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Exhibit 4.2    
    

$600,000,000  

 Refco Finance Holdings LLC  

 Refco Finance Inc.  

 9% Senior Subordinated Notes Due 2012  

 REGISTRATION RIGHTS AGREEMENT  

        August 5, 2004 

CREDIT
SUISSE FIRST BOSTON LLC,

As Representative of the Several Initial Purchasers,

    Eleven Madison Avenue

    New York, New York 10010-3629 

Ladies
and Gentlemen: 

        Refco
Finance Holdings LLC, a Delaware limited liability company and Refco Finance Inc., a Delaware corporation (together with Refco Finance Holdings LLC, the
"Issuers"), propose to issue and sell to Credit Suisse First Boston LLC, Banc of America Securities LLC and Deutsche Bank Securities Inc.
(collectively, the "Initial Purchasers"), upon the terms set forth in a purchase agreement dated July 22, 2004 (the
"Purchase Agreement"), $600,000,000 principal amount of their 9% Senior Subordinated
Notes Due 2012 (the "Initial Securities") to be unconditionally guaranteed (the "Guaranties")
immediately following the Merger (as defined in the Purchase Agreement) by the entities set forth on Schedule A hereto (the "Guarantors" and
together with the Issuers, the "Company"). The Initial Securities will be issued pursuant to an Indenture, dated as of August 5, 2004 (the
"Indenture"), among the Issuers and Wells Fargo Bank, National Association, as trustee (the "Trustee").
As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company agrees with the Initial Purchasers, for the benefit of the holders of the Initial Securities (including,
without limitation, the Initial Purchasers), the Exchange Securities (as defined below) and the Private Exchange Securities (as defined below) (collectively the
"Holders"), as follows: 

        1.    Registered Exchange Offer.    Unless not permitted by applicable law (after the Company has complied with the
ultimate paragraph of this Section 1), the Company shall, at its own cost, prepare and, not later than 180 days (or if the 180th day is not a business day, the first business day
thereafter) (such 180th day, or the first business day thereafter, being a "Filing Deadline") after the date of original issue of the Initial Securities
(the "Issue Date"), file with the Securities and Exchange Commission (the "Commission") a registration
statement (the "Exchange Offer Registration Statement") on an appropriate form under the Securities Act of 1933, as amended (the
"Securities Act"), with respect to a proposed offer (the "Registered Exchange Offer") to the Holders of
Transfer Restricted Securities (as defined in Section 6 hereof), who are not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer, to issue and
deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt securities (the "Exchange Securities") of the
Company issued under the Indenture and identical in all material respects to the Initial Securities (except for the transfer restrictions relating to the Initial Securities and the provisions relating
to the matters described in Section 6 hereof) that would be registered under the Securities Act. The Company (i) shall use its reasonable best efforts to cause such Exchange Offer
Registration Statement to be declared effective under the Securities Act within 260 days (or if the 260th day is not a business day, the first business day thereafter) (such 260th day, or the
first business day thereafter, being an "Effectiveness Deadline") after the Issue Date and (ii) shall keep the Exchange Offer Registration
Statement effective for not less than 20 business days (or longer, if required by applicable law) after the date notice of the Registered Exchange Offer is mailed to the Holders (such period being
called the "Exchange Offer Registration Period"). 

 

        If
the Company commences the Registered Exchange Offer, the Company (i) will be entitled to close the Registered Exchange Offer 20 business days after such commencement (provided
that the Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer) and (ii) will be required to consummate the
Registered Exchange Offer not later than 40 days (or if the 40th day is not a business day, the first business day thereafter) after the date on which the Exchange Offer Registration Statement
is declared effective (such 40th day, or the first business day thereafter, the "Consummation Deadline"). 

        Following
the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall, as soon as practicable, commence the Registered Exchange Offer, it being
the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities electing to exchange the Initial Securities for Exchange Securities (assuming that such Holder
is not an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder's business and has no arrangements or understanding
with any person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities and is not prohibited by any law or policy of the Commission from participating
in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or restrictions under the Securities Act and without material restrictions
under the securities laws of the several states of the United States. 

        The
Company acknowledges that, pursuant to current interpretations by the Commission's staff of Section 5 of the Securities Act, in the absence of an applicable exemption
therefrom, (i) each Holder which is a broker or dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (a
"broker-dealer") electing to exchange Initial Securities, acquired for its own account as a result of market making activities or other trading
activities, for Exchange Securities (an "Exchanging Dealer"), is required to deliver a prospectus containing the information set forth in
(a) Annex A hereto on the cover, (b) Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of the Exchange Offer" section, and (c) Annex C hereto in the "Plan
of Distribution" section of such prospectus in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an
Initial Purchaser that elects to sell Private Exchange Securities acquired in exchange for Initial Securities constituting any portion of an unsold allotment is required to deliver a prospectus
containing the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in connection with such sale. 

        Subject
to Section 3(j), the Company shall use its reasonable best efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus
contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such
persons must comply with such requirements in order to resell the Exchange Securities; provided,  however, that (i) in the case where such prospectus
and any amendment or supplement thereto must be delivered by an Exchanging Dealer such period
shall be the lesser of 180 days (or such shorter period during which such person is required by applicable law to deliver such prospectus) and the date on which all Exchanging Dealers have sold
all Exchange Securities held by them (unless such period is extended pursuant to Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or supplement
thereto available to any broker-dealer or other person with similar prospectus delivery requirements for use in connection with any resale of any Exchange Securities for a period of not less than
180 days after the effective date of the Exchange Offer Registration Statement (or such shorter period during which such persons are required by applicable law to deliver such prospectus). 

        If,
upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial distribution, the Company, simultaneously
with the delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in
exchange (the "Private  

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 Exchange") for the Initial Securities held by such Initial Purchaser, a like principal amount of debt securities of the Company issued under the Indenture and identical in all
material respects (including the existence of restrictions on transfer under the Securities Act and the securities laws of the several states of the United States, but excluding provisions relating to
the matters described in Section 6 hereof) to the Initial Securities (the "Private Exchange Securities"). The Initial Securities, the Exchange
Securities and the Private Exchange Securities are herein collectively called the "Securities". 

        In
connection with the Registered Exchange Offer, the Company shall: 

        (a)   mail
or cause to be mailed to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of
transmittal and related documents; 

        (b)   keep
the Registered Exchange Offer open for not less than 20 business days (or longer, if required by applicable law) after the date notice thereof is mailed to the
Holders; 

        (c)   utilize
the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan, The City of New York, which may be the Trustee or an
affiliate of the Trustee; 

        (d)   permit
Holders to withdraw tendered Securities at any time prior to midnight, New York time, on the last business day on which the Registered Exchange Offer shall remain
open; and 

        (e)   otherwise
comply with all applicable laws. 

        As
soon as practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the Company shall: 

        (x)   accept
for exchange all the Initial Securities validly tendered and not withdrawn pursuant to the Registered Exchange Offer and the Private Exchange; 

        (y)   deliver
to the Trustee for cancellation all the Initial Securities so accepted for exchange; and 

        (z)   cause
the Trustee to authenticate and deliver promptly to each Holder of the Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be,
equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 

        On
the date of consummation of the Registered Exchange Offer, the Company shall provide notice to Credit Suisse First Boston LLC, as representative of the Initial Purchasers, which
notice shall state: 

        (a)   that
the Registered Exchange Offer has been consummated and the date of consummation; 

        (b)   that
under certain circumstances, a Holder who did not participate in the Registered Exchange Offer and who fails to notify the Company of such fact in accordance with
the terms of Section 2 of this Agreement within 30 days following consummation of the Registered Exchange Offer may effectively waive all registration rights that such Holder has under
this Agreement; 

        (c)   whether
any Holders did not participate in the Registered Exchange Offer; and 

        (d)   if
any Holders did not participate in the Registered Exchange Offer, the name, address and telephone number of each such Holder who did not participate and the principal
amount of Securities held by each such Holder. 

Following
the delivery of such notice, Credit Suisse First Boston LLC shall be entitled, but in no way obligated, to contact each Holder who did not participate in the Registered Exchange Offer and,
among other things, provide such Holder with the information specified in clauses (a) and (b) above. 

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        The
Indenture will provide that the Exchange Securities will not be subject to the transfer restrictions set forth in the Indenture and that all the Securities will vote and consent
together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from one another on any matter. 

        Interest
on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange Offer and in the Private Exchange will accrue from the last interest payment
date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the Issue Date. 

        Each
Holder participating in the Registered Exchange Offer shall be required to represent to the Company that at the time of the consummation of the Registered Exchange Offer
(i) any Exchange Securities received by such Holder will be acquired in the ordinary course of its business, (ii) such Holder will have no arrangements or understanding with any person
to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities, (iii) such Holder is not an "affiliate," as defined in Rule 405 of the
Securities Act, of the Company or if it is an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable,
(iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities and (v) if such Holder is a broker-
dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading activities and that
it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

        Notwithstanding
any other provisions hereof, the Company will use its reasonable best efforts to ensure that (i) any Exchange Offer Registration Statement and any amendment
thereto and any prospectus forming part thereof and any supplement thereto, as of the effective date of such Exchange Offer Registration Statement, amendment or supplement, comply in all material
respects with the applicable requirements of the Securities Act and the rules and regulations thereunder, (ii) any Exchange Offer Registration Statement and any amendment thereto does not, when
it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and
(iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

        If
following the date hereof there has been announced a change in Commission policy with respect to exchange offers that in the reasonable opinion of counsel to the Company raises a
substantial question as to whether the Registered Exchange Offer is permitted by applicable federal law, the Company will use its reasonable best efforts to seek a no-action letter or
other favorable decision from the Commission allowing the Company to consummate the Registered Exchange Offer. The Company will pursue the issuance of such a decision to the Commission staff level. In
connection with the foregoing, the Company will take all such other actions as may be requested by the Commission or otherwise required in connection with the issuance of such decision, including
without limitation (i) participating in telephonic conferences with the Commission, (ii) delivering to the Commission staff an analysis prepared by counsel to the Company setting forth
the legal bases, if any, upon which such counsel has concluded that the Registered Exchange Offer should be permitted and (iii) diligently pursuing a resolution (which need not be favorable) by
the Commission staff. 

        2.    Shelf Registration.    If, (i) because of any change in law or in applicable interpretations thereof by
the staff of the Commission, the Company is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) for any other reason the Registered Exchange
Offer is not 

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consummated
by the Consummation Deadline, (iii) any Initial Purchaser shall notify the Company within 30 days following consummation of the Registered Exchange Offer that Initial
Securities or Private Exchange Securities held by it are not eligible to be exchanged for Exchange Securities in the Registered Exchange Offer or (iv) any Holder (other than an Exchanging
Dealer) shall notify the Company within 30 days following consummation of the Registered Exchange Offer that it was prohibited by law or Commission policy from participating in the Registered
Exchange Offer or, in the case of any Holder (other than an Exchanging Dealer) that participates in the Registered Exchange Offer, such Holder did not receive freely tradeable Exchange Securities on
the date of the exchange or may not resell the Exchange Securities acquired by it in the Registered Exchange Offer to the public without delivering a prospectus and the prospectus contained in the
Exchange Offer Registration Statement is not sufficient or available for such purpose, and any such Holder so requests, the Company shall take the following actions (the date on which any of the
conditions described in the foregoing clauses (i) through (iv) occur, including in the case of clauses (iii) or (iv) the receipt of the required notice, being a
"Trigger Date"): 

        (a)   The
Company shall, at its cost, as promptly as practicable (but in no event more than 30 days after the Trigger Date (or if the 30th day is not a business day,
the first business day thereafter) (such 30th day, or the first business day thereafter, being a "Filing Deadline")) file with the Commission and
thereafter shall use its reasonable best efforts to (x) in the case of a Shelf Registration Statement filed pursuant to clause (i) of the foregoing paragraph, no later than
260 days after the Issue Date (or if the 260th day is not a business day, the first business day thereafter) and (y) in the case of a Shelf Registration Statement filed pursuant to
clause (ii), (iii) or (iv) of the foregoing paragraph, no later than 90 days after the applicable Filing Deadline (or if the 90th day is not a business day, the first
business day thereafter) (such 260th or 90th day, or the first business day thereafter, as the case may be, being an "Effectiveness Deadline"), cause to
be declared effective under the Securities Act a registration statement (the "Shelf Registration Statement" and, together with the Exchange Offer
Registration Statement, a "Registration Statement") on an appropriate form under the Securities Act relating to the offer and sale of the Transfer
Restricted Securities by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act
(hereinafter, the "Shelf Registration"); provided,  however, that no Holder (other than an Initial Purchaser)
shall be entitled to have the Securities held by it covered by such Shelf Registration
Statement unless such Holder agrees in writing to be bound by all the provisions of this Agreement applicable to such Holder; provided further,  however,
that no Holder shall be entitled to have Securities held by it covered by such Shelf Registration Statement unless such Holder complies with
Section 3(n) hereof. 

        (b)   Subject
to Section 3(j), the Company shall keep the Shelf Registration Statement continuously effective in order to permit the prospectus included therein to be
lawfully delivered by the Holders of the Securities registered on such Shelf Registration Statement, for a period of two years (or for such longer period if extended pursuant to Section 3(j)
below) from the Issue Date or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or (ii) can
be sold pursuant to Rule 144 under the Securities Act without any
limitations under clauses (c), (e), (f) or (h) thereof. The Company shall be deemed not to have kept the Shelf Registration Statement continuously effective during the requisite period
if it voluntarily takes any action that would result in Holders of Securities covered thereby not being able to offer and sell such Securities during that period, unless such action is required by
applicable law. 

        (c)   Notwithstanding
any other provisions hereof, the Company will use its reasonable best efforts to ensure that the Shelf Registration Statement and the related prospectus
and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, 

5

 

amendment
or supplement, (i) comply in all material respects with the applicable requirements of the Securities Act and the rules and regulations thereunder and (ii) do not, when they
become effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. 

        3.    Registration Procedures.    In connection with any Shelf Registration contemplated by Section 2 hereof
and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 

        (a)   The
Company shall (i) furnish to each Initial Purchaser, prior to the filing thereof with the Commission, a copy of the Registration Statement and each amendment
thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment from the original offering) is
participating in the Shelf Registration Statement, the Company shall use its reasonable best efforts to reflect in such document, when so filed with the Commission, such comments as such Initial
Purchaser reasonably and timely may propose; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose
of the Exchange Offer" section and in Annex C hereto in the "Plan of Distribution" section of the prospectus forming a part of the Exchange Offer Registration Statement and include the information set
forth in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser, include the information required by Items
507 or 508 of Regulation S-K under the Securities Act, as applicable, in the prospectus forming a part of the Exchange Offer Registration Statement; (iv) include within the
prospectus contained in the Exchange Offer Registration Statement a section entitled "Plan of Distribution," reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of
the positions taken or policies made by the staff of the Commission with respect to the potential "underwriter" status of any broker-dealer that is the beneficial owner (as defined in
Rule 13d-3 under the Exchange Act) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a "Participating
Broker-Dealer"), whether such positions or policies have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of
the Initial Purchasers based upon advice of counsel (which may be in-house counsel), represent the prevailing views of the staff of the Commission; and (v) in the case of a Shelf
Registration Statement, include the names of the Holders who propose to sell Securities pursuant to the Shelf Registration Statement as selling security holders and who have provided in writing
information required to be disclosed with respect to such Holders on a timely basis. 

        (b)   The
Company shall give written notice to the Initial Purchasers, the Holders of the Securities covered by a Shelf Registration Statement and any Participating
Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice pursuant to clauses
(ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 

          (i)  when
the Registration Statement or any amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective
amendment thereto has become effective; 

         (ii)  of
any request by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein or for additional information; 

        (iii)  of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; 

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        (iv)  of
the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

         (v)  of
the happening of any event that requires the Company to make changes in the Registration Statement or the prospectus in order that the Registration Statement or the
prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the
prospectus, in the light of the circumstances under which they were made) not misleading. 

        (c)   The
Company shall make every reasonable effort to obtain the withdrawal, at the earliest possible time, of any order suspending the effectiveness of the Registration
Statement. 

        (d)   The
Company shall furnish to each Holder of Securities included in the Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and any
post-effective amendment thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by
reference). 

        (e)   The
Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder who so requests, without charge, at least one copy of the
Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder requests, all
exhibits thereto (including those, if any, incorporated by reference). 

        (f)    The
Company shall, during the Shelf Registration Period, deliver to each Holder of Securities included in the Shelf Registration, without charge, as many copies of the
prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or supplement thereto as such person may reasonably request. The Company consents,
subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in connection with the offering and
sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 

        (g)   The
Company shall deliver to each Initial Purchaser, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered
Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such persons may reasonably
request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Participating Broker-Dealer and such other
persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or
supplement thereto, included in such Exchange Offer Registration Statement. 

