Document:

secondamendmltincentiveplan.htm

Second Amendment to the

Amended and Restated Borders Group, Inc.

2004 Long-Term Incentive Plan

The Amended and Restated Borders Group, Inc. 2004 Long-Term Incentive Plan (the “Plan”), as previously amended effective as of May 21, 2009, is hereby further amended as follows pursuant to the resolution adopted by the Board of Directors of Borders Group, Inc. (the Company”) on September 15, 2010:

1.      The penultimate sentence of Section 3 of the Plan is hereby amended to read as follows:

	
  

	
“Solely for purposes of applying the burn rate analysis to the number of shares granted in a year: (i) share awards will count as equivalent to 1.5 option shares; and (ii) the initial grant of options and restricted shares made to Mr. Edwards following his promotion to President of the Company shall be excluded.”

Except as herein amended, the Plan shall remain in full force and effect.

Borders Group, Inc.

By:  \S\ GLEN TOMASZEWSKI

Glen Tomaszewski

Interim Chief Financial Officerexv10w24

Exhibit 10.24

Confidential Treatment has been requested for portions of this exhibit. The copy filed
herewith omits the information subject to the confidentiality request. Omissions are designated as
“***”. A complete version of this exhibit has been filed separately with the Securities and
Exchange Commission.

RBS   

The Royal Bank of Scotland

FX PRIME BROKERAGE MASTER AGREEMENT

IN RESPECT OF THIRD PARTY TRADING PLATFORM

SERVICES

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page
	1. Interpretation

	 	 	1	 
	2. Appointment of Customer as Agent of Prime Broker

	 	 	3	 
	3. Prime Broker Counterparty Transactions

	 	 	4	 
	4. Customer Transactions

	 	 	5	 
	5. Unauthorised Transactions

	 	 	5	 
	6. Representations and Undertakings

	 	 	6	 
	7. Indemnity and Exclusions of Liability

	 	 	6	 
	8. Commission

	 	 	7	 
	9. Material Interests

	 	 	8	 
	10. Confidentiality

	 	 	8	 
	11. Instructions

	 	 	8	 
	12. Notices

	 	 	9	 
	13. Termination

	 	 	9	 
	14. Conflict of Agreements and Inconsistency

	 	 	9	 
	15. Amendments

	 	 	10	 
	16. General

	 	 	10	 
	17. Governing Law

	 	 	11	 
	 
	 	 	 	 
	Schedule
	 	 	 	 
	 
	 	 	 	 
	1. Platform Provider

	 	 	12	 
	2. Eligibility Criteria, Spread and Commission

	 	 	13	 

 

 

THIS AGREEMENT is made on the 6th day of December 2006

BETWEEN

	(1)	 	The Royal Bank of Scotland pIc, a company incorporated under the laws of Scotland, whose registered office is 36 St Andrew Square, Edinburgh EH2 2YB acting through
its Global Banking & Markets division situated at 135 Bishopsgate, London EC3M 3UR (the “Prime Broker”); and
	 
	(2)	 	Gain Capital Group, LLC incorporated under the laws of Delaware whose
registered office/principal place of business is at 550 Hills Drive Bedminster, NJ
07921 (the “Customer”).

WHEREAS

	(A)	 	The Customer may utilise the Platform Trading Service (as defined below) subject to
compliance with the terms of the User Agreement, including having in place an FX
Prime Brokerage Master Agreement with the Prime Broker.
	 
	(B)	 	This Agreement is an FX Prime Brokerage Master Agreement.
	 
	(C)	 	The Prime Broker may establish dealing relationships with various Counterparties (as
defined below) setting out the basis upon which the Prime Broker may appoint an
agent to engage in Transactions on behalf of the Primer Broker with each
Counterparty on the Platform Trading Service.
	 
	(D)	 	The Prime Broker hereby wishes to appoint the Customer as its agent in respect of
certain Counterparties for the purposes set out in (C) above, and to trade with the
Customer as principal, strictly on the terms, conditions and limits expressly stated
below.

IT IS AGREED THAT:

	1.	 	INTERPRETATION

In this Agreement:

“Affiliate” means, in relation to a party, any other entity which directly or indirectly
Controls, is Controlled by, or is under direct or indirect common Control with, that
party from time to time.

“Agreement” means this FX Prime Brokerage Master Agreement.

