Document:

Base Convertible Bond Hedge Transaction Confirmation, Deutsche Bank AG

 Exhibit 10.4 

 

			
		 	 

  

Deutsche Bank AG, London Branch

Winchester House
 1 Great Winchester Street
 London EC2N 2DB

Telephone: 44 20 7545 8000

 
 c/o Deutsche Bank Securities
Inc.
 60 Wall Street

New York, NY 10005
 Telephone: 1-212-250-2500

  

			
	To:	 	 MF Global Holdings Ltd.
 717
Fifth Avenue
 9th Floor
 New York, New
York 10022

		
	From:	 	Deutsche Bank AG, London Branch
		
	Re:	 	Base Convertible Bond Hedge Transaction
		
	Date:	 	July 28, 2011

  
  

Ladies and Gentlemen: 
 The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced transaction entered into on the Trade Date specified below (the
“Transaction”) between Deutsche Bank AG, London Branch (“Dealer”), with Deutsche Bank Securities Inc. (“DBSI”) as agent, (“Dealer”) and MF Global Holdings Ltd. (“Counterparty”).
This communication constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. 
 DEUTSCHE BANK AG IS NOT REGISTERED AS A BROKER OR DEALER UNDER THE U.S. SECURITIES EXCHANGE ACT OF 1934. DBSI HAS ACTED SOLELY AS AGENT IN CONNECTION WITH THE TRANSACTION GOVERNED BY THIS CONFIRMATION
AND HAS NO OBLIGATION, BY WAY OF ISSUANCE, ENDORSEMENT, GUARANTEE OR OTHERWISE WITH RESPECT TO THE PERFORMANCE OF EITHER PARTY UNDER SUCH TRANSACTION. DEUTSCHE BANK AG, LONDON BRANCH IS NOT A MEMBER OF THE SECURITIES INVESTOR PROTECTION CORPORATION
(SIPC). 
  

			
	 Chairman of the Supervisory Board: Clemens Börsig Management Board: Josef Ackermann (Chairman), Hugo Bänziger, Jürgen Fitschen, Anshuman Jain, Stefan
Krause, Hermann-Josef Lamberti, Rainer Neske
	 	 Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin – Federal Financial Supervising Authority) and regulated by the
Financial Services Authority for the conduct of UK business; a member of the London Stock Exchange. Deutsche Bank AG is a joint stock corporation with limited liability incorporated in the Federal Republic of Germany HRB No. 30 000 District Court of
Frankfurt am Main; Branch Registration in England and Wales BR000005; Registered address: Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank Group
online:

			
		 	 http://www.deutsche-bank.com

 1.    This Confirmation is subject to, and incorporates, the
definitions and provisions of the 2006 ISDA Definitions (the “2006 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the
2006 Definitions, the “Definitions”), in each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006 Definitions and the Equity
Definitions, the Equity Definitions will govern. Certain defined terms used herein have the meanings assigned to them in the Indenture dated as of February 11, 2011, between Counterparty and Deustche Bank Trust Company Americas, as trustee (the
“Base Indenture”), as amended and supplemented by a Supplemental Indenture to be dated as of August 2, 2011 (the “Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), relating to the USD 325,000,000 principal amount of 3.375% Convertible Senior Notes due 2018 (the “Convertible Securities”). In the event of any inconsistency between the terms defined in the Indenture
and this Confirmation, this Confirmation shall govern. For the avoidance of doubt, references herein to sections of the Supplemental Indenture and to the definitions in the Indenture are based on the Base Indenture, as executed on February 11,
2011, and a draft of the Supplemental Indenture most recently reviewed by the parties at the time of execution of this Confirmation. If any relevant sections of the Supplemental Indenture or to the definitions in the Indenture are changed, added or
renumbered between the execution of this Confirmation and the execution of the Supplemental Indenture, the parties will amend this Confirmation to preserve the economic intent of the parties, as evidenced by the Base Indenture and drafts of the
Supplemental Indenture. The parties further acknowledge that references to the Indenture herein are references to the Indenture as in effect on the date of its execution and if the Indenture is amended, modified or supplemented following its
execution, any such amendment, modification or supplement will be disregarded for purposes of this Confirmation (other than Section 8(b)(ii) below) unless the parties agree otherwise in writing. The Transaction is subject to early unwind if the
closing of the Convertible Securities is not consummated for any reason, as set forth below in Section 8(k). 
 Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions
in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below. 
 This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall be subject to an
agreement (the “Agreement”) in the form of the 1992 ISDA Master Agreement (Multicurrency—Cross Border) as if Dealer and Counterparty had executed an agreement in such form on the date hereof (but without any Schedule except for
(i) the election of Loss and Second Method and US Dollars (“USD”) as the Termination Currency, and (ii) the replacement of the word “third” in the last line of Section 5(a)(i) of the Agreement with the word
“first”. In addition, Section 5(a)(i) of the Agreement shall be amended by adding at the end of such section the following: “Notwithstanding the foregoing, a default under this Section 5(a)(i) shall not constitute an Event
of Default if (x) the default was caused solely by error or omission of an administrative or operational nature; (y) funds were available to enable the party to make the payment when due and (z) the payment is made within two Local
Business Days of such party’s receipt of written notice of its failure to pay;”. 
 All provisions
contained in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein. In the event of any inconsistency between this Confirmation and either the Definitions or the Agreement, this
Confirmation shall govern. 

  
 2 

 The Transaction hereunder shall be the sole Transaction under the Agreement.
If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then
notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under, or otherwise
governed by, such existing or deemed ISDA Master Agreement. 
 The Transaction is entered into as part of an
integrated transaction with the Convertible Securities, pursuant to Treasury Regulations Section 1.1275-6. 

2.    The Transaction constitutes a Share Option Transaction for purposes of the Equity Definitions.
The terms of the particular Transaction to which this Confirmation relates are as follows: 
 General Terms: 

 

			
	 Trade Date:
	  	 July 28, 2011

		
	 Effective Date:
	  	 The closing date of the initial issuance of the Convertible Securities.

		
	 Option Style:
	  	 Modified American, as described under “Procedures for Exercise” below.

		
	 Option Type:
	  	 Call

		
	 Seller:
	  	 Dealer

		
	 Buyer:
	  	 Counterparty

		
	 Shares:
	  	 The Common Stock of Counterparty, par value USD1.00 (Ticker Symbol: “MF”).

		
	 Number of Options:
	  	 The number of Convertible Securities in denominations of USD1,000 principal amount issued by Counterparty on the closing date for the initial issuance of the
Convertible Securities. For the avoidance of doubt, the Number of Options outstanding shall be reduced by each exercise of Options hereunder.

		
	 Option Entitlement:
	  	 As of any date, a number of Shares per Option equal to the “Conversion Rate” (as defined in the Indenture, but without regard to any adjustments to
the Conversion Rate pursuant to a Fundamental Change Adjustment or a Discretionary Adjustment).

		
	 Applicable Percentage:
	  	 10%

		
	 Fundamental Change Adjustment:
	  	 Any adjustment to the Conversion Rate pursuant to Section 4.06 of the Supplemental Indenture.

		
	 Discretionary Adjustment:
	  	 Any adjustment to the Conversion Rate pursuant to Section 4.05 of the Supplemental Indenture.

		
	 Strike Price:
	  	 As of any date, an amount in USD, rounded to the nearest cent (with 0.5 cents being rounded upwards), equal to USD1,000 divided by the Option
Entitlement as of such date.

		
	 Number of Shares:
	  	 The product of (i) the Applicable Percentage, (ii) the Number of Options and (iii) the Option
Entitlement.

  
 3 

			
	 Premium:
	  	 USD $8,573,500

		
	 Premium Payment Date:
	  	 The Effective Date

		
	 Exchange:
	  	 New York Stock Exchange

		
	 Related Exchange:
	  	 All Exchanges

		
	 Procedures for Exercise:
	  	
		
	 Exercise Dates:
	  	 Each Conversion Date.

		
	 Conversion Date:
	  	 Each “Conversion Date” (as defined in the Indenture) occurring during the Exercise Period for Convertible Securities each in denominations of USD1,000
principal amount (such Convertible Securities, the “Relevant Convertible Securities” for such Conversion Date).

		
		  	 Exercise Period: The period from and excluding the Effective Date to and including the Expiration Date.

		
	 Expiration Date:
	  	 The earlier of (i) the last day on which any Convertible Securities remain outstanding and (ii) the second “Scheduled Trading Day” (as defined in
the Indenture) immediately preceding the “Maturity Date” (as defined in the Indenture).

		
	 Automatic Exercise on
	  	
	 Conversion Dates:
	  	 Applicable; and means that on each Conversion Date, a number of Options equal to the number of Relevant Convertible Securities for such Conversion Date in
denominations of USD1,000 principal amount shall be automatically exercised, subject to “Notice of Exercise” below.

		
	 Notice Deadline:
	  	 In respect of any exercise of Options hereunder on any Conversion Date, 12:00 P.M., New York City time, on the Scheduled Trading Day immediately preceding the
scheduled first “VWAP Trading Day” (as defined in the Indenture) of the relevant “Cash Settlement Averaging Period” (as defined in the Indenture); provided that in the case of any exercise of Options hereunder in
connection with the conversion of any Relevant Convertible Securities for any Conversion Date occurring during the period beginning on, and including, the 65th “Scheduled Trading Day” (as defined in the Indenture) immediately preceding the “Maturity Date”
(as defined in the Indenture) and ending on, and including, the Expiration Date (such period, the “Final Conversion Period”), the Notice Deadline shall be 12:00 P.M., New York City time, on the “Scheduled Trading Day” (as
defined in the Indenture) immediately preceding the Expiration Date.

		
	 Notice of Exercise:
	  	 Notwithstanding anything to the contrary in the Equity Definitions, Dealer shall have no obligation to make any payment or delivery in respect of
any

  
 4 

			
		  	 exercise of Options hereunder and such obligation in respect of such exercise shall be permanently extinguished unless Counterparty notifies Dealer in writing
prior to 12:00 P.M., New York City time, on the Notice Deadline in respect of such exercise, of (i) the number of Relevant Convertible Securities being converted on the related Conversion Date, (ii) the scheduled settlement date under the
Indenture for the Relevant Convertible Securities for such Conversion Date, (iii) the “Cash Percentage” (as defined in the Indenture) (provided that, if no “Cash Percentage” (as defined in the Indenture) is specified in a
Notice of Exercise, such Notice of Exercise shall nonetheless be valid and that in the event of the failure of Counterparty to specify the “Cash Percentage” (as defined in the Indenture) as required in this clause (iii), such “Cash
Percentage” shall be deemed, for purposes of determining Dealer’s delivery obligation hereunder, to be 0%) and (iv) the scheduled first “VWAP Trading Day” (as defined in the Indenture) of the relevant “Cash Settlement
Averaging Period” (as defined in the Indenture); provided that in the case of any exercise of Options in connection with the conversion of any Relevant Convertible Securities for any Conversion Date occurring during the Final Conversion
Period, the contents of such notice need only include the information as set forth in clauses (i) and (iii) above; provided, further, that, notwithstanding the foregoing, such notice (and the related exercise of Options) shall be effective if
given after 12:00 P.M., New York City time, on the Notice Deadline but prior to 5:00 P.M., New York City time, on the fifth Exchange Business Day following the Notice Deadline, in which event the Calculation Agent shall have the right to adjust the
Delivery Obligation as appropriate to reflect the additional costs (including, but not limited to, hedging mismatches and market losses) and expenses incurred by Dealer or any of its affiliates in connection with its hedging activities (including
the unwinding of any hedge position) as a result of its not having received such notice prior to the Notice Deadline. Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of
the Exchange Act (as defined below) and the rules and regulations thereunder, in respect of any election of a settlement method with respect to the Convertible Securities. For the avoidance of doubt, if Counterparty fails to give such notice when
due in respect of any exercise of Options hereunder, Dealer’s obligation to make any payment or delivery in respect of such exercise shall be permanently extinguished, and late notice shall not cure such failure except as provided in the second
proviso

  
 5 

			
		  	 hereof.

		
	 Dealer’s Telephone Number

and Telex and/or Facsimile Number

and Contact Details for purpose of

Giving Notice:
	  	 As specified in Section 6(b) below.

		
	 Settlement Terms:
	  	
		
	 Settlement Date:
	  	 For any Exercise Date, the settlement date for the cash and Shares (if any) to be delivered in respect of the Relevant Convertible Securities for the relevant
Conversion Date under the terms of the Indenture; provided that the Settlement Date shall not occur prior to the latest of (i) the date one Settlement Cycle following the final “VWAP Trading Day” (as defined in the Indenture)
of the relevant “Cash Settlement Averaging Period” (as defined in the Indenture), (ii) the Exchange Business Day immediately following the date on which Counterparty gives notice to Dealer of such Settlement Date prior to 12:00 P.M.,
New York City time, or (iii) the Exchange Business Day immediately following the date on which Counterparty provides the Notice of Delivery Obligation (as described below) prior to 12:00 P.M., New York City time.

		
	 Delivery Obligation:
	  	 In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to “Notice of Exercise” above, in respect of any
Exercise Date, Dealer will deliver to Counterparty on the related Settlement Date (the “Delivery Obligation”), a number of Shares and/or amount of cash equal to the aggregate number of Shares and/or amount of cash that Counterparty
would be obligated to deliver to the holder(s) of the Relevant Convertible Securities for the related Conversion Date pursuant to Section 4.03(a)(2) of the Supplemental Indenture (reflecting the Applicable Percentage) for each of the “VWAP
Trading Days” (as defined in the Indenture) in the relevant “Cash Settlement Averaging Period” (as defined in the Indenture), and representing an aggregate number of Shares and/or amount of cash, with respect to each such “VWAP
Trading Day” (as defined in the Indenture) equal to:

		  	  
 (i) if the “Cash Percentage” (as defined
in the Indenture) is not specified in the Notice of Exercise or is equal to 0%, a number of Shares, if any, equal to the product of (a) the Applicable Percentage and (b) the “Maximum Daily Deliverable Shares” (as defined in the Indenture),
if any, with respect to such “VWAP Trading Day” (as defined in the Indenture), with such number of Shares rounded down to the nearest whole number;

  
 6 

			
		  	 (ii) if the “Cash Percentage” (as defined in the Indenture) specified in the Notice of Exercise is equal to 100%, an amount in cash, if any, in USD,
equal to the product of (a) the Applicable Percentage and (b) the aggregate amount of cash, if any, in excess of the “Daily Cash Amount” (as defined in the Indenture) per Relevant Convertible Security that Counterparty would be obligated
to deliver in lieu of the “Maximum Daily Deliverable Shares” (as defined in the Indenture) with respect to such “VWAP Trading Day” (as defined in the Indenture); or

		  	  
 (iii) if the “Cash Percentage” (as
defined in the Indenture) specified in the Notice of Exercise is less than 100% but greater than 0%, (a) a number of Shares, if any, equal to the product of (x) the Applicable Percentage, (y) the “Maximum Daily Deliverable
Shares” (as defined in the Indenture), if any, with respect to such “VWAP Trading Day” (as defined in the Indenture) and (z) 100% minus the “Cash Percentage” (as defined in the Indenture) specified in such Notice
of Exercise, with such number of Shares rounded down to the nearest whole number, and (b) an amount of cash, if any, in USD, equal to the product of (x) the Applicable Percentage and (y) the aggregate amount of cash, if any, in excess
of the “Daily Cash Amount” (as defined in the Indenture) per Relevant Convertible Security that Counterparty would be obligated to deliver in lieu of the “Maximum Daily Deliverable Shares” (as defined in the Indenture) with
respect to such “VWAP Trading Day” (as defined in the Indenture) if the “Cash Percentage” (as defined in the Indenture) were equal to 0% and (z) the “Cash Percentage” (as defined in the Indenture) specified in such
Notice of Exercise; and

