Document:

Form of Registration Rights Agreement

 Exhibit 4.2 
  

 REGISTRATION RIGHTS AGREEMENT 
 by and between 
 MF GLOBAL LTD., 
 MAN GROUP PLC 
 and 
 MAN GROUP U.K. LTD.
  

 Dated as of ·, 2007 
  

 TABLE OF CONTENTS 
  

 

					
	 	  	 	  	Page
			
	 1.
	  	Certain Definitions	  	1
			
	 2.
	  	Demand Registrations	  	4
			
	 3.
	  	Piggyback Registrations	  	6
			
	 4.
	  	S-3 or F-3 Registrations	  	8
			
	 5.
	  	Suspension Periods; Blackout Periods	  	9
			
	 6.
	  	Holdback Agreements	  	10
			
	 7.
	  	Registration Procedures	  	11
			
	 8.
	  	Registration Expenses	  	16
			
	 9.
	  	Indemnification	  	16
			
	 10.
	  	Participation in Underwritten Offerings	  	18
			
	 11.
	  	Securities Act Restrictions	  	18
			
	 12.
	  	Transfers of Rights and Collective Action	  	19
			
	 13.
	  	Miscellaneous	  	20

  

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 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made and entered into as of
•, 2007, by and between MF Global Ltd., a company incorporated in Bermuda (the “Company”), Man Group plc, a company incorporated in the United Kingdom (“Man Group”), and Man Group U.K. Ltd., a company
incorporated in the United Kingdom (“Man Group U.K.”). 
 In consideration of the mutual covenants and agreements herein
contained and other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1. Certain Definitions. 
 In addition to the terms defined elsewhere in this Agreement, the
following terms shall have the following meanings: 
 “Affiliate” of any Person means any other Person which directly, or
indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlling,” “controlled” and “under common
control with”) as used with respect to any Person means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise. 
 “Agreement” means this Registration Rights Agreement, including all amendments, modifications and
supplements and any exhibits or schedules to any of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes operative. 
 “beneficially own” means, with respect to any Person, securities of which such Person or any of such Person’s Affiliates, directly
or indirectly, has “beneficial ownership” as determined pursuant to Rule 13d-3 and Rule 13d-5 of the Exchange Act, including securities beneficially owned by others with whom such Person or any of its Affiliates has agreed to act
together for the purpose of acquiring, holding, voting or disposing of such securities; provided that a Person shall not be deemed to “beneficially own” (i) securities tendered pursuant to a tender or exchange offer made by
such Person or any of such Person’s Affiliates until such tendered securities are accepted for payment, purchase or exchange, (ii) any security as a result of an oral or written agreement, arrangement or understanding to vote such security
if such agreement, arrangement or understanding: (a) arises solely from a revocable proxy given in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the Exchange Act, and
(b) is not also then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor report). 
 “Blackout Period” has the meaning set forth in Section 5(b). 
 “Common Shares” means any of
the common shares issued by the Company. If at any time Registrable Common Shares include securities other than common shares issued by the Company then, when referring to Common Shares other than Registrable Common Shares, “Common Shares”
shall include securities of the same class or classes as such other securities. 

 “Company” has the meaning set forth in the introductory paragraph. 
 “Demand Registration” has the meaning set forth in Section 2(a). 
 “Demand Registration Statement” has the meaning set forth in Section 2(a). 
 “Exchange Act” means the Securities Exchange Act of 1934. 
 “Form S-3 or F-3” means a registration statement on Form S-3 or Form F-3 under the Securities Act or such successor forms thereto permitting registration of securities under the
Securities Act. 
 “Governmental Entity” means any national, federal, state, municipal, local, territorial, foreign or other
government or any department, commission, board, bureau, agency, regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral body or public or private tribunal. 
 “Holdback Agreement” has the meaning set forth in Section 6. 
 “Holdback Period” has the meaning set forth in Section 6. 
 “IPO Lockup” means the restrictions contained in the IPO Purchase Agreement (or agreements contemplated therein) on offers, sales and
registrations of Common Shares and related matters following the pricing of the initial public offering of the Common Shares, after giving effect to any waivers, modifications or terminations of such restrictions. 
 “IPO Purchase Agreement” means the Purchase Agreement between the Company, Man Group, the Shareholder and Citigroup Global Markets Inc.,
J.P. Morgan Securities Inc., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC, dated •, 2007, relating to the initial public offering of the Common Shares. 
 “Man Group” has the meaning set forth in the introductory paragraph. 
 “Man Group U.K.” has the meaning set forth in the introductory paragraph. 
 “Minimum Amount” means the lesser of (i) $50,000,000 and (ii) 5% of the aggregate market value of all outstanding Common
Shares unless, at any time, the total number of all remaining Registrable Common Shares would, if fully sold, yield gross proceeds to the Shareholder of less than such amount, in which case the “Minimum Amount” shall mean the gross
proceeds to be realized upon the sale of all such remaining Registrable Common Shares. 
 “Nasdaq” means The Nasdaq Stock
Market, Inc. or any successor reporting system. 
 “Other Holdback Parties” has the meaning set forth in Section 6.

 “Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust,
incorporated organization, association, corporation, institution, public benefit corporation, Governmental Entity or any other entity. 
  

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 “Piggyback Registration” has the meaning set forth in Section 3(a). 
 “Prospectus” means the prospectus or prospectuses (whether preliminary or final) included in any Registration Statement, as amended or
supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Common Shares covered by such Registration Statement and by all other amendments and supplements to the prospectus, including
post-effective amendments and all material incorporated by reference in such prospectus or prospectuses. 
 “Registrable Common
Shares” means, at any time, (i) all Common Shares held of record by Man Group U.K. as of the date hereof, (ii) any securities of the Company issued or issuable after the date hereof with respect to the Common Shares referred to in
clause (i) by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise and (iii) securities issued by the issuer thereof in exchange
for or in replacement of any securities referred to in clauses (i) and (ii), but excluding (iv) any and all such Common Shares and other securities referred to in clauses (i), (ii) and (iii) that (a) have been sold
pursuant to an effective registration statement or Rule 144 under the Securities Act, (b) have been sold in a transaction where a subsequent public distribution of such securities would not require registration under the Securities Act,
(c) are eligible for sale pursuant to Rule 144(k) under the Securities Act or (d) are not outstanding (or any combination of clauses (a), (b), (c) and (d)). 
 “Registration Expenses” has the meaning set forth in Section 8(a). 
 “Registration Statement” means any registration statement of the Company which covers any of the Registrable Common Shares pursuant to
the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all documents incorporated by reference in such Registration Statement.

 “S-3 or F-3 Registration” has the meaning set forth in Section 4(a). 
 “SEC” means the Securities and Exchange Commission or any successor agency. 
 “Securities Act” means the Securities Act of 1933. 
 “Shareholder” means initially Man Group U.K. and thereafter any other transferee of the Registrable Common Shares that becomes a Shareholder pursuant to Section 12, but in each case only if and
for as long as Man Group U.K. or any such transferee is both (i) a wholly owned subsidiary of Man Group (or is Man Group) and (ii) the holder of record of Registrable Common Shares. If at any time there is more than one Shareholder, the
term “Shareholder” shall mean all Shareholders, collectively, unless the context otherwise requires. For purposes of this Agreement, the Company may deem and treat the registered holder of Registrable Common Shares as the holder and
absolute owner thereof, and the Company shall not be affected by any notice to the contrary. 
 “Shareholder’s Counsel”
has the meaning set forth in Section 7(a)(i). 
  

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 “Suspension Period” has the meaning set forth in Section 5. 
 “Termination Date” means the earlier of (i) the first date on which there are no Registrable Common Shares or there is no
Shareholder and (ii) the date three years after the date of this Agreement, provided that, in the case of this clause (ii), (x) such three-year period shall be extended by the number of days in any Suspension Period commenced
pursuant to Section 5 during such period (as it may be so extended) and by the number of days in any Third Party Holdback Period commenced during such period (as it may be so extended) and (y) the Termination Date shall be at least 45 days
after the end of the last Suspension Period and at least 45 days after the end of the last Third Party Holdback Period. 
 “Third
Party Holdback Period” means any Holdback Period imposed on the Shareholder pursuant to Section 6 in respect of an underwritten offering of Common Shares in which (i) the Shareholder did not participate or (ii) the
Shareholder’s participation was reduced pursuant to Section 3(b) or 3(c). 
 “underwritten offering” means a
registered offering in which securities of the Company are sold to one or more underwriters on a firm-commitment basis for reoffering to the public, and “underwritten Shelf Takedown” means an underwritten offering effected pursuant to an
S-3 or F-3 Registration. 
 In addition to the above definitions, unless the context requires otherwise: 
 (i) any reference to any statute, regulation, rule or form as of any time shall mean such statute, regulation, rule or form as amended or
modified and shall also include any successor statute, regulation, rule or form from time to time; 
 (ii)
“including” shall be construed as inclusive without limitation, in each case notwithstanding the absence of any express statement to such effect, or the presence of such express statement in some contexts and not in others; 
 (iii) references to “Section” are references to Sections of this Agreement; 
 (iv) words such as “herein”, “hereof”, “hereinafter” and “hereby” when used in this Agreement
refer to this Agreement as a whole; and 
 (v) references to “business day” mean a business day in The City of New
York. 
 Section 2. Demand Registrations. 
 (a) Right to Request Registration. Subject to the provisions hereof and to the IPO Lockup and continuing until the Termination Date, the Shareholder may at any time request registration for resale under the
Securities Act of all or part of the Registrable Common Shares separate from an S-3 or F-3 Registration (a “Demand Registration”); provided, however, that (based on the then-current market prices) the number of
Registrable Common Shares included in the Demand Registration would, if fully sold, yield gross proceeds to the Shareholder of at least 

  

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the Minimum Amount. Subject to Section 2(d) and Section 5 below, the Company shall use reasonable best efforts (i) to file a Registration
Statement registering for resale such number of Registrable Common Shares as requested to be so registered pursuant to this Section 2(a) (a “Demand Registration Statement”) within forty-five (45) days after the
Shareholder’s request therefor and (ii) to cause such Demand Registration Statement to be declared effective by the SEC as soon as practical thereafter. If permitted under the Securities Act, such Registration Statement shall be one that
is automatically effective upon filing. 
 (b) Number of Demand Registrations. Subject to the limitations of Section 2(a), the
Shareholder shall be entitled to request up to five (5) Demand Registrations in the aggregate (for all Persons who are or may become a Shareholder pursuant to Section 12). A Registration Statement shall not count as a permitted Demand
Registration unless and until it has become effective and the Shareholder is able to register and sell at least 50% of the Registrable Common Shares requested to be included in such registration. 
 (c) Priority on Demand Registrations. The Company may include Common Shares other than Registrable Common Shares in a Demand Registration for any
accounts on the terms provided below and in Section 2(g) and, if such Demand Registration is an underwritten offering, only with the consent of the managing underwriters of such offering. If the managing underwriters of the requested Demand
Registration advise the Company and the Shareholder requesting such Demand Registration that in their opinion the number of Common Shares proposed to be included in the Demand Registration exceeds the number of Common Shares which can be sold in
such underwritten offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Common Shares proposed to be sold in such underwritten offering), the Company shall include in such Demand
Registration (i) first, the number of Registrable Common Shares that the Shareholder proposes to sell, and (ii) second, the number of Common Shares proposed to be included therein by any other Persons (including Common Shares to be sold
for the account of the Company) allocated among such Persons in such manner as the Company may determine. If the number of Common Shares which can be sold is less than the number of Common Shares proposed to be registered pursuant to clause (i)
above by the Shareholder, the amount of Common Shares to be sold shall be allocated to the Shareholder. 
 (d) Restrictions on Demand
Registrations. The Shareholder shall not be entitled to request a Demand Registration (i) within sixty (60) days after the effective date of any prior Demand Registration, Piggyback Registration or S-3 or F-3 Registration or the
pricing date of any underwritten Shelf Takedown or (ii) when the Company is diligently pursuing a primary underwritten offering pursuant to a Piggyback Registration. The restriction in clause (i) shall not apply to any request for a Demand
Registration if the request is to register and sell all remaining Registrable Common Shares in an underwritten offering and the managing underwriters for the offering advise the Company that in their judgment (subject to subsequent changes in market
conditions) all such remaining shares could be sold in such offering. Notwithstanding the foregoing, the Company shall not be obligated to take any action that would violate any lockup or similar restriction relating to any Demand Registration or
underwritten Shelf Takedown then in effect. The Company, however, shall not be obligated to proceed with a Demand Registration if the offering to be effected pursuant to such registration can be effected pursuant to an S-3 or 

  

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F-3 Registration and the Company, in accordance with Section 4, effects or has effected an S-3 or F-3 Registration pursuant to which such offering can
be effected. 
 (e) Selection of Underwriters. If any of the Registrable Common Shares covered by a Demand Registration is to be sold
in an underwritten offering, the Shareholder shall have the right to select the managing underwriter or underwriters to administer the offering, but only with the prior written consent of the Company (not to be unreasonably withheld). 
 (f) Other Registration Rights. The Company shall not grant to any Person the right to request the Company (i) to register securities in a
Demand Registration unless such rights are consistent with the provisions hereof, or (ii) to register any securities other than securities of the same class as the Registrable Common Shares being registered in a Demand Registration. 