“Authorised Counterparty Transaction” means a Counterparty Transaction:

	(i)	 	entered into by the Customer within its authority under clause 2; or

	(ii)	 	in the case of a Prime Broker Counterparty Transaction, entered into in accordance with the Customer’s undertakings under clause 3.3.

“Authorised Customer Transaction” means a Customer Transaction entered into
under clause 4 pursuant to an Authorised Counterparty Transaction.

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“Business Day” means any day (other than a Saturday or a Sunday) on which banks
in London are open for business.

“Commission” means such commission as may be specified in Schedule 2, as
amended from time to time.

“Confidential Information” has the meaning set out in clause 1 0.1.

“Control” means that a person possesses, directly or indirectly, the power to direct or
cause the direction of the management and policies of the other person, whether
through the ownership of voting shares, by contract or otherwise, and “Controls” and

“Controlled” shall be interpreted accordingly;

“Counterparty” means any person with whom the Customer may enter, enters or
has entered into a Counterparty Transaction (which may include the Prime Broker).

“Counterparty Master Agreement” means any master agreement governing
Transactions between the Prime Broker and a Counterparty, as amended and
supplemented from time to time.

“Counterparty Transaction” means a Transaction entered into by the Customer as
agent for the Prime Broker pursuant to clause 2.

“Customer Master Agreement” means the International Foreign Exchange Master
Agreement, ISDA Master Agreement, Foreign Exchange and Options Master
Agreement, any other master agreement, or any other agreement entered into
between the Prime Broker and the Customer for the purposes of governing
Transactions, as amended and supplemented from time to time and subject to the
terms of this Agreement

“Customer Transaction” means a Transaction between the Prime Broker and the
Customer pursuant to clause 4.1.

“Eligibility Criteria” means the criteria set out in Schedule 2, as amended by notice
from the Prime Broker to the Customer from time to time.

“Eligible Transaction” means a Transaction whose terms comply with the Eligibility
Criteria.

“Offsetting Transaction” has the meaning set out in clause 5.1 (a).

“Platform Provider” means each third party specified in Schedule 1, as amended by
notice from the Prime Broker to the Customer from time to time.

“Platform Trading Service” means the electronic platform operated by or on behalf
of the relevant Platform Provider which facilitates the execution of Transactions on a
prime brokerage basis.

“Settlement Transaction” has the meaning set out in clause 5.1 (b).

“Spread” means such spread payable in respect of a Customer Transaction as may
be specified in Schedule 2, as amended by notice from the Prime Broker to the
Customer from time to time.

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“Transaction” means a foreign exchange transaction and/or such other transaction
type which may be executed through the Platform Trading Service as the Prime
Broker may notify to the Customer from time to time.

“Unauthorised Counterparty Transaction” means a Counterparty Transaction
other than an Authorised Counterparty Transaction.

“Unauthorised Customer Transaction” means a Customer Transaction arising in
accordance with clause 5.1 pursuant to an Unauthorised Counterparty Transaction.

“User Agreement” means all and any agreements between the Customer and
Platform Provider relating to the Platform Trading Service from time to time, each as
amended from time to time and including any rules, codes, or other requirements of
the Platform Provider relating to the Platform Trading Service, as may be applicable
to the Customer’s participation on the Platform Trading Service from time to time.

References to the plural shall include the singular and vice versa, and references to
schedules and clauses shall be references to schedules to, and to clauses of this
Agreement

	2.	 	APPOINTMENT OF CUSTOMER AS AGENT OF PRIME BROKER

	2.1	 	Subject to its compliance with the terms of this Agreement, the Customer may from
time to time enter into Counterparty Transactions as agent of the Prime Broker.

	2.2	 	The authorisation of the Customer under clause 2.1 is expressly limited as follows:

	 	(a)	 	the Customer shall only have authority to enter into Counterparty
Transactions fulfilling the following criteria:

	 	(i)	 	each Counterparty Transaction shall be with a Counterparty;

	 	(ii)	 	each Counterparty Transaction shall be made utilising the Platform
Trading Service;
	 
	 	(iii)	 	each Counterparty Transaction shall be entered into in accordance
with such terms as may be agreed between the Platform Provider and
the Customer, if any; and
	 
	 	(iv)	 	each Counterparty Transaction shall be an Eligible Transaction
and for the avoidance of doubt, the Customer shall have no authority under
this Agreement to enter into any transaction as agent for or in any way bind
the Prime Broker, or to hold itself out as having authority to enter into any
transaction as agent for the Prime Broker or in any way bind the Prime Broker
other than in accordance with this sub-clause (a).

