**Exhibit 10.25**

MF GLOBAL LTD. 

2007 LONG TERM INCENTIVE PLAN 

AMENDED AND RESTATED 

SHARE OPTION AWARD AGREEMENT 

This Amended and Restated Agreement sets forth the terms and conditions of the award (this “Award”) granted to the recipient set forthin Section 2 (the “Grantee”) by MF Global Ltd., a Bermuda exempted company (the “Company”), under the MF Global Ltd. 2007 Long Term Incentive Plan (the “Plan”), of an option (the“Option”) to purchase common shares of the Company (“Shares”) under the terms and conditions set forth herein. 

1. The Plan. This Award is made pursuant to the Plan, a copy of which has been furnished to the Grantee, and the terms of the Plan are incorporated into this Agreement, except as otherwise specifically stated herein. Capitalizedterms used in this Agreement that are not defined in this Agreement have the meanings as used or defined in the Plan. References in this Agreement to any specific Plan provision will not be construed as limiting the applicability of any other Planprovision. 

2. Award. Effective as of the date set forth below (the “Grant Date”), the Company hereby grants to theGrantee as compensation for the Grantee’s service as an employee of the Company, or any of its Subsidiaries or Affiliates, the right and option to purchase, subject to the terms of this Agreement and the Plan and subject to the provisions ofSections 3 and 4, all or any part of the aggregate number of Shares set forth below (the Shares that are deliverable to the Grantee pursuant to exercise of this Option, the “Option Shares”) at a purchase price per Share that will beequal to the Fair Market Value of a Share on the Grant Date (the “Option Price”). 

Name of Grantee:**[**Employee Name**]**

Grant Date: July 18, 2007 

Number of Shares: ****[Number equal to $• divided by 30**]**

Option Price: $30 

Until the Option Shares areissued to the Grantee pursuant to Section 9, the Grantee has no rights as a shareholder of the Company. **THIS AWARD IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT INCLUDING, WITHOUT LIMITATION, THEARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 22, THE DATA PRIVACY CONSENT SET FORTH IN SECTION 21, THE ELECTRONIC DELIVERY CONSENT SET FORTH IN SECTION 23 AND ANY APPLICABLE RESTRICTIVE COVENANTS SET FORTH INSECTION 15 AND ANNEX 1 TO THIS AGREEMENT.**

3. Vesting. Except as otherwise provided in Sections 5, 6, and 24, this Optionwill vest in respect of one-third of the Option Shares on each of the first, second and third anniversaries of the Grant Date (each such anniversary a “Vesting Date”) and will be exercisable only to the extent that it has vested.

4. Term of Option. This Option will expire on the seventh (7th) anniversary of the Grant Date(the “Expiration Date”) and must be exercised, if at all, on or before the earlier of the Expiration Date or the date on which this Option is earlier terminated in accordance with the provisions of Section 5 or 6 of thisAgreement. 

5. Termination of Employment. Subject to Section 6 and the terms of any employment agreement between the Granteeand the Company or any Affiliate or Subsidiary, if the Grantee’s employment with the Company and its affiliates terminates for any reason prior to the final Vesting Date, to the extent the Option has not yet vested in accordance withSection 4, it will automatically be forfeited and cancelled by the Company upon such termination of employment, and to the extent (and only to the extent) that it is vested on the date the Grantee’s employment terminates, the Option may beexercised by the Grantee no later than 90 days after the date of such termination (but in no event later than the Expiration Date), *except* as follows. 

