee with respect to the Plan will
be liable for any losses resulting from any action, interpretation or
construction made in good faith with respect to the Plan or any Award granted
under the Plan.

ARTICLE IV

AWARDS

4.1        Eligibility.   All Participants and Employees
are eligible to be designated to receive Awards granted under the Plan, except
as otherwise provided in this Article IV.

4.2        Form of Awards.   Awards will be in the form
determined by the Committee, in its discretion, and will be evidenced by an
Award Certificate. Awards may be granted singly or in combination or in tandem
with other Awards.

 7
 

4.3        Stock Options and Stock Appreciation Rights.   The
Committee may grant Stock Options and Stock Appreciation Rights under the Plan
to those Employees whom the Committee may from time to time select, in the
amounts and pursuant to the other terms and conditions that the Committee, in
its discretion, may determine and set forth in the Award Certificate, subject
to the provisions below:

(a)    Form.   Stock Options granted under the Plan
will, at the discretion of the Committee and as set forth in the Award
Certificate, be in the form of Incentive Stock Options, Nonqualified Stock
Options or a combination of the two. If an Incentive Stock Option and a
Nonqualified Stock Option are granted to the same Participant under the Plan at
the same time, the form of each will be clearly identified, and they will be
deemed to have been granted in separate grants. In no event will the exercise
of one Award affect the right to exercise the other Award. Stock Appreciation
Rights may be granted either alone or in connection with concurrently or
previously granted Nonqualified Stock Options.

(b)   Exercise Price.   The Committee will set the
Exercise Price of Fair Market Value Stock Options or Stock Appreciation Rights
granted under the Plan at a price that is equal to the Fair Market Value of a
Share on the date of grant, subject to adjustment as provided in Section 5.3.
The Committee will set the Exercise Price of Premium-Priced Stock Options at a
price that is higher than the Fair Market Value of a Share as of the date of
grant, provided that such price is no higher than 150 percent of such Fair
Market Value. The Exercise Price of Incentive Stock Options will be equal to or
greater than 110 percent of the Fair Market Value of a Share as of the date of
grant if the Participant receiving the Stock Options owns stock possessing more
than 10 percent of the total combined voting power of all classes of stock of
the Company or any subsidiary or parent corporation of the Company, as defined
in Section 424 of the Code. The Exercise Price of a Stock Appreciation Right
granted in tandem with a Stock Option will equal the Exercise Price of the related
Stock Option. The Committee will set forth the Exercise Price of a Stock Option
or Stock Appreciation Right in the Award Certificate. Stock Options granted
under the Plan will, at the discretion of the Committee and as set forth in the
Award Certificate, be Fair Market Value Stock Options, Premium-Priced Stock
Options or a combination of Fair Market Value Stock Options and Premium-Priced
Stock Options.

(c)    Term and Timing of Exercise.   Each Stock
Option or Stock Appreciation Right granted under the Plan will be exercisable
in whole or in part, subject to the following conditions, unless determined
otherwise by the Committee:

(i)      The Committee will determine
and set forth in the Award Certificate the date on which any Award of Stock
Options or Stock Appreciation Rights to a Participant may first be exercised.
Unless the applicable Award Certificate provides otherwise, a Stock Option or
Stock Appreciation Right will become exercisable in equal annual installments
over a period of four years beginning immediately after the date on which the
Stock Option or Stock Appreciation Right was granted, and will lapse 10 years
after the date of grant, except as otherwise provided herein.

(ii)     Unless the applicable Award
Certificate provides otherwise, upon the death, Disability or Normal Retirement
of a Participant who has outstanding Stock Options or Stock Appreciation
Rights, the unvested Stock Options or Stock Appreciation Rights will vest.
Unless the applicable Award Certificate provides otherwise, the Participant’s
Stock Options and Stock Appreciation Rights will lapse, and will not thereafter
be exercisable, upon the earlier of (A) their original expiration date or (B)
the date that is three years after the date on which the Participant dies,
incurs a Disability or retires.

(iii)    Unless the applicable Award
Certificate provides otherwise, upon the Termination of Employment of a
Participant for any reason other than the Participant’s death, Disability or
Normal Retirement or a Change in Control Termination, if the Participant has
attained age 55, and the sum of the Participant’s age and years of service with
the Company is 60 or higher, a pro rata portion of the Participant’s Stock
Options and Stock Appreciation Rights will vest so that the total number of
vested Stock Options or Stock Appreciation Rights held by the Participant at
Termination of Employment (including those that have already vested as of such
date) will be equal to (A) the total number of Stock Options or Stock
Appreciation Rights originally granted to the Participant under each Award
multiplied by (ii) a fraction, the numerator of which is the period of time (in
whole months) that have elapsed since the date of grant, and the denominator of
which is four years (or such other applicable vesting term as is set forth in
the Award Certificate). Unless the Award Certificate provides otherwise, such
Participant’s 

 8
 

Stock Options and Stock Appreciation Rights will
lapse, and will not thereafter be exercisable, upon the earlier of (A) their
original expiration date or (B) the date that is three years after the date of
Termination of Employment.

(iv)    Upon the Termination of
Employment of a Participant that does not meet the requirements of paragraphs
(ii) or (iii) above, any unvested Stock Options or Stock Appreciation Rights
will be forfeited unless the Award Certificate provides otherwise. Any Stock
Options or Stock Appreciation Rights that are vested as of such Termination of
Employment will lapse, and will not thereafter be exercisable, upon the earlier
of (A) their original expiration date or (B) the date that is ninety (90) days
after the date of such Termination of Employment unless the Award Certificate
provides otherwise.