	 	(b)	 	the Customer shall not have authority (and shall not hold itself out as having
authority):

	 	(i)	 	to vary the terms of, terminate, novate, assign or otherwise amend a
Counterparty Master Agreement; or
	 
	 	(ii)	 	to vary the terms of a pre-existing Counterparty Transaction.

	 	(c)	 	the Customer’s authority shall be suspended if and for so long as the
Customer is in breach of the User Agreement or the Customer Master

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	 	 	 	Agreement; and

	 	(d)	 	the Prime Broker may suspend, limit or terminate, the Customer’s authority
under this clause at any time by notice to any of the Customer, the Platform
Provider, or a Counterparty (in respect of the Customer’s authority in respect
of that Counterparty) provided that the Prime Broker may dispense with the
giving of such notice in case of emergency.

	2.3	 	The Customer shall not make any representation or warranty relating to the Prime
Broker or the Customer’s authorisation under this Agreement, or hold itself out as
agent of the Prime Broker:

	 	(a)	 	to any Counterparty (except to the extent such representation, warranty or
holding out accurately reflects the authority of the Customer under this
Agreement in relation to such Counterparty); or
	 
	 	(b)	 	to any other person

without the prior written consent of the Prime Broker.

	2.4	 	The Prime Broker may amend the Eligibility Criteria at any time. Any such
amendment shall take effect immediately irrespective of whether the Customer is
aware of such amendment. If it is reasonably practicable to do so, the Prime Broker
shall use reasonable commercial endeavours to notify the Customer in advance of
any amendment to the Eligibility Criteria. If it is not practicable to provide advance
notification of an amendment, the Prime Broker shall notify the Customer of the
amendment as soon as reasonably practicable after the change is made.

	3.	 	PRIME BROKER COUNTERPARTY TRANSACTIONS

	3.1	 	In the course of dealing on certain Platform Trading Services, as advised to the
Customer by Prime Broker, the Customer may enter into Counterparty Transactions
to which the Prime Broker is Counterparty (a “Prime Broker Counterparty
Transaction”).
	 
	3.2	 	Where the Customer enters into a Prime Broker Counterparty Transaction, the
parties agree that:

	 	(a)	 	the Customer acts as principal and not as agent for the Prime Broker in
relation to the negotiation and agreement of the Prime Broker Counterparty
Transaction; and

	 	(b)	 	the resultant Prime Broker Counterparty Transaction shall be deemed to be a
Transaction between the Prime Broker acting in its capacity as Prime Broker
under this Agreement and the Prime Broker acting in the capacity of
Counterparty, and such Transaction shall constitute a Counterparty
Transaction for all purposes of this Agreement (including without limitation for
the purpose of forming the terms of a Customer Transaction pursuant to
clause 4).

	3.3	 	The Customer undertakes that:

	 	(a)	 	each Prime Broker Counterparty Transaction shall be entered into in
accordance with the terms of the User Agreement; and

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	 	(b)	 	each Prime Broker Counterparty Transaction shall be an Eligible Transaction.

	4.	 	CUSTOMER TRANSACTIONS
	 
	4.1	 	On entry by the Customer into a Counterparty Transaction, a Customer Transaction
shall arise.
	 
	4.2	 	The terms of a Customer Transaction shall be as follows:

	 	(a)	 	the Prime Broker shall undertake obligations to and rights against the
Customer such that the Prime Broker has rights and obligations equivalent to
those of the Counterparty under the Counterparty Transaction, subject to
paragraphs (c) and (d);
	 
	 	(b)	 	the Customer shall undertake obligations to and rights against the Prime
Broker such that the Customer has rights and obligations equivalent to those
of the Prime Broker under the Counterparty Transaction, subject to
paragraphs (c) and (d);
	 
	 	(c)	 	if any Spread is set out in Schedule 2, the Spread shall be added to the
payment obligation of the Customer under paragraph (a), and the right to
payment of the Prime Broker under paragraph (b); and
	 
	 	(d)	 	the Customer Trans,action shall be subject to and governed by the terms of
the Customer Master Agreement.

