Document:

Exhibit 10.3

                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

         AGREEMENT dated March 1, 2007, but effective as of December 31, 2006,
by and between MONEY CENTERS OF AMERICA, INC., a Delaware corporation with
offices 700 South Henderson Road, Suite 325, King of Prussia, PA 19406 (the
"Company"), and Jason P. Walsh, an individual presently residing at 2 Charles
Street, Malvern, PA 19355 ("Executive").

                              W I T N E S S E T H:
                            - - - - - - - - - - - - -

         WHEREAS, Executive has been employed by the Company under an Employment
Agreement dated June 14, 2005; and

         WHEREAS, the Company and Executive have agreed to amend and restate the
June 14, 2005 Employment Agreement to reflect the terms and conditions set forth
herein.

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants set forth herein, the parties hereto, intending to be legally bound,
agree as follows:

               1. Definitions. The following terms, when capitalized herein,
               shall have the meanings set forth in this Section 1:

               (a) "Change in Control" of the Company shall mean that any of the
               following has occurred: (1) any "person" (as such term is used in
               Sections 13(d) and 14(d)(2) of the Securities Exchange Act of
               1934, as amended (the "Exchange Act")) who did not own more than
               ten percent (10%) of the issued and outstanding shares of the
               capital stock of the Company on the date of this Agreement shall,
               together with his, her or its "Affiliates" and "Associates" (as
               such terms are defined in Rule 12b-2 promulgated under the
               Exchange Act), become the "Beneficial Owner" (as such term is
               defined in Rule 13d-3 promulgated under the Exchange Act),
               directly or indirectly, of securities of the Company representing
               fifty percent 50% or more of the combined voting power of the
               Company's then outstanding securities (any such person being
               hereinafter referred to as an "Acquiring Person"); (2) the
               "Continuing Directors" shall cease to constitute a majority of
               the Board ("Continuing Director" shall mean any person who is a
               member of the Board, while such person is a member of the Board,
               who is not an Acquiring Person, an Affiliate or Associate of an
               Acquiring Person or a representative of an Acquiring Person or of
               any such Affiliate or Associate and who (A) was a member of the
               Board on the date hereof or (B) subsequently became a member of
               the Board, upon the nomination or recommendation, or with the
               approval of, a majority of the Continuing Directors); or (3)
               there should occur (A) any consolidation or merger involving the
               Company and the Company shall not be the continuing or surviving
               corporation or the shares of the Company's capital stock shall be
               converted into cash, securities or other property; provided,
               however, that this subclause (A) shall not apply to any merger or
               consolidation in which (I) the Company is the surviving
               corporation and (II) the shareholders of the Company immediately
               prior to the transaction have the same proportionate ownership of
               the capital stock of the surviving corporation immediately after
               the transaction; (B) any sale, lease, exchange or other transfer
               (in one transaction or a series of related transactions) of all
               or substantially all of the assets of the Company; or (C) any
               liquidation or dissolution of the Company.

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               (b) Executive: Jason P. Walsh.

               (c) ERISA: The Executive Retirement Income Security Act of 1974,
               as amended.

               (d) Good Cause: (i) The commission by Executive of an act or
               course of conduct constituting fraud or dishonesty, or actions or
               failures to act constituting gross negligence or willful neglect
               of duties by Executive in the performance of his duties
               hereunder, as to the Company or its affiliated companies or his
               employment hereunder, including without limitation any breach of
               the Company's Code of Ethics, (ii) conviction of, or entry of a
               plea of guilty or nolo contendere to charges of, any felony or
               other crime which has or may have a material adverse effect on
               Executive's ability to carry out his duties under this Agreement
               or on the reputation or business activities of the Company, or
               any crime involving moral turpitude or dishonesty, whether or not
               such crime relates to the Company or its affiliated companies or
               his employment hereunder, or (iii) Executive's failure to comply
               with a lawful, reasonable, material directive or policy of the
               Company known by or communicated to him or otherwise to comply
               with this Agreement in any material respect, if Executive does
               not take action toward curing the failure within ten (10) days,
               or if such failure is not cured within thirty (30) days, after
               receipt by him of written notice of such breach containing
               reasonable details concerning the nature of the breach; or (iv)
               the commission by Executive of actions that are contrary to the
               best interests of the Company or its subsidiaries and which would
               be reasonably expected to have a material adverse effect on the
               Company or its subsidiaries, if Executive does not take action
               toward curing such actions within ten (10) days, or if such
               actions are not cured within thirty (30) days, after receipt by
               him of written notice thereof containing reasonable details
               concerning the nature of the action.

