Document:

Second Supplemental Indenture

 Exhibit 4.1 
 THE HANOVER INSURANCE GROUP, INC., 
 as Issuer 

and 
 U.S.
Bank National Association, 
 as Trustee 
 SECOND SUPPLEMENTAL INDENTURE 
 Dated as of June 17, 2011

 to the Indenture dated as of January 21, 2010 

6.375% Notes due 2021 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
		
	ARTICLE 1 APPLICATION OF SUPPLEMENTAL INDENTURE	  	 	2	  
		  	Section 1.01.	  	Application of Second Supplemental Indenture.	  	 	2	  
		
	ARTICLE 2 DEFINITIONS	  	 	2	  
		  	Section 2.01.	  	Certain Terms Defined in the Indenture.	  	 	2	  
		  	Section 2.02.	  	Definitions.	  	 	2	  
		
	ARTICLE 3 FORM AND TERMS OF THE NOTES	  	 	4	  
		  	Section 3.01.	  	Form and Dating.	  	 	4	  
		  	Section 3.02.	  	Execution and Authentication.	  	 	4	  
		  	Section 3.03.	  	Paying Agent.	  	 	5	  
		  	Section 3.04.	  	Terms of the Notes.	  	 	5	  
		  	Section 3.05.	  	Optional Redemption.	  	 	6	  
		  	Section 3.06.	  	Special Mandatory Redemption.	  	 	7	  
		  	Section 3.07.	  	Certain Interest Payments.	  	 	7	  
		
	ARTICLE 4 CERTAIN COVENANTS	  	 	7	  
		  	Section 4.01.	  	Restrictions on Issuance or Disposition of Stock of Restricted Subsidiaries.	  	 	7	  
		  	Section 4.02.	  	Limitations on Liens.	  	 	8	  
		
	ARTICLE 5 MISCELLANEOUS	  	 	9	  
		  	Section 5.01.	  	Trust Indenture Act Controls.	  	 	9	  
		  	Section 5.02.	  	New York Law to Govern.	  	 	9	  
		  	Section 5.03.	  	Counterparts.	  	 	9	  
		  	Section 5.04.	  	Severability.	  	 	9	  
		  	Section 5.05.	  	Ratification.	  	 	9	  
		  	Section 5.06.	  	Effectiveness.	  	 	10	  
		  	Section 5.07.	  	Trustee Makes No Representation.	  	 	10	  
			
		  	EXHIBIT A – Form of $300,000,000 6.375% Note due 2021	  	 	A-1	  

  
 i 

 SECOND SUPPLEMENTAL INDENTURE 

SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated as of June 17, 2011, between The Hanover
Insurance Group, Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association, as Trustee (the “Trustee”). 
 RECITALS OF THE COMPANY 
 WHEREAS, the Company and the Trustee
executed and delivered an Indenture, dated as of January 21, 2010 (as supplemented prior to the date hereof, the “Base Indenture,” as further supplemented by this Second Supplemental Indenture, the “Indenture”), to provide
for the issuance by the Company from time to time of Securities to be issued in one or more series as provided in the Base Indenture; 
 WHEREAS, Section 9.1 of the Base Indenture provides, among other things, that the Company and the Trustee may enter into indentures supplemental to the Base Indenture, without the consent of
any Holders of Securities, to establish the form of any Security, as permitted by Section 2.1 of the Base Indenture, and to provide for the issuance of the Notes (as defined below), as permitted by Section 3.1 of the Base Indenture, and to
set forth the terms thereof; 
 WHEREAS, the Company desires to execute this Second Supplemental Indenture pursuant to
Section 2.1 of the Base Indenture to establish the form, and pursuant to Section 3.1 of the Base Indenture to provide for the issuance, of a series of its senior notes designated as its 6.375% Notes due 2021 (the “Notes”), in an
initial aggregate principal amount of $300,000,000. The Notes are a series of securities as referred to in Section 3.1 of the Base Indenture; 
 WHEREAS, the Notes are being offered to fund the acquisition by 440 Tessera Limited, a wholly-owned subsidiary of the Company, of Chaucer Holdings PLC, a company incorporated in England and
Wales (the “Acquisition”), under the terms of a recommended cash offer announced on April 20, 2011, structured as a court-sanctioned scheme of arrangement under part 26 of the United Kingdom Companies Act 2006, as amended by the
supplementary circular dated May 20, 2011; 
 WHEREAS, the Company has requested that the Trustee execute and
deliver this Second Supplemental Indenture; 
 WHEREAS, all things necessary have been done by the Company to make this
Second Supplemental Indenture, when executed and delivered by the Company, a valid supplement to the Indenture; and 

WHEREAS, all things necessary have been done by the Company to make the Notes, when executed by the Company and authenticated and
delivered in accordance with the provisions of the Indenture, the valid obligations of the Company; 

  
 1 

 NOW, THEREFORE, in consideration of the premises stated herein and the purchase of
the Notes by the Holders thereof, the Company and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows: 

ARTICLE 1 

APPLICATION OF SUPPLEMENTAL INDENTURE 
 SECTION 1.01. Application of Second Supplemental Indenture. Notwithstanding any other provision of this Second Supplemental Indenture, all provisions of this Second Supplemental Indenture are
expressly and solely for the benefit of the Holders of the Notes and any such provisions shall not be deemed to apply to any other securities issued under the Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for
any purpose other than with respect to the Notes. Unless otherwise expressly specified, references in this Second Supplemental Indenture to specific Article numbers or Section numbers refer to Articles and Sections contained in this Supplemental
Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document. All Initial Notes and Additional Notes, if any, shall be treated as a single class for all purposes of this Indenture, including waivers,
amendments, redemptions and offers to purchase, except for Additional Notes, if any issued with a different CUSIP number. 

ARTICLE 2 

DEFINITIONS 
 SECTION 2.01. Certain Terms Defined in the Indenture. For purposes of this Second Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to
such terms in the Base Indenture, as amended hereby. 
 SECTION 2.02. Definitions. For the benefit of the Holders of
the Notes, Section 1.1 of the Base Indenture shall be amended by adding the following new definitions: 

“Acquisition” has the meaning specified in the recitals hereto. 

“Additional Notes” has the meaning specified in Section 3.04(b) hereto. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means,
with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Consolidated
Assets” mean the Company’s assets and the assets of the Company’s consolidated subsidiaries, to be determined as of the last day of the most recent fiscal quarter ended at least 30 days prior to the date of the determination, for
which internal financial statements are available and have been prepared in accordance with generally accepted accounting principles in the United States as in effect on the last day of that fiscal quarter. 

  
 2 

 “Escrow Agent” means the Bank of New York Mellon in its capacity as escrow agent
under the Escrow Agreement. 
 “Escrow Agreement” means the Escrow Agreement, dated as of April 18, 2011 among
the Company, Goldman Sachs International and the Bank of New York Mellon. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 “Global Note” has the meaning specified in Section 3.01(c) and is
substantially in the form of Exhibit A. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Initial Notes” has the meaning specified in Section 3.04(b) hereto. 

“Lien” means any lien, mortgage, pledge, security interest, charge or encumbrance of any kind (including any conditional sale
or other title retention agreement and any lease in the nature thereof). 
 “Notes” has the meaning specified in the
recitals hereto. 
 “Preferred Stock,” as applied to the Capital Stock of any corporation, means Capital Stock of any
class or classes (however designated) which is preferred as to the payment of the dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any
other class of such corporation. 
 “Reference Treasury Dealer” means each of (i) Goldman, Sachs & Co.,
Morgan Stanley & Co. LLC and a Primary Treasury Dealer (defined herein) selected by Wells Fargo Securities, LLC or its affiliates; and (ii) up to three other primary U.S. Government securities dealers in the City of New York (each, a
“Primary Treasury Dealer”) selected by the Company, and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor
another such Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by
such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such Redemption Date. 

“Restricted Subsidiary” means (i) any Subsidiary the assets of which, determined as of the last day of the most recent
fiscal quarter ended at least 30 days prior to the date of determination, for which internal financial statements are available and have been prepared in 

  
 3 

 
accordance with generally accepted accounting principles in the United States as in effect on the last day of that fiscal quarter, exceed 15% of the Consolidated Assets, or (ii) any
Subsidiary designated as a Restricted Subsidiary by the board of directors, or similar governing body, of such Subsidiary, effective as of the date of such designation. 
 “Special Mandatory Redemption Date” means, the date that is 15 days after the later of (i) October 31, 2011 and (ii) the release to the Company of the cash and securities held in
escrow pursuant to the Escrow Agreement. 
 “Special Mandatory Redemption Price” means 101% of the aggregate principal
amount of the notes then outstanding together with accrued and unpaid interest thereon to, but not including, the Special Mandatory Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated maturity (on a day count basis) of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

ARTICLE 3 

FORM AND TERMS OF THE NOTES 
 SECTION 3.01. Form and Dating. 
 (a) The Notes and the
Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf of the Company by an Officer of the Company and attested by its Secretary or one of its
Assistant Secretaries. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes and any beneficial interest in the Notes shall be in
minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 (b) The terms and
notations contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture, and the Company and the Trustee, by their execution and delivery of this Second Supplemental Indenture, expressly agree to such terms and
provisions and to be bound thereby. 
 (c) The Notes shall be issued initially in the form of fully registered
Global Securities (the “Global Note”), which shall be deposited on behalf of the purchasers of the Notes represented thereby with The Depository Trust Company, New York, New York (the “Depositary”) and registered in the name of
Cede & Co., the Depositary’s nominee, duly executed by the Company, authenticated by the Trustee. 

