Document:

Exhibit 10.3  

	MXB/51076.00185/6697874.08
	    
	    
	    
	Debenture
	    
	    
	    
	Dated 23 August 2004
	    
	    
	    
	GFI Holdings Limited
 (and others as Chargors)
	
Bank of America, N.A.
 (as Administrative Agent)
	    
	    
	    
	    
	    
	  

	DentonWildeSapte...
	One Fleet Place

London [C4M 7WS

United Kingdom	 	T +44 (0)20 7242 1212

F +44 (0)20 7246 7777

info@dentonwildesapte.com

www.dentonwildesapte.com

Contents  

	
1	
 	

Interpretation	
 	

1
	1.1	 	Definitions	 	1
	1.2	 	Construction	 	3
	
2	
 	

Fixed Security	
 	

4
	
3	
 	

Floating Charge	
 	

6
	3.1	 	Creation	 	6
	3.2	 	Conversion by notice	 	6
	3.3	 	No waiver	 	6
	
4	
 	

Representations and Warranties	
 	

6
	4.1	 	Making of representations	 	6
	4.2	 	Capacity	 	6
	4.3	 	Title	 	6
	4.4	 	Security	 	7
	4.5	 	Security Shares	 	7
	4.6	 	Insolvency Proceedings	 	7
	
5	
 	

Undertakings	
 	

7
	5.1	 	Duration	 	7
	5.2	 	General	 	7
	5.3	 	Property	 	7
	5.4	 	Security Shares	 	8
	
6	
 	

When Security becomes Enforceable	
 	

10
	
7	
 	

Enforcement of Security	
 	

10
	7.1	 	General	 	10
	7.2	 	Administrative Agent of the Chargors	 	10
	7.3	 	Mortgagee in Possession — No Liability	 	10
	7.4	 	Privileges	 	10
	7.5	 	Protection of third parties	 	10
	7.6	 	Redemption of prior Mortgages	 	11
	
8	
 	

Receiver	
 	

11
	8.1	 	Appointment of Receiver	 	11
	8.2	 	Relationship with the Administrative Agent	 	11
	8.3	 	Removal	 	11
	8.4	 	Remuneration	 	12
	
9	
 	

Powers of Receiver	
 	

12
	9.1	 	General	 	12
	9.2	 	Borrow and Lend Money	 	12
	9.3	 	Carry on Business	 	12
	9.4	 	Compromise	 	12
	9.5	 	Employees	 	13
	9.6	 	Leases	 	13
	9.7	 	Legal actions	 	13
	9.8	 	Possession	 	13
	9.9	 	Protection of Assets	 	13
	9.10	 	Receipts	 	13
	9.11	 	Sale of assets	 	14
	9.12	 	Subsidiaries	 	14
	9.13	 	Exercise of Rights	 	14
	9.14	 	Uncalled capital	 	14
	 	 	 	 	 

	9.15	 	Professional advice	 	14
	9.16	 	Seal	 	14
	
10	
 	

Application of Proceeds	
 	

14
	
11	
 	

Expenses and Indemnity	
 	

14
	
12	
 	

Delegation	
 	

15
	
13	
 	

Further Assurances	
 	

15
	
14	
 	

Power of Attorney	
 	

15
	
15	
 	

Continuing Security	
 	

15
	15.1	 	Additional Security	 	15
	15.2	 	Continuing Security	 	15
	15.3	 	Reinstatement	 	16
	15.4	 	Waiver of defences	 	16
	15.5	 	Immediate recourse	 	16
	15.6	 	Appropriations	 	16
	15.7	 	Deferral of Chargors' rights	 	17
	
16	
 	

Miscellaneous	
 	

17
	16.1	 	Covenant to pay	 	17
	16.2	 	Land Registry	 	17
	16.3	 	New Accounts	 	17
	16.4	 	Tacking	 	18
	16.5	 	Separate Charges	 	18
	16.6	 	Invalidity	 	18
	16.7	 	Trust	 	18
	
17	
 	

Release	
 	

18
	
18	
 	

Rights and Remedies	
 	

18
	
19	
 	

Notices	
 	

18
	19.1	 	Delivery and Receipt	 	18
	19.2	 	Addresses	 	19
	
20	
 	

Governing Law and Jurisdiction	
 	

19
	20.1	 	Governing Law	 	19
	20.2	 	Jurisdiction	 	19
	20.3	 	Process agent acceptance	 	20
	
Schedule 1 — The Chargors	
 	

21
	
Schedule 2 — Mortgaged Property	
 	

22
	
Schedule 3 — Group Shares	
 	

23

   Debenture  

Dated  

Between  

	(1)
	The Companies identified in Schedule 1 (each a Chargor and together the  Chargors); and

	(2)
	Bank of America, N.A. as agent and trustee for the Secured Parties (the Administrative
Agent which expression shall include all successor Administrative Agents appointed from time to time). 

Recitals  

	A
	The
Chargors enter into this Deed to secure the repayment and satisfaction of the Secured Liabilities.

	B
	The
Chargors and the Administrative Agent intend that this document take effect as a deed notwithstanding that it may be executed under hand. 

It is agreed:  

1    Interpretation  

1.1   Definitions  

In
this Deed: 

Affiliate is defined in the Credit Agreement. 

Book Debts means: 

	(a)
	all
book and other debts in existence from time to time (including, without limitation, any sums whatsoever owed by banks or similar institutions) both present and future, actual or
contingent, due, owing to or which may become due, owing to or purchased or otherwise acquired by any Chargor; and

	(b)
	the
benefit of all rights whatsoever relating to the debts referred to above including, without limitation, any related agreements, documents, rights and remedies (including, without
limitation, negotiable or non-negotiable instruments, guarantees, indemnities, legal and equitable charges, reservation of proprietary rights, rights of tracing, unpaid vendor's liens and
all similar connected or related rights and assets). 

Credit Agreement means that certain Credit Agreement entered into as of August    , 2004 among GFI Group, Inc., a Delaware
corporation, GFI Holdings Limited, a company incorporated in England and Wales, the Guarantors identified therein, the Lenders identified therein and Bank of America, N.A., as Administrative Agent, as
the same may be amended, modified, supplemented, extended, restated and replaced from time to time. 

Debtor Relief Laws is defined in the Credit Agreement. 

Equipment means (save to the extent that any such items form part of such Chargor's stock in trade) all present and future plant, equipment, machinery,
computers and computer hardware and software (whether owned or licensed), vehicles, tools, furniture and fixtures and all attachments, accessories owned by any Chargor and property (other than
Fixtures) now or in future relating to it or used in connection with it and replacements and substitutions for it wherever located. 

Enforcement Event means the acceleration of payment of the Loans pursuant to the Credit Agreement by the Administrative Agent. 

Event of Default is defined in the Credit Agreement. 

1

 

Fixtures means all fixtures and fittings (including, without limitation, those of trade) and fixed plant and machinery on the Mortgaged Property. 

Foreign Loan Party is defined in the Credit Agreement. 

Group Shares means all shares specified in Schedule 3 or, when used in relation to a particular Chargor, such of those shares as are specified
against its name in Schedule 3. 

Insolvency Regulation means the Council Regulation (EC) No. 1345/2000 of 29 May 2000 on Insolvency Proceedings. 

Insurances means all contracts and policies of Insurance taken out by or for a Chargor or in which any Chargor has an interest (to the extent of that
interest). 

Intellectual Property means all subsisting patents and subsisting rights of a similar nature held in any part of the world, applications for patents and
such rights, divisions and continuations of such applications for patents, registered and unregistered trade marks, registered designs, utility models (in each case for their full period and all
extensions and renewals of them), applications for any of them and the right to apply for any of them in any part of the world, inventions, confidential information, Know-how, business
names, trade names, brand names, copyright and rights in the nature of copyright, design rights and get-up and any similar rights existing in any country; and the benefit (subject to the
burden) of any and all agreements, arrangements and licences in connection with any of the foregoing. 

Know-how means all the body of knowledge, technical experience, expertise and skills, technical processes, secret processes, formulae and
technical information held by any Chargor and relating to its business, which is not in the public domain. 

Lenders is defined in the Credit Agreement. 

Letter of Credit is defined in the Credit Agreement. 

Loan is defined in the Credit Agreement. 

Loan Documents is defined in the Credit Agreement. 

Mortgaged Property means any freehold or leasehold property (including the Premises) the subject of the security created by this Deed. 

Premises means any building or other edifice on the Mortgaged Property or other Security Asset. 

receiver includes any receiver, receiver and manager or administrative receiver. 

Receiver means any individual or individuals (who may be an employee or employees of the Administrative Agent) for the time being and from time to time
appointed by the Administrative Agent to be a receiver or receivers (and, where more than one individual is appointed jointly, they shall have the power to act severally, unless the Administrative
Agent shall specify to the contrary in their appointment) under this Deed and, where the context shall admit, any individual or individuals for the time being and from time to time so appointed in
substitution, provide always that all such individuals shall be qualified under the Insolvency Act 1986 to act as a receiver of the property of any company with respect to which he is appointed or as
an administrative receiver of any such company. 

Related Rights means, in relation to the Group Shares, all dividends and other distributions paid or payable after today's date on all or any of the
Group Shares and all stocks, shares, securities (and the dividends or interest on them), rights, money or property accruing or offered at any time by way of redemption, bonus, preference, option
rights or otherwise to or in respect of any of the Group Shares or in substitution or exchange for any of the Group Shares. 