		
		  	 (iv) an amount of cash, if any, in USD, in lieu of any fractional Shares resulting from rounding down such aggregate number of Shares valued at the “Daily
VWAP” (as defined in the Indenture) on the last “VWAP Trading Day” (as defined in the Indenture) of the relevant “Cash Settlement Averaging Period” (as defined in the Indenture) (collectively, the “Convertible
Obligation”); provided, that the Delivery Obligation shall be determined excluding any Shares and/or cash that Counterparty is obligated to deliver to holder(s) of the Relevant Convertible Securities as a result of any adjustments to
the Conversion Rate pursuant to a Fundamental Change Adjustment or a Discretionary Adjustment and any interest payment that Counterparty is (or would have been) obligated to deliver to holder(s) of the Relevant Convertible Securities for such
Conversion Date; provided, further, that if such exercise relates to the

  
 7 

			
		  	 conversion of Relevant Convertible Securities in connection with which holder(s) thereof are entitled to receive additional Shares and/or cash pursuant to a
Fundamental Change Adjustment, then, notwithstanding the foregoing, the number of “Maximum Daily Deliverable Shares” (as defined in the Indenture) used to calculate the portion of the Delivery Obligation corresponding to any “VWAP
Trading Day” (as defined in the Indenture) in the relevant “Cash Settlement Averaging Period” (as defined in the Indenture) for the Relevant Convertible Securities shall include any “Additional Shares” (as defined in the
Indenture) added to the “Conversion Rate” (as defined in the Indenture) pursuant to the Fundamental Change Adjustment, except that the Delivery Obligation shall be capped so that the value of the Delivery Obligation per Option (with the
value of any Shares included in the Delivery Obligation determined by the Calculation Agent using the “Daily VWAP” (as defined in the Indenture) on the last “VWAP Trading Day” (as defined in the Indenture) of the relevant
“Cash Settlement Averaging Period” (as defined in the Indenture)) does not exceed the amount as determined by the Calculation Agent that would be payable by Dealer pursuant to Section 6 of the Agreement if such Conversion Date were an
Early Termination Date resulting from an Additional Termination Event with respect to which the Transaction was the sole Affected Transaction and Counterparty was the sole Affected Party (determined without regard to Section 8(c) of this
Confirmation) (except that, for purposes of determining such amount, (x) the Number of Options shall be deemed to be equal to the number of Options exercised on such Exercise Date and (y) such amount payable will be determined as if the
Fundamental Change Adjustment provisions were deleted from the Indenture). For the avoidance of doubt, if the “Daily Conversion Value” (as defined in the Indenture) for any “VWAP Trading Day” (as defined in the Indenture)
occurring in the relevant “Cash Settlement Averaging Period” (as defined in the Indenture) is less than or equal the “Daily Cash Amount” (as defined in the Indenture) Dealer will have no delivery obligation hereunder in respect
of the related Exercise Date for such “VWAP Trading Day” (as defined in the Indenture).

		
	 Notice of Delivery Obligation:
	  	 No later than the Exchange Business Day immediately following the last “VWAP Trading Day” (as defined in the Indenture) of the relevant “Cash
Settlement Averaging Period” (as defined in the Indenture), Counterparty shall give Dealer notice of the final number of Shares and/or amount of cash comprising the relevant Convertible
Obligation;

  
 8 

			
		  	 provided that, with respect to any Exercise Date occurring during the Final Conversion Period, Counterparty may provide Dealer with a single notice of the
aggregate number of Shares and/or amount of cash comprising the Convertible Obligations for all Exercise Dates occurring during such period (it being understood, for the avoidance of doubt, that the requirement of Counterparty to deliver such notice
shall not limit Counterparty’s obligations with respect to Notice of Exercise as set forth above, in any way).

		
	 Other Applicable Provisions:
	  	 To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be
applicable as if “Physical Settlement” applied to the Transaction; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein
relating to restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Counterparty is the issuer of the Shares.

		
	 Restricted Certificated Shares:
	  	 Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered to Counterparty
hereunder in certificated form in lieu of delivery through the Clearance System. With respect to such certificated Shares, the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by deleting the
remainder of the provision after the word “encumbrance” in the fourth line thereof.

		
	 Adjustments:
	  	
		
	 Method of Adjustment:
	  	 Notwithstanding Section 11.2 of the Equity Definitions, upon the occurrence of any event or condition set forth in Sections 4.04(a), (b), (c), (d) or (e) of the
Supplemental Indenture, the Calculation Agent shall make a corresponding adjustment to the terms relevant to the exercise, settlement or payment of the Transaction. Promptly following the occurrence of any “Adjustment Event” (as defined in
the Indenture), Counterparty shall notify the Calculation Agent of such Adjustment Event; and once the adjustments to be made to the terms of the Indenture and the Convertible Securities in respect of such Adjustment Event have been determined,
Counterparty shall promptly notify the Calculation Agent in writing of the details of such adjustments.

  
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	 Extraordinary Events:
	  	
		
	 Merger Events:
	  	 Notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in Section 4.07(a)
of the Supplemental Indenture.

		
	 Consequences of Merger Events:
	  	 Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent shall make a corresponding adjustment to the
terms relevant to the exercise, settlement or payment of the Transaction; provided that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to a Fundamental Change Adjustment or a Discretionary
Adjustment; and provided further that the Calculation Agent shall limit or alter any such adjustment referenced in this paragraph so that the fair value of the Transaction to Dealer immediately prior to the occurrence of such Merger Event is
not reduced as a result of such adjustment; and provided further that if, with respect to a Merger Event, the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person not
organized under the laws of the United States, any state thereof or the District of Columbia, the Calculation Agent may make adjustments to the Transaction, or request that Counterparty make Dealer whole, for any additional costs resulting from such
Merger Event with respect to incremental Tax costs reasonably incurred by Dealer or changes to the Hedge Positions maintained by Dealer.

		
	 Notice of Merger Consideration and
	  	
	 Consequences:
	  	 Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based
in part upon any form of stockholder election), Counterparty shall reasonably promptly (but in any event prior to the relevant Merger Date) notify the Calculation Agent of (i) the type and amount of consideration that a holder of Shares would have
been entitled to in the case of reclassifications, consolidations, mergers, sales or transfers of assets or other transactions that cause Shares to be converted into the right to receive more than a single type of consideration, (ii) the weighted
average of the types and amounts of consideration to be received by the holders of Shares that affirmatively make such an election (or if no holders of Shares affirmatively make such an election, the types and amount of consideration actually
received by such holders), and (iii) the details of the adjustment to be made under the Indenture in respect of such Merger Event.

		
	 Nationalization, Insolvency
	  	

  
 10 

			
	 or Delisting:
	  	 Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions,
it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global
Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.

		
	 Additional Termination Event(s):
	  	 Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, any Transaction would be cancelled or terminated
(whether in whole or in part) pursuant to Article 12 of the Equity Definitions, an Additional Termination Event (with such terminated Transaction(s) (or portions thereof) being the Affected Transaction(s) and Counterparty being the sole Affected
Party) shall be deemed to occur, and, in lieu of Sections 12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction(s).

		
	 Additional Disruption Events:
	  	
		
	 (a)  Change in Law:
	  	 Applicable; provided that (A) any determination as to whether (i) the adoption of or any change in any applicable law or regulation (including, without
limitation, any tax law) or (ii) the promulgation of or any change in or public announcement of the formal or informal interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation
(including any action taken by a taxing authority), in each case, constitutes a “Change in Law” shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal
certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date and (B) Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (w) adding the words “(including, for the avoidance of
doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof, (x) adding the words “or any Hedge Positions”
after the word “Shares” in the clause (X) thereof, (y) adding the words “, or holding, acquiring or disposing of Shares or any Hedge Positions relating,” after the word “obligations” in clause (Y) thereof and (z)
inserting at the end thereof the words “after using commercially reasonable efforts to avoid

  
 11 

			
		  	 such increased cost based on prevailing circumstances applicable to it”.

		
	 (b)  Failure to Deliver:
	  	 Applicable

		
	 (c)  Insolvency Filing:
	  	 Applicable

		
	 (d)  Hedging Disruption:
	  	 Applicable

		
	 (e)  Increased Cost of Hedging:
	  	 Applicable

		
	 Hedging Party:
	  	 Dealer

		
	 Determining Party:
	  	 Dealer

		
	 Non-Reliance:
	  	 Applicable

		
	 Agreements and Acknowledgments
	  	
	 Regarding Hedging Activities:
	  	 Applicable

		
	 Additional Acknowledgments:
	  	 Applicable

		
	 3.    Calculation Agent:
	  	 Dealer. All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner. The Calculation Agent
shall deliver, within five Exchange Business Days of a written request by Counterparty, a written explanation describing in reasonable detail any calculation, adjustment or determination made by it (including the methodology, interest rates,
quotations, market data (including volatility) and information from internal sources used in making such calculation, adjustment or determination, but without disclosing any proprietary models or other information that Dealer is not permitted to
disclose to Counterparty, notwithstanding Counterparty’s agreement to keep such information confidential, under applicable law, rule, regulation or agreement with third party.

		
	 4.    Account Details:

 

       Dealer Payment Instructions:
	  	
	
	        Account for delivery of Shares to Dealer: To be provided by
Dealer.

			
	
	        Counterparty Payment
Instructions:

		
	               Bank:
	 	
	               ABA#:
	 	
	               FBO:
	 	
	               Account #:
	 	
	               Swift:
	 	
		
	 5.    Offices:
	 	

  
 12 

			
	        The Office of Dealer for the Transaction
is:
  

             c/o Deutsche Bank Securities
Inc.
              60 Wall Street, 4th Floor

             New York, NY 10005

 

       The Office of Counterparty for the Transaction is:

 

       Inapplicable; Counterparty is not a Multibranch Party.

	
	 6.    Notices: For purposes of this Confirmation:

	
	 (a)        Address for notices or communications to
Counterparty:

		
	              To:
	 	 MF Global Holdings Ltd.

	                Attn:
	 	 David Dunne

		 	 Treasurer

		 	 717 Fifth Avenue, 9th Floor

		 	 New York, New York 10022

		
	                Telephone:
	 	 212-589-6327

	                Fax:
	 	 212-589-6215

	                Email:
	 	 ddunne@mfglobal.com

		
	              With a copy to:
	 	
		
	                To:
	 	 MF Global Holdings Ltd.

	                Attn:
	 	 Joe Patt

		 	 Principal Strategies

		 	 717 Fifth Avenue, 9th Floor

		 	 New York, New York 10022

	                Telephone:
	 	 212-589-6267

	                Fax:
	 	 212-935-4606

	                Email:
	 	 jpatt@mfglobal.com

		
	                To:
	 	 MF Global Holdings Ltd.

	                Attn:
	 	 Joe Lesar

		 	 Global Head of Bank Relations

		 	 717 Fifth Avenue, 9th Floor

		 	 New York, New York 10022

	                Telephone:
	 	 212-589-6514

	                Fax:
	 	 212-589-6215

	                Email:
	 	 jlesar@mfglobal.com

	
	 (b)        Address for notices or communications to Dealer:

		
	                To:
	 	 Deutsche Bank AG, London Branch

		 	 c/o Deutsche Bank Securities Inc.

	                Attn:
	 	 Paul Stowell / Andrew Yaeger

	                Group:
	 	 Equity-Linked Capital Markets

		 	 60 Wall Street, 4th Floor

		 	 New York, NY 10005

	                Paul Tel:
	 	 212-250-6270

	                Paul Email:
	 	 paul.stowell@db.com

	                Andrew Tel:
	 	 212-250-2717

	                Andrew Email:
	 	 Andrew.yaeger@db.com

	                Facsimile:
	 	 732-460-7499

  
 13 

			
	
               With a copy to:
	 	
		
	                Attn:
	 	 Lars Kestner / Dushyant Chadha

	                Group:
	 	 Corporate Derivatives

		 	 60 Wall Street, 4th Floor

		 	 New York, NY 10005

	                Lars Tel:
	 	 212-250-6043

	                Lars Email:
	 	 lars.kestner@db.com

	                Dushyant Tel:
	 	 212-250-4980

	                Dushyant Email:
	 	 dushyant.chadha@db.com

 7.    Representations, Warranties and Agreements: 

(a)        In addition to the representations and warranties in the Agreement and
those contained elsewhere herein, Counterparty represents and warrants to and for the benefit of, and agrees with, Dealer as follows: 
     (i)          On the Trade Date and as of the date of any election by Counterparty of the Share Termination Alternative under (and
as defined in) Section 8(c) below, (A) Counterparty is not aware of any material nonpublic information regarding Counterparty or the Shares and (B) all reports and other documents filed by Counterparty with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier
such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were
made, not misleading. 

    (ii)         Without limiting the
generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the
treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40,
Derivatives and Hedging – Contracts in Entity’s Own Equity (or any successor issue statements). 
     (iii)        Without limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule
13e-4 under the Exchange Act. 

    (iv)         Prior to the Trade Date,
Counterparty shall deliver to Dealer a resolution of Counterparty’s board of directors authorizing the Transaction and such other certificate or certificates as Dealer shall reasonably request. 

    (v)          Counterparty is not
entering into this Confirmation to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security
convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act. 

    (vi)         Counterparty is not, and
after giving effect to the transactions contemplated hereby will not be, required to register as, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

    (vii)        On each of the Trade Date and
the Premium Payment Date, Counterparty is not “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would
be able to purchase the Number of Shares in compliance with the laws of the jurisdiction of Counterparty’s incorporation. 

  
 14 

    (viii)       No state, local or foreign law,
rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of
Dealer or its affiliates owning or holding (however defined) Shares. 

    (ix)          The
representations and warranties of Counterparty set forth in Section 3 of the Agreement and Section 1 of the Underwriting Agreement, dated as of July 28, 2011, between Goldman, Sachs & Co. and Citigroup Global Markets Inc., as
representatives of the several Underwriters listed in Schedule A thereto, and Counterparty (the “Underwriting Agreement”) are true and correct as of the Trade Date and the Effective Date and are hereby deemed to be repeated to
Dealer as if set forth herein. 
 (b)        Each of Dealer and
Counterparty agrees and represents that it is an “eligible contract participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended, and is entering into the Transaction as principal (and not as agent or in
any other capacity, fiduciary or otherwise) and not for the benefit of any third party. 

(c)        Each of Dealer and Counterparty acknowledges that the offer and sale of
the Transaction to it is intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(2) thereof. Accordingly, Counterparty represents and warrants to
Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities in respect of the Transaction, which it
understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction, (ii) it is an
“accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the distribution or resale thereof,
(iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws, and (v) its
financial condition is such that it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness and is capable of
assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. 

(d)        Each of Dealer and Counterparty agrees and acknowledges that Dealer is
a “financial institution,” “swap participant” and “financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge
(A) that this Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a
“termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of Section 546 of the
Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination
value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer” within the meaning of Section 546 of the Bankruptcy Code, and
(B) that Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code. 