(v)     Stock Options and Stock
Appreciation Rights of a deceased Participant may be exercised only by the
estate of the Participant or by the person given authority to exercise the
Stock Options or Stock Appreciation Rights by the Participant’s will or by
operation of law. If a Stock Option or Stock Appreciation Right is exercised by
the executor or administrator of a deceased Participant, or by the person or
persons to whom the Stock Option or Stock Appreciation Right has been
transferred by the Participant’s will or the applicable laws of descent and
distribution, the Company will be under no obligation to deliver Shares or cash
until the Company is satisfied that the person exercising the Stock Option or
Stock Appreciation Right is the duly appointed executor or administrator of the
deceased Participant or the person to whom the Stock Option or Stock
Appreciation Right has been transferred by the Participant’s will or by
applicable laws of descent and distribution.

(vi)    A Stock Appreciation Right
granted in tandem with a Stock Option is subject to the same terms and
conditions as the related Stock Option and will be exercisable only to the
extent that the related Stock Option is exercisable.

(d)   Payment of Exercise Price.  The Exercise Price of
a Stock Option must be paid in full when the Stock Option is exercised. Stock
certificates will be registered and delivered only upon receipt of payment.
Payment of the Exercise Price may be made in cash or by certified check, bank
draft, wire transfer, or postal or express money order, provided that the
format is approved by the Company or a designated third-party administrator.
The Committee, in its discretion may also allow payment to be made by any of
the following methods, as set forth in the Award Certificate:

(i)      Delivering a properly
executed exercise notice to the Company or its agent, together with irrevocable
instructions to a broker to deliver to the Company, within the typical
settlement cycle for the sale of equity securities on the relevant trading
market (or otherwise in accordance with the provisions of Regulation T issued
by the Federal Reserve Board), the amount of sale proceeds with respect to the
portion of the Shares to be acquired having a Fair Market Value on the date of
exercise equal to the sum of the applicable portion of the Exercise Price being
so paid;

(ii)     Tendering (actually or by
attestation) to the Company previously acquired Shares that have been held by
the Participant for at least six months, subject to paragraph (iv), and that
have a Fair Market Value on the day prior to the date of exercise equal to the
applicable portion of the Exercise Price being so paid, provided that the Board
has specifically approved the repurchase of such Shares (unless such approval
is not required by the terms of the bye-laws of the Company) and the Committee
has determined that, as of the date of repurchase, the Company is, and after
the repurchase will continue to be, able to pay its liabilities as they become
due; or

(iii)    Provided such payment method
has been expressly authorized by the Board or the Committee in advance and
subject to any requirements of applicable law and regulations, instructing the
Company to reduce the number of Shares that would otherwise be issued by such
number of Shares as have in the aggregate a Fair Market Value on the date of
exercise equal to the applicable portion of the Exercise Price being so paid.

(iv)    The Committee, in
consideration of applicable accounting standards, may waive any holding

 9

period on Shares required to tender pursuant to clause
(ii).

(e)    Incentive
Stock Options.   Incentive Stock Options granted
under the Plan will be subject to the following additional conditions,
limitations and restrictions:

(i)      Eligibility.   Incentive
Stock Options may be granted only to Employees of the Company or a Subsidiary
that is a subsidiary or parent corporation of the Company, within the meaning
of Section 424 of the Code.

(ii)     Timing
of Grant.   No Incentive Stock Option will be granted
under the Plan after the 10-year anniversary of the date on which the Plan is
adopted by the Board or, if earlier, the date on which the Plan is approved by
the Company’s stockholders.

(iii)    Amount of
Award.   Subject to Section 5.3 of the Plan, no more
than 10 million Shares may be available for grant in the form of Incentive
Stock Options. The aggregate Fair Market Value (as of the date of grant) of the
Shares with respect to which the Incentive Stock Options awarded to any
Employee first become exercisable during any calendar year may not exceed
$100,000 (U.S.). For purposes of this $100,000 (U.S.) limit, the Employee’s
Incentive Stock Options under this Plan and all other plans maintained by the
Company and its Subsidiaries will be aggregated. To the extent any Incentive
Stock Option would exceed the $100,000 (U.S.) limit, the Incentive Stock Option
will afterwards be treated as a Nonqualified Stock Option for all purposes.

(iv)    Timing of
Exercise.   If the Committee exercises its discretion
in the Award Certificate to permit an Incentive Stock Option to be exercised by
a Participant more than three months after the Participant has ceased being an
Employee (or more than 12 months if the Participant is permanently and totally
disabled, within the meaning of Section 22(e) of the Code), the Incentive Stock
Option will afterwards be treated as a Nonqualified Stock Option for all
purposes. For purposes of this paragraph (iv), an Employee’s employment
relationship will be treated as continuing intact while the Employee is on
military leave, sick leave or another approved leave of absence if the period
of leave does not exceed 90 days, or a longer period to the extent that the
Employee’s right to reemployment with the Company or a Subsidiary is guaranteed
by statute or by contract. If the period of leave exceeds 90 days and the
Employee’s right to reemployment is not guaranteed by statute or contract, the
employment relationship will be deemed to have ceased on the 91st day of the
leave.

(v)     Transfer
Restrictions.   In no event will the Committee permit
an Incentive Stock Option to be transferred by an Employee other than by will
or the laws of descent and distribution, and any Incentive Stock Option awarded
under this Plan will be exercisable only by the Employee during the Employee’s
lifetime.