               (e) Termination with Good Reason: Termination by Executive of his
               employment with the Company by written notice to the Company
               stating that the Company has committed a material breach of this
               Agreement or has failed to maintain a Directors' and Officers'
               Insurance Policy of at least $1,000,000 covering Executive (and
               providing details of such breach or failure sufficient to permit
               the Company to determine the nature thereof) and that Executive's
               employment is terminated effective thirty (30) days following
               receipt by the Company of Executive's notice unless such breach
               has been cured prior to the end of such thirty (30) day period.

               (f) Term of this Agreement: The period of time commencing with
               the day and year first above written and ending on the date on
               which this Agreement (other than the paragraphs 9 through 11 and
               14) terminates pursuant to Section 3 hereof.

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               2. Employment. The Company hereby employs Executive as Chief
               Financial Officer and Chief Operating Officer, and/or in such
               other capacities and with such other titles consistent with such
               offices as the Company's Chief Executive Officer shall from time
               to time reasonably determine, and Executive hereby accepts such
               employment, upon the terms and conditions set forth herein.
               Notwithstanding the foregoing, the Company may appoint a Chief
               Financial Officer having credentials and/or experience materially
               superior to those of Executive, in which case Executive shall
               retain the title of Vice President - Finance, and the provisions
               of this Section shall be interpreted by reference to that title.

               3. Term. Except as set forth below, the Term of this Agreement
               will begin on the Effective Date and shall terminate on the
               earlier of (i) Executive's death, (ii) that date specified in a
               notice by the Company to Executive of the Company's termination
               of Executive's employment, which date shall be no earlier than
               thirty (30) days following the date Executive receives such
               notice, or (ii) that date specified in a notice by Executive to
               the Company of Executive's termination of his employment (which
               date shall be no earlier than thirty (30) days following the date
               the Company receives such notice, provided that upon receipt of
               such notice the Company may elect to accelerate the effective
               date of Executive's termination set forth therein to such earlier
               date, not earlier than the date of the notice, selected by the
               Company). Notwithstanding the foregoing, each of Sections 9
               through 11 and 14 hereof shall continue in full force and effect
               until the expiration (if any) thereof as set forth therein.

               4. Basic Compensation. Executive shall receive an annual salary
               of not less than One Hundred and Seventy Thousand Dollars
               ($170,000). Such annual salary will be payable in periodic
               installments consistent with the Company's general payroll
               practice, which will initially provide for semi-monthly payments.
               Executive's annual salary shall be subject to no less than annual
               review and adjustment by the Company's Board of Directors, but
               shall in no event be less than One Hundred and Seventy Thousand
               Dollars ($170,000) per year.

               5. [Omitted]

               6. Stock Options. Simultaneously with the execution of this
               Agreement, the Company is granting Executive options (the
               "Options") to purchase Five Hundred Thousand (500,000) shares of
               the Company's Common Stock with an exercise price of $0.38 per
               share. The Options will have a term of ten (10) years and be
               exercisable as follows: (a) Two Hundred Fifty Thousand (250,000)
               Options shall be exercisable immediately on July 1, 2007; and (b)
               Two Hundred Fifty Thousand (250,000) Options shall be exercisable
               on December 31, 2007, in each case provided that Executive is
               employed by the Company on the date in question. Notwithstanding
               the foregoing, all options shall be exercisable following a
               Change in Control. These stock options will be issued under an
               award agreement in the form attached as Exhibit "A" hereto
               pursuant to the Amended and Restated 2003 Stock Incentive Plan
               and will be registered on an S-8 Registration Statement filed
               with the Securities and Exchange Commission.

