Document:

Jon S. Corzine Contract with J.C. Flowers & Co. LLC

 Exhibit 10.2 
 J.C. FLOWERS & CO. LLC 
 717 FIFTH AVENUE, 26TH FLOOR

 NEW YORK, NEW YORK 10022 
 March 23, 2010 
 Jon Corzine 
 c/o Perkins Coie LLP 
 131 S. Dearborn Street, Suite 1700 
 Chicago, IL 60603-5559 
 Attn: James R. Cruger

 Dear Mr. Corzine: 
 This
letter (this “Agreement”) will confirm the terms and conditions of the engagement of Jon Corzine (“you”) as an Operating Partner of J.C. Flowers & Co. LLC (“JCF”). Your Term (as defined below) with JCF shall
begin as of March 23, 2010. You will be based in New York. 
 Services: 
 As an Operating Partner, you will provide such services to JCF and its affiliates and make such time commitments to JCF and its affiliates, in each case as
may be agreed from time to time between you and JCF. In such capacity, you shall be acting solely as an advisor to JCF. Nothing in this Agreement shall be construed to establish an employer-employee relationship between JCF and you or to obligate
you to present JCF or its affiliates with any business or investment opportunities. 
 Term: 
 The term of the engagement under this Agreement shall commence on March 23, 2010 and will continue until the date of delivery by either party to the
other party of a written notice of termination hereof for any reason (the “Term”). 
 Upon the termination of your engagement with JCF
for any reason, you agree to resign, as of the date of such termination, to the extent applicable, from the Board of Directors (and any committees thereof) (or its equivalent) of any portfolio companies or other entities with respect to which you
serve in such capacity as a representative of, or designee of, JCF or its affiliates. The parties agree that you are not serving on the Board of Directors of MF Global Holdings Ltd (“MF Global”) as a representative or designee of JCF and
that nothing in this Agreement will require you to resign from the Board of Directors of MF Global upon termination of your engagement with JCF. 

 Jon Corzine 
 March 23, 2010 
  Page
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 Carried Interest: 
 You or your family investment vehicle will be admitted effective as of the date hereof as a limited partner (with status of an Operating Partner) of each of J.C. Flowers Fund III SLP L.P. (the “Fund
III ILP”), the investment limited partner of J.C. Flowers III L.P. (“Fund III”) and, if formed, JCF Global Partners ILP L.P. (the “Global Partners ILP”), the investment limited partner of JCF Global Partners L.P.
(“Global Partners Fund”). Your carry percentage shall be 3.5% with respect to portfolio investments and co-investments made during the Term by any of Fund III, the Global Partners Fund (if formed) and all related parallel funds,
alternative investment structures and co-investment vehicles. For the avoidance of any doubt, you will also be admitted to any alternative investments structures of the Fund III ILP and the Global Partners ILP (if formed) formed in connection with
portfolio investments and co-investments made during the Term by any of Fund III, the Global Partners Fund (if formed) and all related parallel funds, alternative investment structures and co-investment vehicles. 
 If you play a major role in originating and/or monitoring and managing an investment for JCF, you may be granted an additional carry percentage related
thereto, in an amount to be mutually agreed with JCF at the time. 
 You acknowledge that a percentage of distributions in respect of your carry
percentage that may be held back by the Fund III ILP and, as applicable, the Global Partners ILP; provided, that the holdback percentage applicable to you shall not exceed the holdback percentage generally applicable to managing directors of
JCF. 
 You shall be entitled to transfer all or a portion of your (or any family member’s) existing funded and unfunded capital commitment
to Fund III to the Fund III ILP, in which event such transferred capital commitment shall not be subject to any management fees or carried interest. 
 JCF hereby agrees that you will not be required to agree to contractual covenants that limit your ability to (i) acquire, or assist, advise or encourage any person in acquiring or seeking to acquire, any company, business or assets of
which you have knowledge, or which at the end of the Term, was then or had been the subject of a potential investment by JCF or any of its affiliates or (ii) contact any member of the management of any company or any of its affiliates for any
purpose involving substantive discussions concerning the business of JCF or its affiliates or such company unless, in each case (x) you have specifically requested or have specifically agreed to receive confidential information relating to such
company, business or asset and (y) such information was not requested or received in connection with the performance of your duties on behalf of MF Global. 
 Duties to MF Global: 
 It is understood and agreed that you will serve as an officer
and/or director of MF Global and, in that capacity, you will be subject to confidentiality and fiduciary duties to MF Global and its stockholders, as well as the contractual provisions of your employment agreement with MF Global, and that your
obligations under this Agreement will be subject to those other duties. It is further understood and agreed that, in serving as an officer and/or director of MF Global, you are doing so on a substantially full-time basis and are not doing so as a
representative or a designee of JCF or any of its affiliates. 