(f)    Exercise
of Stock Appreciation Rights.   Upon exercise of a
Participant’s Stock Appreciation Rights, the Company will pay cash or Shares or
a combination of cash and Shares, in the discretion of the Committee and as
described in the Award Certificate. Cash payments will be equal to the excess
of the Fair Market Value of a Share on the date of exercise (or, if the
Committee shall so determine, any date during a specified period before or
after the date of exercise) over the Exercise Price, for each Share for which a
Stock Appreciation Right was exercised. If Shares are paid for the Stock
Appreciation Right, the Participant will receive a number of whole Shares equal
to the quotient of the cash payment amount divided by the Fair Market Value of
a Share on the date of exercise. The Committee may make payments after exercise
in a lump sum or defer full payment by annual installments or otherwise.

(g)   No
Repricing.   Except as otherwise provided in Section
5.3, in no event will the Committee decrease the Exercise Price of a Stock
Option or Stock Appreciation Right after the date of grant or cancel
outstanding Stock Options or Stock Appreciation Rights and grant replacement
Stock Options or Stock Appreciation Rights with a lower Exercise Price than
that of the replaced Stock Options or Stock Appreciation Rights or other Awards
without first obtaining the approval of the holders of a majority of the Shares
who are present in person or by proxy at a meeting of the Company’s
stockholders and entitled to vote.

4.4        Annual
Performance Bonuses.   The Committee may grant Annual
Performance Bonuses under the Plan in the 

 10
 

form of cash or
Shares to the Reporting Persons that the Committee may from time to time
select, in the amounts and pursuant to the terms and conditions that the
Committee may determine and set forth in the Award Certificate, subject to the
provisions below:

(a)    Performance
Cycles.   Annual Performance Bonuses will be awarded
in connection with a 12-month Performance Cycle, which will be the fiscal year
of the Company.

(b)   Eligible
Participants.   Within 90 days after the commencement
of a Performance Cycle, the Committee will determine the Reporting Persons who
will be eligible to receive an Annual Performance Bonus under the Plan.

(c)    Performance
Measures; Targets; Award Criteria.

(i)      Within 90 days after the commencement of a
Performance Cycle, the Committee will fix and establish in writing (A) the
Performance Measures that will apply to that Performance Cycle; (B) the Target
Amount payable to each Participant; and (C) subject to subsection (d) below,
the criteria for computing the amount that will be paid with respect to each
level of attained performance. The Committee will also set forth the minimum
level of performance, based on objective factors, that must be attained during
the Performance Cycle before any Annual Performance Bonus will be paid and the
percentage of the Target Amount that will become payable upon attainment of
various levels of performance that equal or exceed the minimum required level.

(ii)     The Committee may, in its discretion,
select Performance Measures that measure the performance of the Company or one
or more business units, divisions or Subsidiaries of the Company. The Committee
may select Performance Measures that are absolute or relative to the
performance of one or more comparable companies or an index of comparable
companies.

(iii)    The Committee, in its discretion, may, on a
case-by-case basis, reduce, but not increase, the amount payable to any Key
Employee with respect to any given Performance Cycle, provided, however, that
no reduction will result in an increase in the amount payable under any Annual
Performance Bonus of another Key Employee.

(d)   Payment,
Certification.   No Annual Performance Bonus will
vest with respect to any Reporting Person until the Committee certifies in
writing the level of performance attained for the Performance Cycle in relation
to the applicable Performance Measures. In applying Performance Measures, the
Committee may, in its discretion, exclude unusual or infrequently occurring
items (including any event listed in Section 5.3 and the cumulative effect of
changes in the law, regulations or accounting rules), and may determine no
later than ninety (90) days after the commencement of any applicable
Performance Cycle to exclude other items, each determined in accordance with
GAAP (to the extent applicable) and as identified in the financial statements,
notes to the financial statements or discussion and analysis of management.

(e)    Form of
Payment.   Annual Performance Bonuses will be paid in
cash or Shares.  All such Performance
Bonuses shall be paid no later than the 15th day of the third month following
the end of the calendar year (or, if later, following the end of the Company’s
fiscal year) in which such Performance Bonuses are no longer subject to a
substantial risk of forfeiture (as determined for purposes of Section 409A of
the Code), except to the extent that a Participant has elected to defer payment
under the terms of a duly authorized deferred compensation arrangement.

(f)    Section
162(m) of the Code.   It is the intent of the Company
that Annual Performance Bonuses be “performance-based compensation” for
purposes of Section 162(m) of the Code, that this Section 4.4 be interpreted in
a manner that satisfies the applicable requirements of Section 162(m)(C) of the
Code and related regulations, and that the Plan be operated so that the Company
may take a full tax deduction for Annual Performance Bonuses. If any provision
of this Plan or any Annual Performance Bonus would otherwise frustrate or
conflict with this intent, the provision will be interpreted and deemed amended
so as to avoid this conflict.

4.5        Long
Term Performance Awards.   The Committee may grant
Long Term Performance Awards under the Plan in the form of Performance Units,
Restricted Units or Restricted Stock to any Employee who the Committee may from
time to 

 11
 

time select, in
the amounts and pursuant to the terms and conditions that the Committee may
determine and set forth in the Award Certificate, subject to the provisions
below:

(a)    Performance
Cycles.   Long Term Performance Awards will be
awarded in connection with a Performance Cycle, as determined by the Committee
in its discretion, provided, however, that a Performance Cycle may be no
shorter than 12 months and no longer than 5 years.

(b)   Eligible
Participants.   Within 90 days after the commencement
of a Performance Cycle, the Committee will determine the Employees who will be
eligible to receive a Long Term Performance Award for the Performance Cycle,
provided that the Committee may determine the eligibility of any Employee other
than a Key Employee after the expiration of this 90-day period.

(c)    Performance
Measures; Targets; Award Criteria.