2

 

Secured Liabilities means all advances to, and debts, liabilities, obligations, covenants and duties of, any Foreign Loan Party arising under any Loan
Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or
hereafter arising and including interest and fees that accrue after the commencement by or against any Foreign Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. The foregoing shall also include any Swap Contract between any Foreign Loan Party and any
Lender or Affiliate of a Lender and all obligations under any Treasury Management Agreement between any Foreign Loan Party and any Lender or an Affiliate of a Lender, except for any obligation which,
if it were so included, would result in a contravention of section 151 of the Companies Act 1985. 

Secured Parties means the Lenders and the Administrative Agent. 

Security Assets means all assets of each Chargor the subject of any security created by this Deed (and includes the Mortgaged Property). 

Security Period means the period beginning on the date of this Deed and ending on the date on which the Secured Liabilities have been satisfied in full
(other than any obligations with respect to the indemnities set forth in the Loan Documents) and the commitments under the Credit Agreement shall have terminated or expired. 

Security Shares means the Group Shares and the Related Rights and, in the case of a particular Chargor, means such of the Group Shares as are held by it
at the relevant time, together with all Related Rights in respect of such Group Shares. 

Swap Contract is defined in the Credit Agreement. 

Treasury Management Agreement is defined in the Credit Agreement. 

1.2   Construction  

	1.2.1
	Any
reference in this Deed to:

	(a)
	assets includes properties, revenues and rights of every description, both present and future;

	(b)
	an  authorisation or a consent includes an approval, authorisation, consent, exemption,
filing, licence, registration and resolution, in each case given or made in writing;

	(c)
	a
Loan Document or any other agreement or instrument is a reference to that Loan Document or other agreement or Instrument as amended,
novated, supplemented or replaced (in whole or in part);

	(d)
	Indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether
present or future, actual or contingent;

	(e)
	a
person includes any person, firm, company, corporation, government, state or agency of a state or any association, trust or
partnership (whether or not having separate legal personality) or two or more of the foregoing;

	(f)
	a
regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any
governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

	(g)
	an
enactment (be it express or implied) includes references to any amendment, re-enactment, and/or legislation subordinate to that enactment and/or any permission of
whatever kind given under that enactment; 

3

 

	(h)
	words
importing the singular shall include the plural and vice versa;

	(i)
	a
charge or mortgage of any freehold or leasehold property includes all Premises and Fixtures on that property, the proceeds of sale of any part of that property, and the benefit of
any covenants for title (or any monies paid or payable in respect of them) given or entered into by any predecessor in title in respect of that property;

	(j)
	any
party or person includes any person deriving title from it or any successor, transferee or assignee.

	1.2.2
	Clause
and Schedule headings are for ease of reference only.

	1.2.3
	An
Event of Default is continuing if it has not been waived.

	1.2.4
	Capitalised
terms defined in the Credit Agreement have the same meaning when used in this Deed unless the context requires otherwise.

	1.2.5
	The
terms of the other Loan Documents and of any side letters between the parties to this Deed in relation to the Loan Documents are incorporated in this Deed to the extent required
for any purported disposition of the Mortgaged Property in this Deed to be a valid disposition in accordance with Section 2(1) of the Law of Property (Miscellaneous Provisions) Act 1989.

	1.2.6
	Every
disposition effected by this Deed is made with full title guarantee. The other terms of this Deed do not limit or extend any of the covenants implied by virtue of
Part 1 of the Law of Property (Miscellaneous Provisions) Act 1994 but create separate and independent obligations having effect cumulatively with those implied covenants.

	1.2.7
	Each
of the charges in Clause 2 over each category of the assets, each asset and each sub-category of each asset specified in such clause shall be read and
construed separately, as though each such category, asset and sub-category were charged independently and separately of each other. 

2      Fixed Security  

Each
Chargor, as security for the payment and performance of the Secured Liabilities and in the manner specified in Clause 1.2.6 of this Deed: 

	(a)
	charges
in favour of the Administrative Agent (as agent and trustee for the Secured Parties) by way of a first legal mortgage all the property (if any) now belonging to it and
specified in Schedule 2 and all other interests in any freehold or leasehold property now or in the future belonging to it; and

	(b)
	charges
in favour of the Administrative Agent (as agent and trustee for the Secured Parties) by way of a first fixed charge:

	(i)
	(to
the extent that they are not within Clause 2(a)) all interests in any freehold or leasehold property now or in the future belonging to it;

	(ii)
	all
Equipment now or in the future belonging to it and its interest in any such Equipment in its possession now or in the future;

	(iii)
	all
of its benefits, claims and returns of premiums in respect of the insurances;

	(iv)
	its
goodwill and its uncalled capital both present and future;

	(v)
	its
Book Debts, both uncollected and collected, the proceeds of the same and all monies otherwise due and owing to such Chargor;

	(vi)
	the
benefit of all rights, securities and guarantees of whatsoever nature enjoyed or held by it in relation to any Book Debts; 

4

 

	(vii)
	its
rights under any Swap Contracts;

	(viii)
	its
rights under any Treasury Management Agreement;

	(ix)
	the
benefit of all permissions of whatsoever nature and whether statutory or otherwise, held in connection with its business or the use of any Security Asset and the
right to recover and receive all compensation which may be payable to it;

	(x)
	its
Intellectual Property now or in the future subject to any necessary (as at the date of this Deed) third party's consent to such charge being obtained. To the extent
that such Intellectual Property is not capable of being charged (whether by reason of lack of any such consent or otherwise) the charge purported to be effected by this
Clause 2(b)(x) shall operate as an assignment of any and all damages, compensation, remuneration, profit, rent or income which any Chargor may derive from such Intellectual Property or
be awarded or entitled to in respect of such Intellectual Property as continuing security for the payment, discharge and performance of the Secured Liabilities

	(c)
	mortgages
and charges and agrees to mortgage and charge to the Administrative Agent (as agent and trustee for the Secured Parties) all Group Shares held now or in the future by it
and/or any nominee on its behalf, the same to be a security by way of a first mortgage; and

	(d)
	mortgages
and charges and agrees to mortgage and charge to the Administrative Agent (as agent and trustee for the Secured Parties) all the Related Rights accruing to all or any of the
Group Shares held now or in the future by it and/or any nominee on its behalf, the same to be a security by way of a first mortgage or charge. 

PROVIDED THAT:

	(i)
	until
the occurrence of an Enforcement Event, all dividends and other distributions paid or payable as referred to in paragraph (d) above may be paid directly to
the relevant Chargor (in which case the Administrative Agent or its nominee shall execute any necessary dividend mandate) and, if paid directly to the Administrative Agent shall be paid promptly by it
to the relevant Chargor; and

	(ii)
	subject
to Clause 5.4.3 until the occurrence of an Enforcement Event, all voting rights attaching to the relevant Group Shares may be exercised by the relevant
Chargor or, where the shares have been registered in the name of the Administrative Agent or its nominee, as the relevant Chargor may direct in writing, and the Administrative Agent and any nominee of
the Administrative Agent in whose name such Group Shares are registered shall execute any form of proxy or other document reasonably required in order for the relevant Chargor to do so. 

3      Floating Charge  

3.1   Creation  

Each
Chargor as security for the payment and performance of the Secured Liabilities and in the manner specified in Clause 1.2.6 of this Deed charges in favour of the Administrative Agent (as
agent and trustee for the Secured Parties) by way of a floating charge all its assets not otherwise effectively mortgaged or charged by way of fixed mortgage or charge by Clause 2. 

5

 

3.2   Conversion by notice  

The
Administrative Agent may by notice to any Chargor convert the floating charge created by this Deed into a fixed charge in relation to all or any of such Chargor's assets specified in the notice
if: 

	(a)
	the
Administrative Agent has reasonable grounds for considering those assets to be in jeopardy, by legal process or otherwise; or

	(b)
	an
Event of Default has occurred and is continuing; or

	(c)
	the
Administrative Agent becomes aware or has reason to believe that steps have been taken which would, in the reasonable opinion of the Administrative Agent, be likely to lead to the
presentation of a petition to appoint an administrator in relation to such Chargor (or that such a petition has been presented or such an administrator has been appointed) or to wind up such Chargor
(or that such a petition has been presented). 

3.3   No waiver  

The
giving by the Administrative Agent of a notice pursuant to Clause 3.2 in relation to any class of any Chargor's assets, rights and property shall not be construed as a waiver or abandonment
of the Administrative Agent's rights to give other similar notices in respect of any other class of assets. 

4      Representations and Warranties  

4.1   Making of representations  

Each
Chargor makes the representations and warranties set out in this Clause 4 to the Administrative Agent and the other Secured Parties. The representations and warranties so set out are made
on the date of this Deed and are deemed to be made in accordance with the terms of the Credit Agreement. 

4.2   Capacity  

Each
Chargor has the capacity, power and authority to enter into this Deed and the obligations assumed by it are its legal, valid, binding and enforceable obligations subject to laws affecting
creditors' rights generally and to general principles of equity. 

4.3   Title  

The
Chargors are the sole legal and beneficial owner of the Security Assets free of any Security Interest or third party interest of any kind (other than pursuant to or as permitted by the Loan
Documents). 

4.4   Security  

This
Deed creates the various forms of security it purports to create and is not liable to be avoided or otherwise set aside on the liquidation or administration of any Chargor, or otherwise. 