(g) Effective Period of Demand Registrations. Upon the date of effectiveness of any Demand Registration for an underwritten offering and if
such offering is priced promptly on or after such date, the Company shall use commercially reasonable efforts to keep such Demand Registration Statement effective for a period equal to sixty (60) days from such date or such shorter period which
shall terminate when all of the Registrable Common Shares covered by such Demand Registration have been sold by the Shareholder pursuant to such Demand Registration. If the Company shall withdraw any Demand Registration pursuant to Section 5
before such sixty (60) days end and before all of the Registrable Common Shares covered by such Demand Registration have been sold pursuant thereto, the Shareholder shall be entitled to a replacement Demand Registration which shall be subject
to all of the provisions of this Agreement. A Demand Registration shall not count against the limit on the number of such registrations set forth in Section 2(b) if (i) after the applicable Registration Statement has become effective, such
Registration Statement or the related offer, sale or distribution of Registrable Common Shares thereunder becomes the subject of any stop order, injunction or other order or restriction imposed by the SEC or any other governmental agency or court
for any reason not attributable to the Shareholder or its Affiliates (other than the Company and its controlled Affiliates) and such interference is not thereafter eliminated so as to permit the completion of the contemplated distribution of
Registrable Common Shares or (ii) in the case of an underwritten offering, the conditions specified in the related underwriting agreement, if any, are not satisfied or waived due to a breach by the Company of its covenants, representations or
warranties therein, and as a result of any such circumstances described in clause (i) or (ii), less than all of the Registrable Common Shares covered by the Registration Statement are sold by the Shareholder pursuant to such Registration
Statement. 
 Section 3. Piggyback Registrations. 
 (a) Right to Piggyback. Whenever after the date hereof the Company proposes to register any Common Shares under the Securities Act (other than a registration statement on Form S-8, F-8, S-4 or F-4),
whether for its own account or for the account of one or more holders of Common Shares (other than the Shareholder), and the form of registration statement to be used may be used for any registration of Registrable Common Shares (a
“Piggyback Registration”), the Company shall give written notice to the Shareholder of its intention to effect such a registration and, subject to Sections 3(b) and 3(c), shall include in such registration 

  

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statement and in any offering of Common Shares to be made pursuant to that registration statement all Registrable Common Shares with respect to which the
Company has received a written request for inclusion therein from the Shareholder within 10 days after the Shareholder’s receipt of the Company’s notice. The Company shall have no obligation to proceed with any Piggyback Registration
and may abandon, terminate and/or withdraw such registration for any reason at any time prior to the pricing thereof. If the Company or any other Person other than the Shareholder proposes to sell Common Shares in an underwritten offering pursuant
to a registration statement on Form S-3 or F-3 under the Securities Act, such offering shall be treated as a primary or secondary underwritten offering pursuant to a Piggyback Registration. 
 (b) Priority on Primary Piggyback Registrations. If a Piggyback Registration is initiated as a primary underwritten offering on behalf of the
Company and the managing underwriters advise the Company and the Shareholder (if the Shareholder has elected to include Registrable Common Shares in such Piggyback Registration) that in their opinion the number of Common Shares proposed to be
included in such offering exceeds the number of Common Shares which can be sold in such offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Common Shares proposed to be sold in such
offering), the Company shall include in such registration and offering (i) first, the number of Common Shares that the Company proposes to sell, and (ii) second, the number of Common Shares requested to be included therein by holders of
Common Shares, including the Shareholder (if the Shareholder has elected to include Registrable Common Shares in such Piggyback Registration), pro rata among all such holders on the basis of the number of Common Shares requested to be included
therein by all such holders or as such holders and the Company may otherwise agree. 
 (c) Priority on Secondary Registrations. If a
Piggyback Registration is initiated as an underwritten registration on behalf of a holder of Common Shares other than the Shareholder, and the managing underwriters advise the Company that in their opinion the number of Common Shares proposed to be
included in such registration exceeds the number of Common Shares which can be sold in such offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Common Shares to be sold in such
offering), then the Company shall include in such registration (i) first, the number of Common Shares requested to be included therein by the holder(s) requesting such registration, (ii) second, the number of Common Shares requested to be
included therein by other holders of Common Shares including the Shareholder (if the Shareholder has elected to include Registrable Common Shares in such Piggyback Registration), pro rata among such holders on the basis of the number of Common
Shares requested to be included therein by such holders or as such holders and the Company may otherwise agree, and (iii) third, the number of Common Shares that the Company proposes to sell. 
 (d) Selection of Underwriters. If any Piggyback Registration is a primary or secondary underwritten offering, the Company shall have the right to
select the managing underwriter or underwriters to administer any such offering. 
  

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 (e) Other Registration Rights. The Company shall not grant to any Person the right to request the
Company to register any Common Shares in a Piggyback Registration unless such rights are consistent with the provisions hereof. 
 Section 4.
S-3 or F-3 Registrations. 
 (a) Right to Request Registration. At any time that the Company is eligible to use Form S-3
or F-3 and continuing until the Termination Date, the Shareholder shall be entitled to request on up to three occasions that the Company file a Registration Statement on Form S-3 or F-3 (or an amendment or supplement to an existing registration
statement on Form S-3 or F-3) for a public offering of all or any portion of the Registrable Common Shares pursuant to Rule 415 promulgated under the Securities Act or otherwise (an “S-3 or F-3 Registration”). Upon
each such request, and subject to Section 5, the Company shall use reasonable best efforts (i) to file a Registration Statement (or any amendment or supplement thereto) covering the number of shares of Registrable Common Shares
specified in such request under the Securities Act on Form S-3 or F-3 (an “S-3 or F-3 Registration Statement”) for public sale in accordance with the method of disposition specified in such request within thirty (30) days
after the Shareholder’s written request therefor and (ii) to cause such S-3 or F-3 Registration Statement to become effective as soon as practical thereafter. If permitted under the Securities Act, each such Registration Statement shall be
one that is automatically effective upon filing. 
 (b) Right to Effect a Shelf Takedown. The Shareholder shall be entitled, at any
time and from time to time when an S-3 or F-3 Registration Statement is effective and until the Termination Date, to sell such Registrable Common Shares as are then registered pursuant to such Registration Statement (each, a “Shelf
Takedown”), but only upon not less than three (3) business days’ prior written notice to the Company (whether or not such takedown is underwritten); provided, that no prior notice shall be required of any sale pursuant to a
plan that complies with Rule 10b5-1 under the Exchange Act. The Shareholder shall be entitled to request that a Shelf Takedown shall be an underwritten offering, provided, however, that (based on the then-current market prices) the
number of Registrable Common Shares included in such underwritten Shelf Takedown would yield gross proceeds to the Shareholder of at least the Minimum Amount and provided, further, that the Shareholder shall not be entitled to request
any underwritten Shelf Takedown within sixty (60) days after the pricing date of any other underwritten offering effected pursuant to a Demand Registration, a Piggyback Registration or an S-3 or F-3 Registration, or when the Company is
diligently pursuing an underwritten offering pursuant to (or treated as being pursuant to) a Piggyback Registration. The Shareholder shall also give the Company prompt written notice of the consummation of each Shelf Takedown (whether or not
underwritten). 
 (c) Priority on Underwritten Shelf Takedowns. The Company may include Common Shares other than Registrable Common
Shares in an underwritten Shelf Takedown for any accounts on the terms provided below, but only with the consent of the managing underwriters of such offering. If the managing underwriters of the requested underwritten Shelf Takedown advise the
Company and the Shareholder that in their opinion the number of Common Shares proposed to be included in the underwritten Shelf Takedown exceeds the number of Common Shares which can be sold in such offering without materially delaying or
jeopardizing the 

  

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success of the offering (including the price per share of the Common Shares proposed to be sold in such offering), the Company shall include in such
underwritten Shelf Takedown (i) first, the number of Common Shares that the Shareholder proposes to sell, and (ii) second, the number of Common Shares proposed to be included therein by any other Persons (including Common Shares to be sold
for the account of the Company) allocated among such Persons in such manner as the Company may determine. If the number of Common Shares which can be sold is less than the number of Registrable Common Shares proposed to be included in the
underwritten Shelf Takedown pursuant to clause (i) above, the amount of Common Shares to be so sold shall be allocated to the Shareholder. The provisions of this paragraph (c) apply only to a Shelf Takedown that the Shareholder has
requested be an underwritten offering. 
 (d) Selection of Underwriters. If any of the Registrable Common Shares are to be sold in an
underwritten Shelf Takedown initiated by the Shareholder, the Shareholder shall have the right to select the underwriter or underwriters, but only with the prior written consent of the Company (not to be unreasonably withheld). 
 (e) Other Registration Rights. The Company shall not grant to any Person the right to request the Company (i) to register any Common Shares
in an S-3 or F-3 Registration unless such rights are consistent with the provisions hereof, or (ii) to include any securities of the Company other than Common Shares in an underwritten Shelf Takedown. 
 (f) Effective Period of S-3 or F-3 Registrations. The Company shall use reasonable best efforts to keep any S-3 or F-3 Registration Statement
effective for a period of one year after the effective date of such registration statement, except as follows. Notwithstanding the foregoing, the Company shall not be obligated to keep any such registration statement effective, or to permit
Registrable Common Shares to be registered, offered or sold thereunder, at any time on or after the Termination Date, unless an underwritten Shelf Takedown has been priced but not completed prior to the Termination Date, in which event the Company
shall remain so obligated until such offering is completed. 
 Section 5. Suspension Periods; Blackout Periods. 
 (a) Suspension Periods. The Company may (i) delay the filing of a Registration Statement in conjunction with a Demand Registration or an S-3
or F-3 Registration or (ii) prior to the pricing of any underwritten offering or other offering of Registrable Common Shares pursuant to a Demand Registration or an S-3 or F-3 Registration, delay such underwritten or other offering (and, if it
so chooses, withdraw any registration statement that has been filed), but in each case described in clauses (i) and (ii) only if the board of directors of the Company determines in good faith (x) that such delay would enable the
Company to avoid disclosure of material information, the disclosure of which at that time would not be in the Company’s best interests, or (y) that the registration or offering to be delayed would, if not delayed, materially adversely
affect the Company and its subsidiaries taken as a whole or materially interfere with, or jeopardize the success of, any pending or proposed material transaction, including any debt or equity financing, any acquisition or disposition, any
recapitalization or reorganization or any other material transaction, whether due to commercial reasons, a desire to avoid premature disclosure of information or any other reason. Any period during which the Company has 

  

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delayed a filing or an offering pursuant to this Section 5 is herein called a “Suspension Period”. In no event shall there be more than two
Suspension Periods during any rolling period of 365 days, and the number of days covered by any one or more Suspension Periods shall not exceed 90 days in the aggregate during any rolling period of 365 days. If pursuant to this
Section 5 the Company delays a Demand Registration requested by the Shareholder, the Shareholder shall be entitled to withdraw such request and, if it does so, such request shall not count against the limitation on the number of such
registrations set forth in Section 2(b). If pursuant to this Section 5 the Company withdraws an S-3 or F-3 Registration Statement requested by the Shareholder, the Shareholder shall be entitled to make a further request for an S-3 or F-3
Registration pursuant to this Agreement. The Company shall provide prompt written notice to the Shareholder of the commencement and termination of any Suspension Period (and any withdrawal of a registration statement pursuant to this
Section 5), but shall not be obligated under this Agreement to disclose the reasons therefor. Man Group shall (and shall cause its controlled Affiliates to) keep the existence of each Suspension Period confidential and refrain from making
offers and sales of Registrable Common Shares (and direct any other Persons making such offers and sales to refrain from doing so) during each Suspension Period. 
 (b) Blackout Periods. Unless the Company otherwise permits by notice in writing to the Shareholder, the Shareholder shall not make any offers or sales of Registrable Common Shares during the period (each a
“Blackout Period”) beginning on the •th day of the third month of each fiscal quarter of the Company and ending • full trading day after the Company publicly issues its earnings release for such fiscal quarter (or
fiscal year in the case of the fourth fiscal quarter). A “full trading day” after an earnings release means at least one full-day trading session on the New York Stock Exchange shall have elapsed after the public issuance of such
earnings release. Notwithstanding this Section 5(b), but subject to the other provisions hereof, Registrable Common Shares may be offered and sold during a Blackout Period if such offers and sales are made pursuant to a plan that complies with
Rule 10b5-1 under the Exchange Act (and is established outside a Blackout Period). Notwithstanding this Section 5(b), the Shareholder may make offers and sales of Registrable Common Shares in an underwritten offering pursuant to a Demand
Registration or in an underwritten Shelf Takedown during a Blackout Period, unless a Suspension Period is in effect. 
 Section 6.
Holdback Agreements. 
 The restrictions in this Section 6 shall apply only for as long as the Man Group is the beneficial owner
of any Registrable Common Shares. If the Company sells Common Shares or other securities convertible into or exchangeable for (or otherwise representing a right to acquire) Common Shares in a primary underwritten offering pursuant to any
registration statement under the Securities Act (whether or not the Shareholder is given an opportunity to participate), or if any other Person sells Common Shares in a secondary underwritten offering pursuant to a Piggyback Registration and the
Shareholder is given an opportunity (not subsequently reduced by more than 25% or withdrawn pursuant to the “cut-back” provisions of this Agreement) to participate in the offering, and if the managing underwriters for such offering advise
the Company (in which case the Company promptly shall notify the Shareholder) that a public sale or distribution of Registrable Common Shares outside such offering would materially adversely affect such offering, then, if requested by the Company,
Man Group shall agree, as contemplated 

