Document:

Form of Introducing Broker Master Agreement

 Exhibit 10.2 
  

			
	

	  	CLIFFORD CHANCE LLP

 MAN FINANCIAL LIMITED 
 AND 
 MAN INVESTMENTS AG 
 AND 
 THE PRODUCT CLEARING CLIENTS 
  

 FORM OF INTRODUCING BROKER MASTER
AGREEMENT 
  

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 Certain information in this agreement has been omitted and filed separately with the Commission. Confidential treatment has been
requested with respect to the omitted portions. 

 CONTENTS 
  

					
	 Clause
	  	 	  	Page
	 1.
	  	Interpretation	  	2
			
	 2.
	  	Condition Precedent	  	7
			
	 3.
	  	Appointments And Introduction	  	7
			
	 4.
	  	Segregation Of Classes	  	8
			
	 5.
	  	The Accounts	  	8
			
	 6.
	  	The Services	  	9
			
	 7.
	  	Facility	  	11
			
	 8.
	  	Margin Requirements	  	11
			
	 9.
	  	Segregation In Respect Of OTC Transactions	  	12
			
	 10.
	  	Limited Exclusivity	  	12
			
	 11.
	  	Reports And Meetings	  	13
			
	 12.
	  	Inspection And Audits	  	14
			
	 13.
	  	Commissions, Fees And Charges	  	15
			
	 14.
	  	Client Money	  	15
			
	 15.
	  	Legislation	  	15
			
	 16.
	  	Non-Solicit; Non-Compete	  	16
			
	 17.
	  	Term And Termination	  	16
			
	 18.
	  	Consequences Of Termination	  	19
			
	 19.
	  	Confidentiality	  	20
			
	 20.
	  	Liability	  	20
			
	 21.
	  	Force Majeure	  	21
			
	 22.
	  	Accession	  	21
			
	 23.
	  	Notices	  	22
			
	 24.
	  	Entire Agreement	  	24
			
	 25.
	  	Invalidity	  	24
			
	 26.
	  	Amendments And Waivers	  	24
			
	 27.
	  	Assignment And Delegation	  	25
			
	 28.
	  	No Partnership	  	25
			
	 29.
	  	Contracts (Rights Of Third Parties) Act 1999	  	25
			
	 30.
	  	Counterparts	  	26
			
	 31.
	  	Dispute Resolution	  	26
			
	 32.
	  	Governing Law	  	26

					
	 SCHEDULE 1
	  	- BROKER ACCOUNT DOCUMENTATION	  	27
			
	 SCHEDULE 2
	  	- BROKERAGE FEES AND COMMISSIONS	  	28
			
	 SCHEDULE 3
	  	- RELATIONSHIP MANAGEMENT	  	29
			
	 SCHEDULE 4
	  	- AGREED FORM ACCESSION LETTER	  	30

 THIS AGREEMENT is made the          day of
         2007 
 BETWEEN 
  

	(1)	MAN FINANCIAL LIMITED, a company incorporated in England and Wales with limited liability (No. 1600658) which is regulated by the FSA in the conduct of its regulated
activities in the United Kingdom and whose registered address is Sugar Quay, Lower Thames Street, London EC3R 6DU (the “Broker”); 

  

	(2)	MAN INVESTMENTS AG, a company incorporated in Switzerland with limited liability whose registered address is Etzelstrasse 27, 8808 Pfäffikon SZ, Switzerland (the
“Introducing Broker”); and 

  

	(3)	EACH OF THE PRODUCT CLEARING CLIENTS from time to time who have agreed with the Introducing Broker and the Broker to receive clearing services from the Broker on the terms of
this Agreement by execution of an Accession Letter (each a “Product Clearing Client” or “PCC”). 

 WHEREAS

  

	(A)	The Broker is a broker trading in Derivatives and provides customers with accounts through which to trade in and carry positions in Derivatives; 

  

	(B)	The Introducing Broker has acted on behalf of the Qualifying PCCs in introducing the Broker as clearing broker to those PCCs and the Introducing Broker has assumed certain
obligations in respect of those matters. The procurement by PCCs of execution brokerage services is the subject of separate arrangements and is not within the scope of this Agreement. 

  

	(C)	The Broker has been providing and shall continue to provide services as clearing broker to the Qualifying PCCs and has opened one or more Accounts for each such PCC. The assets of
such PCCs are managed by the Investment Manager pursuant to an Investment Management Agreement and some or all of those assets have been allocated to the AHL Programme operated by the Investment Manager and which involve the use of the Broker’s
clearing services in operating Accounts. 

  

	(D)	Through the use of Accession Letters in respect of each PCC, each Qualifying PCC wishes to amend and restate the terms on which the Broker provides services as clearing broker to
such PCC and operates Accounts, as well as certain related obligations assumed by the Introducing Broker. This amendment and restatement will be effected by each Qualifying PCC entering into this Agreement (by way of an Accession Letter) which
together with the Broker’s existing Account Documentation (including, for the avoidance of doubt the Broker’s existing terms of business with each such PCC) will govern the relationship between the Broker and the PCC from the Commencement
Date to termination of this Agreement in respect of that PCC save to the extent that there is a conflict between this Agreement and the Account Documentation in which case the terms of this Agreement will prevail. 

  

	(E)	The Introducing Broker may also, in respect of any Non-Qualifying PCC, introduce such PCC to the Broker on the terms of this Agreement on the basis contemplated herein.

  

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 IT IS AGREED AS FOLLOWS: 
  

	1.	INTERPRETATION 

  

	1.1	In this Agreement: 

 “Accession Letter”
means a letter, in the same or substantially the same form as that set out in Schedule 4, pursuant to which a product clearing client may accede to the terms of this Agreement for the receipt of clearing services from the Broker; 
 “Account Documentation” means the Broker’s standard terms of business which are referenced in Schedule 1 to this Agreement, as the
same are amended or supplemented by this Agreement and/or any such other consequential amendments as the Introducing Broker, on behalf of each PCC, may agree with the Broker from time to time; 
 “Accounts” means each of the accounts which the PCC has opened or may open from time to time with the Broker and references to
“Account” shall be construed accordingly; 
 “Administrative Expenses” means the amount determined by the
Valuations Agent to be attributable to the relevant Account during the Ongoing Period including, without limitation, the fees payable under paragraph 1.6 of Schedule 2 to this Agreement and a portion of the Fees payable to the Investment Manager
under the Investment Management Agreement. For the avoidance of doubt, Administrative Expenses shall not include the Management Fee, the Incentive Fee or the fees payable under paragraphs 1.1 to 1.3 or 2.1 of Schedule 2; 
 “AHL Programme” means an automated and diversified managed futures and other instruments trading programme that applies trend-following
techniques in a large number of liquid derivatives markets and to which the Investment Manager may allocate all or a portion of the investment exposure of the PCCs; 
 “associate” means, in relation to a body corporate (the “first body corporate”): 
  

	 	(a)	any other body corporate which is its subsidiary undertaking or parent undertaking or fellow subsidiary undertaking of the parent undertaking; 

  

	 	(b)	any body corporate whose directors are accustomed to act in accordance with the first body corporate’s instructions or directions; and 

  

	 	(c)	any body corporate in the capital of which the first body corporate, and any other body corporate under (a) or (b) taken together, is (or would on the fulfilment of a
condition or the occurrence of a contingency be) interested so that they are (or would on the fulfilment of the condition or the occurrence of the contingency be) able: 

  

	 	(i)	to exercise or control the exercise of more than 50% of the votes able to be cast at general meetings on all, or substantially all, matters; or 

  

	 	(ii)	to appoint or remove directors holding a majority of voting rights at board meetings on all, or substantially all, matters; or 

  

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	 	(iii)	to direct or cause the direction of the management and policies of such entity, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise;

 “Assessment Period” means, in any year, any one of the following periods: (i) 1 January to 30
April; (ii) 1 May to 31 August; or (iii) 1 September to 31 December; 
 “Business Day” means a day (other
than a Saturday or a Sunday or a public holiday) on which commercial banks are open for general business in London (including dealings in foreign exchange and foreign currency deposits); 
 “Class” means a class of shares, bonds or other investments issued by the PCC (or, if the PCC is a PCC of another company, a class of
investments issued by that company and to which that company’s investment in the PCC is attributable); 
 “Commencement
Date” means, in relation to this Agreement as it applies to a PCC the later of (i) the Separation Date, and (ii) the date on which that PCC accedes to this Agreement in accordance with clause 22; 
 “Competent Authority” means any court, governmental body or regulatory authority having authority over or in respect of the Broker or the
PCC including any branch, office or agency of any of them, or in respect of any investment business or ancillary activity conducted by any of them, including in the case of the Broker, the FSA; 
 “Core Clearing Business” means clearing services for Qualifying PCCs relating to non-complex futures transactions traded on the Relevant
Exchanges upon which the Investment Manager, acting by its AHL division, trades as at 31 March 2007 but excluding all OTC transactions, in each case to the extent that the Broker continues to provide clearing services in respect of such types
of transaction; 
 “Critical Poor Performance” means any breach or breaches of a Service Level which alone or together meet
the criteria for Critical Poor Performance agreed between the parties from time to time pursuant to clause 6; 
 “Derivative”
means any form of risk transfer contract in which a gain or loss is recognised from fluctuations in market price levels which includes, but is not limited to, futures, forwards, options, swaps, swaptions, forward rate and forward exchange contracts,
cross-trade or cross-rate contracts, rolling spot contracts, deferred delivery, leverage or commodity related contracts and any other similar contracts (including, without limitation, Margined Transactions), whether or not traded on or off a
Relevant Exchange and “Derivatives” shall be construed accordingly; 
 “FSA” means the UK’s Financial
Services Authority or any successor organisation; 
 “Futures” means all contracts traded on a Relevant Exchange covering the
purchase or sale of securities, financial instruments or physical commodities for future delivery; 
 “FX” means foreign
exchange; 
  

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 “Give-Up Agreement” means a give-up agreement between an executing broker, a PCC and the
Broker as clearing broker substantially in the form of the standard FIA/FOA Uniform International Brokerage (Give-Up) Agreement; 
 “Group” means in respect of a party, its holding company and any subsidiary of its holding company (including that party) and “subsidiary” and “holding company” shall have the meaning given in section
736 Companies Act 1985 (and this definition shall include, for the avoidance of doubt, any overseas corporations); 
 “Initial
Margin” means the amount of upfront margin calculated by the Broker, which the PCC is required to provide in order to secure its obligations under the terms of a transaction or transactions; 
 “Insolvency Event” means, in relation to a party: 
  

	 	(a)	a resolution is passed or an order is made by a court of competent jurisdiction for its winding up or dissolution; 

  

	 	(b)	it enters into voluntary or involuntary liquidation (other than a solvent liquidation for the purposes of an amalgamation or reconstruction with the prior written consent of the
other party); 

  

	 	(c)	an administrator, administrative receiver, liquidator, receiver or similar officer is appointed with respect to it or over all or substantially all of its assets or any proceedings
are commenced for the appointment of any such officer; 

  

	 	(d)	it becomes unable to pay its debts as and when they fall due or becomes insolvent; or 

  

	 	(e)	any analogous event occurs under the law of any other jurisdiction; 