	4.3	 	Notwithstanding the provisions of clause 4.2, if the Customer enters into an
Unauthorised Counterparty Transaction, the Unauthorised Customer Transaction
which arises pursuant to such Unauthorised Counterparty Transaction shall be
subject to the terms of clause 5 (Unauthorised Transactions), and the Prime Broker
shall have all rights and remedies relating to the Unauthorised Counterparty
Transaction and the Unauthorised Customer Transaction set out in this Agreement or
otherwise arising at law or in equity.

	5.	 	UNAUTHORISED TRANSACTIONS

	5.1	 	If the Customer enters into an Unauthorised Counterparty Transaction, the Prime
Broker may (but shall not be obliged to) take such steps as it considers desirable or
necessary acting in its sale discretion to discharge, offset, cancel or hedge its rights
and obligations under the Unauthorised Counterparty Transaction. Such steps may
include (without limitation):

	 	(a)	 	entering into one or more Transactions or other transactions with a third party
to reduce or offset its obligations under the Unauthorised Counterparty
Transaction (an “Offsetting Transaction”);
	 
	 	(b)	 	entering into an agreement with the Counterparty to compromise, settle or
cancel (in whole or in part) the Unauthorised Counterparty Transaction (a
“Settlement Transaction”);
	 
	 	(c)	 	amending the terms of or cancelling the Unauthorised Customer Transaction
to which the Unauthorised Counterparty Transaction relates; or
	 
	 	(d)	 	amending the terms of or cancelling any unsettled Authorised Customer
Transaction.

5

 

	 
	5.2	 	The Customer hereby gives its consent to the amendment or cancellation of any
Customer Transaction under clause 5.1.
	 
	5.3	 	This Clause 5 shall survive termination of this Agreement

	6.	 	REPRESENTATIONS AND UNDERTAKINGS

	6.1	 	Each party represents and warrants to the other that:

	 	(a)	 	it is duly authorised and empowered to enter into and perform its obligations
under or in connection with this Agreement, the Transactions contemplated
hereby;
	 
	 	(b)	 	this Agreement is a legally binding obligation binding on it and enforceable in
accordance with its terms;
	 
	 	(c)	 	all necessary authorities and authorisations (including without limitation any
regulatory or governmental consents or approvals) to enable or entitle it enter
into this Agreement and to perform its obligations hereunder are in full force
and effect and will remain in full force and effect at all times during the term
hereof;
	 
	 	(d)	 	all information supplied to the other party is true, complete and accurate in all
material respects and it will advise the other party forthwith of any material
change to any information previously provided; and
	 
	 	(e)	 	it will comply with all applicable legal and regulatory requirements in each
jurisdiction in which it carries on business.

	6.2	 	The representations and warranties set out in clause 6.1 shall be deemed to be
repeated on each occasion on which the Customer acts as agent of the Prime Broker
under this Agreement.
	 
	6.3	 	The Customer undertakes that it will act as principal and not as agent for any other
person in performing its duties and obligations under this Agreement (including
without limitation the entry into and performance of Customer Transactions), except
as provided in clause 2.

	7.	 	INDEMNITY AND EXCLUSIONS OF LIABILITY

	7.1	 	Neither the Prime Broker nor any of its directors, officers, employees, nominees,
delegates or agents will be liable for any loss suffered or for any action taken or not
taken pursuant to or in the course of this Agreement, any Transaction or in
connection with the Platform Trading Service unless the Prime Broker or such other
person is negligent or guilty of willful misconduct or fraud.
	 
	7.2	 	The Customer shall fully and promptly indemnify the Prime Broker and any of its
directors, officers, employees, nominees, delegates or agents and will keep the
Prime Broker and each of them indemnified from and against any claims,
proceedings, expenses, costs, losses, damages and liabilities of every description
(including legal fees, accountant’s fees, fines and penalties), direct or consequential
in nature, which may be sustained or incurred by, or asserted against them directly or
indirectly in connection with or arising out of:

	 	(a)	 	any act or omission of the Prime Broker in accordance with a request from the
Customer under or in connection with this Agreement (including without

6

 

	 	 	 	limitation any act or omission relating to the Prime Broker’s participation on
the Platform Trading Service) unless the Prime Broker is negligent or guilty of
willful misconduct or fraud;
	 
	 	(b)	 	the negligence, willful default, intentional misconduct, or fraud of the
Customer;
	 
	 	(c)	 	any breach of this Agreement (including the entry by the Customer into an
Unauthorised Counterparty Transaction or Unauthorised Customer
Transaction) (including any use of the Platform Trading Service in breach of
applicable law) by the Customer; or
	 
	 	(d)	 	any liability or obligation of the Prime Broker to the Platform Provider arising
by virtue of or in connection with any of paragraphs (b) or (c).