        (h)   Prior
to any public offering of the Securities pursuant to any Registration Statement, the Company shall register or qualify or cooperate with the Holders of the
Securities included therein and their respective counsel in connection with the registration or qualification of the Securities for offer and sale under the securities or "blue sky" laws of such
states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in such
jurisdictions of the Securities covered by such Registration Statement; provided, however, that the
foregoing cooperation shall be coordinated on behalf of the Initial Purchasers by you and on behalf of the other parties by one counsel designated by and on behalf of such Holders as described in
Section 4 hereof; and provided further, however, that the Company shall not be required to
(i) qualify generally to do business in any 

7

 

jurisdiction
where it is not then so qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject. 

        (i)    The
Company shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates representing the Securities to be sold
pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of
the Securities pursuant to such Registration Statement. 

        (j)    Upon
the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 3(b) above during the period for which the Company is
required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the
related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. If the Company notifies the Initial Purchasers, the Holders of the Securities and any known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of
Section 3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Initial Purchasers, the Holders of the Securities and any such
Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the Exchange Offer
Registration Statement provided for in Section 1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the
Initial Purchasers, the Holders of the Securities and any known Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j). 

        (k)   Not
later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP number for the Initial Securities, the Exchange Securities
or the Private Exchange Securities, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities, the Exchange Securities or the Private Exchange
Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company. 

        (l)    The
Company will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf
Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning
with the first month of the Company's first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period. 

        (m)  The
Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended (the "Trust Indenture
Act"), in a timely manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the appointment
of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 

        (n)   The
Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company such information regarding the Holder
and the distribution of the Securities by such Holder as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, including requiring the Holder to
properly complete and execute such selling security holder questionnaires, and any amendments or 

8

 

supplements
thereto, as the Company may reasonably deem necessary or appropriate, and the Company may exclude from such registration the Securities of any Holder that fails to furnish such information
within a reasonable time after receiving such request. 

        (o)   The
Company shall enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and take all such other action, if any, as
any Holder of the Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 

        (p)   In
the case of any Shelf Registration, the Company shall (i) make reasonably available for inspection by the Holders of Securities included in such Shelf
Registration, any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of such Securities or
any such underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company's officers, directors, employees,
accountants and auditors to supply all relevant information reasonably requested by the Holders of such Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf
Registration Statement, in each case, as shall be reasonably necessary to enable such persons to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act;  provided,
however, that the foregoing inspection and information gathering shall be coordinated on
behalf of the Initial Purchasers by you and on behalf of the other parties by one counsel designated by and on behalf of such other parties as described in Section 4 hereof. 

        (q)   In
the case of any Shelf Registration, the Company, if requested by any Holder of Securities covered thereby, shall cause (i) its counsel to deliver an opinion
and updates thereof relating to the Securities in customary form addressed to such Holders and the Managing Underwriters (as defined below), if any, thereof and dated, in the case of the initial
opinion, the effective date of such Shelf Registration Statement (it being agreed that the matters to be covered by such opinion shall include, without limitation, (1) the due incorporation or
organization and good standing of the Company and its subsidiaries; (2) the qualification of the Company and its subsidiaries to transact business as foreign corporations or companies;
(3) the due authorization, execution and delivery of the relevant agreement of the type referred to in Section 3(o) hereof; (4) the due authorization, execution, authentication
and issuance, and the validity and enforceability, of the applicable Securities; (5) the absence of material legal or governmental proceedings involving the Company and its subsidiaries;
(6) the absence of governmental approvals required to be obtained in connection with the Shelf Registration Statement, the offering and sale of the applicable Securities, or any agreement of
the type referred to in Section 3(o) hereof; (7) the compliance as to form in all material respects of such Shelf Registration Statement and any documents incorporated by reference
therein and of the Indenture with the requirements of the Securities Act and the Trust Indenture Act, respectively; and (8) as of the date of the opinion and as of the effective date of the
Shelf Registration Statement or most recent post-effective amendment thereto, as the case may be, the absence from such Shelf Registration Statement and the prospectus included therein, as
then amended or supplemented, and from any documents incorporated by reference therein of an untrue statement of a material fact or the omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading (in the case of any such documents, in the light of the circumstances existing at the time that such documents were filed with the
Commission under the Exchange Act)); (ii) its officers to execute and deliver all customary documents and certificates and updates thereof reasonably requested by any underwriters of the
applicable Securities and (iii) its independent public accountants and the independent public accountants with respect to any other entity for which financial information is provided in the
Shelf Registration Statement to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in 

9

 

customary
form and covering matters of the type customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as
contemplated, and only if permitted, by Statement of Auditing Standards No. 72. 

        (r)   In
the case of the Registered Exchange Offer, if requested by any known Participating Broker-Dealer, the Company shall cause (i) its counsel to deliver to such
Participating Broker-Dealer signed opinions substantially in the forms set forth as Exhibit D, Exhibit E and Exhibit F to the Purchase Agreement with such changes as are customary
in connection with the preparation of a Registration Statement and (ii) its independent public accountants and the independent public accountants with respect to any other entity for which
financial information is provided in the Registration Statement to deliver to such Participating Broker-Dealer a comfort letter, in customary form, substantially similar in substance to
Exhibit A to the Purchase Agreement, with appropriate date changes. 

        (s)   If
a Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Initial Securities by Holders to the Company (or to such other person as
directed by the Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall mark, or cause to be marked, on the Initial Securities so
exchanged that such Initial
Securities are being canceled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial Securities be marked as paid or otherwise
satisfied. 

        (t)    The
Company will use its reasonable best efforts to (a) if the Initial Securities have been rated prior to the initial sale of such Initial Securities, confirm
such ratings will apply to the Securities covered by a Registration Statement, or (b) if the Initial Securities were not previously rated, cause the Securities covered by a Registration
Statement to be rated with the appropriate rating agencies, in the case of (a) and (b) if so requested by Holders of at least a majority in aggregate principal amount of Securities
covered by such Registration Statement, or by the Managing Underwriters, if any. 

        (u)   In
the event that any broker-dealer shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or "assist in the
distribution" (within the meaning of the Conduct Rules (the "Rules") of the National Association of Securities Dealers, Inc.
("NASD")) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or
otherwise, the Company will assist such broker-dealer in complying with the requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 2720, shall so
require, engaging a "qualified independent underwriter" (as defined in Rule 2720) to participate in the preparation of the Registration Statement relating to such Securities, to exercise usual
standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a placement or sales agent,
to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof
and (iii) providing such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 

        (v)   The
Company shall use its reasonable best efforts to take all other steps necessary to effect the registration of the Securities covered by a Registration Statement
contemplated hereby. 

        4.    Registration Expenses.    The Company shall bear all fees and expenses incurred in connection with the
performance of its obligations under Sections 1 through 3 hereof (including the reasonable fees and expenses, if any, of Cravath, Swaine & Moore LLP, counsel for the Initial Purchasers,
incurred in connection with the Registered Exchange Offer), whether or not the Exchange Offer Registration Statement or a Shelf Registration Statement is filed or becomes effective, and, in the event
of a Shelf 

10

 

Registration,
shall bear or reimburse the Holders of the Securities covered thereby for the reasonable fees and disbursements of one firm of counsel designated by the Holders of at least a majority in
principal amount of the Securities covered thereby to act as counsel for the Holders of the Securities in connection therewith. 

        5.    Indemnification.    (a) The Company agrees to indemnify and hold harmless each Holder of the Securities,
any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any
Participating Broker-Dealer and such controlling persons are referred to collectively as the "Indemnified Parties") from and against any losses, claims,
damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the
Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or
are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary
prospectus relating to a Shelf Registration, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they are made, not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action in respect thereof;  provided, however, that (i) the Company shall not be liable in any such case to the extent that
such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration Statement or prospectus or
in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and
furnished to the Company by or on behalf of such Holder specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made
in any preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder or Participating
Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus relating to such Securities was
required to be delivered by such Holder or Participating Broker-Dealer under the Securities Act in connection with such purchase and any such loss, claim, damage or liability of such Holder or
Participating Broker-Dealer results from the fact that there was not sent or given to such person, at or prior to the written confirmation of the sale of such Securities to such person, a copy of the
final prospectus if the Company had previously furnished copies thereof to such Holder or Participating Broker-Dealer; provided further,  however, that this
indemnity agreement will be in addition to any liability which the Company may otherwise have to such Indemnified Party. The Company
shall also indemnify underwriters, their officers and directors and each person who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as
provided above with respect to the indemnification of the Holders of the Securities if requested by such Holders. 

        (b)   Each
Holder of the Securities, severally and not jointly, will indemnify and hold harmless the Company and each person, if any, who controls the Company within the
meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any such controlling person may
become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration, or
arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, in the 

11

 

light
of the circumstances under which they are made, not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in
reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein; and, subject to the
limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company for any legal or other expenses reasonably incurred by the Company or any such controlling person in
connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity agreement will be in addition to any liability which such Holder may
otherwise have to the Company or any of its controlling persons. 

        (c)   Promptly
after receipt by an indemnified party under this Section 5 of notice of the commencement of any action or proceeding (including a governmental
investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying party of the commencement
thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have under subsection (a) or (b) above except to the
extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the
failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a) or (b) above. In case any
such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the
extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof the indemnifying party will not be liable to such indemnified party under this Section 5 for any legal or other expenses, other than reasonable costs of investigation, subsequently
incurred by such indemnified party in connection with the defense thereof. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending
or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement
(i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 

        (d)   If
the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or
(b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect
thereof) referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the
one hand and the indemnified party on the other from the exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii) if the allocation provided by the foregoing
clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault
of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities
(or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Holder or such other
indemnified party, as the case may be, on the other, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount
paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to 

12

 

include
any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d).
Notwithstanding any other provision of this Section 5(d), the Holders of the Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds received
by such Holders from the sale of the Securities pursuant to a Registration Statement exceeds the amount of damages which such Holders have otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such indemnified party within the
meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the
Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 

        (e)   The
agreements contained in this Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and shall remain in full force and
effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 

        6.    Additional Interest Under Certain Circumstances.    (a) Additional interest (the
"Additional Interest") with respect to the Securities shall be assessed as follows if any of the following events occur (each such event in clauses
(i) through (iv) below a "Registration Default"): 

        (i)    any
Registration Statement required by this Agreement is not filed with the Commission on or prior to the applicable Filing Deadline; 

        (ii)   any
Registration Statement required by this Agreement is not declared effective by the Commission on or prior to the applicable Effectiveness Deadline; 

        (iii)  the
Registered Exchange Offer has not been consummated on or prior to the Consummation Deadline; or 

        (iv)  any
Registration Statement required by this Agreement has been declared effective by the Commission, but (A) such Registration Statement thereafter ceases to be
effective; or (B) such Registration Statement or the related prospectus ceases to be usable in connection with resales of Transfer Restricted Securities during the periods specified herein
because either (1) any event occurs as a result of which the related prospectus forming part of such Registration Statement would include any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading, or (2) it shall be necessary to amend such
Registration Statement or supplement the related prospectus to comply with the Securities Act or the Exchange Act or the respective rules thereunder. 

Each
of the foregoing will constitute a Registration Default whatever the reason for any such event and whether it is voluntary or involuntary or is beyond the control of the Company or pursuant to
operation of law or as a result of any action or inaction by the Commission. 

        Additional
Interest shall accrue on the Securities over and above the interest set forth in the title of the Securities from and including the date on which any such Registration Default
shall occur to but excluding the date on which all such Registration Defaults have been cured, at a rate of 0.25% per annum (the "Additional Interest
Rate") for the first 90-day period immediately following the occurrence of such Registration Default. The Additional Interest Rate shall increase by an additional
0.25% per annum with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a maximum Additional Interest Rate of 1.00% per annum. 

13

 

        (b)   A
Registration Default referred to in Section 6(a)(iv) hereof shall be deemed not to have occurred and be continuing in relation to a Registration
Statement or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Registration
Statement to incorporate annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to
permit Holders to use the related prospectus or (y) other material events with respect to the Company that would need to be described in such Registration Statement or the related prospectus
and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such Registration Statement and related prospectus to describe such
events; provided, however, that in any case if such Registration Default occurs for a continuous period
in excess of 30 days, Additional Interest shall be payable in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default is cured. 

        (c)   Any
amounts of Additional Interest due pursuant to Section 6(a) above will be payable in cash on the regular interest payment dates with respect to the
Securities. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest Rate by the principal amount of the Securities, and further multiplied by a fraction,
the numerator of which is the number of days such Additional Interest Rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve
30-day months), and the denominator of which is 360. 

        (d)   "Transfer Restricted Securities" means each Security until (i) the date on which such Security has been exchanged
by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered Exchange
Offer of an Initial Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy
of the prospectus contained in the Exchange Offer Registration Statement, (iii) the date on which such Security has been effectively registered under the Securities Act and disposed of in
accordance with a Shelf Registration Statement or (iv) the date on which such Security is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable pursuant
to Rule 144(k) under the Securities Act. 

        7.    Rules 144 and 144A.    The Company shall use its reasonable best efforts to file the reports required to
be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request of any Holder of
Securities, make publicly available other information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Company covenants that it will take such
further action as any Holder of Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Securities without registration under the Securities Act
within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). The Company will provide a copy of this Agreement to prospective
purchasers of Initial Securities identified to the Company by the Initial Purchasers upon request. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the
Company to register any of its securities pursuant to the Exchange Act. 

        8.    Underwritten Registrations.    If any of the Transfer Restricted Securities covered by any Shelf Registration
are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering ("Managing
Underwriters") will be selected by the Holders of at least a majority in aggregate principal amount of such Transfer Restricted Securities to be included in such offering. 

        No
person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person's Transfer Restricted Securities on the basis reasonably
provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and 

14

 

(ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements. 

        9.    Miscellaneous.    

        (a)    Amendments and Waivers.    The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of at least a majority in aggregate principal amount of the
Securities affected by such amendment, modification, supplement, waiver or consent. Without the consent of the Holder of each Security adversely effected, however, no change may be made to the
provisions relating to the payment of Additional Interest. 

        (b)    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 

        (1)   if
to a Holder of the Securities, at the most current address given by such Holder to the Company; 

        (2)   if
to the Initial Purchasers; 

c/o
Credit Suisse First Boston LLC

Eleven Madison Avenue

New York, NY 10010-3629

Fax No.: (212) 325-8278

Attention: Transactions Advisory Group 

with
a copy to: 

Cravath,
Swaine & Moore LLP

Worldwide Plaza

825 Eighth Avenue

New York, NY 10019-7475

Fax No.: (212) 474-3700

Attention: George A. Stephanakis 

        (3)   if
to the Company, at its address as follows: 

Refco
Group Ltd., LLC

One World Financial Center

200 Liberty Street, Tower A

New York, NY 10281

Fax No.: (212) 693-6524

Attention: Robert C. Trosten 

with
a copy to: 

Weil,
Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153-0119

Fax No.: (212) 310-8007

Attention: Todd R. Chandler 

        All
such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being deposited in the
mail, postage prepaid, if mailed; when receipt is acknowledged by recipient's facsimile machine operator, if sent by 

15

 

facsimile
transmission; and on the day delivered, if sent by overnight air courier guaranteeing next day delivery. 

        (c)    No Inconsistent Agreements.    The Company has not, as of the date hereof, entered into, nor shall it, on or
after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 

        (d)    Successors and Assigns.    This Agreement shall be binding upon the Company and its successors and assigns. 

        (e)    Counterparts.    This Agreement may be executed in any number of counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        On
the Acquisition Closing Date (as defined in the Purchase Agreement) each Guarantor will execute a counterpart to this Agreement in the form set forth in Exhibit A and Refco
Group Ltd., LLC will execute a counterpart to this Agreement in the form set forth in Exhibit B. 

        (f)    Headings.    The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 

        (g)    Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 

        The
Company hereby submits to the non-exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby. 

        (h)    Severability.    If any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby. 

        (i)    Securities Held by the Company.    Whenever the consent or approval of Holders of a specified percentage of
principal amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be
affiliates solely by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

        (j)    Third Party Beneficiaries.    The Holders shall be third party beneficiaries to the agreements made hereunder
between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary
or advisable to protect their rights or the rights of Holders hereunder. 

16

   
        If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all
counterparts, will become a binding agreement among the several Initial Purchasers and the Company in accordance with its terms. 

	 	 	Very truly yours,
	

 	
 	
REFCO FINANCE HOLDINGS LLC
	

 	
 	

By:	
 	

/s/  SCOTT JAECKEL      
	 	 	 	 	
 Name: Scott Jaeckel

Title: Treasurer
	

 	
 	
REFCO FINANCE INC.
	

