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Exhibit 10.20    
    

EXECUTION COPY

 
 

MANAGEMENT AGREEMENT    
    

        This Management Agreement (this "Agreement") is entered into as of the 5th day of August, by and between New Refco
Group Ltd., LLC, a Delaware limited liability company (the "Company"), Refco Group Ltd., LLC, a Delaware limited liability company
("Refco"), and THL Managers V, LLC, a Delaware limited liability company (the "Sponsor"). 

        WHEREAS,
certain affiliates of Thomas H. Lee Partners, L.P. ("THL") and certain other parties have made an equity investment in the
Company pursuant to the transactions contemplated by that certain Equity Purchase and Merger Agreement, dated as of June 8, 2004, as amended by that certain First Amendment to Equity Purchase
and Merger Agreement, dated as of July 9, 2004, by and among the Company, Refco, Refco Group Holdings, Inc., a Delaware corporation, and THL Refco Acquisition Partners, a Delaware
general partnership (as amended, the "Purchase Agreement"). 

        WHEREAS,
the Company is the sole owner of Refco. 

        WHEREAS,
the Sponsor has staff specifically skilled in corporate finance, strategic corporate planning, and other management skills and advisory services. 

        WHEREAS,
the Company will require the Sponsor's special skills and management advisory services in connection with its business operations and execution of its strategic plan. 

        WHEREAS,
the Sponsor is willing to provide such skills and services to the Company. 

        NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound, hereby agree as follows: 

        1.    Services.    The Sponsor hereby agrees that if, during the term of this Agreement (the
"Term"), the Company or Refco reasonably and specifically requests that the Sponsor provide the services set forth below and the Sponsor agrees to
provide such services, the Sponsor or one of its affiliates will provide the following services to the Company and its subsidiaries: 

        (a)   advice
in connection with the negotiation and consummation of agreements, contracts, documents and instruments related to the Company's or any of its subsidiaries'
finances or relationships with banks or other financial institutions; or 

        (b)   advice
with respect to the development and implementation of strategies for improving the operating, marketing and financial performance of the Company and, and other
senior management matters related to the business, administration and policies of the Company and its subsidiaries. 

        The
parties hereto expressly acknowledge that the services to be performed hereunder by the Sponsor shall not include investment banking or other financial advisory services rendered by
Sponsor or its affiliates to the Company or any of its subsidiaries in connection with any specific acquisition, divestiture, refinancing or recapitalization by the Company or any of its subsidiaries.
This Agreement shall in no way prohibit the Sponsor or any of its affiliates or any of their respective partners (both general and limited), members (both managing and otherwise), officers, directors,
employees, agents or representatives from engaging in other activities, whether or not competitive with any business of the Company or any of its affiliates. 

        2.    Payment of Fees.    In exchange for the Sponsor's arrangement of the equity financing and agreement to provide
the services set forth herein, Refco and the Company hereby agree to pay to the Sponsor (or its designee) the following fees: 

        (a)   a
transaction fee in connection with the transactions contemplated in the Purchase Agreement payable at the Closing (as defined in the Purchase Agreement) of
$30,000,000; and 

 

        (b)   a
management fee (the "Fee") equal to the greater of (i) $2,500,000 per year or (ii) 1% of EBITDA (as
defined in the Securityholders Agreement of even date herewith among the Company and the securityholders of the Company described therein) before deducting the Fee payable pursuant to this  Section 2(b) ("Adjusted EBITDA"), commencing at the Closing. The Fee shall be payable
semi-annually in advance (based on the prior year's Adjusted EBITDA) on March 2nd and September 2nd of each year, with an adjustment of the Fee for any fiscal year payable
promptly following the determination of Adjusted EBITDA for such fiscal year or on termination of this Agreement. The first installment of the Fee shall be payable at the Closing. The initial Fee
shall be for the period through March 2, 2005 and shall include a pro rata portion of the 2005 fiscal year based on the number of days in the 2005 fiscal year following the Closing. All
references to "per annum" or "annual" herein refer to the fiscal year of the Company. 

        Each
payment made pursuant to this Section 2 shall be paid by wire transfer of immediately available funds to the accounts
specified on Exhibit A attached hereto, or to such other account(s) as the Sponsor may specify in writing to Refco. 

        3.    Term.    This Agreement shall be effective as of the date hereof and shall continue in full force and effect,
unless and until (a) terminated by the Sponsor, (b) terminated automatically on the date which the Sponsor and its affiliates no longer beneficially own at least twenty-five
percent (25%) of the equity securities of the Company, or (c) terminated by the Sponsor upon the consummation of any public offering of the equity securities of the Company or any successor
entity. Upon any termination of this Agreement, each of (A) the obligations of the Company under Section 4 below, (B) any and all
owed and unpaid obligations of the Company under Section 2 above and (C) the provisions of  Section 7 shall survive any termination of this
Agreement to the maximum extent permitted under applicable law. In the event that the Sponsor
terminates this Agreement in accordance with clause (c) above of this Section 3, Refco and the Company agree to pay the Sponsor a cash
lump-sum termination fee equal to the net present value of the fees that would have been payable to such Sponsor (but for the termination hereof) pursuant to  Section 2(b) hereof for a period of
five (5) years from the date of such termination calculated using the Fee paid for the fiscal year
ended prior to such termination and a discount rate equal to the ten-year treasury rate on the date of such termination. Such termination fee shall be payable by wire transfer of
immediately available funds within ten (10) days after the date of termination to the account specified on Exhibit A attached hereto, or
to such other account(s) as the Sponsor may specify in writing to Refco. As used herein, the term "Person" shall be construed in the broadest sense and
means and includes a natural person, a partnership, a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and any
other entity and any federal, state, municipal, foreign or other government, governmental department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal. 

        4.    Expenses; Indemnification.    

        (a)    Expenses.    In addition to the fees set forth in  Section 2 hereof, Refco and the Company agree to pay on demand all
reasonable costs and expenses incurred by the Sponsor and its affiliates or
any of them in connection with this Agreement and in connection with performing services hereunder including but not limited to air travel charged at charter equivalent rates, legal, consulting, out
of pocket and other expenses, including but not limited to the fees and disbursements of Weil, Gotshal & Manges LLP, counsel to the Sponsor, and any other consultants or advisors retained by
the Sponsor or its respective counsel arising in connection therewith, including but not limited to the preparation, negotiation and execution of this Agreement and the performance of services
hereunder (including, without limitation, fees and expenses of independent professionals, research, transportation and per diem costs). 