	7.3	 	The Prime Broker shall not incur any liability for any loss, cost, expense or liability
suffered by the Customer resulting from any act or omission (including a default or
misconduct) of the Platform Provider or any participant on the Platform Trading
Service (including any Counterparty). In particular (but without limiting the generality
of the foregoing) the Prime Broker is not responsible for the operation of the Platform
Trading Service, or the form, accuracy or content of any data, notice, report,
communication or material generated or communicated by the Platform Trading
Service.
	 
	7.4	 	The Prime Broker shall not incur any liability for failure to perform its obligations
under this Agreement or for any loss, cost, expense or liability suffered by the
Customer as a result of any act of God, war, riot, natural or other disaster, fire,
industrial dispute, breakdown or failure of transmission, communication or computer
facilities, change in any law or regulation, or any other cause beyond the reasonable
control or anticipation of the Prime Broker.
	 
	7.5	 	For the avoidance of any doubt, it is agreed that the Prime Broker shall in no
circumstances be liable to the Customer for special, indirect and consequential
damages arising as a result of any breach by the Prime Broker of any proviSion of
this Agreement
	 
	7.6	 	Nothing in this Agreement shall limit or exclude the liability of the Prime Broker for
fraud, death or personal injury or otherwise to the extent prohibited under applicable
law or regulation.
	 
	8.	 	COMMISSION
	 
	8.1	 	This clause 8 shall apply if Schedule 2 specifies that Commission shall be payable.
	 
	8.2	 	The Customer shall pay the Commission in accordance with the terms of Schedule 2
as amended from time to time.
	 
	8.3	 	The Customer shall pay the Commission to the Prime Broker within thirty (30) days
after it has received the relevant invoice from the Prime Broker in the place of the
account specified by the Prime Broker in freely transferable funds and in the manner
customary for payments in the required currency. If the Customer fails to make, when
due, any payment under this Agreement the Prime Broker shall be entitled to take
any action necessary in its sole and absolute discretion, including but not limited to
deducting from any collateral or margin that Customer has pledged or given to Prime
Broker or debiting any account maintained with the Prime Broker, in the amount of
fees owed.

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	8.4	 	All payments under this clause shall be exclusive of any applicable value added,
sales, use, withholding or other tax or duty (which tax or duty shall be paid by the
Customer).

	9.	 	MATERIAL INTERESTS

The Prime Broker may enter into Transactions with or for the Customer or otherwise
provide services to the Customer under this Agreement notwithstanding that it and/or
an Affiliate may have an interest, relationship or arrangement that is material in
relation to the Transaction or service concerned. In particular, the Prime Broker or its
Affiliates may enter into Transactions as prime broker to other participants on the
Platform Trading Service and otherwise, provide advice, discretionary investment
management or any other service involving foreign exchange to other customers,
and participate in or operate other electronic trading systems relating to foreign
exchange.

	10.	 	CONFIDENTIALITY

	10.1	 	Each party undertakes that it shall use all reasonable endeavours to keep private and
confidential (and to ensure that its officers, employees, professional and other
advisers or persons under its supervision keep private and confidential) during the
continuance of this Agreement and after its termination, any information relating to
the contents of this Agreement, information of a confidential nature supplied by the
other party at any time (including prior to the execution of the Agreement) and
relating to the business, assets, finances or other affairs of a confidential nature, and
information relating to Transactions (“Confidential Information”),

	10.2	 	Neither party shall use or disclose Confidential Information without the prior consent of the other party, unless

	 	(a)	 	required to do so by any court, market or regulatory authority having
jurisdiction over the party or any applicable law or regulation;
	 
	 	(b)	 	such disclosure is necessary to carry out its obligations under this Agreement;
	 
	 	(c)	 	the Confidential Information so disclosed is already in the public domain; or
	 
	 	(d)	 	such disclosure is to, or use is by, the Platform Provider in accordance with
the User Agreement or any agreement between the Prime Broker and the
Platform Provider.