 	
 	

By:	
 	

/s/  SCOTT JAECKEL      
	 	 	 	 	
 Name: Scott Jaeckel

Title: Treasurer

The
foregoing Registration

Rights Agreement is hereby confirmed

and accepted as of the date first

above written. 

CREDIT SUISSE FIRST BOSTON LLC

BANC OF AMERICA SECURITIES LLC

DEUTSCHE BANK SECURITIES INC.

BY CREDIT SUISSE FIRST BOSTON LLC 

	By:	 	/s/  JOSEPH MOLLUSO      
 Name: Joseph Molluso

Title: Director	 	 

17

ANNEX A  

        Each
broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale
of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter" within
the meaning of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company has agreed that, for
a period of 180 days after the Expiration Date (as defined herein), it will make this Prospectus available to any broker-dealer for use in connection with any such resale. See "Plan of
Distribution." 

ANNEX B  

        Each
broker-dealer that receives Exchange Securities for its own account in exchange for Initial Securities, where such Initial Securities were acquired by such broker-dealer as a result
of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See "Plan of Distribution." 

ANNEX C  

PLAN OF DISTRIBUTION  

        Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange
Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other trading activities. The Company has agreed that, for
a period of 180 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition,
until                        , 200 , all dealers effecting transactions in the Exchange Securities may be required to deliver a
prospectus.(1) 

	(1)
	In
addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus. 

        The
Company will not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the
Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the
Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or at negotiated prices. Any such
resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of
any such Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates
in a distribution of such Exchange Securities may be deemed to be an "underwriter" within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission
or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by
delivering a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. 

        For
a period of 180 days after the Expiration Date, the Company will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any
broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities,
including liabilities under the Securities Act. 

ANNEX D  

        o
CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
SUPPLEMENTS THERETO. 

	Name:	 	 
	 	 	

	Address:	 	 
	 	 	

	

 	
 	

        If
the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Securities. If the
undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading
activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned
will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. 

SCHEDULE A  

 GUARANTORS  

	Subsidiary
 
	 	State of Incorporation or Organization

	Bersec International LLC	 	Delaware
	Kroeck & Associates LLC	 	Delaware
	Lind-Waldock Securities, LLC	 	Delaware
	Market Educational Institute, LLC	 	Delaware
	Marshall Metals, LLC	 	Delaware
	Refco Administration, LLC	 	Delaware
	Refco Capital Holdings, LLC	 	Delaware
	Refco Capital Management, LLC	 	Delaware
	Refco Capital Trading LLC	 	Delaware
	Refco Capital LLC	 	Delaware
	Refco F/X Associates, LLC	 	Delaware
	Refco Financial, LLC	 	Delaware
	Refco Fixed Assets Management, LLC	 	Delaware
	Refco Global Capital Management LLC	 	Delaware
	Refco Global Futures, LLC	 	Delaware
	Refco Global Holdings, LLC	 	Delaware
	Refco Information Services, LLC	 	Delaware
	Refco Managed Futures, LLC	 	Delaware
	Refco Mortgage Securities, LLC	 	Delaware
	Refco Regulated Companies, LLC	 	Delaware
	Summit Management, (Newco) LLC	 	Delaware
	Westminster-Refco Management LLC	 	Delaware

EXHIBIT A  

 FORM OF COUNTERPART TO THE REGISTRATION RIGHTS AGREEMENT

TO BE EXECUTED BY THE GUARANTORS  

 COUNTERPART TO THE REGISTRATION RIGHTS AGREEMENT  

        Upon consummation of the Merger, the undersigned hereby agrees to be bound by all the obligations of a Guarantor under the terms of the Registration Rights
Agreement (the "Registration Rights Agreement") dated August 5, 2004, among Refco Finance Holdings LLC, a Delaware limited liability company, Refco Finance Inc., a Delaware corporation,
and the Initial Purchasers. Capitalized terms used, but not defined, in this Counterpart To The Registration Rights Agreement shall have the meanings assigned to them in the Registration Rights
Agreement. 

	Dated: August 5, 2004	 	 	 	 
	 	 	BERSEC INTERNATIONAL LLC;

KROECK & ASSOCIATES LLC;

LIND-WALDOCK SECURITIES, LLC;

MARKET EDUCATIONAL INSTITUTE, LLC;

MARSHALL METALS, LLC;

REFCO ADMINISTRATION, LLC;

REFCO CAPITAL HOLDINGS, LLC;

REFCO CAPITAL MANAGEMENT, LLC;

REFCO CAPITAL TRADING LLC;

REFCO CAPITAL LLC;

REFCO F/X ASSOCIATES, LLC;

REFCO FINANCIAL, LLC;

REFCO FIXED ASSETS MANAGEMENT, LLC;

REFCO GLOBAL CAPITAL MANAGEMENT LLC;

REFCO GLOBAL FUTURES, LLC;

REFCO GLOBAL HOLDINGS, LLC;

REFCO INFORMATION SERVICES, LLC;

REFCO MANAGED FUTURES, LLC;

REFCO MORTGAGE SECURITIES, LLC;

REFCO REGULATED COMPANIES, LLC;

SUMMIT MANAGEMENT, (NEWCO) LLC;

WESTMINSTER-REFCO MANAGEMENT LLC;
	

 	
 	

each as a Guarantor,
	

 	
 	

By:	
 	

/s/  PHILIP SILVERMAN      
	 	 	 	 	
 Name: Philip Silverman

Title: Secretary

EXHIBIT B  

 FORM OF COUNTERPART TO THE REGISTRATION RIGHTS AGREEMENT

TO BE EXECUTED BY REFCO GROUP LTD., LLC  

 COUNTERPART TO THE REGISTRATION RIGHTS AGREEMENT  

        Upon the consummation of the Merger, the undersigned hereby agrees to be bound by all the obligations of an Issuer under the terms of the Registration Rights
Agreement (the "Registration Rights Agreement") dated August 5, 2004, among Refco Finance Holdings LLC, a Delaware limited liability company, Refco Finance Inc., a Delaware corporation,
and the Initial Purchasers. The undersigned further agrees that all references in the Registration Rights Agreement to an "Issuer", the "Issuers", and the "Company" shall be references to the
undersigned. Capitalized terms used, but not defined, in this Counterpart To The Registration Rights Agreement shall have the meanings assigned to them in the Registration Rights Agreement. 

	Dated: August 5, 2004	 	 	 	 
	 	 	REFCO GROUP LTD., LLC
	

 	
 	

By:	
 	

/s/  PHILIP SILVERMAN      
	 	 	 	 	
 Name: Philip Silverman

Title: Secretary

QuickLinks

Exhibit 4.2Exhibit 4.3  

EXECUTION COPY  

SECURITYHOLDERS AGREEMENT  

 Dated August 5, 2004  

 Among  

 NEW REFCO GROUP LTD., LLC  

 AND  

 THE OTHER PARTIES HERETO  

 
TABLE OF CONTENTS  

	 
	 
	 	Page

	ARTICLE I    REPRESENTATIONS AND WARRANTIES OF THE PARTIES	 	1
	 	
  1.1	

Representations and Warranties of the Company	
 	

1
	 	
  1.2	

Representations and Warranties of the Securityholders	
 	

1
	

ARTICLE II    VOTING AGREEMENTS	
 	

2
	 	
  2.1	

Election of Managers	
 	

2
	 	
  2.2	

Limitations on Certain Actions by the Company	
 	

3
	 	
  2.3	

Actions Requiring Board Approval	
 	

4
	 	
  2.4	

Other Voting Matters	
 	

4
	

ARTICLE III    TRANSFERS OF SECURITIES	
 	

4
	 	
  3.1	

General Restrictions on Transfers of Securities	
 	

4
	 	
  3.2	

Right of First Offer	
 	

5
	 	
  3.3	

Rights of Co-Sale	
 	

5
	 	
  3.4	

Securities Act Compliance	
 	

7
	 	
  3.5	

Transfers in Violation of Agreement	
 	

7
	 	
  3.6	

Transfers and Other Actions in Connection with Public Offering	
 	

7
	

ARTICLE IV    TAKE-ALONG RIGHTS ON APPROVED SALE	
 	

8
	 	
  4.1	

Take-Along Right	
 	

8
	

ARTICLE V    CALL RIGHTS	
 	

9
	 	
  5.1	

Call by the Company of Executive Investor Securities	
 	

9
	

ARTICLE VI    REGISTRATION RIGHTS	
 	

10
	 	
  6.1	

Demand Registrations	
 	

10
	 	
  6.2	

Incidental Registration	
 	

12
	 	
  6.3	

Holdback Agreements	
 	

13
	 	
  6.4	

Registration Procedures	
 	

13
	 	
  6.5	

Registration Expenses	
 	

16
	 	
  6.6	

Indemnification; Contribution	
 	

16
	 	
  6.7	

Rule 144	
 	

19
	 	
  6.8	

Underwritten Registrations	
 	

19
	 	
  6.9	

No Inconsistent Agreements	
 	

19
	 	 	 	 

i

 

	

ARTICLE VII    INFORMATION RIGHTS	
 	

19
	 	
  7.1	

Information Rights	
 	

19
	

ARTICLE VIII    PRE-EMPTIVE RIGHTS	
 	

20
	 	
  8.1	

Issuance of New Securities	
 	

20
	

ARTICLE IX    AMENDMENT AND TERMINATION	
 	

21
	 	
  9.1	

Amendment and Waiver	
 	

21
	 	
  9.2	

Termination of Certain Provisions	
 	

21
	 	
  9.3	

Termination of Agreement	
 	

21
	 	
  9.4	

Termination as to a Party	
 	

22
	

ARTICLE X    MISCELLANEOUS	
 	

22
	 	
 10.1	

Certain Defined Terms	
 	

22
	 	
 10.2	

Legends	
 	

27
	 	
 10.3	

Severability	
 	

28
	 	
 10.4	

Entire Agreement	
 	

28
	 	
 10.5	

Successors and Assigns	
 	

28
	 	
 10.6	

Counterparts	
 	

28
	 	
 10.7	

Remedies	
 	

28
	 	
 10.8	

Notices	
 	

29
	 	
 10.9	

Governing Law	
 	

29
	 	
 10.10	

Bennett Ownership of RGHI	
 	

30
	 	
 10.11	

Consent of THL	
 	

30
	 	
 10.12	

Descriptive Headings	
 	

30

ii

SECURITYHOLDERS AGREEMENT  

        THIS SECURITYHOLDERS AGREEMENT (this "Agreement") is entered into as of August 5, 2004 by and among
(i) New Refco Group Ltd., LLC, a Delaware limited liability company (the "Company"), (ii) Refco Group Holdings, Inc., a
Delaware corporation ("RGHI"), (iii) THL Refco Acquisition Partners and certain other Affiliates of Thomas H. Lee Partners, L.P. as identified on
the signature pages hereto that become a holder of Units, (each, a "THL Holder" and collectively "THL"),
(iv) the Limited Partners or Affiliates of Limited Partners who are parties to this Agreement (each, a "THL Limited Partner"), (v) the
executive employees of the Company who have purchased Class A Common Units and who are identified as Executive Investors on the signature pages hereto (each, an
"Executive Investor" and, collectively, the "Executive Investors"), and (v) the initial parties
to this Agreement who are identified as Employees on the signature pages hereto (each, an "Employee," collectively, the
"Employees"). RGHI, THL, the THL Limited Partners and the Executive Investors are collectively referred to herein as the
"Investors". The Investors and the Employees and each other holder of Securities that is or may become a party to this Agreement as contemplated hereby
are sometimes referred to herein collectively as the "Securityholders" and individually as a
"Securityholder". In addition, Phillip R. Bennett ("Bennett") is a party to this Agreement solely for
the purposes of Section 10.10. Certain capitalized terms used herein are defined in  Section 10.1. 

        The
parties hereto agree as follows: 

ARTICLE I

REPRESENTATIONS AND WARRANTIES OF THE PARTIES  

        1.1    Representations and Warranties of the Company.    The Company hereby represents and warrants to the
Securityholders that as of the date of this Agreement: 

        (a)   it
is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, it has full power and authority to
execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby, and the execution, delivery and performance by it of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary limited liability company action; 

        (b)   this
Agreement has been duly and validly executed and delivered by the Company and constitutes a legal and binding obligation of the Company, enforceable against the
Company in accordance with its terms; and 

        (c)   the
execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby will not, with or
without the giving of notice or lapse of time, or both (i) violate any provision of law, statute, rule or regulation to which the Company is subject, (ii) violate any order, judgment or
decree applicable to the Company or (iii) conflict with, or result in a breach or default under, any term or condition of the Company's organizational documents or any agreement or instrument
to which the Company is a party or by which it is bound. 

        1.2    Representations and Warranties of the Securityholders.    Each Securityholder (as to himself or itself only)
represents and warrants to the Company and the other Securityholders that, as of the time such Securityholder becomes a party to this Agreement: 

        (a)   this
Agreement (or the separate joinder agreement executed by such Securityholder) has been duly and validly executed and delivered by such Securityholder, and this
Agreement constitutes a legal and binding obligation of such Securityholder, enforceable against such Securityholder in accordance with its terms; and 

        (b)   the
execution, delivery and performance by such Securityholder of this Agreement (or any joinder to this Agreement, if applicable) and the consummation by such
Securityholder of the transactions contemplated hereby (and thereby, if applicable) will not, with or without the giving of notice or lapse of time, or both, (i) violate any provision of law,
statute, rule or regulation to 

 

which
such Securityholder is subject, (ii) violate any order, judgment or decree applicable to such Securityholder or (iii) conflict with, or result in a breach or default under, any
term or condition of any agreement or other instrument to which such Securityholder is a party or by which such Securityholder is bound. 

ARTICLE II

VOTING AGREEMENTS  

        2.1    Election of Managers.    

        (a)    Size and Composition of the Board.    Each Securityholder, other than the Company, that is a party to this
Agreement hereby agrees that such Securityholder will vote, or cause to be voted, all voting securities of the Company over which such Securityholder has the power to vote or direct the voting, and
will take all other necessary or desirable actions within such Securityholder's control, and the Company will take all necessary and desirable actions within its control, to cause the authorized
number of managers for the Company to be established at up to eight (8) managers, and cause to be continued in office, the following individuals: 

        (i)    three
(3) managers designated by RGHI (the "RGHI Managers") one of whom shall be Bennett so long as he is willing
and able to so serve (the "CEO Manager"); provided,  however, that, other than the CEO Manager, the RGHI
Managers will not include Persons who were direct or indirect owners of the Company prior to the
date of this Agreement; 

        (ii)   four
(4) managers designated by one or more of the THL Holders or their designees (with the Company to be notified of such designation) (the
"THL Managers"); and 

        (iii)  one
(1) manager designated by RGHI and THL, who shall not be an employee of the Company or any Subsidiary, nor be an Affiliate of THL and who shall be
reasonably acceptable to the THL Holders and RGHI (the "Independent Manager"). 

Notwithstanding
the foregoing, upon and following the occurrence of a Threshold Event, the number of managers comprising the Board shall be increased to nine (9) and THL shall be entitled to
designate one (1) additional manager to the Board for a total of five (5) THL Managers. 

        (b)    Number of Votes.    At each meeting of the Company's Board (or any committee thereof) at which a quorum is
present, each manager shall be entitled to one vote on each matter to be voted on at such meeting. 

        (c)    Resignation and Removal.    If at any time any manager ceases to serve on the Board (whether due to
resignation, removal or otherwise), the Securityholder(s) shall designate a successor manager to fill the vacancy created thereby on the terms and subject to the conditions of paragraph (a)
above. If at any time an RGHI Manager who is an employee of the Company (other than Bennett) ceases his employment with the Company, such RGHI Manager shall be removed from the Board and RGHI shall
designate a new RGHI Manager. Each Person that is a party hereto agrees to vote, or cause to be voted, all voting securities of the Company over which such Person has the power to vote or direct the
voting, and shall take all such other actions as shall be necessary or desirable, to cause the designated successor to be elected to fill such vacancy. Any party or parties hereto entitled to
designate a specific manager, including, but not limited to, the Independent Manager, may remove such manager, at any time and from time to time, with or without cause (subject to applicable law or
the LLC Agreement), in such party's or parties' sole discretion, and after written notice to each of the parties hereto of the new designee to replace such manager, the Securityholders shall promptly
vote, or cause to be voted, all voting securities of the Company over which such Securityholder has the power to vote or direct the voting, and will take all other necessary or desirable actions
within such Securityholder's control, to elect such designee to the Board of Managers in accordance with this Section 2.1. 

2

 

        (d)    Removal for Cause.    Nothing in this Agreement shall be construed to impair any rights that the
Securityholders of the Company may have to remove any manager for cause under applicable law or the LLC Agreement. No such removal of an individual designated pursuant to this  Section 2.1 for cause
shall affect any of the Securityholders' rights to designate a different individual pursuant to this
Section 2.1 to fill the position from which such individual was removed. 