 “Investment Management Agreement” means, in respect of a PCC, the investment management agreement between that PCC, the Investment Manager and the Introducing Broker in its capacity as marketing
adviser; 
 “Investment Manager” means Man Investments Limited in its capacity as investment manager for a PCC pursuant to an
Investment Management Agreement (including, for the avoidance of doubt, its permitted successors and assigns under such Investment Management Agreement); 
 “IPO Closing” means the initial closing of the sale of common shares in MF Global Ltd.’s authorised share capital by a member of the Man Group to the underwriters in the initial public offering
of the common shares in MF Global Ltd.’s authorised share capital; 
 “Legislation” means any laws or statute of any
country in which the Services are provided and (insofar as compliance therewith is obligatory as a matter of law or regulation) any licence, standard or principle of behaviour, rule, regulation or code of practice or guidance laid down or required
by any Competent Authority or body or self-regulating or other organisation exercising supervisory authority or control pursuant to legislation or otherwise and any other regulation, decision, licence or authorisation having the force of law;

  

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 “Man Group” means Man Group plc and each of its associates from time to time and
“member of the Man Group” means any one such entity; 
 “Man Investments Limited” means Man Investments
Limited, Sugar Quay, Lower Thames Street, London EC3R 6DU (No. 02093429); 
 “Margin” means such cash, securities or
financial instruments as the Broker may require a PCC to deliver and maintain from time to time to secure its obligations under the terms of a Margined Transaction; 
 “Margined Transaction” means a transaction, whether on-exchange or OTC, relating to an investment of any description referred to in articles 83, 84 and 85 of the Financial Services and Markets Act
2000 (Regulated Activities) Order 2001 (or any right or any interest in such an investment) under the terms of which the PCC will or may be liable to make a deposit in cash or other collateral to secure the performance of obligations which it may
have to perform when any such transaction falls to be completed or upon the earlier of closing out of its position and “Margined Transactions” shall be construed accordingly; 
 “Master Separation Agreement” means the master separation agreement made between Man Group plc and MF Global Ltd. dated
[    ]; 
 “Maturity Date” means, in respect of a PCC, the date on which all investments in the PCC are
redeemed; 
 “Non-Qualifying PCC” means a PCC that is not a Qualifying PCC; 
 “Notional Account Value” means that proportion of the Notional Value, as determined by the Investment Manager, on the first day of the
Ongoing Period, as being attributable to the relevant Account, such determination ordinarily to be made by reference to the value of such Account on the Valuation Day immediately preceding such Ongoing Period adjusted for changes in the allocations
attributable to such Account on the first day of the Ongoing Period; 
 “Notional Value” means the aggregate notional
monetary amount the Investment Manager allocates to the assets of the PCC; 
 “Ongoing Period” means the period commencing on
the first day of the month to which the fee calculation relates up to and including the Valuation Day in that month; 
 “OTC”
means over-the-counter; 
 “OTC Bullion Transactions” means bullion spot and forward OTC Transactions; 
 “OTC FX Transactions” means FX spot and FX forward OTC Transactions; 
 “OTC Look-alike” means an OTC Transaction which is a “look-alike” contract to an exchange traded contract of a type which the
Investment Manager, acting by its AHL division, trades as at 31 March 2007 and such other OTC Transactions as the Broker and the Introducing Broker may, from time to time, agree are to be treated as OTC Look-alikes for the purposes of this
Agreement; 
  

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 “OTC Transactions” means OTC transactions of whatever nature including, without
limitation, OTC Bullion Transactions, OTC FX Transactions and OTC Look-alikes; 
 “Prospectus” means, in respect of a PCC,
the document or documents, including any supplemental prospectus, by which investments of that PCC are offered to investors, as supplemented, replaced or amended from time to time; 
 “Qualifying PCCs” means any and all of the PCCs which were receiving clearing services from the Broker as at 31 March 2007, a list
of which has been supplied by the Introducing Broker to the Broker; 
 “Regulatory Event” means, in relation to the Broker:

  

	 	(a)	the withdrawal by any Competent Authority of the Broker’s authorisation, licence, permission or other authority to carry on the whole or any material part of its brokerage
business or any notification by the Competent Authority to the Broker that it is considering doing so; or 

  

	 	(b)	any material proceedings, finding or judgment against the Broker or any material regulatory or judicial investigation into the affairs of the Broker by or within any Competent
Authority or court with jurisdiction which relates to the Broker’s failure to comply with Legislation; 

 “Relevant
Exchange” means either an investment exchange or clearing house recognised in accordance with Part XVIII of the Financial Services and Markets Act 2000 or designated by the FSA and such other exchanges and trading venues as are agreed
between the parties from time to time; 
 “Separation Date” means the date on which the IPO Closing occurs; 
 “Service Levels” means the service levels agreed by the parties from time to time pursuant to clause 6 which apply to the Broker’s
provision of Services pursuant to this Agreement; 
 “Services” has the meaning given to it in clause 3.2; and 
 “Valuations Agent” means the valuation agent of the relevant PCC. 
  

	1.2	In this Agreement: 

  

	 	1.2.1	a reference to a clause or a Schedule, unless the context otherwise requires, is a reference to a clause of or a Schedule to this Agreement; 

  

	 	1.2.2	clause and Schedule headings are for ease of reference only and shall not affect the interpretation or construction of this Agreement; 

  

	 	1.2.3	a reference to “parties” is a reference to the parties to this Agreement and a reference to a “party” is a reference to any one of the parties;

  

	 	1.2.4	a reference to any statute or any section of any statute includes any statutory amendment, modification or re-enactment and instruments and regulations under it in force from time
to time. A reference to any rules, regulations, codes or practice or guidance includes any amendments or revisions from time to time; 

  

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	 	1.2.5	should there be any inconsistency between this Agreement and any of the Schedules attached, the provisions in this Agreement shall prevail; 

  

	 	1.2.6	in respect of Qualifying PCCs, references to any prospective appointment of the Introducing Broker and the Broker and to the opening of Accounts and related actions shall be read as
already having taken place and the provisions of this Agreement shall be construed accordingly; 

  

	 	1.2.7	references in this Agreement to job titles and functions within any party, in the context of appointed representatives for particular purposes, shall be deemed to refer to any
successor versions of those titles or functions; 

  

	 	1.2.8	each reference to an agreement shall mean that agreement as from time to time amended, modified or supplemented in accordance with its terms; 

  

	 	1.2.9	each reference to a person or entity shall include the successors and permitted assigns of such person or entity; and 

  

	 	1.2.10	except where otherwise provided in this Agreement, terms and expressions defined in the Prospectus relevant to a PCC shall have the same meaning where used in this Agreement as it
relates to that PCC. 

  

	2.	CONDITION PRECEDENT 

  

	2.1	With the exception of this clause 2 and clauses 31 (Dispute resolution) and 32 (Governing law), (which will become effective on the date first written above upon signature of this
Agreement by the Broker and the Introducing Broker), the remainder of this Agreement will only take effect if the IPO Closing occurs, and is conditional upon the IPO Closing occurring by 30 June 2008 (or such later date as the parties may agree
in writing). 

  

	2.2	Unless otherwise agreed by the parties, if the condition precedent under Clause 2.1 does not occur or is not completed, this Agreement will terminate automatically.

  

	2.3	Each party’s rights and obligations cease immediately on termination pursuant to clause 2.2. However, such termination does not affect a party’s accrued rights and
obligations at the date of such termination. 

  

	3.	APPOINTMENTS AND INTRODUCTION 

  

	3.1	The PCC hereby appoints the Introducing Broker to introduce the PCC to the Broker upon the terms set out in this Agreement and to perform on an ongoing basis, on behalf of the PCC,
those functions provided for under this Agreement. The Introducing Broker hereby accepts such appointment and agrees to carry out the services and assume its obligations contained in this Agreement. 

  

 - 7 - 

	3.2	Having been introduced by the Introducing Broker to the Broker, the PCC hereby appoints the Broker, upon the terms of the Account Documentation as amended and supplemented by this
Agreement, to: 

  

	 	3.2.1	operate Accounts and act as clearing broker in respect of Accounts for the PCC; and 

  

	 	3.2.2	provide to the PCC, in accordance with the terms of this Agreement, the services contemplated in the Agreement and as otherwise agreed by the parties from time to time pursuant to
clause 6, 

 (together, the “Services”) and the Broker hereby accepts such appointment and agrees to carry out
the Services and assume its obligations contained in this Agreement. For the avoidance of doubt, the provision of execution brokerage services are outside the scope, and do not form part, of this Agreement. 
  

	4.	SEGREGATION OF CLASSES 

  

	4.1	Where a PCC issues or has issued more than one Class of investments, and the assets attributable to each Class are segregated from those attributable to other Classes (whether
through the establishment of segregated accounts, protected cells, segregated portfolios or otherwise) a separate Agreement shall be deemed to be constituted in respect of each relevant Class of investments of the PCC which is so identified as a
separate party to this Agreement and in respect of which a separate Accession Letter is at any time executed. In relation to each Agreement so constituted, the parties agree that the services of the Introducing Broker and Broker thereunder are
provided to the PCC acting in respect of the relevant Class only. The parties hereto agree that the Agreement shall constitute a separate agreement in respect of the relevant Class. 

  

	4.2	The Introducing Broker and Broker agree that any claim or proceeding against the PCC in respect of the Agreement is confined to the assets of the PCC attributable to the relevant
Class as evidenced in the books and records of the PCC (the “Assets”) and, where a claim, liability or obligation of the PCC arises from or in connection with such Agreement, recourse shall be limited to such Assets. No such claim,
liability or obligation shall extend, and no party shall have any recourse to, any other assets of the PCC. If such Assets are insufficient to meet the obligations of the PCC under that Agreement, the PCC’s obligations shall be limited to such
Assets and no party shall be entitled to take any further steps against the PCC to recover any further sum and no debt shall be owed to such party by the PCC. 

  

	4.3	For the avoidance of doubt, the provisions of clause 4.2 are not intended to limit any rights of recovery which the Broker may have under any guarantee or indemnity given to the
Broker by a third party in connection with any obligation of the PCC. 

  

	5.	THE ACCOUNTS 

  

	5.1	The Broker shall open the initial Account and notify the PCC and the Introducing Broker of the number designated to such Account (or, in respect of any Qualifying PCC, has opened
and has so notified details of one or more such Accounts). 

  

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	5.2	The PCC may, subject to the terms of this clause and subject to notifying the Introducing Broker, instruct the Broker to open a further Account or further Accounts. As soon as
reasonably practicable thereafter, and subject to clause 5.5, the Broker shall, provided that the opening of such Account or Accounts is consistent with the Broker’s standard procedures for Account opening, open such further Account(s) (as the
case may be) and notify the PCC and the Introducing Broker of the number or numbers designated to such further Account(s). 

  

	5.3	Each Account shall be maintained on the books of the Broker on a fully disclosed basis and, except as expressly provided in this Agreement, shall be handled in the same manner as
other customer accounts maintained by the Broker. 

  

	5.4	The PCC hereby authorises the Broker to act, in relation to the Accounts, on the instructions of the Investment Manager and indemnifies and holds the Broker harmless against and
from any liability, cost or expense it may incur in connection with doing so. This authorisation shall remain in full force and effect until receipt by the Broker of notice of revocation from the PCC. 

  

	5.5	Before any Account which has not yet been opened becomes operational: 

  

	 	5.5.1	the Introducing Broker shall perform such credit checks and obtain such information about the PCC as the Broker may reasonably request and communicate the results thereof to the
Broker; and 

  

	 	5.5.2	the PCC shall complete, duly execute and return to the Broker all necessary account-opening documentation in relation to such Account. 