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        (b)    Indemnity and Liability.    Refco and the Company will indemnify and hold harmless the Sponsor, its affiliates
and their respective partners (both general and limited), members (both managing and otherwise), officers, directors, employees, agents and representatives (each such Person being an
"Indemnified Party") from and against any and all losses, claims, damages and liabilities, whether joint or several, expenses of any nature (including
reasonable attorneys' fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal,
administrative, arbitral or investigative, in which an Indemnified Party was involved or may be involved, or threatened to be involved, as a party or otherwise (the
"Liabilities"), related to, arising out of or in connection with the advisory and consulting services contemplated by this Agreement or the engagement
of the Sponsor pursuant to, and the performance by the Sponsor of the services contemplated by, this Agreement, and any other action taken by an Indemnified Party on behalf of the Company in
connection with this Agreement, whether or not pending or threatened, whether or not resulting in any liability and whether or not such action, claim, suit, investigation or proceeding is initiated or
brought by the Company, provided that the Indemnified Party acted in good faith and in the best interests of the Company, and provided further that any such losses, claims, damages, liabilities,
judgments, fines, or settlements did not result from the Indemnified Party's willful misconduct or gross negligence. Refco and the Company will reimburse any Indemnified Party for all reasonable costs
and expenses (including reasonable attorneys' fees and expenses) as they are incurred in connection with investigating, preparing, pursuing, defending or assisting in the defense of any action, claim,
suit, investigation or proceeding for which the Indemnified Party would be entitled to indemnification under the terms of the previous sentence, or any action or proceeding arising therefrom, whether
or not such Indemnified Party is a party thereto, provided, that subject to the following sentence, the Company shall be entitled to assume the defense
thereof at its own expense, with counsel satisfactory to such Indemnified Party in its reasonable judgment. Any Indemnified Party may, at its own expense, retain separate counsel to participate in
such defense; provided, however, that with respect to any action, claim, suit, investigation or
proceeding in which both the Company and/or one or more of its subsidiaries, on the one hand, and an Indemnified Party, on the other hand, is, or is reasonably likely to become, a party, such
Indemnified Party shall have the right to employ separate counsel at the expense of Refco and the Company and to control its own defense of such action, claim, suit, investigation or proceeding if, in
the reasonable opinion of counsel to such Indemnified Party, a conflict or potential conflict exists between the Company, on the one hand, and such Indemnified Party, on the other hand, that would
make such separate representation advisable; provided, however, that Refco and the Company shall not be
required to pay the fees of more than one separate counsel for such Indemnified Parties in any jurisdiction in any single action or proceeding. The Company agrees that it will not, without the prior
written consent of the applicable Indemnified Party, settle, compromise or consent to the entry of any judgment in any pending or threatened claim, suit, investigation, action or proceeding relating
to the matters contemplated hereby (if any Indemnified Party is a party thereto or has been threatened to be made a party thereto) unless such settlement, compromise or consent includes an
unconditional release of the applicable Indemnified Party and each other Indemnified Party from all liability arising or that may arise out of such claim, suit, investigation, action or proceeding.
Provided the Company is not in breach of its indemnification obligations hereunder, no Indemnified Party shall settle or compromise any claim subject to indemnification hereunder without the consent
of the Company. Neither Refco or the Company will be liable under the foregoing indemnification provision with respect to any Indemnified Party, to the extent that any loss, claim, damage, liability,
cost or expense is determined by a court, in a final judgment from which no further appeal may be taken, to have resulted primarily from the gross negligence or willful misconduct by an Indemnified
Party. If an Indemnified Party is reimbursed hereunder for any expenses, such reimbursement of expenses shall be refunded to the extent it is finally judicially 

3

 

determined
that the Liabilities in question resulted from the gross negligence or willful misconduct of
such Indemnified Party. 

        Refco
and the Company agree that if any indemnification sought by any Indemnified Party pursuant to this Section 4 is unavailable
for any reason or is insufficient to hold the Indemnified Party harmless against any Liabilities referred to herein, then Refco and the Company shall contribute to the Liabilities for which such
indemnification is held unavailable or insufficient in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Indemnified Party, on the
other hand, in connection with the transactions which gave rise to such Liabilities or, if such allocation is not permitted by applicable law, not only such relative benefits but also the relative
faults of the Company, on the one hand, and the Indemnified Party, on the other hand, as well as any other equitable considerations, subject to the limitation that in any event the aggregate
contribution by the Indemnified Parties to all Liabilities with respect to which contribution is available hereunder shall not exceed the fees actually received by the Indemnified Parties hereunder. 

        5.    Assignment, etc.    Except as provided below, none of the Sponsor, the Company or Refco shall have the right to
assign this Agreement. The Sponsor acknowledges that its services under this Agreement are unique. Accordingly, any purported assignment by the Sponsor shall be void. Notwithstanding the foregoing,
the Sponsor may assign all or part of its rights and obligations hereunder to any affiliate of such Sponsor which provides services similar to those called for by this Agreement. 

        6.    Amendments and Waivers.    No amendment or waiver of any term, provision or condition of this Agreement shall be
effective, unless in writing and executed by the Sponsor, the Company and Refco. No waiver on any one occasion shall extend to or effect or be construed as a waiver of any right or remedy on any
future occasion. No course of dealing of any Person nor any delay or omission in exercising any right or remedy shall constitute an amendment of this Agreement or a waiver of any right or remedy of
any party hereto. 