4.5   Security Shares  

	4.5.1
	Each
Chargor is and will remain the sole beneficial owner of its Security Shares and, save where the Security Shares have been registered in the name of the Administrative Agent (as
agent and trustee on behalf of itself and the Secured Parties) or its nominee pursuant to this Deed, is and will remain the absolute legal owner of its Security Shares save to the extent permitted to
be disposed of under the Loan Documents. 

6

 
	4.5.2
	No
Chargor will take any action whereby the rights attaching to its Security Shares are altered or diluted in a manner adverse to the interests of the Administrative Agent or the
other Secured Parties hereunder save to the extent permitted under the Loan Documents.

	4.5.3
	The
Group Shares are fully paid and non-assessable and neither the Group Shares nor the Related Rights are subject to any options to purchase or similar rights of any
person. 

4.6   Insolvency Proceedings  

As
at the date of this Deed, the centre of main interests for each Chargor for the purposes of the Insolvency Regulation is in England and Wales. 

5      Undertakings  

5.1   Duration  

The
undertakings in this Clause 5 shall remain in force throughout the Security Period and are given by each Chargor to the Administrative Agent and the other Secured Parties. 

5.2   General  

	5.2.1
	Covenant to perform; Each Chargor shall continuously comply with the terms (both express and implied) of this Deed and any contracts
relating to the Secured Liabilities.

	5.2.2
	Restrictions on dealings: No Chargor shall:

	(a)
	create
or permit to subsist any Lien of whatsoever nature on any Security Asset other than as created by this Deed or permitted by the Loan Documents; or

	(b)
	sell,
transfer, grant, lease or otherwise dispose of any Security Asset, except for the disposal in the ordinary course of trade of any Security Asset subject to the floating charge
created by Clause 3.1 and except as provided for under the Loan Documents.

	5.2.3
	Insolvency Proceedings: Each Chargor shall maintain its centre of main interests in England and Wales for the purposes of the
Insolvency Regulation. 

5.3   Property  

	5.3.1
	Deposit of Title Deeds: For the duration of the Security Period each Chargor shall deposit with the Administrative Agent all deeds
and documents of title relating to the Mortgaged Property owned by it and any property comprised within Clause 5.3.2.

	5.3.2
	Future Acquisitions and Legal Mortgage: Each Chargor shall:

	(a)
	at
its cost, execute and deliver to the Administrative Agent, if the Administrative Agent reasonably requests, a legal mortgage (on terms no more onerous than the terms of this Deed)
in favour of the Administrative Agent of any freehold or leasehold or other interest in property which becomes vested in it after the date of this Deed; and

	(b)
	In
any event, if applicable, give H.M. Land Registry written notice of this Deed and procure that notice of it be duly noted in the Registers to each such title.

	5.3.3
	Notices: Promptly after the receipt by a Chargor of any application, requirement, order or notice served or given by any public,
local or other authority relating to any Mortgaged Property, such Chargor shall:

	(a)
	deliver
a copy to the Administrative Agent; and 

7

 

	(b)
	inform
the Administrative Agent of the steps taken or proposed to be taken by way of compliance.

	5.3.4
	Power to Remedy: After the occurrence of any Event of Default, each Chargor shall permit the Administrative Agent or its agents and
contractors:

	(a)
	to
enter on the Mortgaged Property;

	(b)
	to
comply with or object to any notice served on any Chargor relating to the Mortgaged Property; and

	(c)
	to
take any action the Administrative Agent may reasonably consider expedient to prevent or remedy any breach of any such term or to comply with or object to any such notice. 

5.4   Security Shares  

	5.4.1
	Each
Chargor shall forthwith deposit with the Administrative Agent or as the Administrative Agent may direct all bearer instruments, share certificates and other documents of title
or evidence of ownership in relation to such Group Shares as are owned by it or in which it has or acquires an interest and their Related Rights and shall execute and deliver to the Administrative
Agent all such share transfers and other documents as may reasonably be requested by the Administrative Agent in order to enable the Administrative Agent or its nominees to be registered as the owner
or otherwise to obtain a legal title to the same (in each case for the purpose of the mortgage and charge of the Security Shares under this Deed) and, without limiting the generality of the foregoing,
shall deliver (for such purpose) to the Administrative Agent on today's date executed (and, if required to be stamped, pre-stamped) share transfers for all Group Shares in favour of the
Administrative Agent and/or its nominee(s) as transferees or, if the Administrative Agent so directs, with the transferee left blank and shall procure that all such share transfers are at the request
of the Administrative Agent forthwith registered by the relevant company and that share certificates in the name of the Administrative Agent and/or such nominee(s) in respect of all Group Shares are
forthwith delivered to the Administrative Agent.

	5.4.2
	Each
Chargor shall provide the Administrative Agent with certified copies of all resolutions and authorisations approving the execution of such transfer forms and registration of
such transfers as the Administrative Agent may reasonably require.

	5.4.3
	The
Administrative Agent and its nominee may at any time after the occurrence of an Enforcement Event exercise or refrain from exercising (in the name of each Chargor, the
registered holder or otherwise and without any further consent or authority from each Chargor and irrespective of any direction given by any Chargor) in respect of the Security Shares any voting
rights and any powers or rights under the terms of the Security Shares or otherwise which may be exercised by the person or persons in whose name or names the Security Shares are registered or who is
the holder thereof, including, without limitation, all the powers given to trustees by any relevant legislation in respect of securities or property subject to a trust. No Chargor shall without the
previous consent in writing of the Administrative Agent exercise the voting rights attached to any of the Group Shares in favour of resolutions having the effect of changing the terms of the Group
Shares (or any class of them) or any Related Rights or prejudicing the security under this Deed or impairing the value of the Security Shares save as permitted under the Loan Documents. After an
Enforcement Event has occurred, each Chargor hereby irrevocably appoints the Administrative Agent or its nominees its proxy to exercise (as provided in or permitted by this Deed) all voting rights so
long as the Group Shares belonging to it remain registered in its name.

	5.4.4
	Each
Chargor during the continuance of this security will make all payments which may become due in respect of any of the Security Shares and, in the event of default in making any
such payment, the Administrative Agent may if it thinks fit make such payment on behalf of each 

8

 

Chargor.
Any sums so paid by the Administrative Agent shall be repayable by the relevant Chargor to the Administrative Agent on demand and pending such repayment shall constitute part of the Secured
Liabilities. 

	5.4.5
	It
is expressly agreed that, notwithstanding anything to the contrary contained in this Deed, each Chargor shall remain liable to observe and perform all of the conditions and
obligations assumed by it in respect of the Security Shares and the Administrative Agent shall not be under any obligation or liability by reason of or arising out of the security over the Security
Shares conferred by this Deed. The Administrative Agent shall not be required in any manner to perform or fulfil any obligation of any Chargor in respect of the Security Shares, or to make any
payment, or to receive any enquiry as to the nature or sufficiency of any payment received by them, or to present or file any claim or take any other action to collect or enforce the payment of any
amount to which they may have been or to which they may be entitled under this Deed at any time or times.

	5.4.6
	Subject
to the proviso to Clause 2(d), upon the occurrence of an Event of Default and at any time thereafter while the same is continuing the Administrative Agent shall be
entitled to put into force and exercise immediately as and when it may see fit any and every power possessed by the Administrative Agent by virtue of the security over the Security Shares conferred by
this Deed or available to a secured creditor (so that Sections 93 and 103 of the Law of Property Act 1925 shall not apply to this security) and in particular (without limitation):

	(a)
	to
sell all or any of the Security Shares in any manner permitted by law upon such terms as the Administrative Agent shall in its absolute discretion determine;

	(b)
	to
collect, recover or compromise and give a good discharge for any monies payable to any Chargor in respect of the Security Shares or in connection therewith; and

	(c)
	to
act generally in relation to the Security Shares in such manner as the Administrative Agent acting reasonably shall determine.

	5.4.7
	For
the avoidance of doubt, each Chargor agrees that the enforceability of the security over the Security Shares conferred by this Deed is not dependent on the performance or
non-performance by the Administrative Agent or any other Secured Party of its obligations under any agreement with any Chargor.

	5.4.8
	Immediately
on conversion of any of the Group Shares from certificated to certificated form, and on the creation or conversion of any other securities which are for the time being
comprised in the Security Shares in or into uncertificated form, each Chargor shall give such instructions or directions as the Administrative Agent may require in order to protect or preserve its
security.

	5.4.9
	Each
Chargor shall, immediately upon receipt of any certificate or other document evidencing any entitlement to further Security Shares, deposit it with the Administrative Agent
together with such share transfer forms in blank and other documents as the Administrative Agent may reasonably require. 

6      When Security becomes Enforceable  

The
security constituted by this Deed shall become immediately enforceable and the power of sale and other powers conferred by section 101 of the Law of Property Act 1925, as varied or amended
by this Deed, shall be immediately exercisable upon and at any time after the occurrence of any Event of Default and whilst the same is continuing after which the Administrative Agent may enforce all
or any part of the security in accordance with the terms of the Credit Agreement. 

9

   7      Enforcement of Security  

7.1   General  

	7.1.1
	For
the purposes of all powers implied by statute, the Secured Liabilities are deemed to have become due on the date of this Deed.

	7.1.2
	Section 103
of the Law of Property Act (restricting the power of sale) and section 93 of the Law of Property Act 1925 (restricting the right of consolidation) do not
apply to the security constituted by this Deed.

	7.1.3
	The
statutory powers of leasing conferred on the Administrative Agent are extended so that, without the need to comply with any provision of section 99 or 100 of the Law of
Property Act 1925, the Administrative Agent is empowered to lease, make agreements for leases, accept surrenders of leases and grant options as the Administrative Agent may think fit. 