  

	6.	THE SERVICES 

  

	6.1	The Broker agrees with each PCC that the Services which the Broker will provide to each PCC pursuant to this Agreement shall be subject to the following provisions of this clause 6.

  

	6.2	With respect to the Account(s), the Broker may not refuse to accept for clearing any transaction passed to it for clearing by or on behalf of the PCC except as the Broker may be
permitted to do so under any Give-Up Agreement or otherwise as expressly agreed with the PCC from time to time, including in the Account Documentation. 

  

	6.3	The Introducing Broker (acting for each PCC under the authority granted pursuant to clause 22) and the Broker shall agree from time to time and the Broker shall implement a set of
binding procedures as to the detailed performance of Services by the Broker under this Agreement. Such procedures shall include the specification of appropriate Service Levels for particular activities and also the further criteria upon which a
breach of Service Levels would be deemed to constitute Critical Poor Performance entitling each PCC to additional rights under this Agreement. The parties shall use all reasonable endeavours to agree such procedures, including appropriate Service
Levels and measures of Critical Poor Performance, by no later than the Separation Date. 

  

	6.4	 The Broker shall ensure that its systems and controls are able to meet the reasonable operational and procedural requirements of the PCC (or the Introducing Broker
acting on its behalf) from time to time in relation to the Services. In this context, the Broker agrees, upon request by the PCC (or the Introducing Broker acting on 

  

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its behalf), to use all reasonable endeavours to procure the availability of any relevant technology, including, but not limited to any front-end technology
relating to Futures and FX clearing. 

  

	6.5	The Broker shall, so far as is reasonably practicable, provide automated processing capability to carry out the execution of the Services, including, but not limited to in relation
to the processing of any time critical data input and the processing of Futures and FX Transactions. 

  

	6.6	The Broker shall ensure that it is able to meet any reasonable data output requirements which the PCC (or the Introducing Broker acting on its behalf) may have from time to time in
relation to the Services. 

  

	6.7	All processing timescales agreed between the parties pursuant to this clause 6 shall remain in force so long as the volumes processed under this Agreement do not increase by more
than 25% of the amounts processed in aggregate for all PCCs as at the Separation Date. 

  

	6.8	The Broker shall use its reasonable endeavours to provide any assistance the PCC (or the Introducing Broker acting on its behalf) may reasonably require in relation to any relevant
operational processes and systems with a view to facilitating smooth execution of the Services. 

  

	6.9	The Broker shall provide any assistance the PCC (or the Introducing Broker acting on its behalf) may reasonably require in relation to the establishment and maintenance of executing
and carrying broker relationships on exchanges where the Broker is not a member. 

  

	6.10	The Broker shall use its reasonable endeavours to provide any assistance the PCC (or the Introducing Broker acting on its behalf) may reasonably require in relation to entry into
new markets, which may include assistance with regard to exchange and contract technical support (whether through systems testing or otherwise). 

  

	6.11	In the event that the PCC (or the Introducing Broker acting on its behalf) requires the Broker to make certain technical adjustments to its systems and controls with a view to
providing a Service in relation to new markets or instruments, the Broker shall endeavour to make such technical adjustments as soon as reasonably practicable after receiving the relevant request from the PCC (or the Introducing Broker acting on its
behalf. 

  

	6.12	Where the Broker’s provision of Services it is required to provide hereunder is reliant upon one or more other entities within its Group, including without limitation Man
Financial Inc. in relation to activities connected with the USA, the Broker shall procure the proper performance of these Services by such entity but the Broker shall at all times remain responsible for performance of the Services in accordance with
this Agreement. For the avoidance of doubt, nothing in this clause 6 is intended to restrict or qualify the effect of clause 27. 

  

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	6.13	The Broker shall use reasonable endeavours to comply with any reasonable operational requirements which the PCC (or the Introducing Broker acting on its behalf) may specify from
time to time in relation to the Services. 

  

	7.	FACILITY 

  

	7.1	The Broker may, upon request by the Introducing Broker acting on behalf of one or more PCCs, make available to individual PCCs on an uncommitted basis (or procure that an associate
of the Broker shall provide) one or more Initial Margin credit facilities (each a “Facility”) up to an amount, in aggregate, of US$500 million, at an interest rate of [***], together with such other terms as the parties may specify
at the time of the relevant advance. For the avoidance of doubt, nothing in this clause 7.1 obliges the Broker to consent to any such request, on the terms described or otherwise. 

  

	7.2	The Broker agrees and acknowledges that it will, upon the opening of the first Account of any PCC which accedes to this Agreement, permit the PCC (or the Investment Manager acting
on its behalf) to trade for that Account for a period of 48 hours without requiring the Broker’s prior receipt of PCC assets to fund such Account providing that the Broker has received proof transmission of PCC funds to the relevant Account (by
way of SWIFT message or other form of communication as may be agreed by the parties from time to time). 

  

	8.	MARGIN REQUIREMENTS 

  

	8.1	Subject to clause 8.2, in respect of Margined Transactions, the Broker agrees that, in calculating its requirements for Margin from a PCC in connection with its Accounts:

  

	 	8.1.1	in respect of on-exchange transactions, the Broker shall not require delivery of Margin from the PCC in excess of the minimum margin requirement set by the Relevant Exchange in
respect of such transactions; 

  

	 	8.1.2	in respect of OTC Transactions where reference may be made to comparable exchange-traded products, the Broker shall not require delivery of Margin from the PCC which is in excess of
the minimum margin requirement which would be applicable to the comparable exchange-traded products, 

 provided however that
the Broker shall only be required to observe the provisions of this clause 8.1 for so long as the assets of the PCC which are allocated by the Investment Manager or any other member of the Man Group to the AHL Programme continue, as regards Core
Clearing Business, to be managed pursuant to an investment strategy which provides significant diversification of trading and which does not, on a regular basis, generate portfolios of transactions which, in aggregate, have an average forward period
of OTC exposure materially in excess of current practices. For the purposes of this clause 8, the parties agree that the historic and current trading practices under the AHL Programme would be considered to constitute “significant
diversification of trading”. 
  

	8.2	In respect of Margined Transactions, the Broker further agrees that: 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

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	 	8.2.1	it may only require a PCC to post margin (including in respect of notional margin calculated in respect of OTC Transactions) on an intra-day basis where that call has been notified
to the PCC by 4pm UK time (it being understood by the parties that the PCC will only be obliged to comply on the following Business Day with any margin call made after such time); and 

  

	 	8.2.2	it shall only call for Margin on a day which is a Business Day in London. 

  

	9.	SEGREGATION IN RESPECT OF OTC TRANSACTIONS 

  

	9.1	The Broker undertakes and agrees, in respect of all OTC Transactions other than OTC Look-alikes entered into by it with each of the PCCs on a principal to principal basis, that all
such OTC Transactions (excluding OTC Look-alikes) which have not yet been closed out or settled shall contemplate daily variation payments as between the Broker and the PCC on a mark-to-market basis so that forward profits accruing to a PCC in
respect of such OTC Transactions (excluding OTC Look-alikes) become due and payable (subject to the provisions of this Agreement generally) and shall be held by the Broker pursuant to clause 14 of this Agreement, but only up to an aggregate amount
of US$800 million across all open OTC Transactions (excluding OTC Look-alikes) of all PCCs at any one time. For the avoidance of doubt, forward profits accruing in respect of such OTC Transactions (excluding OTC Look-alikes) which are in excess of
US$800 million shall not be deemed to be due and payable to the relevant PCCs. 

  

	9.2	The Introducing Broker (acting for each PCC under the authority granted pursuant to clause 22) and the Broker shall agree, and the Broker shall implement, the basis on which the
available segregation facility of US$800 million should be allocated amongst PCCs in the event that forward profits accruing to all PCCs under all open OTC Transactions (excluding OTC Look-alikes) at any one time exceed US$800 million.

  

	9.3	The parties agree that OTC Look-alikes shall not fall within the scope of the arrangements described in clauses 9.1 and 9.2 but shall nevertheless contemplate daily variation
payments as between the Broker and the PCC on a mark-to-market basis so that forward profits accruing to a PCC in respect of such OTC Look-alikes become due and payable (subject to the provisions of this Agreement generally).

  

	10.	LIMITED EXCLUSIVITY 

  

	10.1	From the Separation Date up until the third anniversary of the Separation Date, the Introducing Broker commits to ensuring that:(i) at least [***]% in aggregate by volume (assessed
by reference to the number of AHL Programme lots) of the Core Clearing Business of all Qualifying PCCs is directed to the Broker for clearing (excluding transactions which the Broker is unwilling or unable to accept for clearing); and (ii) at
least [***]% in aggregate by volume (assessed by reference to the number of AHL Programme lots) of OTC FX Transactions of all Qualifying PCCs (excluding transactions which the Broker is unwilling or unable to enter into) are entered into with the
Broker for clearing. 

  

	10.2	The Introducing Broker’s compliance with the obligation set out in clause 10.1 shall, for so long as this Agreement remains in effect, be assessed over each Assessment Period
(or part thereof in respect of the first Assessment Period from the Separation Date and the 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

	

  

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last Assessment Period up to termination of this Agreement) and a measurement within a range of [***]% below the minimum threshold of [***]% or [***]%, as
applicable, shall be deemed to satisfy the Introducing Broker’s requirement in respect of such Assessment Period. Where the obligation set out in clause 10.1 is not met in any Assessment Period, the Introducing Broker shall remedy the situation
by ensuring that a sufficient proportion of transactions are directed to the Broker for clearing in the following Assessment Period so as to ensure that such obligation, when assessed in aggregate over the two relevant Assessment Periods, is met.
Provided that the Introducing Broker complies with this clause 10.2 where applicable, and provided that this Agreement still remains in effect during such period of cure of non-compliance, the Broker shall have no other remedy against the
Introducing Broker for non-compliance with the obligation set out in clause 10.1 (except as may be provided in the Master Separation Agreement). 

  

	10.3	Nothing in this clause 10 constitutes a warranty of any sort as to the volume of trading which a PCC may undertake from time to time or as to the minimum value of fees received by
the Broker from time to time under this Agreement. 

  

	10.4	If, at any time, the Broker is unable to or is prevented from providing Services that it is required hereunder to provide, nothing in this Agreement shall prevent the Introducing
Broker from introducing and/or the PCC from appointing, on a temporary basis and only until a reasonable period following such time as the Broker is able to resume provision of the Services, another third party service provider to provide the
Services that Broker is required hereunder to provide, but is unable to or is prevented from, providing or services which are materially similar to such Services. In such circumstances, the minimum threshold of Core Clearing Business or OTC
Transaction business set out in clause 10.1 shall be revised downwards proportionately to reflect the period of suspension of such Services. 

  

	10.5	Within one calendar month of the last date of any Assessment Period, the Introducing Broker shall provide to the Broker aggregate volume data sufficient to enable the Broker to
monitor and verify compliance with clause 10.1 in respect of such Assessment Period. Upon request of the Broker, the Introducing Broker shall provide such further detailed backup for such data as the Broker may reasonably require (subject to the
Introducing Broker’s right to request that the Broker enter into a confidentiality agreement with the Introducing Broker on reasonable terms prior to providing such detailed back-up), provided that the Introducing Broker’s obligations
hereunder shall be subject always to any confidentiality obligations the Introducing Broker may have to any third party which would be breached by such disclosure. 