(i)      Within 90 days after the commencement of a
Performance Cycle, the Committee will fix and establish in writing (A) the
Performance Measures that will apply to that Performance Cycle; (B) with
respect to Performance Units, the Target Amount payable to each Participant;
(C) with respect to Restricted Units and Restricted Stock, the Target Vesting
Percentage for each Participant; and (D) subject to subsection (d) below, the
criteria for computing the amount that will be paid or will vest with respect
to each level of attained performance. The Committee will also set forth the
minimum level of performance, based on objective factors, that must be attained
during the Performance Cycle before any Long Term Performance Award will be
paid or vest, and the percentage of Performance Units that will become payable
and the percentage of performance-based Restricted Units or Shares of
Restricted Stock that will vest upon attainment of various levels of
performance that equal or exceed the minimum required level.

(ii)     The Committee may, in its discretion,
select Performance Measures that measure the performance of the Company or one
or more business units, divisions or Subsidiaries of the Company. The Committee
may select Performance Measures that are absolute or relative to the performance
of one or more comparable companies or an index of comparable companies.

(iii)    The Committee, in its discretion, may, on a
case-by-case basis, reduce, but not increase, the amount of Long Term
Performance Awards payable to any Key Employee with respect to any given
Performance Cycle, provided, however, that no reduction will result in an
increase in the dollar amount or number of Shares payable under any Long Term
Performance Award of another Key Employee.

(iv)    With respect to Employees who are not Key
Employees, the Committee may establish, in its discretion,  performance criteria other than the
Performance Measures  that will be
applicable for the Performance Cycle.

(d)   Payment,
Certification.   No Long Term Performance Award will
vest with respect to any Employee until the Committee certifies in writing the
level of performance attained for the Performance Cycle in relation to the
applicable Performance Measures. Long Term Performance Awards awarded to
Participants who are not Key Employees will be based on the Performance Measures, or
other applicable performance criteria, and payment formulas that the Committee,
in its discretion, may establish for these purposes. These Performance
Measures, or other performance criteria, and formulas may be the same as or
different than the Performance Measures and formulas that apply to Key
Employees.

In applying
Performance Measures, the Committee may, in its discretion, exclude unusual or
infrequently occurring items (including any event listed in Section 5.3 and the
cumulative effect of changes in the law, regulations or accounting rules, and
may determine no later than ninety (90) days after the commencement of any
applicable Performance Cycle to exclude other items, each determined in
accordance with GAAP (to the extent applicable) and as identified in the
financial statements, notes to the financial statements or discussion and
analysis of management.

(e)    Form of
Payment.   Long Term Performance Awards in the form
of Performance Units may be paid in cash or full Shares, in the discretion of
the Committee, and as set forth in the Award Certificate. Performance-based
Restricted Units and Restricted Stock will be paid in full Shares. Payment with
respect to any fractional 

 12
 

Share will be in cash in
an amount based on the Fair Market Value of the Share as of the date the
Performance Unit becomes payable.

(f)    Section
162(m) of the Code.   It is the intent of the Company
that Long Term Performance Awards made to Key Employees be “performance-based
compensation” for purposes of Section 162(m) of the Code, that this Section 4.5
be interpreted in a manner that satisfies the applicable requirements of
Section 162(m)(C) of the Code and related regulations with respect to Long Term
Performance awards made to Key Employees, and that the Plan be operated so that
the Company may take a full tax deduction for Long Term Performance Awards. If
any provision of this Plan or any Long Term Performance Award would otherwise
frustrate or conflict with this intent, the provision will be interpreted and
deemed amended so as to avoid this conflict.

(g)   Retirement.   If
a Participant would be entitled to a Long Term Performance Award but for the
fact that the Participant’s employment with the Company terminated prior to the
end of the Performance Cycle, the Participant may, in the Committee’s
discretion, receive a Long Term Performance Award, pro rated for the portion of
the Performance Cycle that the Participant completed and payable at the same
time after the end of the Performance Cycle that payments to other Long Term
Performance Award recipients are made, if the Participant has attained age 55
and the sum of the Participant’s age and years of service with the Company was
60 or higher at the time of Termination of Employment or if the Participant
retired under a Normal Retirement.

4.6        Other
Stock-Based Awards.   The Committee may, from time to
time, grant Awards (other than Stock Options, Stock Appreciation Rights, Annual
Performance Bonuses or Long Term Performance Awards) to any Employee who the
Committee may from time to time select, which Awards consist of, or are
denominated in, payable in, valued in whole or in part by reference to, or
otherwise related to, Shares. These Awards may include, among other forms,
Restricted Stock, Restricted Units, or Deferred Stock Units. The Committee will
determine, in its discretion, the terms and conditions that will apply to
Awards granted pursuant to this Section 4.6, which terms and conditions will be
set forth in the applicable Award Certificate.

(a)    Vesting.   Unless
the Award Certificate provides otherwise, restrictions on Stock-Based Awards
granted under this Section 4.6 will lapse in equal annual installments over a
period of four years beginning immediately after the date of grant. If the
restrictions on Stock-Based Awards have not lapsed or been satisfied as of the
Participant’s Termination of Employment, the Shares will be forfeited by the
Participant if the termination is for any reason other than the Normal
Retirement, death or Disability of the Participant or a Change in Control,
except that the Award will vest pro rata with respect to the portion of the
four-year vesting term (or such other vesting term as is set forth in the Award
Certificate) that the Participant has completed if the Participant has attained
age 55, the sum of the Participant’s age and years of service with the Company
is 60 or higher and the Participant has satisfied all other applicable
conditions established by the Committee with respect to such pro rata vesting.  Unless the Award Certificate provides
otherwise, all restrictions on Stock-Based Awards granted pursuant to this
Section 4.6 will lapse upon the Normal Retirement, death or Disability of the
Participant.