	10.3	 	Notwithstanding clauses 10.1 and 10.2, the Prime Broker may disclose Confidential
Information to Affiliates. The Customer hereby consents to and authorises such
disclosure of Confidential Information and acknowledges that any duty of
confidentiality owed by the Prime Broker, howsoever arising, will not be regarded as
being breached by any such disclosure.

	11.	 	INSTRUCTIONS

	11.1	 	The Prime Broker may rely conclusively on, and the Customer shall be bound by, any
communication received through the Platform Trading Service which purports to
originate from the Customer. For the purposes of this Agreement all such
communications shall be deemed to be at the Customer’s request for all purposes of
this Agreement. The Prime Broker is not obliged to do anything to establish the
authority or identify of the person sending a communication through the Platform

8

 

	 	 	Trading Service.
	 
	11.2	 	The Prime Broker is not responsible for errors or omissions made by the Customer or
the Platform Provider in communicating instructions under this Agreement or
resulting from fraud or the duplication of any communication by the Customer.

	12.	 	NOTICES

	12.1	 	All written notices under this Agreement shall be delivered to the address of the
recipient set out below (or such other address as it may specify in writing from time to
time) unless otherwise specified by hand, courier, mail, facsimile or electronic means
including where available through the Platform Trading Service and subject to clause
12.2 shall be effective upon receipt.
	 
	12.2	 	Any notice sent by first class post (air mail in the case of international
communications) shall be deemed to be received on the second day following the
date of posting in the case of communications within the United Kingdom and the
seventh day following the date of posting in the case of international
communications.
	 
	12.3	 	The addresses for the sending of notices under this Agreement shall be as follows:

To the Prime Broker:

The Royal Bank of Scotland plc

135 Bishopsgate, 4th Floor

London EC2M 3UR

Attention: FOREIGN EXCHANGE Prime Brokerage Desk

Telephone No: +44 (0)20 7085 5441

Facsimile No: +44 (0)20 7085 5734

To the Customer:

Gain Capital Group LLC

550 Hills Drive

Bedminster, NL 07921

United States

Attention: Annette Baltgian, Esq.

Telephone No. (908) 212-3954

Facsimile No. (866) 646-3813

	13.	 	TERMINATION
	 
	13.1	 	This Agreement shall remain in effect until terminated in accordance with this clause
13.
	 
	13.2	 	Either party shall be entitled to terminate this Agreement at any time by written notice
to the other party.
	 
	13.3	 	Termination of this Agreement shall not affect any contractual provision intended to
survive termination and any Transaction or any obligation (including that of
indemnity) which is then outstanding, and the provisions of this Agreement shall
continue to apply to each such Transaction and each obligation until all the
obligations and each such Transaction have been fully performed.
	 
	14.	 	CONFLICT OF AGREEMENTS AND INCONSISTENCY
	 
	14.1	 	Subject to clause 14.2, this Agreement supersedes all previous terms and conditions

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	 	 	issued by the Prime Broker and relating to the matters covered by this Agreement,
and in the event of any conflict between this Agreement and the Prime Broker’s
standard terms of business, this Agreement shall prevail.
	 
	14.2	 	This Agreement shall not be deemed to vary or amend the Customer Master
Agreement and, in the event of any inconsistency between this Agreement and the
provisions of the Customer Master Agreement, the provision of the Customer Master
Agreement shall prevail.
	 
	15.	 	AMENDMENTS
	 
	15.1	 	The Prime Broker may amend this Agreement with immediate effect or such later
date as it determines if it is, or reasonably believes it is, obliged to do so under
applicable law or regulation.
	 
	15.2	 	In any other circumstance including where such amendments are required as a result
of amendments made by the Platform Provider to the terms upon which the Platform
Trading Service is provided to the Prime Broker or the Customer, the Prime Broker
may amend this Agreement by sending the Customer a written notice describing the
relevant changes: such changes will become effective on a date to be specified in the
notice, which must be at least ten (10) Business Days after the notice is sent to the
Customer.
	 
	16.	 	GENERAL
	 
	16.1	 	Nothing in this Agreement shall be deemed to constitute a partnership between the
parties, nor constitute either party the agent of the other party, for any purpose
except as set out in clause 2.
	 
	16.2	 	This Agreement may be executed in any number of counterparts. This has the same
effect as if the Signatures on the counterparts were on a single copy of this
Agreement.
	 