SECTION 3.02. Execution and Authentication. This Section 3.02 shall apply only to the Global Note deposited with or on
behalf of the Depositary. The Company shall execute and the Trustee shall, in accordance with this Section 3.02, authenticate and deliver the 

  
 4 

 
Global Note that shall be registered in the name of the Depositary or the nominee of the Depositary and shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s
instructions. 
 SECTION 3.03. Paying Agent. The Company initially appoints the Trustee as Paying Agent for the
payment of the principal of (and premium, if any) and interest on the Notes and the office of the Trustee at U.S. Bank National Association, One Federal Street, 3rd Floor, Boston, Massachusetts 02110, Attention: Corporate Trust Services, Reference #
148610000 - HANOVER 2011, be and hereby is, designated as the Place of Placement where the Notes may be presented for payment. 

SECTION 3.04. Terms of the Notes. The following terms relating to the Notes are hereby established: 

(a) Title. The Notes shall constitute a series of Securities having the title “6.375% Notes due 2021”.

 (b) Principal Amount. The aggregate principal amount of the Notes that may be initially authenticated
and delivered under the Indenture (the “Initial Notes”) shall be $300,000,000 (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.4, 3.5,
3.6, 9.6 or 11.7 of the Base Indenture). The Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate,
Maturity and other terms as the Initial Notes (other than the public offering price and date of issuance and, under certain circumstances, the date from which interest thereon will begin to accrue), provided, however, that no Additional Notes may be
issued unless the Additional Notes are fungible with the Notes for U.S. federal income tax purposes or issued with a different CUSIP number. Any Additional Notes and the Initial Notes shall constitute a single series under the Indenture unless the
Additional Notes are issued with a different CUSIP number. All references to the Notes shall include the Initial Notes and any Additional Notes unless the context otherwise requires or the Additional Notes are issued with a different CUSIP number.

 (c) Maturity Date. The entire outstanding principal amount of the Notes shall be payable on
June 15, 2021. 
 (d) Interest Rate. The rate at which the Notes shall bear interest shall be
6.375% per annum; the date from which interest shall accrue on the Notes shall be June 17, 2011, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be
June 15 and December 15 of each year, beginning December 15, 2011; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose
names the Note (or predecessor Note) is registered (which shall initially be the Depositary) at the close of business on the Regular Record Date for such interest, which shall be June 1 or December 1, as the case may be, next preceding
such Interest Payment Date. Interest shall be computed on the basis of a 

  
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360-day year comprised of twelve 30-day months. For so long as the Notes are represented in global form by one or more Global Securities, all payments of principal (and premium, if any) and
interest shall be made by wire transfer of immediately available funds to the Depositary or its nominee, as the case may be, as the registered owner of the Global Security representing such Notes. In the event that definitive Notes shall have been
issued, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the accounts of the registered Holders thereof; provided, however, that the Company may elect to make
such payments at the office of the Paying Agent in One Federal Street, 3rd Floor, Boston, Massachusetts 02110, Attention: Corporate Trust Services, Reference # 148610000 - HANOVER 2011; and provided further, that the Company may at its
option pay interest by check to the registered address of each Holder of a definitive Note. 
 (e) Sinking
Fund. The Notes are not subject to any sinking fund. 
 SECTION 3.05. Optional Redemption. 

(a) The provisions of Article 11 of the Base Indenture, as supplemented by the provisions of this Second Supplemental
Indenture, shall apply to the Notes. 
 (b) The Notes shall be redeemable as a whole or in part in integral
multiples of $1,000 principal amount, at the Company’s option at any time, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the
remaining scheduled payments of principal and interest thereon (exclusive of interest accrued and unpaid to the date of redemption) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption. Further, installments of interest on the Notes to be redeemed that are due and payable on the Interest
Payment Dates falling on or prior to the Redemption Date shall be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Regular Record Date according to the Notes and the Indenture. 

(c) Notice of any redemption under this Section 3.05 will be mailed at least 30 days but not more than
60 days before the Redemption Date to each Holder of the Notes to be redeemed; provided, however, that notice of redemption may be mailed more than 60 days prior to the Redemption Date if the notice is issued in connection with a
defeasance of the Notes or a satisfaction and discharge of Notes. If fewer than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by lot or any other such method as the Trustee deems to be fair and
appropriate. 
 (d) Unless the Company defaults in payment of the Redemption Price, on and after the Redemption
Date, interest will cease to accrue on the Notes or portions thereof called for redemption under this Section 3.05. 

  
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 SECTION 3.06. Special Mandatory Redemption. 

(a) If (i) the closing of the Acquisition has not occurred prior to 5:00 p.m. (New York City time) on
October 31, 2011 and (ii) the Escrow Agent has released to the Company the cash and securities held in escrow pursuant to the Escrow Agreement, then the Company will redeem all the Notes on the Special Mandatory Redemption Date at the
Special Mandatory Redemption Price. 
 (b) Notice of any redemption under this Section 3.06 shall be given
to the Holders of the Notes at least five days and not more than 15 days before the Special Mandatory Redemption Date, and to the Trustee at least 10 days prior thereto (unless a shorter notice period shall be acceptable to the Trustee). 

(c) If funds sufficient to pay the Special Mandatory Redemption Price of all of the Notes to be redeemed under this
Section 3.06 are deposited with the Paying Agent, on or before the Special Mandatory Redemption Date, then on and after such redemption date, the Notes will cease to bear interest and, other than the right to receive the Special Mandatory
Redemption Price, all rights under the Notes shall terminate. 
 (d) The Company shall provide to Goldman
Sachs International evidence available to the Company of the failure to consummate the Acquisition no later than November 1, 2011 if the closing of the Acquisition has not occurred prior to 5:00 p.m. (New York City time) on October 31,
2011, unless the cash and securities held under the Escrow Agreement have been released to the Company pursuant to the terms thereof prior to November 1, 2011. 
 SECTION 3.07. Certain Interest Payments. 
 (a)
Installments of interest that are due and payable on Notes to be repurchased or redeemed on a Redemption Date between a Regular Record Date and an Interest Payment Date shall be payable on the Redemption Date to the registered Holders as of the
close of business on the relevant Regular Record Date according to the Notes and the Indenture. 
 ARTICLE 4 

CERTAIN COVENANTS 
 The following covenants shall be applicable to the Company for so long as any of the Notes are Outstanding. Nothing in this Article will, however, affect the Company’s rights or obligations under any
other provision of the Base Indenture or this Second Supplemental Indenture. 
 SECTION 4.01. Restrictions on Issuance
or Disposition of Stock of Restricted Subsidiaries. 
 (a) The Company will not, nor will it permit any
Restricted Subsidiary to, issue, sell or otherwise dispose of any shares of Capital Stock (other than non-voting Preferred Stock) of any Restricted Subsidiary, except for: 

(i) directors’ qualifying shares; 

  
 7 

 (ii) sales or other dispositions to the Company or to one or more
Subsidiaries that are Restricted Subsidiaries or that will become Restricted Subsidiaries immediately after the sale or disposition; 
 (iii) the disposition of all or any part of the Capital Stock of any Restricted Subsidiary for consideration which is at least equal to the fair value of such Capital Stock as determined by the
Company’s or such Restricted Subsidiary’s board of directors, as the case may be (acting in good faith), in any case in accordance with the laws of the jurisdiction of formation of such Person; provided, however, that any
such Capital Stock issued, sold, granted, transferred or otherwise disposed of to any employee, officer, director, agent or consultant pursuant to any agreement, plan or arrangement approved by the board of directors of the Company or such
Restricted Subsidiary, as appropriate, shall be deemed to be issued, sold or otherwise disposed of at fair value; or 
 (iv) any issuance, sale, assignment, transfer or other disposition made in compliance with an order of a court or regulatory authority of competent jurisdiction, other than an order issued at the request
of the Company or any Restricted Subsidiary. 
 SECTION 4.02. Limitations on Liens. 

(a) Except as provided below, neither the Company nor any Restricted Subsidiary may incur, issue, assume or guarantee any
Indebtedness secured by a Lien on (A) any shares of Capital Stock issued by a Restricted Subsidiary and held directly or indirectly by the Company or another Restricted Subsidiary or (B) any Indebtedness of a Restricted Subsidiary owing to
and held directly or indirectly by the Company or another Restricted Subsidiary, without effectively providing that the Notes (together with, if the Company shall so determine, any other Indebtedness which is not subordinated to the Notes) shall be
secured equally and ratably with (or prior to) such Indebtedness, so long as such Indebtedness shall be so secured; provided, however, that this covenant shall not apply to Indebtedness secured by: 

(i) Liens in favor of, or required by, governmental authorities, including insurance regulatory authorities; 

(ii) Liens existing on the date of this Second Supplemental Indenture; 

(iii) Liens on any shares of Capital Stock or Indebtedness of any corporation (including any Subsidiary) (a) existing
at the time such corporation becomes a Restricted Subsidiary or merges into or consolidates with the Company or a Restricted Subsidiary and (b) not incurred in contemplation thereof; 

(iv) Liens in favor of the Company or any Restricted Subsidiary; 

  
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 (v) Liens, pledges or deposits to secure statutory obligations, including
Liens and deposits required or provided for under state insurance laws and similar regulatory statutes; 
 (vi)
materialmen’s, mechanic’s, carrier’s, workmen’s, repairmen’s, or other like Liens, and pledges and deposits made in the ordinary course of business to obtain the release thereof; and 

(vii) any extension, renewal or replacement as a whole or in part, of any Lien referred to in the foregoing clauses
(i) to (vi) inclusive; provided, however, that (a) such extension, renewal or replacement Lien shall be limited to all or a part of the same shares of Capital Stock or the same Indebtedness that secured the Lien
extended, renewed or replaced and (b) the Indebtedness secured by such Lien at such time is not so increased. 
 Any Lien
that is granted to secure the Notes pursuant to this covenant shall be deemed automatically and unconditionally released and discharged upon the release and discharge of each of the Liens described above that triggered the obligation to secure the
Notes. 
 ARTICLE 5 
 MISCELLANEOUS 
 SECTION 5.01. Trust Indenture Act Controls. If
any provision of this Second Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this Second Supplemental Indenture by the TIA, the required provision shall control. If any provision of
this Second Supplemental Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the latter provision shall be deemed to apply to this Second Supplemental Indenture as so modified or to be excluded, as the case
may be. 
 SECTION 5.02. New York Law to Govern. The Second Supplemental Indenture and the Notes shall be governed
by and construed in accordance with the laws of the State of New York. 
 SECTION 5.03. Counterparts. This Second
Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 5.04. Severability. If any provision of this Second Supplemental Indenture or the Notes shall be held to be illegal
or unenforceable under applicable law, then the remaining provisions hereof shall be construed as though such invalid, illegal or unenforceable provision were not contained therein. 