(a) By the Company for Cause. If the Grantee’s employment is terminated by the Company (or any Subsidiary or Affiliate) forCause, upon such termination of employment the Option will automatically be forfeited in full and cancelled by the Company and any portion of the Option that had previously vested will immediately cease to be exercisable. For purposes of thisAgreement, “Cause” means the Grantee’s (i) conviction, or plea of *nolo contendere*(or a similar plea), in a criminal proceeding; (ii) misconduct; (iii) dishonesty; (iv) violation of any law, rule,regulation of any governmental authority, securities exchange or association or any other regulatory or self-regulatory body or agency applicable to the Grantee or the Company, or any material violation of the Company’s policies or procedures;(v) willful or repeated failure or refusal to perform the Grantee’s duties satisfactorily; (vi) engaging in any activity deemed by the Committee to be contrary or harmful to the interests of the Company; or (vii) such other ordifferent circumstances as the Committee may determine to constitute Cause; in each case as determined by the Committee, which determination will be final, binding and conclusive; *provided*, *however*, that if “Cause” is definedin an employment agreement between the Grantee and the Company, that definition will apply in lieu of the definition set forth herein. 

(b) Death or Disability. If the Grantee’s termination of employment is due to the Grantee’s death or Disability, the Option will immediately vest in full as of the date of such termination and to theextent that the Option is vested on the date of such termination (after giving effect to the accelerated vesting provided for in this Section 5(b)), the Option may be exercised by the Grantee no later than 1 year after the date of suchtermination, but in no event later than the Expiration Date. For purposes of this Agreement, “Disability” means the Grantee’s total and permanent disability in accordance with the Company’s long-term disability plan, or ifno such plan is applicable to the Grantee, as determined by the Committee in its sole discretion; provided, however, that if “Disability” is defined in an employment agreement between the Grantee and the Company, that definition will applylieu of the definition set forth herein. 

(c) Retirement. If the Grantee’s termination of employment is byreason of Retirement and if the Grantee has completed at least 10 years of continuous service with the Company and its Subsidiaries and Affiliates (including service with any Man Group plc entity before the Effective Date of the Plan) at the time ofsuch termination (or such shorter period of service as determined by the Committee), the 

 

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Committee may in its sole discretion provide that the Option (i) will not be forfeited, but will remain outstanding and continue to vest in accordancewith this Agreement notwithstanding the Grantee’s termination of employment or (ii) will vest on a pro rata basis, such that effective as of the date of such termination, the Option will be vested in respect of the aggregate number ofOption Shares subject to the Option multiplied by the greater of (A) one-third and (B) a fraction, the numerator of which is the number of days that have elapsed from and including the Grant Date through the effective date of theGrantee’s termination of employment, and the denominator of which is 1,095 (the “Pro-Rata Portion”), and the Option in respect of the remainder of the Option Shares will be forfeited. To the extent that the Option is vested onthe date of the Grantee’s termination for Retirement or thereafter (after giving effect to any accelerated or continued vesting that may be provided for by the Committee pursuant to this Section 5(c)), the Option may be exercised by theGrantee no later than 5 years after the date of such termination, but in no event later than the Expiration Date. For purposes of this Agreement, “Retirement” means a termination after age 60 in accordance with the retirementpolicies of the Company (or, as applicable, one of its Subsidiaries or Affiliates). 

(d) By the Company forRedundancy. If the Grantee’s employment is terminated by the Company (or any Subsidiary or Affiliate) for reasons of Redundancy (which for avoidance of doubt does not include a termination for death, Disability, Retirement or Cause), theOption will vest in respect of the Pro Rata Portion of Option Shares as of the effective date of the Grantee’s termination of employment, and the remainder of the Option will be forfeited. To the extent that the Option is vested on the date ofthe Grantee’s termination for reasons of Redundancy (after giving effect to any accelerated vesting that may be provided for by the Committee pursuant to this provision), the Option may be exercised by the Grantee no later than 3 years afterthe date of such termination, but in no event later than the Expiration Date. For purposes of this Agreement, whether a termination of the Grantee’s employment is for reasons of “Redundancy” will be determined by the Committeein its sole discretion. 

6. Change in Control. Notwithstanding any other provision of this Agreement or the Plan, upon a Change inControl, the Option will vest in full and, subject to applicable law, become exercisable in accordance with Section 13 of the Plan. 