(e)        As a condition to the effectiveness of the Transaction, Counterparty
shall deliver to Dealer (i) an incumbency certificate, dated as of the Trade Date, of Counterparty in customary form and (ii) an opinion of counsel, dated as of the Trade Date, and reasonably acceptable to Dealer in form and substance,
with respect to with respect to matters set forth in clauses (i) through (iv) of Section 3(a) of the Agreement as well as the execution and delivery of this Confirmation, limited to the U.S. federal and New York state law and subject
to customary qualifications and exceptions. 
 (f)        Counterparty
represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and
Risks of Standardized Options”. 

  
 15 

 (g)        Each party acknowledges
and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein. 

(h)        Without limiting the generality of Section 13.1 of the Equity
Definitions, Counterparty understands that notwithstanding any other relationship between Counterparty and Dealer and its affiliates, in connection with this Transaction and any other over-the-counter derivative transaction between Counterparty and
Dealer and its affiliates, Dealer or its affiliate is acting as principal and not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination hereof or thereof. 

8.    Other Provisions: 

(a)        Right to Extend.  Dealer may postpone any Exercise
Date or Settlement Date or any other date of valuation or delivery by Dealer, with respect to some or all of the relevant Options (in which event the Calculation Agent shall make appropriate adjustments to the Delivery Obligation), if Dealer
determines, in its reasonable discretion, that such extension is necessary or advisable to preserve Dealer’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions in the cash market, the stock borrow market or
other relevant market or to enable Dealer to effect purchases of Shares or Share Termination Delivery Units in connection with its hedging, hedge unwind or settlement activity hereunder in a manner that would, based on advice of counsel, if Dealer
were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Dealer. 

(b)        Additional Termination Events.  The occurrence of
(i) an event of default with respect to Counterparty under the terms of the Convertible Securities as set forth in Section 6.02 of the Supplemental Indenture that results in an acceleration of the Convertible Securities pursuant to the
terms of the Indenture, or (ii) an Amendment Event shall constitute an Additional Termination Event with respect to which the Transaction is the sole Affected Transaction and Counterparty is the sole Affected Party, and Dealer shall be the
party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. 

“Amendment Event” means that Counterparty amends, modifies, supplements or obtains a waiver in respect of
any term of the Indenture or the Convertible Securities governing the principal amount, maturity, number of shares issuable upon conversion, any term relating to conversion of the Convertible Securities (including changes to the conversion price,
conversion settlement dates or conversion conditions, in each case without the prior consent of Dealer, such consent not to be unreasonably withheld or delayed. 
 (c)        Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.  If Dealer shall owe Counterparty any
amount pursuant to Section 12.2 of the Equity Definitions or “Consequences of Merger Events” above, or Section 12.6, 12.7 or 12.9 of the Equity Definitions or pursuant to Section 6(d)(ii) of the Agreement (a “Payment
Obligation”), Counterparty shall have the right, in its sole discretion, to require Dealer to satisfy any such Payment Obligation by the Share Termination Alternative (as defined below) by giving irrevocable telephonic notice to Dealer,
confirmed in writing within one Scheduled Trading Day, no later than 9:30 A.M. New York City time on the relevant Merger Date, Announcement Date (as a result of a Nationalization, Insolvency or Delisting), Early Termination Date or date of
cancellation or termination in respect of an Extraordinary Event, as applicable (“Notice of Share Termination”); provided that if Counterparty does not elect to require Dealer to satisfy its Payment Obligation by the Share
Termination Alternative, Dealer shall have the right, in its commercially reasonable discretion, to elect to satisfy its Payment Obligation by the Share Termination Alternative, notwithstanding Counterparty’s failure to elect or election to the
contrary; and provided further that Counterparty shall not have the right to so elect (but, for the avoidance of doubt, Dealer shall have the right to so elect) in the event of (i) an Insolvency, a Nationalization or a Merger Event, in
each case, in which the consideration or proceeds to be paid to holders of Shares consists solely of cash or (ii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected
Party, which Event of Default or Termination Event resulted from an event or events within Counterparty’s control. Upon such Notice of Share Termination, the following provisions shall apply on

  
 16 

 
the Scheduled Trading Day immediately following the relevant Merger Date, Announcement Date, Early Termination Date or date of cancellation or termination in respect of an Extraordinary Event, as
applicable: 
  

			
	 Share Termination Alternative:
	 	 Applicable and means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment Obligation would
otherwise be due pursuant to “Consequences of Merger Events” above or Section 12.2, 12.6, 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable, or such later date as the Calculation Agent may
reasonably determine (the “Share Termination Payment Date”), in satisfaction of the Payment Obligation.

		
	 Share Termination Delivery
	 	
	 Property:
	 	 A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination
Unit Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to
calculate the Share Termination Unit Price.

		
	 Share Termination Unit Price:
	 	 The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination
Delivery Property, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation.

		
	 Share Termination Delivery Unit:
	 	 In the case of a Termination Event, Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization or
Merger Event, one Share or a unit consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any
securities) in such Insolvency, Nationalization or Merger Event, as applicable. If such Insolvency, Nationalization or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive
the maximum possible amount of cash.

		
	 Failure to Deliver:
	 	 Applicable

		
	 Other Applicable Provisions:
	 	 If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be applicable as if
“Physical Settlement” applied to the Transaction, except that all references to “Shares” shall be read as references to “Share Termination Delivery Units”; provided that the Representation and Agreement contained
in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws as a result of the fact that Counterparty is the
issuer of any Share Termination Delivery Units (or any part thereof).

 (d)        Disposition of Hedge
Shares.    Counterparty hereby agrees that if, in the good faith reasonable judgment of Dealer, based on the advice of counsel, the Shares (the “Hedge Shares”) acquired by Dealer for the purpose of hedging
its obligations pursuant to the Transaction cannot be sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a
registered offering, make available to Dealer an 

  
 17 

 
effective registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer,
substantially in the form of an underwriting agreement for a registered offering, (B) provide accountant’s “comfort” letters in customary form for registered offerings of equity securities, (C) provide disclosure letters of
nationally recognized outside counsel to Counterparty reasonably acceptable to Dealer, (D) provide other customary opinions, certificates and closing documents customary in form for registered offerings of equity securities and (E) afford
Dealer a reasonable opportunity to conduct a “due diligence” investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities; provided, however, that if Counterparty elects clause
(i) above but the items referred to therein are not completed in a timely manner, or if Dealer, in its commercially reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation,
or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(d) shall apply at the election of Counterparty; (ii) in order to allow Dealer to sell the Hedge
Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities, in form and substance reasonably satisfactory to Dealer,
including customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), opinions and certificates
and such other documentation as is customary for private placements agreements, all reasonably acceptable to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its
reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement); or (iii) purchase the Hedge Shares from Dealer at the Daily VWAP (as defined in
the Indenture) on such Exchange Business Days, and in the amounts, requested by Dealer. This Section 8(d) shall survive the termination, expiration or early unwind of the Transaction. 

(e)        Repurchase and Conversion Rate Adjustment
Notices.    Counterparty shall, by 12:00 noon, New York City time, on the Exchange Business Day prior to any day on which Counterparty effects any repurchase of Shares or consummates or otherwise engages in any transaction or
event (a “Conversion Rate Adjustment Event”) that would reasonably be expected to lead to an increase in the Conversion Rate, give Dealer a written notice of such repurchase or Conversion Rate Adjustment Event (a “Repurchase
Notice”) on such day if, following such repurchase or Conversion Rate Adjustment Event, the Notice Percentage would reasonably be expected to be (i) greater than 8.0% and (ii) greater by 0.5% than the Notice Percentage included in
the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the Notice Percentage as of the date hereof). The “Notice Percentage” as of any day is the fraction, expressed as a
percentage, the numerator of which is the sum of (i) the Number of Shares, (ii) the “Number of Shares” under the Base Convertible Bond Hedge Transaction dated February 7, 2011 (Transaction Ref. No. 421651) and
(ii) the “Number of Shares” under the Additional Convertible Bond Hedge Transaction dated February 8, 2011 (Transaction Ref. No. 421970) and the denominator of which is the number of Shares outstanding on such day. In the
event that Counterparty fails to provide Dealer with a Repurchase Notice on the day and in the manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless Dealer, its affiliates and their respective directors,
officers, employees, agents and controlling persons (Dealer and each such person being an “Indemnified Party”) from and against any and all losses (including losses relating to the Dealer’s hedging activities as a consequence
of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to this
Transaction), claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable securities laws, including without limitation, Section 16 of the Exchange Act
or under any state or federal law, regulation or regulatory order, relating to or arising out of such failure. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any
Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty will reimburse any
Indemnified Party for all expenses (including reasonable counsel fees and expenses) as they are incurred (after notice to Counterparty) in connection with the investigation of, preparation for or defense or settlement of any pending or threatened
claim or any 

  
 18 

 
action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on
behalf of Counterparty. This indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and delegation of the Transaction made pursuant to this Confirmation or the Agreement shall inure to the
benefit of any permitted assignee of Dealer. 
 (f)        Transfer
and Assignment.    Either party may transfer or assign any of its rights or obligations under the Transaction with the prior written consent of the non-transferring party, such consent not to be unreasonably withheld or
delayed; provided that Dealer may transfer or assign without any consent of Counterparty its rights and obligations hereunder, in whole or in part, to any of its affiliates whose obligations hereunder are guaranteed by Deutsche Bank AG,
provided, further, that if at any time at which (1) the Equity Percentage exceeds 9.0% or (2) Dealer, Dealer Group (as defined below) or any person whose ownership position would be aggregated with that of Dealer or Dealer
Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under Section 203 of the Delaware General Corporation Law or other federal, state or local regulations or regulatory orders applicable to ownership of Shares
(“Applicable Laws”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that
would give rise to reporting, registration, filing or notification obligations (other than on Schedule 13D or 13G under the Exchange Act) or other requirements (including obtaining prior approval by a state or federal regulator) of a Dealer Person
under Applicable Laws and with respect to which such requirements have not been met or the relevant approval has not been received minus (y) 1% of the number of Shares outstanding on the date of determination (either such condition
described in clause (1) or (2), an “Excess Ownership Position”), if Dealer, in its commercially reasonable discretion, is unable to effect a transfer or assignment to a third party after its commercially reasonable efforts on
pricing and terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists, Dealer may designate any Scheduled Trading Day as an Early Termination Date with respect to a portion (the
“Terminated Portion”) of the Transaction, such that an Excess Ownership Position no longer exists following such partial termination. In the event that Dealer so designates an Early Termination Date with respect to a portion of the
Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement and Section 8(c) of this Confirmation as if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical
to the Terminated Portion of the Transaction, (ii) Counterparty were the sole Affected Party with respect to such partial termination, (iii) such portion of the Transaction were the only Terminated Transaction and (iv) Dealer were the
party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. The “Equity Percentage” as of any day is the
fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates subject to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of
the Exchange Act and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Dealer (collectively, “Dealer Group”) “beneficially own” (within the meaning of
Section 13 of the Exchange Act) without duplication on such day and (B) the denominator of which is the number of Shares outstanding on such day. Dealer agrees that Dealer Group shall use commercially reasonable efforts, in consultation
with counsel as to legal and regulatory issues and in compliance with any related policies and procedures of Dealer, consistently applied, to hedge its exposure to the Transaction and to manage its other positions through the use of cash-settled
swaps or other derivative instruments to the extent necessary to avoid the occurrence of an Excess Ownership Position. In the case of a transfer or assignment by Counterparty of its rights and obligations hereunder and under the Agreement, in whole
or in part (any such Options so transferred or assigned, the “Transfer Options”), to any party, withholding of such consent by Dealer shall not be considered unreasonable if such transfer or assignment does not meet the reasonable
conditions that Dealer may impose including, but not limited, to the following conditions: 

    (A)        With respect to any Transfer
Options, Counterparty shall not be released from its notice and indemnification obligations pursuant to Section 8(e) or any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation; 

  
 19 

    (B)        Any Transfer Options shall only
be transferred or assigned to a third party that is a U.S. person (as defined in the Internal Revenue Code of 1986, as amended); 
     (C)        Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third party (including, but
not limited to, undertakings with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and execution of any
documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty as are requested and reasonably satisfactory to Dealer; 

    (D)        Dealer will not, as a result of
such transfer and assignment, be required to pay the transferee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such
transfer and assignment; 

    (E)        An Event of Default, Potential
Event of Default or Termination Event will not occur as a result of such transfer and assignment; 
     (F)        Without limiting the generality of clause (B), Counterparty shall have caused the transferee to make such Payee Tax
Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and

     (G)        Counterparty shall
be responsible for all reasonable costs and expenses, including reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment. 
 (g)        Staggered Settlement. Dealer may, by notice to Counterparty prior to any Settlement Date (a “Nominal Settlement Date”), elect to
deliver the Shares on one or more dates (each, a “Staggered Settlement Date”) or at two or more times on the Nominal Settlement Date as follows: 

    (i)        in such notice, Dealer will
specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to such Nominal Settlement Date, but not prior to the first day of the relevant Cash Settlement Averaging Period) or delivery times and how it will
allocate the Shares it is required to deliver under “Delivery Obligation” (above) among the Staggered Settlement Dates or delivery times; and 

    (ii)       the aggregate number of Shares that
Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date. 

(h)        Disclosure.    Effective from the date of
commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the
Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 

(i)        No Netting and Set-off.  The provisions of
Section 2(c) of the Agreement shall not apply to the Transaction. Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or payment
obligations owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. 

(j)        Equity Rights.  Dealer acknowledges and agrees that
this Confirmation is not intended to convey to it rights with respect to the Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree that the
preceding sentence shall not apply at any time other than during Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of
doubt, the parties acknowledge that the obligations of Counterparty under this 

  
 20 

 
Confirmation are not secured by any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement. 

(k)        Early Unwind.  In the event the sale by Counterparty
of the Convertible Securities is not consummated pursuant to the Underwriting Agreement for any reason by the close of business in New York on August 2, 2011 (or such later date as agreed upon by the parties, which in no event shall be later
than August 9, 2011) (August 2, 2011 or such later date being the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind Date and the Transaction and all of
the respective rights and obligations of Dealer and Counterparty hereunder shall be cancelled and terminated and Counterparty shall pay to Dealer, other than in cases involving a breach of the Underwriting Agreement by the underwriters, an amount in
cash equal to the aggregate amount of costs and expenses relating to the unwinding of Dealer’s hedging activities in respect of the Transaction (including market losses incurred in reselling any Shares purchased by Dealer or its affiliates in
connection with such hedging activities, unless Counterparty agrees to purchase any such Shares at the cost at which Dealer purchased such Shares) or, at the election of Counterparty, deliver to Dealer Shares with a value equal to such amount, as
determined by the Calculation Agent, in which event the parties shall enter into customary and commercially reasonable documentation relating to the registered or exempt resale of such Shares. Following such termination, cancellation and payment or
delivery, each party shall be released and discharged by the other party from, and agrees not to make any claim against the other party with respect to, any obligations or liabilities of either party arising out of, and to be performed in connection
with, the Transaction either prior to or after the Early Unwind Date. Dealer and Counterparty represent and acknowledge to the other that upon an Early Unwind and following the payment referred to above, all obligations with respect to the
Transaction shall be deemed fully and finally discharged. 
 (l)    Governing
Law.    THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 (m) Amendment.    This Confirmation and the Agreement may not be modified, amended or supplemented, except in a written instrument signed by Counterparty and Dealer. 