        7.    Miscellaneous.    

        (a)    Choice of Law.    This Agreement shall be governed by and construed in accordance with the domestic substantive
laws of the State of New York without giving effect to any choice or conflict of law provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

        (b)    Consent to Jurisdiction.    Each of the parties agrees that all actions, suits or proceedings arising out of or
based upon this Agreement or the subject matter hereof shall be brought and maintained exclusively in the federal and state courts of the State of New York located in the Borough of Manhattan, City of
New York. Each of the parties hereto by execution hereof (i) hereby irrevocably submits to the jurisdiction of the federal and state courts in the State of New York located in the Borough of
Manhattan, City of New York, for the purpose of any action, suit or proceeding arising out of or based upon this Agreement or the subject matter hereof and (ii) hereby waives to the extent not
prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, suit or proceeding, any claim that it is not subject personally to the
jurisdiction of the above-named courts, that it is immune from extraterritorial injunctive relief or other injunctive relief, that its property is exempt or immune from attachment or execution, that
any such action, suit or proceeding may not be brought or maintained in one of the above-named courts, that any such action, suit or proceeding brought or maintained in one of the above-named courts
should be dismissed on grounds of forum non conveniens, should be transferred to any court other than one of the above-named courts, should be stayed by
virtue of the pendency of any other action, suit or proceeding in any court other than one of the above-named courts, or that this Agreement or the subject matter hereof may not be enforced in or by
any of the above-named courts. Each of the parties hereto hereby consents to 

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service
of process in any such suit, action or proceeding in any manner permitted by the laws of the State of New York, City of New York, agrees that service of process by registered or certified
mail, return receipt requested, at the address specified in or pursuant to Section 10 is reasonably calculated to give actual notice and waives
and agrees not to assert by way of motion, as a defense or otherwise, in any such action, suit or proceeding any claim that service of process made in accordance with  Section 10 does not constitute
good and sufficient service of process. The provisions of this  Section 7(b) shall not restrict the ability of any party to enforce in any court any judgment obtained hereunder. 

        (c)    Waiver of Jury Trial.    TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE
PARTIES HERETO HEREBY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT, OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND,
CAUSE OF ACTION, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT HEREOF, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT OR TORT OR
OTHERWISE. Each of the parties hereto acknowledges that it has been informed by each other party that the provisions of this Section 7(c)
constitute a material inducement upon which such party is relying and will rely in entering into this Agreement and the transactions contemplated hereby. Any of the parties hereto may file an original
counterpart or a copy of this Agreement with any court as written evidence of the consent of each of the parties hereto to the waiver of its right to trial by jury. 

        8.    Independent Contractor.    The parties agree and understand that the Sponsor is and shall act as an independent
contractor of the Company in the performance of its duties hereunder. The Sponsor is not, and in the performance of its duties hereunder will not hold itself out as, an employee, agent or partner of
the Company. 

        9.    Merger/Entire Agreement.    This Agreement contains the entire understanding of the parties with respect to the
subject matter hereof and supersedes any prior communication or agreement with respect thereto. 

        10.    Notice.    All notices, demands, and communications of any kind which any party may require or desire to serve
upon any other party under this Agreement shall be in writing and shall be served upon such other party and such other party's copied persons as specified below by personal delivery to the address set
forth for it below or to such other address as such party shall have specified by notice to each other party or by mailing a copy thereof by certified or registered mail, or by Federal Express or any
other reputable overnight courier service, postage prepaid, with return receipt requested, addressed to such party and copied persons at such addresses. In the case of service by personal delivery, it
shall be deemed complete on the first business day after the date of actual delivery to such address. In case of service by mail or by overnight courier, it shall be deemed complete, whether or not
received, on the third day after the date of mailing as shown by the registered or certified mail receipt or courier service receipt. Notwithstanding the foregoing, notice to any party or copied
Person of change of address shall be deemed complete only upon actual receipt by an officer or agent of such party or copied person. 

If
to the Company, to it at: 

New
Refco Group Ltd., LLC

One World Financial Center

200 Liberty Street

New York, NY 10281

Attention: Chief Executive Officer

Telecopier: (212) 693-7686 

5

 

If
to Refco, to it at: 

Refco
Group Ltd., LLC

One World Financial Center

200 Liberty Street

New York, NY 10281

Attention: Chief Executive Officer

Telecopier: (212) 693-7686 

If
to Sponsor, to it at: 

THL
Managers V, LLC

c/o Thomas H. Lee Partners, L.P.

100 Federal Street

Boston, MA 02110

Attention: Mr. Scott A. Schoen

                  Mr. Scott Jaeckel

                  Mr. George Taylor

Telecopier: (617) 227-3514 

with
a copy to: 

Weil,
Gotshal & Manges LLP

100 Federal Street

Boston, Massachusetts 02110

Attention: James Westra, Esq.

Telecopier: (617) 772-8333 

        11.    Severability.    If in any judicial or arbitral proceedings a court or arbitrator shall refuse to enforce any
provision of this Agreement, then such unenforceable provision shall be deemed eliminated from this Agreement for the purpose of such proceedings to the extent necessary to permit the remaining
provisions to be enforced. To the full extent, however, that the provisions of any applicable law may be waived, they are hereby waived to the end that this Agreement be deemed to be a valid and
binding agreement enforceable in accordance with its terms, and in the event that any provision hereof shall be found to be invalid or unenforceable, such provision shall be construed by limiting it
so as to be valid and enforceable to the maximum extent consistent with and possible under applicable law. 

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

        13.    Headings.    All descriptive headings in this Agreement are inserted for convenience only and shall be
disregarded in construing or applying any provision of this Agreement. 

        14.    Prevailing Party.    If any legal action or other proceedings is brought for a breach of this Agreement or any
of the warranties herein, the prevailing party shall be entitled to recover its reasonable attorneys' fees and other costs incurred in bringing such action or proceeding, in addition to any other
relief to which such party may be entitled. 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.] 

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        IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf as an instrument under seal as of the date first above written by its officer or
representative thereunto duly authorized. 

	 	 	NEW REFCO GROUP LTD., LLC
	

 	
 	

By:	
 	

/s/  PHILLIP BENNETT      
 Name: Phillip Bennett

Title: President
	

 	
 	

REFCO GROUP LTD., LLC
	

 	
 	

By:	
 	

/s/  PHILLIP BENNETT      
 Name: Phillip Bennett

Title: President
	

 	
 	

THL MANAGERS V, LLC
	

 	
 	

By:	
 	

Thomas H. Lee Partners, L.P., its

Managing Member
	

 	
 	

By:	
 	

THL Equity Advisors V, L.P., its

General Partner
	

 	
 	

By:	
 	

/s/  SCOTT A. SCHOEN      
 Name: Scott A. Schoen

Title: Managing Director

SIGNATURE
PAGE TO

MANAGEMENT AGREEMENT 

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Exhibit 10.20

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Exhibit 10.21    
    

ESCROW AGREEMENT  

        THIS
ESCROW AGREEMENT (as the same may be amended or modified from time to time and including any and all written instructions given to the "Escrow
Agent" (hereinafter defined) pursuant hereto, this "Escrow Agreement") is made and entered into as of August 5, 2004 by and
among New Refco Group Ltd., LLC, a Delaware limited liability company (the "Company"), Refco Group Holdings, Inc., a Delaware corporation
("RGHI"), and THL Refco Acquisition Partners ("THL", and together with the Company and RGHI, sometimes
referred to herein collectively as the "Other Parties"), and HSBC Bank USA, National Association, a national banking corporation in New York City, New
York County, New York (the "Bank"). 