               7. Basic Fringe Benefits. During the term of this Agreement,
               Executive will participate (or be entitled to participate) in the
               health insurance, dental insurance, retirement, group life
               insurance, long-term disability insurance and other benefits
               plans maintained by the Company for the benefit of its employees
               generally, as such benefit plans are in effect from time to time.
               Executive also shall be entitled to reimbursement of his
               reasonable business expenses from time to time in accordance with
               the Company's general policy. Reasonable business expenses shall
               include, but not be limited to, all fees and expenses for
               continuing professional education courses and all fees and
               expenses incurred to maintain Executive's active status as a
               certified public accountant in the Commonwealth of Pennsylvania.
               Executive agrees to maintain (and periodically submit to
               appropriate personnel) such records and logs as may be required
               by the Company with respect to such expense reimbursement. During
               the Term of this Agreement, Executive shall be entitled to paid
               vacation in accordance with the Company's general personnel
               policies from time to time in effect.

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               8. Extent and Nature of Services. Executive shall perform in the
               capacities described in Section 2 as directed by the Chief
               Executive Officer of the Company, and in so doing shall follow
               all lawful directives of the Company's Chief Executive Officer.
               Executive shall devote his time, attention, and energies to the
               business of the Company, provided that, throughout the Term,
               Executive shall expressly be permitted to actively pursue real
               estate investment ventures for business and investment purposes,
               through his ownership and operation of Home Cash Direct, LLC,
               uSell Acquisitions, Inc., Sound Investment Holdings, LLC or
               otherwise, and shall be permitted to invest his assets in any
               form or manner as he chooses and shall be permitted to perform
               civic or charitable service; but only so long as any such other
               activities, investments or service do not pose a conflict of
               interest with regard to his duties to the Company, its
               subsidiaries or affiliates and do not interfere with his
               performance of his duties hereunder. Executive will be furnished
               with facilities and services commensurate with his position and
               adequate for the performance of his duties.

               9. Ownership and Disclosure of Information.

               (a) Executive agrees that all Information (defined below) is
               owned solely and absolutely by the Company; that Executive shall
               have no right, title and interest in and to the Information; and
               that Executive hereby irrevocably and absolutely assigns to the
               Company any such rights, including any and all patent, trademark
               or copyright rights, and any and all rights to Information not
               yet developed. "Information" shall mean all documentation,
               know-how and information relating to the Company's past, present
               and future business which is unique to the Company, including
               without limitation (i) specifications, information and know-how,
               software (including, without limitation, the underlying concept
               and production methodology of software, source code, object code
               and documentation relating thereto), together with any upgrades,
               revisions, modifications and any related materials, flowcharts,
               problem reports, bug reports, and data dictionaries, (ii)
               business methods, (iii) marketing strategies and plans, (iv)
               financial information and/or projections, (v) operations manuals,
               (vi) bulletins, directories and memoranda, (vii) data bases,
               (viii) internal specifications and testing procedures, (ix) price
               and fee lists, (x) suppliers, clients and customers and materials
               relating to the Company's relationship with its suppliers,
               clients and customers; (xi) information provided to the Company
               by its clients and customers, (xii) medical records, (xiii) any
               other confidential information which is not generally known to
               the public, which if misused or disclosed, could have a
               reasonable possibility of adversely affecting the business of the
               Company, (xiv) any information provided to the Company under any
               obligation of confidentiality to a third party, and (xv)
               Developments (defined below).