(n)  Counterparts.    This Confirmation may be executed in several counterparts, each
of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

(o)  Illegality.   The parties agree that, for the avoidance of doubt, for purposes of
Section 5(b)(i) of the Agreement, “any applicable law” shall include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any rules and regulations promulgated thereunder, without regard to Section 739 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and the consequences specified in the Agreement, including without limitation, the consequences specified in Section 6 of the Agreement, shall apply to any Illegality arising
from any such act, rule or regulation. 
 (p) Notice of Acquisition of Bank Shares or Assets. Counterparty
shall give Dealer a written notice no later than 30 days prior to any day on which Counterparty effects any transaction subject to Section 3 of the Bank Holding Company Act of 1956, as amended. Such notice shall describe such transaction in
reasonable detail and specify the anticipated effective date of such acquisition. 

(q)  Designation by Dealer.   Notwithstanding any other provision in this Confirmation to
the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or
deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations; provided that such designation
shall not result in any additional costs or liabilities for Counterparty. For the avoidance of doubt, Dealer hereby acknowledges that notwithstanding any such designation hereunder, to the extent any of Dealer’s obligations in respect of this
Transaction are not completed by its designee, Dealer shall be obligated to continue to perform or to cause any other of its designees to perform in respect of such obligations. 

  
 21 

 9.    Waiver of Jury Trial.  Each
party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or
attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have
been induced to enter into the Transaction by, among other things, the mutual waivers and certifications provided herein. 
 10. Submission to Jurisdiction.  Section 13(b) of the Agreement is deleted in its entirety and replaced by the following: 

“Each party hereby irrevocably and unconditionally submits for itself and its property in any suit, legal action
or proceeding relating to the Agreement and/or the Transaction, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”) to the exclusive jurisdiction of the Supreme Court of the State of New York,
sitting in New York County, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof. Nothing in this Confirmation or the Agreement precludes either party from bringing Proceedings in any
other jurisdiction if (A) the courts of the State of New York or the United States of America for the Southern District of New York lack jurisdiction over the parties or the subject matter of the Proceedings or declines to accept the
Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing against the other party’s property, assets or estate any decision or judgment rendered by any court in which
Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court’s decision or judgment to any higher court with competent appellate jurisdiction over that court’s decisions or judgments if
that higher court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding has been commenced in another jurisdiction by or against the
other party or against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under the Agreement or this Confirmation, the party (1) joins, files a claim, or takes any other action, in any such
suit, action or proceeding, or (2) otherwise commences any Proceeding in that other jurisdiction as the result of that other suit, action or proceeding having commenced in that other jurisdiction.” 

  
 22 

 Counterparty hereby agrees (a) to check this Confirmation carefully and promptly upon
receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty with
respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and promptly returning an executed copy to Deutsche Bank AG, London
Branch via facsimile to 44 113 336 2009. 
  

									
		 	DEUTSCHE BANK AG, LONDON BRANCH	 	
					
		 	 By:
	 	 /s/ Michael Sanderson
	 		 	
		 		 	 Name:        Michael Sanderson
	 		 	
		 		 	 Title:          Managing Director
	 		 	
					
		 	 By:
	 	 /s/ Lars Kestner
	 		 	
		 		 	 Name:        Lars Kestner
	 		 	
		 		 	 Title:          Managing Director
	 		 	
			
		 	DEUTSCHE BANK SECURITIES INC.,	 	
		 	 Acting solely as Agent in connection with this Transaction

					
		 	 By:
	 	 /s/ Michael Sanderson
	 		 	
		 		 	 Name:        Michael Sanderson
	 		 	
		 		 	 Title:          Managing Director
	 		 	
				
		 	 By:
	 	 /s/ Lars Kestner
	 	
		 		 	 Name:        Lars Kestner
	 		 	
		 		 	 Title:          Managing Director
	 		 	

  

					
	 Agreed and Accepted By:
	  	
		
	MF GLOBAL HOLDINGS LTD.	  	
			
	 By:
	 	 /s/ David Dunne
	  	
		 	 Name:        David Dunne
	  	
		 	 Title:          TreasurerBase Issuer Warrant Transaction Confirmation, The Royal Bank of Scotland

 Exhibit 10.5 
 THE ROYAL BANK OF SCOTLAND PLC 
 Opening Transaction 

 

			
	To:	  	 MF Global Holdings Ltd.
 717 Fifth Avenue
 New York, New York 10022

	  
 From:
	  	 The Royal Bank of Scotland plc
 c/o RBS Securities Inc.
 600 Washington Blvd.

Stamford, CT 06901

		
	Re:	  	 Base Issuer Warrant Transaction

		
	Date:	  	 July 28, 2011

  
  

Ladies and Gentlemen: 
 The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced transaction entered into on the Trade Date specified below (the
“Transaction”) between The Royal Bank of Scotland plc (“Dealer”), acting through RBS Securities Inc., as its agent, and MF Global Holdings Ltd. (“Issuer”). This communication constitutes a
“Confirmation” as referred to in the ISDA Master Agreement specified below. 
 THE ROYAL BANK OF
SCOTLAND PLC HAS ENTERED AS PRINCIPAL TO THE TRANSACTION AND IS THE ISSUER’S COUNTERPARTY HERETO. THE ROYAL BANK OF SCOTLAND PLC IS NOT REGISTERED AS A BROKER-DEALER UNDER THE SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED. THE PARTIES
ACKNOWLEDGE THAT RBS SECURITIES INC. HAS ACTED AS AGENT FOR THE PARTIES IN CONNECTION WITH THE TRANSACTION. TO THE EXTENT RBS SECURITIES INC. HAS ACTED AS AGENT IN CONNECTION WITH THE TRANSACTION, ITS OBLIGATIONS ARE STRICTLY LIMITED TO THE DELIVERY
OF ANY CASH AND SECURITIES THAT IT ACTUALLY RECEIVES FROM THE ROYAL BANK OF SCOTLAND PLC OR THE ISSUER, AS THE CASE MAY BE, OR DELIVERS TO THE ROYAL BANK OF SCOTLAND PLC OR THE ISSUER. RBS SECURITIES INC. HAS NO OBLIGATIONS HEREUNDER, BY GUARANTY,
ENDORSEMENT OR OTHERWISE, WITH RESPECT TO PERFORMANCE OF THE ROYAL BANK OF SCOTLAND PLC’S OR ISSUER’S OBLIGATIONS HEREUNDER. 
 1.    This Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the “2006 Definitions”) and the definitions and
provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006 Definitions, the “Definitions”), in each case as published by the International Swaps and Derivatives
Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006 Definitions and the Equity Definitions, the Equity Definitions will govern. For purposes of the Equity Definitions, each reference herein to a Warrant
shall be deemed to be a reference to a Call Option or an Option, as context requires. 
 Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to
which this Confirmation relates on the terms and conditions set forth below. 

 This Confirmation evidences a complete and binding agreement between Dealer
and Issuer as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 1992 ISDA Master Agreement (Multicurrency—Cross Border)
as if Dealer and Issuer had executed an agreement in such form on the date hereof (but without any Schedule except for (i) the election of Loss and Second Method and US Dollars (“USD”) as the Termination Currency, (ii) the
replacement of the word “third” in the last line of Section 5(a)(i) of the Agreement with the word “first” and (iii) the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement
shall apply to Issuer with the words “, or becoming capable at such time of being declared,” deleted from clause (1) of Section 5(a)(vi), with a “Threshold Amount” of USD50 million). In addition, Section 5(a)(i) of
the Agreement shall be amended by adding at the end of such section the following: “Notwithstanding the foregoing, a default under this Section 5(a)(i) shall not constitute an Event of Default if (x) the default was caused solely by
error or omission of an administrative or operational nature; (y) funds were available to enable the party to make the payment when due and (z) the payment is made within two Local Business Days of such party’s receipt of written
notice of its failure to pay.” 
 All provisions contained in, or incorporated by reference to, the
Agreement will govern this Confirmation except as expressly modified herein. In the event of any inconsistency between this Confirmation and either the Definitions or the Agreement, this Confirmation shall govern. 

The Transaction hereunder shall be the sole Transaction under the Agreement. If there exists any ISDA Master Agreement
between Dealer and Issuer or any confirmation or other agreement between Dealer and Issuer pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Issuer, then notwithstanding anything to the contrary in such ISDA Master
Agreement, such confirmation or agreement or any other agreement to which Dealer and Issuer are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement.

 2.    The Transaction is a Warrant Transaction, which shall be considered a Share Option
Transaction for purposes of the Equity Definitions. The terms of the particular Transaction to which this Confirmation relates are as follows: 
 General Terms: 
  

			
	 Trade Date:
	 	 July 28, 2011

		
	 Effective Date:
	 	 August 2, 2011 or such other date as agreed between the parties, subject to Section 8(k) below.

		
	 Components:
	 	 The Transaction will be divided into individual Components, each with the terms set forth in this Confirmation, and, in particular, with the Number of Warrants
and Expiration Date set forth in this Confirmation. The payments and deliveries to be made upon settlement of the Transaction will be determined separately for each Component as if each Component were a separate Transaction under the
Agreement.

		
	 Warrant Style:
	 	 European

		
	 Warrant Type:
	 	 Call

		
	 Seller:
	 	 Issuer

		
	 Buyer:
	 	 Dealer

		
	 Shares:
	 	 The common stock of Issuer, par value USD1.00 (Ticker Symbol: “MF”).

  
 2 

			
		
	 Number of Warrants:
	 	 For each Component, as provided in Annex A to this Confirmation.

		
	 Warrant Entitlement:
	 	 One Share per Warrant

		
	 Strike Price:
	 	 USD 13.0725

		
	 Premium:
	 	 USD 12,109,500

		
	 Premium Payment Date:
	 	 The Effective Date

		
	 Exchange:
	 	 The New York Stock Exchange

		
	 Related Exchange:
	 	 All Exchanges

		
	Procedures for Exercise:	 	
		
	 In respect of any Component:
	 	
		
	 Expiration Time:
	 	 Valuation Time

		
	 Expiration Date:
	 	 As provided in Annex A to this Confirmation (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day that is not already
an Expiration Date for another Component); provided that, if that date is a Disrupted Day, the Expiration Date for such Component shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day and is not or is not deemed to
be an Expiration Date in respect of any other Component of the Transaction; and provided, further that if the Expiration Date has not occurred pursuant to the preceding proviso as of the Final Disruption Date, the Calculation Agent
shall have the right to elect, in its reasonable discretion, that the Final Disruption Date shall be the Expiration Date (irrespective of whether such date is an Expiration Date in respect of any other Component for the Transaction). Notwithstanding
the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Expiration Date, the Calculation Agent may determine that such Expiration Date is a Disrupted Day only in part, in which case the
Calculation Agent shall make adjustments to the Number of Warrants for the relevant Component for which such day shall be the Expiration Date, shall designate the Scheduled Trading Day determined in the manner described in the immediately preceding
sentence as the Expiration Date for the remaining Warrants for such Component and may determine the VWAP Price for the Expiration Date that is a Disrupted Day only in part based on transactions in the Shares effected on such Disrupted Day taking
into account the nature and duration of the relevant Market Disruption Event on such day. Any Scheduled Trading Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be a
Scheduled Trading Day; if a closure of the Exchange prior to its normal close of trading on any Scheduled Trading Day is scheduled following the

  
 3 

			
		 	 date hereof then such Scheduled Trading Day shall be deemed to be a Disrupted Day in full. Section 6.6 of the Equity Definitions shall not apply to any Valuation
Date occurring on an Expiration Date. “Final Disruption Date” means May 7, 2019.

		
	 Market Disruption Event:
	 	 Section 6.3(a) of the Equity Definitions is hereby amended by (A) deleting the words “during the one hour period
that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be,” in clause (ii) thereof and (B) by replacing the words “or (iii) an Early Closure.” therein with
“(iii) an Early Closure, or (iv) a Regulatory Disruption.”.
  
 Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.

		
	 Regulatory Disruption:
	 	 Any event that Dealer, in its reasonable discretion and based on the advice of counsel, determines makes it necessary or advisable with regard to any legal,
regulatory or self-regulatory requirements or related policies and procedures generally applicable to the relevant line of business, for Dealer to refrain from or decrease any market activity in connection with the Transaction. Dealer will notify
Issuer promptly of any determination that a Regulatory Disruption has occurred.

		
	 Automatic Exercise:
	 	 Applicable; and means that the Number of Warrants for the corresponding Expiration Date will be deemed to be automatically exercised at the Expiration Time on
such Expiration Date unless Dealer notifies Seller (by telephone or in writing) prior to the Expiration Time on such Expiration Date that it does not wish Automatic Exercise to occur, in which case Automatic Exercise will not apply to such
Expiration Date.

		
	 Issuer’s Telephone Number
and Telex and/or Facsimile Number
and Contact Details for purpose of
Giving
Notice:
	 	 As provided in Section 6(a) below.

		
	Settlement Terms:	 	
		
	 In respect of any Component:
	 	
	 Settlement Currency:
	 	 USD

		
	 Settlement Method Election:
	 	 Applicable; provided that:

		
		 	 (i) Issuer may elect Cash Settlement only if, on or prior to the Settlement Method Election Date, Issuer delivers written notice to Dealer stating that Issuer
has elected that Cash Settlement apply, specifying the Components of the Transaction to which such election applies, and Dealer delivers written consent to such election by Issuer, by the 2nd Scheduled

  
 4 

			
		
		 	 Trading Day immediately following the day on which such notice is delivered by Issuer; provided that, such consent will not be
unreasonably withheld or delayed;
  
 (ii) on such notice delivery date,
Issuer shall represent and warrant to Dealer in writing that, as of such notice delivery date:
  
 (A) Issuer is not aware of any material nonpublic information regarding Issuer or the Shares;
  

(B) Issuer is electing Cash Settlement in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws;

 
 (C) (I) the assets of Issuer at their fair valuation exceed the liabilities of
Issuer, including contingent liabilities, (II) the capital of Issuer is adequate to conduct the business of Issuer and (III) Issuer has the ability to pay its debts and obligations as such debts mature and does not intend to, and does not believe
that it will, incur debt beyond its ability to pay as such debts mature;
  

(D) it would be able to purchase the Number of Shares in compliance with the laws of Issuer’s jurisdiction of organization;

 
 (E) Issuer has the power to make such election and to execute and deliver any
documentation relating to such election that it is required by this Confirmation to deliver and to perform its obligations under this Confirmation and has taken all necessary action to authorize such election, execution, delivery and
performance;
  
 (F) such election and performance of its obligations under
this Confirmation do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual
restriction binding on or affecting it or any of its assets; and
  
 (G) any
transaction that Dealer makes with respect to the Shares during the period beginning at the time that Issuer delivers notice of its Cash Settlement election and ending at the close of business on the final day of the Settlement Period shall be made
by Dealer at Dealer’s sole discretion for Dealer’s own account and Issuer shall not have, and shall not attempt to exercise, any influence over how, when, whether or at what price Dealer effects such transactions, including, without
limitation, the prices paid or received by Dealer per Share pursuant to such transactions, or whether such transactions are made on any securities exchange or privately;

  
 5 

			
		
		 	(iii) such Settlement Method Election shall apply to the Component(s) specified in such notice (or, if none are specified, to all Components); and
		
		 	(iv) no event of default has occurred and is continuing under any indebtedness of the Issuer or its subsidiaries in an aggregate principal amount of $50.0 million or
more.
		