7. Manner of Exercise. 

(a) Share Option Exercise Agreement. To exercise this Option, the Grantee (or in the case ofexercise after the Grantee’s death, the Grantee’s executor, administrator, heir or legatee, as applicable) must deliver to the Company an executed share option exercise agreement in such form as may be required by the Company from time totime (the “Exercise Agreement”), which will set forth, *inter alia*, the Grantee’s election to exercise this Option and the number of Shares being purchased. If someone other than the Grantee exercises this Option, thensuch person must submit documentation reasonably acceptable to the Company that such person has the right to exercise this Option. 

(b)Limitations on Exercise. This Option may not be exercised unless such exercise is in compliance, to the reasonable satisfaction of the Committee, with all applicable foreign, federal and state securities laws, as they are in effect on thedate of exercise. In addition, this Option may not be exercised if the Committee determines that an event constituting Cause has occurred during the Grantee’s employment with the Company and its Subsidiaries and Affiliates. 

 

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(c) Payment. The Exercise Agreement will be accompanied by full payment of the Option Price foreach of the Shares being purchased by the Grantee (such aggregate amount, the “Exercise Price”) in cash (or by certified check), or where permitted by law: 

(i) by tender of Shares (that unless otherwise determined by the Committee, are free and clear of all liens, claims, encumbrances or security interests)having a Fair Market Value (determined on the date of exercise) equal to the Exercise Price; 

(ii) provided that a public market for theShares exists: (A) through a “same day sale” commitment from the Grantee and an independent broker-dealer that is acceptable to the Company (a “Broker-Dealer”) whereby the Grantee irrevocably elects to exercise thisOption and to sell a portion of the Shares so purchased to pay for the Exercise Price and whereby the Broker-Dealer irrevocably commits upon receipt of such Shares to forward the Exercise Price directly to the Company; or (B) through a“margin” commitment from the Grantee and a Broker-Dealer whereby the Grantee irrevocably elects to exercise this Option and to pledge the Shares so purchased to the Broker-Dealer in a margin account as security for a loan from theBroker-Dealer in the amount of the Exercise Price, and whereby the Broker-Dealer irrevocably commits upon receipt of such Shares to forward the Exercise Price directly to the Company; 

(iii) by any combination of the foregoing; or 

(iv) at the discretion of the Committee and to the extent permitted by law, such other method as may be prescribed from time to time. 

8. Tax Withholding. Prior to the issuance of the Shares upon exercise of this Option, the Grantee will pay, or otherwise provide for to the satisfaction of the Company, any applicable federal, state, local and foreign withholdingobligations of the Company. To the extent permitted by law, the Grantee may provide for payment of withholding taxes upon exercise of this Option by requesting that the Company retain Shares with a Fair Market Value (determined as of the date ofexercise) equal to the statutory minimum amount of taxes required to be withheld. In such case, the Company will issue the net number of Shares to the Grantee by deducting the Shares retained from the Shares issuable upon exercise of this Option.

9. Issuance of Shares. As promptly as is practicable after the receipt of the Exercise Agreement, in form and substance reasonablysatisfactory to counsel for the Company, payment of the Exercise Price and satisfaction of applicable withholding requirements, the Company will issue the Option Shares registered in the name of the Grantee, the Grantee’s authorized assignee orthe Grantee’s legal representative, as applicable, and will deliver certificates representing the Option Shares with the appropriate legends affixed thereto. The Company may reasonably postpone such issue and delivery until it receivessatisfactory proof that the issuance of such Option Shares will not violate any of the provisions of the Securities Act or the Exchange Act, any rules or 

 

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regulations of the Securities and Exchange Commission (“SEC”) promulgated thereunder, or the requirements of applicable state or foreign lawrelating to authorization, issuance or sale of securities, or until there has been compliance with the provisions of such acts or rules. The Grantee understands that the Company is under no obligation to register or qualify the Option Shares withthe SEC, any state securities commission or any stock exchange to effect such compliance. 