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               (b) Executive acknowledges that the Company shall be the sole
               owner of all the results and proceeds of Executive's services
               hereunder, including but not limited to, all patents, patent
               applications, patent rights, formulas, copyrights, inventions,
               developments, discoveries, other improvements, data,
               documentation, drawings, charts, and other written, audio and/or
               visual materials directly relating to equipment, methods,
               products, processes, or programs used in connection with the
               Company's existing business as of the date of this Agreement
               (collectively, the "Developments") which Executive, alone or in
               conjunction with any other person, may conceive, make, acquire,
               acquire knowledge of, develop or create during the term of
               Executive's employment hereunder, free and clear of any claims by
               Executive (or any successor or assignee of him) of any kind or
               character whatsoever other than Executive's right to compensation
               hereunder. Executive acknowledges that all copyrightable
               Developments shall be considered works made for hire under the
               Federal Copyright Act. Executive hereby assigns and transfers his
               right, title and interest in and to all such Developments, and
               agrees that he shall, at the request of the Company, execute or
               cooperate with the Company in any patent applications, execute
               such assignments, certificates or other instruments, and do any
               and all other acts, as the Board of Directors of the Company from
               time to time reasonably deems necessary or desirable to evidence,
               establish, maintain, perfect, protect, enforce or defend the
               Company's right, title and interest in or to any such
               Developments.

               (c) Executive agrees and covenants that he shall promptly
               disclose to the Company, and shall not disclose to any other
               person, any and all Developments and Information developed by or
               otherwise in the possession of Executive which would be useful to
               the operations of the Company, all of which shall constitute
               Information owned by the Company and subject to the terms of this
               Agreement whether or not it has been disclosed to the Company.

               10. Nondisclosure.

               (a) Executive acknowledges that the Company possesses, and the
               Information constitutes, distinctive methods and techniques of
               doing business and that such methods and techniques are
               considered confidential and trade secrets. Executive further
               recognizes that disclosure of the Information, or of any
               proprietary information provided to the Company by any client or
               customer of the Company (referred to herein together with the
               Information as "Confidential Information") would result in
               substantial injury to the Company. Executive hereby agrees that
               he will not copy, or remove from premises authorized by the
               Company, any Confidential Information or other material related
               to the operations of the Company or its clients or customers and
               all such items shall remain at all times the sole property of the
               Company or such clients or customers. Executive shall not at any
               time directly or indirectly disclose any Confidential Information
               to any person not directly affiliated with the Company. Executive
               agrees that he shall not use, either directly or indirectly, at
               any time, any Confidential Information other than in furtherance
               of the interests of the Company. Executive further agrees that
               the material disclosure or use of Information by a spouse or
               member of the immediate family of Executive (whether or not
               residing with Executive), or by any entity of which Executive or
               any such family member is a proprietor, equity owner, creditor or
               otherwise significant participant, shall be deemed a violation of
               this Agreement. Upon termination of his employment, Executive
               will promptly deliver to the Company all tangible materials and
               objects containing Information (including all copies thereof,
               whether prepared by Executive or others) which he may possess or
               have under his control, and all Confidential Information in
               computer memory, regardless of format, shall be erased and
               Executive shall certify such erasure to the Company in writing.

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               (b) Confidential Information shall not include information which
               (a) was or becomes generally available to the public other than
               as a result of disclosure by Executive to the public or any third
               party in violation of this Agreement, (b) is required to be
               disclosed by Executive by a governmental agency, court or law, so
               long as Executive provides the disclosing party with written
               notice of the required disclosure promptly upon receipt of notice
               of the required disclosure, or (c) is deemed in writing by the
               Company no longer to be Confidential Information.

               11. Covenant Not to Compete.

               (a) For a period beginning with the termination of Executive's
               employment with the Company for any reason (except for
               termination by Executive for Good Reason, subsequent to which
               this Section 11 shall not apply), whether by Executive or by the
               Company, and continuing until the expiration of twelve (12)
               months from the date of termination, Executive covenants and
               agrees that he will not:

                    (i) directly or indirectly solicit, entice or induce any
                    client or customer of the Company or its affiliates to
                    become a client or customer of any other person, firm or
                    corporation with respect to services then provided by the
                    Company or its affiliates or any provider of services to
                    cease doing business with the Company or its affiliates, and
                    Executive shall not approach any such person, firm or
                    corporation for such purpose or authorize or knowingly
                    approve the taking of such actions by any other person; or

                    (ii) solicit, entice or induce any person who presently is
                    or at any time during the term hereof shall be an employee
                    or agent of the Company to become employed or retained by
                    any other person, firm or corporation or to leave their
                    employment or relationship with the Company, and Executive
                    shall not approach any such employee for such purpose or
                    authorize or knowingly approve the taking of such actions by
                    any other person, or do any other act that may result in the
                    impairment of the relationship between any such employee or
                    agent and the Company. The foregoing shall not apply to
                    William Brudeki, Nicole Sosalski or any employee who has
                    been terminated by the Company.