  

	11.	REPORTS AND MEETINGS 

  

	11.1	The parties shall manage their relationship under this Agreement in accordance with the provisions of Schedule 3. 

  

	11.2	In addition to any reports expressly contemplated elsewhere in this Agreement, the Broker shall provide to the Introducing Broker such reports or other information concerning its
performance of the Services and measurement of its performance as against the Service Levels as the Introducing Broker from time to time reasonably requires. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

	

  

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	11.3	If the Broker is aware or becomes aware of any event or circumstance that in its reasonable judgement materially adversely affects, or that in its reasonable judgement is likely
materially adversely to affect its ability to provide the Services to the PCC or its compliance with the requirements of this Agreement as regards the PCC, the Broker shall: 

  

	 	11.3.1	immediately report that fact to the PCC and the Introducing Broker and provide all information reasonably requested by the PCC and/or the Introducing Broker in relation to that
event or circumstance; and 

  

	 	11.3.2	take all necessary remedial action to mitigate any consequences to the PCC of that event or circumstance and to prevent its occurrence or re-occurrence (including implementing
appropriate processes to prevent further occurrences). 

  

	11.4	In the event that the Broker is or becomes subject to a Regulatory Event which is or is reasonably likely to be relevant to its provision of Services under this Agreement, the
Broker shall (so far as it is permitted to do so in compliance with Legislation applicable to it or other binding obligations of confidentiality to which it is subject to any third party) immediately upon becoming aware report that fact to the PCC
and the Introducing Broker and provide sufficient information about the Regulatory Event in order to allow the Introducing Broker to understand the nature of the Regulatory Event and its actual or potential impact on the Broker’s provision of
the Services. 

  

	12.	INSPECTION AND AUDITS 

  

	12.1	Where the PCC or the Introducing Broker has reasonable grounds to believe that the Services are not being provided in a manner which complies with this Agreement, or where required
in order to allow the PCC or the Introducing Broker to comply with Legislation, the PCC or the Introducing Broker may require the Broker to allow employees of the Introducing Broker and/or the PCC and/or the Investment Manager, their auditors and
representatives of relevant Competent Authorities (“Authorised Persons”), on the production of satisfactory evidence of identity and authority, such access as they may reasonably require to inspect or audit:

  

	 	12.1.1	such of the Broker’s accounts and other records as relate to the Services; and 

  

	 	12.1.2	such of the Broker’s operations, procedures and computer and other systems as relate to the Services, 

 in order to ensure that the Services are being provided in a manner which complies with Legislation and this Agreement. In any such case, the PCC or the
Introducing Broker shall, to the extent permitted by Legislation, give the Broker reasonable prior notice of any such requirement for access and the basis on which access is required. 
  

	12.2	The Broker shall give the Authorised Persons all reasonable assistance and co-operation for these purposes. The Broker shall have the right to request that any Authorised Person
(other than representatives of a Competent Authority) enter into a confidentiality agreement with the Broker on reasonable terms, prior to affording the access rights provided for in this clause 12. 

  

 - 14 - 

	13.	COMMISSIONS, FEES AND CHARGES 

  

	13.1	The PCC shall from time to time pay an aggregate sum in respect of such fees and commissions (as set out in Schedule 2) due to both the Introducing Broker and the Broker for the
services to be provided to the PCC under this Agreement. 

  

	13.2	The PCC authorises the Broker to deduct from the relevant Account any payments due as set out in Schedule 2 and, in the case of payments due to the Introducing Broker, to make such
payments on behalf of the PCC. Such payments shall be made in the manner and at such times as agreed between the parties from time to time. 

  

	13.3	The Broker undertakes to meet with the Introducing Broker (acting on behalf of the PCCs) on or before [***] and annually thereafter in order to consider and agree changes to pricing
under this Agreement. At such meeting, both parties shall negotiate in good faith to consider and agree changes to pricing which shall, upon agreement, become effective on [***] of that year. In no event shall any such price negotiation result in
changes to pricing that (i) reduce prices by more than a maximum of [***]% per annum by reference to the previous year’s pricing or (ii) increase prices by [***]. 

  

	14.	CLIENT MONEY 

 Except where expressly agreed
otherwise in writing between the Broker and the PCC (or the Introducing Broker acting on the PCC’s behalf), excluding any such agreement contained in the Account Documentation, the Broker agrees that it shall treat money received from the PCC
or held by it on behalf of the PCC (including Margin in respect of which any purported transfer shall be treated as being made subject to the terms of the applicable client money trust) in accordance with the client money rules of the FSA.

  

	15.	LEGISLATION 

  

	15.1	Each of the Introducing Broker and the Broker will comply with all applicable Legislation with respect to the conduct of its business and the performance of its obligations under
and in connection with this Agreement and will use its reasonable endeavours to cause all of its employees, officers, directors and agents to comply with the same (including instituting reasonable procedures to ensure such compliance).

  

	15.2	Subject to clause 15.3, if any action or proceeding is threatened or commenced by any regulatory body, any customer (including the PCC) or any other party against either the
Introducing Broker or the Broker in connection with the opening, servicing, handling or termination of any Account(s), or otherwise in connection with the activities contemplated by this Agreement, each of the Broker and the Introducing Broker
agrees to co-operate with the other in defending such action or proceeding, including without limitation the furnishing of copies of such documents as may reasonably be requested and the using of best endeavours to make available such witnesses as
may reasonably be requested. 

  

	15.3	Notwithstanding clause 15.2, either of the Broker or the Introducing Broker may refuse to co-operate with the other in defending any action or proceeding where it reasonably
considers that its own interests and that of the other party are not aligned or that co-operating would otherwise prejudice its own interests. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

	

  

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	16.	NON-SOLICIT; NON-COMPETE 

  

	16.1	The parties agree that a breach by the Broker of clause 3.3 or 3.5 (non-compete, non-solicitation provisions) of the Master Separation Agreement which has not been remedied in
accordance with clause 3.6 of the Master Separation Agreement by the expiration of the time for remedy specified in such clause 3.6 shall give rise to a right of termination by the PCC pursuant to clause 17.5.5 of this Agreement.

  

	17.	TERM AND TERMINATION 

  

	17.1	This Agreement shall, in relation to the Broker and the Introducing Broker, be effective from the Separation Date and, in relation to any PCC, be effective from the Commencement
Date. Subject to the remainder of this clause 17, the Agreement shall continue in force until the second anniversary of the Separation Date (the “Initial Term”). The Agreement shall continue in force thereafter unless and until it
is terminated in accordance with this clause 17. For the avoidance of doubt, no party shall be entitled to terminate this Agreement (including the Account Documentation) except as expressly contemplated under this clause 17 (and therefore, for the
avoidance of doubt, excluding any right of termination contained in the Account Documentation which is not expressly contemplated under this clause 17). 

  

	17.2	Except as otherwise expressly contemplated under this clause 17, no party shall be entitled to terminate this Agreement during the Initial Term. Following the expiry of the Initial
Term, either of the Broker or the PCC may terminate this Agreement on twelve (12) months’ written notice to the other, such notice period reducing on a straightline monthly basis thereafter to 3 months notice on a rolling basis from the
date three months before the third anniversary of the Separation Date, such that the Initial Term together with any notice period will always be a minimum of 3 years from the Separation Date. 

  

	17.3	This Agreement shall, in relation to a PCC and subject to orderly handover, be terminated: 

  

	 	17.3.1	forthwith in the event that the Investment Management Agreement to which such PCC is a party is terminated for whatever reason, except where the PCC after such termination puts in
place alternative arrangements under which Man Investments Limited or another member of the Man Group will continue to act as investment manager on behalf of the PCC; or 

  

	 	17.3.2	automatically without notice on the Maturity Date, or at such later date as the parties may have agreed in writing prior to the Maturity Date. 

  

	17.4	Notwithstanding clause 17.2, the Broker may terminate this Agreement with respect to a PCC immediately upon notice to that PCC and the Introducing Broker in the event that:

  

	 	17.4.1	an Insolvency Event occurs in relation to that PCC; or 

  

	 	17.4.2	the Broker declares an event of default in relation to that PCC (however the same is defined in the Account Documentation to which that PCC is party), provided however that the
Broker agrees that it will exercise any discretion or right in this respect in good faith and in a commercially proportionate manner. 

  

 - 16 - 

	17.5	Notwithstanding clause 17.2 but subject to clause 17.7, the PCC (or the Introducing Broker acting on behalf of that PCC) may terminate this Agreement immediately upon written notice
to the Broker in accordance with this clause 17 delivered at any time after the occurrence of any of the following events, unless such event results from any breach by the PCC or Introducing Broker: 

  

	 	17.5.1	the Broker committing one or more breaches of the Agreement which alone or together constitute Critical Poor Performance in respect of the Services provided to the PCC and/or in
respect of the Services provided to any other PCC pursuant to the terms of this Agreement; 

  

	 	17.5.2	the Broker committing any breach or series of breaches of its obligations under this Agreement, not falling within clause 17.5.1 of this Agreement, which individually or taken
together is material in relation to: 

  

	 	(a)	the obligations of the Broker under this Agreement; or 

  

	 	(b)	the impact on the PCC of the breach or breaches, 

 provided that where such material breach is capable of remedy the Broker has failed to remedy it within 10 Business Days of notice of the breach being delivered to the Broker in accordance herewith; 
  

	 	17.5.3	the Broker being or becoming subject to a Regulatory Event, provided that where the Regulatory Event is one falling within paragraph (b) of the definition of Regulatory Event
each of the following conditions (as applicable) must also be met: 

  

	 	(a)	the PCC has given the Broker reasonable opportunity to provide to the PCC information about the relevant Regulatory Event and its actual or potential impact on the Broker’s
provision of the Services pursuant to clause 11.4; 

  

	 	(b)	where the Regulatory Event relates to proceedings or investigations where no finding or judgment has yet been reached, the relevant proceedings or investigations have a reasonable
probability of being proven against the Broker; 

  

	 	(c)	the Regulatory Event (assuming it were proven against the Broker where the Regulatory Event relates to proceedings or investigations where no finding or judgment has yet been
reached) has or would be likely to have a material adverse impact on the ability of the Broker to perform its obligations or any significant part of them under this Agreement or materially adversely impact the net asset value of the PCC; and

  

	 	(d)	in acting under this clause 17.5.3, the PCC shall act in good faith and in a commercially proportionate manner, taking into account such information as has been provided to it by
the Broker pursuant to clause 11.4 and all other material information which may be available to it at such time. 

  

 - 17 - 

	 	17.5.4	an Insolvency Event occurring in relation to the Broker; 

  

	 	17.5.5	the Broker committing a breach of clause 3.3 or 3.5 (non-compete, non-solicitation provisions) of the Master Separation Agreement which, in either case, has not been remedied in
accordance with clause 3.6 of that agreement by the expiration of the time for remedy specified in such clause 3.6; 

  

	 	17.5.6	the Broker committing a non-trivial breach of any of the provisions of clause 19 of this Agreement where the Confidential Information in question relates to the AHL Programme or any
trading thereunder; 

  

	 	17.5.7	failure or inability of the Broker to provide protection for assets of the PCC by way of segregation (whether held by the Broker itself or otherwise) at a level consistent with the
Broker’s operational practices as at the date of this Agreement and as amended by this Agreement (including, for the avoidance of doubt, the obligations of the Broker assumed under clause 9); 

  

	 	17.5.8	any assignment or delegation by the Broker (including to another entity within the same Group) of its rights, obligations or functions as clearing broker to the PCC, except in
circumstances where the Broker has obtained the PCC’s prior written consent, such consent not to be unreasonably withheld, conditioned or delayed; 

  

	 	17.5.9	any material failure by the Broker to comply with its obligations under clause 13.3 which shall not have been remedied within 10 Business Days of notice of the breach being
delivered to the Broker in accordance herewith; or 

  

	 	17.5.10	the credit rating of the Broker and/or the Broker’s Group / parent undertaking falling below both (i) BBB (Standard & Poor’s) and (ii) Baa1
(Moody’s), provided that if, at any time in the future, Standard & Poor’s or Moody’s shall cease to publish such a credit rating, the equivalent rating from Fitch or another internationally recognized statistical rating
agency shall be substituted for the unavailable rating and that if, at any time in the future, only one such rating agency publishes such a credit rating, that agency’s rating shall be the reference for these purposes. 