	16.3	 	The rights of each party under this Agreement:

	 	(a)	 	may be exercised as often as necessary;
	 
	 	(b)	 	are cumulative and not exclusive of rights or remedies provided by law; and
	 
	 	(c)	 	may be waived only in writing and specifically.
Delay in exercising or non-exercise of any such right is not a waiver of that right. The
rights and remedies provided under this Agreement are cumulative and not exclusive
of those provided by law. The Prime Broker shall be under no obligation to exercise
any right or remedy either at all or in a manner or at a time beneficial to the
Customer.

	16.4	 	If any term of this Agreement is or becomes illegal, invalid or unenforceable in any
jurisdiction, that shall not affect:

	 	(a)	 	the legality, validity or enforceability in that jurisdiction of any other term of this
Agreement; or
	 
	 	(b)	 	the legality, validity or enforceability in other jurisdictions of that or any other
provision of this Agreement.

	16.5	 	Each party shall pay the costs and expenses incurred by it in connection with the

10

 

	 	 	entering into of this Agreement.
	 
	16.6	 	Any notice or other communication given in connection with this Agreement must be
in English.
	 
	16.7	 	A person who is not a party to this Agreement may not enforce any of its terms under
the Contracts (Rights of Third Parties) Act 1999.
	 
	16.8	 	This Agreement and the documents referred to in it contain the whole agreement
between the parties relating to the transactions contemplated by this Agreement and
supersede all previous agreements between the parties relating to those
transactions.
	 
	16.9	 	Subject to clause 16.10, each party acknowledges that in entering into this
Agreement it has not relied on any representation, warranty, collateral contract or
other assurance (except those set out in this Agreement and the documents referred
to in it) made by or on behalf of the other party before the date of this Agreement.
Each party waives all rights and remedies which, but for this clause 16.9, might
otherwise be available to it in respect of any such representation, warranty, collateral
contract or other assurance.
	 
	16.10	 	Nothing in clause 16.9 limits or excludes any liability for fraud.
	 
	16.11	 	Neither party may assign this Agreement or any right or obligation under it without the
prior written consent of the other.
	 
	16.12	 	Each Customer Transaction shall be subject to a written confirmation which shall be
delivered by the Prime Broker (and the Customer at its option) in accordance with the
Prime Broker’s standard confirmation procedure which shall include the use of
electronic means, including but not limited to SWIFT. All settlements in respect of
Customer Transactions shall be made to each party’s nostro account as specified in
their respective standard settlement Instructions.
	 
	17.	 	GOVERNING LAW
	 
	 	 	This Agreement is governed by and shall be construed in accordance with English
law, and the Customer hereby irrevocably submits to the non-exclusive jurisdiction of
the English courts in respect of any dispute arising out of this Agreement and each
Transaction effected pursuant to the Agreement.

IN WITNESS WHEREOF this Agreement has been signed by duly authorised

representatives of each party on the day and date first above written.

SIGNED for and on behalf of

The Royal Bank of Scotland plc

By:

Name:

Title:

SIGNED for and on behalf of

GAIN CAPITAL GROUP, LLC

[Signature]

Glenn H. Stevens

Managing Director

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SCHEDULE 1

PLATFORM PROVIDER

The Platform Provider(s) for the purposes of this Agreement shall be:

EBS Service Company Limited of Lavaterstrasse 40, PO Box 375, CH/S027’

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SCHEDULE 2

ELIGIBILITY CRITERIA, SPREAD AND COMMISSION

PART 1: ELIGIBILITY CRITERIA

Each Transaction must fulfill the following Eligibility Criteria in order to qualify as an Eligible
Transaction:

Settlement limits

The gross amount of all currency due to be settled by the Customer to the Prime Broker on
any day shall not exceed the amount advised by the Prime Broker to the Platform Trading Service.

Transactions Types

Spot FX

Spot Silver

Spot Gold

PART 2: SPREAD

The Spread that will be applied to each Customer Transaction shall be as follows:

N/A

PART 3: COMMISSION

The Commission shall be as follows:

For Spot FX: The Commission shall be *** per *** of Counterparty Transactions.

For Spot Silver: The Commission shall be *** per *** of Counterparty Transactions.

For Spot Gold: The Commission shall be *** per *** of Counterparty Transactions.

Where the Customer has maintained an account with the Prime Broker, and sufficient funds
exist for such purpose, the commission will be deducted from such account 30 days after the
date of the invoice.

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