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For purposes of this Section 11, Executive will be deemed to be directly or
indirectly engaged in such business or line of business if he is engaged, or if
he is actively negotiating or preparing to engage, in an endeavor or enterprise
as a proprietor, partner, joint venturer, stockholder, director, officer, lender
or other provider of financial assistance, manager, employee, consultant, or
agent, or if he otherwise controls such endeavor or enterprise. Nothing in the
foregoing shall prohibit Executive from engaging in any business that is not in
competition with the Company or its affiliates after termination of employment
with the Company, or investing in the securities of any corporation having
securities listed on a national securities exchange, provided that such
investment does not exceed 5% of any class of securities of any corporation
engaged in business in competition with the Company or its affiliates, and
provided that such ownership represents a passive investment and that neither
Executive nor any group of persons including him, in any way, either directly or
indirectly, manages or exercises control of any such corporation, guarantees any
of its financial obligations, otherwise takes any part in its business, other
than exercising his rights as a shareholder, or seeks to do any of the
foregoing.

               (b) Executive represents (i) that his experience and capabilities
               are such that the restrictions contained herein will not prevent
               him from obtaining employment or otherwise earning a living at
               the same general economic benefit as reasonably required by him
               and (ii) that he has, prior to the execution of this Agreement,
               reviewed this Agreement thoroughly with his legal counsel or has
               knowingly waived the opportunity to do so.

               (c) Executive acknowledges that the restrictions contained in
               Sections 9, 10 and 11 are reasonable and necessary to protect the
               legitimate business interests of the Company and that the Company
               would not have entered into this Agreement in the absence of such
               restrictions. By reason of the foregoing, Executive agrees that
               if he violates any of the provisions of Sections 9, 10 or 11, the
               Company would sustain irreparable harm and, therefore,
               irrevocably and unconditionally (i) agrees that in addition to
               any other remedies which the Company may have under this
               Agreement or otherwise, all of which remedies shall be
               cumulative, the Company shall be entitled to apply to any court
               of competent jurisdiction for preliminary and permanent
               injunctive relief and other equitable relief, (ii) that such
               relief and any other claim by the Company pursuant hereto may be
               brought in the United States District Court for the Eastern
               District of Pennsylvania, or if such court does not have subject
               matter jurisdiction or will not accept jurisdiction, in any court
               of general jurisdiction in the Commonwealth of Pennsylvania;
               (iii) consents to the non-exclusive jurisdiction of any such
               court in any such suit, action or proceeding, and (iv) waives any
               objection which Executive may have to the laying of venue of any
               such suit, action or proceeding in any such court. Executive also
               irrevocably and unconditionally consents to the service of any
               process, pleadings, notices or other papers in a manner permitted
               by the notice provisions hereof. In the event that any of the
               provisions of Sections 9, 10 or 11 hereof should ever be
               adjudicated to exceed the time, geographic, product or service,
               or other limitations permitted by applicable law in any
               jurisdiction, then such provisions shall be deemed reformed in
               such jurisdiction to the maximum time, geographic, product or
               service, other limitations permitted by applicable law.

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               (d) Executive agrees that the Company may provide a copy of
               Sections 9, 10 and 11 to any business or enterprise (i) which
               Executive may directly or indirectly own, manage, operate,
               finance, join, control or participate in the ownership,
               management, operation, financing, or control of, or (ii) with
               which he may be connected as an officer, director, employee,
               partner, principal, agent, representative, consultant or
               otherwise, or in connection with which he may use his name or
               permit his name to be used; provided, however, that this
               provision shall not apply as to Subsection (a) after expiration
               of the time periods set forth therein or with respect to any
               activities, entities or persons excluded by the terms hereof.
               Executive will provide the names and addresses of any of such
               persons or entities as the Company may from time to time
               reasonably request.