7.2   Administrative Agent of the Chargors  

For
all purposes each Receiver is deemed to be in the same position as a Receiver duly appointed by a mortgagee under the Law of Property Act 1925. Every Receiver shall be the agent of the Chargor in
respect of which he was appointed unless and until a liquidator shall be appointed of that Chargor, whereafter such Receiver shall act as principal but shall not become the agent of the Administrative
Agent. That Chargor alone shall be responsible for the receiver's contracts, engagements, commissions, omissions, defaults and losses and for liabilities incurred by him. The Administrative Agent
shall not incur any liability of whatsoever nature (either to the Chargors or to any other person) by reason of the Administrative Agent making his appointment as a Receiver or for any other reason. 

7.3   Mortgagee in Possession—No Liability  

None
of the Administrative Agent, any other Secured Party or any Receiver will be liable, by reason of entering into possession of a Security Asset, to account as mortgagee in possession or for any
loss on realisation or for any default or omission for which a mortgagee in possession might otherwise be liable. 

7.4   Privileges  

Each
Receiver and the Administrative Agent is entitled to all the rights, powers, privileges and immunities conferred by the Law of Property Act 1925 on mortgagees and receivers when such receivers
have been duly appointed under that Act, except that section 103 of that Act does not apply. 

7.5   Protection of third parties  

No
person (including a purchaser) dealing with the Administrative Agent or a Receiver or its or his agent need enquire: 

	(a)
	whether
the Secured Liabilities have become payable; or

	(b)
	whether
any power purported to be exercised has become exercisable; or

	(c)
	whether
any money remains due; or

	(d)
	how
any money paid to the Administrative Agent or to the Receiver is to be applied. 

10

 

7.6   Redemption of prior Mortgages  

At
any time after the security constituted by this Deed has become enforceable, the Administrative Agent or any Receiver may, in the case of the Administrative Agent at the sole cost of the Chargors
(payable to the Administrative Agent on demand) and in the case of a Receiver as an expense of the Receiver's receivership; 

	(a)
	redeem
any interest by way of security for the time being and from time to time ranking in point of security in priority to any of the security constituted by this Deed; and/or

	(b)
	(in
the case of a redemption by the Administrative Agent) procure the transfer of that interest by way of security to itself; and/or

	(c)
	settle
and pass the accounts of any prior mortgagee, chargee or encumbrancer which once so settled and passed shall be conclusive and binding on the Chargors. 

8      Receiver  

8.1   Appointment of Receiver  

At
any time after the security constituted by this Deed becomes enforceable, or, at any time if so requested by any Chargor in writing, the Administrative Agent may (but shall not be obliged) without
further notice (and whether or not the relevant Chargor shall have been accorded sufficient or any time in which to satisfy any relevant indebtedness) from time to time, and notwithstanding that, if
such be the case, one or more than one Receiver shall have been appointed in respect of all or any of the Security Assets pursuant to this Clause and not removed from such Security Assets, appoint in
writing, under the hand of any manager of the Administrative Agent, a Receiver of the Security Assets or any of them and, where so requested by a Chargor, whether or not those Security Assets shall
belong to that Chargor. 

8.2   Relationship with the Administrative Agent  

To
the fullest extent permitted by law, any right, power or discretion conferred by this Deed (be it express or implied) upon a Receiver of any Security Assets may, after the security created by this
Deed has become enforceable, be exercised by the Administrative Agent in relation to any Security Asset either: 

	(a)
	without
first appointing a Receiver; or

	(b)
	notwithstanding
the appointment of a Receiver. 

8.3   Removal  

The
Administrative Agent may by writing under its hand (subject to Section 45 of the Insolvency Act 1986 (any requirement for an order of the court in the case of an administrative receiver)): 

	(a)
	remove
any Receiver appointed by it; and

	(b)
	whenever
it deems it necessary or desirable, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated. 

8.4   Remuneration  

The
Administrative Agent may, from time to time, fix the remuneration of any Receiver and direct payment of the same out of monies accruing to him in the exercise of his powers, authorities and
discretions by or pursuant to this Deed, but the Chargor in respect of which any Receiver shall have been appointed shall alone be liable for the payment of that remuneration. 

11

 

9      Powers of Receiver  

9.1   General  

	9.1.1
	In
addition to those conferred by the Law of Property Act 1925 on any receiver appointed under that Act, each Receiver has, and is entitled to exercise, all of the rights, powers
and discretions set out in this Deed. The powers, authorities and discretions conferred by or pursuant to this Deed in relation to the Security Assets on the Administrative Agent or any Receiver shall
be in addition to, and not in substitution for, the powers conferred on mortgagees or receivers under the Law of Property Act 1925, and, where there is any ambiguity or conflict between the powers,
authorities and discretions contained in that Act and those conferred by or pursuant to this Deed, the terms of this Deed shall prevail.

	9.1.2
	If
there is more than one Receiver holding office at the same time, unless the document appointing him states otherwise, each Receiver may exercise all of the powers conferred on a
Receiver under this Deed individually and to the exclusion of any other Receivers.

	9.1.3
	A
Receiver who is an administrative receiver of a Chargor has all the rights, powers and discretions of an administrative receiver under the Insolvency Act 1986.

	9.1.4
	A
Receiver may, in the name of the relevant Chargor if he so wishes:

	(a)
	do
all other acts and things which he may consider necessary or desirable for realising any Security Asset or incidental or conducive to any of the rights, powers or discretions
conferred on a Receiver under or by virtue of this Deed; and

	(b)
	do
and exercise in relation to any Security Asset all the powers, authorities and things which he would be capable of exercising as if he were its absolute beneficial owner. 

9.2   Borrow and Lend Money  

A
Receiver may raise and borrow money (either unsecured or on the security of any Security Asset, either in priority to, pari passu with, or subsequent to, the security constituted by this Deed or
otherwise) and may lend money either with or without security in the case of either borrowing or lending money on any other terms and for whatever purpose which he thinks fit. No person lending that
money need enquire as to the propriety or purpose of the exercise of that power or to check the application of any money so raised or borrowed. 

9.3   Carry on Business  

A
Receiver may carry on, manage or concur in the carrying on or managing of, the business for the time being and from time to time of the relevant Chargor in such manner as he may reasonably think
fit, including, without limitation, power to perform, repudiate, rescind, compromise, amend or vary any contract, instrument or agreement to which the relevant Chargor shall for the time being and
from time to time be a party. 

9.4   Compromise  

A
Receiver may settle, adjust, refer to arbitration, compromise and arrange any claims, accounts, disputes, questions and demands with or by any person who is or claims to be a creditor of the
relevant Chargor or relating in any way to any Security Asset. 

12

 

9.5   Employees  

Either
in connection with any exercise by the Receiver of his powers by or pursuant to this Deed or otherwise for any purpose connected with any of the Security Assets, a Receiver may: 

	(a)
	appoint
and discharge managers, officers, agents, accountants, servants, workmen and others upon such terms as to remuneration or otherwise as he may think proper; and

	(b)
	discharge
any such persons appointed by the relevant Chargor. 

9.6   Leases  

A
Receiver may grant, or concur in the grant of, any leases or licences of any Security Asset for any term on any terms which he reasonably thinks fit (including, without limitation, at a rent or fee
with or without a premium) and may accept a surrender of any lease or licence of any Security Asset on any terms which he reasonably thinks fit (including, without limitation, the payment of money to
a lessee or licensee on a surrender). 

9.7   Legal actions  

A
Receiver may bring, prosecute, enforce, defend and abandon all actions, suits and proceedings to the relevant Chargor or its Security Assets as he reasonably thinks fit. 

9.8   Possession  

A
Receiver may take immediate possession of, get in, and/or collect the Security Assets of the relevant Chargor and, for that purpose, to enter upon its property or any other premises at which its
Security Assets are for the time being and from time to time located and sever, dismantle or remove the same or any fixtures for the time being and from time to time therefrom without being liable for
any loss or damage thereby occasioned. 

9.9   Protection of Assets  

A
Receiver may, in each case as he may reasonably think fit: 

	(a)
	make
and effect, and concur in the making and effecting of, all repairs, maintenance, decoration, provision of all services (including, without limitation, lighting, heating and
cleansing) structural and other alterations, improvements, additions and development in or to the Security Assets and do anything else in connection with the Security Assets which he may think fit or
which he may deem proper for the efficient use or management of the Security Assets, as well as for the protection as for the improvement of the Security Assets or for the protection of the security
hereby constituted;

	(b)
	commence
and/or complete any building operations on the Mortgaged Property or other Security Asset;

	(c)
	apply
for and maintain any planning permission, building regulation, approval or any other permission, consent or licence in relation to the Security Assets; and

	(d)
	effect
and maintain insurances in respect of the Security Assets. 

9.10 Receipts  

A
Receiver may give valid receipts for all monies and execute all deeds or documents (including, without limitation, with full power to convey any assets sold in the name of the relevant Chargor) as
may be necessary or appropriate in the name of, or on behalf of the relevant Chargor for the 

13

 

purpose
of exercising any of the powers, authorities and discretions conferred on the Receiver by or pursuant to this Deed and to use the name of the relevant Chargor for all or any of such powers,
authorities and discretions, for which purpose the relevant Chargor hereby irrevocably appoints every such Receiver to be its attorney. 

