Document:

<PAGE>

Exhibit 10.37

                          MANAGEMENT SERVICES AGREEMENT

     MANAGEMENT SERVICES AGREEMENT (this "Agreement"), dated as of October 29,
2003, by and between MacAndrews & Forbes Holdings Inc., a Delaware corporation
("Holdings"), and M & F Worldwide Corp., a Delaware corporation (the "Company").

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

     WHEREAS, the Company, though its subsidiaries, is engaged in the production
of licorice extract, other flavoring agents and plant products and conducts
related activities (collectively, the "Business");

     WHEREAS, Howard Gittis, Todd Slotkin and Barry Schwartz (each an
"Executive" and, collectively, the "Executives") are employed by, and receive
compensation and benefits from, Holdings;

     WHEREAS, Holdings provides the services of the Executives to the Company to
manage the Business and provides other management and advisory services to the
Company (collectively, the "Management Services") and the Company desires to
provide for the continuation of said Management Services and to set forth the
terms and conditions applicable to such Management Services;

     WHEREAS, the Company has engaged Mercer Human Resource Consulting, Inc. to
prepare, and the Company has received, an analysis of the compensation levels of
chief executive officers, chief financial officers and general counsels of
publicly held corporations of a size and engaging in a business comparable to
the Company and the Business; and

     WHEREAS, the Company has accrued for a management services fee of
$1,500,000 on its financial statements, which have been reviewed by Ernst &
Young LLP as the independent auditors of 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. Term. This Agreement shall be effective on the date set forth above
and shall terminate on December 31, 2005 (the "Initial Term"), provided,
however, that at the end of the Term of Agreement (as defined below) the term of
this Agreement shall be automatically extended for successive one (1) year
periods (each, a "Renewal Period") unless either Holdings or the Company shall
have given written notice to the other party at least ninety (90) days prior to
the end of the Term of Agreement (as defined below), that the Term of Agreement
shall not be so extended. The Initial Term together with

<PAGE>

each Renewal Period, if any, are collectively referred to herein as the "Term of
Agreement".

         2. Services. During the period from January 1, 2003 until the end of
the Term of Agreement (the "Service Period"), Holdings shall provide Management
Services to the Company in accordance with the terms and subject to the
conditions set forth in this Agreement. During the Service Period, the Company
shall cause Messrs. Howard Gittis, Todd Slotkin, and Barry Schwartz, to serve
as, respectively, the Chief Executive Officer, Chief Financial Officer and
General Counsel of the Company. During the Service Period, Holdings shall use
its best efforts to cause the Executives to perform such duties and have such
powers as are customary for the chief executive officer, chief financial officer
and general counsel, as applicable, of publicly held corporations of a size and
engaging in a business comparable to the Company and the Business. In the event
that any of the Executives ceases to be employed by Holdings, Holdings shall
offer to provide the Company with the services of such Executive's successor at
Holdings for the remainder of the Service Period. Any successor who provides
services to the Company pursuant to the preceding sentence shall be deemed an
Executive for purposes of this Agreement. In the event that the Company rejects
Holdings' offer to provide the services of an Executive's successor, Holdings'
obligation to provide the services of such Executive shall cease and the
management services fee set forth in Section 3 of this Agreement shall be
adjusted accordingly.

         3. Management Services Fee. In consideration of the provision by
Holdings of the Management Services to the Company, the Company shall, at or
before the end of each calendar year during the Service Period, pay Holdings a
management services fee of $1,500,000, in a single lump sum cash payment.

         4. Executives Remain Employees of Holdings. Notwithstanding anything
contained in this Agreement, the Executives shall remain exclusively employees
of Holdings for all purposes during the Service Period. Nothing contained in
this Agreement shall limit Holdings' rights and obligations with respect to the
Executives or limit Holdings' right to assign additional duties to the
Executives, provided that such duties do not interfere with Holdings'
obligations set forth in Section 2 of this Agreement.