10. Lock-Up Agreement; Legends and TradingPolicies. The Grantee agrees that, if requested by the Company in connection with an initial public offering, the Grantee will not sell, offer for sale, or otherwise dispose of the Option Shares for such period of time as is determined by theBoard, provided that at least a majority of the Company’s directors and officers who hold Shares at such time are similarly bound. The Company may affix to certificates representing Shares issued pursuant to this Agreement any legend that theCommittee determines to be necessary or advisable (including to reflect any restrictions to which the Grantee may be subject under a separate agreement with the Company and its Affiliates.). The Company may advise the transfer agent to place a stoporder against any legended Shares. To the extent applicable, the Grantee agrees that he or she will not sell, transfer by any means or otherwise dispose of the Option Shares acquired by him except in accordance with Company’s insider tradingpolicy regarding the sale and disposition of securities owned by employees and/or directors of the Company. 

11. Non-Transferability ofOption. Except as otherwise may be provided by the Committee, this Option may not be transferred in any manner other than by will, by the laws of descent and distribution, or subject to the prior written consent of the Committee (a) byinstruments to an inter vivos or testamentary trust in which the Option is passed to beneficiaries upon the death of the Grantee or (b) by gift to Immediate Family, which will include for purposes of this Agreement a family limited partnershipor any similar entity which is primarily for the benefit of the Grantee and his or her Immediate Family (provided that any portion of the Option which is intended to be an Incentive Share Option may not be transferred by gift to Immediate Family),and may be exercised during the lifetime of the Grantee only by the Grantee or the Grantee’s legal representative. The terms of this Option will be binding upon the executors, administrators, successors and assigns of the Grantee. 

12. Privileges of Share Ownership****. The Grantee will not have any of the rights of a shareholder of the Company with respect to anyOption Shares (and, for avoidance of doubt, will not be deemed to own any Option Shares for purposes of any employment agreement or otherwise) until the Option Shares are issued to the Grantee and no adjustment will be made for cash distributions inrespect of such Option Shares for which the record date is prior to the date upon which such the Grantee or permitted transferee will become the holder of record thereof. 

13. Entire Agreement****. The Plan is incorporated herein by reference. This Agreement (together with Annex 1), the Plan, the Exercise Agreement and any such other documents as may be executed in connectionwith the exercise of this Option constitute the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior understandings and agreements with respect to such subject matter. Any actiontaken or decision made by the Committee arising out of or in connection with the construction, administration, interpretation or effect of this Agreement will lie within its sole and absolute discretion, as the case may be, and will be final,conclusive and binding on the Grantee and all persons claiming under or through the Grantee. 

 

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14. No Obligation to Employ. Nothing in the Plan or this Agreement will confer on the Grantee anyright to continue to serve as an employee of, or to continue in any other relationship with, the Company, any Subsidiary or any Affiliate, or limit in any way the right of the Company, any Parent or any Subsidiary or Affiliate to terminate theGrantee’s employment or other relationship at any time, with or without Cause. 

15. Covenants of Confidentiality, Noncompetitionand Nonsolicitation. The Grantee agrees that the provisions of Annex 1 are incorporated into this Agreement by reference and that forfeiture of all vested and unvested Options pursuant hereto will result if the Grantee breaches any applicablecovenants set forth in Annex 1 to this Agreement, except in the event that the Grantee’s employment is terminated by the Company without Cause or by the Grantee for Good Reason, in which case the covenants set forth in Annex 1 to thisAgreement shall cease to apply. For the avoidance of doubt and except as set forth above, any applicable covenants set forth in Annex 1 to this Agreement shall remain enforceable and binding upon the Grantee for such period of time as is set forththerein or in any employment agreement, whichever is lesser. For purposes of this Agreement, “Good Reason” means a) any material diminution in the Grantee’s authority and responsibilities and b) the Company requiring the Grantee to bebased at any office more than 35 miles from the place of employment as of the date of this Award Agreement (however, reasonable travel required by the Company in connection with the Grantee’s duties will not constitute Good Reason); provided,however, that if “Good Reason” is defined in an employment agreement between the Grantee and the Company, that definition will apply in lieu of the definition set forth herein. 