SECTION 5.05. Ratification. The Base Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all
respects ratified and confirmed. The Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Second Supplemental Indenture supersede any conflicting provisions included in the Base Indenture
unless not permitted by law. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. 

  
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 SECTION 5.06. Effectiveness. The provisions of this Second Supplemental
Indenture shall become effective as of the date hereof. 
 SECTION 5.07. Trustee Makes No Representation. The
recitals contained herein are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Second Supplemental
Indenture. All rights, protections, privileges, indemnities and benefits granted or afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions taken, suffered or
omitted by the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act under this Second Supplemental Indenture. 
 [Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed as of the date first above written. 
  

					
	THE HANOVER INSURANCE GROUP, INC.
		
	By:	 	 /s/ David B. Greenfield

		 	Name:	 	David B. Greenfield
		 	Title:	 	Executive Vice President, Chief Financial Officer and Principal Accounting Officer

 

					
	Attest:
		
	By:	 	 /s/ Charles F. Cronin

		 	Name:	 	Charles F. Cronin
		 	Title:	 	Vice President, Group Counsel – Corporate and Secretary

 [Signature Page to Hanover - Second Supplemental Indenture] 

 
					
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ David W. Doucette

		 	Name:	 	David W. Doucette
		 	Title:	 	Vice President

 [Signature Page to
Hanover - Second Supplemental Indenture] 

 EXHIBIT A 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL
SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN DEFINITIVE FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HANOVER INSURANCE GROUP, INC. 
 6.375% Note due 2021 

 

					
	 No. 1
	  	 	Principal Amount	  
	 CUSIP No. 410867 AD7
	  	 	$300,000,000	  

 The Hanover Insurance
Group, Inc., a Delaware corporation (hereinafter called the “Company”, which term includes any successor Person under the Indenture referred to below), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of THREE HUNDRED MILLION U.S. Dollars (U.S. $300,000,000) on June 15, 2021 and to pay interest thereon from June 17, 2011 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on June 15 and December 15 in each year (each an “Interest Payment Date”), beginning December 15, 2011 at the rate of 6.375% per annum, until the principal hereof is paid or duly made
available for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be the June 1 or December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the Holder hereof on the relevant Regular 

  

					
	6.375% Note due 2021	 	1	 	

 
Record Date by virtue of having been such Holder, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and the interest on this Note shall be made at the designated office of the Trustee (as
defined below) at U.S. Bank National Association, One Federal Street, 3rd Floor, Boston, Massachusetts 02110, Attention: Corporate Trust Services, Reference # 148610000 - HANOVER 2011, in such currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts; provided, however, for so long as the Notes are represented in global form by one or more Global Securities, all payments of principal (and premium, if any) and
interest shall be made by wire transfer of immediately available funds to the Depositary or its nominee, as the case may be, as the registered owner of the Global Security representing such Notes. In the event that definitive Notes shall have been
issued, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the accounts of the registered Holders thereof; provided, however, that the Company may at its option
pay interest by check to the registered address of each Holder of a definitive Note. 
 This Note is one of the duly authorized
series of Securities of the Company, designated as the Company’s “6.375% Notes due 2021”, initially limited to an aggregate principal amount of $300,000,000, all issued or to be issued under and pursuant to an Indenture (the
“Base Indenture”), dated as of January 21, 2010, between the Company and U.S. Bank National Association, as Trustee (hereinafter referred to as the “Trustee”), as supplemented by the Second Supplemental Indenture thereto,
dated as of June 17, 2011 (the “Second Supplemental Indenture”, and together with the Base Indenture, the “Indenture”). Reference is hereby made to the Indenture for a description of the respective rights, limitation of
rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. 
 The Company
may redeem the Notes as a whole or in part, at the Company’s option at any time (an “Optional Redemption”), at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed; and
(ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued and unpaid to the date of redemption) discounted to the Redemption Date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate; plus 50 basis points, plus in each case accrued and unpaid interest thereon to, but not including, the date of redemption. Further, installments of interest on the Notes to be
redeemed that are due and payable on the Interest Payment Dates falling on or prior to a Redemption Date shall be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Regular Record Date.

 Notice of any Optional Redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to
each Holder of Notes to be redeemed; provided, 

  

					
	6.375% Note due 2021	 	2	 	

 
however, that notice of Optional Redemption may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction and discharge of Notes. 
 If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be
selected by the Trustee by lot or any other such method as the Trustee deems to be fair and appropriate. 
 Unless the Company
defaults in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Notes or portions thereof called for redemption under an Optional Redemption. 

If (i) the closing of the Acquisition has not occurred prior to 5:00 p.m. (New York City time) on October 31, 2011 and
(ii) the Escrow Agent has released to the Company the cash and securities held in escrow pursuant to the Escrow Agreement, then the Company will redeem all the Notes on the Special Mandatory Redemption Date at the Special Mandatory Redemption
Price. 
 Notice of a Special Mandatory Redemption shall be given to the Holders of the Notes at least five days and not more
than 15 days before the Special Mandatory Redemption Date, and to the Trustee at least 10 days prior thereto (unless a shorter notice period shall be acceptable to the Trustee). 

If funds sufficient to pay the Special Mandatory Redemption Price of all of the Notes to be redeemed under a Special Mandatory
Redemption are deposited with the Paying Agent, on or before the Special Mandatory Redemption Date, then on and after such redemption date, the Notes will cease to bear interest and, other than the right to receive the Special Mandatory
Redemption Price, all rights under the Notes shall terminate. 
 The Notes are not subject to any sinking fund. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of any series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

  

					
	6.375% Note due 2021	 	3	 	

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the right of the Holder of this Note, which is absolute and unconditional, to receive payment of the principal of and, subject to certain qualifications in the Indenture, interest on this Note at the times herein and in the Indenture
prescribed and to institute suit for the enforcement of any such payment unless the Holder of this Note shall have consented to the impairment of such right. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered in the Security Register, upon surrender of this Note for registration of
transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of any authorized denominations and of a like aggregate principal amount and tenor,
shall be issued to the designated transferee or transferees. 
 The Notes are issuable only in registered form without coupons
in denominations of $2,000 and integral multiples of $1,000 in excess thereof. Subject to certain limitations therein set forth in the Indenture and in this Note, the Notes are exchangeable for a like aggregate principal amount of Notes of this
series in different authorized denominations, as requested by the Holders surrendering the same. 
 No service charge shall be
made for any such registration of transfer or for exchange of this Note, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of a Note, other than in certain cases provided in the Indenture. 
 Prior to due presentment of this Note
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture contains provisions
whereby (i) the Company may be discharged from its obligations with respect to the Notes (subject to certain exceptions) or (ii) the Company may be released from its obligations under specified covenants and agreements in the Indenture, in
each case if the Company irrevocably deposits with the Trustee money or U.S. Government Obligations sufficient to pay and discharge the entire indebtedness on all Notes of this series, and satisfies certain other conditions, all as more fully
provided in the Indenture. 
 This Note shall be governed by and construed in accordance with the laws of the State of New York.

 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

  

					
	6.375% Note due 2021	 	4	 	

 Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee under the Indenture by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

  

					
	6.375% Note due 2021	 	5	 	

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: June 17, 2011 
  

											
		 		 		 		 	THE HANOVER INSURANCE GROUP, INC.
					
	Attest:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 		 	Name:
		 	Title:	 		 		 		 	Title:

  

  
 6.375% Note due 2021

 Signature Page 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: June 17, 2011 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
		 	as
		 	Trustee
		
	By:	 	  

		 	
		 	

  
 6.375% Note due 2021

 Signature Page 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations.

  

							
	TEN COM –	 	as tenants	  	UNIF GIFT MIN ACT - . . .Custodian..
		 	in common	  		  	(Cust) (Minor)
	TEN ENT -	 	as tenants by	  		  	Under Uniform Gifts to
		 	the entireties	  		  	Minor Act
	JT TEN -	 	 as joint tenants
 with right
of
 survivorship and
	  		  	  

		 	not as tenants in	  		  	(State)
		 	common	  		  	

 Additional abbreviations may also be used though not in the above list. 

					
	
                    
           
	 		 	

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

			
		
	  
	  	
	(Please insert Assignee’s legal name)	  	
	  
	  	
	(Please insert Social Security or other identifying number of Assignee)	  	
	  
	  	
	  
	  	
	 (Please print or typewrite name and address including postal zip code of Assignee)

the within Note of THE HANOVER INSURANCE GROUP, INC. and does hereby irrevocably constitute and appoint
                                         
                                         
   attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises.
	  	