        (e)    Committees of the Board.    The Board shall establish an audit committee, compensation committee and nominating
committee and such other committees as the Board from time to time may determine. The Board in good faith shall attempt to provide that each committee shall include reasonable representation from the
various constituencies represented on the Board. 

        (f)    Transfer by THL Holders.    In the event the THL Holders or the THL Limited Partners (or any of them) shall
Transfer any of their Class A Common Units to a third party pursuant to Section 3.1(a), THL shall have the right, if it so elects, to
permit such Transferee thereafter to have the right to designate such number of managers (who theretofore were THL Managers) as is determined by THL and that is reasonably proportionate to the
Class A Common Units transferred to such Transferee. 

        2.2    Limitations on Certain Actions by the Company.    

        (a)   Without
the prior affirmative vote or written consent of the Securityholders owning at least sixty-five percent (65%) of the outstanding Class A
Common Units, the Company shall not take any of the following actions: 

        (i)    enter
into, or agree to enter into, or permit Old Refco to enter into or agree to enter into, any merger or consolidation with any Person; 

        (ii)   offer
for sale or sell, or permit Old Refco to offer for sale or sell, directly or indirectly, all or substantially all of the assets of the Company; 

        (iii)  effectuate
the first Public Offering of the Company or any successor entity; 

        (iv)  pass
a resolution of managers commencing the voluntary dissolution or liquidation of the Company or any Subsidiary or voluntarily commence any proceeding or file any
petition seeking relief under Title 11 of the United States Code as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, reorganization, insolvency or similar law
with respect to the Company or any Subsidiary; 

        (v)   make
an election to be taxed as other than a partnership for U.S. federal income tax purposes, except in connection with a Public Offering of the Company or any
successor entity; 

        (vi)  permit
Old Refco to elect to terminate Bennett's employment under the Bennett Employment Agreement or elect not to renew such agreement, except in a case where "Cause"
(as defined in the Bennett Employment Agreement) exists for the termination of employment under such agreement; 

        (vii) amend
the LLC Agreement or the Certificate of Formation of the Company, except in connection with a Public Offering of the Company or any successor entity; 

        (viii) amend
the Management Agreement, except in connection with a Public Offering of the Company or any successor entity or otherwise in a manner not adverse to the Company
or Old Refco; or 

        (ix)  grant
any Persons the right to request the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable
for such securities; provided, that the Company may grant rights to other Persons to participate in 

3

 

Incidental
Registrations so long as such rights are subordinate to the rights of the holders of Registrable Securities with respect to such Incidental Registrations. 

        (b)   The
Company shall not, or shall not permit Old Refco (to the extent such actions are specifically applicable to Old Refco), without the prior affirmative vote or written
consent of five (5) managers, which supermajority must include the affirmative vote of the CEO Manager, take any of the actions described in  Section 2.2(a) above. 

        (c)   Upon
and following the occurrence of a Threshold Event, Section 2.2(a) and  (b), in their entirety, shall be of no further force and effect. In addition,
following the third anniversary of the Closing Date, even if a Threshold
Event has not occurred, clauses (i), (ii) and (iii) of Section 2.2(a) shall be of no force and effect and  Section 2.2(b) shall be of no
force and effect with respect to actions described in clauses (i), (ii) and (iii) of  Section 2.2(a). 

        2.3    Actions Requiring Board Approval.    The Securityholders agree that, during the term of Bennett's employment as
Chief Executive Officer of Old Refco pursuant to the Bennett Employment Agreement, the day-to-day management of the Company and its subsidiaries will be under the direction and
control of Bennett in his capacity as Chief Executive Officer. Exhibit A hereto sets forth a list of actions on the part of the Company or its
subsidiaries that require approval of the Board. 

        2.4    Other Voting Matters.    In order to effectuate the provisions of Sections
2.1, 2.2 and 4.1, each Executive Investor and each Employee grants to the
President and Chief Executive Officer of the Company, or if he or she shall be unable to exercise this proxy due to illness or absence or if the position of President and Chief Executive Officer of
the Company shall be vacant, to the Chief Financial Officer of the Company, a proxy to vote at any annual or special meeting of Securityholders, or to take any action by written consent in lieu of
such meeting with respect to, or to otherwise take action in respect of, all of the Securities owned or held of record by such holder in connection with the matters set forth in  Sections 2.1,
2.2 and 4.1 in accordance with the
provisions of Sections 2.1, 2.2 and 4.1. EACH OF THE
PROXIES GRANTED HEREBY IS IRREVOCABLE AND IS COUPLED WITH AN INTEREST. To effectuate the provisions of this Section 2, the secretary of the
Company, or if there be no secretary, such other officer or employee of the Company or as the Board may appoint to fulfill the duties of the secretary, shall not record any vote or consent or other
action contrary to the terms of this Section 2. 

ARTICLE III

TRANSFERS OF SECURITIES  

        3.1    General Restrictions on Transfers of Securities.    

        (a)    General.    Prior to the third anniversary of the Closing Date, no Investor may Transfer any Class A
Common Units without consent of both RGHI (if the transferring Securityholder is not RGHI) and the THL Holders holding a majority of the securities held by all THL Holders (if the transferring
Securityholder is not a THL Holder); provided, however, that (i) RGHI may Transfer Class A
Common Units to Bennett, (ii) a THL Holder or THL Limited Partner may Transfer Class A Common Units to an Affiliate of such THL Holder or an Affiliate of such THL Limited Partner, as
applicable, provided that THL maintains voting control over such Class A Common Units (except with respect to Class A Common Units held by the Putnam Limited Partners), (iii) New
York State Retirement Co-Investment Fund L.P. (which is one of the THL Limited Partners) may transfer Class A Common Units to New York State Common Retirement Fund, provided that
THL maintains voting control over such Class A Common Units, (iv) an Investor who is an individual may Transfer Class A Common Units pursuant to an Exempt Individual Transfer, and
(v) prior to the first anniversary of the Closing Date, THL may Transfer up to 65.45 Class A Common Units to a Transferee reasonably acceptable to RGHI. RGHI hereby agrees that any such
Transferee that is a Limited Partner or an investment affiliate of a Limited 

4

 

Partner
automatically shall be deemed to be acceptable to RGHI, provided that THL retains voting control over the Class A Common Units so transferred. 

        (b)    Execution by Transferee of Counterpart Signature Page.    No Transfer of any Securities by any Securityholder,
other than a Public Sale, shall become effective unless and until the Transferee (unless such Transferee already is a party to this Agreement) executes and delivers to the Company a counterpart to
this Agreement and the LLC Agreement, agreeing to be treated in the same manner and have the same status (e.g. Executive Investor, Employee, etc.) as the transferring Securityholder. Upon such
Transfer and such execution and delivery, the Transferee shall be bound by, and entitled to the benefits of this Agreement with respect to the Transferred Securities in the same manner as the
transferring Securityholder. Any attempted Transfer of Securities by any Securityholder not in accordance with this Section 3.1 shall not be
effective and shall be void. 

        3.2    Right of First Offer.    

        (a)    Right of First Offer Restrictions.    After the third anniversary of the Closing Date, if any Securityholder
(the "Offeror") desires to Transfer any Securities to a third party, the Offeror shall, before such Transfer: 

        (i)    Deliver
to each of the THL Holders and THL Limited Partners (unless such THL Holder or THL Limited Partner is the Offeror) and RGHI (unless RGHI is the Offeror)
(collectively, the "Eligible Holders") a written offer (the "Offer") to Transfer such Securities to the
Eligible Holders. The Offer shall set forth the number and class of Securities to which the potential Transfer relates (the "Offered Securities") and
the name of the Offeror. Each Eligible Holder shall have the right and option to notify the Offeror, in writing (each, an "Investor Response") delivered
within thirty (30) days of receipt of the Offer, of its desire to purchase all, but no less than all, of the Offered Securities at the purchase price and on the terms stated in the Investor
Response (the "Investor Terms"). Offeror shall notify each Eligible Holder that submitted an Investor Response of its acceptance or rejection of the
Investor Terms within fifteen (15) days of receipt of the Investor Response (the "Acceptance Period"). If different Investor Terms are submitted
by the Eligible Holders for the Offered Securities, then the Offeror shall have the right, if it so elects, to accept the Investor Terms of the Eligible Holder who submitted the Investor Response that
the Offeror determines to be the most desirable. 

        (ii)   Within
twenty (20) days following the acceptance by the Offeror of an Investor Response, the Offered Securities that are subject to such Investor Response shall
be transferred by the Offeror to the appropriate Eligible Holders against receipt of payment therefor. 

        (iii)  Subject
to Section 3.3, if no Investor Response is delivered within thirty (30) days of receipt of the
Offer, or if the Offeror rejects each of the Investor Terms, then the Offeror may Transfer all, but no less than all, of the Offered Securities for a price and on terms that, taken as a whole, are
more favorable to the Offeror than any Investor Terms, at any time within 180 days after expiration of the Acceptance Period. If such Transfer is not made within such 180-day
period, the provisions of this Section 3.2 shall again become effective with respect to the proposed Transfer. 

        (b)    Exempt Transfers.    The provisions of Section 3.2(a) above shall not apply to any Exempt Transfer. 

        3.3    Rights of Co-Sale.    

        (a)    Tag-Along Rights.    Prior to making any Transfer of Class A Common Units (other than a
Transfer described in Section 3.3(b)) with respect to which one or more Eligible Holders do not 

5

 

elect
to purchase all of such Class A Common Units pursuant to Section 3.2, any holder of Class A Common Units proposing to make
such a Transfer (for purposes of this Section 3.3, a "Selling Holder") shall give at least
fifteen (15) days prior written notice to each Securityholder (for purposes of this Section 3.3, each an "Other
Holder") and the Company, which notice (for purposes of this Section 3.3, the "Sale
Notice") shall identify the Class A Common Units that are proposed to be sold (for purposes of this Section 3.3,
the "Co-Sale Offered Securities"), and describe in reasonable detail the terms and conditions of such proposed Transfer and identify each
prospective Transferee. Any of the Other Holders may, within ten (10) days of the receipt of the Sale Notice, give written notice (each, a "Tag-Along
Notice") to the Selling Holder that such Other Holder wishes to participate in such proposed Transfer upon the terms and conditions set forth in the Sale Notice, which
Tag-Along Notice shall specify the Common Units such Other Holder desires to include in such proposed Transfer; provided,  however, that (1) each Other
Holder shall be required, as a condition to being permitted to sell Common Units pursuant to this  Section 3.3(a) in connection with a Transfer of Co-Sale Offered Securities, to sell its
proportionate amount (based on the respective
Pro Rata Amounts of the Selling Holder and each Other Holder exercising tag-along rights under this Section 3.3(a)) of the
Class A Common Units proposed to be sold by the Selling Holder and (2) to exercise its tag-along rights hereunder, each Other Holder must agree to make to the Transferee the
same representations, warranties, covenants, indemnities and agreements as the Selling Holder agrees to make in connection with the Transfer of the Co-Sale Offered Securities (except that
in the case of representations and warranties pertaining specifically to, or covenants made specifically by, the Selling Holder, the Other Holders shall make comparable representations and warranties
pertaining specifically to (and, as applicable, covenants by) themselves), and must agree to bear his or its ratable share (which shall be proportionate based on the value of Common Units that are
Transferred but shall not exceed the amount of proceeds received in connection with such Transfer) of all liabilities to the Transferees arising out of representations, warranties and covenants (other
than those representations, warranties and covenants that pertain specifically to a given Investor, who shall bear all of the liability related thereto), indemnities or other agreements made in
connection with the Transfer. Each participating Other Holder will bear its or his pro-rata share (based upon the relative amount of Common Units sold) of all reasonable and customary
costs of the sale of Common Units pursuant to this Section 3.3(a) to the extent such costs are not otherwise paid by the Transferee. If any
holder of Class B Common Units wishes to participate in any sale pursuant to this Section 3.3(a), appropriate economic adjustments to the
Class B Common Units offered for sale in the Tag-Along Notice may be made to facilitate the sale of such Class B Common Units; provided, that the economic value of the
Class B Common Units, as determined in the good faith discretion of the Board, prior to any economic adjustment will be maintained after such adjustment (by means of conversion into the
economic equivalent of Class A Common Units or otherwise). 

        If
none of the Other Holders gives the Selling Holder a Tag-Along Notice prior to the expiration of the 10-day period for giving Tag-Along Notices
with respect to the Transfer proposed in the Sale Notice, then (notwithstanding the first sentence of this Section 3.3(a)) the Selling Holder may
Transfer such Co-Sale Offered Securities on the terms and conditions set forth, and to or among any of the Transferees identified (or Affiliates of Transferees identified), in the Sale
Notice at any time within 180 days after expiration of the 10-day period for giving Tag-Along Notices with respect to such Transfer. Any such Co-Sale Offered
Securities not Transferred by the Selling Holder during such 180-day period will again be subject to the provisions of Section 3.2
and this Section 3.3(a) upon subsequent Transfer. If one or more Other Holders give the Selling Holder a timely Tag-Along Notice,
then the Selling Holder shall use all reasonable efforts to obtain the agreement of the prospective Transferee(s) to the participation of such Other Holders in any contemplated Transfer, on the same
terms and conditions as are applicable to the Co-Sale Offered Securities, and no Selling Holder shall transfer any of its Securities to any prospective 

6

 

Transferee
if such prospective Transferee(s) declines to allow the participation of such Other Holders. 

        (b)    Excluded Transfers.    The rights and restrictions contained in  Section 3.3(a) shall not apply with respect to any
Exempt Transfer or any Transfer of Securities in a Public Sale. 

        (c)    Excluded Securities.    No Securities that have been transferred by the Selling Holder or an Other Holder in a
Transfer pursuant to the provisions of Section 3.3(a) ("Excluded Securities") shall be subject
again to the restrictions set forth in Section 3.3(a), nor shall any Securityholder holding Excluded Securities be entitled to exercise any
rights as any Other Holder under Section 3.3(a) with respect to such Excluded Securities, and no Excluded Securities held by a Selling Holder or
any Other Holder shall be counted in determining the respective participation rights of such holders in a Transfer subject to Section 3.3(a). 

        (d)    Rule 144 Sales.    If any of the Investors propose to Transfer any Securities in a Rule 144 Sale,
such Investors shall give written notice of such proposed Transfer to RGHI (unless RGHI is proposing to make such Transfer) and THL (unless any THL Holder is proposing to make such Transfer) at least
five (5) business days prior to the Transfer. 

        3.4    Securities Act Compliance.    No Securities may be Transferred by a Securityholder (other than pursuant to an
effective registration statement under the Securities Act) unless such Securityholder first delivers to the Company an opinion of counsel, which opinion and counsel shall be reasonably satisfactory to
the Company, to the effect that such Transfer is not required to be registered under the Securities Act. 

        3.5    Transfers in Violation of Agreement.    Any Transfer or attempted Transfer of any Securities in violation of
any provision of this Agreement shall be void, and the Company shall not record such Transfer on its books or treat any purported transferee of such Securities as the owner of such Securities for any
purpose. 

        3.6    Transfers and Other Actions in Connection with Public Offering.    If, in order to facilitate a Public Offering
that has been approved by the Board in a manner that does not violate Section 2.2, the Board determines that it is necessary or advisable to
convert the Company into a corporation, to cause the outstanding equity securities of the Company to be contributed to a corporation (including, without limitation, the contribution of such equity
interests to one of the THL Corporate Holders), or to effect a transaction having a similar effect, each Securityholder will cooperate to effect the actions requested by the Board in connection with
any such transaction; provided, however, that if a Securityholder is to receive any new Securities in
such transaction in replacement of Securities held by the Securityholder prior to such transaction, the Board shall have determined in good faith that any such Securities to be received have a fair
value at least equal to the fair value of the Securities so replaced. The Company shall use commercially reasonable efforts to structure any such transaction in a manner that minimizes any adverse tax
consequences to THL, RGHI or Bennett and his Family Group, to the extent such structure does not have a negative impact on the Company, any successor through which a Public Offering is to be
consummated, or the proposed Public Offering; provided, however, that RGHI (or its stockholder, to the
extent the stockholder shall then be a holder of interests in the Company) shall be required to contribute, and to cause any of its subsidiaries that holds an interest in the Company to contribute,
its interests in the Company to a new corporation or a THL Corporate Holder (the "IPO Vehicle") in connection with a proposed Public Offering, and the
structure of such Public Offering shall not involve a contribution (an "RGHI Stock Contribution") of the outstanding capital stock of RGHI to a new
corporation or a THL Corporate Holder unless (i) at the time of such contribution, (w) neither RGHI nor any of its subsidiaries has any assets other than its interest in the Company or
any liabilities (contingent or otherwise), (x) neither the IPO Vehicle nor any of its subsidiaries (including the Company) would suffer any adverse tax consequence (other than the failure to
obtain an additional step-up in tax basis in amortizable assets) by reason of an RGHI Stock Contribution and its continued 

7

 

operation
of the business of the Company that would not have been incurred had RGHI (and any subsidiary thereof) contributed its interest in the Company to the IPO Vehicle, (y) Bennett executes
an agreement, in form and substance satisfactory to THL, pursuant to which, among other things, he will indemnify and hold harmless the IPO Vehicle and its subsidiaries and affiliates from and against
any and all Losses (as defined herein) that may arise by reason of any asset of RGHI or its subsidiaries (other than their respective interests in the Company), any liability of RGHI or its
subsidiaries, or any adverse tax consequence described in clause (x) above, and (z) the managing underwriter shall have determined that an RGHI Stock Contribution would not adversely
affect the proposed Public Offering, and (ii) prior to such contribution, THL shall have had a full opportunity to conduct due diligence with respect to RGHI and its subsidiaries to confirm all
of the foregoing. 