16. Notices. Any notice required to be given or delivered to the Company under the terms of this Agreement will be in writing and addressed to theVice President – Human Resources of the Company at its principal corporate offices in New York, New York (United States of America). Any notice required to be given or delivered to the Grantee will be in writing and addressed to the Grantee atthe address last on the records of the Company. All notices will be deemed to have been given or delivered upon: personal delivery; three days after deposit in the United States mail by certified or registered mail (return receipt requested); twobusiness days after deposit with any return receipt express international courier (prepaid); one business day after deposit with any return receipt express United States courier (prepaid); or one business day after transmission by facsimile.

17. Successors and Assigns****. The Company may assign any of its rights under this Agreement. This Agreement will be bindingupon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, all the provisions of the Plan and this Agreement will be binding upon the Grantee and the Grantee’s heirs,executors, administrators, legal representatives, successors and assigns. 

18. Adjustments. In the event of any change in theoutstanding shares of the Company after the Grant Date or any other event described in Section 5 of the Plan occurring after the Grant Date, the Board or the Committee will make such equitable substitution or adjustment (including cashpayments) as provided for under Section 5 of the Plan in order to preserve the value of the Grantee’s Award. 

19. BindingEffect. Any action taken or decision made in good faith by the Committee arising out of or in connection with the construction, administration, interpretation or effect of this Agreement will lie within its sole and absolute discretion, as thecase may be, and will be final, conclusive and binding on the Grantee and all persons claiming under or through the Grantee. 

 

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20. Section 409A. If any compensation provided by this Agreement may result in theapplication of Section 409A of the Code, the Company will, in consultation with the Grantee modify the Agreement in the least restrictive manner necessary in order to, where applicable, (a) exclude such compensation from the definition of“deferred compensation” within the meaning of such Section 409A or (b) comply with the provisions of Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issuedunder such statutory provisions and to make such modifications, in each case, without any diminution in the value of the payments to the Grantee. 

21. Data Privacy Consent. In order to administer the Plan and this Award, the Company may process personal data about the Grantee. Such data may include, but is not limited to, the information provided in this Agreement and anychanges thereto, other appropriate personal and financial data about the Grantee such as the Grantee’s home address and telephone number, date of birth, social security or other identification number, salary and other payroll information,nationality, job title, directorships and/or Shares held in the Company, and any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan and this Award. By accepting this grant, the Granteehereby gives explicit consent to the Company (a) to process any such personal data and (b) to transfer any such personal data outside the country in which the Grantee works or is employed, including, with respect to non-U.S. residentGrantees, to the United States, to transferees who will include the Company, its Subsidiaries and Affiliates, and to other persons who are designated by the Company to administer the Grantee’s participation in Plan (including without limitationto any broker or other third party with whom the Shares acquired on payment of the Award may be deposited). 

22. Arbitration/Choice ofForum. 

(a) Any dispute, controversy or claim between the Company and the Grantee, arising out of or relating to or concerning the Planor this Agreement (including Annex 1), will be finally settled by arbitration in New York, New York (United States of America) before, and in accordance with the rules then obtaining of, the New York Stock Exchange, Inc. (the“NYSE”) or, if the NYSE declines to arbitrate the matter (or if the matter otherwise is not arbitrable by it), the American Arbitration Association (the “AAA”) in accordance with the commercial arbitration rules ofthe AAA. Prior to arbitration, all claims maintained by the Grantee must first be submitted to the Committee in accordance with claims procedures determined by the Committee. This Section is subject to the provisions of Sections 22(b) and(c) below. 