9.11 Sale of assets  

A
Receiver may sell, exchange, convert into money and realise any Security Asset by public auction, tender or private treaty in any manner and on any terms and with or without such advertisement and
in such lot or lots and together or separately as the Receiver reasonably thinks fit. The consideration for any such transaction may consist of cash, debentures or other obligations, shares, stock or
other valuable consideration and any such consideration may be payable in a lump sum or by instalments spread over such period as the Receiver thinks fit. Fixtures may be severed and sold separately
from the property containing them without the consent of the relevant Chargor. 

9.12 Subsidiaries  

A
Receiver may promote the formation of a or purchase a newly formed, or concur in the promotion of the formation of a or purchase a newly formed, subsidiary and/or subsidiaries of any Chargor with a
view to the same purchasing, leasing, licensing or otherwise acquiring all or any of the assets of that
Chargor and the Receiver may sell, lease, license or otherwise dispose all or any of the assets of that Chargor to such subsidiary or subsidiaries on such terms as he shall think fit. 

9.13 Exercise of Rights  

A
Receiver may exercise or permit the relevant Chargor or any nominee of the relevant Chargor to exercise any powers or rights incidental to the ownership of its Security Assets in such manner as the
Receiver may reasonably think fit and, in particular (as regards any shares, stock or other securities for the time being and from time to time included in its Security Assets), any rights for the
time being and from time to time attached thereto. 

9.14 Uncalled capital  

A
Receiver may call up all or any portion of any uncalled capital of a Chargor. 

9.15 Professional advice  

A
Receiver may appoint a solicitor or accountant or other professionally qualified person to advise or assist it in the exercise of any of the powers, authorities and discretions by or pursuant to
these presents or otherwise for any purpose connected with its Security Assets, and may discharge any such person. 

9.16 Seal  

A
Receiver may use a Chargor's seal. 

14

 

10    Application of Proceeds  

Any
monies received by the Administrative Agent or any Receiver after this Deed has become enforceable shall be applied in accordance with Section 9.03(b) of the Credit Agreement: 

11    Expenses and Indemnity  

Promptly
upon demand, each Chargor shall pay all other costs and expenses (including reasonable legal fees and VAT) incurred from time to time in connection with the enforcement of or preservation of
rights under this Deed by the Administrative Agent, the Secured Parties or any Receiver, attorney, manager, agent (including their counsel) or other person appointed by the Administrative Agent under
this Deed or by statute, and keep each of them indemnified against any failure or delay in paying the same. 

12    Delegation  

The
Administrative Agent and any Receiver may, for the time being and from time to time, delegate by power of attorney or in any other manner (including, without limitation, under the hand of any
manager of the Administrative Agent) to any person any right, power or discretion exercisable by the Administrative Agent or such Receiver (as the case may be) under this Deed. Any such delegation may
be made upon the terms (including, without limitation, power to sub-delegate) and subject to any regulations which the Administrative Agent or such Receiver (as the case may be) may
think fit. Neither the Administrative Agent nor any Receiver will be in any way liable or responsible to any Chargor for any loss or liability arising from any act, default, omission or misconduct on
the part of any such delegate or sub-delegate selected by the Administrative Agent or such Receiver with due care who shall be entitled to all the indemnities to which his appointor is
entitled under this Deed. 

13    Further Assurances  

Each
Chargor shall, at its own expense, execute and do all such acts, deeds and things (including, without limitation, payment of all stamp duties and registration fees) the Administrative Agent or a
Receiver may reasonably require for: 

	(a)
	perfecting
or better perfecting or protecting or better protecting the security intended to be created by this Deed over any Security Asset; and

	(b)
	after
the security constituted by this Deed has become enforceable, facilitating the realisation of any Security Asset or the exercise of any right, power or discretion exercisable,
by the Administrative Agent or any Receiver in respect of any Security Asset, in accordance with the terms of the Credit Agreement. 

14    Power of Attorney  

Upon
the occurrence of an Event of Default and while the same is continuing, each Chargor, by way of security, irrevocably and severally appoints the Administrative Agent, each Receiver and any of
their designees, agents, delegates or sub-delegates to be its attorney and on its behalf and in its name or otherwise to execute and do all such acts, deeds and things which such Chargor
is obliged to take under this Deed and generally, on its behalf and in its name, to exercise all or any of the powers, authorities and discretions conferred by or pursuant to this Deed on the
Administrative Agent or any Receiver. Each Chargor hereby ratifies and confirms and agrees to ratify and confirm whatever any attorney does or purports to do pursuant to its appointment under this
Clause. 

15

 

15    Continuing Security  

15.1 Additional Security  

The
security constituted by this Deed is in addition to and is not in any way prejudiced by any other security now or subsequently held by the Administrative Agent or any other Secured Party for any
of the Secured Liabilities. 

15.2 Continuing Security  

The
security constituted by this Deed is continuing and will extend to the ultimate balance of all the Secured Liabilities, regardless of any intermediate payment or discharge in whole or in part. 

15.3 Reinstatement  

If
any payment by a Chargor or any discharge given by the Administrative Agent or any other Secured Party (whether in respect of the obligations of any Chargor or any security for those obligations or
otherwise) is avoided or reduced as a result of insolvency or any similar event: 

	(a)
	the
liability of each Chargor shall continue as if the payment, discharge, avoidance or reduction had not occurred; and

	(b)
	the
Administrative Agent or that Secured Party shall be entitled to recover the value or amount of that security or payment from each Chargor, as if the payment, discharge, avoidance
or reduction had not occurred. 

15.4 Waiver of defences  

The
obligations of each Chargor under this Deed will not be affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under
this Deed (without limitation and whether or not known to it or the Administrative Agent) including: 

	(a)
	any
time, waiver or consent granted to, or composition with, any Charger or Loan Party or other person;

	(b)
	the
release of any other Chargor or Loan Party or any other person under the terms of any composition or arrangement with any creditor of any Chargor or Loan Party or any other
person;

	(c)
	the
taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Chargor
or Loan Party or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full
value of any security;

	(d)
	any
incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Chargor or Loan Party or any other person;

	(e)
	any
amendment (however fundamental) or replacement of a Loan Document or any other document or security;

	(f)
	any
unenforceability, illegality or invalidity of any obligation of any person under any Loan Document or any other document or security; or

	(g)
	any
insolvency or similar proceedings. 

16

 

15.5 Immediate recourse  

Each
Chargor waives any right it may have of first requiring the Administrative Agent or any other Secured Party to proceed against or enforce any other rights or security or claim payment from any
person before enforcing the security constituted by this Deed. This waiver applies irrespective of any law or any provision of a Loan Document to the contrary. 

15.6 Appropriations  

At
any time after the security constituted by this Deed has become enforceable and until all the Secured Liabilities have been irrevocably paid in full, the Administrative Agent may: 

	(a)
	refrain
from applying or enforcing any other monies, security or rights held or received by the Administrative Agent in respect the Secured Liabilities, or apply and enforce the same
in accordance with Clause 10 and no Chargor shall be entitled to the benefit of the same; and

	(b)
	hold
in an interest-bearing suspense account any monies received from any Chargor or on account of any Chargor's liability in respect of the Secured Liabilities. 

15.7 Deferral of Chargors' rights  

Until
all the Secured Liabilities have been irrevocably paid in full and unless the Administrative Agent otherwise directs, no Chargor will exercise any rights which it may have by reason of
performance by it of its obligations under the Loan Documents: 

	(a)
	to
be indemnified by any other Chargor or any Loan Party;

	(b)
	to
claim any contribution from any other guarantor of any other Chargor's or Loan Party's obligations under the Loan Documents; and/or

	(c)
	to
take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any of the Administrative Agent's rights under the Loan Documents or of any other guarantee
or security taken pursuant to, or in connection with, the Loan Documents by the Administrative Agent. 

16    Miscellaneous  

16.1 Covenant to pay  

Each
Chargor shall pay or discharge the Secured Liabilities in the manner provided for in any document creating or evidencing the Secured Liabilities and/or otherwise as agreed from time to time. 

16.2 Land Registry  

Each
Chargor hereby applies to the Chief Land Registrar for the registration against the registered titles specified in Schedule 2 of the following: 

	(a)
	a
restriction in the following terms: 

"no
disposition of the registered estate by the proprietor of the registered estate or by the proprietor of any registered charge is to be registered without a written consent signed by the proprietor
for the time being of the charge dated    August 2004 in favour of Bank of America, N.A. (as agent and trustee for itself and others) referred to in the charges register or, if
appropriate, signed on such proprietor's behalf by an authorised officer of Bank of America, N.A. 

17

 

	(b)
	a
notice that under the provisions of this Deed the Secured Parties are under an obligation to make further advances. 

16.3 New Accounts  

If
any Secured Party receives, or is deemed to be affected by, notice, whether actual or constructive, of any subsequent charge or other interest affecting any Security Asset and/or the proceeds of
sale of any Security Asset, such Secured Party may open a new account for any Chargor. If such Secured Party does not open a new account, it shall nevertheless be treated as if it had done so at the
time when it received or was deemed to have received notice. As from that time all payments made to such Secured Party will be credited or be treated as having been credited to the new account and
will not operate to reduce any amount for which this Deed is security and, furthermore, such Secured Party shall be under no obligation to advance any monies or provide or continue to provide any
credit facility under the Loan Documents. 

16.4 Tacking  

Each
Secured Party, by the Administrative Agent's execution of this Deed, covenants with each Chargor that it shall perform its obligations under any document creating or evidencing the Secured
Liabilities (including any obligation to make available further advances). 