  

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in this Section 6, not to (and to cause its controlled Affiliates not to) sell, transfer, pledge, issue, grant or otherwise dispose of, directly or
indirectly (including by means of any short sale), or request the registration of, any Registrable Common Shares (or any securities of any Person that are convertible into or exchangeable for, or otherwise represent a right to acquire, Registrable
Common Shares) for a period equal (each such period, a “Holdback Period”) to the lesser of (i) ninety-one (91) days beginning on and including the pricing date for such underwritten offering and (ii) such shorter
period as to which the managing underwriters for such offering may agree (each such agreement of Man Group, a “Holdback Agreement”). Notwithstanding the foregoing, the Shareholder shall not be subject to more than one Holdback
Agreement relating to an underwritten offering pursuant to a Piggyback Registration during any rolling period of 365 days, other than any such Holdback Agreement relating to an underwritten offering in which the Shareholder was permitted to
participate without being subject to an underwriters’ cutback. Each Holdback Agreement shall be in writing in form satisfactory to the Company and the managing underwriters. Notwithstanding the foregoing, Man Group shall not be obligated
to make a Holdback Agreement unless the Company, each selling shareholder in such offering, all of the Company’s officers and directors and each Person (if any) who beneficially owns 10% or more of the outstanding Common Shares and has the
right to require the Company to register Common Shares for sale under the Securities Act (collectively, “Other Holdback Parties”) also execute agreements substantially identical to such Holdback Agreement. Each Holdback Agreement
shall provide that Man Group shall be released from its obligations thereunder if and when any of the Other Holdback Parties is released (in whole or in part) from the prohibition on offers and sales of Common Shares in its hold back agreement
relating to the same offering (other than a release of an individual that is due to a personal hardship and affects only a small number of Common Shares), and the Company shall promptly notify Man Group of any such release. A Holdback Agreement
shall not apply to (i) the exercise of any warrants or stock options to purchase shares of the Company (provided that such restrictions shall apply with respect to the securities issuable upon such exercise), (ii) transfers to
Affiliates where the transferee agrees in writing with the Company to be bound by the terms hereof, or (iii) any Registrable Common Shares included in the underwritten offering giving rise to the application of this Section 6. A Holdback
Agreement shall prohibit Man Group and its controlled Affiliates from entering into any hedging or similar arrangement in respect of the Registrable Common Shares. 
 Section 7. Registration Procedures. 
 (a) Whenever the Shareholder requests that any Registrable
Common Shares be registered pursuant to this Agreement, the Company shall use reasonable best efforts to effect, as soon as practical as provided herein, the registration and the sale of such Registrable Common Shares in accordance with the intended
methods of disposition thereof, and, pursuant thereto, the Company shall, as soon as practical as provided herein: 
 (i)
subject to the other provisions of this Agreement, use reasonable best efforts to prepare and file with the SEC a Registration Statement with respect to such Registrable Common Shares and cause such Registration Statement to become effective (unless
it is automatically effective upon filing); and before filing a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to the Shareholder and the underwriters or other distributors, if any, identified by the 

  

 - 11 - 

 
Shareholder copies of all such documents proposed to be filed, including documents incorporated by reference in the Prospectus and, if requested by the
Shareholder, one set of the exhibits incorporated by reference, and the Shareholder and a single counsel selected by the Shareholder (“Shareholder’s Counsel”) shall have a reasonable opportunity to review and comment on the
Registration Statement and each such Prospectus (and each amendment or supplement thereto) before it is filed with the SEC, and the Shareholder shall have the opportunity to object to any information pertaining to the Shareholder that is contained
therein and the Company will make the corrections reasonably requested by the Shareholder with respect to such information prior to filing any Registration Statement or Prospectus or any amendment or supplement thereto; 
 (ii) use reasonable best efforts to prepare and file with the SEC such amendments and supplements to such Registration Statement and the
Prospectus used in connection therewith as may be necessary to comply with the applicable requirements of the Securities Act and to keep such Registration Statement effective for the relevant period required hereunder, but no longer than is
necessary to complete the distribution of the Common Shares covered by such Registration Statement, and to comply with the applicable requirements of the Securities Act with respect to the disposition of all the Common Shares covered by such
Registration Statement during such period in accordance with the intended methods of disposition set forth in such Registration Statement; 
 (iii) use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement, or the lifting of any suspension of the qualification or exemption from
qualification of any Registrable Common Shares for sale in any jurisdiction in the United States; 
 (iv) furnish to the
Shareholder and each managing underwriter, if any, without charge, conformed copies of each Registration Statement and amendment thereto and copies of each supplement thereto promptly after they are filed with the SEC (but only one set of exhibits
thereto need be provided); and deliver, without charge, such number of copies of the preliminary and final Prospectus and any supplement thereto as the Shareholder may reasonably request in order to facilitate the disposition of the Registrable
Common Shares of the Shareholder covered by such Registration Statement in conformity with the requirements of the Securities Act; 
 (v) use reasonable best efforts to register or qualify such Registrable Common Shares under such other securities or blue sky laws of such U.S. jurisdictions as the Shareholder reasonably requests and continue such registration or
qualification in effect in such jurisdictions for as long as the applicable Registration Statement may be required to be kept effective under this Agreement (provided that the Company will not be required to (I) qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph (v), (II) subject itself to taxation in any such jurisdiction or (III) consent to general service of process in any such
jurisdiction); 
  

 - 12 - 

 (vi) notify the Shareholder and each distributor of such Registrable Common Shares
identified by the Shareholder, at any time when a Prospectus relating thereto is required under the Securities Act to be delivered by such distributor, of the occurrence of any event as a result of which the Prospectus included in such Registration
Statement contains an untrue statement of a material fact or omits a material fact necessary to make the statements therein not misleading, and, at the request of the Shareholder, the Company shall use reasonable best efforts to prepare, as soon as
practical, a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Common Shares, such Prospectus shall not contain an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein not misleading; 
 (vii) in the case of an underwritten offering in which the
Shareholder participates pursuant to a Demand Registration, Piggyback Registration or an S-3 or F-3 Registration, enter into an underwriting agreement containing such provisions (including provisions for indemnification, lockups, opinions of counsel
and comfort letters) as are customary and reasonable for an offering of such kind, and take all such other customary and reasonable actions as the managing underwriters of such offering may request in order to facilitate the disposition of such
Registrable Common Shares (including, making members of senior management of the Company available to participate in “road-show” and other customary marketing activities); 
 (viii) in the case of an underwritten offering in which the Shareholder participates pursuant to a Demand Registration, Piggyback
Registration or an S-3 or F-3 Registration, and to the extent not prohibited by applicable law or pre-existing applicable contractual restrictions, (A) make reasonably available, for inspection by the Shareholder, Shareholder’s Counsel,
the managing underwriters of such offering and one attorney (and one accountant) for such managing underwriter, pertinent corporate documents and financial and other records of the Company and its subsidiaries and controlled Affiliates,
(B) cause the Company’s officers and employees to supply information reasonably requested by the Shareholder or such managing underwriters or attorney in connection with such offering and (C) make the Company’s independent
accountants available for any such managing underwriters’ due diligence; provided, however, that such records and other information shall be subject to such confidential treatment as is customary for underwriters’ due
diligence reviews; 
 (ix) use reasonable best efforts to cause all such Registrable Common Shares to be listed on each
securities exchange on which securities of the same class issued by the Company are then listed; 
 (x) provide a transfer
agent and registrar for all such Registrable Common Shares not later than the effective date of such Registration Statement and, a reasonable time before any proposed sale of Registrable Common Shares pursuant to a Registration Statement, provide
the transfer agent with printed certificates for the Registrable Common Shares to be sold, subject to the provisions of Section 11; 
  

 - 13 - 

 (xi) make generally available to its shareholders a consolidated earnings statement
(which need not be audited) for a period of 12 months beginning after the effective date of the Registration Statement as soon as reasonably practicable after the end of such period, which earnings statement shall satisfy the requirements of an
earning statement under Section 11(a) of the Securities Act and Rule 158 thereunder; and 
 (xii) promptly notify the
Shareholder and the managing underwriters of any underwritten offering, if any: 
 (1) when the Registration Statement, any
pre-effective amendment, the Prospectus or any Prospectus supplement or any post-effective amendment to the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has
become effective; 
 (2) of any request by the SEC for amendments or supplements to the Registration Statement or the
Prospectus or for any additional information regarding the Shareholder; 
 (3) of the notification to the Company by the SEC
of its initiation of any proceeding with respect to the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement; and 
 (4) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Common Shares
for sale under the applicable securities or blue sky laws of any jurisdiction; and 
 keep Shareholder’s Counsel reasonably apprised as
to the intention and progress of the Company with respect to any Registration Statement hereunder, including by providing Shareholder’s Counsel with copies of all written correspondence with the SEC in connection with any Registration Statement
or Prospectus filed hereunder. 
 For the avoidance of doubt, the provisions of clauses (vii), (viii) and (xi) of this
Section 7(a) shall apply only in respect of an underwritten offering and only if (based on market prices at the time the offering is requested by the Shareholder) the number of Registrable Common Shares to be sold in the offering would yield
gross proceeds to the Shareholder of at least the Minimum Amount. Notwithstanding any provision of this Agreement, the Company shall not be obligated to prepare for inclusion in any Registration Statement any audited financial statements for any
period other than a fiscal year of the Company beginning on or after April 1, 2005 or any unaudited financial statements for any period other than a first, second or third fiscal quarter of any such fiscal year. 
 (b) No Registration Statement (including any amendments thereto) shall contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein not misleading, and no Prospectus (including any supplements thereto) shall contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading, in each case, except for any untrue statement or alleged untrue 

  

 - 14 - 

 
statement of a material fact or omission or alleged omission of a material fact made in reliance on and in conformity with written information furnished to
the Company by or on behalf of Man Group or the Shareholder or any underwriter or other distributor specifically for use therein. 
 (c) At
all times after the Company has filed a registration statement with the SEC pursuant to the requirements of the Securities Act and until the Termination Date, the Company shall use reasonable best efforts to continuously maintain in effect the
registration statement of Common Shares under Section 12 of the Exchange Act and to use reasonable best efforts to file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted
by the SEC thereunder, all to the extent required to enable the Shareholder to be eligible to sell Registrable Common Shares pursuant to Rule 144 under the Securities Act prior to the Termination Date. 
 (d) The Company may require the Shareholder and each distributor of Registrable Common Shares as to which any registration is being effected to furnish
to the Company any other information regarding such Person and the distribution of such securities as the Company may from time to time reasonably request. 
 (e) The Shareholder agrees by having its stock treated as Registrable Common Shares hereunder that, upon being advised in writing by the Company of the occurrence of an event pursuant to Section 7(a)(vi), the
Shareholder will immediately discontinue (and direct any other Persons making offers and sales of Registrable Common Shares to immediately discontinue) offers and sales of Registrable Common Shares until it is advised in writing by the Company that
the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 7(a)(vi), and, if so directed by the Company, the Shareholder will deliver to the Company all copies, other than
permanent file copies then in the Shareholder’s possession, of the Prospectus covering such Registrable Common Shares current at the time of receipt of such notice. 
 (f) The Company may prepare and deliver an issuer free-writing prospectus (as such term is defined in Rule 405 under the Securities Act) in lieu of any supplement to a prospectus, and references herein to any
“supplement” to a Prospectus shall include any such issuer free-writing prospectus. Neither the Shareholder nor any other seller of Registrable Common Shares may use a free-writing prospectus to offer or sell any such shares without the
Company’s prior written consent. 
 (g) It is understood and agreed that any failure of the Company to file a registration statement or
any amendment or supplement thereto or to cause any such document to become or remain effective or usable within or for any particular period of time as provided in Section 2, 4 or 7 or otherwise in this Agreement, due to reasons that are not
reasonably within its control, or due to any refusal of the SEC to permit a registration statement or prospectus to become or remain effective or to be used because of unresolved SEC comments thereon (or on any documents incorporated therein by
reference) despite the Company’s good faith and diligent efforts to resolve those comments, shall not be a breach of this Agreement. However, neither shall any such failure relieve the Company of its obligations hereunder to use commercially
reasonable efforts to remedy such failure. 
  