               (e) In the event of any breach or violation of the restriction
               contained in Subsection (a) above, the period therein specified
               shall abate during the time of any violation thereof and that
               portion remaining at the time of commencement of any violation
               shall not begin to run until such violation has been fully and
               finally cured.

               (f) In the event any court of competent jurisdiction determines
               that any of the foregoing provisions is unreasonable or contrary
               to law with respect to their time or geographic restriction, or
               both, the parties hereto authorize such court to substitute such
               restrictions as it deems appropriate without invalidating this
               Section 11 or this Agreement.

               (g) Executive hereby acknowledges and agrees that the Company's
               agreement to enter into this Agreement on the terms and
               conditions set forth herein, and the basic compensation, annual
               bonus and severance benefits, if any, to be paid to him
               hereunder, individually constitutes good and valuable
               consideration for the covenant set forth in Subsection (a) above.

               12. Early Termination. In the event that Executive's employment
               by the Company is terminated, Executive shall be entitled to
               compensation and benefits as described in this Section 12.

               (a) In the event the Company terminates Executive's employment
               without Good Cause, or Executive effects a Termination with Good
               Reason, all unvested Options held by Executive shall
               automatically vest, and Executive will be entitled to payment of
               accrued but unused vacation time through the termination date,
               but Executive will have no further rights to compensation for any
               period following the date of termination.

               (b) In the event the Company terminates Executive's employment
               without Good Cause, or of Executive's voluntary resignation,
               within six (6) months following a Change in Control, then the
               Company shall pay to Executive an amount equal to one (1) year's
               annual salary, payable in accordance with the Company's normal
               payroll practices.

               (c) In the event the Company terminates Executive's employment
               for Good Cause, then Executive will be entitled to no further
               benefits under this Agreement, other than as described in
               Subsection (e) below, and all rights of Executive to compensation
               for any period following the date of termination shall terminate.

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               (d) In the event of Executive's voluntary termination, other than
               for Good Reason or as described in Subsection (b) above, or
               termination upon death then Executive will be entitled to no
               further benefits under this Agreement, other than as described in
               Subsection (e) below, and all rights of Executive to compensation
               for any period following the date of termination shall terminate.

               (e) Upon termination of his employment, Executive shall be
               entitled to any specified benefits to which he may be entitled
               under any pension, insurance or welfare benefit plan of the
               Company pursuant to the terms thereof, and to no other benefits
               except as set forth above.

               (f) The parties acknowledge that any severance benefits payable
               to Executive under this Section 12 are a separately negotiated
               benefit and are not intended to create a benefit plan or program
               subject to ERISA.

               13. Arbitration. To the extent permitted by applicable law, any
               controversy or dispute arising out of, or relating to, this
               Agreement, or any alleged breach hereof, shall be settled
               exclusively by arbitration in Philadelphia, Pennsylvania, in
               accordance with the Commercial Arbitration Rules of the American
               Arbitration Association then in effect, by an arbitration panel
               of three (3) individuals acceptable to the parties hereto. In the
               event that the parties cannot agree on three arbitrators within
               twenty (20) days following receipt by one party of a demand for
               arbitration from another party, then Executive and the Company
               each shall designate one arbitrator and the two arbitrators
               selected shall select the third arbitrator. The arbitration panel
               so selected shall convene a hearing no later than thirty (30)
               days following selection of the panel. The arbitration aware
               shall be final and binding upon the parties, and judgment may be
               entered and execution issued thereon in the any court of
               competent jurisdiction. Each party shall be responsible for his,
               her or its own expenses and professionals' fees incurred in
               connection with any arbitration. This Paragraph shall not apply
               to disputes arising under Section 11(c).

14. Miscellaneous.

               (a) To the extent permitted by applicable law, the Company may
               exercise a right of offset at any time and from time to time
               against any amounts payable under this Agreement to the extent
               Executive is indebted to the Company or any of its affiliated
               companies.