16.5 Separate Charges  

This
Deed shall, in relation to each Chargor, be read and construed as if it were a separate Deed relating to such Chargor to the intent that if any Lien created by any other Chargor in this Deed
shall be invalid or liable to be set aside for any reason, this shall not affect any Lien created under this Deed by such first Chargor. 

16.6 Invalidity  

If,
at any time, any provision of this Deed is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions will not
in any way be affected or impaired. 

16.7 Trust  

	16.7.1
	The
Administrative Agent shall hold the benefit of the covenants, mortgages, assignments and charges given by each Chargor in this Deed upon trust for the Secured Parties.

	16.7.2
	The
perpetuity period for each trust created by this Deed shall be 80 years. 

17    Release  

Upon
the expiry of the Security Period (but not otherwise), the Administrative Agent shall, at the request and cost of the Chargors, take whatever action is necessary to release the Security Assets
from the security constituted by this Deed and/or reassign the benefit of the Security Assets to the Chargors. 

18    Rights and Remedies  

The
rights of the Administrative Agent under this Deed are cumulative, may be exercised as often as considered appropriate and are in addition to the general law. Such rights (whether arising
hereunder or under the general law) shall not be capable of being waived or varied otherwise than by an express waiver or variation in writing and, in particular, any failure to exercise or delay in
exercising any of such rights shall not operate as a waiver or variation of that or any other such 

18

 

right,
any defective or partial exercise of any such rights shall not preclude any other or further exercise of that or any other such right, and no act or course of conduct or negotiation by the
Administrative Agent or on its behalf shall in any way preclude it from exercising any such right or constitute a suspension or any variation of any such right. 

19    Notices  

19.1 Delivery and Receipt  

Any
communications to be made under or in connection with this Deed shall be made in writing, may be made by letter or facsimile and shall be deemed to be given as follows: 

	(a)
	if
by way of letter, when it has been left at the relevant address or two Business Days after being deposited in the post with postage prepaid in an envelope addressed to it at that
address; and

	(b)
	if
by facsimile, when received in legible form, save that any notice delivered or received on a non-Business Day or after business hours shall be deemed to be given on the
next Business Day at the place of delivery or receipt. 

19.2 Addresses  

	19.2.1
	Each
Chargor's address and facsimile number for notices are: 

	c/o GFI Group Inc.

100 Wall Street

New York, NY 10005
	

Attention:	
 	

Jim Peers
	Facsimile:	 	+1 212 968 4124
	

With a copy to:
	

GFI Group Inc.

100 Wall Street

New York, NY 10005
	

Attention:	
 	

Scott Pintoff
	Facsimile:	 	+1 212 968 4124

or
such as the Company may notify to the Administrative Agent by not less than 10 days' notice. 

	19.2.2
	The
Administrative Agent's address and facsimile number for notices are: 

	

101 North Tryon Street

Charlotte, NC 28255 Mail Code: NC1-001-15-02
	

Attention:	
 	

Cindy King
	Facsimile:	 	+1 704 409 0180

or
such as the Administrative Agent may notify to the Chargors by not less than 10 days' notice. 

20    Governing Law and Jurisdiction  

20.1 Governing Law  

This
Deed is governed by English law. 

19

 

20.2 Jurisdiction  

	20.2.1
	The
courts of England have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Deed) (a Dispute).

	20.2.2
	The
parties agree that the courts of England are appropriate and convenient courts to settle Disputes and accordingly no party will argue to the contrary.

	20.2.3
	No
party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, a party may take concurrent
proceedings in any number of jurisdictions. 

20.3 Process agent acceptance  

For
the benefit of the Secured Parties, GFI Holdings Limited irrevocably accepts its appointment by each of GFI Group LLC and GFInet Inc under the respective mortgages of shares executed or to be
executed by them in favour of the Administrative Agent (as agent and trustee for the Secured Parties). 

This
Deed has been entered into as a deed on the date stated at the beginning of this Deed. 

20

   Schedule 1—The Chargors  

	    	 	 
	    	 	 
	    	 	 
	    	 	 
	GFI Holdings Limited	 	 
	

Registered Number:	
 	

3405222
	Jurisdiction of Incorporation:	 	England and Wales
	    	 	 
	    	 	 
	Fenics Limited	 	 
	

Registered Number:	
 	

3027028
	Jurisdiction of Incorporation:	 	England and Wales
	    	 	 
	    	 	 
	Fenics Software Limited	 	 
	

Registered Number:	
 	

3108922
	Jurisdiction of Incorporation:	 	England and Wales
	    	 	 
	    	 	 
	GFINet Europe Limited	 	 
	

Registered Number:	
 	

3996781
	Jurisdiction of Incorporation:	 	England and Wales

21

 

Schedule 2—Mortgaged Property  

None
at the date of this Deed. 

22

 

Schedule 3—Group Shares  

	Chargor
 
	 	Company Name
 
	 	Type of Share
 
	 	Number of Shares
 

	

GFI Holdings Limited	
 	

GFI Securities Limited	
 	

Ordinary	
 	

4,858,359
	

GFI Holdings Limited	
 	

GFI Brokers Limited	
 	

Ordinary	
 	

1,250,000
	

Fenics Limited	
 	

Fenics Software Limited	
 	

Ordinary	
 	

3,472,683
	

GFINet Europe Limited	
 	

GFINet UK Limited	
 	

Ordinary	
 	

4,000,000

23

   Signatories  

	    	 	 
	    	 	 
	The Chargors	 	 
	

Executed as a deed
 GFI Holdings Limited

acting by two of its directors

or one director and its secretary	
 	

 
	 	 	/s/  Andrew J. Macleod      
 Director
	

 	
 	

/s/  Stephanie Turk      
 Director/Secretary
	

Executed as a deed by
 Fenics Limited

acting by two of its directors

or one director and its secretary	
 	

 
	 	 	/s/  Andrew J. Macleod      
 Director
	

 	
 	

/s/  Stephanie Turk      
 Director/Secretary
	

Executed as a deed by
 Fenics Software Limited

acting by two of its directors

or one director and its secretary	
 	

 
	 	 	/s/  Andrew J. Macleod      
 Director
	

 	
 	

/s/  Stephanie Turk      
 Director/Secretary
	

Executed as a deed by
 GFINET Europe Limited

acting by two of its directors

or one director and its secretary	
 	

 
	 	 	/s/  Andrew J. Macleod      
 Director
	

 	
 	

/s/  Stephanie Turk      

	    	 	 	 	 
	    	 	 	 	 
	The Administrative Agent	 	 
	
Bank of America, N.A. as Administrative Agent	
 	

 
	

By:	
 	

 	
 	

 
	 	 	
	 	 
	

Name:	
 	

 	
 	

 
	 	 	
	 	 
	

Title:	
 	

 	
 	

 
	 	 	
	 	 

24

 

Signatories  

	    	 	 
	    	 	 
	The Chargors	 	 
	

Executed as a deed by
 GFI Holdings Limited

acting by two of its directors

or one director and its secretary	
 	

 
	 	 	
 Director
	

 	
 	

 Director/Secretary
	

Executed as a deed by
 Fenics Limited

acting by two or its directors

or one director and its secretary	
 	

 
	 	 	
 Director
	

 	
 	

 Director/Secretary
	

Executed as a deed by
 Fenics Software Limited

acting by two of its directors

or one director and its secretary	
 	

 
	 	 	
 Director
	

 	
 	

 Director/Secretary
	

Executed as a deed by
 GFINET Europe Limited

acting by two or its directors

or one director and its secretary	
 	

 
	 	 	
 Director
	

 	
 	

 Director/Secretary

	    	 	 	 	 
	    	 	 	 	 
	The Administrative Agent	 	 
	
Bank of America, N.A. as Administrative Agent	
 	

 
	

By:	
 	

/s/  SEAN W. CASSIDY      
	
 	

 
	

Name:	
 	

Sean W. Cassidy	
 	

 
	

Title:	
 	

Principal	
 	

 

25Exhibit
10.4

 

	
   

  
	
   

  
	
   

  	
   

  	
   

  

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(“Agreement”), dated as of July 17, 2000, between JERSEY PARTNERS, INC. d/b/a
GFI GROUP INC. a New York corporation having its principal offices at 100 Wall
Street, New York, New York 10005 (“GFI”) and Donald Fewer, residing at 455
Powell Street, Staten Island, New York 10312 (“FEWER”).

 

WITNESSETH

 

WHEREAS, upon the terms and conditions hereinafter set forth, GFI desires to
secure the exclusive services of Fewer, Fewer desires to be employed
exclusively by GFI, and both parties hereto recognize that certain of Fewer’s
services are valuable, unique and irreplaceable.

 

NOW, THEREFORE, in consideration of the mutual premises and the undertakings
contained herein, it is agreed as follows:

 

1.                                       Employment. 
Subject to the terms and conditions hereof, GFI agrees to employ the
exclusive services of Fewer as a Senior Managing Director and President, as
that position is described by GFI in the ordinary course of its business.   Fewer hereby accepts such employment and
agrees to serve GFI and any entity related to GFI, as designated by GFI, that
is directly or indirectly controlled by, or under common control with GFI
(“Related Entity”), fully, diligently, completely and to the best of Fewer’s
abilities. Fewer shall perform such duties and functions not inconsistent with
those performed by other similarly situated GFI employees as well as such
duties as shall from time to time be specified by the President of GFI or any
designee.