 - 15 - 

 (h) It is further understood and agreed that the Company shall not have any obligations under this
Section 7 at any time on or after the Termination Date, unless an underwritten offering in which the Shareholder participates has been priced but not completed prior to the Termination Date, in which event the Company’s obligations under
this Section 7 shall continue with respect to such offering until such offering is completed or for 15 business days, whichever is shorter. 
 Section 8. Registration Expenses. 
 (a) All expenses incident to the Company’s performance of or compliance with this
Agreement, including all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, NASD fees, listing application fees, printing expenses, transfer agent’s and registrar’s fees, cost of distributing
Prospectuses in preliminary and final form as well as any supplements thereto, and fees and disbursements of counsel for the Company and all independent certified public accountants and other Persons retained by the Company (all such expenses being
herein called “Registration Expenses”) (but not including any underwriting discounts or commissions attributable to the sale of Registrable Common Shares or fees and expenses of counsel representing the Shareholder or any
underwriters or other distributors), shall be borne by the Company. 
 (b) The obligation of the Company to bear the expenses described in
Section 8(a) shall apply irrespective of whether a registration, once properly demanded or requested, if applicable, becomes effective, is withdrawn or suspended, is converted to another form of registration and irrespective of when any of the
foregoing shall occur; provided, however, that Registration Expenses for any Registration Statement withdrawn solely at the request of the Shareholder (unless withdrawn following commencement of a Suspension Period pursuant to
Section 5) shall be borne by the Shareholder. 
 Section 9. Indemnification. 
 (a) The Company shall indemnify, to the fullest extent permitted by law, the Shareholder and each Person who controls the Shareholder (within the meaning
of the Securities Act) against all losses, claims, damages, liabilities, judgments, costs (including reasonable costs of investigation) and expenses (including reasonable attorneys’ fees arising out of or based upon any untrue or alleged untrue
statement of a material fact contained in any Registration Statement or Prospectus) or any amendment thereof or supplement thereto or arising out of or based upon any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as the same are made in reliance and in conformity with information furnished in writing to the Company by Man Group or the Shareholder expressly for use therein. In connection
with an underwritten offering in which the Shareholder participates conducted pursuant to a registration effected hereunder, the Company shall indemnify each participating underwriter and each Person who controls such underwriter (within the meaning
of the Securities Act) to the same extent as provided above with respect to the indemnification of the Shareholder, provided, however, that this sentence shall apply only if (based on the current market prices immediately prior
thereto) the number of Registrable Common Shares to be sold in the offering would yield gross proceeds to the Shareholder of at least the Minimum Amount (or if the Company otherwise approves the offering for purposes of this Section 9).

  

 - 16 - 

 (b) In connection with any Registration Statement in which the Shareholder is participating, Man Group
and the Shareholder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus, or amendment or supplement thereto, and shall
indemnify, to the fullest extent permitted by law, the Company, its officers and directors and each Person who controls the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities, judgments, costs
(including reasonable costs of investigation) and expenses (including reasonable attorneys’ fees) arising out of or based upon any untrue or alleged untrue statement of material fact contained in the Registration Statement or Prospectus, or any
amendment or supplement thereto or arising out of or based upon any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that the same are
made in reliance and in conformity with information furnished in writing to the Company by Man Group or the Shareholder expressly for use therein. 
 (c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying Person of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying Person to assume
the defense of such claim with counsel reasonably satisfactory to the indemnified Person. Failure so to notify the indemnifying Person shall not relieve it from any liability that it may have to an indemnified Person otherwise than under this
Section 9. If such defense is assumed, the indemnifying Person shall not be subject to any liability for any settlement made by the indemnified Person without its consent (but such consent will not be unreasonably withheld). An indemnifying
Person who is entitled to, and elects to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to one local counsel) for all Persons indemnified by such indemnifying Person with
respect to such claim (and all other claims arising out of the same circumstances), unless in the reasonable judgment of any indemnified Person there may be one or more legal or equitable defenses available to such indemnified Person which are in
addition to or may conflict with those available to another indemnified Person with respect to such claim, in which case such maximum number of counsel for all indemnified Persons shall be two rather than one). Failure to give prompt written notice
shall not release the indemnifying Person from its obligations hereunder. The indemnifying Person shall not consent to the entry of any judgment or enter into or agree to any settlement relating to a claim or action for which any indemnified Person
would be entitled to indemnification by any indemnified Person hereunder unless such judgment or settlement includes as an unconditional term the giving, by all relevant claimants and plaintiffs to such indemnified Person, a release, satisfactory in
form and substance to such indemnified Person, from all liabilities in respect of such claim or action for which such indemnified Person would be entitled to such indemnification. The indemnifying Person shall not be liable hereunder for any amount
paid or payable or incurred pursuant to or in connection with any judgment entered or settlement effected with the consent of an indemnified Person unless the indemnifying Person has also consented to such judgment or settlement. 
  

 - 17 - 

 (d) The indemnification provided for under this Agreement shall remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified Person or any officer, director or controlling Person of such indemnified Person and shall survive the transfer of securities and the Termination Date but only with respect to
offers and sales of Registrable Common Shares made before the Termination Date. 
 (e) If the indemnification provided for in or pursuant to
this Section 9 is due in accordance with the terms hereof, but is held by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying
Person, in lieu of indemnifying such indemnified Person, shall contribute to the amount paid or payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect
the relative fault of the indemnifying Person on the one hand and of the indemnified Person on the other in connection with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as well as any other
relevant equitable considerations. The relative fault of the indemnifying Person on the one hand and of the indemnified Person on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying Person or by the indemnified Person, and by such Person’s relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. In no event shall the liability of the Shareholder or Man Group be greater in amount than the amount for which such indemnifying Person would have been obligated to pay by way of
indemnification if the indemnification provided for under Section 9(a) or 9(b) hereof had been available under the circumstances. 
 Section 10. Participation in Underwritten Offerings. 
 No Person (including the Shareholder) may participate in any
underwritten offering pursuant to a registration effected hereunder unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Shareholder, in the case of any
underwritten offering pursuant to a Demand Registration or any underwritten Shelf Takedown, or by the Company, in any other case and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements,
lockups and other documents required under the terms of such underwriting arrangements. 
 Section 11. Securities Act Restrictions.

 The Registrable Common Shares are restricted securities under the Securities Act and may not be offered or sold except pursuant to an
effective registration statement or an available exemption from registration under the Securities Act. Accordingly, the Shareholder shall not, directly or through others, offer or sell any Registrable Common Shares except pursuant to a Registration
Statement as contemplated herein or pursuant to Rule 144 or another exemption from registration under the Securities Act, if available. Prior to any transfer of Registrable Common Shares other than pursuant to an effective registration
statement, the Shareholder shall notify the Company of such transfer and the Company may require the Shareholder to provide, prior to such transfer, such evidence that the transfer will comply with the Securities Act 

  

 - 18 - 

 
(including written representations or an opinion of counsel) as the Company may reasonably request. The Company may impose stop-transfer instructions with
respect to any Registrable Common Shares that are to be transferred in contravention of this Agreement (including Section 6 and this Section 11). Any certificates representing the Registrable Common Shares may bear a legend (and the
Company’s share registry may bear a notation) referencing the restrictions on transfer contained in this Agreement, until such time as such securities have ceased to be or are to be transferred in a manner that results in their ceasing to be,
Registrable Common Shares. Subject to the provisions of this Section 11, the Company will replace any such legended certificates with unlegended certificates promptly upon request by any Shareholder in order to facilitate a lawful transfer or
at any time after such shares cease to be Registrable Common Shares. 
 Section 12. Transfers of Rights and Collective Action.

 (a) Transfers to Man Group and Subsidiaries. Registrable Common Shares may be transferred to and held by Man Group or any
majority-owned subsidiary of Man Group from time to time and in whole or in part, but only if the transfer complies with Section 11. Each such transfer shall be effective when (but only when) the transferred securities are registered in the
name of the transferee. Upon any such effective transfer, the transferee shall automatically become and have the rights of a Shareholder with respect to the Registrable Common Shares so transferred and the transferor shall automatically cease to be
and to have the rights of a Shareholder with respect to the transferred Registrable Common Shares. The Company may require any transferee that becomes a Shareholder to sign a written acknowledgement that it has become a Shareholder hereunder.
Notwithstanding the foregoing, any Shareholder that (i) ceases to be the registered owner of Registrable Common Shares or (ii) ceases to be Man Group or a majority-owned subsidiary of Man Group, shall automatically cease to be a
Shareholder and, in the case of clause (ii), any Registrable Common Shares held by such Person shall automatically cease to be Registrable Common Shares for all purposes hereunder. With respect to any Person that ceases to be a Shareholder (either
entirely or only with respect to transferred securities), the rights and obligations of such Person arising under Section 9 or otherwise hereunder with respect to periods and matters existing before such cessation shall survive such cessation.

 (b) Collective Action. At any time when there is more than one Shareholder, they shall act collectively as if they were one
Shareholder holding all of their Registrable Common Shares, and any act, determination or request permitted or required to be done or made hereunder by any of them shall be done or made solely by Man Group on their behalf in a coordinated manner as
if they were one Shareholder. Man Group shall cause each Shareholder (and former Shareholder) to perform its obligations under, and otherwise comply with, the provisions of this Agreement. 
 (c) Transfers to Other Persons. Registrable Common Shares may be transferred to and held by Persons other than Man Group or a majority-owned
subsidiary of Man Group, but only if the transfer complies with Section 11 and only if, before any such shares are transferred to any such other Person (other than pursuant to a Registration Statement or Rule 144 under the Securities Act), or
otherwise become held by any such other Person, such other Person agrees in writing with the Company, in a form reasonably satisfactory to the Company, to comply with 

  

 - 19 - 

 
Section 11 with respect to any future transfers of such shares. Notwithstanding any other provision of this Agreement, however, no such other Person
shall have the rights of a Shareholder or of Man Group hereunder, and no shares transferred to or held by any such other Person shall have the benefits afforded to Registrable Common Shares hereunder. 
 Section 13. Miscellaneous. 
 (a)
Notices. Except as otherwise provided herein, all notices, requests, consents and other communications required or permitted hereunder shall be in writing and shall be hand delivered, mailed (postage prepaid) by registered or certified mail
or sent by e-mail or facsimile transmission (with telephone confirmation promptly thereafter), 
 If to the Company: 
  

			
	MF Global Ltd.
	717 Fifth Avenue
	New York, New York 10022
	Attention:	  	Howard Schneider, General Counsel
	Facsimile:	  	(212) 589-6215
	E-mail:	  	hschneider@mfglobal.com

 If to the Shareholder: 
  

			
	Man Group plc
	·	  	
	·	  	
	Attention:	  	·
	Facsimile:	  	·
	Email:	  	·

 or at such other address as any such party hereto may specify by written notice to the others, and, except as
otherwise provided herein, each such notice, request, consent and other communication shall for all purposes of the Agreement be treated as being effective or having been given when delivered personally or by mail or, in the case of e-mail or
facsimile delivery, upon receipt of e-mail or facsimile confirmation of delivery and telephonic confirmation. 
 (b) No Waivers. No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 (c) Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, it being understood that there are no intended
third party beneficiaries hereof. 
  

 - 20 - 

 (d) Governing Law. This Agreement shall be governed by and construed in accordance with the law of
the State of New York. 
 (e) Jurisdiction. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter
arising out of or in connection with, this Agreement or the transactions contemplated hereby must be brought in any federal or state court located in the Borough of Manhattan in The City of New York, and each of the parties hereby consents to the
jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of
the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 13(a) shall be deemed effective
service of process on such party. 
 (f) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (g)
Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts (including by e-mail or facsimile) and by different parties hereto in separate counterparts, with the same effect as if all parties had signed the same
document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. This Agreement shall become effective when each party hereto shall have received counterparts hereof signed by
all of the other parties hereto. 
 (h) Entire Agreement. This Agreement contains the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes and replaces all other prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof. 
 (i) Captions. The headings and other captions in this Agreement are for convenience and reference only and shall not be used in interpreting,
construing or enforcing any provision of this Agreement. 
 (j) Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in
no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent
possible. 
  