ARTICLE IV

TAKE-ALONG RIGHTS ON APPROVED SALE  

        4.1    Take-Along Right.    

        (a)    Sale of the Company.    If, after the third anniversary of the Closing Date, THL elects to consummate, or to
cause the Company to consummate, a transaction constituting a Sale of the Company, THL shall notify the Company and the other Securityholders in writing of that election, all other Securityholders
will agree to participate in, consent to and raise no objections to the proposed transaction, and the Securityholders and the Company will take all other actions reasonably necessary or desirable to
cause the consummation of such Sale of the Company on the terms proposed by THL. In connection therewith, each other Securityholder shall be required to make the same representations, warranties,
covenants, indemnities and agreements as THL agrees to make in connection with the Sale of the Company (except in the case of representations and warranties pertaining specifically to, or covenants
made specifically by, THL, the other Securityholders shall make comparable representations and warranties pertaining specifically to (and, as applicable, covenants by) themselves), and must agree to
bear his or its ratable share (which shall be proportionate based on the value of Securities sold) of all liabilities to the Transferees arising out of representations, warranties and covenants (other
than those representations, warranties and covenants that pertain specifically to a given Securityholder), indemnities or other agreements made in connection with the Sale of the Company;  provided, that
no Executive Investor or Employee shall be required to indemnify any indemnitee for any amount, in the aggregate, in excess of the
proceeds that such Executive Investor or Employee receives in connection with any such transaction. Each Securityholder will bear its, his or her pro-rata share (based on the relative
amount of Securities sold) of all reasonable and customary costs of the sale of Securities pursuant to this Section 4.1(a) to the extent such
costs are not otherwise paid by the acquirer. Without limiting the foregoing, (i) if the proposed Sale of the Company is structured as a sale of assets or a merger or consolidation, or
otherwise requires equityholder approval, the Securityholders and the Company will vote or cause to be voted all Securities that they hold or with respect to which such Securityholder has the power to
direct the voting and which are entitled to vote on such transaction in favor of such transaction and will waive any appraisal rights which they may have in connection therewith and (ii) if the
proposed Sale of the Company is structured as or involves a sale or redemption of Securities, the Securityholders will agree to sell their pro-rata share of the Securities being sold in
such Sale of the Company on the terms and conditions approved by THL, and the Securityholders will execute any merger, asset purchase, security purchase, recapitalization or other sale agreement
approved by THL in connection with such Sale of the Company. 

        (b)    Conditions.    The obligations of the Securityholders with respect to the Sale of the Company are subject to
the satisfaction of the following conditions: upon the consummation of the Sale of the Company, all of the holders of a particular class or series of Securities shall receive the 

8

 

same
form and amount of consideration per share, unit or amount of Securities, or if any holders of a particular class or series of Securities are given an option as to the form and amount of
consideration to be received, all holders of such class or series will be given the same option. 

        (c)    Costs and Expenses.    Each Securityholder will bear its, his or her pro-rata share (based upon the
relative amount of Securities sold) of the reasonable and customary costs of any sale of Securities pursuant to a Sale of the Company to the extent such costs are incurred for the benefit of all
Securityholders and are not otherwise paid by the Company or the acquiring party. Costs incurred by or on behalf of a Securityholder for its, his or her sole benefit will not be considered costs of
the transaction hereunder. In the event that any transaction that THL elects to consummate or cause to be consummated pursuant to this  Section 4.1 is not consummated for any reason (other than a
breach by THL), the Company will reimburse THL for all actual and reasonable expenses
paid or incurred by THL in connection therewith; provided, however, that the Company shall not be
required to reimburse THL for the expenses of more than one legal or financial adviser, as the case may be. 

        (d)    Further Assurances.    In the event of a sale or exchange by the Securityholders of all or substantially all of
the Securities held by the Securityholders (whether by sale, merger, recapitalization, reorganization, consolidation, combination or otherwise), each Securityholder shall receive in exchange for the
Securities held by such Securityholder the same portion of the aggregate consideration from such sale or exchange that such Securityholder would have received if such aggregate consideration had been
distributed by the Company in complete liquidation pursuant to the rights and preferences set forth in the LLC Agreement as in effect immediately prior to such sale or exchange. Each Securityholder
shall take all necessary or desirable actions in connection with the distribution of the aggregate consideration from such sale or exchange as requested by the Company. 

ARTICLE V

CALL RIGHTS  

        5.1    Call by the Company of Executive Investor Securities.    

        (a)   Upon
the termination of the employment of any Executive Investor with the Company or any of its Subsidiaries (a "Call
Event") for any reason, the Company or its designee shall have the right to purchase (the "Call Option"), by delivery of a
written notice (the "Call Notice") to such Executive
Investor no later than ninety (90) days after the date of such Call Event, and such Executive Investor and such Executive Investor's permitted Transferees (collectively, the
"Call Group") shall be required to sell all (but not less than all) of the Class A Common Units then held by the Call Group (the
"Call Securities") at a price per Class A Common Unit equal to the Call Price (as hereinafter defined) of such Call Securities determined as of
the date of the repurchase pursuant to the Call Notice. 

        (b)   For
purposes of this Section 5.1, the term "Call Price" shall mean
the fair market value of the Securities as determined in good faith by the Board. 

        (c)   The
closing of any purchase of Call Securities by the Company pursuant to this Section 5.1 shall take place at the
principal office of the Company no later than 90 days after the exercise of the Call Option. At such closing, the Company shall deliver to the Call Group consideration in an amount equal to the
aggregate Call Price payable with respect to such Call Securities against delivery of original certificates and stock powers duly endorsed in favor of the Company representing the Call Securities. The
Company shall pay the Call Price by paying the Call Group in cash; provided, however, that in the event
that any such cash payment could, in the reasonable judgment of the Board, cause the Company or any Subsidiary to be (i) in a violation of any law, statute, rule, regulation, policy, order,
writ, injunction, decree or judgment promulgated or 

9

 

entered
by any federal, state, local or foreign court or governmental authority applicable to the Company or any of its Subsidiaries or any of its or their property or (ii) in default under or
otherwise in violation of the terms of any material loan or credit agreement to which the Company or any of its Subsidiaries is a party ("Default"), the
Company shall pay such cash portion of the Call Price by issuing a subordinated promissory note in the principal amount equal to the cash portion of the purchase price (the
"Company Note") or senior preferred units of the Company with a liquidation preference equal to the balance of the purchase price. The Company Note or
senior preferred units shall accrue interest or yield, as the case may be, annually at the "prime rate" published in The Wall Street Journal on the date of issuance, which interest or yield, as the
case may be, shall be payable at maturity or upon payment of distributions by the Company. The value of each senior preferred unit shall as of its issuance be deemed to equal (i) the portion of
the cash payment paid by the issuance of such preferred units divided by (ii) the number of senior preferred units so issued. Any senior preferred units or the Company Note shall be redeemed or
payable when and to the extent the Default which prompted their issuance no longer exists. 

ARTICLE VI

REGISTRATION RIGHTS  

        6.1    Demand Registrations.    

        (a)    Requests for Registration.    Subject to the provisions of this  Article VI, the holders of a majority of THL Securities
that constitute Registrable Securities shall have the right from and following the
earlier of (i) the third anniversary of the Closing Date or (ii) 180 days following the consummation of the first Public Offering (the "THL Demand
Right") to request registration under the Securities Act of all or any portion of the Registrable Securities held by the THL Holders and the THL Limited Partners (the
"Requesting THL Holders") by delivering a written notice to the principal business office of the Company, which notice identifies the Requesting Holders
and specifies the number of Registrable Securities to be included in such registration (the "Registration Request"). Subject to the provisions of this  Article VI, from and following the initial exercise by the Requesting THL Holders of a THL Demand Right, RGHI shall have the right (the
"RGHI Demand Right") to request registration under the Securities Act of all or any portion of the Registrable Securities held by RGHI by delivering a
Registration Request to the principal business office of the Company. Subject to the restrictions set forth in Section 6.1(d), the Company will
give prompt written notice of any Registration Request (the "Registration Notice") to all other holders of Registrable Securities and will thereupon use
its commercially reasonable efforts to effect the registration (a "Demand Registration") under the Securities Act on any form available to the Company
of: 

        (i)    the
Registrable Securities requested to be registered by the Requesting THL Holders or RGHI, as applicable; and 

        (ii)   all
other Registrable Securities of the same type and class which the Company has received a written request to register within 30 days after the Registration
Notice is given and any securities of the Company proposed to be included in such registration by the Company for its own account. 

        (b)    Preservation of Demand Registration.    A registration undertaken by the Company at the request of the
Requesting THL Holders or RGHI, as applicable, will not count as a Demand Registration: 

        (i)    if,
pursuant to the THL Demand Right or the RGHI Demand Right, as applicable, the Requesting THL Holders or RGHI, as applicable, fail to register and sell at least 75%
of the Registrable Securities requested to be included in such registration by them, unless such failure results from any act of, or failure to act by, any of the Requesting THL Holders or 

10

 

RGHI,
as applicable (provided that if the Requesting THL Holders or RGHI, as applicable, withdraw their Registration Request prior to the time the registration statement therefor is declared
effective); or 

        (ii)   if
the Requesting THL Holders or RGHI, as applicable, withdraw a Registration Request upon the determination of the Board to postpone the filing or effectiveness of a
Registration Statement pursuant to Section 6.1(d). 

        (c)    Priority on Demand Registration.    If the sole or managing underwriter of a Demand Registration advises the
Company in writing that in its opinion the number of Registrable Securities and other securities requested to be included exceeds the number of Registrable Securities and other securities which can be
sold in such offering without adversely affecting the distribution of the securities being offered, the price that will be paid in such offering or the marketability thereof, the Company will include
in such registration the Registrable Securities and other securities of the Company in the following priority: 

        (i)    first,
the greatest number of Registrable Securities proposed to be registered by the holders thereof, ratably among the holders of Registrable Securities based on the
respective amounts of Registrable Securities requested to be registered by each such holder; 

        (ii)   second,
after all Registrable Securities that the holders thereof propose to register have been included, securities proposed to be registered by the Company for its
own account, which in the opinion of such underwriters can be sold in such offering without adversely affecting the distribution of the securities being offered, the price that will be paid in such
offering or the marketability thereof; and 

        (iii)  third,
after all of the securities described in clause (ii) above have been included, any other securities the Company wishes to include in such registration. 

        (d)    Restrictions on Demand Registrations.    Except as otherwise provided in this  Section 6.1(d), the Company shall be
obligated to effect six Demand Registrations pursuant to a THL Demand Right and two Demand Registrations
pursuant to a RGHI Demand Right. Any Demand Registration requested must be for a firmly underwritten public offering of Registrable Securities with an expected value of at least $25 million to
be managed by an underwriter or underwriters of recognized national standing selected by the Requesting THL Holders or RGHI, as applicable, and reasonably acceptable to the Company. If, after a
request is made, the Company has determined in good faith that the filing of a registration request would require disclosure of material information which the Company has a bona fide business purpose
for preserving as confidential relating to a pending transaction, the Company shall not be obligated to effect the registration until the earlier of (A) the date upon which such material
information is disclosed to the public or is no longer material or (B) 120 days after the Company first makes such good faith determination. If the Company shall furnish to the
Requesting THL Holders or RGHI, as applicable, a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be seriously
detrimental to the Company and its Securityholders for such Demand Registration to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have the
right to defer taking action with respect to such filing for a period of not more than one hundred eighty (180) days after receipt of the Registration Request by the Requesting THL Holders or
RGHI, as applicable; provided, however, that the Company may not utilize this right more than once with
respect to a THL Demand Right or RGHI Demand Right, as applicable. 

11

  

        (e)    Stock Splits.    In connection with any Demand Registration pursuant to this  Section 6.1, each party to this Agreement
will vote, or cause to be voted, all securities of the Company over which it has the power to vote or
direct the voting to effect any stock split which, in the opinion of the sole or managing underwriter, is necessary to facilitate the effectiveness of such Demand Registration. 

        6.2    Incidental Registration.    

        (a)    Requests for Incidental Registration.    At any time the Company proposes to register any shares of Common
Stock under the Securities Act (other than registrations on such form(s) solely for registration of Common Stock in connection with any employee benefit plan or dividend reinvestment plan or a merger
or consolidation), including, without limitation, registrations pursuant to Section 6.1(a), whether or not for sale for its own account, the
Company will give written notice to each holder of Registrable Securities at least 30 days prior to the initial filing of such Registration Statement with the SEC of its intent to file such
registration statement and of such holder's rights under this Section 6.2. Upon the written request of any holder of Registrable Securities made
within 20 days after any such notice is given (which request shall specify the Registrable Securities intended to be disposed of by such holder), the Company will use its commercially
reasonable efforts to effect the registration (an "Incidental Registration") under the Securities Act of all Registrable Securities which the Company,
as the case may be, has been so requested to register by the holders thereof; provided, however, that if, at any time after giving written notice of its intention to register any securities and prior
to the effective date of the Registration Statement filed in connection with such Incidental Registration (each an "Incidental Registration Statement"),
the Company shall determine for any reason not to register or to delay registration of such securities, the Company may, at its election, give written notice of such determination to each holder of
Registrable Securities and, thereupon, (a) in the case of a determination not to register, the Company shall be relieved of its obligation to register any Registrable Securities under this  Section 6.2 in connection with such registration (but not from its obligation to pay the expenses incurred in connection therewith) and
(b) in the case of a determination to delay registration, the Company shall be permitted to delay registering any Registrable Securities under this  Section 6.2 during the period that the
registration of such other securities is delayed. 

        (b)    Priority on Incidental Registration.    If the sole or managing underwriter of a registration advises the
Company in writing that in its opinion the number of Registrable Securities and other securities requested to be included exceeds the number of Registrable Securities and other securities which can be
sold in such offering without adversely affecting the distribution of the securities being offered, the price that will be paid in such offering or the marketability thereof, the Company will include
in such registration the Registrable Securities and other securities of the Company in the following order of priority: 

        (i)    first,
the greatest number of securities of the Company proposed to be included in such registration by the Company for its own account that have priority over the
incidental registration rights granted to holders of Registrable Securities under this Agreement, which in the opinion of such underwriters can be so sold; and 

        (ii)   second,
after all securities that the Company proposes to register for its own account that have priority over the incidental registration rights under this Agreement
have been included, the greatest amount of Registrable Securities requested to be registered by the holders thereof which in the opinion of such underwriters can be sold in such offering without
adversely affecting the distribution of the securities being offered, the price that will be paid in such offering or the marketability thereof, ratably among the holders of Registrable Securities 

12

 

based
on the respective amounts of Registrable Securities requested to be registered by each such holder. 

        (c)   Upon
delivering a request under this Section 6.2, a Securityholder (excluding THL Holders and THL Limited Partners
and RGHI and its Affiliates) will, if requested by the Company, execute and deliver a custody agreement and power of attorney in form and substance reasonably satisfactory to the Company and one of
the THL Managers with respect to such Securityholder's Securities to be registered pursuant to this Section 6.2 (a
"Custody Agreement and Power of Attorney"). The Custody Agreement and Power of Attorney will provide, among other things, that the Securityholder will
deliver to and deposit in custody with the custodian and attorney-in-fact named therein (who shall be reasonably satisfactory to one of the THL Managers) a certificate or
certificates representing such Securities (duly endorsed in blank by the registered owner or owners thereof or accompanied by duly executed stock powers in blank) and irrevocably appoint said
custodian and attorney-in-fact with full power and authority to act under the Custody Agreement and Power of Attorney on such Securityholder's behalf with respect to the
matters specified therein. Such Securityholder also agrees to execute such other agreements as the Company may reasonably request to further evidence the provisions of this  Section 6.2. 