W I T N E S S E T H:  

        WHEREAS, pursuant to that certain Equity Purchase and Merger Agreement (the "Purchase
Agreement"), dated as of June 8, 2004, as amended by that certain First Amendment to Equity Purchase and Merger Agreement, dated as of July 9, 2004, among THL, RGHI and the
other parties thereto, THL has agreed to acquire from RGHI, and RGHI has agreed to sell to THL, certain membership interests of Refco Group Ltd., LLC, which interests are thereafter being contributed
by THL to the Company in exchange for membership interests of the Company; 

        WHEREAS, pursuant to Section 2.3 of the Purchase Agreement, the Company shall deliver cash
equal to the Post Closing Earn-Out Escrow Amount (as defined in the Purchase Agreement) to the Escrow Agent at the closing of the transactions contemplated by the Purchase Agreement; 

        WHEREAS, it is a condition precedent to the closing of the transactions contemplated by the Purchase Agreement that the Company, THL, RGHI
and Bank execute and deliver this Escrow Agreement; 

        WHEREAS, unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to them in the Purchase
Agreement; and 

        NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements contained herein, the parties hereto hereby agree as
follows: 

        1.    Appointment of the Escrow Agent.    Each of the Company, THL and RGHI hereby appoints the Bank as the escrow
agent under this Escrow Agreement (the Bank in such capacity, the "Escrow Agent"), and the Escrow Agent hereby accepts such appointment. 

        2.    Funds.    In accordance with the terms of the Purchase Agreement, the Company shall deliver to the Escrow Agent
$36,370,751 constituting the Post Closing Earn-Out Escrow Amount (the "Funds") to be held by the Escrow Agent in a segregated escrow account in
accordance with the terms of the Purchase Agreement and the terms of 

        3.    this Escrow Agreement.    The Funds shall be allocated into six (6) separate accounts in the amounts set forth
on Schedule I hereto (each an "Earn-Out Account"). Subject to and in accordance with the terms and
conditions of this Escrow Agreement, the Escrow Agent agrees that it shall receive, hold in escrow, invest and reinvest, release and distribute the Funds. In no event shall the Escrow Agent receive,
hold in escrow, invest and reinvest, release or distribute the Funds except in accordance with this Escrow Agreement. 

        4.    Investment of the Funds.    Pending disbursement of the Funds in accordance with the terms of the Purchase
Agreement and this Escrow Agreement, the Escrow Agent shall invest and reinvest the Funds in Permitted Investments (as defined below). It is expressly agreed and understood by the parties hereto that
the Escrow Agent shall not in any way whatsoever be liable for losses on any investments, including, but not limited to, losses from market risks due to premature liquidation or resulting from other
actions taken pursuant to and consistent with this Escrow Agreement, except to the extent that 

 

such
losses are a result of the Escrow Agent's fraud, willful misconduct, gross negligence or breach of this Escrow Agreement. For purposes of this Escrow Agreement, "Permitted
Investments" shall mean (i) direct obligations of the U.S. government, obligations guaranteed by the U.S. government and money market funds that invest solely in direct
obligations of the U.S. government or in obligations guaranteed by the U.S. government or (ii) any other investment approved in writing by each of the Other Parties. Receipt, investment and
reinvestment of the Funds shall be confirmed by the Escrow Agent as soon as practicable following each such transaction by account statement to the Other Parties. Unless directed otherwise, the Escrow
Agent may invest the undisbursed balance of the Funds in the HSBC Investor Money Market Fund. 

        5.    Disbursement of Funds.    (a) Within one Business Day following the delivery to the Escrow Agent of written
instructions signed by the Chief Executive Officer of the Company, in the form attached hereto as Exhibit A, specifying that all or a portion of the Funds shall be paid to
the Company from the Earn-Out Account designated in the written instructions, the Escrow Agent shall distribute the applicable Funds as specified in such instructions so long as there are sufficient
funds in the Earn-Out Account to make such payment. The Company shall simultaneously deliver a copy of the written instructions delivered to the Escrow Agent to THL and RGHI via the same manner of
notice as used for delivery to the Escrow Agent. Within one Business Day of receipt of the applicable Funds from the Escrow Agent, the Company shall disburse such Funds to the entity named by the
Earn-Out Account. For purposes of this Escrow Agreement, the term "Business Day" shall mean any day of the year, excluding Saturday, Sunday and any
other day on which national banks are required or authorized to close in New York City, New York. 

        (b)   In
the event the amount to be distributed in accordance with the written instructions exceeds the amount in the specified Earn-Out Account, the Escrow Agent shall
promptly notify RGHI of the amount of the deficiency and RGHI shall be liable for such deficiency in accordance with Section 2.4 of the Purchase Agreement. 

        (c)   In
the event the amount of any Earn-Out Account exceeds the amount of all obligations with respect to such Earn-Out Account for which Funds were distributed in
accordance with one or more written instructions in accordance with Section 4(a), upon receipt of joint written instructions signed by the Chief Executive Officer of the
Company, THL and RGHI, the Escrow Agent shall promptly deliver the full amount of such excess to RGHI. 

        (d)   Within
one Business Day following its receipt of a final, non-appealable written judgment of a court of competent jurisdiction providing for the release of Funds, the
Escrow Agent shall distribute such Funds as specified in such written judgment. 

        6.    Amounts Distributed or Earned.    All amounts earned with respect to the Funds (whether investment income or
otherwise) shall not become part of the Funds and shall be distributed to RGHI within five (5) Business Days after the end of any month in which such amounts are earned. 

        7.    Tax Matters.    The Company, THL and RGHI agree that RGHI shall include any amounts earned with respect to the
Funds in its gross income for federal, state and local income tax purposes and that RGHI shall be individually liable for payment of all taxes payable with respect to such earnings and all related tax
reporting duties. RGHI shall provide the Escrow Agent with its taxpayer identification number documented on the signature page hereto upon execution of this Escrow Agreement. Failure so to provide
such forms may prevent or delay disbursements from the Funds and may also result in the assessment of a penalty and the Escrow Agent's being required to withhold tax on any interest or other income
earned on the Funds. Any payments of income shall be subject to applicable withholding regulations then in force in the United States or any other jurisdiction, as applicable. 