 

	17.6	Each of the Broker, on the one hand, and the PCC and Introducing Broker, on the other hand, undertakes to notify the other as soon as reasonably practicable after it becomes aware
of any event or circumstances (other than as a result of a notification made to it by the other pursuant to this clause 17.6 or otherwise) which would, in its reasonable judgement, give rise to a right under any of clauses 17.5.1 to 17.5.10.

 For these purposes, a party shall be deemed to be aware, at any time, of all information known to any of its directors or
employees in the course of their employment at such time, excluding clerical, administrative and support staff who would not be expected to be involved in the day-to-day business of that party relevant to this Agreement. 
  

	17.7	The PCC may only exercise a right to terminate this Agreement in reliance on a right contained in clause 17.5 (excluding, for this purpose, clauses 17.5.3, 17.5.4 and 17.5.5) within
10 Business Days following: 

  

 - 18 - 

	 	17.7.1	the date on which it or the Introducing Broker receives a notification from the Broker pursuant to clause 17.6 of the circumstances giving rise to such right; or

  

	 	17.7.2	if earlier, the date on which the PCC or the Introducing Broker, acting in a commercially reasonable manner, is first able to satisfy itself that such a right has arisen (and for
the purposes of this Agreement, the PCC and the Introducing Broker shall be deemed to know and understand their rights under this Agreement and shall be deemed to be aware, at any time, of all information known to any of their directors or employees
in the course of their employment at such time, excluding clerical, administrative and support staff who would not be expected to be involved in the day-to-day business of that party relevant to this Agreement), 

 provided that where any such right of termination under this Agreement is subject to a stated cure period during which the Broker is entitled to remedy
its failure, the 10 Business Day period referred to in this clause 17.7 shall only begin to run from the expiry of that cure period (assuming the relevant failure has not been remedied during that cure period). 
  

	17.8	For the avoidance of doubt, the termination of this Agreement as between the Broker and any single PCC shall not affect the continuation of the Agreement in full force and effect as
between the Broker and any other PCC. 

  

	17.9	Termination of this Agreement in relation to a PCC shall automatically terminate all related Account Documentation unless otherwise agreed between the PCC and the Broker.

  

	18.	CONSEQUENCES OF TERMINATION 

  

	18.1	Any termination of this Agreement or the Account Documentation in relation to any party shall be without prejudice to any liabilities or commitments initiated, incurred, made or
accrued prior to the date of such termination. 

  

	18.2	Upon service of notice to terminate this Agreement in accordance with clause 17, the Broker shall provide reasonable assistance and shall co-operate with the PCC and the Introducing
Broker to facilitate a smooth and orderly transition of Services to a third party provider. 

  

	18.3	As soon as reasonably practicable after the termination of this Agreement, the PCC shall pay to the Introducing Broker and the Broker that proportion of the fees as would have been
payable under clause 13 had the date of termination been the last Business Day of the calendar month in which such termination occurs together with value added tax thereon. 

  

	18.4	Save as provided in clause 18.1, upon termination of this Agreement as between the Broker and a PCC, all further rights and obligations as between the Broker and that PCC shall
cease immediately except that clauses 4, 18, 19, 20, 26, 29, 31 and 32, together with those clauses the survival of which is necessary for the interpretation or enforcement of this Agreement, shall survive termination of this Agreement.

  

 - 19 - 

	19.	CONFIDENTIALITY 

  

	19.1	For the purposes of this clause 19, “Confidential Information” means all information disclosed (whether in writing, verbally or by any other means and whether
directly or indirectly) by one party (the “Disclosing Party”) to any other party (the “Receiving Party”) which is not in the public domain including, without limitation, any information relating to a party’s
products, operations, processes, plans or intentions, product information, know-how, design rights, trade secrets, market opportunities and business affairs, other than information which has become public otherwise than through a breach by the
Receiving Party of its obligations of confidentiality under this clause 19. 

  

	19.2	Except as may be disclosed in the Prospectus or otherwise required by any applicable Legislation or Material Contract, during the term of this Agreement and after termination of
this Agreement and except in relation to Confidential Information exchanged between the Introducing Broker and the Broker, the Receiving Party shall: 

  

	 	19.2.1	keep the Confidential Information confidential; 

  

	 	19.2.2	not disclose the Confidential Information to any other person other than with the prior written consent of the Disclosing Party; and 

  

	 	19.2.3	not use the Confidential Information for any purpose other than the performance of its obligations under this Agreement. 

  

	20.	LIABILITY 

  

	20.1	Subject to the following provisions of this clause 20 and the provisions of clause 21, the Broker shall indemnify the PCC on demand and hold the PCC harmless against any and all
expenses, losses, damages, liabilities, demands, charges, actions and claims of any kind or nature whatsoever (including any legal or other costs and expenses relating to investigating or defending any such demands, charges or claims) and any other
amounts specified in clause 20.3 (“Losses”) incurred by the PCC arising out of any act or omission of the Broker in its performance of the Services to the extent that the Broker is in default under this Agreement or has been
negligent, in wilful default or fraudulent in the performance of the Services. 

  

	20.2	Except as provided in clause 20.3 and 20.4, neither party shall be liable to the other for: 

  

	 	20.2.1	loss of profit, interest, goodwill, business opportunity, business, revenue, anticipated savings; and/or 

  

	 	20.2.2	indirect, special, punitive or consequential loss, 

 arising under or in connection with this Agreement, even if the relevant loss was foreseeable or even if one party had been advised of the possibility that such loss was in the contemplation of the other party or parties. 
  

	20.3	Without limiting the types of loss that the parties might suffer or incur, direct loss shall include any losses or costs incurred by the PCC as a result of the Broker failing to
identify an unmatched trade for reconciliation as required by this Agreement, such losses or costs being calculated as the amount required to put the PCC in the same position as would have been the case had the trade been executed and matched in the
time and manner contemplated rather than such later time and which causes loss to the PCC as a result of adverse price movements during the intervening period. 

  

 - 20 - 

	20.4	Nothing in this clause 20 shall restrict a party’s liability for Losses incurred by the other party which represent loss of profit or revenue of that party (such Losses to be
assessed as if the prevailing rates continued to the end of the term of the Agreement or for the relevant period, as applicable) arising out of (a) the first party’s termination of this Agreement in breach of clause 17 of this Agreement or
(b) breach by the Introducing Broker of its obligations under clauses 10.1 and 10.2. 

  

	20.5	Nothing in this Agreement operates to exclude or restrict a party’s liability for death or personal injury resulting from its negligence or for that party’s fraud.

  

	21.	FORCE MAJEURE 

  

	21.1	Subject to clause 21.3, if either the Broker or the Introducing Broker is prevented, hindered or delayed from or in performing its obligations under this Agreement by a force
majeure event: 

  

	 	21.1.1	its obligations shall be suspended while that event or circumstance continues to the extent that it is so prevented, hindered or delayed; 

  

	 	21.1.2	it shall promptly give notice to the other party of that fact and provide the other party with such information in relation thereto as it may from time to time reasonably require;

  

	 	21.1.3	it shall use all reasonable endeavours to mitigate the consequences of that event or circumstance for the other party; and 

  

	 	21.1.4	promptly after the force majeure event ends, give notice to the other party and resume performance of its obligations under this Agreement. 

  

	21.2	For the purposes of this clause, “force majeure event” means strike, lock-out, labour dispute, act of God, war, riot, terrorism, civil commotion, malicious damage,
change in or compliance with law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, fire, flood or storm or any other event or circumstance outside the reasonable control of a party which prevents it
from performing its obligations under this Agreement. 

  

	21.3	For the purposes of this Agreement, where a force majeure event prevents the Broker from performing its obligations under clauses 9 and 14 to segregate funds and provide protection
for assets of the PCC by way of segregation for any reason (including illegality), such event shall entitle the PCC to terminate this Agreement in accordance with clause 17.5.7. 

  

	22.	ACCESSION 

  

	22.1	 Qualifying PCCs shall accede to the terms of this Agreement by executing Accession Letters. By each Qualifying PCC entering into an Accession Letter in respect of
this Agreement, the relevant PCC, the parties hereto and any other relevant persons who sign 

  

 - 21 - 

	 	 
the Accession Letter agree that, with effect from the Commencement Date, this Agreement together with the Broker’s existing Account Documentation
(including, for the avoidance of doubt the Broker’s existing terms of business with each such PCC) will govern the relationship between the Broker and the PCC. 

  

	22.2	The Introducing Broker may procure the accession of a Non-Qualifying PCC, or a new Class of investments established by a Qualifying PCC, to the terms of this Agreement by its
completion of an Accession Letter and such other account-opening documents as the Broker may reasonably require in order to establish an Account in the name of such PCC. Any Non-Qualifying PCC which becomes party to this Agreement by way of an
Accession Letter after the date of this Agreement shall receive the Services pursuant to the terms of this Agreement except that, as between the Broker and that PCC, clauses 17.1 and 17.2 as to Initial Term shall not apply and either of the Broker
or that PCC may terminate this Agreement at any time on three (3) months’ written notice to the other. 

  

	22.3	By its execution of an Accession Letter, each PCC authorises the Introducing Broker to act on the PCC’s behalf and bind the PCC in relation to all matters contemplated under
this Agreement including, without limitation, agreeing with the Broker those items contemplated in clause 6 and clause 9 and amendments to this Agreement. 

  

	23.	NOTICES 

  

	23.1	Any notice or other communication given or made pursuant to, or in connection with, this Agreement shall be in writing and may be given in any manner described below to the address
or number below (or, in respect of an electronic messaging system or e-mail, in accordance with the details provided by each party to the other from time to time for such purpose, and the parties shall use reasonable endeavours to provide such
details by the Commencement Date or as soon as practicable thereafter) indicated below (or to such other address or number or in accordance with such other electronic messaging system or e-mail details as may from time to time have been notified in
writing to the other party in accordance with this clause) and will be deemed effective as indicated: 

  

	 	23.1.1	if in writing and delivered personally, on the date it is delivered; 

  

	 	23.1.2	if sent by “Special Delivery” post (other than international recorded delivery), on the date it is delivered; 

  

	 	23.1.3	if sent by certified or registered international delivery (where the recipient is in a different jurisdiction to the sender), on the date it is delivered or its delivery is
attempted; 

  

	 	23.1.4	if sent by facsimile transaction (subject to the original notice or communication being sent by post on the same day in the manner specified in clause 23.1), on the date it is
received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine);

  

 - 22 - 

	 	23.1.5	if sent by electronic messaging system (subject to the original notice or communication being sent by post on the same day in the manner specified in clause 23.1), on the date it is
received; and 

  

	 	23.1.6	if sent by email (subject to the original notice or communication being sent by post on the same day in the manner specified in clause 23.1), on the date it is delivered,

 unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a business day in the
jurisdiction of the recipient or that communication is delivered (or attempted) or received, as applicable, after the close of business on a business day in the jurisdiction of the recipient, in which case that communication will be deemed given and
effective on the first following day that is a business day in the jurisdiction of the recipient. 
  