         5. Right to Engage in Other Activities. Nothing contained herein shall
restrict Holdings or any of its affiliates, or any of their respective
equityholders, directors, officers, employees, agents and controlling persons
and any of their respective affiliates, from engaging in any other business or
devoting time and attention to the management, investment, involvement or other
aspects of any other business, including becoming an officer or director
thereof, or rendering services of any kind to any other corporation, firm,
individual or business.

         6. Indemnification. The Company shall (i) indemnify and hold harmless
Holdings and each Executive (collectively, the "Indemnified Parties"), to the
fullest extent permitted by law, from and against any and all losses, claims,
damages and liabilities, joint or several, to which any Indemnified Party may
become subject, caused by, related to or arising out of this Agreement, the
Management Services or any other

                                       2
<PAGE>

advice or services contemplated by this Agreement or the engagement of Holdings
pursuant to, and the performance by any Indemnified Party of the Management
Services contemplated by, this Agreement and (ii) promptly reimburse each
Indemnified Party for all costs and expenses (including reasonable attorney's
fees and expenses), as incurred, in connection with the investigation of,
preparation for or defense of any pending or threatened claim or any action or
proceeding arising therefrom, whether or not such Indemnified Party is a party
and whether or not such claim, action or proceeding is initiated or brought by
or on behalf of the Company and whether or not resulting in any liability.
Notwithstanding the preceding sentence, the Company shall not be liable to an
Indemnified Party pursuant to this Section 6 to the extent that such loss,
claim, damage, liability, cost or expense is found in a final non-appealable
judgment by a court of competent jurisdiction to have resulted from such
Indemnified Party's willful misconduct, gross negligence or fraud.

         7. Limited Liability. The Company agrees that no Indemnified Party
shall have any liability (whether direct or indirect, in contract or tort, or
otherwise) to the Company related to or arising out of this Agreement, the
Management Services or any other advice or services contemplated by this
Agreement or the engagement of Holdings pursuant to, and the performance by any
Indemnified Party of the Management Services contemplated by, this Agreement,
except to the extent that any loss, claim, damage, liability, cost or expense is
found in a final non-appealable judgment by a court of competent jurisdiction to
have resulted from such Indemnified Party's willful misconduct, gross negligence
or fraud.

         8. Assignment/Successors. Subject to Section 2 of this Agreement,
neither party may assign this Agreement without the prior written consent of the
other party. Notwithstanding the foregoing, this Agreement shall be binding on
any successor to either of the parties hereto.

         9. Severability. The invalidity or unenforceability of any provision of
this Agreement shall not in any manner or way affect any other provision hereof,
and this Agreement shall be construed, if possible, as if amended to conform to
legal requirements, failing which it shall be construed as if any such offending
provision were omitted.

         10. Governing Law. This Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the state of Delaware, without
giving effect to the conflicts of law principles thereof.

         11. Entire Agreement. This Agreement constitutes the entire
understanding of the parties hereto with respect to the subject matter hereof.

         12. Binding Nature. This Agreement shall be binding upon, and inure to
the benefit of, the parties hereto and their respective successors, heirs and
permitted assigns.

                                       3
<PAGE>

         13. Amendment. The provisions of this Agreement may not be amended
except by an instrument in writing signed by the parties hereto. No waiver of
any breach or provision of this Agreement by a party shall be deemed to be a
waiver of any other or subsequent breach or condition, whether of like or
different nature.

         14. Counterparts. This Agreement may be executed in counterparts, each
of which shall be an original and both of which, when taken together, shall
constitute one and the same instrument.

                                       4
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their representatives thereunto duly authorized on the date first
above written.

                                             MACANDREWS & FORBES HOLDINGS INC.

                                             By: /s/ Barry F. Schwartz
                                                 Barry F. Schwartz
                                                 Executive Vice President and
                                                 General Counsel

                                             M & F WORLDWIDE CORP.