        6.3    Holdback Agreements.    

        (a)   Each
holder of Registrable Securities agrees that if requested in connection with an underwritten offering made pursuant to a Registration Statement for which such
Securityholder has registration rights pursuant to this Article VI by the managing underwriter or underwriters of such underwritten offering,
such holder will not effect any Public Sale or distribution of any of the securities being registered or any securities convertible or exchangeable or exercisable for such securities (except as part
of such underwritten offering), during the period beginning 10 days prior to, and ending 180 days after, the closing date of each underwritten offering made pursuant to such Registration
Statement (or for such shorter period as to which the managing underwriter or underwriters may agree, provided that such shorter period applies equally to all holders of Registrable Securities). 

        (b)   The
Company agrees (i) not to effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable
for such securities, during the 7 days prior to and during the 180-day period beginning on the effective date of any underwritten Demand Registration (or for such shorter period as
to which the managing underwriter or underwriters may agree), except as part of such Demand Registration or in connection with any employee benefit or similar plan, any dividend reinvestment plan, or
a business acquisition or combination and (ii) to use all reasonable efforts to cause each holder of at least 1% (on a fully-diluted basis) of its equity securities, or any securities
convertible into or exchangeable or exercisable for such securities, which are or may be purchased from the Company at any time after the date of this Agreement (other than in a registered offering)
to agree not to effect any sale or distribution of any such securities during such period (except as part of such underwritten offering, if otherwise permitted). 

        6.4    Registration Procedures.    In connection with the registration of any Registrable Securities, the Company
shall effect such registrations to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition thereof, and pursuant thereto the Company shall as
expeditiously as possible: 

        (a)   Prepare
and file with the SEC a Registration Statement or Registration Statements on a form available for the sale of the Registrable Securities by the holders thereof
in accordance with the intended method of distribution thereof, and use its commercially reasonable efforts to cause each such Registration Statement to become effective; 

13

 

        (b)   Prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration
Statement continuously effective for a period ending on the earlier of (i) 90 days from the effective date and (ii) such time as all of such securities have been disposed of in
accordance with the intended method of disposition thereof; cause the related prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to
Rule 424 (or any similar provisions then in force) under the Securities Act; and comply with the provisions of the Securities Act, the Exchange Act and the rules and regulations of the SEC
promulgated thereunder applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in such prospectus as so supplemented. 

        (c)   Notify
the selling holders of Registrable Securities promptly (but in any event within 2 business days), and confirm such notice in writing, (i) when a prospectus
or any prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become
effective, (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary
prospectus, (iii) if at any time when a prospectus is required by the Securities Act to be delivered in connection with sales of Registrable
Securities the Company becomes aware that the representations and warranties of the Company contained in any agreement (including, without limitation, any underwriting agreement) contemplated by  Section 6.4(h)
 below cease to be true and correct in all material respects, (iv) of the receipt by the Company of any notification with
respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Securities for offer or sale in any jurisdiction, (v) if the
Company becomes aware of the happening of any event that makes any statement made in such Registration Statement or related prospectus or any document incorporated or deemed to be incorporated therein
by reference untrue in any material respect or that requires the making of any changes in such Registration Statement, prospectus or documents so that, in the case of such Registration Statement, it
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the
case of the prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading. 

        (d)   Use
its commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or
suspending the use of a prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, and, if any such order is
issued, to obtain the withdrawal of any such order at the earliest possible moment. 

        (e)   Deliver
to each selling holder of Registrable Securities and the underwriters, if any, without charge, as many copies of the prospectus or prospectuses (including each
form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request; and the Company hereby consents to the use of such prospectus and each amendment or supplement
thereto by each of the selling holders of Registrable Securities and the underwriters or agents, if any, in connection with the offering and sale of the Registrable Securities covered by such
prospectus and any amendment or supplement thereto. 

        (f)    Prior
to any public offering of Registrable Securities, to use its commercially reasonable efforts to register or qualify, and cooperate with the selling holders of
Registrable Securities, the underwriters, if any, the sales agents and their respective counsel in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities for offer and sale under the securities or "blue sky" laws of such 

14

 

jurisdictions
within the United States as any selling holder or the managing underwriters reasonably request in writing; provided, however, that the Company will not be required to (i) qualify
generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action that would subject it to general service of process in any such jurisdiction where it is
not then so subject. 

        (g)   Upon
the occurrence of any event contemplated by Section 6.4(c)(v) above, as promptly as practicable
prepare a supplement or post-effective amendment to the Registration Statement or a
supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the
purchasers of the Registrable Securities being sold thereunder, such prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

        (h)   Enter
into an underwriting agreement in form, scope and substance as is customary in underwritten offerings and take all such other actions as are reasonably requested
by the managing or sole underwriter in order to expedite or facilitate the registration or the disposition of such Registrable Securities, and in such connection, (i) make such representations
and warranties to the underwriters, with respect to the business of the Company and its subsidiaries, and the Registration Statement, prospectus and documents, if any, incorporated or deemed to be
incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings, and confirm the same if and when requested,
(ii) obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters),
addressed to the underwriters covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by underwriters,
(iii) obtain "cold comfort" letters and updates thereof from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants
of any Subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement),
addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in "cold comfort" letters in connection with underwritten offerings and
(iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable to the holders of Registrable Securities than those set
forth in Section 6.6 hereof (or such other provisions and procedures acceptable to holders of a majority of the Registrable Securities covered by
such Registration Statement and the managing underwriters or agents) with respect to all parties to be indemnified pursuant to said Section. The above shall be done at each closing under such
underwriting agreement, or as and to the extent required thereunder. 

        (i)    Comply
with all applicable rules and regulations of the SEC and make generally available to its Securityholders earnings statements satisfying the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any
12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which
Registrable Securities are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day
of the first fiscal quarter of the Company after the effectiveness of a Registration Statement, which statements shall cover said 12-month periods. 

        (j)    (i) Use
its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on the principal
securities exchange on which 

15

 

Common
Stock is then listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) if no Common Stock is then so listed, use its
commercially reasonable efforts to, either (as the Company may elect) (x) cause all such Registrable Securities to be listed on a national securities exchange or (y) secure designation
of all such Registrable Securities as a NASDAQ "national market system security" within the meaning of Rule 11Aa2-1 or, failing that, to secure NASDAQ authorization for such shares
and, without limiting the generality of the foregoing, to arrange for at least two market makers to register as such with respect to such shares with the National Association of Securities
Dealers, Inc. ("NASD"). 

The
Company may require each holder of Registrable Securities as to which any registration is being effected to furnish to the Company such information regarding such holder and the distribution of
such Registrable Securities as the Company may, from time to time, reasonably request in writing; provided that such information shall be used only in connection with such registration. The Company
may exclude from such registration the Registrable Securities of any holder who unreasonably fails to furnish such information promptly after receiving such request. Each holder agrees that, upon
receipt of any notice from the Company of the happening of any event of the kind described in Section 6.4(c)(ii),  6.4(c)(iv) or 6.4(c)(v), such holder will forthwith discontinue disposition of such Registrable
Securities covered by such Registration Statement or prospectus until such holder's receipt of the copies of the supplemented or amended prospectus contemplated by this  Section 6.4, or until it is
advised in writing by the Company that the use of the applicable prospectus may be resumed, and has received copies
of any amendments or supplements thereto. 

        6.5    Registration Expenses.    Subject to Section 6.1(b)(i),
all fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company, whether or not any Registration Statement is filed or becomes
effective, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with the NASD in
connection with an underwritten offering and (B) fees and expenses of compliance with state securities or "blue sky" laws), (ii) reasonable messenger, telephone and delivery expenses,
(iii) fees and disbursements of counsel for the Company, (iv) fees and disbursements of all independent certified public accountants referred to in  Section 6.4(h), (v) underwriters'
fees and expenses (excluding discounts, commissions, or fees of underwriters, selling brokers, dealer
managers or similar securities industry professionals relating to the distribution of the Registrable Securities), (vi) Securities Act liability insurance, if the Company so desires such
insurance, (vii) internal expenses of the Company, (viii) the expense of any annual audit, (ix) the fees and expenses incurred in connection with the listing of the securities to
be registered on any securities exchange and (x) the fees and expenses of any Person, including without limitation special experts, retained by the Company. In connection with any Demand
Registration or Incidental Registration hereunder, the Company shall reimburse the holders of the Registrable Securities being registered in such registration for the reasonable fees and disbursements
of not more than one counsel (together with appropriate local counsel) chosen by the Requesting Holders, and other reasonable out-of-pocket expenses of the holders of
Registrable Securities incurred in connection with the registration of the Registrable Securities. 

        6.6    Indemnification; Contribution.    

        (a)    Indemnification by the Company.    The Company shall, without limitation as to time, indemnify and hold
harmless, to the full extent permitted by law, each holder of Registrable Securities, the officers, managers, agents and employees of each of them, each Person who controls each such holder (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), the officers, managers, agents and employees of each such controlling person and any financial or
investment adviser (each, an "Indemnified Party"), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities,
actions or proceedings (whether commenced or threatened) reasonable costs (including, without limitation, reasonable costs of 

16

 

preparation
and reasonable attorneys' fees) and reasonable expenses (including, without limitation, reasonable expenses of investigation) (collectively,
"Losses"), as incurred, arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration
Statement, prospectus or form of prospectus or in any amendment or supplements thereto or in any preliminary prospectus, or arising out of or based upon any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, except to the extent that the same arise out of or are based upon information furnished in writing to the
Company by such Indemnified Party or the related holder of Registrable Securities expressly for use therein or (ii) any violation by the Company of any federal, state or common law rule or
regulation applicable to the Company and relating to action required of or inaction by the Company in connection with any such registration; provided, however, that the Company shall not be liable to
any Person who participates as an underwriter in the offering or sale of Registrable Securities or any other Person, if any, who controls such underwriters within the meaning of the Securities Act to
the extent that any such Losses arise out of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any preliminary prospectus if (i) such
Person failed to send or deliver a copy of the prospectus with or prior to the delivery of written confirmation of the sale by such Person to the Person asserting the claim from which such Losses
arise, (ii) the prospectus would have corrected such untrue statement or alleged untrue statement or such omission or alleged omission, and (iii) the Company has complied with its
obligations under Section 6.4(c). Each indemnity and reimbursement of costs and expenses shall remain in full force and effect regardless of any
investigation made by or on behalf of such Indemnified Party. 

        (b)    Indemnification by Holders.    In connection with any Registration Statement in which a holder of Registrable
Securities is participating, such holder, or an authorized officer of such holder, shall furnish to the Company in writing such information as the Company reasonably requests for use in connection
with any Registration Statement or prospectus and agrees, severally and not jointly, to indemnify, to the full extent permitted by law, the Company, its managers, officers, agents and employees, each
Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the managers, officers, agents or employees of such
controlling persons, from and against all Losses arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, prospectus, or form of
prospectus, or arising out of or based upon any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, to the extent,
but only to the extent, that such untrue or alleged untrue statement is contained in, or such omission or alleged omission is required to be contained in, any information so furnished in writing by
such holder to the Company expressly for use in such Registration Statement or prospectus and that such statement or omission was relied upon by the Company in preparation of such Registration
Statement, prospectus or form of prospectus; provided, however, that such holder of Registrable Securities shall not be liable in any such case to the extent that the holder has furnished in writing
to the Company within a reasonable period of time prior to the filing of any such Registration Statement or prospectus or amendment or supplement thereto information expressly for use in such
Registration Statement or prospectus or any amendment or supplement thereto which corrected or made not misleading, information previously furnished to the Company, and the Company failed to include
such information therein. In no event shall the liability of any selling holder of Registrable Securities hereunder be greater in amount than the dollar amount of the proceeds (net of payment of all
expenses) received by such holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Indemnified Party. 

17

 

        (c)    Conduct of Indemnification Proceedings.    Any Indemnified Party entitled to indemnification herein shall give
prompt notice to the party or parties from which such indemnity is sought (the "Indemnifying Parties") of the commencement of any action, suit, proceeding or investigation or written threat thereof (a
"Proceeding") with respect to which such Indemnified Party seeks indemnification or contribution pursuant hereto; provided, however, that the failure to
so notify the Indemnifying Parties shall not relieve the Indemnifying Parties from any obligation or liability except to the extent that the Indemnifying Parties have been prejudiced by such failure.
The Indemnifying Parties shall have the right, exercisable by giving written notice to an Indemnified Party promptly after the receipt of written notice from such Indemnified Party of such Proceeding,
to assume, at the Indemnifying Parties' expense, the defense of any such Proceeding, with counsel reasonably satisfactory to such Indemnified Party;  provided, however, that an Indemnified Party or Parties (if more than one such Indemnified Party is
named in any Proceeding) shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Party or Parties unless: (i) the Indemnifying Parties agree to pay such fees and expenses; (ii) the Indemnifying Parties fail promptly to assume the defense
of such Proceeding or fail to employ counsel reasonably satisfactory to such Indemnified Party or Parties; or (iii) the named parties to any such Proceeding (including any impleaded parties)
include both such Indemnified Party or Parties and the Indemnifying Parties or an Affiliate of the Indemnifying Parties or such Indemnified Parties, and there may be one or more defenses available to
such Indemnified Party or Parties that are different from or additional to those available to the Indemnifying Parties, in which case, if such Indemnified Party or Parties notifies the Indemnifying
Parties in writing that it elects to employ
separate counsel at the expense of the Indemnifying Parties, the Indemnifying Parties shall not have the right to assume the defense thereof and such counsel shall be at the expense of the
Indemnifying Parties, it being understood, however, that, unless there exists a conflict among Indemnified Parties, the Indemnifying Parties shall not, in connection with any one such Proceeding or
separate but substantially similar or related Proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one
separate firm of attorneys (together with appropriate local counsel) at any time for such Indemnified Party or Parties. Whether or not such defense is assumed by the Indemnifying Parties, such
Indemnifying Parties or Indemnified Party or Parties will not be subject to any liability for any settlement made without its or their consent (but such consent will not be unreasonably withheld). The
Indemnifying Parties shall not consent to entry of any judgment or enter into any settlement which (i) provides for other than monetary damages without the consent of the Indemnified Party or
Parties (which consent shall not be unreasonably withheld or delayed) or (ii) does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party
or Parties of a release, in form and substance satisfactory to the Indemnified Party or Parties, from all liability in respect of such Proceeding for which such Indemnified Party would be entitled to
indemnification hereunder. 

        (d)    Contribution.    If the indemnification provided for in this  Section 6.6 is unavailable to an Indemnified Party or is
insufficient to hold such Indemnified Party harmless for any Losses in respect of which
this Section 6.6 would otherwise apply by its terms, then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall have a joint and several obligation to contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by reference to, among other
things, whether any action in question, including, without limitation, any untrue or alleged untrue statement of a 

18

 

material
fact or omission or alleged omission to state a material fact, has been taken by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties'
relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be
deemed to include any legal or other fees or expenses incurred by such party in connection with any Proceeding, to the extent such party would have been indemnified for such expenses if the
indemnification provided for in Section 6.6(a) or 6.6(b) was available to such party. The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 6.6(d) were determined by pro-rata
allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 6.6(d).
Notwithstanding the provisions of this Section 6.6(d), an Indemnifying Party that is a selling holder of Registrable Securities shall not be
required to contribute any amount in excess of the amount by which the net proceeds received by such Indemnifying Party exceeds the amount of any damages that such Indemnifying Party has otherwise
been required to pay by reasons of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of  Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
 

        6.7    Rule 144.    At all times after the Company or any successor entity effects its first Public Offering,
the Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder, and will take such further action as
any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144. Upon the request of any holder of Registrable Securities, the Company shall deliver to such holder a written statement as to
whether it has complied with such requirements. 

        6.8    Underwritten Registrations.    No holder of Registrable Securities may participate in any underwritten
registration hereunder unless such holder (a) agrees to sell such holder's Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled
hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms
of such underwriting arrangements. 

        6.9    No Inconsistent Agreements.    The Company has not and will not, enter into any agreement with respect to the
Company's securities that is inconsistent with the rights granted to the holders of Registrable Securities in this Article VI or otherwise
conflicts with the provisions hereof. 

ARTICLE VII

INFORMATION RIGHTS  

        7.1    Information Rights.    Prior to the consummation of the first Public Offering by the Company or any successor
entity, the Company shall provide to holders of more than five percent (5%) of the outstanding Class A Common Units: 

        (a)    Audited Annual Statements.    Within sixty (60) days after the end of each fiscal year, an audited
balance sheet of the Company as of the end of such fiscal ear, and an audited statement of income and statement of cash flows of the Company for such year, in each case prepared in accordance with
GAAP and setting forth in comparative form the figures for the previous fiscal year, all in reasonable detail. 