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        8.    Scope of Undertaking.    The Escrow Agent's duties and responsibilities in connection with this Escrow Agreement
shall be purely ministerial and shall be limited to those expressly set forth in this Escrow Agreement. The Escrow Agent is not a principal, participant or beneficiary in any transaction underlying
this Escrow Agreement and shall have no duty to inquire beyond the terms and provisions hereof. The Escrow Agent shall have no responsibility or obligation of any kind in connection with this Escrow
Agreement or the Funds and shall not be required to deliver the Funds or any part thereof or take any action with respect to any matters that might arise in connection therewith, other than to
receive, hold, invest, reinvest and deliver the Funds as herein provided. Without limiting the generality of the foregoing, it is hereby expressly agreed and stipulated by the parties hereto that the
Escrow Agent shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility except as set forth in Section 3 and,
accordingly, shall have no duty to, or liability for its failure to, provide investment recommendations or investment advice to the Other Parties or any of them. The Escrow Agent shall not be liable
for any error in judgment, any act or omission, any mistake of law or fact, or for anything it may do or refrain from doing in connection herewith, except for, subject to Section
8 hereof, its own fraud, willful misconduct, gross negligence or breach of this Escrow Agreement. It is the intention of the parties hereto that the Escrow Agent shall never be required
to use, advance or risk its own funds or otherwise incur financial liability in the performance of any of its duties or the exercise of any of its rights and powers hereunder. 

        (a)    Reliance; Liability.    The Escrow Agent may rely on, and shall not be liable for acting or refraining from
acting in accordance with, any written notice, instruction or request or other paper furnished to it hereunder or pursuant hereto and reasonably believed by it in good faith to have been signed or
presented by the proper party or parties. The Escrow Agent shall be responsible for holding, investing, reinvesting and disbursing the Funds pursuant to this Escrow Agreement;  provided, however, that in
no event shall the Escrow Agent be liable for any lost profits, lost savings or other exemplary, consequential or incidental
damages except to the extent that such losses or damages are a result of the Escrow Agent's fraud, willful misconduct, gross negligence or breach of this Escrow Agreement and  provided, further, that the
Escrow Agent shall have no liability for any loss arising from any cause beyond its control, including, but not limited to,
the following: (a) the act, failure or neglect of any Other Party, (b) the act, failure or neglect of any agent or correspondent or any other person or entity selected by the Escrow Agent (unless such
selection involved fraud, gross negligence or willful misconduct); (c) any delay, error, omission or default of any mail, courier, telegraph, cable or wireless agency or operator; or (d) the acts or
edicts of any government or governmental agency or other group or entity exercising governmental powers. The Escrow Agent is not responsible or liable in any manner
whatsoever for the transaction or transactions requiring or underlying the execution of this Escrow Agreement or for the identity or authority of any person (other than the Escrow Agent) executing
this Escrow Agreement or any part hereof or depositing the Funds. The parties hereto shall deliver to the Escrow Agent a list of authorized signatories, as set forth in the attached Schedule A hereto,
with respect to any notice, certificate, instrument, demand, request, direction, instruction, waiver, receipt, consent or other document or communication required or permitted to be furnished to the
Escrow Agent hereunder, and the Escrow Agent shall be entitled to rely on such list with respect to any party until a new list is furnished by such party to the Escrow Agent. The Escrow Agent shall be
fully protected in acting on and relying upon any written notice direction, request, waiver, consent, receipt or other paper or document which the Escrow Agent in good faith believes to have been
signed and presented by the proper party or parties. 

        9.    Right of Interpleader.    Should any controversy arise involving the parties hereto or any of them or any other
person, firm or entity with respect to this Escrow Agreement or the Funds, or should a substitute escrow agent fail to be designated as provided in Section 16 hereof, or
if the Escrow Agent should have reasonable doubt as to what action to take, the Escrow Agent shall have the right, but not the obligation, to institute a petition for interpleader in a court of
competent jurisdiction to determine the rights of the parties hereto and pay into such court all Funds held by the Escrow Agent for holding 

3

 

and
disbursement. Should a petition for interpleader be instituted, or should the Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner
whatsoever in connection with this Escrow Agreement or the Funds, the Company and RGHI hereby jointly and severally agree to reimburse the Escrow Agent for its reasonable and documented attorneys'
fees and any and all other reasonable and documented out-of-pocket expenses, losses, costs and damages incurred by the Escrow Agent in connection with or resulting from such threatened or actual
litigation prior to any disbursement hereunder (other than any such threatened or actual litigation that results from a breach by the Escrow Agent of this Escrow Agreement or the gross negligence,
willful misconduct or fraud of the Escrow Agent). Without limiting the joint and several nature of their obligations pursuant to the preceding sentence, as between themselves with respect to their
obligations pursuant to the preceding sentence, the Company and RGHI agree that they shall each share one-half of the fees and expenses of the Escrow Agent. 