Dated:                        
                             

 

			
	 Your Signature:
	 	  

		 	 (Sign exactly as your name appears
 on the face of this Note)

  

[NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatever.]Employment Agreement

 Exhibit 10.1 
 June 15, 2011 
 Mr. Henri Steenkamp 

MF Global Holdings Ltd. 
 717 Fifth Avenue

 New York, New York 10022 
  

	Re:	MF Global – Employment Agreement 

 Dear Mr. Steenkamp: 
 This is your EMPLOYMENT
AGREEMENT (this “Agreement”) with MF Global Holdings Ltd., a Delaware corporation (“MF Global”). This Agreement sets forth the terms of your employment with MF Global and its
subsidiaries and affiliates (together, the “MF Global Group”). 
  

	1.	Terms Schedule 

 Some of
the terms of your employment are in the attached schedule (your “Schedule”), which is part of this Agreement. 
  

	2.	Term of Your Employment 

The term of this Agreement began on the “Commencement Date” set forth in your Schedule and will end at the close of
business on March 31, 2013 (the “Agreement Term”). All references to “your employment” in this Agreement will refer to your employment during the Agreement Term. 

Commencing April 1, 2013, the Agreement Term will extend for successive two (2) year periods upon written notice by MF Global to
you not later than six (6) months prior to the expiration of the initial or any successive term of this Agreement. You may provide written notice of non-extension within one (1) month after such notice by MF Global (“Non-Extension
Notice”) if MF Global does not offer to extend the Agreement Term on terms and conditions including payment of your Salary and Bonus, participation in executive compensation plans and employee benefit programs and severance benefits that
are substantially similar to those in effect immediately prior to the expiration of the Agreement Term (taking into account any extensions) provided that MF Global will have 30 days to cure the terms and conditions of its offer to extend the
Agreement Term before such Non-Extension Notice becomes effective. Upon the expiration of the Agreement Term (taking into account any extensions), you will continue to be an employee of MF Global “at-will” (unless and until MF Global or
you gives written notice to the other of termination). 
 The provisions of Sections 5(d), 7, 8, 9, 11, 12 and 13, and the
provisions of the Schedule applicable thereto, shall survive the termination of the Agreement Term and any concurrent or subsequent termination of your employment thereunder and shall continue to be in effect thereafter to the extent applicable,
provided that Section 9 shall survive only respecting a change in ownership or control contemplated thereunder occurring on or prior to such termination 

  
 Page 1 of 19

 
irrespective of when payments thereunder may be made; Section 6 and the provisions of the Schedule applicable thereto, shall survive any termination of your employment occurring prior to the
expiration of the Agreement Term, and Section 6(g), and the provisions of the Schedule applicable thereto, shall survive any termination of your employment in connection with the expiration of the Agreement Term. 

 

	3.	Your Position, Performance and Other Activities 

  

	 	a)	Position. You will be employed in the position stated in your Schedule. 

 

	 	b)	Authority, Responsibilities, and Reporting. Your authority, responsibilities and reporting relationships will correspond to your position and will
include any particular authority, responsibilities and reporting relationships consistent with your position that MF Global’s Board of Directors (the “Board”) or any officer of the MF Global Group to whom you report may assign
to you from time to time. Any specific reporting relationship provided in your Schedule replaces the relationship provided in this Section 3(b), and any specific authority or responsibility provided in your Schedule is in addition to that
provided in this Section 3(b). 

  

	 	c)	Performance. During your employment, you will devote substantially all of your business time and attention to the MF Global Group and will use good
faith efforts to discharge your responsibilities under this Agreement to the best of your ability. 

  

	 	d)	Other Activities. During your employment, you will not render any business, commercial or professional services to any non-member of the MF Global
Group. However, you may (1) serve, without Board approval, on civic, educational or charitable boards or committees and, with the prior written approval of the Board, on other corporate boards or committees (which approval previously was
granted for those boards and committees set forth in the Schedule), (2) manage personal investments, or (3) deliver lectures, fulfill speaking engagements or teach at educational institutions, so long as the activities in clauses
(1) through (3) above do not significantly interfere with your performance of your responsibilities under this Agreement. 

  

	4.	Your Compensation 

  

	 	a)	Salary. You will receive an annual base salary (your “Salary”). The starting amount of your Salary is in your Schedule. MF Global
will review your Salary at least annually and may increase it at any time for any reason. However, your Salary may not be decreased at any time (including after any increase) other than as part of an across-the-board salary reduction that applies in
the same manner to all similarly situated executives, and any increase in your Salary will not reduce or limit any other obligation to you under this Agreement. Your Salary will be paid in accordance with the MF Global Group’s normal practices
for similarly situated executives. 

  

	 	b)	Bonus. You will be eligible to receive an annual bonus (your “Bonus”) for each fiscal year of MF Global ending during your
employment, which may be paid in a combination of cash and equity-based awards. The amount and form of your Bonus, including the amount payable upon achievement of target-level performance, for each fiscal year (if any) will be determined by the
Board (or a committee of the Board) and paid in accordance with your Schedule and in a manner consistent with similarly situated executives. 

  

	 	c)	 Other Executive Compensation Plans. You will be entitled to participate in all of the MF Global Group’s executive
compensation plans, including any management incentive plans, 

  
 Page 2 of 19

	 	 
long-term compensation plans, equity compensation plans and deferred compensation plans, on a basis that is at least as favorable as that provided to other similarly situated executives of the MF
Global Group. 

  

	5.	Your Benefits 

  

	 	a)	Employee Benefit Plans. During your employment, you will be entitled to participate in the MF Global Group’s employee benefit and welfare
plans, including plans providing retirement benefits or medical, dental, hospitalization, life or disability insurance, on a basis that is at least as favorable as that provided to other similarly situated executives of the MF Global Group.

  

	 	b)	Vacation. You will be entitled to paid annual vacation on a basis that is at least as favorable as that provided to other similarly situated
executives of the MF Global Group. 

  

	 	c)	Business Expenses. You will be reimbursed for all business and entertainment expenses incurred by you in performing your responsibilities under
this Agreement. However, your reimbursement will be subject to the MF Global Group’s normal practices for similarly situated executives, provided that such reimbursements pursuant to this Section 5(c) will be paid no later than the
end of the calendar year following the year in which such reimbursable expenses were incurred. 

  

	 	d)	Indemnification. To the fullest extent permitted under the By-Laws of MF Global as in effect on your execution date of this Agreement set forth
below and with any subsequent changes mandated by applicable law (“By-Laws”), MF Global will indemnify you against any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative,
against you arising by reason of your status as a director, officer, employee and/or agent of the MF Global Group during your employment, and for the period of your employment during which you are an “Officer” as provided in the By-Laws.
You will at all relevant times be covered under any contract of directors and officers liability insurance that covers directors of MF Global (other than any coverage that specifically covers solely independent directors). 

 

	 	e)	Additional Benefits. During your employment, you will be provided the additional benefits stated in your Schedule. 

 

	6.	Termination of Your Employment 

  

	 	a)	No Reason Required. You or MF Global may terminate your employment at any time for any reason, or for no reason, subject to compliance with
Section 6(c). 

  

	 	b)	Related Definitions. 

  

	 	(1)	 “Cause” means any of the following: (A) your continued and willful failure to perform substantially your responsibilities to the
MF Global Group under this Agreement, after demand for substantial performance has been given by the Board or any officer of the MF Global Group to whom you report that specifically identifies how you have not substantially performed your
responsibilities; (B) your willful engagement in illegal conduct or in gross misconduct in connection with the business of the MF Global Group; (C) your conviction of, or plea of guilty or nolo contendere to, a felony; (D) your
willful and material breach of the MF Global Group’s written code of conduct and business ethics or other material written policy, material procedure or material guideline relating to personal conduct in effect from time to time or
Section 7 or 8; (E) your willful attempt to obstruct or willful failure to cooperate with any investigation 

  
 Page 3 of 19

	 	 
authorized by the Board or any governmental or self-regulatory entity; or (F) your disqualification or bar by any governmental or self-regulatory authority from serving in the capacity
contemplated by this Agreement or your loss of any governmental or self-regulatory license that is reasonably necessary for you to perform your responsibilities to the MF Global Group under this Agreement, if (i) the disqualification,
bar or loss continues for more than 60 days and (ii) during that period the MF Global Group uses its good faith efforts to cause the disqualification or bar to be lifted or the license replaced. While any disqualification, bar or loss continues
during your employment, you will serve in the capacity contemplated by this Agreement to whatever extent legally permissible and, if your employment is not permissible, you will be placed on leave (which will be paid in full to the extent legally
permissible). 

 For purposes of this definition, (i) no act or omission by you will be
“willful” unless it is made by you in bad faith or without a reasonable belief that your act or omission was in the best interests of the MF Global Group and (ii) any act or omission by you based on authority given pursuant to a
resolution duly adopted by the Board will be deemed made in good faith and in the best interests of the MF Global Group. 
 Any
determination of Cause by MF Global shall be made by a resolution approved by a majority of the members of the Board, provided that no such determination may be made until you have been given written notice detailing the specific Cause event and,
except for conditions set forth at clauses (C) or (F), an opportunity on at least fifteen (15) days advance written notice to appear (with legal counsel) before the Board to discuss the specific circumstances alleged to constitute a Cause
event. In addition, the Board must give you notice and 10 days to cure the first event constituting Cause under Section 6(b)(1)(D) or (E) (unless the event cannot be cured). 

 

	 	(2)	“Good Reason” means a material and adverse change in your position at MF Global. 

If you do not give a Termination Notice (defined below) within 90 days after the initial existence of an event constituting Good Reason,
the event will no longer constitute Good Reason. In addition, (i) an insubstantial or inadvertent failure by MF Global that is not in bad faith and is cured promptly on your giving MF Global notice will not constitute Good Reason and
(ii) you must give MF Global notice and 30 days to cure the event constituting Good Reason. 
  