		 	At any time prior to making a Settlement Method Election, Issuer may, without the consent of Dealer, amend this Confirmation by notice to Dealer to eliminate Issuer’s right to
elect Cash Settlement.
		
		 	Notwithstanding the foregoing, in refusing to grant its consent with respect to Issuer’s Cash Settlement election, in addition to other reasons, Dealer may refuse such grant if
Dealer notifies Issuer that, in the reasonable judgment of Dealer, the election of Cash Settlement or any purchases of Shares that Dealer (or its affiliates) might make in connection therewith, based upon the advice of counsel and as a result of
events occurring after the Trade Date, would raise material risks under applicable securities laws.
		
	 Electing Party:
	 	Issuer
		
	 Settlement Method Election Date:
	 	 The 10th Scheduled Trading Day immediately preceding the scheduled Expiration Date for the Component with the earliest scheduled Expiration Date.

		
	 Default Settlement Method:
	 	 Net Share Settlement

		
	 Net Share Settlement:
	 	 If Net Share Settlement is applicable to any Component of the Transaction, on the Settlement Date for such Component, Issuer shall deliver to Dealer a number of
Shares equal to the Number of Shares to be Delivered for such Settlement Date to the account specified by Dealer and cash in lieu of any fractional Share valued at the VWAP Price on the Valuation Date corresponding to such Settlement Date. If, in
the reasonable opinion of Issuer or Dealer, based on advice of counsel, for any reason, the Shares deliverable upon Net Share Settlement would not be immediately freely transferable by Dealer under Rule 144 under the Securities Act of 1933, as
amended (the “Securities Act”), then Dealer may elect to either (x) accept delivery of such Shares notwithstanding any restriction on transfer or (y) have the provisions set forth in Section 8(b) below apply.

		
		 	 The Number of Shares to be Delivered shall be delivered by Issuer to Dealer no later than 12:00 noon (local time in New York City) on the relevant Settlement
Date.

		
	 Number of Shares to be Delivered:
	 	 In respect of any Exercise Date, subject to the last sentence of Section 9.5 of the Equity Definitions, the

  
 6 

			
		 	 product of (i) the number of Warrants exercised or deemed exercised on such Exercise Date, (ii) the Warrant Entitlement and (iii) (A) the excess of the VWAP
Price on the Valuation Date occurring in respect of such Exercise Date over the Strike Price (or, if there is no such excess, zero) divided by (B) such VWAP Price.

		
	 VWAP Price:
	 	 For any Valuation Date, as determined by the Calculation Agent based on the New York Volume Weighted Average Price per Share for the regular trading session
(including any extensions thereof) of the Exchange on such Valuation Date (without regard to pre-open or after hours trading outside of such regular trading session), as published by Bloomberg at 4:15 P.M., New York City time (or 15 minutes
following the end of any extension of the regular trading session), on such Valuation Date, on Bloomberg page “MF.N <Equity> AQR” (or any successor thereto) (or if such published volume weighted average price is unavailable or is
manifestly incorrect, the market value of one Share on such Valuation Date, as determined by the Calculation Agent using a volume weighted method).

		
	 Other Applicable Provisions:
	 	 If Net Share Settlement is applicable to any Component of the Transaction, the provisions of Sections 9.1(c), 9.4, 9.8, 9.9, 9.11 and 9.12 of the Equity
Definitions will be applicable to such Component as if “Physical Settlement” applied to such Component; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by
excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Issuer is the issuer of the Shares.

		
	 Option Cash Settlement Amount:
	 	 For any Exercise Date, the product of (i) the number of Warrants exercised or deemed exercised on such Exercise Date, (ii) the Warrant Entitlement and (iii) (A)
the excess of the VWAP Price on the Valuation Date occurring on such Exercise Date over (B) the Strike Price (or, if there is no such excess, zero).

		
	 Adjustments:
	 	
		
	 In respect of any Component:
	 	
		
	 Method of Adjustment:
	 	 Calculation Agent Adjustment; provided that in respect of an Extraordinary Dividend, “Calculation Agent Adjustment” shall be as described in the
provision below. For the avoidance of doubt, Calculation Agent Adjustment (including, without limitation, in respect of Extraordinary Dividends) shall continue to apply until the obligations of the parties (including any obligations of Issuer
pursuant

  
 7 

			
		 	 to Section 8(e) below) under the Transaction have been satisfied in full.

		
	 Extraordinary Dividend:
	 	 Any cash dividend or distribution on the Shares with an ex-dividend date occurring on or after the Trade Date and on or prior to the Expiration Date (or, if any
Deficit Shares are owed pursuant to Section 8(e) below, such later date on which Issuer’s obligations under this Transaction have been satisfied in full).

		
	 Extraordinary Dividend Adjustment:
	 	 If at any time during the period from and including the Trade Date, to and including the Expiration Date for the Component with the latest Expiration Date (or,
if any Deficit Shares are owed pursuant to Section 8(e) below, such later date on which Issuer’s obligations under this Transaction have been satisfied in full), an ex-dividend date for an Extraordinary Dividend occurs or is deemed to occur,
then the Calculation Agent will make adjustments to any one or more of the Strike Price, the Number of Warrants, the Warrant Entitlement and/or any other variable relevant to the exercise, settlement, payment or other terms of the Transaction to
account for the economic effect on the Transaction of such Extraordinary Dividend.

	 Extraordinary Events:
	 	
		
	 New Shares:
	 	 In the definition of New Shares in Section 12.1(i) of the Equity Definitions, the text in clause (i) thereof shall be deleted in its entirety and replaced with
“publicly quoted, traded or listed on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or their respective successors)”; provided, that, if the New Shares are shares of an entity or
person not organized under the laws of the United States, any State thereof or the District of Columbia, the Calculation Agent may make adjustments to the Transaction, or request that Issuer make Dealer whole, for any additional costs resulting from
the relevant Merger Event or Tender Offer with respect to incremental Tax costs reasonably incurred by Dealer or changes to the Hedge Positions maintained by Dealer.

		
	 Consequences of Merger Events:
	 	
		
	 (a)  Share-for-Share:
	 	 Modified Calculation Agent Adjustment

		
	 (b)  Share-for-Other:
	 	 Cancellation and Payment (Calculation Agent Determination)

		
	 (c)  Share-for-Combined:
	 	 Component Adjustment

		
	 Tender Offer:
	 	 Applicable

		
	 Consequences of Tender Offers:
	 	
		
	 (a)  Share-for-Share:
	 	 Modified Calculation Agent Adjustment

		
	 (b)  Share-for-Other:
	 	 Modified Calculation Agent Adjustment

  
 8 

			
	 (c)  Share-for-Combined:
	 	 Modified Calculation Agent Adjustment

		
	 Modified Calculation
Agent Adjustment:
	 	 

 If, in respect of any Merger Event to which Modified Calculation Agent Adjustment applies, the adjustments to be made in
accordance with Section 12.2(e)(i) of the Equity Definitions would result in Issuer being different from the issuer of the Shares, then with respect to such Merger Event, as a condition precedent to the adjustments contemplated in Section 12.2(e)(i)
of the Equity Definitions, Issuer and the issuer of the Shares shall, prior to the Merger Date, have entered into such documentation containing representations, warranties and agreements relating to securities laws and other issues as requested by
Dealer that Dealer has determined, in its reasonable discretion, to be reasonably necessary or appropriate to allow Dealer to continue as a party to the Transaction, as adjusted under Section 12.2(e)(i) of the Equity Definitions, and to preserve its
hedging or hedge unwind activities in connection with the Transaction in a manner compliant with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Dealer, and if such conditions are
not met or if the Calculation Agent determines that no adjustment that it could make under Section 12.2(e)(i) of the Equity Definitions will produce a commercially reasonable result, then the consequences set forth in Section 12.2(e)(ii) of the
Equity Definitions shall apply.

	 Nationalization, Insolvency
or Delisting:
	 	 

 Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section
12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global
Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be
the Exchange.

		
	 Additional Termination Event(s):
	 	 Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, any Transaction would be cancelled or terminated
(whether in whole or in part) pursuant to Article 12 of the Equity Definitions, an Additional Termination Event (with such terminated Transaction(s) (or portions thereof) being the Affected Transaction(s) and Issuer being the sole Affected Party)
shall be deemed to occur, and, in lieu

  
 9 

			
		 	 of Sections 12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction(s).

		
	 Additional Disruption Events:
	 	
		
	 (a)  Change in Law:
	 	 Applicable; provided that (A) any determination as to whether (i) the adoption of or any change in any applicable law or regulation (including, without
limitation, any tax law) or (ii) the promulgation of or any change in or public announcement of the formal or informal interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation
(including any action taken by a taxing authority), in each case, constitutes a “Change in Law” shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal
certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date and (B) Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (w) adding the words “(including, for the avoidance of
doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof, (x) adding the words “or any Hedge Positions”
after the word “Shares” in the clause (X) thereof, (y) adding the words “, or holding, acquiring or disposing of Shares or any Hedge Positions relating,” after the word “obligations” in clause (Y) thereof and (z)
inserting at the end thereof the words “after using commercially reasonable efforts to avoid such increased cost based on prevailing circumstances applicable to it”.

		
	 (b)  Failure to Deliver:
	 	 Applicable

		
	 (c)  Insolvency Filing:
	 	 Applicable

		
	 (d)  Hedging Disruption:
	 	 Applicable

		
	 (e)  Increased Cost of Hedging:
	 	 Applicable; provided that Section 12.9(a)(vi) of the Equity Definitions is hereby amended by inserting the phrase “, after using commercially
reasonable efforts,” between the words “would” and “incur” in the first line thereof.

		
	 (f)  Loss of Stock Borrow:
	 	 Applicable

		
	       Maximum Stock Loan Rate:
	 	 1.00% per annum

		
	 (g)  Increased Cost of Stock Borrow:
	 	 Applicable; provided that Section 12.9(a)(viii) of the Equity Definitions is hereby amended by inserting the phrase “, after using commercially
reasonable efforts,” between the words “would” and “incur” in the first line thereof.

		
	       Initial Stock Loan Rate:
	 	 0.25% per annum

  
 10 

			
	   Hedging Party:
	 	 Dealer for all applicable Additional Disruption Events.

		
	 Determining Party:
	 	 Dealer for all applicable Additional Disruption Events.

		
	 Non-Reliance:
	 	 Applicable

		
	 Agreements and Acknowledgments
	 	
	 Regarding Hedging Activities:
	 	 Applicable

		
	 Additional Acknowledgments:
	 	 Applicable

		
	 3.    Calculation Agent:
	 	 Dealer. All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner. The Calculation Agent
shall deliver, within five Exchange Business Days of a written request by Issuer, a written explanation describing in reasonable detail any calculation, adjustment or determination made by it (including the methodology, interest rates, quotations,
market data (including volatility) and information from internal sources used in making such calculation, adjustment or determination, but without disclosing any proprietary models or other information that Dealer is not permitted to disclose to the
Issuer, notwithstanding Issuer’s agreement to keep such information confidential, under applicable law, rule, regulation or agreement with third party).

		
	 4.    Account Details:
	 	
		
	        Dealer Payment Instructions:
	 	
		
	 Wire Instructions:
	 	
	
	               Account for delivery of Shares to
Dealer: To be provided by Dealer

		
	        Issuer Payment Instructions:
	 	

  

			
	     Bank:
	 	
	     ABA#:
	 	
	     FBO:
	 	
	     Account #:        
	 	
	     Swift:
	 	

  

			
	 5.    Offices:
	 	
	
	 The Office of Dealer for the Transaction is:

	
	   c/o RBS Securities Inc.

	
	   600 Washington Blvd., Stamford, CT 06901

	
	 The Office of Issuer for the Transaction is:

	
	   Inapplicable; Issuer is not a Multibranch Party.

  
 11 

					
	 6.    Notices: For purposes of this Confirmation:

		
	 (a)
	 	 Address for notices or communications to Issuer:

			
		 	   To:
	 	 MF Global Holdings Ltd.

		 	   Attn:
	 	 David Dunne

		 		 	 Treasurer

		 		 	 717 Fifth Avenue, 9th Floor

		 		 	 New York, New York 10022

		 	   Telephone:      
	 	 212-589-6327

		 	   Fax:
	 	 212-589-6215

		 	   Email:
	 	 ddunne@mfglobal.com

			
		 	   To:
	 	 MF Global Holdings Ltd.

		 	   Attn:
	 	 Joe Patt

		 		 	 Principal Strategies

		 		 	 717 Fifth Avenue, 9th Floor

		 		 	 New York, New York 10022

		 	   Telephone:
	 	 212-589-6267

		 	   Fax:
	 	 212-935-4606

		 	   Email:
	 	 jpatt@mfglobal.com

			
		 	   To:
	 	 MF Global Holdings Ltd.

		 	   Attn:
	 	 Joe Lesar

		 		 	 Global Head of Bank Relations

		 		 	 717 Fifth Avenue, 9th Floor

		 		 	 New York, New York 10022

		 	   Telephone:
	 	 212-589-6514

		 	   Fax:
	 	 212-589-6215

		 	   Email:
	 	 jlesar@mfglobal.com

		
	 (b)
	 	 Address for notices or communications to Dealer:

			
		 	 To:
	 	 The Royal Bank of Scotland plc

		 		 	 c/o RBS Securities Inc.

		 		 	 600 Washington Blvd.

		 		 	 Stamford, CT 06901

		 	 Attn:
	 	 Legal Department (Tam Beattie)

		 	 Telephone:
	 	 (203) 897-6086

		 	 Facsimile:
	 	 (203) 873-4571

		 	 Email:
	 	 Tamerlaine.Beattie@rbs.com

		
		 	 With a copy to:

			
		 		 	 The Royal Bank of Scotland plc

		 		 	 c/o RBS Global Banking & Markets

		 		 	 280 Bishopsgate

		 		 	 London EC2M 4RB

		 		 	 Attn: Swap Administration

		 		 	 Facsimile: +44 (0) 20 7085 5050

 7.    Representations, Warranties and Agreements: 

(a)        In addition to the representations and warranties in the Agreement and those contained
elsewhere herein, Issuer represents and warrants to and for the benefit of, and agrees with, Dealer as follows: 

  
 12 

     (i)         On the Trade Date
and as of the date of any election by Issuer of the Share Termination Alternative under (and as defined in) Section 8(a) below, (A) Issuer is not aware of any material nonpublic information regarding Issuer or the Shares and (B) all
reports and other documents filed by Issuer with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), when considered as a whole (with the more recent such reports
and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances in which they were made, not misleading. 
      (ii)        Without limiting the generality of Section 13.1 of the Equity Definitions, Issuer acknowledges that neither Dealer
nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share,
ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (or any successor issue statements).

      (iii)       Prior to the
Trade Date, Issuer shall deliver to Dealer a resolution of the Issuer’s board of directors authorizing the Transaction and such other certificate or certificates as Dealer shall reasonably request. 

     (iv)       Issuer is not entering into
the Transaction to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or
exchangeable for Shares) or otherwise in violation of the Exchange Act. 

     (v)        Issuer is not, and after
giving effect to the transactions contemplated hereby will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

     (vi)       On the Trade Date and the
Premium Payment Date (A) the assets of Issuer at their fair valuation exceed the liabilities of Issuer, including contingent liabilities, (B) the capital of Issuer is adequate to conduct the business of Issuer and (C) Issuer has the
ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its ability to pay as such debts mature. 