(b)   Grant of
Restricted Stock.   The Committee may grant
Restricted Stock to any Employee, which Shares will be registered in the name
of the Participant and held for the Participant by the Company.   The Participant will have all rights of a
stockholder with respect to the Shares, including the right to vote and to
receive dividends or other distributions, except that the Shares may be subject
to a vesting schedule and will be forfeited if the Participant attempts to
sell, transfer, assign, pledge or otherwise encumber or dispose of the Shares
before the restrictions are satisfied or lapse.

(c)    Grant of
Restricted Units.   The Committee may grant
Restricted Units to any Employee, which Units will be paid in cash or whole
Shares or a combination of cash and Shares, in the discretion of the Committee,
when the restrictions on the Units lapse and any other conditions set forth in
the Award Certificate have been satisfied. For each Restricted Unit that vests,
one Share will be paid or an amount in cash equal to the Fair Market Value of a
Share as of the date on which the Restricted Unit vests.

(d)   Grant of
Deferred Stock Units.   The Committee may grant
Deferred Stock Units to any Employee, which Units will be paid in whole Shares
upon the Employee’s Termination of Employment if the restrictions on the Units
have lapsed. One Share will be paid for each Deferred Stock Unit that becomes
payable.

 13

(e)    Dividends
and Dividend Equivalents.    At the discretion of the Committee,
dividends issued on Shares may be paid immediately or withheld and deferred in
the Participant’s account. In the event of a payment of dividends on Common
Stock, the Committee may credit Restricted Units with Dividend Equivalents in
accordance with terms and conditions established in the discretion of the
Committee. Dividend Equivalents will be subject to such vesting terms as is
determined by the Committee and may be distributed immediately or withheld and
deferred in the Participant’s account as determined by the Committee and set
forth in the applicable Award Agreement. Deferred Stock Units may, in the
discretion of the Committee and as set forth in the Award Certificate, be credited
with Dividend Equivalents or additional Deferred Stock Units. The number of any
Deferred Stock Units credited to a Participant’s account upon the payment of a
dividend will be equal to the quotient produced by dividing the cash value of
the dividend by the Fair Market Value of one Share as of the date the dividend
is paid. The Committee will determine any terms and conditions on deferral of a
dividend or Dividend Equivalent, including the rate of interest to be credited
on deferral and whether interest will be compounded.

4.7           Director
Awards.

(a)    As of the first day of each fiscal year of
the Company (or upon a Director’s commencement of service as a non-employee
Director of the Company), the Committee will grant Deferred Stock Units to each
Director in such an amount as the Board, in its discretion, may approve in
advance. Each such Deferred Stock Unit will vest as determined by the Committee
and set forth in the Award Certificate and will be paid in Shares within 30
days following the recipient’s Termination of Directorship. Dividend
Equivalents or additional Deferred Stock Units will be credited to each
Director’s account when dividends are paid on Common Stock to the shareholders,
and will be paid to the Director at the same time that the Deferred Stock Units
are paid to the Director

(b)   The Committee may, in its discretion, grant
Stock Options, Stock Appreciation Rights and other Stock-Based Awards to
Directors.

4.8           Substitute
Awards.   The Committee may make Awards under the
Plan to Acquired Grantees through the assumption of, or in substitution for,
outstanding stock-based awards previously granted to such Acquired Grantees.
Such assumed or substituted Awards will be subject to the terms and conditions
of the original awards made by the Acquired Company, with such adjustments
therein as the Committee considers appropriate to give effect to the relevant
provisions of any agreement for the acquisition of the Acquired Company. Any
grant of Incentive Stock Options pursuant to this Section 4.8 will be made in
accordance with Section 424 of the Code and any final regulations published
thereunder.

4.9           Limit
on Individual Grants.   Subject to Sections 5.1 and
5.3, no Employee may be granted more than 6 million Shares over any calendar
year pursuant to Awards of Stock Options, Stock Appreciation Rights and
performance-based Restricted Stock and Restricted Units, except that an
incentive Award of no more than 10 million Shares may be made pursuant to Stock
Options, Stock Appreciation Rights and performance-based Restricted Stock and
Restricted Units to any person who has been hired within the calendar year as a
Key Employee. The maximum amount that may be paid in cash or Shares pursuant to
Annual Performance Bonuses or Long Term Performance Awards paid in Performance
Units to any one Employee is $10 million (U.S.) for any Performance Cycle of 12
months. For any longer Performance Cycle, this maximum will be adjusted
proportionally.

4.10         Termination
for Cause.   Notwithstanding anything to the contrary
herein, if a Participant incurs a Termination of Directorship or Termination of
Employment for Cause, then all Stock Options, Stock Appreciation Rights, Annual
Performance Bonuses, Long Term Performance Awards, Restricted Units, Restricted
Stock and other Stock-Based Awards will immediately be cancelled. The exercise
of any Stock Option or Stock Appreciation Right or the payment of any Award may
be delayed, in the Committee’s discretion, in the event that a potential
termination for Cause is pending.  If a
Participant incurs a Termination of Employment for Cause, or the Company
becomes aware (after the Participant’s Termination of Employment) of conduct on
the part of the Participant that would be grounds for a Termination of
Employment for Cause, then the Participant will be required to deliver to the
Company (i) Shares (or, in the discretion of the Committee, cash) in an amount
that is equal in value to the amount of any profit the Participant realized
upon the exercise of an Option during the period beginning six (6) months prior
to the Participant’s Termination of Employment for Cause and ending on the two
(2) year anniversary of such Termination of Employment; and (ii) the number of
Shares (or, in the discretion of the Committee, the cash value of said shares)
the Participant received for Restricted Shares or Restricted Units that vested
during the period described in (i) above.