        10.    Indemnification.    The Company and RGHI (collectively, the "Indemnifying
Parties") hereby jointly and severally agree to indemnify the Escrow Agent, its officers, directors, partners, employees and agents (each hereinafter referred to as an
"Indemnified Party") against, and hold each Indemnified Party harmless from, any and all reasonable and documented out-of-pocket expenses, including,
without limitation, reasonable attorneys' fees and court costs, losses, costs, damages and claims, including, but not limited to, costs of investigation, litigation, tax liability (other than taxes
payable with respect to fees paid or other income hereunder) suffered or incurred by any Indemnified Party in connection with or arising from or out of this Escrow Agreement, except such acts or
omissions as may result from the fraud, willful misconduct or gross negligence of, or breach of this Escrow Agreement by, the Escrow Agent or such Indemnified Party. If any action or proceeding is
brought against any Indemnified Party with respect to which indemnity may be sought from the Indemnifying Parties pursuant to this section, or an Indemnified Party receives notice from any potential
claimant, such Indemnified Party shall, as promptly as practicable after receiving notice thereof, give written notice to the Indemnifying Parties of the commencement of such action or proceeding or
of the existence of any such claim (any such action, proceeding or notice hereinafter referred to as a "Claim") and furnish the Indemnifying Parties
with copies of any summons or other legal process received by such Indemnified Party and other documents and information in the possession of such Indemnified Party as to the nature and basis of the
claim; provided, that no failure to give or delay in giving such notice or such documents and information shall relieve the Indemnifying Parties from
any of their indemnification obligations hereunder except to the extent such obligations could have been reduced or avoided in the absence of such failure or delay. In case any such Claim shall be
brought against any Indemnified Party, the Indemnifying Parties will be entitled to participate in the defense of such Claim, and, after written notice from the Indemnifying Parties to such
Indemnified Party, to jointly assume the defense of such Claim with a single counsel mutually agreed upon and appointed by the Indemnifying Parties and which counsel is reasonably acceptable to such
Indemnified Party at the Indemnifying Parties' joint expense or, alternatively, if only one, but not both, of the Indemnifying Parties elects to assume the defense of such Claim, then such party will,
after written notice to the non-electing Indemnifying Party and such Indemnified Party, be entitled to defend such Claim separately with the cost of such defense to be shared equally by the
Indemnifying Parties (in each case the Indemnifying Parties shall not thereafter be responsible for the fees and disbursements of any separate counsel retained by such Indemnified Party in connection
with such action or proceeding, except as provided below in this section). For the avoidance of doubt, if the Indemnifying Parties shall jointly assume the defense of any Claim against any Indemnified
Party, such defense shall be jointly controlled by the Indemnifying Parties and all decisions relating thereto shall be mutually agreed upon by the Indemnifying Parties. If only one of the
Indemnifying Parties shall elect to assume the defense of any Claim separately, such party shall obtain the prior written consent of (i) the non-electing Indemnifying Party before entering into any
settlement of such Claim if the settlement imposes any cost, expense or obligation on the non-electing Indemnifying Party or does not expressly and unconditionally release the non-electing
Indemnifying Party from all liabilities and obligations with 

4

 

respect
to such Claim (other than sharing equally in the cost thereof as set forth above) and (ii) the Indemnified Party if the settlement imposes any cost, expense or obligation on the Indemnified
Party or does not expressly and unconditionally release the Indemnified Party from all liabilities and obligations with respect to such Claim. Notwithstanding any election by the Indemnifying Parties
to assume the defense of any such Claim, such Indemnified Party shall have the right to employ separate counsel and to participate in the defense of such Claim at the Indemnified Party's expense;  provided, however,
 that such Indemnified Party shall not have the right to settle any such Claim without the prior written consent of the Indemnifying
Parties. Notwithstanding anything to the contrary contained in this Section 10, the Indemnifying Parties agree, as between themselves, to share in the aggregate amount of
any indemnifiable costs or expenses for which any Indemnified Party may be liable in such equitable
proportion as is appropriate to reflect their respective relative fault in connection with the acts or omissions which resulted in such costs or expenses. The relative fault of the Company and RGHI
shall be determined by reference to whether the acts or omissions at issue were those of the Company and RGHI, respectively. If any amount paid by the Company or RGHI pursuant to this
Section 10 is in excess of the amount allocable to it in accordance with the provisions of this section, the party that paid such excess amount shall be entitled to
reimbursement of such excess amount (plus all reasonable attorneys' fees and documented expenses incurred in connection with enforcing this provision) from the other. 

        11.    Compensation and Reimbursement of Expenses.    Upon execution of this Escrow Agreement, the Company shall pay
the Escrow Agent for its services hereunder in accordance with the Escrow Agent's fee schedule as agreed to by the parties separately in writing. In addition, the Company shall pay all reasonable and
documented out-of-pocket expenses incurred by the Escrow Agent in connection with the performance of its duties hereunder and otherwise in connection with the operation and administration of this
Escrow Agreement, including, without limitation, attorneys' fees, brokerage costs and related expenses incurred by the Escrow Agent, in each case to the extent reasonably necessary (collectively,
"Other Expenses"). The Company shall be liable to the Escrow Agent for the payment of all Other Expenses. Notwithstanding the foregoing, the Company
shall not be responsible for any Other Expenses to the extent (i) such expenses arise out of, relate to or result from the Escrow Agent's breach of this Escrow Agreement or the gross negligence,
willful misconduct or fraud of the Escrow Agent or (ii) such expenses arise pursuant to Sections 9 or 10 above (in which case such expenses
will be shared by RGHI and the Company as provided for in such sections). 

        12.    Funds Transfer.    All disbursements of the Funds shall be made by wire transfer of immediately available U.S.
Federal Funds pursuant to the following instructions or as subsequently provided: 

	

 	
 	

If to the Company:
	 	 	 
	Bank:	 	Harris Trust and Savings Bank - Chicago
	ABA#:	 	071 000 288
	AC#:	 	390-4406
	Ref:	 	Refco Capital, LLC, for further credit to Refco Group Ltd., LLC,

for further credit to New Refco Group Ltd., LLC
	 	 	 
	 	 	If to RGHI:
	 	 	 
	Bank:	 	JP Morgan
	ABA#:	 	021000021
	AC#:	 	066636752
	Ref:	 	Refco Group Holdings, Inc.

5

 

        13.    Notices.    Any notice or other communication required or permitted to be given under
this Escrow Agreement by any party hereto to any other party hereto shall be considered as properly given if in writing and (a) delivered against receipt therefor, (b) mailed by registered or
certified mail, return receipt requested and postage prepaid or (c) sent by facsimile machine, in each case to the address or facsimile number, as the case may be, set forth below: 

	

 	
 	

If to the Escrow Agent:	
 	

 
	 	 	 	 	 
	 	 	HSBC Bank USA, National Association

452 Fifth Avenue

New York, NY 10018

Attn: Corporate Trust

Facsimile No.: 212.525.1300	 	 
	 	 	 	 	 
	 	 	If to the Company:	 	 
	 	 	 	 	 
	 	 	New Refco Group Ltd., LLC

One World Financial Center

200 Liberty Street

Attn: Chief Executive Officer

Facsimile No.: 212.693.7686	 	 
	 	 	 	 	 
	 	 	with a copy to:	 	 
	 	 	 	 	 
	 	 	Weil, Gotshal & Manges LLP

101 Federal Street

Boston, MA 02110

Attn: James Westra

Facsimile No.: 617.772.8333	 	 
	 	 	 	 	 
	 	 	and	 	 
	 	 	 	 	 
	 	 	Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, TX 75201

Attn: R. Jay Tabor

Facsimile No.: 214.746.7777	 	 
	 	 	 	 	 
	 	 	If to RGHI:	 	 
	 	 	 	 	 
	 	 	c/o Refco Group Ltd., LLC

One World Financial Center

200 Liberty Street

New York, NY 10281

Attn: Phillip R. Bennett

Facsimile No.: 212.693.7686	 	 
	 	 	 	 	 
	 	 	with a copy to:	 	 
	 	 	 	 	 
	 	 	 	 	 

6

 

	 	 	Mayer, Brown, Rowe & Maw LLP

1675 Broadway

New York, NY 10019

Attn: Joseph P. Collins

Facsimile No.: 212.262.1910	 	 
	 	 	 	 	 
	 	 	If to THL:	 	 
	 	 	 	 	 
	 	 	Thomas H. Lee Partners, L.P.