     (vii)      Issuer shall not take any action to
decrease the number of Available Shares below the Capped Number (each as defined below). 

     (viii)     The representations and warranties of
Issuer set forth in Section 3 of the Agreement and Section 1 of the Underwriting Agreement dated as of July 28, 2011, between Issuer and Goldman, Sachs & Co. and Citigroup Global Markets Inc., as representatives of the
several Underwriters listed in Schedule A thereto (the “Underwriting Agreement”), are true and correct as of the Trade Date and the Effective Date and are hereby deemed to be repeated to Dealer as if set forth herein. 

     (ix)       During the period starting on
the first Expiration Date and ending on the last Expiration Date (the “Settlement Period”), (A) the Shares or securities that are convertible into, or exchangeable or exercisable for Shares, shall not be subject to a
“restricted period,” as defined in Regulation M under the Exchange Act (“Regulation M”) and (B) Issuer shall not engage in any “distribution,” as such term is defined in Regulation M, other than a
distribution meeting the requirements of the exceptions set forth in sections 101(b)(10) and 102(b)(7) of Regulation M, until the second Exchange Business Day immediately following the Settlement Period . 

     (x)        During the Settlement
Period and on any other Exercise Date, neither Issuer nor any “affiliate” or “affiliated purchaser” (each as defined in Rule 10b-18 of the Exchange Act (“Rule 10b-18”)) shall directly or indirectly (including,
without limitation, by means of any cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent

  
 13 

 
interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares, except
through Dealer; provided that such restrictions will not apply to the following: (A) privately negotiated off-market purchases of Shares (or any security convertible into or exchangeable for Shares), (B) purchases of Shares pursuant
to exercises of stock options granted to former or current employees, officers, directors, independent contractors or other affiliates of Issuer, including the withholding and/or purchase of Shares from holders of such options to satisfy payment of
the option exercise price and/or to satisfy tax withholding requirements in connection with the exercise of such options; (C) purchases of Shares from holders of performance shares or units or restricted shares or units to satisfy tax
withholding requirements in connection with vesting; (D) the conversion or exchange by holders of any convertible or exchangeable securities of the Issuer issued prior to the Trade Date pursuant to the terms of such securities; or
(E) purchases of Shares effected by or for a plan by an agent independent of the Issuer that satisfy the requirements of Rule 10b-18(a)(13)(ii). 

     (xi)       Issuer agrees that it
(A) will not during the Settlement Period make, or permit to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any Merger Transaction or potential Merger Transaction unless such public announcement is made
prior to the opening or after the close of the regular trading session on the Exchange for the Shares; (B) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) notify Dealer following any
such announcement that such announcement has been made; and (C) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide Dealer with written notice specifying (i) Issuer’s
average daily Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full calendar months immediately preceding the announcement date that were not effected through Dealer or its affiliates and (ii) the number of Shares purchased
pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full calendar months preceding the announcement date. Such written notice shall be deemed to be a certification by Issuer to Dealer that such information is true and
correct. In addition, Issuer shall promptly notify Dealer of the earlier to occur of the completion of such transaction and the completion of the vote by target shareholders. “Merger Transaction” means any merger, acquisition or
similar transaction involving a recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act. 
      (xii)      Any Shares issued or delivered in connection with the Transaction shall be duly authorized and validly issued, fully paid and
non-assessable, and the issuance or delivery thereof shall not be subject to any preemptive or similar rights and shall, upon issuance, be accepted for listing or quotation on the Exchange. The Shares of Issuer initially issuable upon exercise of
the Warrants have been reserved for issuance by all required corporate action of the Issuer. 

     (xiii)     No state, local or foreign law, rule,
regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of
Dealer or its affiliates owning, holding (however defined) or having a right to acquire Shares. 

(b)        Each of Dealer and Issuer agrees and represents that it is an
“eligible contract participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended, and is entering into the Transaction as principal (and not as agent or in any other capacity, fiduciary or otherwise) and not
for the benefit of any third party. 
 (c)        Each of Dealer and
Issuer acknowledges that the offer and sale of the Transaction to Dealer is intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(2) thereof.
Accordingly, Dealer represents and warrants to Issuer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities
in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the
Transaction, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the
distribution or resale thereof, (iv) the assignment, transfer or other disposition of the Transaction has not 

  
 14 

 
been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws, and (v) its financial condition is such that
it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness and is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. 
 (d)        Dealer represents to Issuer, and Issuer agrees and acknowledges, that Dealer is a “financial institution,” “swap participant” and
“financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of Title 11 of the United States Code (the “Bankruptcy Code”). The parties hereto further agree and acknowledge (A) that this
Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination
value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of Section 546 of the Bankruptcy Code, and
(ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment
amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer” within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the
protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code. 

(e)        As a condition to the effectiveness of the Transaction, Issuer shall
deliver to Dealer (i) an incumbency certificate, dated as of the Trade Date, of Issuer in customary form and (ii) an opinion of counsel, dated as of the Trade Date, and reasonably acceptable to Dealer in form and substance, with respect to
matters set forth in clauses (i) through (iv) of Section 3(a) of the Agreement and the second sentence of Section 7(a)(xii) of this Confirmation as well as the execution and delivery of this Confirmation, limited to the U.S.
federal and New York state law, subject to customary qualification and exceptions. 
 8.  Other
Provisions: 
 (a)        Alternative Calculations and Payment on
Early Termination and on Certain Extraordinary Events. If Issuer shall owe Dealer any amount pursuant to Section 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions or pursuant to Section 6(d)(ii) of the Agreement (a
“Payment Obligation”), Issuer shall have the right, in its sole discretion, to satisfy any such Payment Obligation by the Share Termination Alternative (as defined below) by giving irrevocable telephonic notice to Dealer, confirmed
in writing within one Scheduled Trading Day, no later than 9:30 A.M., New York City time, on the relevant Merger Date, Announcement Date (as a result of a Merger Event, Tender Offer, Nationalization, Insolvency or Delisting), Early Termination Date
or date of cancellation or termination in respect of an Extraordinary Event, as applicable (“Notice of Share Termination”); provided that if Issuer does not elect to satisfy its Payment Obligation by the Share Termination
Alternative, Dealer shall have the right, in its commercially reasonable discretion, to elect to require Issuer to satisfy its Payment Obligation by the Share Termination Alternative, notwithstanding Issuer’s failure to elect or election to the
contrary; and provided further that Issuer shall not have the right to so elect (but, for the avoidance of doubt, Dealer shall have the right to so elect) in the event of (i) an Insolvency, a Nationalization, a Tender Offer or a Merger
Event, in each case, in which the consideration or proceeds to be paid to holders of Shares consists solely of cash or (ii) an Event of Default in which Issuer is the Defaulting Party or a Termination Event in which Issuer is the Affected
Party, which Event of Default or Termination Event resulted from an event or events within Issuer’s control. Upon such Notice of Share Termination, the following provisions shall apply on the Scheduled Trading Day immediately following the
Merger Date, the Tender Offer Date, Announcement Date, the Early Termination Date or date of cancellation or termination in respect of an Extraordinary Event, as applicable: 

 

			
	 Share Termination Alternative:
	  	 Applicable and means that Issuer shall deliver to Dealer the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be
due pursuant to Section 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) of the

  
 15 

			
		  	 Agreement, as applicable (the “Share Termination Payment Date”), in satisfaction of the Payment Obligation.

		
	 Share Termination Delivery
	  	
	 Property:
	  	 A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit
Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash in the Settlement Currency equal to the value of such fractional security based on the
values used to calculate the Share Termination Unit Price.

		
	 Share Termination Unit Price:
	  	 The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination
Delivery Property, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Issuer at the time of notification of the Payment Obligation.

		
	 Share Termination Delivery Unit:
	  	 In the case of a Termination Event, Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization,
Merger Event or Tender Offer, one Share or a unit consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional
amounts of any securities) in such Insolvency, Nationalization, Merger Event or Tender Offer. If such Insolvency, Nationalization, Merger Event or Tender Offer involves a choice of consideration to be received by holders, such holder shall be deemed
to have elected to receive the maximum possible amount of cash.

		
	 Failure to Deliver:
	  	 Applicable

		
	 Other Applicable Provisions:
	  	 If Share Termination Alternative is applicable, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be applicable as
if “Physical Settlement” applied to the Transaction, except that all references to “Shares” shall be read as references to “Share Termination Delivery Units”; provided that the Representation and Agreement
contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws with respect to securities comprising
Share Termination Delivery Units solely as a result of the fact that Issuer is the issuer of any Share Termination Delivery Units (or any security forming a part thereof). If, in the reasonable opinion of Issuer or Dealer, based on advice of
counsel, for any reason, any securities comprising the Share Termination Delivery Units deliverable pursuant to this Section 8(a) would not be immediately freely transferable by Dealer under Rule 144 under the Securities Act, then Dealer may elect
to either (x) permit delivery of such securities notwithstanding any restriction on transfer or (y) have the provisions set forth in Section 8(b) below apply.

 (b)        Registration/Private Placement
Procedures.    (i)    With respect to the Transaction, the following provisions shall apply to the extent provided for above opposite the caption “Net Share Settlement” in Section 2 or in
paragraph (a) of this Section 8. If so applicable and the Shares or Share Termination Delivery Units, as the case may be, at such time may not be sold by Dealer without restriction or limitation under Rule 144 under the Securities Act or
otherwise, then, at the election of Issuer by notice to Dealer within two Exchange Business Days after the relevant delivery obligation arises, but in any event 

  
 16 

 
at least one Exchange Business Day prior to the date on which such delivery obligation is due, either (A) all Shares or Share Termination Delivery Units, as the case may be, delivered by
Issuer to Dealer shall be, at the time of such delivery, covered by an effective registration statement of Issuer for immediate resale by Dealer (such registration statement and the corresponding prospectus (the “Prospectus”)
(including, without limitation, any sections describing the plan of distribution) in form and content commercially reasonably satisfactory to Dealer) or (B) Issuer shall deliver additional Shares or Share Termination Delivery Units, as the case
may be, so that the value of such Shares or Share Termination Delivery Units, as determined by the Calculation Agent to reflect an appropriate liquidity discount, equals the value of the number of Shares or Share Termination Delivery Units that
would otherwise be deliverable if such Shares or Share Termination Delivery Units were freely tradeable (without prospectus delivery) upon receipt by Dealer (such value, the “Freely Tradeable Value”); provided that, if
requested by Dealer, Issuer shall make the election described in this clause (B) with respect to Shares delivered on all Settlement Dates no later than one Exchange Business Day prior to the first Exercise Date, and the applicable procedures
described below shall apply to all Shares delivered on the Settlement Dates on an aggregate basis. (For the avoidance of doubt, as used in this paragraph (b) only, the term “Issuer” shall mean the issuer of the relevant securities, as
the context shall require.) 
 (ii)        If Issuer makes the election
described in clause (b)(i)(A) above: 

     (A)        Dealer (or an affiliate
of Dealer designated by Dealer) shall be afforded a reasonable opportunity to conduct a due diligence investigation with respect to Issuer that is customary in scope for underwritten offerings of equity securities and that yields results that are
commercially reasonably satisfactory to Dealer or such affiliate, as the case may be, in its discretion; and 
      (B)        Dealer (or an affiliate of Dealer designated by Dealer) and Issuer shall enter into an agreement (a “Registration
Agreement”) on commercially reasonable terms in connection with the public resale of such Shares or Share Termination Delivery Units, as the case may be, by Dealer or such affiliate substantially similar to underwriting agreements customary
for underwritten offerings of equity securities of similar size, in form and substance commercially reasonably satisfactory to Dealer or such affiliate and Issuer, which Registration Agreement shall include, without limitation, provisions
substantially similar to those contained in such underwriting agreements relating to the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates and Issuer, shall provide for the payment by Issuer of all
expenses in connection with such resale, including all registration costs and all reasonable fees and expenses of counsel for Dealer, and shall provide for the delivery of customary accountants’ “comfort letters” to Dealer or such
affiliate with respect to the financial statements and certain financial information contained in or incorporated by reference into the Prospectus. 
 (iii)       If Issuer makes the election described in clause (b)(i)(B) above: 

     (A)        Dealer (or an affiliate
of Dealer designated by Dealer) and any potential institutional purchaser of any such Shares or Share Termination Delivery Units, as the case may be, from Dealer or such affiliate identified by Dealer shall be afforded a commercially reasonable
opportunity to conduct a due diligence investigation in compliance with applicable law with respect to Issuer customary in scope for private placements of equity securities (including, without limitation, the right to have made available to them for
inspection all financial and other records, pertinent corporate documents and other information reasonably requested by them), subject to execution by such recipients of customary confidentiality agreements reasonably acceptable to Issuer;

      (B)        Dealer (or an
affiliate of Dealer designated by Dealer) and Issuer shall enter into an agreement (a “Private Placement Agreement”) on commercially reasonable terms in connection with the private placement of such Shares or Share Termination
Delivery Units, as the case may be, by Issuer to Dealer or such affiliate and the private resale of such shares by Dealer or such affiliate, substantially similar to private placement purchase agreements customary for private placements of equity
securities of similar size, in form and substance commercially reasonably satisfactory to Dealer and Issuer, which Private Placement Agreement shall include, without limitation, provisions substantially similar to those contained in such private
placement 

  
 17 

 
purchase agreements relating to the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates and Issuer, shall provide for the payment by Issuer of all
expenses in connection with such resale, including all reasonable fees and expenses of counsel for Dealer, shall contain representations, warranties and agreements of Issuer reasonably necessary or advisable to establish and maintain the
availability of an exemption from the registration requirements of the Securities Act for such resales, and shall use commercially reasonable efforts to provide for the delivery of customary accountants’ “comfort letters” to Dealer or
such affiliate with respect to the financial statements and certain financial information contained in or incorporated by reference into the offering memorandum prepared for the resale of such Shares; 

     (C)        Issuer agrees that any
Shares or Share Termination Delivery Units so delivered to Dealer, (i) may be transferred by and among Dealer and its affiliates, and Issuer shall effect such transfer without any further action by Dealer and (ii) after the minimum
“holding period” within the meaning of Rule 144(d) under the Securities Act has elapsed with respect to such Shares or any securities issued by Issuer comprising such Share Termination Delivery Units, Issuer shall promptly remove, or cause
the transfer agent for such Shares or securities to remove, any legends referring to any such restrictions or requirements from such Shares or securities upon delivery by Dealer (or such affiliate of Dealer) to Issuer or such transfer agent of any
seller’s and broker’s representation letters customarily delivered by Dealer in connection with resales of restricted securities pursuant to Rule 144 under the Securities Act, without any further requirement for the delivery of any
certificate, consent, agreement, opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other action by Dealer (or such affiliate of Dealer); and 

     (D)        Issuer may not make the
election described in this clause (b) if, on the date of its election, it has taken, or caused to be taken, any action that would make unavailable either the exemption pursuant to Section 4(2) of the Securities Act for the sale by Issuer
to Dealer (or any affiliate designated by Dealer) of the Shares or Share Termination Delivery Units, as the case may be, or the exemption pursuant to Section 4(1) or Section 4(3) of the Securities Act for resales of the Shares or Share
Termination Delivery Units, as the case may be, by Dealer (or any such affiliate of Dealer). 