 - 21 - 

 (k) Amendments. The provisions of this Agreement, including the provisions of this sentence, may
not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the Company and Man Group. 
 (l) Conditions Precedent and Termination. The provisions of this Agreement will only take effect upon the consummation of the initial public
offering of the Common Shares and only if the initial public offering of such Common Shares is consummated by June 30, 2008 (or such later date as may be agreed to in writing by the parties hereto). 
 [Execution Page Follows] 
  

 - 22 - 

 IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by each of the parties
hereto as of the date first written above. 
  

			
	MF GLOBAL LTD.
		
	By:	 	  
		 	Name:
		 	Title:
	
	MAN GROUP PLC
		
	By:	 	  
		 	Name:
		 	Title:
	
	MAN GROUP U.K. LTD.
		
	By:	 	  
		 	Name:
		 	Title:Form of Treasury Services Agreement

 Exhibit 10.1 
  
  

			
	

	  	CLIFFORD CHANCE LLP

  
 MAN GROUP PLC 
 AND 
 MF GLOBAL LTD 
  

 TRANSITIONAL SERVICES AGREEMENT -

 FOR TREASURY-RELATED SERVICES BY MF GLOBAL LTD 
  

  

 CONTENTS 
  

					
	Clause	  	 	  	Page
	1.	  	Interpretation	  	1
			
	2.	  	Condition Precedent, Commencement, Term And Extension	  	4
			
	3.	  	Services - Scope, Standards, Form And Changes	  	5
			
	4.	  	IT, IP And Third Party Consents	  	6
			
	5.	  	Exit Planning	  	9
			
	6.	  	MGP Requirements And MF Global Relief	  	10
			
	7.	  	Fees And VAT	  	11
			
	8.	  	Contract Management	  	11
			
	9.	  	Termination	  	12
			
	10.	  	Consequences Of Termination	  	13
			
	11.	  	Change Control Procedure	  	15
			
	12.	  	Liability	  	16
			
	13.	  	Force Majeure	  	17
			
	14.	  	Audit Rights	  	17
			
	15.	  	Data Protection And Regulatory Matters	  	18
			
	16.	  	Third Parties’ Rights And Liability	  	18
			
	17.	  	Disputes And Arbitration	  	19
			
	18.	  	General	  	19
		
	SCHEDULE 1         SERVICES SCHEDULE	  	24

 This Agreement is made on
                     2007 
 BETWEEN:

  

	(1)	MAN GROUP PLC, a company incorporated under the laws of England, whose registered office is at Sugar Quay, Lower Thames Street, London, EC3R 6DU (Registered in England No.
2921462) (“MGP”); and 

  

	(2)	MF GLOBAL LTD, a company incorporated under the laws of Bermuda, whose registered office is at Clarendon House, 2 Church Street, Hamilton HM 11 Bermuda (Registered in Bermuda
No. 39998) (“MF Global”). 

 WHEREAS: 
  

	(A)	Pursuant to an agreement (the “Master Separation Agreement”) dated on or about the date of this Agreement between MF Global and MGP, the parties agreed to the
Separation in relation to the IPO of MF Global (as each term is defined in the Master Separation Agreement). 

  

	(B)	MGP requires certain Services (specified in the Services Schedule) to be provided to it and other Affiliates of MGP on a transitional basis on and following the date of the IPO on
the terms of this Agreement. MF Global has agreed to provide or procure the provision of these Services on the terms of this Agreement. 

  

	(C)	In addition, MGP requires assistance from MF Global in transitioning its business off the Services during the term of this Agreement and related data migration. MF Global has agreed
to provide such assistance as more fully described in this Agreement. 

  

	1.	INTERPRETATION 

  

	1.1	In this Agreement, the following capitalised terms shall have the following meanings, unless otherwise indicated. 

 “Affiliate” means, in relation to a party, any company, partnership or other entity which from time to time Controls, is Controlled by or
is under the common Control with that party. For the purposes of this Agreement, (a) MF Global and its Controlled Affiliates shall not be deemed to be Affiliates of MGP and (b) MGP and its Controlled Affiliates shall not be deemed to be
Affiliates of MF Global. 
 “Agreement” means the terms of this agreement, including any Schedules. 
 “Business” means the businesses operated by MGP and its Affiliates as at the Effective Date and as reasonably expanded from time to time.

 “Change” has the meaning given to it in clause 11. 
 “Change Control Procedures” means the procedures by which changes may be made to one or more of the Services, as set out in clause 11.

 “Contract Manager” has the meaning given to it in clause 8. 
  

 - 1 - 

 “Control” means the beneficial ownership of more than 50 per cent of the issued
share capital, or the legal power to direct or cause the direction of the general management, of the company, partnership or other person in question, and “Controlled” shall be construed accordingly. 
 “Data Protection Laws” means any legislation in force from time to time which implements the Data Protection Directives and is applicable
to the provision of the Services pursuant to this agreement, including the Data Protection Act 1998 and the Privacy and Electronic Communications (EC Directive) Regulations 2003 (SI 2003/2426). 
 “Effective Date” means the “IPO Date” as defined in the Master Separation Agreement. 
 “Fees” means the fees, costs and expenses to be paid by MGP for the Services as set out in the Services Schedule. 
 “IPO” has the meaning given to it in the Master Separation Agreement. 
 “Intellectual Property Rights” means all intellectual property rights in any part of the world and shall include: patents (including
supplementary protection certificates), utility models, rights in inventions, registered and unregistered trade and service marks, rights in business and trade names and get-up, rights in domain names, registered designs, unregistered rights in
designs, semiconductor and topography rights, copyrights and neighbouring rights, database rights and in each case rights of a similar or corresponding character and all applications and rights to apply for the protection of any of the foregoing.

 “IT System” means the information technology systems owned or used by a party in connection with its business, excluding
that party’s own software, data and Third Party Software. 
 “Master Separation Agreement” has the meaning given to it
in the recitals. 
 “MGP Requirement” has the meaning given to it in clause 6. 
 “MGP Data” means any of the data and/or databases provided by MGP and/or an Affiliate of MGP to MF Global and/or an Affiliate of MF
Global in connection with the provision of the Services, including any such data as MF Global and/or an Affiliate may incorporate in its databases. 
 “MGP Software” means the software in which MGP and/or an Affiliate of MGP owns the Intellectual Property Rights and used by MGP, MF Global and/or any of their Affiliates in connection with the provision of the Services.

 “MF Global Data” means any of the data and/or databases provided to a Service Recipient by MF Global and/or an Affiliate
of MF Global in connection with the provision of the Services, including any such data as the Service Recipient may incorporate in its databases. 
  

 - 2 - 

 “MF Global Software” means the software in which MF Global and/or an Affiliate of MF
Global owns the Intellectual Property Rights and used by MF Global and/or an Affiliate of MF Global in connection with the provision of the Services. 
 “Personal Data” shall have the meaning ascribed to it in the Data Protection Law, as shall the terms “data subject”, “processing” and “processed”.

 “Separation” has the meaning given to it in the Master Separation Agreement. 
 “Service Recipient” means, in relation to a Service, MGP and/or MGP’s Affiliates, who are or will be operating a Business which was
provided with a service equivalent to the Service, or provided a service equivalent to the Service, in the ordinary course of that Business in the 12 months prior to the Effective Date. 
 “Service Term” means, in respect of each Service, the period for which that Service will be provided, as set out in the Services
Schedule, and any extension to such period in accordance with clause 2. 
 “Services” means the services to be provided or
procured by MF Global for the benefit of the relevant Service Recipient, as more fully set out in the Services Schedule. 
 “Services
Schedule” means Schedule 1 and Schedule 2. 
 “Tax Authority” means any government, state or municipality, or any
local, state, federal or other authority, body or official, anywhere in the world, capable of exercising a fiscal, revenue, customs or excise function. 
 “Third Party Software” means software the Intellectual Property Rights in which are owned by a third party and which is used in respect of the provision of the Services. 
 “TUPE” means the Transfer of Undertakings (Protection of Employment) Regulations 2006. 
 “VAT” means: 
  

	 	(a)	any tax imposed in conformity with the European Council directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112) (including, in relation to
the United Kingdom, value added tax imposed by the Value Added Tax Act 1994 and regulations supplemental thereto); and 

  

	 	(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in (a), or elsewhere
in any other country or jurisdiction. 

  

	1.2	In this Agreement words importing the singular include the plural and vice versa and words importing gender include any other gender. 

  

	1.3	The headings of clauses are for ease of reference and shall not affect the construction of this Agreement. 

  

 - 3 - 

	1.4	Any reference to a statutory provision shall include any subordinate legislation made from time to time under that provision which is in force at the date of this Agreement.

  

	1.5	Any reference to a statute or statutory provision shall include such statute or provision as from time to time modified, re-enacted or consolidated whether before or after the date
of this Agreement. 

  

	1.6	The words “include”, “includes” and “including” and any words following them shall be construed without limitation to the
generality of any preceding words or concepts and vice versa. 

  

	1.7	In this Agreement, unless the context otherwise requires, a reference to a person or party shall, at any time when such person or party is treated as a member of a group for VAT
purposes, include (where appropriate) a reference to the representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 

  

	1.8	In the event of an inconsistency between the terms of a Schedule to this Agreement and the other terms of this Agreement, the terms of the Schedule shall have precedence.

  

	2.	CONDITION PRECEDENT, COMMENCEMENT, TERM AND EXTENSION 

  

	2.1	Condition Precedent 

 With the exception of this
clause 2.1 and clauses 17 (Disputes and Arbitration) and 18 (General) (which will become effective on the date of signature of this Agreement), the remainder of this Agreement will only take effect if the IPO occurs, and is conditional
on the IPO taking effect. If the foregoing condition does not occur by 30 June 2008 (or such later date as the parties may agree in writing), this Agreement will terminate automatically. 
  

	2.2	Commencement 

 MF Global will commence providing the
Services on the Effective Date. 
  

	2.3	Term 

  

	 	2.3.1	Each Service will be provided for the duration of the Service Term (subject to earlier termination in accordance with this Agreement) and will lapse automatically thereafter, unless
the parties agree to extend the duration of any Service pursuant to this clause 2. 

  

	 	2.3.2	This Agreement will terminate automatically on the earlier of the following events: 

  

	 	(a)	when MF Global has ceased providing the last of the Services; 

  

	 	(b)	on the expiry of the Service Term (including any extension of the Service Term); or 

  

	 	(c)	on the termination of this Agreement in accordance with its terms. 

  

 - 4 - 

	2.4	Extension 

  

	 	2.4.1	If MGP wishes to extend the initial Service Term of a Service (including any agreed extension period in respect of a Service), then MGP must give MF Global notice of this at least 2
months prior to the expiration of the then-current Service Term (including any agreed extension period). MF Global may agree (but is not obliged) to continue to provide the relevant Service(s) for an extended period following the expiry of the
then-current Service Term. MF Global will notify MGP in writing within 7 days after receipt of MGP’s request whether it wishes to continue to provide such service, subject to clause 2.4.2. 

  

	 	2.4.2	Any extension of the then-current Service Term will be subject to the parties reaching agreement on the terms on which MF Global will continue to provide those Services (including
the extension period) prior to the expiry of the then-current Service Term. The Change Control Procedures do not apply to extensions of the Service Term under this clause 2. 

  

	3.	SERVICES - SCOPE, STANDARDS, FORM AND CHANGES 

  

	3.1	Services Scope and Location 

  

	 	3.1.1	In consideration of the relevant Fees to be paid by MGP under this Agreement, MF Global shall provide the Services to the relevant Service Recipients in accordance with the terms
and conditions of this Agreement. 

  

	 	3.1.2	MF Global is to provide the Services on a global basis from MF Global’s central London-based Treasury Trading function. 

  

	 	3.1.3	All systems and data relating to the provision of the Services by MF Global are to be located and stored in London. 

  

	 	3.1.4	MGP shall ensure that the Service Recipients comply with the provisions of this Agreement (other than payment provisions) as if they were party to it, and shall be responsible to MF
Global for any failure by any of the Service Recipients so to comply. 

  

	3.2	Service Standards 

  

	 	3.2.1	Subject to clause 3.2.3, the Services will be provided to the same standard, quality and extent to which they have ordinarily been provided by Man Group Finance Ltd to MGP and/or
the relevant MGP Affiliate during the 12 months prior to the Effective Date. 

  

	 	3.2.2	MF Global will provide the Services with the same skill and care employed by Man Group Finance Ltd in the 12 months prior to the Effective Date in respect of the provision of those
Services to MGP and/or the relevant MGP Affiliate, and in compliance with the laws and regulations that apply to it as a provider (not a recipient) of the Services. 

  

	 	3.2.3	Where the Services consist of services which were not previously provided by Man Group Finance Ltd in the ordinary course of its business, those Services shall be provided with
reasonable skill and care and to a standard consistent with prevailing industry practice. 