	23.2	Notices and communications shall: 

  

	 	23.2.1	in the case of the Broker, be given to it at: 

  

			
	Address:	  	Sugar Quay
		  	Lower Thames Street
		  	London EC3R 6DU
		
	Fax no.:	  	+44 20 7285 3204
		
	Attn.:	  	The Directors

  

	 	23.2.2	in the case of the Introducing Broker, to it at: 

  

			
	Address:	  	Etzelstrasse 27
		  	8808 Pfäffikon SZ
		  	Switzerland
		
	Fax no.:	  	+41 55 417 6001
		
	Attn.:	  	Head of Product Financing and Financial Institutions
	
	With a copy to: Head of Global Transactions Group

  

	 	23.2.3	in the case of the PCC, to it at the details below, with a copy also to the Introducing Broker in all cases: 

  

			
	Address:	  	c/o BISYS Hedge Fund Services Limited
		  	Hemisphere House
		  	9 Church Street
		  	Hamilton HM 11
		  	Bermuda
		
	Fax no.:	  	+1 441 292 6145
		
	Attn.:	  	Christine Perinchief
		
	E-mail:	  	MIP.Group@bisys.com

  

 - 23 - 

	23.3	A party may notify the other parties to this Agreement of a change to its name, address or fax number for the purposes of clause 23.1 provided that such notification shall only be
effective on: 

  

	 	23.3.1	the date specified in the notification as the date on which the change will take place; or 

  

	 	23.3.2	if no date is specified or the date specified is less than five (5) clear business days after the date on which notice is given, the date falling five (5) clear business
days after the notice of the change has been given. 

  

	24.	ENTIRE AGREEMENT 

 This Agreement (together with all
documents referred to in the Agreement including, without limitation, the Account Documentation and all documents, procedures and arrangements established in accordance with the Agreement) constitutes the entire agreement between the parties in
relation to its subject matter and replaces and extinguishes all prior agreements, undertakings, arrangements or statements (in whatever form/whether or not in writing) with respect to its subject matter. For the avoidance of doubt, this provision
shall be without prejudice to any liabilities or commitments initiated, incurred, made or accrued under such prior agreements, undertakings, arrangements or statements. 
  

	25.	INVALIDITY 

 If any provision of this Agreement is
held to be invalid, unenforceable or illegal, in whole or in part under the law of any jurisdiction, such provision or part shall to that extent be deemed not to form part of this Agreement but the validity, enforceability or legality in that
jurisdiction of the remainder of this Agreement shall remain unaffected. The parties shall negotiate in good faith to immediately replace the affected provision of this Agreement with another provision which creates rights and obligations as nearly
identical to the affected provision as is possible, but is not invalid, unenforceable or illegal. 
  

	26.	AMENDMENTS AND WAIVERS 

  

	26.1	This Agreement, including the Account Documentation, may only be modified or amended where the same has been agreed in writing between the Broker and the PCC (or the Introducing
Broker on behalf, and with the authority of, the PCC) pursuant to this clause 26. 

  

	26.2	If either of the Broker or the Introducing Broker (acting for the PCCs) becomes aware of any actual or anticipated change in Legislation which is likely to impact materially the
provision or receipt of the Services under this Agreement, it shall notify the other and the parties shall, in good faith, discuss whether or not such change in Legislation necessitates any amendment to this Agreement or to the manner in which any
of the Services are provided. Where the parties agree that such change in Legislation does necessitates an amendment to this Agreement or the manner in which any of the Services are provided, the parties shall negotiate in good faith to agree
appropriate amendments to this Agreement. 

  

 - 24 - 

	26.3	No delay or omission by a party in exercising any right or remedy under this Agreement shall constitute a waiver of the right or remedy or a waiver of any other rights or remedies
that a party may otherwise have and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy. 

  

	26.4	For the avoidance of doubt, in the event of any conflict between the provisions of this Agreement and the Account Documentation, the provisions of this Agreement shall prevail.

  

	27.	ASSIGNMENT AND DELEGATION 

  

	27.1	Except as provided in this clause 27, no party may assign or transfer, or purport to assign or transfer, any of its rights or obligations under this Agreement without having first
obtained the written consent of the other parties to the Agreement. 

  

	27.2	The Introducing Broker may transfer all or part of its rights and obligations (but not its rights separately from its obligations or its obligations separately from its rights)
under this Agreement to another member of the Man Group which is a 100% subsidiary of the parent undertaking at such time of the Man Group without any requirement to obtain the prior written consent of the Broker or the PCC, but shall give the
Broker and the PCC notice of any such transfer as soon as practicable. 

  

	27.3	The Broker may not delegate the performance of any part of its obligations or functions under this Agreement unless it obtains the prior written consent of the PCC with respect to
those Services, such consent not to be unreasonably withheld, conditioned or delayed. 

  

	27.4	Notwithstanding the grant of any delegation or the PCC’s consent thereto, the Broker is responsible to the PCC for the performance and observance of all its obligations under
this Agreement. 

  

	28.	NO PARTNERSHIP 

 The parties are each independent
contractors and nothing contained in this Agreement shall create or be construed as creating any partnership, joint venture or similar relationship between them and/or any other person nor authorise any such party to make any statements or enter
into any agreement on behalf of any other party, except as expressly set out in this Agreement. 
  

	29.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

 A
person 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 does not affect any right or remedy of a third party which exists or is available apart
from that Act. 
  

 - 25 - 

	30.	COUNTERPARTS 

 This Agreement may be executed in any
number of counterparts and by each of the parties on separate counterparts, each of which, when executed and delivered shall be deemed to be an original, but all the counterparts together shall constitute one and the same agreement. 
  

	31.	DISPUTE RESOLUTION 

  

	31.1	If any dispute or difference arises out of or in connection with this Agreement, the parties shall seek to resolve the matter by negotiation by referring the matter first to:

  

	 	31.1.1	respective executive directors / managing directors; and then to 

  

	 	31.1.2	respective chief executives. 

  

	31.2	Nothing in this clause 31 precludes any party from pursuing any claim in any other forum which may be open to it or from enforcing any right arising under this Agreement (including,
without limitation, exercising any rights arising upon an occurrence of Critical Poor Performance) without having prior recourse to negotiation as contemplated under clause 31.1. 

  

	32.	GOVERNING LAW 

  

	32.1	This Agreement shall be governed by, and construed in accordance with, the laws of England and Wales and the parties hereby submit to the non-exclusive jurisdiction of the courts of
England to hear any suit, action or proceedings, and to settle any dispute or claim arising out of or in connection with this Agreement. 

  

	32.2	Each party hereby agrees that any legal proceedings may be served on it by delivering a copy of such proceedings to it at its respective address set out in this Agreement.

  

 - 26 - 

 SCHEDULE 1 - BROKER ACCOUNT DOCUMENTATION 

 

	1.	The Broker’s account documentation comprises the following: 

  

	1.1	Account Opening Form Wholesale Intermediate Customers & Market Counterparties & Board Resolution; 

  

	1.2	Terms of Business; 

  

	1.3	Bullion Annex; 

  

	1.4	Commodity Asian Options Annex; 

  

	1.5	Commodity Swaps Annex; 

  

	1.6	Exchange Traded Futures & Options Annex; 

  

	1.7	FX Annex; 

  

	1.8	LME Annex; 

  

	1.9	Securities Annex; and 

  

	1.10	Supplementary Document Checklist in Relation to Fund Applicants 

  

 - 27 - 

 SCHEDULE 2 - BROKERAGE FEES AND COMMISSIONS

 Fees, Charges and Interest 
  

	1.	CALCULATION 

 In consideration for the services to
be rendered by the Introducing Broker and the Broker to the PCC under this Agreement, the PCC shall pay: 
  

	1.1	to the Broker in respect of each Account a charge in respect of each on-exchange and off-exchange contract cleared (save for those off-exchange contracts set out in paragraph 1.2
and 1.3 below) of US $[***] per lot; 

  

	1.2	to the Broker in respect of each Account a charge in respect of each OTC FX Transaction and bullion contract (including gold, silver, platinum and palladium contracts) cleared of US
$[***] per line; 

  

	1.3	to the Broker in respect of each Account a charge in respect of each extended settlement bond transaction at US$[***] per AHL Programme lot; 

  

	1.4	interest charges and receive interest payments at rates and in the manner agreed from time to time between the Broker and the Introducing Broker (on behalf of each PCC); and

  

	1.5	to the Introducing Broker without prejudice to paragraph 2.1 a monthly fee calculated as at each Valuation Day in respect of each Account at the rate of up to [***] per cent. of
such value, to be determined at the discretion of the Introducing Broker, as is the result of the following calculation: 

 Notional Account Value + (TP – TL) – Administrative Expenses 
 where: 
 “TP” means the total trading gains (i) attributable to the relevant Account and (ii) made during the Ongoing Period; and 

“TL” means the total trading losses (i) attributable to the relevant Account and (ii) made during the Ongoing Period. 

 

	2.	ADJUSTMENTS 

  

	2.1	If the determination of the Net Asset Value of a PCC or a Class is suspended pursuant to the Bye-laws of the PCC then, in lieu of the fees calculated pursuant to paragraph 1.5 of
this Schedule, such fee (or the relevant part thereof) shall accrue on each Valuation Day during such period of suspension at a rate equal to the sum calculated as at the Valuation Day immediately prior to such suspension. 

 

	2.2	Notwithstanding paragraph 1.5, on the first Valuation Day the fee payable pursuant to paragraph 1.5 shall be calculated on a pro rata basis in respect of the period commencing on
the date on which the Investment Manager commences trading on the relevant Account until and including the first Valuation Day and shall be calculated by reference to the Notional Account Value on the date on which the Investment Manager commences
trading on the relevant Account or immediately thereafter. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

 - 28 - 

 SCHEDULE 3 - RELATIONSHIP MANAGEMENT 
  

	1.	CONTRACT MANAGERS 

  

	1.1	The principal points of contact between the parties in relation to issues arising out of the performance of the Services will be: 

  

	 	1.1.1	in respect of the Broker, the Broker Contract Manager; 

  

	 	1.1.2	in respect of the Introducing Broker, the IB Contract Manager 

  

	 	1.1.3	in respect of the Investment Manager, the IM Contract Manager 

  

	 	1.1.4	in respect of the PCC, the IB Contract Manager (acting on behalf of the relevant PCC). 

 Either party acting reasonably may change the identity of their respective representatives at any time by prior written notice to the other. 
  

	1.2	Meetings between the Broker Contract Manager and the IB Contract Manager will take place regularly at the request of the Introducing Broker but no less than six times per calendar
year. The IB Contract Manager may request that the IM Contract Manager attend such meetings and/or may rely upon the IM Contract Manager’s account of its service experience and opinions in such meetings. Such meetings will be held to discuss
the day-to-day operational issues arising out of the provision of the Services and to ensure that strategic as well as operational issues are being raised and addressed as between the parties. 