 Jon Corzine 
 March 23, 2010 
  Page
 3
 
  

 During the Term, if you cease to serve as an officer of MF Global, you and JCF shall discuss in good
faith your expected time commitment and annual salary and benefits. 
 In connection with the execution of final documents for the Fund III ILP,
you and JCF will mutually agree on a post-termination restrictive covenant with terms mutually acceptable to you and JCF, pursuant to which you will agree to refrain, during the Term and for a period of 12 months thereafter, without JCF’s prior
consent, from acting as an employee, advisor, consultant or any similar role to any firm, corporation or entity (other than MF Global and/or its subsidiaries) where your responsibilities consist primarily of the sourcing, negotiation, consummation,
monitoring or exit of private equity investments in financial services firms on behalf of one or more private equity funds or one or more managed accounts advised by a private equity firm or the private equity division of any firm, corporation or
entity; provided that you will not be bound by such restrictive covenant (i) to the extent that it conflicts with your duties to, or role with, MF Global and its subsidiaries or (ii) in the event that your services hereunder are
terminated without cause or you terminate such services for good reason (both to be defined in the final documents for the Fund III ILP) or (iii) in connection with any employment, advisory, consulting or similar role with a financial services
institution or other corporation or entity in the financial services industry that, as part of its business, sponsors private equity funds, so long as you do not spend a majority of your business time and attention with such institution, corporation
or entity on the sourcing, negotiation, consummation, monitoring or exit of private equity investments in financial services firms on behalf of any such private equity fund or managed account advised by the private equity division of such
institution, corporation or entity. 
 Confidentiality: 
 We agree to cooperate with you and MF Global in establishing reasonable procedures to protect confidential information. 
 Miscellaneous: 
 For the avoidance of doubt, you will not be an employee or agent of,
nor have any capacity to conclude contracts for JCF, nor hold yourself out as a partner of JCF. The terms of this Agreement may not be altered or changed except pursuant to a written amendment signed by both parties. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York. 
 ********** 
 Please confirm your acceptance of this offer to me in writing by March 26, 2010 by countersigning this letter. Such written acceptance shall be deemed
to constitute a representation by you that your acceptance of this offer and the performance of your duties as Operating Partner will not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or
policy to which you are a party or otherwise bound. 
 JCF may withhold from any amounts payable pursuant to the terms of this offer letter any
taxes as may be required to be withheld pursuant to any applicable law or regulation. 

 Jon Corzine 
 March 23, 2010 
  Page
 4
 
  

 If you have any questions concerning this offer please do not hesitate to call me at 212-404-6801 or
Sally Rocker at 212-404-6804. 
  