  

 - 5 - 

	3.3	Form and Function of Services 

  

	 	3.3.1	The Services shall, in all material respects, be the same in form and function as the equivalent services provided by Man Group Finance Ltd to MGP and/or the relevant MGP Affiliate
in the 12 months prior to the Effective Date. 

  

	 	3.3.2	Where the Services consist of services which were not previously provided in the ordinary course of Man Group Finance Ltd’s business, the form and function of those Services
will be as set out in the Services Schedule. 

  

	3.4	Change in Services 

 If MGP requires any additional
services or any change in the Services (including any increased functionality not contemplated by the standards and requirements referred to in this clause 3) then this may be requested through the Change Control Procedures. MF Global shall be under
no obligation to provide such additional services and/or changes to the Services except to the extent otherwise provided for in the Change Control Procedures. 
  

	3.5	Change in Scope of the Services 

 The Services will
only be provided, and may only be used, for the benefit of the Business and for no other purpose. However, if MGP expands or changes its Business activities, or diversifies beyond or narrows the scope of the Business, after the Effective Date and
such changes require the Services to be materially varied or extended to cover such change in or addition to the Business activities, MGP will have to request and agree to the relevant variation to the Services under the Change Control Procedures.
For the avoidance of doubt, MF Global is not obliged to make any such material variation or extension to the Services in respect of such change or addition to the Business activities. 
  

	4.	IT, IP AND THIRD PARTY CONSENTS 

  

	4.1	Intellectual property rights 

  

	 	4.1.1	The parties acknowledge and agree that the software licence necessary for the operation and use of the OPICS system has been novated by MGP to MF Global prior to the Effective Date.

  

	 	4.1.2	MF Global will retain all Intellectual Property Rights in any material developed by it in connection with this Agreement or the performance of the Services. MF Global will grant to
MGP a royalty-free and perpetual licence to use such Intellectual Property Rights (excluding any Intellectual Property Rights which are developed and owned by a third party, unless MF Global has sub-licensing rights) for its internal business
purposes only. 

  

	 	4.1.3	Subject to the terms of this clause 4, MF Global is only required to utilise its and/or MGP’s existing systems and Intellectual Property Rights to provide the Services.

  

 - 6 - 

	 	4.1.4	Unless otherwise agreed through the Change Control Procedures, MF Global is not required to commit to any further development of the systems of MF Global, MGP or any of their
Affiliates for the provision of the Services. 

  

	 	4.1.5	If MF Global agrees to develop any particular Intellectual Property Rights at MGP’s request pursuant to the Change Control Procedures, then MF Global will grant to MGP a
royalty-free and perpetual licence to use such Intellectual Property Rights for its internal business purposes. 

  

	4.2	Licence to use MF Global Software and Data 

 If
necessary and where relevant, MF Global shall grant to and/procure for each relevant Service Recipient: 
  

	 	4.2.1	a personal, non-exclusive, non-transferable licence to use the MF Global Software for the Service Term, and solely to the extent necessary to receive the benefit of the Services;
and 

  

	 	4.2.2	a personal, non-exclusive, non-transferable licence to use the MF Global Data for the Service Term, and solely to the extent necessary to receive the benefit of the Services.

  

	4.3	Licence to use MGP Software and Data 

 If necessary
and where relevant, MGP shall grant to and/procure for MF Global and/or its Affiliates: 
  

	 	4.3.1	a personal, non-exclusive, non-transferable licence to use the MGP Software for the Service Term, and solely to the extent necessary to provide the benefit of the Services; and

  

	 	4.3.2	a personal, non-exclusive, non-transferable licence to use the MGP Data for the Service Term, and solely to the extent necessary to provide the benefit of the Services.

 Such licences will terminate with the expiry or earlier termination of the Agreement. 
  

	4.4	Third Party Software 

  

	 	4.4.1	MF Global will consult with MGP on the relevant licences for Third Party Software, and the terms applicable to such licences, which may be necessary for MGP to receive the Services
from MF Global. 

  

	 	4.4.2	Subject to receiving any necessary third party consents or licences, MF Global will use reasonable endeavours to grant, or procure, relevant licences (on a royalty-free and
perpetual basis) for the relevant Service Recipients to use the Third Party Software which are necessary to permit the Service Recipients to use or receive a Service. This requirement excludes any licences for Third Party Software which MGP is
required to obtain as an MGP Requirement. 

  

 - 7 - 

	 	4.4.3	Subject to MGP’s prior consent (and provided such consent is not unreasonably withheld), MGP agrees to accept the licences provided or procured on the terms granted or procured
by MF Global under this clause 4.4, including payment of commercial licence fees, unless otherwise agreed. 

  

	4.5	Third Party Consents 

  

	 	4.5.1	Subject to clause 4.4, to the extent that the consent of a third party is required to allow MF Global to provide any of the Services under this Agreement, MF Global will use
reasonable endeavours to obtain that consent at MF Global’s cost. 

  

	 	4.5.2	If, despite having used reasonable endeavours pursuant to clause 4.5.1, any required third party consent is not obtained or a third party requires MF Global to cease using any items
and/or services made available to MF Global in the provision of Services to a Service Recipient, MF Global will be relieved from providing the Services to the extent that it is not able to do so as a result of the third party refusal to provide
consent. 

  

	 	4.5.3	In the event a relevant third party consent cannot be obtained and MF Global cannot provide a Service pursuant to this clause 4.5: 

  

	 	(a)	MGP is not required to pay for such Service; and 

  

	 	(b)	MF Global is not obliged to vary or extend its Services; and 

  

	 	(c)	MGP may request a variation to the Services (including the use of an alternative IT systems) in accordance with the Change Control Procedures. 

  

	4.6	Licence to use Software and Data following Service Term expiry 

 If MGP identifies any MF Global Software and/or MF Global Data which any Service Recipient requires the continued use of following the cessation of any of the Services, the following terms apply: 
  

	 	4.6.1	MGP shall notify MF Global thereof in writing within a reasonable period in advance of the expiration of the relevant Service Term; and 

  

	 	4.6.2	MF Global may (but is not obliged to) continue to provide the relevant MF Global Software and/or MF Global Data following the expiry of the Service Term, subject to the parties
reaching agreement on the terms of such use (which may include the payment of royalties or other fees). 

  

	4.7	Access to IT Systems and Security 

  

	 	4.7.1	Neither party shall (except to the extent expressly permitted to do so by this Agreement) attempt to obtain access to, use or interfere with any IT Systems or data used or processed
by the other party except to the extent required to do so to receive (in the case of a Service Recipient) or provide the Services, including complying with any relevant requirements set out in the Services Schedule. 

  

 - 8 - 

	 	4.7.2	Each party shall ensure, and shall procure each of its relevant Affiliates to ensure, that reasonable security measures are maintained to protect its IT Systems from unauthorised
access by third parties, and in particular from disruption by any computer software routine intended or designed to (i) procure access or use of the IT System by a third person, or (ii) disable, damage or erase, or disrupt or impair the
normal operation of information technology systems, including “back door”, “time bomb”, “Trojan Horse”, “worm”, “drop dead device”, “virus” or other. 

  

	 	4.7.3	Each party shall at all times abide by, and procure all its employees, contractors and agents to abide at all times by, any access and security protocol and/or policy required by
the other party when accessing the other party’s IT network and/or physical premises. 

  

	5.	EXIT PLANNING 

  

	5.1	MGP responsibility 

 MGP acknowledges and agrees
that: 
  

	 	5.1.1	this Agreement is a transitional arrangement under which MF Global will support the Business operated by MGP and its Affiliates only, by providing the Services for a limited period
of time; and 

  

	 	5.1.2	MGP and its relevant Affiliates will be responsible for obtaining services to replace each of the Services upon the earlier termination or expiration of the relevant Service Term.

  

	5.2	MF Global responsibility 

  

	 	5.2.1	To assist MGP’s exit from this Agreement, MF Global shall transfer to MGP, at such time as MGP may reasonably require, all data and documents maintained or generated by MF
Global in the course of providing the Services to the extent that the same relate substantially to MGP and/or other Service Recipients and/or the Business of MGP and its Affiliates (subject to MF Global’s business and confidentiality
constraints). Such data and documents shall include all historic transactions and balances relating to Man Group Finance Ltd. Such data and documents shall be transferred in the format that they have been maintained by MF Global; if MGP requires the
same to be converted into another format, MGP may request the same through the Change Control Procedures. MF Global may retain a reasonable number of copies of such data and documents for its own internal, regulatory compliance or legal purposes (in
which case, for clarity, the confidentiality obligations set out in this Agreement will continue to apply to those data and documents to the extent that such data and documents relate to MGP). 

  

	 	5.2.2	 MF Global will provide MGP with reasonable assistance and access to MF Global’s personnel and systems used in the provision of the Services (to the extent
permissible, in the case of third party systems and generally with regard to MF Global’s business and confidentiality constraints) to allow MGP to plan 

  

 - 9 - 

	 	 
its exit from this Agreement. To the extent that such assistance will require MF Global to incur any additional costs or expenses, it will only be required
to comply with this term to the extent that MGP agrees to reimburse such costs and expenses to the extent that they are reasonable. 

  

	 	5.2.3	Other than as provided under this clause 5, MF Global will only be required to provide assistance to MGP in relation to the exit from this Agreement if it has agreed to provide such
assistance in writing and on such terms as it may prescribe at the time of agreeing the same (which may include without limitation reimbursement of its costs and expenses). 

  

	6.	MGP REQUIREMENTS AND MF GLOBAL RELIEF 

  

	6.1	MGP Requirements 

 MGP will, and will procure that
its relevant Affiliates will, do each of the following (each an “MGP Requirement”): 
  

	 	6.1.1	fulfil its specific requirements in connection with the Services as set out in the Services Schedule; 

  

	 	6.1.2	on reasonable notice, give MF Global or its agents reasonable access to facilities, systems, premises and/or staff of MGP (or of the relevant Affiliate); and

  

	 	6.1.3	promptly provide MF Global or its agent with sufficient information and assistance reasonably required to enable MF Global to perform its obligations under this Agreement (including
copies of documents and data), all in a timely manner to enable MF Global to provide the Services in accordance with this Agreement and to comply with its legal and regulatory obligations. 

  

	6.2	MF Global Relief 

  

	 	6.2.1	MF Global will not be liable for any failure to provide the Services to the extent that the failure is caused by a failure by MGP (or the relevant MGP Affiliate) to comply in a
timely manner with any of the MGP Requirements (including any failure to do so which is excused by the force majeure provisions of this Agreement). 

  

	 	6.2.2	Subject to the terms of this Agreement, for the avoidance of doubt, MF Global will not be relieved from providing the Services where MGP (or the relevant MGP Affiliate) complies
with all relevant MGP Requirements in a timely manner. 

  

 - 10 - 

	7.	FEES AND VAT 

  

	7.1	Fees and costs 

  

	 	7.1.1	MGP will pay MF Global the relevant Fee per month for the provision of the Services, as set out more fully in the Services Schedule. 

  

	 	7.1.2	All Fees shall be invoiced monthly in arrears and shall be payable within 30 days from the date of the invoice. For the avoidance of doubt, MF Global may include recoverable costs
and expenses incurred in a previous month in an invoice relating to a future month (without double-counting). 

  

	7.2	Late Payment 

 Late payments of Fees will attract
additional interest payments of 2% per annum above the then-current base lending rate of Barclays Bank plc per month, accruing from the first business day following the day on which payment is due until the date of actual payment. 

 

	7.3	VAT 

  

	 	7.3.1	All sums set out in this Agreement or otherwise payable by any party to any other party pursuant to this Agreement shall be deemed to be exclusive of any VAT which is chargeable on
the supply or supplies for which such sums (or any part thereof) are the whole or part of the consideration for VAT purposes. 

  

	 	7.3.2	Where, pursuant to the terms of this Agreement, any party (or any Affiliate of any party) (the “Supplier”) makes a supply to any other party (or any Affiliate of
any party) (the “Recipient”) for VAT purposes and VAT is or becomes chargeable on such supply (being VAT for which the Supplier is required to account to any relevant Tax Authority), the Recipient shall, subject to the receipt of a
valid VAT invoice in respect of such supply, pay to the Supplier (in addition to any at the same time as any other consideration for such supply) a sum equal to the amount of such VAT. 

  

	 	7.3.3	References in this Agreement to any cost or expense incurred by any party and in respect of which such party is to be reimbursed or indemnified by any other party under the terms of
this Agreement, or the amount of which is to be taken into account in any calculation or computation set out in this Agreement, shall include such part of such cost or expense as represents any VAT but only to the extent that such first party is not
entitled to credit or repayment in respect of such VAT from any relevant Tax Authority. 

  

	8.	CONTRACT MANAGEMENT 

  

	8.1	The parties will each appoint the person indicated as its “Primary Recipient” in clause 18.3 (Notices) as its contract manager (“Contract
Manager”) who, as of the date of this Agreement, will be responsible for all matters in relation to this Agreement on the behalf of that party. A Contract Manager may be replaced by the party appointing it. Each party must provide written
notice of any change in a Contract Manager to the other party no later than the date of such change. 