 

2.                                       Term. 
Fewer’s employment under this Agreement with GFI shall commence on July
17, 2000 and shall terminate July 16, 2002 (“Initial Term”).  The Initial Term shall extend and this
Agreement shall renew automatically for successive two year periods
(“Subsequent Terms”), until either party gives to the other three (3) months
written notice, prior to the expiry of the applicable Initial or Subsequent
Term (the “Notice Period”), of its intention not to extend this Agreement for
any Subsequent Term.

 

3.                                       Compensation and Benefits.  For
the full and faithful performance of the services to be rendered by Fewer and
in consideration of Fewer’s obligations under Paragraph 5 below, and provided
Fewer is not in breach of this Agreement, GFI shall pay to Fewer and Fewer
shall be entitled to receive:

 

(i)  compensation at the rate of $ 500,000 per
annum to be paid in accordance with GFI’s normal payroll practices (“Base
Salary”);

 

(ii)  an additional discretionary bonus in an
amount to be determined by GFI, at its sole and absolute subjective discretion
(“Additional Bonus”);

 

(iii)  all employee benefit plans and insurance
programs generally available to similarly situated GFI employees; and

 

 

(iv)  upon the prior approval of GFI and in
accordance with its existing policies and procedures, reimbursement for
reasonable travel, meal, entertainment and out-of-pocket expenses incurred by
Fewer on behalf of GFI.

 

4.                                       Termination.

 

A.                                   Death and Disability. This Agreement may be immediately
terminated by GFI if Fewer dies or if Fewer fails to perform substantially all
of his duties and obligations hereunder due to illness, other physical or
mental incapacity or any other reason, for a period of forty-five (45)
consecutive days, or sixty 60 days in the aggregate during any twelve month
period.  Fewer or his legal
representatives, as applicable, shall be entitled to all of Fewer’s
compensation prorated to the date of termination of this Agreement under this
paragraph 4(A).

 

B.                                     With Cause.  GFI may terminate Fewer’s
employment hereunder for cause at any time forthwith and without any notice or
liability to Fewer. Cause shall mean (i) Fewer’s continuing failure to comply
with the terms of this Agreement (except by reason of documented illness or
other physical or mental incapacity) after GFI tendered Fewer no less than five
(5) days notice of such failure (no notice or right to cure is applicable to a
breach of paragraph “5” except as provided therein); (ii) engagement in conduct
injurious to the Company or any Related Entity or to the reputation of either;
(iii) material disregard of any notice, policy or rule adopted by the Company
or any Related Entity; (iv) conviction or committal , during Employee’s
employment with the Company, of a crime constituting a misdemeanor relating to
moral turpitude, a felony or a plea of nolo  contendere with
respect to same; (v) Fewer’s breach of paragraph “5” of this Agreement or (vi)
Fewer’s failure to pass all examinations, complete all training, or obtain all
licenses and approvals mandated or recommended by any ordinance or regulation
of any governmental, regulatory, self-regulatory, or private body or
organization having jurisdiction or supervisory authority over Fewer’s conduct,
GFI’s business or otherwise over any of Fewer’s undertakings required under
this Agreement.

 

5.                                       Additional Covenants.

 

A.                                   Confidential and/or Proprietary Information. 
Fewer shall maintain proper files and records relating to work performed
by Fewer pursuant to this Agreement. 
All such files and records are the exclusive property of GFI and shall
be delivered to GFI by Fewer upon the termination of Fewer’s employment with
GFI.  Fewer agrees to treat as material
confidential and proprietary to GFI the data or information used, gained or
created by Fewer in the course and during the period of employment with GFI and
any Related Entity, including prior to the entry of this Agreement, or that was
gained by Fewer prior to Fewer’s employment with GFI and that relates to the
type of businesses conducted by GFI and each of its Related Entities.  This data shall include, without limitation,
all customer pricing information, telephone numbers, addresses of and personal
information about Traders and other Dealer representatives, profit and loss
statements, productivity data, financial models, computer software programs,
source and other codes, information about direct communication lines,
electronic and voice trading systems, screen systems and wiring instructions,
GFI business prospects and opportunities, and all other information about or
gained from any customer to whom GFI or any Related Entity provided services
during Fewer’s employment with GFI (“GFI Customers”).   During the term of this Agreement, and for three (3) years
thereafter, Fewer shall not, directly or indirectly, use any such confidential
or proprietary information, nor disclose the same to any other person or entity
for any reason or purpose whatsoever, except on behalf of GFI

 

2

 

or
as consented to in writing by GFI in advance (which consent may be withheld by
GFI at its sole discretion).

 

B.                                     Assignment of Rights. 
Fewer hereby assigns to GFI all of Fewer’s intellectual property and
other rights Fewer may have possessed with regard to any aspect of GFI’s and
Related Entity’s business, works-in-progress, and business opportunities, and
to any relationship with any GFI Customers, vendors who provide services to
GFI, and independent contractors who are performing services for GFI, including
with regard to these existing prior to Fewer’s employment with GFI under this
Agreement.

 

C.                                     Solicitation of Employees. 
During the term of this Agreement and for a period of sixteen (16)
months thereafter, Fewer shall not directly or indirectly employ, solicit the
employment of, attempt to affiliate for profit with, or otherwise encourage any
employee of GFI to terminate employment with GFI or a Related Entity for the
benefit of Fewer or any other party.

 

D.                                    Non-Solicitation, Non-Competition.  
(i)  Recognizing the special
importance to GFI of this subparagraph “D” of paragraph “5”, the parties hereto
agree that in addition to other consideration tendered by GFI to Fewer, GFI
shall pay and Fewer shall accept eligibility to receive the Additional Bonus as
added compensation for Fewer’s compliance with the provisions of this
subparagraph “D”.  Moreover, during the
periods contemplated by subparagraphs (ii) and (iii) GFI may also pay Fewer the
Base Salary and Additional Bonus less the value of GFI’s damages, if any, such
payment to be made and commenced within twenty (20) business days of Fewer’s
receipt of written demand from Fewer for such payment, which demand shall
detail and identify Fewer’s new employer and the precise nature of his
contemplated new employment;

 

(ii)   Fewer agrees to refrain, directly or indirectly,
during the Initial Term, any Subsequent Terms, and for two hundred and sixty
(260) business days thereafter (collectively the “Period of Restriction”), from
accepting business from, doing business with, inducing or soliciting any GFI
Customers to whom Fewer provided any services while employed by GFI, to do
business with Fewer or any other person or entity except on behalf of GFI or as
authorized in writing by GFI;

 

(iii)  After expiration of the Initial Term or any
Subsequent Term, as applicable, Fewer may engage in activities competitive with
those rendered by GFI, so long as Fewer refrains from performing such services
within the New York metropolitan area during the one hundred and ninety
(190) business days following termination of this Agreement.  Except as permitted under this Agreement,
during the Period of Restriction, Fewer agrees to refrain, directly or
indirectly, from having any interest in any brokerage business (except save by
way of portfolio investment in shares quoted on a recognized stock exchange),
whether as a shareholder, director, officer, employee, partner, proprietor,
joint venturer, consultant or otherwise;

 

(iv)  notwithstanding anything else contained
herein to the contrary, it is specifically acknowledged by the parties as a
condition of entering into this Agreement that during the Notice Period GFI may
elect to reassign Fewer to different duties and responsibilities including
those requiring assignment of Fewer to a different place of employment.  During the Notice Period, GFI shall continue
to provide to Fewer the compensation and benefits set forth in paragraph “3”
herein, provided that Fewer is not otherwise in default of his obligations
hereunder; and

 

3

 

(v)                                 FEWER ACKNOWLEDGES THAT HE UNDERSTANDS THE
PROHIBITIONS CONTAINED IN SUBPARAGRAPH “D” OF PARAGRAPH “5” AND THAT HE HAS
RECEIVED ADDED COMPENSATION THAT HE WOULD NOT OTHERWISE BE ENTITLED TO RECEIVE,
IN ORDER TO INSURE HIS COMPLIANCE WITH SAID PROVISIONS AND TO REMOVE OR
OTHERWISE WAIVE ANY POSSIBILITY, CLAIM OR ASSERTION THAT HIS COMPLIANCE WILL
IMPOSE ANY UNDUE HARDSHIP UPON HIM.

 

E.                                      Additional Remedies.  (i)
If GFI so elects, GFI shall be entitled, in addition to all other remedies
available, including but not limited to actual, compensatory and punitive
damages, to obtain damages and reimbursement of its actual attorneys fees and
disbursements for any breach of this Agreement or to specifically enforce the
performance by Fewer and to enjoin the violation by Fewer of any provision
hereof. Moreover, the parties hereto acknowledge that the damages suffered by
GFI as a result of any violations of this Paragraph “5” by Fewer may be
difficult to ascertain.  Accordingly,
the parties agree that in the event of a breach by Fewer of paragraph “5”,
Fewer shall pay to GFI, as liquidated damages and not as a penalty, in addition
to all other obligations of Fewer to GFI and to other remedies available to
GFI, an amount equal to the product of (x) the monthly average of Fewer’s Net Production
for the twelve (12) month period immediately preceding the termination of
Fewer’s employment with GFI, or for the period of Fewer’s employment with GFI,
if less than twelve (12) months, and (y) the number of months remaining
unfulfilled under this Agreement and the term of any prohibition contained in
this paragraph “5” that was violated by Fewer, and (z) 3.9. GFI shall also be
entitled to receive the amount of commissions earned by Fewer or by Fewer’s new
employer as a result of Fewer’s efforts during the same time period as
described above, but only to the extent such sums exceed the amount described
above. The remedies referred to above shall not be deemed to be exclusive of
any other remedies available to GFI, by judicial or arbitral proceedings or
otherwise, including to enforce the performance or observation of the covenants
and agreements contained in this Agreement.