 14
 

ARTICLE V

SHARES SUBJECT TO THE PLAN; ADJUSTMENTS

5.1           Shares
Available.   The Shares issuable under the Plan will
be authorized but unissued Shares, and, to the extent permissible under
applicable law, Shares acquired by the Company, any Subsidiary or any other
person or entity designated by the Company. The total number of Shares with
respect to which Awards may be issued under the Plan may equal, but may not
exceed, five percent (5%) of the Shares outstanding as of the Effective Date,
and subject to adjustment in accordance with Section 5.3; provided that when
Shares are issued pursuant to a grant of Restricted Stock, Restricted Units,
Deferred Stock Units,  Performance Units
or as payment of an Annual Performance Bonus or other Stock-Based Award, the
total number of Shares remaining available for grant will be decreased by a
margin of at least 1.8 per Share issued. No more than 10 million Shares of the
total Shares issuable under the Plan may be available for grant in the form of
Incentive Stock Options.

5.2           Counting
Rules.   The following Shares related to Awards under
this Plan may again be available for issuance under the Plan, in addition to
the Shares described in Section 5.1:

(a)    Shares related to Awards paid in cash;

(b)   Shares related to Awards that expire, are
forfeited or cancelled or terminate for any other reason without issuance of
Shares;

(c)    Shares that are tendered or withheld in
payment of all or part of the Exercise Price of a Stock Option awarded under
this Plan, or in satisfaction of withholding tax obligations arising under this
Plan;

(d)   Any Shares issued in connection with Awards
that are assumed, converted or substituted as a result of the acquisition of an
Acquired Company by the Company or a combination of the Company with another
company; and

(e)    Any Shares of Restricted Stock that are
returned to the Company upon a Participant’s Termination of Employment.

5.3           Adjustments.   In
the event of a change in the outstanding Shares by reason of a stock split,
reverse stock split, dividend or other distribution (whether in the form of
cash, Shares, other securities or other property), extraordinary cash dividend,
recapitalization, merger, consolidation, split-up, spin-off, reorganization,
combination, repurchase or exchange of Shares or other securities or similar
corporate transaction or event, the Committee shall make an appropriate
adjustment to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan .  Any adjustment made by the Committee under
this Section 5.3 will be conclusive and binding for all purposes under the
Plan.

5.4           Change
in Control.

(a)    Unless otherwise provided under the terms of
an applicable Award Certificate, (i) all outstanding Stock Options and Stock
Appreciation Rights will become exercisable as of the effective date of a
Participant’s Change in Control Termination if the Awards are not otherwise vested,
and all conditions will be waived with respect to outstanding Restricted Stock
, Restricted Units and other Stock-Based Awards (other than Long Term
Performance Awards) and Deferred Stock Units, and (ii) each Participant who has
been granted an Annual Performance Bonus or Long Term Performance Award that is
outstanding as of the date of such Participant’s Change in Control Termination
will be deemed to have achieved a level of performance, as of the Change in
Control Termination, that would cause all (100%) of the Participant’s Target
Amounts to become payable and all restrictions on the Participant’s Restricted
Units and Shares of Restricted Stock to lapse. 
Unless the Committee determines otherwise in its discretion (either when
the award is granted or any time thereafter), in the event that Awards
outstanding as of the date of a Change in Control that are payable in shares of
Company Common Stock will not be substituted with comparable awards payable or
redeemable in shares of publicly-traded stock after the Change in Control, each
such outstanding Award (i) will become fully vested (at target, where
applicable) immediately prior to the Change in Control and (ii) each such Award
that is a Stock Option will be settled in cash, without the Participant’s
consent, for an amount equal to the amount that could have been attained upon
the exercise of such Award immediately prior to the Change in Control had such
Award been exercisable or payable at such time.

 15
 

(b)   In addition to the such other actions described
in Secion 5.4(a), in the event of a Change in Control the Committee may take
any one or more of the following actions with respect to any or all outstanding
Awards, without the consent of the Participant: (i) the Committee may determine
that outstanding Stock Options and Stock Appreciation Rights shall be fully
exercisable, and restrictions on Restricted Stock, Restricted Units, Deferred
Stock Units and other Stock-Based Awards shall lapse, as of the date of the
Change in Control or such other time (prior to a Participant’s Change in
Control Termination) as the Committee determines, (ii) the Committee may
require that a Participant surrender their outstanding Stock Options and Stock
Appreciation Rights in exchange for one or more payments by the Company, in
cash or Common Stock as determined by the Committee, in an amount equal to the
amount by which the then Fair Market Value of the shares of Common Stock
subject to the Participant’s unexercised Stock Options and Stock Appreciation
Rights exceeds the exercise price, if any, and on such terms as the Committee
determines, (iii) after giving Participants an opportunity to exercise their
outstanding Stock Options and Stock Appreciation Rights, the Committee may
terminate any or all unexercised Stock Options and Stock Appreciation Rights at
such time as the Committee deems appropriate, (iv) the Committee may determine
that Annual Performance Bonuses and/or Long Term Performance Awards will be
paid out at their target level, in cash or Common Stock as determined by the
Committee, or (v) the Committee may determine that Awards that remain
outstanding after the Change in Control shall be converted to similar grants
of, or assumed by, the surviving corporation (or a parent or subsidiary of the
surviving corporation or successor). 
Such acceleration, surrender, termination, settlement or conversion
shall take place as of the date of the Change in Control or such other date as
the Committee may specify.  The Committee
may specify how an Award will be treated in the event of a Change in Control
either when the Award is granted or at any time thereafter.