100 Federal Street

Boston, MA 02110

Attn: Scott Schoen

          Scott Jaeckel

          George Taylor

Facsimile No.: 617.227-3514	 	 
	 	 	 	 	 
	 	 	with a copy to:	 	 
	 	 	 	 	 
	 	 	Weil, Gotshal & Manges LLP

100 Federal Street

Boston, MA 02110

Attn: James Westra

Facsimile No.: 617.772.8333	 	 
	 	 	 	 	 
	 	 	and	 	 
	 	 	 	 	 
	 	 	Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, TX 75201

Attn: R. Jay Tabor

Facsimile No.: 214.746.7777	 	 

Delivery of any communication given in accordance herewith shall be effective only upon actual receipt or when receipt is refused if personally delivered, on the second
business day after it was sent if sent by certified mail, or upon receipt by the sender of a facsimile transmission report or other appropriate evidence that the facsimile has been transmitted to the
addressee during normal business hours if sent by facsimile; provided, however, that notwithstanding the
foregoing, in the case of the Escrow Agent, any notice, request or instruction shall not be deemed to be received by the Escrow Agent unless and until actually received (at the address provided
herein). Any party to this Escrow Agreement may change the address to which communications hereunder are to be directed by giving written notice to the other party or parties hereto in the manner
provided in this section. All signatures of the parties to this Escrow Agreement may be transmitted by facsimile, and such facsimile will, for all purposes, be deemed to be the original signature of
such party whose signature it reproduces, and will be binding upon such party. 

        14.    Consultation with Legal Counsel.    The Escrow Agent may consult with its counsel or other counsel satisfactory
to it concerning any question relating to its duties or responsibilities hereunder or otherwise in connection herewith and shall not be liable for any action taken, suffered or omitted by it in good
faith upon the advice of such counsel. 

        15.    Choice of Laws; Cumulative Rights; Jurisdiction.    All of the Escrow Agent's rights hereunder are cumulative
of any other rights it may have at law, in equity or otherwise. This Escrow Agreement 

7

 

shall
be construed and enforced in accordance with and governed by the laws of the State of New York. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO SUBMIT TO THE EXCLUSIVE JURISDICTION
OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN NEW YORK COUNTY OR THE COMMERCIAL DIVISION CIVIL BRANCH OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN
NEW YORK COUNTY AND ANY APPELLATE COURT FROM ANY THEREOF, FOR THE RESOLUTION OF ANY SUCH DISPUTE, CONTROVERSY, CONFLICT, LITIGATION OR ACTION. 

        16.    Resignation.    The Escrow Agent may resign hereunder upon thirty (30) days prior notice to the Other Parties.
Upon the effective date of such resignation, the Escrow Agent shall deliver the Funds to any
substitute escrow agent designated by the Other Parties in writing. If the Other Parties fail to designate a substitute escrow agent within thirty (30) days after the giving of such notice, the Escrow
Agent may institute a petition for interpleader. The Escrow Agent's sole responsibility after such 30-day notice period expires shall be to hold the Funds (without any obligation to reinvest the same)
and to deliver the same to a designated substitute escrow agent, if any, or in accordance with the directions of a final order or judgment of a court of competent jurisdiction at which time of
delivery the Escrow Agent's obligations hereunder shall cease and terminate, except that such resignation shall not relieve the Escrow Agent from any liability, losses, costs, damages or claims that
result from a breach by the Escrow Agent of this Escrow Agreement or the gross negligence, willful misconduct or fraud of the Escrow Agent. The Escrow Agent or successor agent shall continue to act as
escrow agent hereunder until a successor is appointed and qualified to act as the escrow agent. 

        17.    Termination by the Company, THL and RGHI.    By mutual agreement, the Company, THL and RGHI shall have the
right at any time upon not less than ten (10) days prior written notice to the Escrow Agent to terminate their appointment of the Escrow Agent as the escrow agent, or any successor escrow agent, as
escrow agent hereunder. The Escrow Agent or successor agent shall continue to act as escrow agent hereunder until a successor is appointed and qualified to act as the escrow agent. 

        18.    Assignment.    None of the Company, RGHI, THL or the Escrow Agent shall have the right to assign this Escrow
Agreement or any of their respective rights or obligations hereunder (by operation of law or otherwise) without the prior written consent of the non-assigning Other Parties and any attempted
assignment without the required consent of such other party shall be void. 

        19.    Severability.    If one or more of the provisions hereof shall for any reason be held to be invalid, illegal or
unenforceable in any respect under applicable law, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and this Escrow Agreement shall be construed as if such
invalid, illegal or unenforceable provision had never been contained herein, and the remaining provisions hereof shall be given full force and effect. 

        20.    Termination.    This Escrow Agreement shall terminate upon the disbursement, in accordance with
Section 4 hereof, of the Funds in full; provided, however, that in the event all fees, expenses, costs and other amounts
required to be paid to the Escrow Agent hereunder are not fully and finally paid prior to termination, the provisions of Sections 9 and 10
hereof shall survive the termination hereof; provided, further, such termination shall not relieve the Escrow Agent from any liability, losses, costs,
damages or claims that result from a material breach by the Escrow Agent of this Escrow Agreement or the gross negligence, willful misconduct or fraud of the Escrow Agent. 

        21.    Waiver of Offset Rights.    The Escrow Agent hereby waives any and all rights to offset that it may have
against the Funds including, without limitation, claims arising as a result of any claims, amounts, liabilities, costs, expenses, damages, or other losses that Escrow Agent may be otherwise entitled
to collect from any party to this Escrow Agreement. 