 

(ii) In the event that,
contrary to the intentions of the parties to this Agreement, a Court or
Arbitration Panel of competent jurisdiction nullifies or otherwise declares
void or unenforceable any of the provisions of this paragraph 5, irrespective
of Fewer’s breach thereof, then Fewer shall be obligated to remit to GFI the
profits earned by Fewer and/or his new employer from those customers serviced
by Fewer both while employed at GFI and at Fewer’s new employer that were
developed by Fewer at GFI, including by sustaining a pre-existing business
relationship, as part of GFI’s business development efforts, that are derived
from the period remaining unfulfilled under this Employment Agreement and the
provisions of this paragraph 5 and for three (3) months thereafter not to
exceed a total of fourteen (14) months.

 

6.                                       Effective
Waiver/Assignment/Modification.  The waiver by either party of a breach of
any provision of this Agreement shall not operate or be construed as a waiver
of any subsequent breach hereof.  This
Agreement shall inure to the benefit of and be binding upon the parties and
their respective successors and assigns, legal representatives, executors,
administrators and heirs.   Fewer may
not assign or delegate his rights, or the performance of any of his
obligations, under this Agreement.   Any
portion of this Agreement may be amended, modified, or waived, only by a further
instrument in writing, signed by the party against whom enforcement of any such
waiver, amendment or modification is sought.

 

4

 

7.                                       Governing Law, Jurisdiction. This Agreement shall be governed by, and construed
and enforced in accordance with, the internal laws of the State of New York
without regard to conflict of law provisions. 
Each of the parties hereto submits to the exclusive jurisdiction of the
United States District Court of the Southern District of New York or if such
court lacks subject matter jurisdiction, to the jurisdiction of the Supreme
Court of the State of New York, County of New York with respect to any dispute
arising from Fewer’s employment with GFI or to any matter of interpretation of
this Agreement or the respective rights or obligations of each of the parties
hereof (whether or not any such party is otherwise subject to the jurisdiction
or venue of such Court).  Each of the
parties hereto specifically waives any objection which it may otherwise have to
the jurisdiction or venue of any of such Courts, that such Courts are an
inconvenient forum or that either party is entitled to arbitration under the
rules of the NASD or otherwise and acknowledges that service of process may be
made by mailing a copy thereof in accordance with the provisions of paragraph
“8” hereof; provided, however, that if the NASD has exclusive jurisdiction of
any such proceeding (which jurisdiction cannot be waived by the parities, as
herein intended) such proceeding shall be subject to NASD arbitration in New
York City pursuant to the rules and regulations of the NASD.

 

8.                                    Notices. Any notice required or permitted hereunder
shall be given in writing and shall be delivered in person or by certified
mail, postage prepaid:

 

	
  If to Fewer:

  	
   

  	
  If to GFI:

  
	
   

  	
   

  	
   

  
	
  Donald Fewer

  	
   

  	
  GFI Group Inc.

  
	
  455 Powell Street

  	
   

  	
  100 Wall Street

  
	
  Staten Island,

  	
   

  	
  New York, New York

  
	
  New York  10312

  	
   

  	
  10005

  
	
   

  	
   

  	
  Attn: Mr. Michael

  
	
   

  	
   

  	
  Gooch, President

  

 

or
to such other party or address as either party hereto may give notice to the
other.

 

9.                                       Opportunity for Review. 
FEWER ACKNOWLEDGES THAT HE HAS BEEN OFFERED 21 DAYS TO REVIEW THIS
AGREEMENT, HE HAS REVIEWED THIS AGREEMENT CAREFULLY AND HAS HAD AMPLE
OPPORTUNITY TO OBTAIN ADVICE AS TO THE MEANING OF THE TERMS, COVENANTS AND
AGREEMENTS CONTAINED HEREIN FROM SUCH PROFESSIONAL ADVISORS AS FEWER HAS DEEMED
APPROPRIATE OR NECESSARY.  Fewer further
acknowledges that GFI will be irreparably harmed if Fewer discloses the contents
hereof, whether orally or in writing, to any person or party except as
permitted by this Agreement and, therefore, Fewer affirms that any such
disclosure shall be deemed a material breach of this Agreement. Notwithstanding
the foregoing, Fewer may disclose and review this Agreement with any of his
professional advisors provided such advisors undertake to retain the
confidentiality of the content of this Agreement.

 

10.                                 Entire
Understanding/Counterparts/Captions.  This Agreement contains the entire
understanding between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements, arrangements and understandings,
written or oral, relating to the subject matter.  This Agreement may be

 

5

 

executed
in any number of counterparts, each of which shall be deemed an original, and
all of which will constitute one and the same instrument. The captions set
forth in the Agreement are for convenience only and shall not be construed as a
part of this Agreement or in any way limiting or amplifying the rights and
provisions hereof.  In the event that
any provision of this Agreement is determined to be void, invalid or unlawful,
the parties hereto agree that such provision shall be limited and enforced to
the extent permitted or otherwise necessary to be made enforceable by
applicable law but every other provision of this Agreement shall remain in full
force and effect.

 

11.                                 Effective Date.  In
order to assure Fewer further opportunity to consider the parties’ respective
obligations and duties under this Agreement, including paragraph “5”, this
Agreement shall become effective seven (7) days following the date of signing
by Fewer (the “Review Period”).  Prior
to the expiration of the Review Period, Fewer may unilaterally revoke the
Agreement by a signed writing received by GFI within such seven (7) days.

 

12.                                 WAIVER.  RECOGNIZING THE IMPORTANCE TO GFI OF PARAGRAPH “5” OF THIS
AGREEMENT, FEWER ACKNOWLEDGES THAT HE HAS RECEIVED AMPLE AND SUBSTANTIAL
ADDITIONAL COMPENSATION AND OTHER CONSIDERATION FOR HIS COMPLIANCE WITH HIS
OBLIGATIONS SET FORTH HEREIN.  FEWER
HEREBY EXPRESSLY WAIVES AND AGREES TO BE ESTOPPED FROM RAISING ANY OBJECTIONS
TO THE ENFORCEMENT OF THE POST-EMPLOYMENT RESTRICTIONS CONTEMPLATED BY THIS
AGREEMENT AND FREELY ENTERED INTO BY FEWER AND GFI.

 

13.                                 Fewer’s Services.  Both
parties hereto agree that Fewer’s services under this Agreement are important,
valuable, unique and irreplaceable.  
Both parties agree that Fewer hereby conveys and GFI hereby purchases
Fewer’s rights in any pre-existing customer relationships.

 

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

 

	
  Employee

  	
  GFI Group Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Donald Fewer

  	
   

  	
  By:

  	
  /s/ Michael Gooch

  	
   

  
	
   

  	
  DONALD FEWER

  	
   

  	
  MICHAEL
  GOOCH

  
	
   

  	
   

  	
   

  	
   

  
						

 

6

 

FIRST AMENDMENT
TO EMPLOYMENT AGREEMENT

 

This
amendment (the “Amendment”) to Employment Agreement is dated March 11, 2004
(the “Effective Date”) between GFI Group Inc., a Delaware corporation having
its principal offices at 100 Wall Street, New York, New York 10005 (“GFI”) and
Donald Fewer, residing at 455 Powell Street, Staten Island, New York 10312
(“Fewer”).

 

WITNESSETH

 

WHEREAS, Fewer
and Jersey Partners Inc. d/b/a GFI Group Inc., a New York corporation, have
entered into a certain Employment Agreement dated July 17, 2000 (the
“Agreement”),

 

WHEREAS, Fewer
provided GFI with written notice (the “Notice of Termination”) on November 20,
2003 that he did not wish to extend the Agreement beyond the existing
Subsequent Term,

 

WHEREAS, Fewer
desires to withdraw the Notice of Termination and the parties desire that Fewer
continue in the full and active employ of GFI in accordance with the terms and
conditions set forth in the Agreement as modified by this Amendment.

 

NOW, THEREFORE, in
consideration of the mutual premises and the undertakings contained herein, it
is agreed as follows:

 

1.                                       The
parties hereto agree that the Agreement shall renew for a two year Subsequent
Term which shall commence on July 17, 2004 and which shall terminate on July
16, 2006. Any additional Subsequent Terms thereafter shall be governed by the
terms and conditions set forth in the Agreement.

 

2.                                       Section
3(i) (Compensation and Benefits) is hereby amended to increase Fewer’s
Base Salary to $650,000 per annum.

 

3.                                       In
this Amendment and unless the context otherwise requires, words commencing with
a capital letter but not defined herein shall have the meanings ascribed to
them in the Agreement.

 

4.                                       In all
other respects, the Agreement shall remain in full force and affect provided
however, the parties hereto understand and agree that GFI Group Inc., a
Delaware corporation, replaces Jersey Partners Inc. d/b/a GFI Group Inc. a New
York corporation, in all respects as the employing party in the Agreement.

 

 

IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the day and year first above
written.

 

 

	
   

  	
   

  	
  GFI Group Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Donald Fewer

  	
   

  	
   

  	
  By:

  	
  /s/ Michael Gooch

  	
   

  
	
  Donald Fewer

  	
   

  	
   

  	
  Michael Gooch

  
	
   

  	
   

  	
   

  	
  Chief Executive Officer

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