	 	(3)	“Disability” means your absence from your responsibilities with MF Global on a full-time basis for 130 business days in any consecutive 12 months as a
result of incapacity due to mental or physical illness or injury. If MF Global determines in good faith that your Disability has occurred, it may give you a Termination Notice. If within 30 days of the Termination Notice you do not return to
full-time performance of your responsibilities, your employment will terminate. If you do return to full-time performance in that 30-day period, the Termination Notice will be cancelled for all purposes of this Agreement. Except as provided in this
Section 6(b)(3), your incapacity due to mental or physical illness or injury will not affect MF Global’s obligations under this Agreement (including that such illness or injury will not constitute a basis for Cause).

  

	 	c)	Advance Notice Generally Required. 

  

	 	(1)	 To terminate your employment, either you or MF Global must provide a Termination Notice to the other. A “Termination Notice” is a
written notice that states the specific provision of this Agreement on which termination is based, including, if applicable, 

  
 Page 4 of 19

	 	 
the specific clause of the definition of Cause or Good Reason and a reasonably detailed description of the facts that permit termination under that clause; provided that the failure to include
any fact in a Termination Notice that contributes to a showing of Cause or Good Reason does not preclude either party from asserting that fact in enforcing its rights under this Agreement. 

 

	 	(2)	You and MF Global agree to provide 60 days’ advance Termination Notice of any termination, unless your employment is terminated by MF Global for Cause or by
you for Good Reason or because of your Disability or death. Accordingly, the effective date of early termination of your employment will be 60 days after Termination Notice is given except that (A) the effective date will be the
date of MF Global’s Termination Notice if your employment is terminated by MF Global for Cause, although MF Global may provide a later effective date in the Termination Notice, (B) the effective date will be 30 days after Termination
Notice is given if your employment is terminated because of your Disability, (C) the effective date will be the time of your death if your employment is terminated because of your death or (D) in the event MF Global elects to waive all or
a portion of the Termination Notice period, the effective date of termination of your employment will be the date provided by MF Global. 

  

	 	d)	With Good Reason or Without Cause. If MF Global terminates your employment without Cause or you terminate your employment for Good Reason prior to
the expiration of the Agreement Term: 

  

	 	(1)	MF Global will pay the following as of the end of your employment: (A) your unpaid Salary through the date of termination, (B) your Salary for any accrued but
unused vacation through the date of termination, and (C) any accrued expense reimbursements and other cash entitlements (including for accrued expense reimbursement for which supporting documentation is submitted within a reasonable time after
termination of your employment) (together, your “Accrued Compensation”). In addition, MF Global will pay you any amounts and provide you any benefits that are required, or to which you are entitled, under any plan, contract or
arrangement of the MF Global Group as of the end of your employment (together, the “Other Benefits”). 

  

	 	(2)	MF Global will pay your Earned Bonus. Your “Earned Bonus” means any earned but unpaid Bonus for the fiscal year ending upon or immediately before the
end of your employment. 

  

	 	(3)	MF Global will pay your Accrued Bonus. Your “Accrued Bonus” means, to the extent not previously awarded or paid, your Bonus for the fiscal year in
which your termination of employment occurs based on the achievement of actual performance goals (taking into account, to the extent consistent with any applicable requirements of Section 162(m) of the Code, the status of such performance goals
at the date of termination and disregarding any subjective performance goals and any other exercise by the Board or any committee thereof of negative discretion) multiplied by the number of days of your employment since the fiscal year ending
before such date of termination divided by 365. 

  

	 	(4)	MF Global will pay your Severance Pay. Your “Severance Pay” means your Salary for the fiscal year in which the Termination Notice is given
multiplied by the severance multiplier provided on your Schedule your “Severance Multiplier”. 

  

	 	(5)	 All service-based vesting (and, if applicable, non-performance-based exercise) conditions relating to share options, restricted shares and other
equity-based 

  
 Page 5 of 19

	 	 
compensation awarded by MF Global to you will be deemed fully satisfied. The settlement of the awards will continue in accordance with the relevant award agreement and, if applicable, performance
terms will continue in effect and be measured without regard to your termination. Any securities so issued or awarded will remain subject to such restrictions on transfer as are required by applicable securities laws. The benefit provided for by
this Section 6(d)(5) is referred to as “Accelerated Vesting”. 

  

	 	(6)	Subject to (i) your timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”) following notice to you from MF Global of your COBRA rights and (ii) your compliance with the obligations in Sections 7 and 8, for a period of up to 18 months following your termination of employment (provided you
remain eligible for COBRA continuation coverage), MF Global will make available health benefit coverage substantially equivalent to that available before the date of termination and will pay you a monthly amount equal to the difference between the
applicable COBRA premium and the amount you would have paid for such coverage if you were an active employee of the MF Global Group unless and until, respecting such payment, you become eligible to receive substantially similar or improved health
benefits from a subsequent employer (whether or not you accept such benefits). Payment will be paid in advance on the first payroll day of each month, beginning with the month after your date of termination (except that any payments otherwise due
within the first 54 days following the date of termination will instead be paid on the 55th day). You will notify MF Global of your eligibility for health benefits from a subsequent employer within 30 days of such eligibility.

  

	 	(7)	During the number of years equal to your Severance Multiplier, you will be entitled to life insurance coverage on a basis that is substantially equivalent to that
available as an active employee before the date of termination unless you become eligible to receive substantially similar or improved life insurance benefits from another employer (whether or not you accept such benefits). You will notify MF Global
of your eligibility for life insurance benefits from a subsequent employer within 30 days of such eligibility. Following such period of continued coverage, you will be entitled to continue such life insurance coverage at your sole expense in
accordance with the terms and conditions of the applicable policy. 

  

	 	e)	For Cause or Without Good Reason. If MF Global terminates your employment for Cause, or you terminate your employment without Good Reason, MF
Global will pay your Accrued Compensation and your Other Benefits. 

  

	 	f)	For Your Disability or Death. If your employment terminates as a result of your Death or Disability, MF Global will pay your Accrued Compensation,
Earned Bonus and Accrued Bonus and will provide your Other Benefits and Accelerated Vesting. In addition, MF Global will pay you an amount equal to your annual Salary then in effect (your “Disability/Death Pay”).

  

	 	g)	On Expiration of this Agreement. If your employment terminates in connection with the expiration of the Agreement Term as a result of MF
Global not providing notice of extension of the Agreement Term in accordance with Section 2 or your providing a Non-Extension Notice, you will receive your Accrued Compensation, your Other Benefits and your Earned Bonus. In addition, you will
receive the other termination benefits set forth in your Schedule. 

  
 Page 6 of 19

	 	h)	Condition. Within 10 days after the date of your termination of employment pursuant to Section 6(d), (f) or (g), MF Global will tender to
you (or your estate) an agreement releasing from all liability (other than the payments and benefits contemplated by this Agreement) each member of the MF Global Group and any of their respective past or present officers, directors, employees or
agents, and imposing no other covenants upon you than are then effective under this Agreement or as provided in this Section 6(h), and setting forth your payments, benefits and other entitlements due under Section 6(d), (f) or (g), as
applicable. MF Global will not be required to make the payments and provide the benefits and other entitlements (other than the Accrued Compensation and Other Benefits) due under Section 6(d), (f) or (g), as applicable, unless you (or your
estate) execute and deliver such agreement to MF Global within 55 days following such date of termination, which you (or your estate) do not revoke. This agreement will be in the form normally provided by the MF Global Group to similarly situated
executives at the time, which form, for the avoidance of doubt, will include a mutual non-disparagement covenant satisfactory to MF Global. If MF Global fails to tender such agreement to you (or your estate) within 10 days after the date of your
termination of employment, the condition of payment under this Section 6(h) will be deemed satisfied. 

  

	 	i)	Timing. All Accrued Compensation will be paid promptly after the end of your employment. Subject to Section 6(h), any Earned Bonus or Accrued
Bonus due will be paid in accordance with the form and timing provisions contemplated by Section 4(b) and any Severance Pay or Disability/Death Pay will be paid in one cash lump sum on the 55th day following the end of your employment. The
benefits provided in this Section 6 will begin at the end of your employment. 

  

	 	j)	Section 409A. 

  

	 	(1)	It is the parties’ intention that the payments and benefits to which you could become entitled in connection with your employment under this Agreement be exempt
from or comply with Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations and other guidance promulgated thereunder. The provisions of this
Section 6(j) shall qualify and supersede all other provisions of this Agreement as necessary to fulfill the foregoing intention while to the maximum possible extent preserving the economic terms otherwise intended hereunder. If you or MF Global
believes, at any time, that any of such payment or benefit is not so exempt or does not so comply, you or MF Global will promptly advise the other party and will negotiate reasonably and in good faith to amend the terms of such arrangement such that
it is exempt or complies under 409A (with the most limited possible economic effect on you and on MF Global) or to mitigate any additional tax or interest (or both) that may apply under Section 409A if exemption or compliance is not
practicable. MF Global agrees that it will not, without your prior written consent, knowingly take any action, or knowingly refrain from taking any action, other than as required by law, that would result in the imposition of tax or interest (or
both) upon you under Section 409A, unless such action or omission is pursuant to your written request. 

  

	 	(2)	To the extent applicable, each and every payment made pursuant to Section 6 of this Agreement shall be treated as a separate payment and not as one of a series of
payments treated as a single payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii). 