(c)        Make-whole Shares. If Issuer makes the election described in
clause (i)(B) of paragraph (b) of this Section 8, then Dealer or its affiliate may sell (which sale shall be made in a commercially reasonable manner) such Shares or Share Termination Delivery Units, as the case may be, during a period
(the “Resale Period”) commencing on the Exchange Business Day following delivery of such Shares or Share Termination Delivery Units, as the case may be, and ending on the Exchange Business Day on which Dealer or its affiliate
completes the sale of all such Shares or Share Termination Delivery Units, as the case may be, or a sufficient number of Shares or Share Termination Delivery Units, as the case may be, so that the realized net proceeds of such sales exceed the
Freely Tradeable Value. If any of such delivered Shares or Share Termination Delivery Units remain after such realized net proceeds exceed the Freely Tradeable Value, Dealer shall return such remaining Shares or Share Termination Delivery Units to
Issuer. If the Freely Tradeable Value exceeds the realized net proceeds from such resale, Issuer shall transfer to Dealer by the open of the regular trading session on the Exchange on the Exchange Trading Day immediately following the last day of
the Resale Period the amount of such excess (the “Additional Amount”) in cash or in a number of additional Shares or Share Termination Delivery Units, as the case may be, (“Make-whole Shares”) in an amount that,
based on the Relevant Price on the last day of the Resale Period (as if such day was the “Valuation Date” for purposes of computing such Relevant Price), has a dollar value equal to the Additional Amount. The Resale Period shall continue
to enable the sale of the Make-whole Shares in the manner contemplated by this Section 8(c). This provision shall be applied successively until the Additional Amount is equal to zero, subject to Section 8(e). 

(d)        Beneficial Ownership. Notwithstanding anything to the contrary
in the Agreement or this Confirmation, in no event shall Dealer be entitled to receive, or shall be deemed to receive, any Shares if, immediately upon giving effect to such receipt of such Shares, (i) the “beneficial ownership”
(within the meaning of Section 13 of the Exchange Act and the rules promulgated thereunder) of Shares by Dealer, any of its affiliates subject to aggregation with Dealer for purposes of the “beneficial ownership” test under
Section 13 of the Exchange Act and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) 

  
 18 

 
under the Exchange Act) with Dealer with respect to “beneficial ownership” of any Shares (collectively, “Dealer Group”) would be equal to or greater than 9.0% or more
of the outstanding Shares on the date of determination or (ii) Dealer, Dealer Group or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer
Person”) under Section 203 of the Delaware General Corporation Law or other federal, state or local regulations or regulatory orders applicable to ownership of Shares (“Applicable Laws”), would own, beneficially own,
constructively own, control, hold the power to vote or otherwise meet a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to reporting (other than on Schedule 13D or 13G
under the Exchange Act) or registration obligations or other requirements (including obtaining prior approval by a state or federal regulator) of a Dealer Person under Applicable Laws and with respect to which such requirements have not been met or
the relevant approval has not been received or that would subject a Dealer Person to restrictions (including restrictions relating to business combinations and other designated transactions) under Applicable Laws minus (y) 1.0% of the
number of Shares outstanding on the date of determination (any such condition described in clause (i) or (ii), an “Excess Ownership Position”). If any delivery owed to Dealer hereunder is not made, in whole or in part, as a
result of this provision, Issuer’s obligation to make such delivery shall not be extinguished and Issuer shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Dealer gives notice
to Issuer that such delivery would not result in the existence of an Excess Ownership Position. 

(e)        Limitations on Settlement by Issuer. Notwithstanding anything
herein or in the Agreement to the contrary, in no event shall Issuer be required to deliver Shares in connection with the Transaction in excess of the lower of (i) 13,134,303 Shares (such number, as it may be adjusted from time to time in
accordance with the provisions hereof, including the “Adjustment” provisions above, the “Capped Number”) and, (ii) so long as the Shareholder Approval (as defined below) has not been obtained, 5,794,951 (such number,
as it may be adjusted from time to time in accordance with the provisions hereof and in accordance with the rules of the New York Stock Exchange, including the “Adjustment” provisions above, the “NYSE Capped Number”)
(provided that Issuer shall promptly notify Dealer about any relevant change to such rules of which Issuer becomes aware). Issuer represents and warrants to Dealer (which representation and warranty shall be deemed to be repeated on each day that
the Transaction is outstanding) that the Capped Number is equal to or less than the number of authorized but unissued Shares of the Issuer that are not reserved for future issuance in connection with transactions in the Shares (other than the
Transaction) on the date of the determination of the Capped Number (such Shares, the “Available Shares”). In the event Issuer would have otherwise been required to deliver Shares but shall not have delivered the full number of
Shares deliverable as a result of the Capped Number defined in clause (i) above (the resulting deficit, the “Deficit Shares”), Issuer shall be continually obligated to deliver Shares, from time to time until the full number of
Deficit Shares have been delivered pursuant to this paragraph, when, and to the extent, that (A) Shares are repurchased, acquired or otherwise received by Issuer or any of its subsidiaries after the Trade Date (whether or not in exchange for
cash, fair value or any other consideration), (B) authorized and unissued Shares reserved for issuance in respect of other transactions prior to such date which prior to the relevant date become no longer so reserved and (C) Issuer
additionally authorizes any unissued Shares that are not reserved for other transactions (such events as set forth in clauses (A), (B) and (C) above, collectively, the “Share Issuance Events”). At any time that Issuer is
obligated to deliver Deficit Shares, Issuer shall promptly notify Dealer of the occurrence of any of the Share Issuance Events (including the number of Shares subject to clause (A), (B) or (C) and the corresponding number of Shares to be
delivered) and, as promptly as reasonably practicable, deliver such Shares thereafter if permitted to do so without violating the rules of the New York Stock Exchange. Issuer shall not, until Issuer’s obligations under the Transaction have been
satisfied in full, use any Shares that become available for potential delivery to Dealer as a result of any Share Issuance Event for the settlement or satisfaction of any transaction or obligation other than the Transaction or reserve any such
Shares for future issuance for any purpose other than to satisfy Issuer’s obligations to Dealer under the Transaction. In addition, Issuer agrees to use its reasonable best efforts to obtain Shareholder Approval to eliminate the NYSE Capped
Number with respect to this Transaction (such approval, the “Shareholder Approval”). For the avoidance of doubt, “reasonable best efforts” for the purposes of the preceding sentence means, for each of Issuer’s
regularly scheduled annual shareholder meetings until the Shareholder Approval is obtained, putting forth such proposal on the official shareholder voting ballot, the board of directors of 

  
 19 

 
Issuer (the “Board of Directors”) recommending shareholders vote in favor of such proposal, and the Board of Directors supporting such proposal in the event of any potential
opposition. Until such time that the Issuer obtains the Shareholder Approval, if as of any Settlement Date for any Component with respect to this Transaction, as a result of the application of the NYSE Capped Number, Issuer does not deliver to
Dealer a number of Shares equal to the Number of Shares to be Delivered with respect to such Settlement Date or a number of Share Termination Delivery Units due on any date determined in accordance with Section 8(a) of this Confirmation, the
Calculation Agent shall make an adjustment to the Strike Price, the Warrant Entitlement or any other term relevant to any outstanding Component of this Transaction, to account for such number of Shares or Share Termination Delivery Units not so
delivered to Dealer, in order to allow Dealer to be made whole for any failure by Issuer to deliver any Shares or Share Termination Delivery Units with respect to the Number of Shares to be delivered or the number of Share Termination Delivery Units
required to be delivered pursuant to Section 8(a) of this Confirmation, as the case may be, for any Component under this Transaction; provided that the aggregate Number of Shares to be Delivered for all Settlement Dates will not be greater than
the lower of (i) the Capped Number and (ii) the NYSE Capped Number. 

(f)        Equity Rights.    Dealer acknowledges and
agrees that this Confirmation is not intended to convey to it rights with respect to the Transaction that are senior to the claims of common stockholders in the event of Issuer’s bankruptcy. For the avoidance of doubt, the parties agree that
the preceding sentence shall not apply at any time other than during Issuer’s bankruptcy to any claim arising as a result of a breach by Issuer of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the
parties acknowledge that the obligations of Issuer under this Confirmation are not secured by any collateral that would otherwise secure the obligations of Issuer herein under or pursuant to any other agreement. 

(g)        Amendments to Equity Definitions.    The
following amendments shall be made to the Equity Definitions: 

     (i)         The first sentence
of Section 11.2(c) of the Equity Definitions, prior to clause (A) thereof, is hereby amended to read as follows: ‘(c) If “Calculation Agent Adjustment” is specified as the Method of Adjustment in the related Confirmation of
a Share Option Transaction, then following the announcement or occurrence of any Potential Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment Event has a material effect on the theoretical value of the relevant
Shares or options on the Shares and, if so, will (i) make appropriate adjustment(s), if any, to any one or more of:’ and, the portion of such sentence immediately preceding clause (ii) thereof is hereby amended by deleting the words
“diluting or concentrative” and the words “(provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)” and replacing
such latter phrase with the words “(and, for the avoidance of doubt, adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)”; 

     (ii)        Sections 11.2(a) and
11.2(e)(vii) of the Equity Definitions are hereby amended by deleting the words “diluting or concentrative” and replacing them with “material” and adding the phrase “or options on the Shares” at the end of the sentence;

      (iii)       
Section 12.1(l) of the Equity Definitions shall be amended (w) by deleting the parenthetical phrase in both the third line thereof and the fifth line thereof and (x) by replacing the word “that” in both the third line
thereof and the fifth line thereof with the words “whether or not such announcement”, (y) Sections 12.2(b), 12.2(e), 12.3(a) and 12.3(d) of the Equity Definitions shall each be amended by replacing each occurrence of the words
“Merger Date” and “Tender Offer Date”, as the case may be, with the words “Announcement Date”, and (z) (A) Section 12.2(e) shall be amended by inserting, in the first line thereof, after the newly
inserted words “Announcement Date”, the words “(or, if the Calculation Agent reasonably determines that such adjustment is appropriate, on the relevant Merger Date or the date on which the Calculation Agent reasonably determines that
the Merger Event, with respect to which such Announcement Date has occurred, will not be completed)” and (B) Section 12.3(d) shall be amended by inserting, in the first line thereof, after the newly inserted words “Announcement
Date”, the words “(or, if the 

  
 20 

 
Calculation Agent reasonably determines that such adjustment is appropriate, on the relevant Tender Offer Date or the date on which the Calculation Agent reasonably determines that an event, with
respect to which such Announcement Date has occurred, will not be completed)”; 

     (iv)       Section 12.9(b)(iv) of
the Equity Definitions is hereby amended by (A) deleting (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection (A) and (3) the phrase “in each case” in subsection (B);
(B) replacing “will lend” with “lends” in subsection (B); and (C) deleting the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares in the amount of the Hedging Shares or” in the
penultimate sentence; 

     (v)        Section 12.9(b)(v)
of the Equity Definitions is hereby amended by (A) adding the word “or” immediately before subsection “(B)” and deleting the comma at the end of subsection (A); and (B)(1) deleting subsection (C) in its entirety,
(2) deleting the word “or” immediately preceding subsection (C), (3) replacing in the penultimate sentence the words “either party” with “the Hedging Party” and (4) deleting clause (X) in the final
sentence; and 

     (vi)      Section 12.7(b) of the Equity
Definitions is hereby amended by deleting the words “(and in any event within five Exchange Business Days) by the parties after” appearing after the words “agreed promptly” and replacing with the words “by the parties on or
prior to”. 
 (h)        Transfer and
Assignment.    Dealer may transfer or assign its rights and obligations hereunder and under the Agreement, in whole or in part, at any time without the consent of Issuer, to any bank, broker-dealer or other regulated entity
or any affiliate thereof that in either case regularly enters into over-the-counter equity derivative transactions. 
 (i)        Disclosure.  Effective from the date of commencement of discussions concerning the Transaction, Issuer and each of its employees,
representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided
to Issuer relating to such tax treatment and tax structure. 

(j)        Additional Termination Events.  The occurrence of any
of the following shall constitute an Additional Termination Event with respect to which the Transaction shall be the sole Affected Transaction and Issuer shall be the sole Affected Party and Dealer shall be the party entitled to designate an Early
Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement; provided that with respect to any Additional Termination Event, Dealer may choose to treat
part of the Transaction as the sole Affected Transaction, and, upon the termination of the Affected Transaction, a Transaction with terms identical to those set forth herein except with a Number of Warrants equal to the unaffected number of Warrants
shall be treated for all purposes as the Transaction, which shall remain in full force and effect: 
      (i)         Dealer reasonably determines, based on advice of counsel, that it is advisable to terminate a portion of the
Transaction so that Dealer’s related hedging activities will comply with applicable securities laws, rules or regulations or related policies and procedures of Dealer (whether or not such requirements, policies or procedures are imposed by law
or have been voluntarily adopted by Dealer), or Dealer, despite using commercially reasonable efforts, is unable or reasonably determines, based on advice of counsel, that it is impractical or illegal to hedge its obligations pursuant to this
Transaction in the public market without registration under the Securities Act or as a result of any legal, regulatory or self-regulatory requirements; 

     (ii)        at any time at which
any Excess Ownership Position occurs, Dealer, in its discretion, is unable to effect a transfer or assignment to a third party of the Transaction or any other transaction between the parties after using its commercially reasonable efforts on pricing
and terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists; provided that Dealer shall treat only that portion of the Transaction as the Affected Transaction as necessary so that
such Excess Ownership Position no longer exists; 

  
 21 

     (iii)       any Person or Group, other
than Issuer or Issuer’s subsidiaries files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such Person or Group has become the direct or indirect ultimate Beneficial Owner of the Issuer’s common equity
representing more than 50% of the voting power of the Issuer’s common equity; 

     (iv)       the consummation of any
consolidation, merger, amalgamation, scheme of arrangement or other binding share exchange or reclassification or similar transaction between Issuer and another person (other than Issuer’s subsidiaries), in each case pursuant to which the
Shares shall be converted into cash, securities or other property, other than a transaction (A) that results in the holders of all classes of the Issuer’s common equity immediately prior to such transaction owning, directly or indirectly,
as a result of such transaction, more than 50% of the surviving corporation or transferee or the parent thereof immediately after such event, or (B) effected solely to change the Issuer’s jurisdiction of incorporation or to form a holding
company for the Issuer and that results in a share exchange or reclassification or similar exchange of the outstanding Shares solely into common shares of the surviving entity or any sale or other disposition in one transaction or a series of
transactions of all or substantially all of the assets of the Issuer and the Issuer’s subsidiaries, on a consolidated basis, to another person (other than any of the Issuer’s subsidiaries); or 

     (v)        so long as Issuer does
not obtain the Shareholder Approval described in Section 8(e) of this Confirmation, at any time during the period from and including the Trade Date, to and including the final Expiration Date, (x) the Number of Shares to be Delivered with
respect to all Components of this Transaction that would be deliverable (determined as if such time were the Valuation Time, such date were the Exercise Date and Valuation Date for a number of Warrants equal to the Number of Warrants as of such date
and Net Share Settlement applied) exceeds a number of Shares equal to 77.33% of the NYSE Capped Number or (y) Issuer makes a public announcement of any transaction or event that, in the reasonable opinion of Dealer would, upon consummation of
such transaction or upon the occurrence of such event, as applicable, and after giving effect to any applicable adjustments hereunder, cause the Number of Shares to be Delivered with respect to all Components of this Transaction immediately
following the consummation of such transaction or the occurrence of such event (determined as if the time immediately following the consummation of such transaction or the occurrence of such event were the Valuation Time, the date upon which such
transaction is consummated or such event occurs were the Exercise Date and Valuation Date for a number of Warrants equal to the Number of Warrants as of such date and Net Share Settlement applied) to exceed a number of Shares equal to 77.33% of the
NYSE Capped Number. 
 provided, however, that in the case of a transaction or event described in clause
(iii) or (iv) above, if at least 90% of the consideration received or to be received by holders of the Shares (excluding cash payments for fractional Shares) in the transaction or transactions described in such clauses above consists of
shares of common stock or common equity interests that are traded on a United States national or regional securities exchange or that will be so traded when issued or exchanged in connection with the transaction or transactions described in such
clauses above, such transaction or transactions will not constitute an Additional Termination Event as a result of either clause (iii) or (iv) above. 