  

 - 11 - 

	8.2	The parties will ensure that the Contract Managers will meet at least once a month to discuss any matters relating to this Agreement and to monitor progress of MGP’s exit
planning. 

  

	8.3	Each party’s Contract Manager will be authorised to make decisions for that party and such decisions will be binding on that party. 

  

	9.	TERMINATION 

  

	9.1	Termination by MGP for convenience 

  

	 	9.1.1	MGP may terminate any and all Service(s) for convenience at any time, subject to 30 days’ notice. 

  

	 	9.1.2	MF Global will on receipt of such a notice inform MGP as soon as may be practicable, but no later than 10 business days after the receipt of such notice, of the effect that the
termination of the relevant Service will have on the remainder of this Agreement (which may include, without limitation, the inability to provide any of the other Services or changes in the Fees). Any costs or changes in the Fees determined by MF
Global to be payable by MGP for the early termination of this Agreement under this clause 9.1 are to be reasonably substantiated by reference to calculations and objective data. 

  

	 	9.1.3	MF Global and MGP agree to each use commercially reasonable endeavours to minimise the impact of any termination of a Service on the remainder of this Agreement.

  

	 	9.1.4	If MGP accepts the effects of the termination of a Service on this Agreement as identified by MF Global in its notice to MGP, this Agreement will be amended and terminated in
accordance with that notice. If MGP rejects, or does not accept, such effects of the termination of a Service in writing (which must be notified within 5 business days after the date of the notice from MF Global), MGP will be deemed to have
withdrawn its notice of termination of the relevant Service, and the terms of this Agreement shall continue in effect. 

  

	9.2	Termination by MGP for cause 

 MGP may terminate the
entire Agreement immediately in its entirety in respect of all the Services or any part of the Services (at its determination): 
  

	 	9.2.1	for a material breach by MF Global which is not capable of being remedied or, in the case of a material breach capable of being remedied, if such material breach has not been
remedied within 30 days from the date of written notice requiring it to do so; 

  

	 	9.2.2	for insolvency of MF Global; 

  

	 	9.2.3	if MGP is required to terminate this Agreement by law or regulatory requirement (including where MGP’s lead financial services regulator requires the same);

  

 - 12 - 

	 	9.2.4	if MF Global’s existing London-based Treasury Trading team closes or leaves MF Global; or 

  

	 	9.2.5	if MF Global ceases to have any of the regulatory licences, authorisations or consents necessary to perform the Services. 

  

	9.3	Termination by MF Global for cause 

 MF Global may
terminate this Agreement immediately in its entirety in respect of all the Services or any part of the Services (at its determination): 
  

	 	9.3.1	for a material breach by MGP which is not capable of being remedied or, in the case of a material breach capable of being remedied, if such material breach has not been remedied
within 30 days from the date of written notice requiring it to do so; 

  

	 	9.3.2	for insolvency of MGP; or 

  

	 	9.3.3	if MF Global is required to terminate this Agreement by law or regulatory requirement (including where MF Global’s lead financial services regulator requires the same).

  

	9.4	Termination by MF Global for change in control of MGP 

  

	 	9.4.1	MF Global may terminate the entire Agreement by giving MGP at least 30 days’ notice if a third party (excluding MF Global or any of its Affiliates) acquires Control of MGP
(whether directly or indirectly) at any time following the IPO. 

  

	 	9.4.2	MF Global’s right under this clause 9.4 must be exercised within 30 days of any such acquisition of Control coming to MF Global’s attention, following which such right
will lapse automatically and irrevocably. 

  

	10.	CONSEQUENCES OF TERMINATION 

  

	10.1	Obligations on termination 

 On termination of this
Agreement for any reason: 
  

	 	10.1.1 	MF Global will stop providing the Services (or in the case of the termination of particular Services only, those Services); 

  

	 	10.1.2 	MGP will pay all sums which at the date of termination are due and payable to MF Global (pro rated where necessary); and 

  

	 	10.1.3 	the parties shall promptly return any Confidential Information (including data and software) of the other party or its Affiliates to its owner (or with the prior written agreement
of the owner of the Confidential Information delete or destroy it). Notwithstanding the foregoing, each party may retain a reasonable number of copies of the other party’s Confidential Information for its own internal, regulatory compliance or
legal purposes, for as long as is necessary for those purposes, and the obligations of confidentiality set out in this Agreement shall continue to apply to the same. 

  

 - 13 - 

	10.2	Data Access following termination 

 MF Global
agrees, for a period of 5 years from the date of this Agreement, to the extent that MF Global and/or any of its Affiliates will retain data or business information of MGP or any of its Affiliates, to provide MGP with reasonable access (including the
right to take copies) during normal business hours, to such data or business information, subject to the following: 
  

	 	10.2.1	MGP gives MF Global reasonable notice of such request; 

  

	 	10.2.2	MGP reimburses MF Global for its reasonable costs in providing such access; and 

  

	 	10.2.3	MF Global will use reasonable endeavours to provide the relevant data/information as soon as reasonably practicable. 

  

	10.3	Survival of terms 

 Any term of this Agreement which
is expressed or by its nature intended to survive termination of this Agreement, including terms governing liability of the parties, termination consequences of this Agreement, confidentiality, governing law and dispute resolution, and the
interpretation of this Agreement, shall survive termination of this Agreement. 
  

	10.4	TUPE rights and obligations 

  

	 	10.4.1 	If: 

  

	 	(a)	any employee of MF Global asserts or establishes that he or she has become employed by MGP, any MGP Affiliate or any replacement provider of the Services (a
“Transferee”), as a result of the termination of this Agreement or the termination of a particular Service or part thereof, and 

  

	 	(b)	the Transferee does not wish to employ such person, 

 then
the Transferee shall within 5 business days of becoming aware of such assertion notify MF Global in writing that it does not wish to employ such person (the “Affected Employee”) and MF Global shall be given the opportunity (but
shall not be obliged) to offer the Affected Employee re-employment with MF Global. If the Transferee fails to notify MF Global in writing within this time period then that person will be treated as if he or she had always been an employee of the
Transferee. 
  

	 	10.4.2 	If the Affected Employee accepts an offer made by MF Global pursuant to this clause 10.4, the Transferee will immediately release that person from his or her employment and waive
any notice period or restrictive covenants under his or her employment contract with the Transferee. 

  

 - 14 - 

	 	10.4.3 	If, within 5 business days of being notified in accordance with this clause 10.4, MF Global has not made an offer or an offer has been made but, within 5 business days of the offer
being made, it has not been accepted: 

  

	 	(a)	the Transferee will be entitled within a further 20 business day period to terminate the employment of the Affected Employee by following the statutory dismissal procedure; and

  

	 	(b)	MF Global will indemnify MGP for the reasonable costs and expenses incurred by MGP or the relevant MGP Affiliate arising under or in connection with such termination of the Affected
Employee’s contract of employment. 

  

	 	10.4.4 	If the Transferee continues the employment of the Affected Employee beyond the relevant 20 business day period described in clause 10.4.3 then that person will be treated as if he
or she had always been an employee of the Transferee. 

  

	11.	CHANGE CONTROL PROCEDURE 

  

	11.1	Valid Changes 

 Except to the extent otherwise
provided for in this Agreement, all changes to this Agreement, including changes to the Services or the functionality included in any Service (having regard to the standards and requirements referred to in clause 3 (Services)) (each a
“Change”), will be valid if agreed through the Change Control Procedures set out in this clause. 
  

	11.2	Changes in laws or regulations 

  

	 	11.2.1 	Either party may request a Change but neither party will be obliged to agree to a Change requested by the other party (except that a party will not refuse a Change requested by the
other party which is necessary to allow the other party to comply with any laws or regulations that apply to the other party), but subject to and contingent on the parties first reaching agreement on the terms on which they will implement the
requested Change. 

  

	 	11.2.2 	For the avoidance of doubt, and save for as provided in the Services Schedule, MF Global will not be responsible for advising MGP on any changes in the laws or regulations that
apply to MGP. 

  

	11.3	Procedures 

  

	 	11.3.1 	MF Global will: 

  

	 	(a)	if it requests a Change, together with its request; or 

  

	 	(b)	if MGP requests a Change, within 15 days after receipt of MGP’s request, 

 deliver to MGP a statement (“Impact Statement”) identifying the impact of the proposed Change to the terms of and Services provided under this Agreement (including any changes to the Fees payable by
MGP or any additional one-off implementation fees that are required to implement the proposed Change). 
  

 - 15 - 

	 	11.3.2 	If the parties accept the Impact Statement (including any changes agreed to be made thereto) their Contract Managers will sign it, and this Agreement will be deemed to be amended in
accordance with the Impact Statement (mutatis mutandis). 

  

	11.4	Costs and Expenses 

  

	 	11.4.1 	MGP will be responsible for all of its own costs and expenses and for the reasonable costs and expenses of MF Global in connection with any Change requested by MGP or any Change
requested by a party which is necessary to allow that party to comply with any change in the laws or regulations that apply to that party, including any steps taken by MF Global as it is required to do under the Change Control Procedures in
connection with the requested Change. 

  

	 	11.4.2 	Subject to clause 11.4.1, MF Global will be responsible for all of its own costs and expenses and for the reasonable costs and expenses of MGP in connection with any Change
requested by MF Global (but excluding a Change requested pursuant to clause 11.2), including any steps taken by MGP as it is required to do under the Change Control Procedures in connection with the requested Change. 

  

	12.	LIABILITY 

  

	12.1	Scope of liability 

 MF Global will not be liable to
MGP under this Agreement unless it has acted with fraud or has been negligent or in wilful default of its obligations under this Agreement. 
  

	12.2	Exclusion of liability 

  

	 	12.2.1 	MF Global will not be liable for the accuracy or completeness of any data provided by or on behalf of MGP (including MGP Data) or for the consequences if that data are not accurate
or complete. 

  

	 	12.2.2 	MF Global will not be liable for MGP’s use of the deliverables supplied by MF Global as a result of the Services (including any MF Global Data and MF Global Software). MF
Global will have no liability to any third parties in respect of MGP’s use of those deliverables. 

  

	 	12.2.3 	With the exception of its liability under any indemnity given by it under this Agreement, neither party will be liable to the other for any: 

  

	 	(a)	indirect or consequential loss, damage or claims; or 

  

	 	(b)	for any lost profits, lost business, lost data, loss of goodwill. 

  

	12.3	MGP indemnity for third party claims 

 MGP shall
indemnify MF Global against any loss, damage or claims suffered by or made against MF Global as a result of or flowing from claims by third parties in connection with the provision of the Services (excluding claims due to MF Global acting with
fraud, negligence or wilful default of its obligations under this Agreement). 
  

 - 16 - 

	12.4	MF Global indemnity 

 Notwithstanding any terms of
this clause 12, MF Global’s liability under this Agreement shall not be limited or excluded for any act of, or any claim due to or caused by an act of, negligence, wilful default and/or fraud of MF Global. MF Global shall indemnify MGP against
any loss, damage or claims suffered by, or made against, MGP as a result of, or flowing from claims by third parties in connection with, MF Global’s negligence, wilful default and/or fraud. 
  

	12.5	No liability for third party acts/omissions 

 Without prejudice to the terms of this clause 12 and clause 18.1 (Assignment and sub-contracting), MGP acknowledges and agrees that MF Global may rely on certain third parties from time to time in connection with the provision
of the Services. MF Global will not be liable in any way to MGP or any third party for a failure to provide any Services where such failure is caused or exacerbated by an act or omission of any such third party, or a failure by any such third party,
to provide relevant information and/or assistance to MF Global, unless MF Global has acted with negligence or fraud in its reliance or management of such third party or in wilful default under any contract or agreement between MF Global
and such third party. 
  

	13.	FORCE MAJEURE 

  

	13.1	For the purposes of this Agreement, a “Force Majeure Event” means acts of God, riots, war, terrorist activities, strikes, lock-outs or other industrial disputes,
epidemics, governmental restraints, act of legislature and a directive or requirement of a competent authority governing a party, or any other circumstance beyond the reasonable control of the party liable to effect performance of an obligation.

  

	13.2	Neither party shall be liable for failure to perform, or delay in performing, any of its relevant obligations under this Agreement in so far as the performance of such obligations
is prevented by a Force Majeure Event in relation to it. 

  

	13.3	Each party shall notify the other of the occurrence of a Force Majeure Event applicable to it and shall use all reasonable endeavours to continue to perform its obligations
hereunder for the duration of such Force Majeure Event. 

  

	13.4	MGP shall not be required to pay the Fees in respect of any suspended Service whilst, but only to the extent that, the provision of the Service is suspended as a result of a Force
Majeure Event, save where the Fees relate to the costs of or payments to be made to any third party employed or engaged as an independent contractor by MF Global. 