	
	Sincerely,
	
	J. Christopher Flowers

 Acknowledged and Agreed:

 Jon Corzineex4_2.htm

AMENDED AND RESTATED LIMITED RIGHT OF REDEMPTION UPON DEATH OF A STOCKHOLDER BY THE ESTATE OF THE STOCKHOLDER

 

On April 15, July 15, October 15 and January 15 of each year we will, upon the death of any registered owner of shares of common stock, redeem such shares held by such registered owner upon presentation of the documentation described below by such registered owner’s personal representative or surviving joint tenant(s). Our obligation to redeem the shares is subject to the following limitations:

	  	
• 

	
We will only redeem shares with a total redemption price of up to $100,000 per natural person, regardless of how title to the shares is held, on a one-time basis. After some shares are presented for redemption, no additional shares may be presented.

 

	  	
• 

	
In any one calendar year, we will only redeem shares for an aggregate redemption price of $2,000,000.

 

	  	
• 

	
The above annual redemption limitation is not cumulative. The difference, if any, between that year’s redemption limitation and the amount actually redeemed in such year will not be available for redemption in later years.

 

	  	
• 

	
We will redeem shares only four times each year.

 

	  	
• 

	
Our obligation to redeem is subject to our availability of cash as determined by our board of directors.

 

	  	
• 

	
Our board of directors may in its discretion, amend or suspend this limited right of redemption if it determines that to do so is in our best interest. If our board amends or suspends this limited right of redemption, we will provide stockholders with 30 days advance notice through a filing with the SEC.

 

 

To redeem the shares under these circumstances, our transfer agent must receive (1) written request for redemption in form satisfactory to the transfer agent, signed by the personal representative or surviving joint tenant(s) of the registered owner within 180 days of the death of the registered owner; (2) notice of the number of shares to be redeemed; (3) appropriate evidence of death and ownership of such shares at the time of death; and (4) appropriate evidence of the authority of such personal representative or surviving joint tenant(s) to sell the shares. In order for the shares of common stock to be eligible for the redemption on any of the dates listed above, such shares must be presented for redemption in full compliance with the provisions set forth above, at least one month prior to such dates and must be deemed acceptable by the transfer agent at least 10 days prior to the applicable redemption date. Any shares not redeemed in any period because of the aggregate limitations described above will be held for redemption in subsequent periods until redeemed. Any shares not redeemed in any period because of the individual limitations described above will not have a right of redemption other than as available to stockholders generally. Redemption requests will be prioritized on a first-come, first-served basis.

 

Any redemption by us will be made in cash. If we are currently conducting an offering of common stock, the redemption price will be the current offering price or the actual purchase price, whichever is less, plus accrued and unpaid dividends. During periods when we are not engaged in an offering of common stock, the redemption price will be the net asset value as of the end of the most recent fiscal quarter as determined by our Board of Directors. We will engage a third party to conduct a UCC search to ensure that no liens or encumbrances are held against the shares presented for redemption. We will deduct $100 from the proceeds of the redemption to cover our costs for this search.

The death of a person, who during his lifetime, was entitled to substantially all of the beneficial interest of ownership of the shares of common stock will be deemed the death of a registered owner, regardless of the registered owner, if such beneficial interest can be established to the satisfaction of the transfer agent. Such beneficial interest shall be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or similar statute, community property or other joint ownership arrangements between husband and wife, and certain other arrangements where one person has substantially all of the beneficial ownership interest in the shares of common stock during his lifetime. In the case of shares of common stock registered in the name of banks, trust companies or broker-dealers who are members of a national securities exchange or FINRA (“Qualified Institutions”), the redemption limitations described above apply to each beneficial owner of shares of common stock held by any Qualified Institution. In connection with the redemption request, each Qualified Institution must submit evidence, satisfactory to the transfer agent, that it holds the shares of common stock subject to request on behalf of such beneficial owner and must certify the aggregate amount of redemption requests made on behalf of such beneficial owner.

 

Any redemption request may be withdrawn upon delivery of a written request for such withdrawal given to the transfer agent at least 10 days prior to payment for redemption of the shares by reason of the death of a beneficial owner. Any party withdrawing its redemption request may again present such shares for redemption by following the procedures set forth above.

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