  Solely for the purposes of this Section 8(j), “Person” shall include any
“person” within the meaning of Section 13(d) of the Exchange Act. 
   Solely for the
purposes of this Section 8(j), “Group” shall include any “person” within the meaning of Section 13(d) of the Exchange Act. 
   Solely for the purposes of this Section 8(j), whether a Person is a “Beneficial Owner” of securities shall be defined under Rule 13d-3 of the Exchange Act. 

(k)        Effectiveness.  If, on or prior to the Effective Date,
Dealer reasonably determines that it is advisable to cancel the Transaction because of concerns that Dealer’s related hedging activities could be viewed as not complying with applicable securities laws, rules or regulations, the Transaction
shall be 

  
 22 

 
cancelled and shall not become effective, and neither party shall have any obligation to the other party in respect of the Transaction. 

(l)        Unwind Calculation.  In connection with any
calculation of any amount pursuant to Section 6 of the Agreement or Section 12 of the Equity Definitions, for the avoidance of doubt, Dealer shall make any such calculations without taking into account the limitation set forth in clause
(ii) of the first sentence of Section 8(e) of this Confirmation. 

(m)        Extension of Settlement.  Dealer may divide any
Component into additional Components and designate the Expiration Date and the Number of Warrants for each such Component if Dealer determines, in its reasonable discretion, that such further division is necessary or advisable to preserve
Dealer’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions in the cash market or stock loan market or to enable Dealer to effect purchases of Shares in connection with its hedging activity hereunder in a
manner that would, if Dealer were Issuer or an affiliated purchaser of Issuer, based on advice of counsel, be in compliance with applicable legal, regulatory and self-regulatory requirements or with related policies and procedures applicable to
Dealer. 
 (n)        No Netting and Set-off.  The
provisions of Section 2(c) of the Agreement shall not apply to the Transaction. Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or
payment obligations owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. 

(o)        Delivery of Cash.    For the avoidance of
doubt, nothing in this Confirmation shall be interpreted as requiring the Issuer to deliver cash in respect of the settlement of the Transaction, except in circumstances where the required cash settlement thereof is permitted for classification of
the contract as equity by ASC 815-40 (formerly EITF 00-19) as in effect on the relevant Trade Date (including, without limitation, where the Issuer so elects to deliver cash or fails timely to elect to deliver Shares or Share Termination Delivery
Property in respect of such settlement). 
 (p)        Governing
Law. THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO
ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

(q)        Amendment.  This Confirmation and the Agreement may
not be modified, amended or supplemented, except in a written instrument signed by Issuer and Dealer. 

(r)        Counterparts. This Confirmation may be executed in several
counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 (s)        Illegality.  The parties agree that, for the avoidance of doubt, for purposes of Section 5(b)(i) of the Agreement, “any
applicable law” shall include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any rules and regulations promulgated thereunder, without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, and the consequences specified in the Agreement, including without limitation, the consequences specified in Section 6 of the Agreement, shall apply to any Illegality arising from any such act, rule or regulation.

 (t)        Notice of Acquisition of Bank Shares or Assets.
Issuer shall give Dealer a written notice no later than 30 days prior to any day on which Issuer effects any transaction subject to Section 3 of the Bank Holding Company Act of 1956, as amended. Such notice shall describe such transaction in
reasonable detail and specify the anticipated effective date of such acquisition. 
 9.  Waiver
of Jury Trial.  Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies that
no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that
it and the other 

  
 23 

 
party have been induced to enter into the Transaction by, among other things, the mutual waivers and certifications provided herein. 

10.    Submission to Jurisdiction. Section 13(b) of the Agreement is deleted in
its entirety and replaced by the following: 
 “Each party hereby irrevocably and unconditionally
submits for itself and its property in any suit, legal action or proceeding relating to the Agreement and/or the Transaction, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”) to the exclusive
jurisdiction of the Supreme Court of the State of New York, sitting in New York County, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof. Nothing in this Confirmation or the
Agreement precludes either party from bringing Proceedings in any other jurisdiction if (A) the courts of the State of New York or the United States of America for the Southern District of New York lack jurisdiction over the parties or the
subject matter of the Proceedings or declines to accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing against the other party’s property, assets or
estate any decision or judgment rendered by any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court’s decision or judgment to any higher court with competent appellate
jurisdiction over that court’s decisions or judgments if that higher court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S. Supreme Court; or (D) any suit, action or
proceeding has been commenced in another jurisdiction by or against the other party or against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under the Agreement or this Confirmation, the party
(1) joins, files a claim, or takes any other action, in any such suit, action or proceeding, or (2) otherwise commences any Proceeding in that other jurisdiction as the result of that other suit, action or proceeding having commenced in
that other jurisdiction.” 

  
 24 

 Issuer hereby agrees (a) to check this Confirmation carefully and promptly upon receipt
so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Issuer with respect to the
Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and promptly returning an executed copy to The Royal Bank of Scotland plc,
(i) Attn. Tam Beattie, Facsimile No. (203) 873-4571 and (ii) Swap Administration, Facsimile No. +44 (0) 20 7085 5050. 
  

					
	 Yours faithfully,
	 	
	
	THE ROYAL BANK OF SCOTLAND PLC
		
	 By:  RBS Securities Inc., as its agent
	 	
			
	 By:
	 	 /s/ Eric Wallar
	 	

					
			
	 Name:    
	 	 Eric Wallar
	 	
	 Title:
	 	 Managing Director
	 	

  

					
	 Agreed and Accepted By:
	 	
		
	MF GLOBAL HOLDINGS LTD.	 	
			
	 By:  
	 	 /s/ David Dunne
	 	
		 	 Name:        David Dunne
	 	
		 	 Title:          Treasurer
	 	

  
 [Warrant] 

 Annex A 
 For each Component of the Transaction, the Number of Warrants and Expiration Date is set forth below. 
  

											
	Component Number  	 	  	Number of Warrants      	 	  	Expiration Date                	 
	 	1	  	  	 	54726	  	  	 	1-Nov-18	  
	 	2	  	  	 	54726	  	  	 	2-Nov-18	  
	 	3	  	  	 	54726	  	  	 	5-Nov-18	  
	 	4	  	  	 	54726	  	  	 	6-Nov-18	  
	 	5	  	  	 	54726	  	  	 	7-Nov-18	  
	 	6	  	  	 	54726	  	  	 	8-Nov-18	  
	 	7	  	  	 	54726	  	  	 	9-Nov-18	  
	 	8	  	  	 	54726	  	  	 	13-Nov-18	  
	 	9	  	  	 	54726	  	  	 	14-Nov-18	  
	 	10	  	  	 	54726	  	  	 	15-Nov-18	  
	 	11	  	  	 	54726	  	  	 	16-Nov-18	  
	 	12	  	  	 	54726	  	  	 	19-Nov-18	  
	 	13	  	  	 	54726	  	  	 	20-Nov-18	  
	 	14	  	  	 	54726	  	  	 	21-Nov-18	  
	 	15	  	  	 	54726	  	  	 	23-Nov-18	  
	 	16	  	  	 	54726	  	  	 	26-Nov-18	  
	 	17	  	  	 	54726	  	  	 	27-Nov-18	  
	 	18	  	  	 	54726	  	  	 	28-Nov-18	  
	 	19	  	  	 	54726	  	  	 	29-Nov-18	  
	 	20	  	  	 	54726	  	  	 	30-Nov-18	  
	 	21	  	  	 	54726	  	  	 	3-Dec-18	  
	 	22	  	  	 	54726	  	  	 	4-Dec-18	  
	 	23	  	  	 	54726	  	  	 	5-Dec-18	  
	 	24	  	  	 	54726	  	  	 	6-Dec-18	  
	 	25	  	  	 	54726	  	  	 	7-Dec-18	  
	 	26	  	  	 	54726	  	  	 	10-Dec-18	  
	 	27	  	  	 	54726	  	  	 	11-Dec-18	  
	 	28	  	  	 	54726	  	  	 	12-Dec-18	  
	 	29	  	  	 	54726	  	  	 	13-Dec-18	  
	 	30	  	  	 	54726	  	  	 	14-Dec-18	  
	 	31	  	  	 	54726	  	  	 	17-Dec-18	  
	 	32	  	  	 	54726	  	  	 	18-Dec-18	  
	 	33	  	  	 	54726	  	  	 	19-Dec-18	  
	 	34	  	  	 	54726	  	  	 	20-Dec-18	  
	 	35	  	  	 	54726	  	  	 	21-Dec-18	  
	 	36	  	  	 	54726	  	  	 	24-Dec-18	  
	 	37	  	  	 	54726	  	  	 	26-Dec-18	  
	 	38	  	  	 	54726	  	  	 	27-Dec-18	  
	 	39	  	  	 	54726	  	  	 	28-Dec-18	  
	 	40	  	  	 	54726	  	  	 	31-Dec-18	  
	 	41	  	  	 	54726	  	  	 	2-Jan-19	  
	 	42	  	  	 	54726	  	  	 	3-Jan-19	  
	 	43	  	  	 	54726	  	  	 	4-Jan-19	  
	 	44	  	  	 	54726	  	  	 	7-Jan-19	  
	 	45	  	  	 	54726	  	  	 	8-Jan-19	  
	 	46	  	  	 	54726	  	  	 	9-Jan-19	  
	 	47	  	  	 	54726	  	  	 	10-Jan-19	  
	 	48	  	  	 	54726	  	  	 	11-Jan-19	  
	 	49	  	  	 	54726	  	  	 	14-Jan-19	  
	 	50	  	  	 	54726	  	  	 	15-Jan-19	  

											
	 	51	  	  	 	54726	  	  	 	16-Jan-19	  
	 	52	  	  	 	54726	  	  	 	17-Jan-19	  
	 	53	  	  	 	54726	  	  	 	18-Jan-19	  
	 	54	  	  	 	54726	  	  	 	22-Jan-19	  
	 	55	  	  	 	54726	  	  	 	23-Jan-19	  
	 	56	  	  	 	54726	  	  	 	24-Jan-19	  
	 	57	  	  	 	54726	  	  	 	25-Jan-19	  
	 	58	  	  	 	54726	  	  	 	28-Jan-19	  
	 	59	  	  	 	54726	  	  	 	29-Jan-19	  
	 	60	  	  	 	54726	  	  	 	30-Jan-19	  
	 	61	  	  	 	54726	  	  	 	31-Jan-19	  
	 	62	  	  	 	54726	  	  	 	1-Feb-19	  
	 	63	  	  	 	54726	  	  	 	4-Feb-19	  
	 	64	  	  	 	54726	  	  	 	5-Feb-19	  
	 	65	  	  	 	54726	  	  	 	6-Feb-19	  
	 	66	  	  	 	54726	  	  	 	7-Feb-19	  
	 	67	  	  	 	54726	  	  	 	8-Feb-19	  
	 	68	  	  	 	54726	  	  	 	11-Feb-19	  
	 	69	  	  	 	54726	  	  	 	12-Feb-19	  
	 	70	  	  	 	54726	  	  	 	13-Feb-19	  
	 	71	  	  	 	54726	  	  	 	14-Feb-19	  
	 	72	  	  	 	54726	  	  	 	15-Feb-19	  
	 	73	  	  	 	54726	  	  	 	19-Feb-19	  
	 	74	  	  	 	54726	  	  	 	20-Feb-19	  
	 	75	  	  	 	54726	  	  	 	21-Feb-19	  
	 	76	  	  	 	54726	  	  	 	22-Feb-19	  
	 	77	  	  	 	54726	  	  	 	25-Feb-19	  
	 	78	  	  	 	54726	  	  	 	26-Feb-19	  
	 	79	  	  	 	54726	  	  	 	27-Feb-19	  
	 	80	  	  	 	54726	  	  	 	28-Feb-19	  
	 	81	  	  	 	54726	  	  	 	1-Mar-19	  
	 	82	  	  	 	54726	  	  	 	4-Mar-19	  
	 	83	  	  	 	54726	  	  	 	5-Mar-19	  
	 	84	  	  	 	54726	  	  	 	6-Mar-19	  
	 	85	  	  	 	54726	  	  	 	7-Mar-19	  
	 	86	  	  	 	54726	  	  	 	8-Mar-19	  
	 	87	  	  	 	54726	  	  	 	11-Mar-19	  
	 	88	  	  	 	54726	  	  	 	12-Mar-19	  
	 	89	  	  	 	54726	  	  	 	13-Mar-19	  
	 	90	  	  	 	54726	  	  	 	14-Mar-19	  
	 	91	  	  	 	54726	  	  	 	15-Mar-19	  
	 	92	  	  	 	54726	  	  	 	18-Mar-19	  
	 	93	  	  	 	54726	  	  	 	19-Mar-19	  
	 	94	  	  	 	54726	  	  	 	20-Mar-19	  
	 	95	  	  	 	54726	  	  	 	21-Mar-19	  
	 	96	  	  	 	54726	  	  	 	22-Mar-19	  
	 	97	  	  	 	54726	  	  	 	25-Mar-19	  
	 	98	  	  	 	54726	  	  	 	26-Mar-19	  
	 	99	  	  	 	54726	  	  	 	27-Mar-19	  
	 	100	  	  	 	54726	  	  	 	28-Mar-19	  
	 	101	  	  	 	54726	  	  	 	29-Mar-19	  
	 	102	  	  	 	54726	  	  	 	1-Apr-19	  
	 	103	  	  	 	54726	  	  	 	2-Apr-19	  
	 	104	  	  	 	54726	  	  	 	3-Apr-19	  
	 	105	  	  	 	54726	  	  	 	4-Apr-19	  
	 	106	  	  	 	54726	  	  	 	5-Apr-19	  

  
 2 

											
	 	107	  	  	 	54726	  	  	 	8-Apr-19	  
	 	108	  	  	 	54726	  	  	 	9-Apr-19	  
	 	109	  	  	 	54726	  	  	 	10-Apr-19	  
	 	110	  	  	 	54726	  	  	 	11-Apr-19	  
	 	111	  	  	 	54726	  	  	 	12-Apr-19	  
	 	112	  	  	 	54726	  	  	 	15-Apr-19	  
	 	113	  	  	 	54726	  	  	 	16-Apr-19	  
	 	114	  	  	 	54726	  	  	 	17-Apr-19	  
	 	115	  	  	 	54726	  	  	 	18-Apr-19	  
	 	116	  	  	 	54726	  	  	 	19-Apr-19	  
	 	117	  	  	 	54726	  	  	 	22-Apr-19	  
	 	118	  	  	 	54726	  	  	 	23-Apr-19	  
	 	119	  	  	 	54726	  	  	 	24-Apr-19	  
	 	120	  	  	 	54755	  	  	 	25-Apr-19	  

  
 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}]]