  

	13.5	Each party shall have the right to terminate this Agreement without cause if a Force Majeure Event continues for a period of a collective period of 30 days.

  

	14.	AUDIT RIGHTS 

  

	14.1	MGP will be entitled to audit MF Global’s compliance with this Agreement and the systems and procedures (including the IT systems) employed by MF Global in providing the
Services, at reasonable times and with reasonable (not less than 4 business days) advance notice. MGP may carry out these audits using its own personnel (including its internal auditors) or with MF Global’s consent (not to be unreasonably
withheld or delayed) external advisors. 

  

 - 17 - 

	14.2	MF Global will allow a competent regulator of MGP access to MF Global’s premises, staff and facilities where that regulator requires the same in the exercise of its regulatory
functions in respect of MGP. 

  

	14.3	All audits must be conducted at reasonable business times and MGP will ensure that MF Global’s business is not unduly disrupted by any such audit. MGP will be responsible for
any damage or loss caused as a result of any such audit. 

  

	15.	DATA PROTECTION AND REGULATORY MATTERS 

  

	15.1	Data Protection 

  

	 	15.1.1 	To the extent that the Services include the processing by MF Global of any Personal Data belonging to MGP, MF Global will act as data processor to MGP and will process that personal
data only in accordance with MGP’s written instructions. 

  

	 	15.1.2 	Each party will comply with its obligations under applicable Data Protection Laws. 

  

	 	15.1.3 	Neither party is responsible for facilitating the other party’s compliance with its obligations under the Data Protection Laws. 

  

	15.2	Regulatory Matters 

  

	 	15.2.1 	Each party shall give the other party written notice as soon as may be reasonably practicable after it becomes aware of any matter which, in its reasonable opinion, is likely to
have a material adverse affect on its or its Affiliates’ ability to provide or receive Services in accordance with this Agreement. 

  

	 	15.2.2 	The parties will cooperate in good faith to, and use all reasonable endeavours to agree on how to, address and resolve such regulatory or other matter, including agreeing on
amendments or additional provisions to the terms of this Agreement with the intent of maintaining, as nearly as possible, the same commercial effect as the original terms of this Agreement. 

  

	16.	THIRD PARTIES’ RIGHTS AND LIABILITY 

  

	16.1	A person (excluding Man Group Finance Ltd as a Service Recipient) who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce
any term of this Agreement, but this clause does not affect any right or remedy of a third party which exists or is available apart from that Act. 

  

	16.2	The losses or damages incurred or suffered by an Affiliate of a party that arise in connection with this Agreement shall be deemed the losses or damages of that party (so that the
direct losses/damages of the Affiliate shall be deemed the direct losses/damages of the relevant party, and the indirect losses of the Affiliate, shall be deemed the indirect losses/damages of the relevant party). All such losses and damages shall
be subject to the exclusions and limitations set out in this Agreement. 

  

 - 18 - 

	16.3	This Agreement is solely for the benefit of the parties hereto (and Man Group Finance Ltd as a Service Recipient) and does not confer upon any third party any remedy, claim,
reimbursement or cause of action or other right other than any as is provided for herein. 

  

	17.	DISPUTES AND ARBITRATION 

 The parties agree that
the terms of the Master Separation Agreement which relate to disputes and arbitration (as set out in the Master Separation Agreement) shall apply to this Agreement, and disputes shall be resolved in accordance with those provisions on behalf of the
parties to this Agreement by the parties to the Master Separation Agreement. 
  

	18.	GENERAL 

  

	18.1	Assignment and sub-contracting 

  

	 	18.1.1 	This Agreement may not be assigned by a party without the consent of the other party, except that either party may assign this Agreement to an Affiliate of that Party.

  

	 	18.1.2 	MF Global may sub-contract the provision of any part of the Services but it will remain responsible for the provision of the Services in accordance with this Agreement, including
the standards set out in this Agreement, despite any sub-contracting. 

  

	18.2	Confidentiality 

  

	 	18.2.1 	The parties agree that the terms of the Master Separation Agreement which relate to Confidential Information (as defined in the Master Separation Agreement) shall apply to this
Agreement and are deemed to be repeated herein (mutatis mutandis) as if set out in this Agreement. 

  

	 	18.2.2 	Notwithstanding this clause 18.2, MF Global and MGP each acknowledge and agree that they are each regulated entities, and as such, if one party breaches any relevant laws or
regulations, the other party is not prevented under this Agreement or otherwise from reporting such breach to the relevant regulatory authority. 

  

	 	18.2.3 	Where permitted by regulation, each party will notify the other party in advance of reporting a breach to a regulatory authority. 

  

	18.3	Notices 

  

	 	18.3.1 	Save where otherwise provided for in this Agreement, any notice or other communication required to be given or served under or in connection with this Agreement shall be in writing
and shall be sufficiently given or served if delivered or sent to the following relevant address and persons: 

  

	 	(a)	In the case of MGP to: 

 Address:
    Sugar Quay, Lower Thames Street, 
                    London, EC3R 6DU 
 Fax:            +44 (0) 20 7144 1919 
 Attention:
  Barry Wakefield (“Primary Recipient”) 
  

 - 19 - 

 With a copy to: Nick Taylor (“Secondary Recipient”) 
 Fax:                 +44 (0) 20 7144 1919 
  

	 	(b)	In the case of MF Global to: 

 Address:
    Sugar Quay, Lower Thames Street, 
                     London, EC3R 6DU 
 Fax:            +(212) 589 - 6236 
 Attention:
   Chris Smith (“Primary Recipient”) 
 With a copy to: Howard Schneider, Esq. (“Secondary
Recipient”) 
 Address:     717 5th Avenue, New York, NY, 10022 USA 
 Fax:            +(212) 589 - 6236 
  

	 	18.3.2	 Unless there is evidence to indicate otherwise, a notice given under this clause is deemed given: 

  

	 	(a)	if delivered personally, when left at the relevant address; 

  

	 	(b)	if sent by post, except air mail, 2 business days after posting it; 

  

	 	(c)	if sent by air mail, 6 business days after posting it; or 

  

	 	(d)	if sent by fax, when confirmation of its transmission has been recorded by the sender’s fax machine. 

  

	18.4	Whole Agreement 

 This Agreement, together with the
Master Separation Agreement and the Schedules hereto, contains the whole agreement between the parties relating to the subject matter of this Agreement at the date hereof to the exclusion of any terms implied by law which may be excluded by
contract, and supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in this Agreement. 
  

	18.5	Waiver 

 No delay or forbearance by any party in
exercising any right or remedy shall operate as a waiver of it, nor shall any single or partial exercise of any right or remedy preclude any other or further exercise of it or the exercise of any other right or remedy. 
  

	18.6	Further Assurances 

 At any time after the date of
this Agreement each party shall, and shall use all reasonable endeavours to procure that any necessary third party shall, at the cost of that party execute such documents and do such acts or things as the other party may reasonably require for the
purpose of giving to the other party the full benefit of this Agreement. 
  

 - 20 - 

	18.7	Relationship 

  

	 	18.7.1 	Except as expressly otherwise agreed in writing between the parties: 

  

	 	(a)	nothing in this Agreement shall be construed as constituting an agency, partnership or joint venture between the MF Global, MGP and/or any of their Affiliates;

  

	 	(b)	neither party has the authority to act or incur obligations on behalf of the other; and 

  

	 	(c)	neither party has any responsibility for the acts or omissions of the other. 

  

	 	18.7.2 	Each party shall each ensure that its Affiliates, employees, agents, delegates or sub-contractors do not hold themselves out as employees or agents of the other.

  

	18.8	Costs 

 Unless otherwise agreed, each party shall
bear its own legal, accountancy and other costs and expenses incurred by it in connection with the preparation and negotiation of this Agreement. 
  

	18.9	Severance 

  

	 	18.9.1 	If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or in part, under any enactment or rule of law, such provision or part shall to
that extent be deemed not to form part of this Agreement but the legality, validity and enforceability of the remainder of this Agreement shall not be affected. 

  

	 	18.9.2 	The parties will use all reasonable endeavours to agree a replacement provision which shall have, as nearly as possible, the same commercial effect as the ineffective provision.

  

	18.10 	Variation 

 No variation of this Agreement shall be
effective unless in writing and signed by or on behalf of each of the parties or (if expressly required under the terms of this Agreement) is in accordance with the Change Control Procedures. 
  

	18.11 	Counterparts 

 This Agreement may be executed in any
number of counterparts each of which shall be deemed an original, but all the counterparts shall together constitute one and the same instrument. 
  

 - 21 - 

	18.12 	Governing Law and Jurisdiction 

 This Agreement and
all matters arising from or connected with it are governed by laws of England and Wales. 
  

 - 22 - 

							
	EXECUTED by the parties as an agreement	 		 		 	
				
	Signed by________________	 	)	 		 	
	a duly authorised representative of	 	)	 		 	
	MAN GROUP PLC	 	)	 		 	
				
	________________________    Signature	 		 		 	
				
	Date:	 		 		 	
				
	Signed by________________	 	)	 		 	
	a duly authorised representative of	 	)	 		 	
	MF GLOBAL LTD	 	)	 		 	
				
	________________________    Signature	 		 		 	
				
	Date:	 		 		 	

  

 - 23 - 

 SCHEDULE 1 
 SERVICES 
  

	(D)	Management of OPICS system 

  

	 	(A)	Service Recipient 

 MGP and any affiliate of
MGP which is designated as service recipient from time to time, including Man Group Finance Ltd. 
  

	 	(B)	Service Description 

  

	 	(A)	MF Global to resource and manage the OPICS system with respect to transactions and balances relating to MGP’s exchangeable bond structure as at the Effective Date
(“Open Exchangeable Bond Transactions and Balances”), including maintaining all relevant data to facilitate and record each of the activities referred to in paragraph (B) following. 

  

	 	(B)	To undertake each of the following activities with respect to the Open Exchangeable Bond Transactions and Balances: 

  

	 	(1)	record all transactions and balances with respect to any of the Open Exchangeable Bond Transactions and Balances as at and following the Effective Date; 

  

	 	(2)	performing such actions as are required in order to unwind or terminate any of the Open Exchangeable Bond Transactions and Balances, as directed by MGP; 

  

	 	(3)	confirming with relevant counterparties at the relevant times the amounts due to/from them in relation to each of the Open Exchangeable Bond Transactions and Balances;

  

	 	(4)	arranging settlements, which have been pre-approved by MGP, in respect of any of the Open Exchangeable Bond Transactions and Balances; 

  

	 	(5)	performing bank account reconciliations on each following day for any transactions that occurred on the previous day for MGP’s relevant bank accounts in respect of each of the
Open Exchangeable Bond Transactions and Balances; 

  

	 	(6)	providing to MGP or any nominated affiliate no later than 5pm London time on the second business day of each month, a report containing a monthly trial balance for Man Group Finance
Limited, and with sufficient detail to allow MGP to properly account for the transactions of Man Group Finance Limited. Such report is to be in the form set out in Schedule 2; and 

  

	 	(7)	providing such information relating to the provision of the Services to MGP or any nominated service recipient as required. 

  

 - 24 - 

	 	(C)	MF Global to maintain on the OPICS system all data relating to all historic and past transactions of Man Group Finance Limited which have been recorded in the OPICS system prior to
and/or as at the Effective Date, and ensure the integrity of such data on a regular basis. 

  

	 	(D)	MF Global to abide by any access and security protocol and/or policy required by MGP when accessing MGP’s IT network to use the OPICS system and/or provide the Services.

  

	 	(C)	Service Term 

 6 months from the Effective
Date unless terminated earlier, or renewed, in accordance with the TSA. 
  

	 	(D)	Service Price 

 To be determined by MF Global
on a cost basis for each month. 
  

	 	(E)	MGP Requirements - Open Exchangeable Bond Transactions and Balances 

  

	 	(A)	MGP to provide prompt instructions regarding the unwinding, closure, termination and/or settlement of any Open Exchangeable Bond Transactions and Balances, as appropriate.

  

	 	(B)	MGP to pre-approve settlements in respect of the Open Exchangeable Bond Transactions and Balances. 

  

	 	(C)	MGP to agree on, and make the relevant arrangements for, the MF Global personnel who are authorised signatories for the relevant bank accounts of MGP or MGP’s affiliate.

  

	 	(F)	MGP Requirements - OPICS system 

  

	 	(A)	MGP to maintain the function of the OPICS system on its IT server following the Effective Date. 

  

	 	(B)	MGP to give MF Global secured remote access to the OPICS system via its IT network and to provide IT support to MF Global in respect of such access only, in order to enable MF
Global to provide the Services. 

  

	 	(C)	For the avoidance of doubt, these MGP Requirements do not prejudice MF Global’s responsibility to resource and manage the OPICS system to provide the Services.

  

 - 25 -

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