  

	1.3	As a general matter, in the event that an issue requires to be escalated, the issue shall be escalated to the IB Contract Manager and the Broker Contract Manager with the IM
Contract Manager copied in for information, if not already aware. 

  

	1.4	Contract Managers: 

  

	 	1.4.1	IB Contract Manager – Head of Product Financing & Financial Institutions from time to time 

  

	 	1.4.2	Broker Contract Manager – Chief Operating Officer from time to time 

  

	 	1.4.3	IM Contract Manager - Head of AHL Trading from time to time 

  

	1.5	For the avoidance of doubt, nothing in this Schedule 3 or in clause 31 of the Agreement shall preclude any party from pursuing any claim in any other forum which may be open to it
or from enforcing any right arising under this Agreement without having prior recourse to negotiation or escalation as contemplated under this Schedule 3 and clause 31.1 of the Agreement. 

  

 - 29 - 

 SCHEDULE 4 - AGREED FORM ACCESSION LETTER

 [ACCESSION LETTER] 
  

	To:	Man Financial Limited 

	    	Man Investments AG 

  

	From:  	[FUND] 

  

	Date:	[·] 

 Dear Sirs 
 Introducing Broker Master Agreement between Man Financial
Limited, Man Investments AG and The Product Clearing Clients dated [·] (the “Agreement”) 
  

	1.	The below named fund (the “Fund”), by signing this letter, accedes to and agrees to be bound by the Agreement in accordance with Clause 22 of the Agreement as a
[Qualifying PCC/Non-Qualifying PCC*] and shall, from its accession, receive Services under the Agreement in accordance with its terms. 

  

	2.	The Fund’s administrative details are as follows: 

 [ADDRESS]] 
  

	3.	This letter is governed by English law. 

  

			
	Signed by:	 	  
		
	Name:	 	  
		
	Date:	 	  
		
	For and on behalf of:	 	[FUND]

  

	*	Delete as appropriate 

  

 - 30 - 

 SIGNED by and on behalf of the parties on the date which first appears in this Agreement. 
  

									
	MAN FINANCIAL LIMITED	 		 	
					
	By:	 	  	 		 	By:	 	  
					
	Name:	 	  	 		 	Name:	 	  
			
	MAN INVESTMENTS AG	 		 	
					
	By:	 	  	 		 	By:	 	  
					
	Name:	 	  	 		 	Name:	 	  

 EXECUTED BY EACH PRODUCT CLEARING CLIENT BY WAY OF SEPARATE ACCESSION LETTER 
  

 - 31 -Form of Company Secretarial Services

 Exhibit 10.3 
  

			
	

	  	CLIFFORD CHANCE LLP
	  	

 MAN GROUP PLC 
 AND 
 MF GLOBAL LTD 
  

 TRANSITIONAL SERVICES AGREEMENT - 
 FOR COMPANY SECRETARIAL SERVICES BY MAN GROUP PLC 
  

 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.	  	MF Global Requirements And MGP Relief	  	10
			
	7.	  	Fees And VAT	  	10
			
	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	  	23

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

  

	(C)	In addition, MF Global requires assistance from MGP in transitioning its business off the Services during the term of this Agreement and related data migration. MGP 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 MF Global 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 MF Global 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. 
 “MF Global Requirement” has the meaning given to it in clause 6. 
 “MF Global Data” means any of the data and/or databases provided by MF Global and/or an Affiliate of MF Global to MGP and/or an Affiliate
of MGP in connection with the provision of the Services, including any such data as MGP and/or an Affiliate may incorporate in its databases. 
 “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, MGP and/or any of their Affiliates in connection with the provision of
the Services. 
 “MGP Data” means any of the data and/or databases provided to a Service Recipient by MGP and/or an Affiliate
of MGP in connection with the provision of the Services, including any such data as the Service Recipient 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 and/or an Affiliate of MGP in connection with the provision of the Services. 
  

 - 2 - 

 “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, MF Global and/or MF Global’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 MGP for the benefit of the relevant Service Recipient, as more fully set out in the Services Schedule. 
 “Services Schedule” means Schedule 1. 
 “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. 

  

	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.

  

 - 3 - 

	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 

 MGP 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 MGP 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 MF Global wishes to extend the initial Service Term of a Service (including any agreed extension period in respect of a Service), then MF Global must give MGP notice of this at
least 2 months prior to the expiration of the then-current Service Term (including any agreed extension period). MGP 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. MGP will notify MF Global in writing within 7 days after receipt of MF Global’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 MGP 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 MF Global under this Agreement, MGP shall provide the Services to the relevant Service Recipients in accordance with the terms
and conditions of this Agreement. 

  

	 	3.1.2 	MGP is to provide the Services on a global basis from MGP’s central London-based Company Secretarial function. 

  

	 	3.1.3 	MF Global 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 MGP 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 MGP to the relevant MF Global
Affiliate during the 12 months prior to the Effective Date. 

  

	 	3.2.2 	MGP will provide the Services with the same skill and care employed by it in the 12 months prior to the Effective Date in respect of the provision of those Services to the relevant
MF Global 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 MGP 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 MGP to the relevant MF Global 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 MGP’s business, the form and function of those Services will be as set out
in the Services Schedule. 

  

	3.4	Change in Services 

 If MF Global 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. MGP 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 MF Global 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, MF Global will have to request and agree to the relevant variation to the Services under the Change Control
Procedures. For the avoidance of doubt, MGP 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 	MGP will retain all Intellectual Property Rights in any material developed by it in connection with this Agreement or the performance of the Services. MGP will grant to MF Global 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 MGP has sub-licensing rights) for its internal business purposes only.

  

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

  

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

  

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

  

 - 6 - 

	4.2	Licence to use MGP Software and Data 

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

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

  

	4.3	Licence to use MF Global Software and Data 

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

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

  

	 	4.3.2 	a personal, non-exclusive, non-transferable licence to use the MF Global Data for the Service Term, and solely to the extent necessary to 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 	MGP will consult with MF Global on the relevant licences for Third Party Software, and the terms applicable to such licences, which may be necessary for MF Global to receive the
Services from MGP. 

  

	 	4.4.2 	Subject to receiving any necessary third party consents or licences, MGP 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 MF Global is required
to obtain as an MF Global Requirement. 

  

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

  

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	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 MGP to provide any of the Services under this Agreement, MGP will use reasonable
endeavours to obtain that consent at MGP’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 MGP to cease using any items
and/or services made available to MGP in the provision of Services to a Service Recipient, MGP 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 MGP cannot provide a Service pursuant to this clause 4.5: 

  

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

  

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

  

	 	(c)	MF Global 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 MF Global identifies any MGP Software and/or MGP 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 	MF Global shall notify MGP thereof in writing within a reasonable period in advance of the expiration of the relevant Service Term; and 

  

	 	4.6.2 	MGP may (but is not obliged to) continue to provide the relevant MGP Software and/or MGP 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. 

  

	 	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 

  

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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	MF Global responsibility 

 MF Global acknowledges
and agrees that: 
  

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

  

	 	5.1.2 	MF Global 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	MGP responsibility 

  

	 	5.2.1 	To assist MF Global’s exit from this Agreement, MGP shall transfer to MF Global, at such time as MF Global may reasonably require, all data and documents maintained or
generated by MGP in the course of providing the Services to the extent that the same relate substantially to MF Global and/or other Service Recipients and/or the Business of MF Global and its Affiliates (subject to MGP’s business and
confidentiality constraints). Such data and documents shall be transferred in the format that they have been maintained by MGP; if MF Global requires the same to be converted into another format, MF Global may request the same through the Change
Control Procedures. MGP 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 MF Global). 

  

	 	5.2.2 	MGP will provide MF Global with reasonable assistance and access to MGP’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 MGP’s business and confidentiality constraints) to allow MF Global to plan its exit from this Agreement. To the extent that such assistance will require MGP to incur any additional costs or
expenses, it will only be required to comply with this term to the extent that MF Global agrees to reimburse such costs and expenses to the extent that they are reasonable. 

  

 - 9 - 

	 	5.2.3 	Other than as provided under this clause 5, MGP will only be required to provide assistance to MF Global 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.	MF GLOBAL REQUIREMENTS AND MGP RELIEF 

  

	6.1	MF Global Requirements 

 MF Global will, and will
procure that its relevant Affiliates will, do each of the following (each an “MF Global 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 MGP or its agents reasonable access to facilities, systems, premises and/or staff of MF Global (or of the relevant Affiliate); and

  

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

  

	6.2	MGP Relief 

  

	 	6.2.1 	MGP will not be liable for any failure to provide the Services to the extent that the failure is caused by a failure by MF Global (or the relevant MF Global Affiliate) to comply in
a timely manner with any of the MF Global 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, MGP will not be relieved from providing the Services where MF Global (or the relevant MF Global Affiliate)
complies with all relevant MF Global Requirements in a timely manner. 

  

	7.	FEES AND VAT 

  

	7.1	Fees and costs 

  

	 	7.1.1 	MF Global will pay MGP the relevant Fee per month per Service for the provision of that Service, 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, MGP may include recoverable costs and
expenses incurred in a previous month in an invoice relating to a future month (without double-counting). 

  

 - 10 - 

	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. 

  

	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 MF Global’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. 

  

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	9.	TERMINATION 

  

	9.1	Termination by MF Global for convenience 

  

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

  

	 	9.1.2 	MGP will on receipt of such a notice inform MF Global 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 MGP
to be payable by MF Global 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 	MGP and MF Global 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 MF Global accepts the effects of the termination of a Service on this Agreement as identified by MGP in its notice to MF Global, this Agreement will be amended and terminated in
accordance with that notice. If MF Global 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 MGP), MF Global 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 MF Global for cause 

 MF Global 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 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; 

  

	 	9.2.2 	for insolvency of MGP; or 

  

	 	9.2.3 	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).

  

	9.3	Termination by MGP for cause 

 MGP 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 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; 

  

 - 12 - 

	 	9.3.2 	for insolvency of MF Global; or 

  

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

  

	9.4	Termination by MGP for change in control of MF Global 

  

	 	9.4.1 	MGP may terminate the entire Agreement by giving MF Global at least 30 days’ notice if a third party (excluding MGP or any of its Affiliates) acquires Control of MF Global
(whether directly or indirectly) at any time following the IPO. For clarity, the IPO itself will not be considered an acquisition of Control for the purposes of this clause. 

  

	 	9.4.2 	MGP’s right under this clause 9.4 must be exercised within 30 days of any such acquisition of Control coming to MGP’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 	MGP will stop providing the Services (or in the case of the termination of particular Services only, those Services); 

  

	 	10.1.2 	MF Global will pay all sums which at the date of termination are due and payable to MGP (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. 

  

	10.2	Data Access following termination 

 MGP agrees, for
a period of 5 years from the date of this Agreement, to the extent that MGP and/or any of its Affiliates will retain data or business information of MF Global or any of its Affiliates, to provide MF Global 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 	MF Global gives MGP reasonable notice of such request; 

  

 - 13 - 

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

  

	 	10.2.3 	MGP 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 MGP asserts or establishes that he or she has become employed by MF Global, any MF Global 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 MGP in writing that it does not wish to employ such person (the “Affected Employee”) and MGP shall be given the opportunity (but shall not be
obliged) to offer the Affected Employee re-employment with MGP. If the Transferee fails to notify MGP 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 MGP 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. 