  

	 	(3)	 If you are a “specified employee” (determined by MF Global in accordance with Section 409A and Treasury Regulation
Section 1.409A-3(i)(2)) as of your separation from service as defined for purposes of Section 409A (a “Separation from Service”) 

  
 Page 7 of 19

	 	 
with MF Global, and if any payment, benefit or entitlement provided for in this Agreement or otherwise both (i) constitutes a “deferral of compensation” within the meaning of and
subject to Section 409A (“Nonqualified Deferred Compensation”) and (ii) cannot be paid or provided in a manner otherwise provided herein without subjecting you to additional tax or interest (or both) under
Section 409A, then any such payment, benefit or entitlement that is payable during the first six (6) months following the Separation from Service shall be paid or provided to you in a lump sum cash payment to be made on the earlier of
(x) your death and (y) the first business day of the seventh (7th) month immediately following your Separation from Service. 

  

	 	(4)	Except to the extent any reimbursement, payment or entitlement under this Agreement does not constitute Nonqualified Deferred Compensation, (i) the amount of
expenses eligible for reimbursement or the provision of any in-kind benefit (as defined in Section 409A) to you during any calendar year will not affect the amount of expenses eligible for reimbursement or provided as in-kind benefits to you in
any other calendar year (subject to any lifetime and other annual limits provided under MF Global’s health plans), (ii) the reimbursements for expenses for which you are entitled shall be made on or before the last day of the calendar year
following the calendar year in which the applicable expense is incurred, and (iii) the right to payment or reimbursement or in-kind benefits may not be liquidated or exchanged for any other benefit. 

 

	 	(5)	Any payment or benefit paid or provided under Section 6 hereof or otherwise paid or provided due to a Separation from Service that is exempt from Section 409A
pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v) will be paid or provided to you only to the extent the expenses are not incurred or the benefits are not provided beyond the last day of your second taxable year following your taxable
year in which the Separation from Service occurs; provided, however that MF Global reimburses such expenses no later than the last day of the third taxable year following your taxable year in which your Separation from Service occurs.

  

	 	(6)	It is the parties’ intention that the definition of Good Reason and the separation from service procedures specified in Section 6(c) hereby satisfy conditions
set forth in Treasury Regulations Section 1.409A-1(n)(2) for a termination for Good Reason to be treated as an “involuntary separation” from service for purposes of Section 409A 

 

	 	(7)	Any dispute resolution payment (including related reimbursable expenses, fees and other costs) that does not constitute a “legal settlement” in accordance
with Treasury Regulations Section 1.409A-1(b)(11) will be paid by MF Global to you not later than the last day of your taxable year following the year in which the dispute is resolved. 

 

	 	(8)	Any payment, benefit or entitlement provided for in this Agreement that constitutes Nonqualified Deferred Compensation due upon a termination of employment shall be
paid or provided to you only upon a Separation from Service. 

  

	7.	Proprietary Information. 

  

	 	a)	 Definition. “Proprietary Information” means confidential or proprietary information concerning
(1) the MF Global Group’s businesses, strategies, operations, financial affairs, organizational matters, personnel matters, budgets, business plans, marketing plans, studies, policies, procedures, products, ideas, processes, software
systems, trade secrets and technical know-how, (2) any other matter relating to the MF Global Group and (3) any 

  
 Page 8 of 19

	 	 
matter relating to clients of the MF Global Group or other third parties having relationships with the MF Global Group. Proprietary Information may include information furnished to you orally or
in writing (whatever the form or storage medium) or gathered by inspection, in each case before or after the date of this Agreement. However, Proprietary Information does not include information (1) that was or becomes generally
available to you on a non-confidential basis, if the source of this information was not reasonably known to you to be bound by a duty of confidentiality, (2) that was or becomes generally available to the public, other than as a result of a
disclosure by you, directly or indirectly, that is not authorized by the MF Global Group or (3) that you can establish was independently developed by you without reference to any Proprietary Information. 

 

	 	b)	Use and Disclosure. You will obtain or create Proprietary Information in the course of your involvement in the MF Global Group’s activities
and may already have Proprietary Information. You agree that the Proprietary Information is the exclusive property of the MF Global Group, and that, during your employment; you will use and disclose Proprietary Information only for the MF Global
Group’s benefit and in accordance with any restrictions placed on its use or disclosure by the MF Global Group. After your employment, you will not use or disclose any Proprietary Information. In addition, nothing in this Agreement will operate
to weaken or waive any rights the MF Global Group may have under statutory or common law, or any other agreement, to the protection of trade secrets, confidential business information and other confidential information. 

 

	 	c)	Return of Proprietary Information. When your employment terminates, you agree to return to MF Global all Proprietary Information, including all
notes, mailing lists, rolodexes and computer files that contain any Proprietary Information. You agree to do anything reasonably requested by MF Global in furtherance of perfecting the MF Global Group’s possession of, and title to, any
Proprietary Information that was at any time in your possession. 

  

	 	d)	Limitations. Nothing in this Agreement prohibits you from providing truthful testimony concerning the MF Global Group to governmental, regulatory
or self-regulatory authorities. 

  

	8.	On-going Restrictions on Your Activities. 

  

	 	a)	Related Definitions. This Section uses the following defined terms: 

“Competitive Enterprise” means any business enterprise that either (1) engages in any activity anywhere
(x) as a futures commission merchant, broker dealer or similarly situated intermediary or (y) that is an activity in which MF Global Group is engaged on your date of termination and which represents more than 10% of MF Global’s
pre-tax net income during the four completed fiscal quarters immediately prior to your date of termination or (2) holds a 5% or greater equity, voting or profit participation interest in any enterprise that engages in such an activity.

 “Client” means any client or prospective client of the MF Global Group to whom you provided services
or for whom you transacted business. 
 “Solicit” means any direct or indirect communication of any kind,
regardless of who initiates it, that in any way invites, advises, encourages or requests any person to take or refrain from taking any action. 

  
 Page 9 of 19

	 	b)	Your Importance to the MF Global Group and the Effect of this Section 8. You acknowledge that: 

 

	 	(1)	In the course of your involvement in the MF Global Group’s activities, you will have access to Proprietary Information and the MF Global Group’s client base
and will profit from the goodwill associated with the MF Global Group. On the other hand, in view of your access to Proprietary Information and your importance to the MF Global Group, if you compete with the MF Global Group for some time after your
employment, the MF Global Group will likely suffer significant harm. In return for the benefits you will receive from the MF Global Group and to induce MF Global to enter into this Agreement, and in light of the potential harm you could cause the MF
Global Group, you agree to the provisions of this Section 8. MF Global would not have entered into this Agreement if you did not agree to this Section 8. 

 

	 	(2)	This Section 8 limits your ability to earn a livelihood in a Competitive Enterprise and your relationships with Clients. You acknowledge, however, that complying
with this Section 8 will not result in severe economic hardship for you or your family. 

  

	 	c)	Transition and Other Assistance. During the 60 days after Termination Notice has been given, you will take all actions the MF Global Group may
reasonably request to maintain for the MF Global Group the business, goodwill and business relationships with any Clients. In addition, while you are employed, and continuing after the termination of your employment, upon receipt of reasonable
notice from MF Global (including outside counsel), you will respond and provide information with regard to matters in which you have knowledge as a result of your employment with MF Global, and will provide assistance to MF Global in the defense or
prosecution of any claim that may be made by or against the MF Global Group. Such cooperation shall include, without limitation, serving as a witness at trial or hearing, being deposed, and preparation for same or otherwise cooperating with MF
Global as determined to be necessary by MF Global (including outside counsel) at its sole discretion, for the defense or prosecution of a claim. MF Global shall reimburse you for all pre-approved, reasonable expenses in connection therewith,
including travel expenses, and shall compensate you at a daily rate equal to your Salary on the date your employment terminated, divided by 200, with days used for preparation, travel and other related matters being included for purposes of
determining the compensation due to you. To the extent reasonably practicable, MF Global shall provide you with notice at least 20 days prior to the date on which any such travel is required. 

 

	 	d)	Non-Competition. Until the end of the period stated in the Schedule, you will not directly or indirectly: 

 

	 	(1)	hold a 5% or greater equity, voting or profit participation interest in a Competitive Enterprise; or 

 

	 	(2)	associate (including as a director, officer, employee, partner, sole proprietor, consultant, agent or advisor) with a Competitive Enterprise and in connection with your
association engage, or directly or indirectly manage or supervise personnel engaged, in any activity: 

  

	 	(A)	that is substantially related to any activity that you were engaged in, 

  

	 	(B)	that is substantially related to any activity for which you had direct or indirect managerial or supervisory responsibility, or 

 

	 	(C)	that calls for the application of specialized knowledge or skills substantially related to those used by you in your activities; 

  
 Page 10 of 19

 in each case, for the MF Global Group at any time during the year before the end of
your employment (or, if earlier, the year before the date of determination). 
  

	 	e)	Non-Solicitation of Clients. Until the end of the period stated in the Schedule, you will not attempt to Solicit any Client to transact business
with a Competitive Enterprise or to reduce or refrain from doing any business with the MF Global Group. 

  

	 	f)	Non-Solicitation of MF Global Group Employees. Until the end of the period stated in the Schedule, you will not attempt to Solicit anyone who is
then an employee of the MF Global Group (or who was an employee of the group within the prior six (6) months) to resign from the MF Global Group or to apply for or accept employment with any Competitive Enterprise. 

 

	 	g)	Notice to New Employers. Before you accept employment with any other person or entity while any of Section 8(c), (d), (e) or (f) is
in effect, you will provide the prospective employer with written notice of the provisions of this Section 8. You will deliver a copy of the notice required by the preceding sentence to MF Global no later than 30 days after commencing
employment with such prospective employer. 