8

 

        22.    General.    The section headings contained in this Escrow Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Escrow Agreement. This Escrow Agreement and any affidavit, certificate, instrument, agreement or other document required to be provided
hereunder may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute but one and the same instrument. Unless the context
shall otherwise require, the singular shall include the plural and vice-versa, and each pronoun in any gender shall include all other genders. The terms and provisions of this Escrow Agreement
constitute the entire agreement among the parties hereto in respect of the subject matter hereof, and neither the Other Parties nor the Escrow Agent has relied on any representations or agreements of
the other, except as specifically set forth in this Escrow Agreement. This Escrow Agreement or any provision hereof may be amended, modified, waived or terminated only by written instrument duly
signed by the parties hereto. This Escrow Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors, trustees, receivers and permitted assigns.
This Escrow Agreement is for the sole and exclusive benefit of the Other Parties and the Escrow Agent, and nothing in this Escrow Agreement, express or implied, is intended to confer or shall be
construed as conferring upon any other person or entity any rights, remedies or any other type or types of benefits. If performance by any party to this Escrow Agreement is delayed or prevented by any
act of God, terrorism, fire, flood or other casualty, strike, national emergency or other cause beyond the reasonable control of a party, then the period of such party's performance of the applicable
obligation shall be automatically extended for the same amount of time that such party is so delayed or hindered. The affected party shall use its best efforts to remove the cause of delay and shall
notify the other parties to this Escrow Agreement in writing of any such delay or failure promptly after the commencement of the event relied upon for its delay or failure to comply with its
obligations. 

9

   
        IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement to be effective as of the date first above written. 

        Note:
The IRS does not require your consent to any provision of this document other than the certifications required to avoid backup withholding 

10

 

        Tax Certification: Taxpayer ID#: 36-3366699 

NOTE:  The following certification shall be used by and for a U.S. resident only. Non-residents must use and provide Form W8-BEN  

Customer
is a (check one): 

	         Corporation	 	         Municipality	 	         Partnership	 	         Non-profit or Charitable Org
	         Individual	 	         REMIC	 	         Trust	 	         Other
                        

Under
the penalties of perjury, the undersigned certifies that: 

	(1)
	the
entity is organized under the laws of the United States;

	(2)
	the
number shown above is its correct Taxpayer Identification Number (or it is waiting for a number to be issued to it); and

	(3)
	it
is not subject to backup withholding because: (a) it is exempt from backup withholding or (b) it has not been notified by the Internal Revenue Service (IRS) that it is subject to
backup withholding as a result of failure to report all interest or dividends, or (c) the IRS has notified it that it is no longer subject to backup withholding. 

(If
the entity is subject to backup withholding, cross out the words after the (3) above.) 

Investors
who do not supply a tax identification number will be subject to backup withholding in accordance with IRS regulations. 

	 	 	REFCO GROUP HOLDINGS, INC.
	

 	
 	

By:	

/s/  PHILLIP BENNETT      

	 	 	Name:	Phillip Bennett

	 	 	Title:	President

	 	 	 	"RGHI"

11

 

	 	 	NEW REFCO GROUP LTD., LLC
	

 	
 	
By:	

/s/  SCOTT SCHOEN      

	 	 	Name:	Scott Schoen

	 	 	Title:	President

	 	 	 	"COMPANY"
	

 	
 	
THL REFCO ACQUISITION PARTNERS
	 	 	By: THL Refco GP LLC, a general partner
	

 	
 	
By:	

/s/  SCOTT SCHOEN      

	 	 	Name:	Scott Schoen

	 	 	Title:	President

	 	 	 	"THL"
	 	 	HSBC BANK USA, NATIONAL

ASSOCIATION, as Escrow Agent
	
 	
 	

By:	

/s/  FRANK J. GODINO      

	 	 	Name:	Frank J. Godino

	 	 	Title:	Escrow Agent

	 	 	 	"ESCROW AGENT"

12

  

 
 

Exhibit A    
    

Disbursement
Notice 

        The
undersigned hereby gives notice (this "Notice") pursuant to Section 4 of that certain
Escrow Agreement (the "Agreement"), dated as of August 5, 2004, by and among HSBC Bank USA, National Association, as escrow agent (the
"Escrow Agent"), New Refco Group Ltd., LLC (the "Company"), Refco Group Holdings, Inc.
("RGHI") and THL Refco Acquisition Partners ("THL"), and direct the Escrow Agent to disburse
[amount of funds] from the            Account to the Company. Capitalized terms used but not defined in this Closing Notice shall have the meanings ascribed thereto in the
Agreement. 

        IN
WITNESS WHEREOF, the undersigned has caused this Disbursement Notice to be executed and delivered on this  [            ] day of [            ],
200[            ]. 

	 	 	NEW REFCO GROUP LTD., LLC
	

 	
 	

By:	

 
	 	 	 	

	

 	
 	

Name:	

 
	 	 	 	

	

 	
 	

Title:	

 
	 	 	 	

13

  

 
 

Schedule I    
    

Earn-Out
Accounts 

	Name of Account
 
	 	Amount

	MacFutures Ltd. Account	 	$25,000,000
	Friedberg Mercantile Group Account	 	6,780,361
	Spear, Leads and Kellogg, L.P. Account	 	2,727,917
	LFG Account	 	600,000
	CFG Financial Group Inc. Account	 	906,363
	Carlton Brokerage Ltd. Account	 	356,110

14

  

 
 

Schedule II    
    

        The Escrow Agent is authorized to accept instructions signed or believed by the Escrow Agent to be signed by the following on behalf of the Company. 

	 	 	 
	
	 	

	Phillip R. Bennett	 	True Signature
	 	 	 
	
	 	

	Robert C. Trosten	 	True Signature

        The
Escrow Agent is authorized to accept instructions signed or believed by the Escrow Agent to be signed by the following on behalf of THL. 

	 	 	 
	
	 	

	Scott Schoen	 	True Signature
	 	 	 
	
	 	

	Scott Jaeckel	 	True Signature

        The
Escrow Agent is authorized to accept instructions signed or believed by the Escrow Agent to be signed by the following on behalf of RGHI. 

	 	 	 
	
	 	

	Phillip R. Bennett	 	True Signature

15

QuickLinks

Exhibit 10.21

Exhibit A

Schedule I

Schedule II

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