5.5           Fractional
Shares.   No fractional Shares will be issued under
the Plan.  Except as otherwise provided
in Section 4.5(e), if a Participant acquires the right to receive a
fractional Share under the Plan, the Participant will receive, in lieu of the
fractional Share, a full Share as of the date of settlement, unless otherwise
provided by the Committee.

ARTICLE VI

AMENDMENT AND TERMINATION

6.1           Amendment.   The
Plan may be amended at any time and from time to time by the Board without the
approval of stockholders of the Company, except that no material revision to
the terms of the Plan will be effective until the amendment is approved by the
stockholders of the Company. A revision is “material” for this purpose if,
among other changes, it materially increases the number of Shares that may be
issued under the Plan (other than an increase pursuant to Section 5.3 of the
Plan), expands the types of Awards available under the Plan, materially expands
the class of persons eligible to receive Awards under the Plan, materially
extends the term of the Plan, materially decreases the Exercise Price at which
Stock Options or Stock Appreciation Rights may be granted, reduces the Exercise
Price of outstanding Stock Options or Stock Appreciation Rights, or results in
the replacement of outstanding Stock Options and Stock Appreciation Rights with
new Awards that have an Exercise Price that is lower than the Exercise Price of
the replaced Stock Options and Stock Appreciation Rights.  No amendment of the Plan made without the
Participant’s written consent may adversely affect any right of a Participant
with respect to an outstanding Award.

6.2           Termination.   The
Plan will terminate upon the earlier of the following dates or events to occur:

(a)    the adoption of a resolution of the Board
terminating the Plan; or

(b)   the day before the 10th anniversary of the
adoption of the Plan by the Company’s shareholder as described in Section 1.2.

No Awards will be
granted under this Plan after it has terminated. The termination of the Plan,
however, will not alter or impair any of the rights or obligations of any
person under any Award previously granted under the Plan without such 

 16
 

person’s consent.
After the termination of the Plan, any previously granted Awards will remain in
effect and will continue to be governed by the terms of the Plan and the
applicable Award Certificate.

ARTICLE VII

GENERAL PROVISIONS

7.1           Nontransferability
of Awards.   No Award under the Plan will be subject
in any manner to alienation, anticipation, sale, assignment, pledge,
encumbrance or transfer, and no other persons will otherwise acquire any rights
therein, except as provided below.

(a)    Any Award may be transferred by will or by
the laws of descent or distribution.

(b)   The Committee may provide in the applicable
Award Certificate that all or any part of a Nonqualified Option or Shares of
Restricted Stock may, subject to the prior written consent of the Committee, be
transferred  to a family member.  For purposes of this subsection (b), “family
member” includes any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of
the Participant, including adoptive relationships, any person sharing the
Participant’s household (other than a tenant or employee), a trust in which
these persons have more than fifty percent of the beneficial interest, a
foundation in which these persons (or the Participant) control the management
of assets, and any other entity in which these persons (or the Participant) own
more than fifty percent of the voting interests.

Any transferred Award
will be subject to all of the same terms and conditions as provided in the Plan
and the applicable Award Certificate. The Participant or the Participant’s
estate will remain liable for any withholding tax that may be imposed by any
federal, state or local tax authority. The Committee may, in its discretion,
disallow all or a part of any transfer of an Award pursuant to this subsection
(b) unless and until the Participant makes arrangements satisfactory to the
Committee for the payment of any withholding tax. The Participant must
immediately notify the Committee, in the form and manner required by the
Committee, of any proposed transfer of an Award pursuant to this subsection
(b). No transfer will be effective until the Committee consents to the transfer
in writing.

(c)    Except as otherwise provided in the
applicable Award Certificate, any Nonqualified Stock Option transferred by a
Participant pursuant to this subsection (c) may be exercised by the transferee
only to the extent that the Award would have been exercisable by the Participant
had no transfer occurred. The transfer of Shares upon exercise of the Award
will be conditioned on the payment of any withholding tax.

(d)   Restricted Stock may be freely transferred
after the restrictions lapse or are satisfied and the Shares are delivered,
provided, however, that Restricted Stock awarded to an affiliate of the Company
may be transferred only pursuant to Rule 144 under the Securities Act, or
pursuant to an effective registration for resale under the Securities Act. For
purposes of this subsection (d), “affiliate” will have the meaning assigned to
that term under Rule 144.

(e)    In no event may a Participant transfer an
Incentive Stock Option other than by will or the laws of descent and
distribution.

7.2           Withholding
of Taxes.   The Committee, in its discretion, may
satisfy a Participant’s tax withholding obligations by any of the following
methods or any method as it determines to be in accordance with the laws of the
jurisdiction in which the Participant resides, has domicile or performs
services.

(a)    Stock
Options and Stock Appreciation Rights.   As a
condition to the delivery of Shares pursuant to the exercise of a Stock Option
or Stock Appreciation Right, the Committee may require that the Participant, at
the time of exercise, pay to the Company by cash, certified check, bank draft,
wire transfer or postal or express money order an amount sufficient to satisfy
any applicable tax withholding obligations. The Committee may also, in its
discretion, accept payment of tax withholding obligations through any of the
Exercise Price payment methods described in Section 4.3(d).

(b)   Other
Awards Payable in Shares.   The Participant shall
satisfy the Participant’s tax withholding

 17

 

obligations arising in
connection with the release of restrictions on Restricted Units, Restricted
Stock and other Stock-Based Awards by payment to the Company in cash or by
certified check, bank draft, wire transfer or postal or express money order,
provided that the format is approved by the Company or a designated third-party
administrator. However, subject to any requirements of applicable law, the
Company may also satisfy the Participant’s tax withholding obligations by other
methods, including selling or withholding Shares that would otherwise be
available for delivery, provided that the Board or the Committee has
specifically approved such payment method in advance.