  

	9.	Effect of Excise Tax and Limits on Golden Parachute Payments. 

  

	 	a)	Contingent Reduction of Parachute Payments. If there is a change in ownership or control of MF Global that would cause any payment or
distribution by any member of the MF Global Group or any other person or entity to you or for your benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”)
to be subject to the excise tax imposed by Section 4999 of the Code (such excise tax, together with any interest or penalties incurred by you with respect to such excise tax, the “Excise Tax”), then you will receive the
greatest of the following, whichever gives you the highest net after-tax amount (after taking into account federal, state, local and social security taxes): (1) the Payments or (2) one dollar less than the amount of the Payments that
would subject you to the Excise Tax (the “Safe Harbor Amount”). If a reduction in the Payments is necessary so that the Payments equal the Safe Harbor Amount and none of the Payments is Nonqualified Deferred Compensation, then
the reduction shall occur in the manner you elect in writing prior to the date of payment. If any Payment constitutes Nonqualified Deferred Compensation or if you fail to elect an order, then the Payments to be reduced will be determined in a
manner which has the least economic cost to you and, to the extent the economic cost is equivalent, will be reduced in the inverse order of when payment would have been made to you, until the reduction is achieved. 

 

	 	b)	Determination of the Payments. All determinations required to be made under this Section 9, including whether and when the
Safe Harbor Amount is required and the amount of the reduction of the Payments and the assumptions to be utilized in arriving at such determination, shall be made by a certified public accounting firm designated by MF Global and reasonably
acceptable to you (the “Accounting Firm”) which shall provide detailed supporting calculations both to MF Global and you within 15 business days of the receipt of notice from you that there has been a Payment, or such earlier time
as is requested by MF Global. All fees and expenses of the Accounting Firm shall be borne solely by MF Global. Any determination by the Accounting Firm shall be binding upon MF Global and you. You shall cooperate with any reasonable
requests by the MF Global Group in connection with any contests or disputes with the Internal Revenue Service in connection with the Excise Tax. 

  
 Page 11 of 19

	10.	Effect on Other Agreements; Entire Agreement. 

 This Agreement is the entire agreement between you and MF Global with respect to the relationship contemplated by this Agreement and supersedes any earlier agreement, written or oral, with respect to the
subject matter of this Agreement. In entering into this Agreement, no party has relied on or made any representation, warranty, inducement, promise or understanding that is not in this Agreement. 

 

	11.	Successors. 

  

	 	a)	Payments on Your Death. If you die and any amounts become payable under this Agreement (including payments under Section 5(c),
Section 5(d) and Section 6), MF Global will pay those amounts to your estate. 

  

	 	b)	Assignment by You. You may not assign this Agreement without MF Global’s consent. Also, except as required by law, your right to receive
payments or benefits under this Agreement may not be subject to execution, attachment, levy or similar process. Any attempt to effect any of the preceding in violation of this Section 11(b), whether voluntary or involuntary, will be void.

  

	 	c)	Assumption by any Surviving Company. Before the effectiveness of any merger, consolidation, statutory share exchange or similar transaction
(including an exchange offer combined with a merger or consolidation) involving MF Global (a “Reorganization”) or any sale, lease or other disposition (including by way of a series of transactions or by way of merger, consolidation,
stock sale or similar transaction involving one or more subsidiaries) of all or substantially all of MF Global’s consolidated assets (a “Sale”), MF Global will cause (1) the Surviving Company to unconditionally assume this
Agreement in writing and (2) a copy of the assumption to be provided to you. The “Surviving Company” means (i) in a Reorganization, the entity resulting from the Reorganization or (ii) in a Sale, the entity that has
acquired all or substantially all of the assets of MF Global. After the Reorganization or Sale, the Surviving Company will be treated for all purposes as MF Global under this Agreement provided that, if more than 50% of the voting securities
eligible to elect directors of the Surviving Company is beneficially owned by a second entity (the “Parent Company”), (x) the determination of whether a material and adverse change in your position for purposes of
Section 6(b)(2) has occurred in connection with or following a Reorganization or Sale shall be determined by a reference to the Parent Company and (y) such material and adverse change and a material diminution shall be deemed to have
occurred under Section 6(b)(2) unless immediately following such Reorganization or Sale, and thereafter during the Agreement Term, you hold an equivalent position with the Parent Company. This Section 11(c) shall apply to each
Reorganization and Sale occurring during the Agreement Term. 

  

	12.	Disputes. 

  

	 	a)	Employment Matter. This Section 12 applies to any controversy or claim between you and the MF Global Group arising out of or relating to or
concerning this Agreement, or any aspect of your employment with MF Global or the termination of that employment (together, an “Employment Matter”). 

 

	 	b)	 Mandatory Arbitration. Subject to the provisions of this Section 12, any Employment Matter will be finally settled by
arbitration in the County of New York administered by the American Arbitration Association under its Commercial Arbitration Rules then in effect. However, the rules will be modified in the following

  
 Page 12 of 19

	 	 
ways: (1) each arbitrator will agree to treat as confidential evidence and other information presented to the same extent as the information is required to be kept confidential under
Section 7, (2) a decision must be rendered within 10 business days of the parties’ closing statements or submission of post-hearing briefs and (3) the arbitration will be conducted before a panel of three arbitrators, one
selected by you within 10 days of the commencement of arbitration, one selected by MF Global in the same period and the third selected jointly by these arbitrators (or, if they are unable to agree on an arbitrator within 30 days of the commencement
of arbitration, the third arbitrator will be appointed by the American Arbitration Association; provided that the arbitrator shall be a partner or former partner at a nationally recognized law firm other than a law firm, or individual, who
provided services to MF Global or you at any time during the previous 10 years). Notwithstanding the preceding, to the extent the rules of any self-regulatory organization applicable to the MF Global Group require an Employment Matter to be
arbitrated by different arbitration rules, such required arbitration rules will apply. 

  

	 	c)	Limitation on Damages. You and the MF Global Group agree that there will be no punitive damages payable as a result of any Employment Matter and
agree not to request punitive damages. 

  

	 	d)	Injunctions and Enforcement of Arbitration Awards. You or the MF Global Group may bring an action or special proceeding in a state or
federal court of competent jurisdiction sitting in the County of New York to enforce any arbitration award under Section 12(b). Also, the MF Global Group may bring such an action or proceeding, in addition to its rights under Section 12(b)
and whether or not an arbitration proceeding has been or is ever initiated, to temporarily, preliminarily or permanently enforce any part of Sections 7 and 8. You agree that (1) your violating any part of Sections 7 and 8 would cause damage to
the MF Global Group that cannot be measured or repaired, (2) the MF Global Group therefore is entitled to an injunction, restraining order or other equitable relief restraining any actual or threatened violation of those Sections, (3) no
bond will need to be posted for the MF Global Group to receive such an injunction, order or other relief and (4) no proof will be required that monetary damages for violations of those Sections would be difficult to calculate and that remedies
at law would be inadequate. 

  

	 	e)	Jurisdiction and Choice of Forum. You and the MF Global Group irrevocably submit to the exclusive jurisdiction of any state or federal court
located in the County of New York over any Employment Matter that is not otherwise arbitrated or resolved according to Section 12(b). This includes any action or proceeding to compel arbitration or to enforce an arbitration award. Both you
and the MF Global Group (1) acknowledge that the forum stated in this Section 12(e) has a reasonable relation to this Agreement and to the relationship between you and the MF Global Group and that the submission to the forum will apply
even if the forum chooses to apply non-forum law, (2) waive, to the extent permitted by law, any objection to personal jurisdiction or to the laying of venue of any action or proceeding covered by this Section 12(e) in the forum stated in
this Section, (3) agree not to commence any such action or proceeding in any forum other than the forum stated in this Section 12(e) and (4) agree that, to the extent permitted by law, a final and non-appealable judgment in any
such action or proceeding in any such court will be conclusive and binding on you and the MF Global Group. However, nothing in this Agreement precludes you or the MF Global Group from bringing any action or proceeding in any court for the purpose of
enforcing the provisions of Sections 12(b), 12(d) and this 12(e). 

  

	 	f)	Waiver of Jury Trial. To the extent permitted by law, you and the MF Global Group waive any and all rights to a jury trial with respect to any
Employment Matter. 

  
 Page 13 of 19

	 	g)	Governing Law. This Agreement will be governed by and construed in accordance with the law of the State of New York applicable to contracts made
and to be performed entirely within that State. 

  

	 	h)	Costs. MF Global will pay all costs of the arbitration except, if applicable, your petitioner’s filing fee. If the arbitrator or court
of competent jurisdiction determines that you have prevailed on the issues in dispute in the arbitration or court proceeding, as the case may be, MF Global will, upon presentment of appropriate documentation, pay or reimburse any reasonable
expenses, including reasonable attorney’s fees, you incur as a result of any Employment Matter. 

  

	13.	General Provisions. 

  

	 	a)	Construction. 

  

	 	(1)	References (A) to Sections are to sections of this Agreement unless otherwise stated; (B) to any contract (including this Agreement) are to the
contract as amended, modified, supplemented or replaced from time to time; (C) to any statute, rule or regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced from time to time (and, in the case of
statutes, include any rules and regulations promulgated under the statute) and to any section of any statute, rule or regulation include any successor to the section; (D) to any governmental authority include any successor to the governmental
authority; (E) to any plan include any programs, practices and policies; (F) to any entity include any corporation, limited liability company, partnership, association, business trust and similar organization and include any governmental
authority; and (G) to any affiliate of any entity are to any person or other entity directly or indirectly controlling, controlled by or under common control with the first entity. 

 

	 	(2)	The various headings in this Agreement are for convenience of reference only and in no way define, limit or describe the scope or intent of any provisions or Sections
of this Agreement. 