        (b)    Quarterly Statements.    Within forty five (45) days after the end of each of the first three fiscal
quarters of each fiscal year, unaudited balance sheets of the Company as of the end of such fiscal quarter, unaudited statements of income, and unaudited statements of cash flows for such 

19

 

fiscal
quarter and for the current fiscal year to date. Such financial statements shall be prepared in accordance with GAAP consistently applied (other than omission of accompanying notes) and
compared with both the actual results from the corresponding quarter of the previous fiscal year and the budget for the current fiscal year, all in reasonable detail. 

        (c)    Monthly Statements.    Within thirty (30) days after the end of each month of each fiscal year, the
Company's monthly reporting package, including the unaudited balance sheets of the Company as of the end of such month, unaudited statements of income, and unaudited statements of cash flows for such
month and for the current fiscal year to date. Such financial statements shall be prepared in accordance with GAAP consistently applied (other than omission of accompanying notes) and compared with
both the actual results from the corresponding month of the previous fiscal year and the budget (including any reforecasts) for the current fiscal year, all in reasonable detail. 

        (d)    Annual Budget.    Thirty (30) days prior to the beginning of each fiscal year, a copy of an annual
budget with line items compared to the previous year's budget and an annual strategic plan for such fiscal year. 

ARTICLE VIII

PRE-EMPTIVE RIGHTS  

        8.1    Issuance of New Securities.    

        (a)    Purchase Rights.    If at any time after the date of this Agreement the Company proposes to issue or sell any
Units, Common Stock, Common Stock Equivalents or Preferred Stock of the Company (collectively, "New Securities") to any Person, the Company shall first
offer to sell to the Investors a portion of each type of such New Securities equal to the quotient determined by dividing (x) the number of Class A Common Units which are held or
beneficially owned by such Investor, by (y) the total number of Class A Common Units outstanding immediately prior to such issuance or sale. The Investors shall be entitled to purchase
all or any portion of their respective portions (as determined in the immediately preceding sentence) of such New Securities at the most favorable price and on the most favorable terms as such New
Securities are to be offered to any Person. 

        (b)    Offer Period.    In order to exercise its purchase rights hereunder, each Investor must, within 30 days
after receipt of written notice from the Company describing in reasonable detail the New Securities being offered, the purchase price thereof, the payment terms and the percentage of the New
Securities available to such holder pursuant to Section 8.1(a), deliver a written notice to the Company describing its election to exercise its
purchase rights hereunder. 

        (c)    Expiration of Offer Period.    Upon the expiration of the offering periods described above, the Company shall
be entitled to sell such New Securities which the Investors have not elected to purchase during the 180 days following such expiration on terms and conditions no more favorable to the
purchasers thereof than those offered to the Investors. Any New Securities to be sold by the Company to any Person after such 180-day period must be reoffered to the Investors pursuant to
the terms of this Section 8.1. 

        (d)    Exceptions to Purchase Rights.    The provisions of this  Section 8.1 will not apply to the following issuances of New
Securities: 

        (i)    any
New Securities issued upon the conversion or exercise of any Common Stock Equivalents not issued in violation of this  Section 8.1; 

        (ii)   any
issuance of New Securities incident to the exercise, conversion or exchange of any securities of the Company that were not issued in violation of this  Section 8.1, a 

20

 

subdivision
of shares (including, without limitation, any stock dividend or stock split), any combination of shares (including, without limitation, any reverse stock split) or any recapitalization,
reorganization or reclassification of the Company; 

        (iii)  any
New Securities issued to a seller(s) in connection with business acquisitions or similar transactions; 

        (iv)  Class B
Common Units or other incentive equity issued to employees or consultants of the Company; or 

        (v)   any
securities issued in a Public Offering. 

        (e)    Distressed Purchase.    Nothing in this Section 8.1
shall be deemed to prevent THL, or any Affiliate of THL, any THL Limited Partner or RGHI from purchasing for cash any New Securities without first complying with the provisions of this  Section 8.1;
provided, that in connection with such purchase, (a) the Company's Board has
determined in good faith (1) that the Company needs an immediate cash investment, (2) that no alternative financing on terms no less favorable to the Company in the aggregate than such
purchase is available which is of a type that could be obtained without having to comply with this Section 8.1 and (3) that the delay
caused by compliance with the provisions of this Section 8.1 in connection with such investment would be reasonably likely to cause severe and
immediate harm to the Company, (b) the Company gives prompt notice to the other Securityholders of such investment, which notice shall describe in reasonable detail the New Securities being
purchased by the Person making such purchase (for purposes of this Section 8.1, the "Purchasing
Holder") and the purchase price thereof and (c) the Purchasing Holder and the Company take all steps necessary to enable the other Securityholders to effectively
exercise their respective rights under this Section 8.1 with respect to their purchase of a pro-rata share of the New Securities
issued to the Purchasing Holder after such purchase by the Purchasing Holder on the terms specified in Section 8.1(a). 

ARTICLE IX

AMENDMENT AND TERMINATION  

        9.1    Amendment and Waiver.    Except as otherwise provided herein, no modification, amendment or waiver of any
provision of this Agreement shall be effective against the Company or the Securityholders unless such modification, amendment or waiver is approved in writing by each of the Company, the THL Holders
holding a majority of the Class A Common Units held by all THL Holders, and RGHI. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a
waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

        9.2    Termination of Certain Provisions.    The provisions of Articles II,
III, IV, VII and VIII shall
terminate upon the consummation of the Company's or any successor entity's first Public Offering; provided,  however, that Section 3.3 shall survive until the third anniversary of the consummation of the
Company's or any successor entity's first Public Offering. 

        9.3    Termination of Agreement.    This Agreement will terminate in respect of all Securityholders (a) with
the written consent of the Company, the THL Holders holding a majority of the Class A Common Units held by all THL Holders, and RGHI, (b) upon the dissolution, liquidation or
winding-up of the Company or (c) upon the consummation of a Sale of the Company. The termination of this Agreement will not affect any indemnification or contribution obligations
under Section 6.6, which shall survive such termination. 

21

   
        9.4    Termination as to a Party.    Any Person who ceases to hold any Securities shall cease to be a
Securityholder
and shall have no further rights or obligations under this Agreement (except with respect to any indemnification and contribution rights or obligations under  Section 6.6, which shall survive).

ARTICLE X

MISCELLANEOUS  

        10.1    Certain Defined Terms.    As used in this Agreement, the following terms shall have the meanings set forth or
as referenced below: 

        "Acceptance Period" has the meaning given such term in Section 3.2(a)(i). 

        "Affiliate" of any particular Person means any other Person Controlling, Controlled by or under common Control with such particular Person
or, in the case of a natural Person, any other member of such Person's Family Group. 

        "Agreement" has the meaning given to such term in the preamble. 

        "Bennett" has the meaning given such term in the preamble. 

        "Bennett Employment Agreement" means the Executive Employment and Noncompetition Agreement dated as of June 8, 2004, between the
Company and Bennett. 

        "Board" means the Board of Managers of the Company. 

        "Call Event" has the meaning given to such term in Section 5.1(a). 

        "Call Group" has the meaning given to such term in Section 5.1(a). 

        "Call Notice" has the meaning given to such term in Section 5.1(a). 

        "Call Option" has the meaning given to such term in Section 5.1(a). 

        "Call Price" has the meaning given to such term in Section 5.1(b). 

        "Call Securities" has the meaning given to such term in Section 5.1(a). 

        "CEO Manager" has the meaning given such term in Section 2.1(a)(i). 

        "Class A Common Units" means the Class A Common Units of the Company, and any units, shares or other equity interests of the
Company or a successor entity received in respect of such Class A Common Units. 

        "Class B Common Units" means the Class B Common Units of the Company, and any units, shares or other equity interests of the
Company or a successor entity received in respect of such Class B Common Units. 

        "Closing" or "Closing Date" has the meaning given to such term in the Purchase Agreement. 

        "Co-Sale Offered Securities" has the meaning given such term in  Section 3.3(a). 

        "Common Stock" means, collectively, following the conversion of the Company into a corporation or the Company being merged into, or
otherwise succeeded by, a corporation, the common stock of the Company and any other class or series of authorized capital stock of the Company which is not limited to a fixed sum or percentage of par
or stated value in respect to the rights of the holders thereof to
participate in dividends or in the distribution of assets upon any liquidation, dissolution or winding up of the successor to the Company. 

        "Common Stock Equivalents" means (without duplication with any Units, Common Stock or other Common Stock Equivalents) rights, warrants,
options, convertible securities, or exchangeable 

22

 

securities
or indebtedness, or other rights, exercisable for or convertible or exchangeable into, directly or indirectly, Units, Common Stock or securities exercisable for or convertible or
exchangeable into Units or Common Stock, as the case may be, whether at the time of issuance or upon the passage of time or the occurrence of some future event. 

        "Company" has the meaning given to such term in the preamble. 

        "Company Note" has the meaning given to such term in Section 5.1(c). 

        "Control" (including, with correlative meaning, all conjugations thereof) means with respect to any Person, the ability of another Person
to control or direct the actions or policies of such first Person, whether by ownership of voting securities, by contract or otherwise. 

        "Custody Agreement and Power of Attorney" has the meaning given to such term in  Section 6.2(c). 

        "Default" has the meaning given to such term in Section 5.1(c). 

        "Demand Registration" has the meaning given to such term in Section 6.1(a). 

        "EBITDA" as to any fiscal year of the Company and the Subsidiaries, shall mean the consolidated earnings of the Company and the
Subsidiaries before interest, taxes, depreciation and amortization for such fiscal year, as derived from the audited financial statements of the Company and the Subsidiaries (or if the Company and the
Subsidiaries do not have audited financial statements, the internally prepared financial statements of the Company and the Subsidiaries, as reviewed by the accountant of the Company and the
Subsidiaries) which were prepared in a manner for all periods consistent with GAAP. If for any reason the Company and the Subsidiaries do not report on a consolidated basis, EBITDA shall be calculated
from the combined earnings of each of the Company and all the Subsidiaries as if they did so report on a consolidated basis. 

        "Eligible Holders" has the meaning given to such term in Section 3.2(a)(i). 

        "Employee(s)" has the meaning given to such term in the preamble. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

        "Excluded Securities" has the meaning set forth in Section 3.3(c). 

        "Executive Investor(s)" has the meaning given to such term in the preamble. 

        "Exempt Transfer" means a Transfer of Securities (a) to one or more Eligible Holders pursuant to the exercise of a right of first
offer pursuant to Section 3.2(a), (b) pursuant to an exercise of tag-along rights as an Other Holder under  Section 3.3, (c) pursuant to
a Sale of the Company under Section 4.1,
(d) upon the death of the holder pursuant to the applicable laws of descent and distribution, (e) solely to or among such Person's Family Group (so long as the individual effecting such
Transfer maintains control over the voting and disposition of such Securities), (f) incidental to the exercise, conversion or exchange of such securities in accordance with their terms, any
combination of shares (including, without limitation, any reverse stock split) or any recapitalization, reorganization or reclassification of, or any merger or consolidation involving, the Company,
(g) to or among the partners or members of THL and the partners (including, without limitation, any Limited Partner or Affiliate of any Limited Partner), securityholders and employees of such
partners, (h) by New York State Retirement Co-Investment Fund L.P. to New York State Common Retirement Fund (provided that THL maintains voting control over such Securities) or
(i) to an Affiliate of the holder effecting such Transfer (provided, that the Affiliate to which such Transfer is made at all times thereafter during the term of this Agreement remains an
Affiliate of the holder effecting such Transfer). 

23

 

        "Exempt Individual Transfer" means a Transfer of Securities held by a natural person (a) upon the death of the holder pursuant to
the applicable laws of descent and distribution, (b) solely to or among such natural person's Family Group (so long as the individual effecting such Transfer maintains control over the voting
and disposition of such Securities), or (c) to the Company incidental to the exercise, conversion or exchange of such securities in accordance with their terms, any combination of shares
(including, without limitation, any reverse stock split) or any recapitalization, reorganization or reclassification of, or any merger or consolidation involving, the Company. 

        "Family Group" means, with respect to any individual, such individual's spouse, parents, siblings and descendants (whether natural or
adopted) and any trust, partnership, limited liability company or similar vehicle established and maintained solely for the benefit of (or the sole members or partners of which are) such individual,
such individual's spouse and/or such individual's parents, siblings and descendants. 

        "GAAP" shall mean United States generally accepted accounting principles. 

        "Incidental Registration" has the meaning given such term in Section 6.2(a). 

        "Incidental Registration Statement" has the meaning given such term in  Section 6.2(a). 

        "Indemnified Party" has the meaning given such term in Section 6.6(a). 

        "Indemnifying Party" shall have the meaning given such term in Section 6.6(c). 

        "Independent Manager" has the meaning given such term in Section 2.1(a)(iii). 

        "Investor Response" has the meaning given such term in Section 3.2(a)(i). 

        "Investor Terms" has the meaning given such term in Section 3.2(a)(i). 

        "Investors" has the meaning given to such term in the preamble. 

        "Limited Partner" means a direct or indirect limited partner of THL. 

        "LLC Agreement" means the Amended and Restated Limited Liability Company Agreement dated as of the date hereof among the Company, THL, and
the other parties thereto. 

        "Losses" has the meaning given such term in Section 6.6(a). 

        "Management Agreement" means the Management Agreement dated as of the date hereof by and among the Company and THL Managers V, LLC. 

        "NASD" has the meaning given such term in Section 6.4(j). 

        "NASDAQ" means the National Association of Securities Dealers Automated Quotation System. 

        "New Securities" has the meaning given such term in Section 8.1(a). 

        "Offer" has the meaning given such term in Section 3.2(a)(i). 

        "Offered Securities" has the meaning given such term in Section 3.2(a)(i). 

        "Offeror" has the meaning given such term in Section 3.2(a). 

        "Old Refco" means Refco Group, Ltd., LLC, an entity of which the Company is the sole member. 

        "Other Holder" has the meaning given such term in Section 3.3(a). 

24

 

        "Person" means an individual, a partnership, a joint venture, a corporation, an association, a joint stock company, a limited liability
company, a trust, an unincorporated organization or a government or any department or agency or political subdivision thereof. 

        "Preferred Stock" means collectively, following the conversion of the Company into a corporation or the Company being merged into, or
otherwise succeeded by, a corporation, the classes or series of authorized capital stock of the Company that is limited to a fixed sum or percentage of par value or stated value in respect of the
rights of the holders thereof to participate in dividends and in the distribution of assets upon the voluntary or involuntary liquidation, dissolution or winding up of the successor to the Company. 

        "Proceeding" has the meaning given such term in Section 6.6(c). 

        "Pro Rata Amount" or "Pro Rata" means, with respect to any Investor, the quotient obtained
by dividing (i) the number of Class A Common Units held by such Investor by (ii) the aggregate number of Class A Common Units held by all Investors. 

        "Public Offering" means a sale of Common Stock to the public in an offering pursuant to an effective registration statement filed with the
SEC pursuant to the Securities Act, as then in effect, provided that a Public Offering shall not include an offering made in connection with a business acquisition or combination or an employee
benefit plan. 

        "Public Sale" means a sale of Securities pursuant to a Public Offering or a Rule 144 Sale or its equivalent. 

        "Purchase Agreement" means the Equity Purchase and Merger Agreement dated as of June 8, 2004 by and among the Company, Old Refco,
RGHI, THL Refco Acquisition Partners and certain other parties thereto, as the same has been amended by the First Amendment to Equity Purchase and Merger Agreement dated as of July 9, 2004. 

        "Purchasing Holder" has the meaning given such term in Section 8.1(e). 

        "Putnam Limited Partners" means Putnam Investments Holdings, LLC, Putnam Investments Employees' Securities Company I, LLC and Putnam
Investments Employees' Securities Company II, LLC, and any Affiliate of any such Person to whom any Securities held by any such Person are Transferred. 

        "Registrable Securities" means any Securities held by a Securityholder that are of the same type and class as the THL Securities. As to
any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been (i) Transferred in a Public Sale, (ii) unless THL otherwise elects,
have been distributed to Limited Partners or (iii) otherwise Transferred and new certificates not bearing the legend set forth in  Section 10.2(b) hereof shall have been delivered by the
Company and subsequent disposition of such securities shall not require registration or
qualification of such securities
under the Securities Act or such state securities or blue sky laws then in force. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such Person
has the right to acquire such Registrable Securities (upon conversion or exercise in connection with a Transfer of securities or otherwise, but disregarding any restrictions or limitations upon the
exercise of such right), whether or not such acquisition has actually been affected. 

        "Registration Expenses" means all amounts payable by the Company pursuant to  Section 6.5. 

        "Registration Notice" has the meaning given such term in Section 6.1(a). 

        "Registration Request" has the meaning given such term in Section 6.1(a). 