                                             By: /s/ Paul G. Savas
                                                 Paul G. Savas
                                                 Senior Vice President - Finance<PAGE>

Exhibit 10.38

                             M & F WORLDWIDE, CORP.
                  OUTSIDE DIRECTORS DEFERRED COMPENSATION PLAN

1.   NAME. This plan shall be known as the M & F Worldwide, Corp. Outside
     Directors Deferred Compensation Plan and is herein referred to as the
     "Plan."

2.   DEFINITIONS. The following definitions shall apply in interpreting the
     Plan:

     a.   "Account" shall mean an individual account established by the Company
          in the name of each Participant containing a number of Stock Units
          equal to the number of shares of Stock hypothetically purchased with
          deferred Compensation, together with dividend equivalents deemed to
          have been paid on each Stock Unit in such account.

     b.   "Beneficiary" shall mean such individual or the trustees or trustee of
          a trust as may be designated by a Participant pursuant to such
          Participant's deferral election.

     c.   "Board" means the Board of Directors of the Company.

     d.   "Code" shall mean the Internal Revenue Code of 1986, as amended, and
          the rules and regulations promulgated thereunder.

     e.   "Company" shall mean M & F Worldwide, Corp., a Delaware corporation.

     f.   "Compensation" shall mean any retainer fees, meeting fees and any
          other director fees, payable in the form of cash by the Company as
          consideration for services as a member of the Board.

     g.   "Fair Market Value" per share as of a particular date shall mean (i)
          the closing price per share of Stock on a national securities exchange
          or on the NASDAQ stock market for the last preceding date on which
          there was a sale of Stock on such exchange, or (ii) if the shares of
          Stock are then traded on any other over-the-counter market, the
          average of the closing bid and asked prices for the shares of Stock in
          such over-the-counter market for the last preceding date on which
          there was a sale of Stock in such market or (iii) if the shares of
          Stock are not then listed on a national securities exchange or traded
          in an over-the-counter market, such value as the Committee in its
          discretion may determine.

     h.   "Non-Employee Director" means a person (a) who is serving as a member
          of the Board and (b) who is not an officer or employee of the Company.

<PAGE>

     i.   "Participant" shall mean an eligible Non-Employee Director who elects
          to defer Compensation under the terms of the Plan.

     j.   "Plan Year" shall mean the calendar year; provided, however, that the
          first Plan Year shall commence on the date on which the Plan is
          adopted and shall terminate on the next December 31.

     k.   "Stock" shall mean the Common Stock of the Company, par value $0.01
          per share.

     l.   "Stock Unit" shall mean a bookkeeping unit credited to a Participant's
          Account, in accordance with Section 4(a) below.

3.   PARTICIPATION.

     a.   All Non-Employee Directors are eligible to participate in the Plan.
          Each Non-Employee Director of the Company receiving Compensation may
          elect to have all or part of such Compensation otherwise payable to
          him or her deferred and paid at the time and in the manner prescribed
          herein. Non-Employee Directors may elect to defer 100%, 50% or 0% of
          their total Compensation. Such deferral shall be made on a form set
          forth on Exhibit A, or such other form as shall be determined by the
          Board from time to time.

     b.   A Non-Employee Director may elect to participate in the Plan with
          respect to Compensation payable with respect to such Plan Year by
          making an election no later than December 31 of the Plan Year
          immediately preceding the Plan Year in respect of which such
          Compensation is payable; provided, however, that, with respect to the
          Plan Year during which the Plan is initially adopted by the Company,
          any Non-Employee Director serving as of the date of adoption of the
          Plan may, within thirty days of the Plan's Effective Date (as defined
          in Section 9), elect to defer Compensation commencing upon such
          election and provided further, the Board may allow a Non-Employee
          Director whose term begins during any Plan Year to elect within thirty
          (30) days after the start of his or her term to defer Compensation
          commencing upon such election.

     c.   Any election to defer Compensation communicated to the Company as
          provided in Section 3(a) shall continue in force until the end of the
          Plan Year for which the Participant made such election. The amount
          accumulated pursuant to the Plan prior to any notice of election to
          cease future deferrals will continue to be subject to the provisions
          of the Plan.