               (b) Executive hereby authorizes the Company to withhold from any
               compensation payable hereunder, any amounts required to be
               withheld under any federal, state or local law as a result of the
               accrual by him of compensation during the term of this Agreement
               (or any prior agreement superseded hereby).

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               (c) Any notice required or permitted under this Agreement shall
               be sufficient if it is in writing and shall be deemed given at
               the time sent by certified mail, postage prepaid, with return
               receipt requested, addressed as follows:

                  If to Executive:

                           Jason P. Walsh
                           2 Charles Street
                           Malvern, PA 19355

                  With a copy to:

                            Robert C. Nagle, Esquire
                           Saul Ewing LLP
                           Centre Square West
                         1500 Market Street, 38th Floor
                             Philadelphia, PA 19102

                  If to the Company:

                         Money Centers of America, Inc.
                           700 South Henderson Road, Suite 325
                            King of Prussia, PA 19406
                              Attention: President

                  With a copy to:

                           Lawrence D. Rovin, Esquire
                           Klehr, Harrison, Harvey, Branzburg & Ellers LLP
                           260 S. Broad Street
                             Philadelphia, PA 19102

Changes in the names and addresses may be effected at any time and from time to
time by notice similarly given.

               (d) Failure by either party to this Agreement at any time or
               times hereafter to require strict performance by the other party
               of any of the provisions, terms, and conditions contained in this
               Agreement shall not waive, affect, or diminish any right of the
               first party at any time or times thereafter to demand strict
               performance therewith and with respect to any other provisions,
               terms, or conditions contained in this Agreement. Any waiver of
               such provision, term, or condition shall not waive or affect any
               other failure to perform a provision, term, or condition of this
               Agreement, whether prior or subsequent thereto, and whether of
               the same or a different type. None of the provisions, terms, or
               conditions of this Agreement shall be deemed to have been waived
               by any act or knowledge of a party hereto except by an instrument
               in writing signed by that party and directed to the other party
               specifying such waiver.

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               (e) The invalidity or unenforceability of any provision of this
               Agreement shall in no event affect the validity or enforceability
               of any other provision.

               (f) The provisions of this Agreement shall be binding upon, and
               shall inure to the benefit of, the parties hereto, the successors
               of the Company, and the heirs and assigns of Executive. There are
               no third party beneficiaries of this Agreement.

               (g) This Agreement and all exhibits hereto embody the entire
               agreement between the parties with respect to the subject matter
               hereof, and supersedes all prior agreements, contracts or
               understandings with respect thereto.

               (h) Wherever any words are used herein in the singular form, they
               shall be construed as though they were used in the plural form,
               as the context requires; and vice versa.

               (i) All captions appearing in this Agreement are inserted for
               convenience of reference only. They constitute no part of this
               Agreement and are not to be considered in the construction
               hereof.

               (j) This Agreement may be executed in any number of counterparts,
               each of which will be deemed one and the same instrument which
               may be sufficiently evidenced by any one counterpart.

               (k) Except to the extent preempted by federal law, the provisions
               of this Agreement are to be construed, administered and enforced
               in accordance with the domestic internal law (but not the law of
               conflict of laws) of the Commonwealth of Pennsylvania.

                                       11

<PAGE>

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

                         MONEY CENTERS OF AMERICA, INC.

                         By:      /s/ Christopher M. Wolfington
                                  ------------------------------------
                                  Christopher M. Wolfington, President

                                  /s/  Jason P. Walsh
                                 --------------------------
                                 Jason P. Walsh

                                       12Form 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.

  

 - 1 - 

 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 

  

 - 2 - 

	 	(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; 
  

 - 3 - 

 “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;

  

 - 4 - 

 “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; 
  

 - 5 - 

 “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; 

  

 - 6 - 

	 	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). 

  

 - 8 - 

	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 

  

 - 9 - 

	 	 
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. 

  

 - 10 - 

	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 [***] by reference to the previous year’s pricing.

  

	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);

  

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	 	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 -

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