  

	 	10.4.3 	If, within 5 business days of being notified in accordance with this clause 10.4, MGP 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)	MGP will indemnify MF Global for the reasonable costs and expenses incurred by MF Global or the relevant MF Global Affiliate arising under or in connection with such termination of
the Affected Employee’s contract of employment. 

  

 - 14 - 

	 	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, MGP will not be responsible for advising MF Global on any changes in the laws or regulations that
apply to MF Global. 

  

	11.3	Procedures 

  

	 	11.3.1 	MGP will: 

  

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

  

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

 deliver to MF Global 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 MF Global or any additional one-off implementation fees that are required to implement the proposed Change). 
  

	 	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 	 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 or any Change requested by a party which is necessary 

  

 - 15 - 

	 	 
to allow that party to comply with any change in the laws or regulations that apply to that party, including any steps taken by MGP 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, 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 (but excluding a Change requested pursuant to clause 11.2), including any steps taken by MF Global as it is required to do under the Change Control Procedures in connection with the requested Change. 

  

	12.	LIABILITY 

  

	12.1	Limitation of liability 

 MGP’s liability in
connection with this Agreement (however arising, including liability under contract, for tort (including negligence) and under an indemnity) will be capped, in respect of any event and all events preceding that event, to 100% of the total of the
Fees (exclusive of VAT) paid and due and payable by MF Global under this Agreement during the 12 month period prior to that event. 
  

	12.2	Exclusion of liability 

  

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

  

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

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

	12.4	MF Global indemnity 

 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 the provision of the Services (excluding claims due to MGP acting with fraud, negligence or wilful default
of its obligations under this Agreement). 
  

 - 16 - 

	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), MF Global acknowledges and agrees that MGP will rely on certain third parties (including the Companies House and processing
agents) from time to time in connection with the provision of the Services. MGP will not be liable in any way to MF Global 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 MGP, unless MGP 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 MGP 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	MF Global 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 MGP. 

  

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

  

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

  

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	14.3	All audits must be conducted at reasonable business times and MF Global will ensure that MGP’s business is not unduly disrupted by any such audit. MF Global 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 MGP of any Personal Data belonging to MF Global, MGP will act as data processor to MF Global and will process that personal
data only in accordance with MF Global’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 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. 

  

	16.3	This Agreement is solely for the benefit of the parties hereto 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. 

  

 - 18 - 

	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 	MGP 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, MGP and MF Global 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:	  	Tony Marcus (“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:	  	Steve Cochrane (“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 Schedule 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. 
  

	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 MGP, MF Global and/or any of their Affiliates;

  

 - 20 - 

	 	(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. 
  

	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. 
  

 - 21 - 

 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:

  

 - 22 - 

 SCHEDULE 1 
 SERVICES SCHEDULE 
  

	(A)	Scope of Services to Service Recipients 

 MGP is to only provide
the company secretarial services and related services as described in this Schedule 1 to MF Global and/or certain of MF Global’s subsidiaries which meet the following criteria: 
  

	 	(i)	the subsidiaries are located in the relevant jurisdictions or countries specified for the relevant service; or 

  

	 	(ii)	where no jurisdiction or country is specified for the relevant service, the subsidiaries are located in those jurisdictions or countries where a similar service has been previously
provided by MGP prior to the Effective Date (excluding the USA); and 

  

	 	(iii)	are specified in the description of Service Recipients and Scope for the relevant service. 

  

	(B)	Company Secretarial Services 

  

	 	(i)	Service Recipients and Scope 

 MF
Global’s subsidiaries that are incorporated in the UK only, excluding MF Global. 
  

	 	(ii)	Service Description 

  

	 	(A)	The maintenance of the statutory records comprising statutory registers and minute books. 

  

	 	(B)	The generation of formal board minutes relating to corporate administrative matters for signature by directors, limited to the following, unless otherwise requested and agreed to by
MGP: 

  

	 	(1)	the execution of formal documents; 

  

	 	(2)	opening/closing bank accounts and changes in authority for bank accounts; 

  

	 	(3)	changes in director(s) and/or company secretary; 

  

	 	(4)	changes in registered office address; and 

  

	 	(5)	changes in accounting reference date. 

  

	 	(C)	Preparation of all documentation necessary for processing the allotment, transfer and transmission of shares, including dealing with related stamp duty matters and preparing share
certificates for sealing and issuing. 

  

 - 23 - 

	 	(D)	Drafting the annual directors’ reports. 

  

	 	(E)	Assisting with the preparation of statutory accounts in compliance with UK companies’ legislation, including: 

  

	 	(1)	preparing board and (where necessary) shareholder meeting minutes to approve the accounts; and 

  

	 	(2)	the timely filing of statutory accounts with the Companies House. 

  

	 	(F)	Preparation and verification of annual returns to ensure they reflect the statutory records and the timely filing of these returns with Companies House. 

  

	 	(G)	Filing of all requisite forms in relation to the Services with Companies House that are necessary to comply with UK companies’ legislation. 

  

	 	(H)	Provision and maintenance of accurate information in respect of the Services under this Section (A) on MGP’s Group Secretariat’s data capture system, and making
available such information to designated MF Global personnel. For the avoidance of doubt, such information does not include access to MGP’s Group Secretariat’s data capture system. 

  

	 	(I)	Providing to MF Global’s auditors statutory information for audit purposes, on reasonable request and notice from MF Global. 

  

	 	(J)	Managing corporate events of the companies, including share capital changes, name changes, board composition, etc. 

  

	(C)	Investment protection in subsidiaries 

  

	 	(iii)	Service Recipients and Scope 

 Services are
only to be provided in respect of MF Global’s subsidiaries, branches and offices (excluding MF Global itself) that are incorporated or registered in those jurisdictions or countries where similar services have been previously provided by MGP
prior to the Effective Date (excluding the USA). 
  

	 	(iv)	Service Description 

  

	 	(A)	Assisting with the following corporate matters: 

  

	 	(1)	Preparation of the statutory accounts for MF Global’s subsidiaries, branches and offices (excluding MF Global itself); 

  

	 	(2)	Procuring shareholder representation for MF Global in respect of each of MF Global’s subsidiaries’ shareholder meetings; 

  

	 	(3)	Procuring board representation for MF Global in respect of each of MF Global’s subsidiaries’ board meetings; and 

  

	 	(4)	Managing branch and overseas office registrations. 

  

 - 24 - 

	 	(B)	Assisting in establishing good title to, and receiving evidence in respect of: 

  

	 	(1)	Any share capital investments in any company made by MF Global or any MF Global subsidiary; and 

  

	 	(2)	Any dividends owed to MF Global or any MF Global subsidiary in respect of their respective share capital investments in any company. 

  

	(D)	Internal Management Controls 

  

	 	(i)	Service Recipients and Scope 

 MF Global
only. 
  

	 	(ii)	Service Description 

  

	 	(A)	Assisting MF Global Global in ensuring MF Global Global’s management control system functions correctly to action and reflect the principal corporate events of MF Global’s
subsidiaries (excluding MF Global itself and any publicly listed subsidiaries of MF Global) which affect the corporate structure of MF Global’s company group, including: 

  

	 	(1)	share capital changes; 

  

	 	(2)	corporate structure changes; 

  

	 	(3)	acquisitions and disposals of share capital investments; 

  

	 	(4)	incorporations; 

  

	 	(5)	liquidations; and 

  

	 	(6)	changes of name. 

  

	 	(B)	Providing and maintaining a definitive company group structure chart, and making available such information to designated MF Global personnel. For the avoidance of doubt, such
information does not include access to the MGP’s Group Secretariat’s data capture system. 

  

	(E)	Document Safe Keeping and Storage 

  

	 	(i)	Service Recipients and Scope 

 MF
Global’s subsidiaries which are incorporated in the UK only, excluding MF Global. 
  

	 	(ii)	Service Description 

  

	 	(A)	 To provide storage for any agreements, documents of title and other relevant documentation relating to an MF Global subsidiary which are in MGP’s possession as
at the Effective Date or generated or received by MGP in the provision of the Services, in the fire resistant safes of MGP’s 

  

 - 25 - 

	 	 
Group Secretariat. For the avoidance of doubt, the Service does not include storage of any documents in the possession of MF Global and/or its Affiliates.

  

	(F)	Data Protection Act requirements 

  

	 	(i)	Service Recipients and Scope 

 MF
Global’s subsidiaries which are incorporated in the UK only, excluding MF Global. 
  

	 	(ii)	Service Description 

  

	 	(A)	Managing the annual renewals of registrations under the Data Protection Act in respect of existing subsidiaries of MF Global. 

  

	 	(B)	Managing the registrations under the Data Protection Act in respect of new subsidiaries of MF Global. 

  

	 	(C)	Using reasonable endeavours to provide general advice and information (to the extent MGP is able to do so) on matters relating to data protection only. For the avoidance of doubt,
this service does not require MGP to be able to answer all questions raised by MF Global’s subsidiary or to obtain consultant or expert advice in order to answer a question raised by the MF Global’s subsidiary. 

  

	(G)	Change in company name of subsidiaries 

  

	 	(i)	Service Recipients and Scope 

 Services are
only to be provided in respect of MF Global’s subsidiaries, branches, offices and other entities (excluding MF Global itself) that are incorporated or registered in those jurisdictions or countries where similar services have been previously
provided by MGP prior to the Effective Date (excluding the USA). 
  

	 	(ii)	Service Description 

 As soon as practical
after the Effective Date, effecting and managing a change in the company name or business name (as relevant) for each of MF Global’s subsidiaries, entities, branches and offices which use or include in its company/business name the word(s)
“Man” or “Man Financial”. 
  

	(H)	Service Term and Termination (for all Services) 

 12
months from the Effective Date. 
  

 - 26 - 

	(I)	Service Price (inclusive of all Services) 

  

	 	(A)	£10,000 per month (to be pro-rated for part of a month). 

  

	 	(B)	MF Global to reimburse MGP for all out-of-pocket costs incurred by MGP in connection with the Services, including any associated costs, fees and expenses payable or paid to third
parties, including without limitation, legal fees, lodgement and registration fees payable to Companies House or any company registrar located in any jurisdiction, information services fees, and agency fees for processing documents in any
jurisdiction. 

  

	(J)	MF Global Requirements (for all Services) 

  

	 	(A)	MF Global to appoint a suitable senior executive to the office of Secretary for all MF Global’s subsidiaries which are incorporated in the UK in place of the present MGP
nominee, such appointment commencing from the Effective Date. 

  

	 	(B)	As soon as practical after the Effective Date, MF Global to effect and procure a change in the company or business name (as relevant) for MF Global Global and for each of MF
Global’s subsidiaries, entities, branches and offices which are not included in the scope of service (G) above (Change in company name of subsidiaries ) and which use or include in its company/business name the word(s)
“Man” or “Man Financial”. 

  

	 	(C)	MF Global to provide all information and assistance necessary, within relevant time requirements or otherwise in a timely manner, to enable MGP to perform the Services in a timely
and professional manner; including: 

  

	 	(1)	prompt and full disclosure of all matters which may be material for disclosure to Companies House; and 

  

	 	(2)	prompt notification of any event or circumstances which may be potentially required to be notified to Companies House. 

  

	 	(D)	MF Global to provide prompt instructions, answers and approvals (as relevant) with respect to any questions or decisions identified by MGP as requiring attention to enable MGP to
perform its functions and responsibilities in accordance with the TSA. 

  

 - 27 -

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