                                       2
<PAGE>

4.   METHOD OF DEFERRAL OF COMPENSATION.

     a.   The Company shall establish an Account on its books in the name of
          each Participant. The Account shall consist of a number of Stock Units
          equal to the number of shares of Stock hypothetically purchased with
          deferred cash Compensation, together with any cash paid as dividends
          on each Stock Unit in the Account (prior to conversion of such cash to
          Stock Units pursuant to Section 4(c)). The number of Stock Units
          hypothetically purchased with deferred Compensation shall be equal to
          the amount of such cash Compensation divided by the Fair Market Value
          of a share of Stock on the date such Compensation would otherwise have
          been payable.

     b.   Amounts deferred pursuant to the Plan shall be credited to each
          Participant's Account in the form of Stock Units on or about the last
          business day of each month.

     c.   When cash dividends are declared and paid on the Stock, the Account of
          each Participant shall be credited with an amount equal to the cash
          which would have been paid if each Stock Unit in such Account, as of
          the dividend payment date, had been one share of outstanding Stock on
          the record date for payment of dividends. Any cash credited by reason
          of the payment of dividend equivalents shall be converted once per
          Plan Year effective March 15 into a number of Stock Units equal to the
          maximum number of whole shares of Stock which could be purchased with
          such accumulated balance on the conversion date. If installment
          payments are being made from the Participant's Account as provided in
          Section 5 hereunder, such dividend equivalents accruing during the
          payout period shall be paid on each Payment Date (as defined in
          Section 5(b)) to the Participant or Beneficiary, as the case may be.

5.   DISTRIBUTION OF DEFERRED COMPENSATION.

     a.   The Company shall pay or commence payment to the Participant of the
          balance credited to such Participant's Account: (i) within sixty (60)
          days after the Participant's service on the Board ends or (ii) at such
          other time as the Participant shall specifically and irrevocably
          designate when he or she signs the letter agreement in the form
          attached as Exhibit A or such other form as the Board may prescribe
          from time to time (such date, "Distribution Event"). In the event the
          Participant's service on the Board ceases by reason of the
          Participant's death, payments due to the Participant under the Plan
          will be distributed to the Beneficiaries designated by the Participant
          in the manner elected by the Participant in the letter agreement.

     b.   Distributions from the Participant's Account may be made either: (i)
          in Stock or (ii) in cash either in a lump-sum or in equal annual
          installments over a period of years (no more than 10). Such
          installment payments shall

                                       3
<PAGE>

          be made on, or as soon as practicable following, the last business day
          of the fiscal year of the Company (each such date, the "Payment Date")
          commencing in the year in which occurs the applicable Distribution
          Event. If no specific election as to time and manner of payment is
          designated, payment shall be made in a lump-sum cash payment.

     c.   If the Participant elects to receive distributions in Stock, the
          Participant will receive the number of shares of Stock equal to the
          number of Stock Units held in the Participant's Account on the date of
          the applicable Distribution Event. If the Participant elects to
          receive a cash distribution in a lump-sum, the Participant will
          receive an amount in cash equal to the number of Stock Units held in
          the Participant's Account multiplied by the Fair Market Value of a
          share of Stock on the date of the applicable Distribution Event.
          Unless otherwise determined by the Board, if the Participant elects to
          receive cash distributions in installments, each installment will
          equal the value, immediately prior to the Payment Date, of the Stock
          Units then in the Participant's Account, divided by the number of
          remaining installments, plus any dividends that accrued since the last
          Payment Date but were not yet converted to Stock Units.

6.   ADMINISTRATION.

     a.   The Plan shall be administered by the Board. The Board shall have all
          authority that may be deemed appropriate for administering the Plan,
          including the discretion and authority to interpret the Plan and to
          adopt rules and regulations for implementing, amending and carrying
          out the Plan. The Board may delegate such duties as it determines to a
          committee of the Board.

     b.   All determinations made by the Board with respect to the Plan shall be
          conclusive and binding on the Company and its successors, the
          Participants and their Beneficiaries.