  

	 	(3)	Unless the context requires otherwise, (A) words describing the singular number include the plural and vice versa, (B) words denoting any gender include all
genders and (C) the words “include”, “includes” and “including” will be deemed to be followed by the words “without limitation.” 

 

	 	(4)	It is your and MF Global’s intention that this Agreement not be construed more strictly with regard to you or MF Global. 

 

	 	b)	Withholding. You and the MF Global Group will treat all payments to you under this Agreement as compensation for services. Accordingly, the MF
Global Group may withhold from any payment any taxes that are required to be withheld under any law, rule or regulation. 

  

	 	c)	Severability. If any provision of this Agreement is found by any court of competent jurisdiction (or legally empowered agency) to be illegal,
invalid or unenforceable for any reason, then (1) the provision will be amended automatically to the minimum extent necessary to cure the illegality or invalidity and permit enforcement and (2) the remainder of this Agreement will not be
affected. In particular, if any provision of Section 8 is so found to violate law or be unenforceable because it applies for longer than a maximum permitted period or to greater than a maximum permitted area, it will be automatically amended to
apply for the maximum permitted period and maximum permitted area. 

  
 Page 14 of 19

	 	d)	No Set-off or Mitigation. Your and MF Global’s respective obligations under this Agreement will not be affected by any set-off, counterclaim,
recoupment or other right you or any member of the MF Global Group may have against each other or anyone else. You do not need to seek other employment or take any other action to mitigate any amounts owed to you under this Agreement, and those
amounts will not be reduced if you do obtain other employment (except as this Agreement specifically states). 

  

	 	e)	Notices. All notices, requests, demands and other communications under this Agreement must be in writing and will be deemed given (1) on the
business day sent, when delivered by hand or facsimile transmission (with confirmation) during normal business hours (with a notice contemporaneously given by another method specified in this Section 13(e)), (2) on the business day after
the business day sent, if delivered by a nationally recognized overnight courier or (3) on the third business day after the business day sent if delivered by registered or certified mail, return receipt requested, in each case to the following
address or number (or to such other addresses or numbers as may be specified by notice that conforms to this Section 13(e)): 

 If to you, to your last address (or to the last facsimile number) shown on the payroll records of MF Global. 
 If to MF Global or to any other member of the MF Global Group, to: 
 MF Global
Holdings Ltd. 
 717 Fifth Avenue, 11th Floor 
 New York, New York 10022 
 Attention: General Counsel 

Facsimile: 212-589-6215 
  

	 	f)	Consideration. This Agreement is in consideration of the mutual covenants contained in it. You and MF Global acknowledge the receipt and
sufficiency of the consideration to this Agreement and intend this Agreement to be legally binding. 

  

	 	g)	Amendments and Waivers. Any provision of this Agreement may be amended or waived but only if the amendment or waiver is in writing and signed, in
the case of an amendment, by you and MF Global or, in the case of a waiver, by the party that would have benefited from the provision waived. Except as this Agreement otherwise provides, no failure or delay by you or the MF Global Group to exercise
any right or remedy under this Agreement will operate as a waiver, and no partial exercise of any right or remedy will preclude any further exercise. 

  

	 	h)	Representations. You represent and warrant to MF Global that: (1) you have the legal right to enter into this Agreement and to perform all of
the obligations on your part to be performed hereunder in accordance with its terms, (2) you are not a party to any contract, agreement or understanding, written or oral, which could prevent you from entering into this Agreement or performing
all of your duties and obligations hereunder, and (3) you are not a party to any agreement containing any non-competition, non-solicitation, confidentiality or other restrictions on your activities. You further represent and warrant to MF
Global that, to the best of your knowledge, information and belief, you are not aware of any action taken by you (or any failure to act) that could form the basis for a breach of fiduciary duty or related claim against you by any current or former
employer. 

  
 Page 15 of 19

	 	i)	Recoupment. 

  

	 	(1)	In the event of a restatement of MF Global’s consolidated financial statements, MF Global shall have the right to take appropriate action to recoup from you any
portion of any Bonus and other equity or non-equity compensation received by you the grant of which was tied to the achievement of one or more specific performance targets, with respect to the period for which such financial statements are or will
be restated (“Recoupment Amount”), regardless of whether you engaged in any misconduct or were at fault or responsible in any way for causing the restatement, if, as a result of such restatement, you otherwise would not have
received such Bonus or other compensation (or portion thereof). In the event MF Global is entitled to, and seeks, recoupment under this Section 13(i), you shall promptly reimburse the Recoupment Amount to which MF Global is entitled to recoup
hereunder. In the event you fail to make prompt reimbursement of any such Recoupment Amount to which MF Global is entitled to recoup and as to which MF Global seeks recoupment hereunder, you acknowledge and agree that MF Global shall have the right
to (i) deduct such Recoupment Amount from the compensation or other payments due to you from MF Global or (ii) to take any other appropriate action to recoup such Recoupment Amount. For purposes of this Section 13(i), the Recoupment
Amount shall be calculated on an after-tax basis unless such restatement results from your misconduct within the meaning of Section 304 of the Sarbanes-Oxley Act of 2002. 

 

	 	(2)	You acknowledge that MF Global does not waive its right to seek recoupment of any Recoupment Amount as described under this Section 13(i) for failure to demand
repayment or reduce the payments made to you. Any such waiver must be done in a writing that is signed by both MF Global and you. 

  

	 	(3)	The rights contained in this Section 13(i) shall be in addition to, and shall not limit, any other rights or remedies that MF Global may have under law or in
equity, including, without limitation, any rights MF Global may have under any other MF Global recoupment policy or other agreement or arrangement with you. 

 

	 	j)	Third Party Beneficiaries. Subject to Section 11, this Agreement will be binding on, inure to the benefit of and be enforceable by the parties
and their respective heirs, personal representatives, successors and assigns. This Agreement does not confer any rights, remedies, obligations or liabilities to any entity or person other than you and MF Global and your and MF Global’s
permitted successors and assigns. 

  
 Page 16 of 19

	 	k)	Counterparts. This Agreement may be executed in counterparts, each of which will constitute an original and all of which, when taken together, will
constitute one agreement. 

  

			
	Very truly yours,
	
	MF GLOBAL HOLDINGS LTD.
	
	 /s/ Thomas F. Connolly

	By:	 	Thomas F. Connolly
	Title:	 	Global Head of Human Resources
	
	Accepted and agreed:
	
	 /s/ Henri Steenkamp

	Henri Steenkamp
	Execution Date: June 15, 2011

  
 Page 17 of 19

 Terms Schedule to 

Employment Agreement of 
 Henri Steenkamp 
  

			
	Name	  	Henri Steenkamp
		
	Commencement Date	  	April 1, 2011
		
	Position	  	You will serve as Chief Financial Officer of MF Global. Your employment will be based in New York, New York. You acknowledge that your duties will require substantial travel to
other offices.
		
	Reporting, Authority and Responsibilities	  	You will report directly to the Chief Executive Officer of MF Global.
		
	Starting Salary	  	$500,000 per year.
		
	Bonus	  	Your discretionary incentive award (“Bonus”) target is in the range of $700,000 to $1 million. Your Bonus is discretionary and will be determined based on the achievement
of individual and performance goals under the terms of the applicable bonus plan or programs established by the Board (or a committee of the Board).
		
	Additional Benefits	  	Reimbursement of expenses for financial, tax and estate planning in an amount not to exceed $50,000 per calendar year. You will also participate in the Firm’s supplemental
medical benefits plan.
		
	Long Term Incentive Plan	  	You will be eligible for a discretionary award under the Company’s Long Term Incentive Plan in the range of $400,000 to $600,000.
		
	Severance Period	  	Your Severance Multiplier will be 1x Base Salary.
		
	Additional Entitlements on Termination of Employment in Connection with Expiration of the Agreement Term	  	 If, in connection with a termination of employment contemplated by Section 6(g), MF Global provided notice of extension of the Agreement
Term in accordance with Section 2 and you provided timely notice of non-extension in accordance with that Section, you will be entitled to (1) your Bonus for the fiscal year ending on the expiration of the Agreement Term in accordance with the form
and timing provisions contemplated by Section 4(b), except that all service-based vesting conditions of any equity-based award constituting part of such Bonus will be deemed fully satisfied, (2) the service-based vesting conditions of one-third of
any equity-based award constituting part of your Bonus for the first prior fiscal year will be deemed fully satisfied and (3) the service-based vesting conditions of two-thirds of any equity-based award constituting part of your Bonus for the second
prior fiscal year will be deemed fully satisfied, or in the case of clauses (2) and (3) such greater portion of the award as may be set forth in the terms of award or otherwise by the Board (or a committee of the Board).

 
 If, in connection with a termination of employment contemplated by Section 6(g), MF
Global did not provide notice of extension of the Agreement Term in accordance with Section 2, then you will be entitled to (1) your Bonus for the fiscal year ending on the expiration of the Agreement Term in accordance with the form and timing
provisions contemplated by Section 4(b), except that all service-based vesting conditions of any equity-based award constituting part of such Bonus will be deemed fully satisfied and (2) the service-based vesting conditions of any equity-based award
constituting part of your Bonus for the first prior fiscal year and second prior fiscal year will be deemed fully satisfied.
  
 The settlement of the awards will continue in accordance with the relevant award agreement and, if applicable, performance terms will continue in effect and be measured without regard to your
termination.

  
 i

			
	Non-Competition Period	  	6 months after termination of employment with the MF Global Group.
		
	Non-Solicitation Period for Clients	  	6 months after termination of employment with the MF Global Group.
		
	Non-Solicitation Period for Employees	  	6 months after termination of employment with the MF Global Group.

  
 ii

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