25

 

        "Registration Statement" means any registration statement of the Company under which any of the Registrable Securities are included
therein pursuant to the provisions of this Agreement, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments, all
exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

        "Requesting THL Holder(s)" has the meaning given such term in Section 6.1(a). 

        "RGHI" has the meaning given such term in the preamble. 

        "RGHI Demand Right" has the meaning given such term in Section 6.1(a). 

        "RGHI Managers" has the meaning given such term in Section 2.1(a)(i). 

        "Rule 144" means Rule 144 adopted under the Securities Act (or any successor rule or regulation). 

        "Rule 144 Sale" means a sale of Securities to the public through a broker, dealer or market-maker pursuant to the provisions of
Rule 144 (other than Rule 144(k) prior to a Public Offering) adopted under the Securities Act (or any successor rule or regulation). 

        "Sale of the Company" means the consummation of a transaction, whether in a single transaction or in a series of related transactions that
are consummated contemporaneously (or consummated pursuant to contemporaneous agreements), with any other Person or group of related Persons on an arm's-length basis other than an Affiliate of THL,
pursuant to which such party or parties (a) acquire (whether by merger, stock purchase, recapitalization, reorganization, redemption, issuance of capital stock or otherwise) more than 50% of
the voting power of the Company or (b) acquire assets constituting all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis; provided, however, that in
no event shall a Sale of the Company be deemed to include any transaction effected for the purpose of (i) changing, directly or indirectly, the form of organization or the organizational
structure of the Company or any of its Subsidiaries or (ii) contributing assets or equity to entities controlled by the Company (or owned by the Securityholders in substantially the same
proportions as their ownership of the Company). 

        "Sale Notice" has the meaning given such term in Section 3.3(a). 

        "SEC" means the Securities and Exchange Commission. 

        "Securities" means all Class A Common Units and Class B Common Units that are subject to this Agreement. 

        "Securityholder(s)" has the meaning given such term in the preamble. 

        "Securities Act" means the Securities Act of 1933, as amended from time to time. 

        "Selling Holder" has the meaning given such term in Section 3.3(a). 

        "Subsidiary" means any corporation with respect to which another specified corporation has the power to vote or direct the voting of
sufficient securities to elect directors having a majority of the voting power of the board of directors of such corporation. 

        "Tag-Along Notice" has the meaning given such term in Section 3.3(a). 

        "THL" has the meaning given such term in the preamble. 

        "THL Corporate Holder" means a corporation directly or indirectly controlled by Thomas H. Lee Partners, L.P. that holds an indirect
interest in the Company through a THL Holder. 

        "THL Demand Right" has the meaning given such term in Section 6.1(a). 

26

 

        "THL Managers" has the meaning given such term in Section 2.1(a)(ii). 

        "THL Holder" has the meaning given such term in the preamble. 

        "THL Securities" means (a) THL Units, (b) Units, Common Stock, Common Stock Equivalents or Preferred Stock hereafter
acquired by THL and (c) any securities of the Company issued with respect to the securities referred to in clauses (a) or (b) above by way of a
payment-in-kind, stock dividend or stock split or in connection with a combination of shares, exchange, conversion, recapitalization, merger, consolidation or other
reorganization. 

        "THL Units" means the Class A Common Units issued to THL on the Closing Date. 

        "Threshold Event" means (a) for the fiscal year ending February 28, 2005, the failure of the Company to achieve at least 85%
of $287.0 million in EBITDA, (b) for the fiscal year ending February 28, 2006, the failure of the Company to achieve at least 85% of $627.1 million in EBITDA in the
aggregate for the fiscal years ended February 28, 2005 and 2006, (c) for the fiscal year ending February 28, 2007, the failure of the Company to achieve at least 85% of
$1,024.9 million in EBITDA in the aggregate for the fiscal years ended February 28, 2005, 2006 and 2007, (d) for the fiscal years ending February 28, 2008 and 2009, the
failure of the Company to achieve at least 80% of $455.9 million and $524.0 million in EBITDA, respectively and (e) for any fiscal years ending after February 28, 2009, the
failure of the Company to achieve at least 80% of the EBITDA target for that year as determined in good faith by the Board, or (f) the default by the Company under any documents governing any
of the Company's funded indebtedness, after the expiration of notice or cure periods, if any; provided that if any such document provides for the cure or the avoidance of any default through the
provision of an equity contribution or other investment in the Company or any of its Subsidiaries which will constitute EBITDA or similar financial measurement, any such amount contributed to or
invested in the Company or any of its
Subsidiaries shall not be taken into account in determining whether a default exists. The threshold targets set forth above shall be adjusted by the Board, in its good faith discretion, for
acquisitions and dispositions made by the Company (whether by purchase or sale of assets, merger or otherwise) and such adjustments shall take into account the pro forma annual EBITDA of any acquired
business. In determining whether any threshold target has been achieved by the Company for any given fiscal year, all fees paid during the applicable time period pursuant to Section 2 of the
Management Agreement, dated as of the date hereof, among the Company, Old Refco and THL shall be excluded from such calculation as if such fees were not required to be paid. 

        "Transfer" means (in either the noun or the verb form, including with respect to the verb form, all conjugations thereof within their
correlative meanings) with respect to any security, the gift, sale, assignment, transfer, pledge, hypothecation or other disposition (whether for or without consideration, whether directly or
indirectly, and whether voluntary, involuntary or by operation of law) of such security or any interest therein. 

        "Transferee" means any Person to whom a Securityholder shall Transfer Units. 

        "Units" means the Company's Class A Units or Class B Units. 

        10.2    Legends.    

        (a)    Securityholders Agreement.    Each certificate or instrument evidencing Securities and each certificate or
instrument issued in exchange for or upon the Transfer of any such Securities (if such securities remain subject to this Agreement after such Transfer) shall be stamped or otherwise imprinted with a
legend (as appropriately completed under the circumstances) in substantially the following form: 

"THE
SECURITIES REPRESENTED BY THIS CERTIFICATE CONSTITUTE SECURITIES UNDER A CERTAIN SECURITYHOLDERS AGREEMENT DATED 

27

 

AS
OF AUGUST 5, 2004 AMONG THE ISSUER OF SUCH SECURITIES (THE "COMPANY") AND CERTAIN OF THE COMPANY'S SECURITYHOLDERS AND, AS SUCH, ARE SUBJECT TO CERTAIN VOTING PROVISIONS, PURCHASE RIGHTS AND
RESTRICTIONS ON TRANSFER SET FORTH IN THE SECURITYHOLDERS AGREEMENT. A COPY OF SUCH SECURITYHOLDERS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN
REQUEST." 

        (b)    Restricted Securities.    Each instrument or certificate evidencing Securities and each instrument or
certificate issued in exchange or upon the Transfer of any Securities shall be stamped or otherwise imprinted with a legend substantially in the following form: 

"THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD UNLESS IT HAS BEEN REGISTERED UNDER THE SECURITIES ACT OR
UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE (AND, IN SUCH CASE, AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY SHALL HAVE BEEN DELIVERED TO THE COMPANY TO THE EFFECT THAT SUCH
OFFER OR SALE IS NOT REQUIRED TO BE REGISTERED UNDER THE SECURITIES ACT)." 

        (c)    Removal of Legends.    Whenever in the opinion of the Company and counsel reasonably satisfactory to the
Company (which opinion shall be delivered to the Company in writing) the restrictions described in any legend set forth above cease to be applicable to any Securities, the holder thereof shall be
entitled to receive from the Company, without expense to the holder, a new instrument or certificate not bearing a legend stating such restriction. 

        10.3    Severability.    Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if
such invalid, illegal or unenforceable provision had never been contained herein. 

        10.4    Entire Agreement.    Except as otherwise expressly set forth herein, this document embodies the complete
agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the
parties, written or oral, which may have related to the subject matter hereof in any way. 

        10.5    Successors and Assigns.    Except as otherwise provided herein, this Agreement shall bind and inure to the
benefit of and be enforceable by the Company and its successors and assigns and the Securityholders and any subsequent holders of Securities and the respective successors and assigns of each of them,
so long as they hold Securities. 

        10.6    Counterparts.    This Agreement may be executed in separate counterparts (including by means of telecopied
signature pages) each of which shall be an original and all of which taken together shall constitute one and the same agreement. 

        10.7    Remedies.    The Company and the Securityholders shall be entitled to enforce their rights under this
Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement (including, without limitation, costs of enforcement) and to exercise all other rights existing in
their favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that the Company or any Securityholder may
in its or his sole discretion apply to any court of law or equity of competent 

28

 

jurisdiction
for specific performance or injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement. 

        10.8    Notices.    Any notice provided for in this Agreement shall be in writing and shall be either personally
delivered, or mailed first class mail (postage prepaid) or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other recipient at the
address indicated on the Company's records, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party; provided that
any notice to be given to THL shall be deemed delivered if such notice is delivered to Thomas H. Lee Partners, L.P. at the address indicated below (with a copy to Weil, Gotshal & Manges LLP at
the address indicated below). Notices will be deemed to have been given hereunder when sent by facsimile (receipt confirmed) delivered personally, 5 days after deposit in the U.S. mail and one
day after deposit with a reputable overnight courier service. The Company's address is: 

New
Refco Group Ltd., LLC

One World Financial Center

200 Liberty Street

New York City, NY 10281

Attention:    Chief Executive Officer

Facsimile:     (212) 693-7686 

with copies to:

Thomas
H. Lee Partners, L.P.

100 Federal Street

Boston, MA 02110

Attention:    Scott A. Schoen

                      Scott Jaeckel

                      George Taylor

Facsimile:     (617) 227-3514

and

Weil,
Gotshal & Manges LLP

100 Federal Street

Boston, MA 02110

Attention:    James Westra, Esq.

Facsimile:     (617) 772-8333 

        10.9    Governing Law.    The Delaware Limited Liability Company Act (and, following the conversion of the Company
into a corporation or the Company being merged into, or otherwise succeeded by, a corporation, the relevant state corporation law) shall govern all questions arising under this Agreement concerning
the relative rights of the Company and its equityholders. All other questions concerning the construction, validity and interpretation of this Agreement shall be governed by and construed in
accordance with the domestic laws of the State of Delaware applicable to contracts made and to be performed in the State of Delaware. The parties hereto hereby irrevocably and unconditionally submit
to the exclusive jurisdiction of any State or Federal court sitting in Wilmington, Delaware over any suit, action or proceeding arising out of or relating to this Agreement. The parties hereby agree
that service of any process, summons, notice or document by U.S. registered mail addressed to any such party shall be effective service of process for any action, suit or proceeding brought against a
party in any such court. The parties hereto hereby irrevocably and unconditionally waive any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any
claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. The parties hereto agree that a final judgment in any such suit, 

29

 

action
or proceeding brought in any such court shall be conclusive and binding upon any party and may be enforced in any other courts to whose jurisdiction any party is or may be subject, by suit upon
such judgment. 

        10.10    Bennett Ownership of RGHI.    Effective as of the Closing Date, Bennett is the sole owner of RGHI. Bennett
hereby covenants and agrees that, during the term of this Agreement, he at all times will
continue to directly own, of record and beneficially, all of the outstanding capital stock of RGHI, that he will not pledge or otherwise permit his shares of the capital stock of RGHI to be encumbered
in any manner and that he will not grant any proxy or otherwise transfer voting power or economic rights of ownership or enter into any voting agreement with respect to capital stock of RGHI;  provided, however,
that Bennett shall be permitted to transfer shares of capital stock of RGHI to members of his Family Group so long as he continues to
maintain Control of RGHI in his individual capacity. Bennett covenants and agrees to cause RGHI to comply with the provisions of this Agreement. 

        10.11    Consent of THL.    Unless otherwise specifically provided in this Agreement, to the extent the consent of THL
is required with respect to any provision of this Agreement (including, without limitation, with respect to the any designation or removal of the manager to be designated by RGHI and THL, as
contemplated in Section 2.1(a)(iii) and the last sentence of Section 2.1(c)), consent
shall be deemed given so long as written consent is granted by THL Refco Acquisition Partners or Thomas H. Lee Partners, L.P. 

        10.12    Descriptive Headings.    The descriptive headings of this Agreement are inserted for convenience only and do
not constitute a part of this Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

[SIGNATURE PAGES FOLLOW]

30

        IN WITNESS WHEREOF, the parties hereto have executed this Securityholders Agreement on the day and year first above written. 

	 	 	NEW REFCO GROUP LTD., LLC
	

 	
 	

By:	
 	

    

	 	 	Name:	 	 
	 	 	Title:	 	 
	

 	
 	

REFCO GROUP HOLDINGS, INC.
	

 	
 	

By:	
 	

    

	 	 	Name:	 	 
	 	 	Title:	 	 
	

 	
 	

THL REFCO ACQUISITION PARTNERS
	

 	
 	

By:	
 	

THL Refco GP LLC, a general partner
	

 	
 	

By:	
 	

    

	 	 	Name:	 	 
	 	 	Title:	 	 
	

 	
 	

PHILLIP R. BENNETT*
	

 	
 	

    

	*
	For
purposes of Section 10.10 only. 

	 	 	THL LIMITED PARTNERS
	

 	
 	
GM-REFCO II CORP.
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	 	 	JPMORGAN CHASE BANK, as Trustee

for First Plaza Group Trust,

solely with respect to

Pools PMI-111 and PMI-112
	

 	
 	

By: J.P. Morgan Chase Bank, as Trustee
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	 	 	PG DIRECT INVEST NO. 10, INC.
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	 	 	NEW YORK STATE RETIREMENT CO-INVESTMENT FUND L.P.
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	 	 	CSFB FUND CO-INVESTMENT PROGRAM, L.P.
	

 	
 	

By: DLJ Fund Partners, L.P., its General Partner

By: DLJMB Fund, Inc., its General Partner
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	 	 	AUDA REFCO LTD.
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	

 	
 	

AUDA PARTNERS L.P.
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	 	 	THOMAS H. LEE INVESTORS LIMITED PARTNERSHIP
	

 	
 	

By:	
 	

THL Investment Management Corp., its General Partner
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	 	 	U.S. BANK N.A.,

as trustee under the 1997 Thomas H. Lee Nominee Trust
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	 	 	PUTNAM INVESTMENT HOLDINGS, LLC
	

 	
 	

By:	
 	

Putnam Investments, LLC,

its managing member
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	

 	
 	

PUTNAM INVESTMENTS EMPLOYEES' SECURITIES COMPANY I, LLC
	

 	
 	

By:	
 	

Putnam Investment Holdings, LLC,

its managing member
	

 	
 	

By:	
 	

Putnam Investments, LLC,

its managing member
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	

 	
 	

PUTNAM INVESTMENTS EMPLOYEES' SECURITIES COMPANY II, LLC
	

 	
 	

By:	
 	

Putnam Investment Holdings, LLC,

its managing member
	

 	
 	

By:	
 	

Putnam Investments, LLC, its managing member
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	 	 	THL REFCO ACQUISITION PARTNERS II
	

 	
 	

By:	
 	

THL Refco GP LLC, a general partner
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	

 	
 	

THL REFCO ACQUISITION PARTNERS III
	

 	
 	

By:	
 	

THL Refco GP LLC, a general partner
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

	 	 	EXECUTIVE INVESTORS
	

 	
 	

    
 Robert C. Trosten
	

 	
 	

    
 Santo C. Maggio
	

 	
 	

    
 Joseph R. Murphy
	

 	
 	

    
 William M. Sexton
	

 	
 	

    
 Dennis Klejna

	[Counterpart Signature Page to Securityholders Agreement]
	

 	
 	

    
 [Name of Employee], an Employee

Exhibit A  

 Actions Requiring Board Approval  

	•
	Acquisitions
of assets or stock of another business.

	•
	Dispositions
of assets of the Company or any subsidiary (outside the ordinary course of business).

	•
	Annual
budgets (including any investment and capital expenditures budgets).

	•
	Distributions
on equity of the Company.

	•
	Setting
of performance targets for incentive plans.

	•
	Incurrence
of any debt in excess of $5,000,000 outside of the ordinary course of business.

	•
	Hiring,
firing and compensation of key executives.

	•
	Issuance
of units, options, SARs, warrants or other equity or debt securities.

	•
	Approval
of any new incentive plan.

	•
	Selection
of auditors.

	•
	Entry
into joint venture or partnership agreements.

	•
	Change
in lines of business: decision to enter/quit a line of business.

	•
	Actions
to settle or resolve litigation or regulatory matters involving $50,000 or more or that would reasonably be expected to materially impact the Company's and its
subsidiaries' operations or regulatory relationships.

	•
	Contracts
requiring annual expenditures over $500,000 that are not included in the annual budget.

	•
	Any
action requiring a supermajority approval pursuant to Section 2.2(b) of the Securityholders Agreement.

	•
	Any
action relating to Taxes or actions reserved for the Board pursuant to the LLC Agreement.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}]]