7.   GENERAL PROVISIONS.

     a.   The Stock Units allocated to a Participant's Account may be adjusted,
          converted or cancelled by the Board, as it deems appropriate, to
          reflect any reclassification, recapitalization, stock split, dividend
          or similar distribution (whether in the form of cash, stock or other
          property) affecting the Stock, combination, merger, consolidation,
          spin-off, share exchange, repurchase or other similar corporate
          transaction or event that, in the discretion of the Board, affects the
          Stock such that an adjustment is appropriate.

                                       4
<PAGE>

     b.   The right of any Participant to receive future payments under the
          provisions of the Plan shall be an unsecured claim against the general
          assets of the Company.

     c.   A Participant may change his or her Beneficiaries at any time by
          notifying the Board in such form as the Board shall from time to time
          designate.

     d.   No Participant or Beneficiary shall have any power to commute,
          encumber, sell, or otherwise dispose of the rights provided herein,
          and such rights shall be non-assignable and non-transferable.

8.   TERMINATION OF THE PLAN; AMENDMENT OF THE PLAN.

     a.   The Plan shall continue in effect until terminated by resolution of
          the Board.

     b.   The Plan may be amended from time to time by resolution of the Board;
          provided, however, that no amendment may adversely alter the rights of
          Participants to amounts credited to their Accounts as of the date of
          the amendment.

9.   EFFECTIVE DATE OF THE PLAN.

     a.   The Plan was adopted by the Board to be effective as of ________, 2003
          (the "Effective Date"). The Plan shall be effective with respect to
          any Compensation payable to a Non-Employee Director for services
          rendered after such effective date.

                                       5
<PAGE>

                                    EXHIBIT A

     [Address]

     Attention:  Secretary

     Gentlemen:

              Pursuant to the provisions of Section 3 of the M & F Worldwide,
              Corp. Deferred Compensation Plan for Non-Employee Directors
              (hereinafter called the "Plan"), I hereby irrevocably elect to
              have the indicated percentage of my retainer fees, meeting fees
              and any other director fees which may have become payable to me
              with respect to [2004] deferred in Stock Units in the manner
              provided in the Plan: (Designate percentage to be deferred.)

         [ ]        100%
         [ ]        50%
         [ ]        0%

     This direction shall be effective only for fees payable to me with respect
to 2004.

     I elect to have amounts I have deferred distributed to me:

         [ ]        Within 60 days after my service on the Board ends
         [ ]        ______________________________ (please specify the date
which will trigger distribution of payments to you)

     I elect to receive payments upon distribution in:

         [ ]        Stock
         [ ]        Cash, in a lump sum
         [ ]        Cash, in annual installments over __ years (must be 10 or
         fewer). (Each installment will equal the value, immediately prior to
         the Payment Date, of the Stock Units then in my Account, divided by the
         number of remaining installments, plus any dividends that accrued since
         the last Payment Date.)

     If I die while a director of the Company or prior to receiving of all
     distributions to which I am entitled under the Plan, I hereby direct that
     any amounts remaining in my Account be distributed as follows in:

         [ ]      Stock to                ____________________________

                                       6
<PAGE>

                                          (Insert Name of Beneficiary)

                                         ------------------------------

                                         ------------------------------
                                        (If more than one Beneficiary is named,
                                         indicate percentages to be paid to
                                         each Beneficiary)

         [ ]      Cash, in a lump sum to ______________________________
                                          (Insert Name of Beneficiary)

                                         ------------------------------

                                         ------------------------------
                                        (If more than one Beneficiary is named,
                                         indicate percentages to be paid to each
                                         Beneficiary)

         [ ]   Cash, in continued installments as directed by me above

                                         ------------------------------
                                           (Name one Beneficiary only)

                                         ------------------------------
                                                  (Signature)
     Date:

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}]]