(c)    Cash
Awards.   The Company may satisfy a Participant’s tax
withholding obligation arising in connection with the payment of any Award in
cash by withholding cash from such payment.

7.3           Special
Forfeiture Provision.   The Committee may, in its
discretion, provide in an Award Certificate that the Participant may not,
within two years of the Participant’s Termination of Employment with the
Company, enter into any employment or consultation arrangement (including
service as an agent, partner, stockholder, consultant, officer or director)
with any entity or person engaged in any business in which the Company or any
Subsidiary is engaged without prior written approval of the Committee if, in
the sole judgment of the Committee, the business is competitive with the
Company or any Subsidiary or business unit or such employment or consultation arrangement
would present a risk that the Participant would likely disclose Company
proprietary information (as determined by the Committee). If the Committee
makes a determination that this prohibition has been violated, the Participant
(i) will forfeit all rights under any outstanding Stock Option or Stock
Appreciation Right that was granted subject to the Award Certificate and will
return to the Company the amount of any profit realized upon an exercise of all
Awards during the period, as the Committee determines and sets forth in the
Award Certificate, beginning no earlier than six months prior to the
Participant’s Termination of Employment, and (ii) will forfeit and return to
the Company any Annual Performance Bonuses, Performance Units, Shares of
Restricted Stock, Restricted Units (including any credited Dividend
Equivalents), Deferred Stock Units, and other Stock-Based Awards that are
outstanding on the date of the Participant’s Termination of Employment, subject
to the Award Certificate, and have not vested or that became vested and remain
subject to this Section 7.3 during a period, as the Committee determines and
sets forth in the Award Certificate, beginning no earlier than six months prior
to the Participant’s Termination of Employment.

7.4           No
Implied Rights.   The establishment and operation of
the Plan, including the eligibility of a Participant to participate in the
Plan, will not be construed as conferring any legal or other right upon any
Director for any continuation of directorship or any Employee for the
continuation of employment through the end of any Performance Cycle or other
period. The Company expressly reserves the right, which may be exercised at any
time and in the Company’s sole discretion, to discharge any individual or treat
him or her without regard to the effect that discharge might have upon him or
her as a Participant in the Plan.

7.5           No
Obligation to Exercise Awards.   The grant of a Stock
Option or Stock Appreciation Right will impose no obligation upon the
Participant to exercise the Award.

7.6           No
Rights as Stockholders.   A Participant who is
granted an Award under the Plan will have no rights as a stockholder of the
Company with respect to the Award unless and until certificates for the Shares
underlying the Award are registered in the Participant’s name and (other than
in the case of Restricted Stock) delivered to the Participant. The right of any
Participant to receive an Award by virtue of participation in the Plan will be
no greater than the right of any unsecured general creditor of the Company.

7.7           Indemnification
of Committee.   The Company will indemnify, to the
fullest extent permitted by law, each person made or threatened to be made a
party to any civil or criminal action or proceeding by reason of the fact that
the person, or the executor or administrator of the person’s estate, is or was
a member of the Committee or a delegate of the Committee.

7.8           No
Required Segregation of Assets.   Neither the Company
nor any Subsidiary will be required to segregate any assets that may at any
time be represented by Awards granted pursuant to the Plan.

7.9           Nature
of Payments.   All Awards made pursuant to the Plan
are in consideration of services for the Company or a Subsidiary. Any gain
realized pursuant to Awards under the Plan constitutes a special incentive
payment to the Participant and will not be taken into account as compensation
for purposes of any other employee benefit plan of the Company or a Subsidiary,
except as the Committee otherwise provides. The adoption of the Plan will have
no effect on Awards made or to be made under any other benefit plan covering an
employee of the Company or a Subsidiary or any predecessor or 

 18
 

successor of the
Company or a Subsidiary.

7.10         Securities
Law Compliance.   Awards under the Plan are intended
to satisfy the requirements of Rule 16b-3 under the Exchange Act. If any
provision of this Plan or any grant of an Award would otherwise frustrate or
conflict with this intent, that provision will be interpreted and deemed
amended so as to avoid conflict. No Participant will be entitled to a grant,
exercise, transfer or payment of any Award if the grant, exercise, transfer or
payment would violate the provisions of the Sarbanes-Oxley Act of 2002 or any
other applicable law.

7.11         Section
409A Compliance.   To the extent the Committee
determines that any Award granted under the Plan is subject to Section 409A of
the Code, the Award Certificate evidencing such Award will incorporate the
terms and conditions required by Section 409A of the Code.  To the extent applicable, the Plan and the
Award Certificate will be interpreted in accordance with Section 409A of the
Code and Department of Treasury regulations and other interpretive guidance
issued thereunder, including without limitation any such regulations or other
guidance that may be issued after the Effective Date.  Notwithstanding any provision of the Plan, in
the event that following the Effective Date the Committee determines that any
Award may be subject to Section 409A of the Code, the Committee may adopt such
amendments to the Plan and/or the applicable Award Certificate or adopt
policies and procedures or take any other action or actions, including an
action or amendment with retroactive effect, that the Committee determines is
necessary or appropriate to (i) exempt the Award from the application of
Section 409A of the Code or (ii) comply with the requirements of Section 409A
of the Code.

7.12         Governing
Law, Severability.   The Plan and all determinations
made and actions taken under the Plan will be governed by the law of Bermuda
and construed accordingly. If any provision of the Plan is held unlawful or
otherwise invalid or unenforceable in whole or in part, the unlawfulness,
invalidity or unenforceability will not affect any other parts of the Plan,
which parts will remain in full force and effect.

 19

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