(b) THE COMPANY AND THE GRANTEE HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURTLOCATED IN THE CITY OF NEW YORK OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN OR THIS AGREEMENT THAT IS NOT OTHERWISE ARBITRATED OR RESOLVED ACCORDING TO SECTION 22(a) OF THIS AGREEMENT. This includes anysuit, action or proceeding to compel arbitration or to enforce an arbitration award. The Company and the Grantee acknowledge that the forum designated by this Section 22(b) has a reasonable relation to the Plan, this Agreement, and to theGrantee’s relationship with the Company. Notwithstanding the 

 

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foregoing, nothing herein will preclude the Company from bringing any action or proceeding in any other court for the purpose of enforcing the provisions ofthis Paragraph 22. Also, the Company may bring such an action or proceeding, in addition to its rights under Section 22(a) and whether or not an arbitration proceeding has been or is ever initiated, to temporarily, preliminarily or permanentlyenforce any part of Section 15 and Annex 1. The Grantee agrees that his or her violation of any provision of Section 15 and Annex 1 would cause damage to the Company that cannot be measured or repaired, the Company therefore is entitled toan injunction, restraining order or other equitable relief restraining any actual or threatened violation of those provisions, no bond will need to be posted for the Company to receive such an injunction, order or other relief and no proof will berequired that monetary damages for violations of those provisions would be difficult to calculate and that remedies at law would be inadequate. 

(c) The agreement by the Grantee and the Company as to forum is independent of the law that may be applied in the action, and the Grantee and the Company agree to such forum even if the forum may under applicable law choose to applynon-forum law. The Grantee and the Company hereby waive, to the fullest extent permitted by applicable law, any objection which the Grantee or the Company now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit,action or proceeding in any court referred to in Section 22(b). The Grantee and the Company undertake not to commence any action, suit or proceeding arising out of or relating to or concerning this Agreement in any forum other than a forumdescribed in this Section 22. The Grantee and (subject to the last sentence of Section 22(a)) the Company agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action orproceeding in any such court will be conclusive and binding upon the Grantee and the Company. 

(d) The Grantee irrevocably appoints theSecretary of the Company as the Grantee’s agent for service of process in connection with any action, suit or proceeding arising out of or relating to or concerning this Agreement which is not arbitrated pursuant to the provisions ofSection 22(a), who will promptly advise the Grantee of any such service of process. 

(e) The Grantee hereby agrees to keepconfidential the existence of, and any information concerning, a dispute described in this Section 22, except that the Grantee may disclose information concerning such dispute to the arbitrator or court that is considering such dispute or tothe Grantee’s legal counsel (provided that such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute), or as may be required by law or legal process after providing the Companywith prior written notice and an opportunity to respond to such disclosure (unless such notice is prohibited by law). Nothing in this Agreement prohibits the Grantee from providing truthful testimony concerning the Company and its Subsidiaries togovernmental, regulatory or self-regulatory authorities. 

(f) The Grantee recognizes and agrees that prior to the grant of this Award theGrantee has no right to any benefits hereunder. Accordingly, in consideration of the receipt of this Award, the Grantee expressly waives any right to contest the amount of this Award, terms of this Agreement, or any determination, action or omissionhereunder or under the Plan made or taken in good faith by the Committee, the Company or the Board, or any amendment to the Plan or this Agreement (other than an amendment to which the Grantee’s consent is expressly required by Section 14of the Plan) and the Grantee expressly waives any claim related in any way to the Award including any claim based on any promissory estoppel or other theory in connection with this Award and the Grantee’s employment with the Company.

 

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23. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documentsrelated to the Plan, the Options or future Awards that may be awarded under the Plan by electronic means or request the Grantee’s consent to participate in the Plan by electronic means. The Grantee hereby consents to receive such documents byelectronic delivery, including by accessing such documents on a website, and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. Inaddition, the Company may choose to provide and deliver certain statutory and/or bye-law materials or documents relating to the Plan in electronic form. By accepting this Award, you agree that the Company may deliver the Plan prospectus, theCompany’s annual report and proxy statement and other required documents to you in an electronic format. If at any time you would prefer to receive paper copies of these documents, as you are entitled to, please contact the Secretary of theCompany with your request. 

24. Acceptance. The vesting of this Award is contingent on the Grantee accepting the Award and agreeingto its terms. If the Grantee does not sign in the signature block set forth below and return an executed copy of this Agreement to Human Resources on or before September 30, 2007, the Award will not vest and will be forfeited. 

25. Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (UNITED STATES OFAMERICA) WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 

26. Counterparts. This Agreement may be executed in two or morecounterparts, each of which will be deemed to be an original. 

 

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IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed and effective as of theGrant Date. 

 
MF GLOBAL LTD.
By:
 
 

Name:

Title:
 
 
Accepted and Agreed:
 

[Name of Grantee]

 

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**Annex 1**

In consideration of the grant of the Awards under the MF Global Ltd. 2007 Long Term Incentive Plan as described in the accompanying Award Agreement, and the mutual promises made therein and herein, you and MF GlobalLtd. (together with its affiliates and subsidiaries, the “Company”) agree as follows: 

1. *Covenants*.Sections 6 and 7 of your Employment Agreement with MF Global Ltd. (together with the Schedule thereto) apply to your Awards. Subject to the terms of the accompanying Award Agreement, if you do not have an Employment Agreement in place with MFGlobal, the following provisions will apply: 

a) *Confidential Information and Company Property*. As an employee of theCompany, you will have access to information that is not available to the general public regarding the Company, the Company’s affiliated companies, their respective businesses (including but not limited to customer identities, financialinformation, sales, operations, marketing, trading, execution and clearing strategies, operational costs, and employee costs, salaries and benefits), and the businesses of their customers, clients and suppliers. All such information is“Confidential Information” and must be kept confidential at all times during the term of your employment with the Company and thereafter. You agree that you will not at anytime during your employment with the Company and thereafter,directly or indirectly, disclose or furnish any Confidential Information to any third party, firm, entity or business, except as otherwise required by law. Upon the termination of your employment with the Company for any reason, you shallimmediately return to the Company all Confidential Information and all property (in whatever form), documents and other material belonging to the Company or its affiliates that you received during your employment with the Company. The foregoingobligations will survive, and remain binding and enforceable notwithstanding any termination of your employment or any settlement of the financial rights and obligations arising from your employment. 

b) *Covenant Not to Solicit Employees*. You acknowledge that the Company’s workforce is critical for creating value in theCompany’s business. You agree that during your employment with the Company and for a period of one year after your employment ends, whether voluntarily or not, you will not induce or attempt to influence, directly or indirectly, any employee ofthe Company to terminate his/her employment with the Company or to apply for or accept employment with any “Competitive Enterprise” (as defined below). You agree that this means that you will not identify to any Competitive EnterpriseCompany employees as potential candidates for employment. 

For purposes of this Annex, a “Competitive Enterprise” is abusiness enterprise that (i) engages in any activity, or (ii) owns a significant interest in any entity that engages in any activity, that, in either case, competes with any activity of the Company (including, but not limited to, providingfinancial services such as brokerage, trade execution, risk management and clearing services for exchange-traded and OTC derivatives instruments and cash securities, in a broad range of asset markets, including fixed income, equities, commoditiesand foreign currencies, to professional traders, institutional and/or retail customers) in any place in the world. 

c) *Covenant Not to Solicit Clients*. You agree that during your employment with theCompany and for a period of one year after your employment ends, whether voluntarily or not, you will not, in any manner, directly or indirectly, solicit by mail, by telephone, by personal meeting, or by any other means, either directly orindirectly, any client or prospective client of the Company to whom you provided services, or for whom you transacted business, or whose identity became known to you in connection with your employment with the Company, or damage (or attempt tointerfere with or damage) any business relationship or negotiations between the Company and any such client or prospective client. The term “solicit” as used in this Annex will mean any communication of any kind whatsoever inviting,encouraging or requesting any client or prospective client to: (i) transfer business from the Company to you or any other person; (ii) transact business with you or any other person in lieu of or in competition with the Company; or(iii) discontinue a business relationship or negotiations with the Company. The term “client” as used in this Annex will also refer to any customer or counterparty. 

d) *Covenant Not to Compete*. You acknowledge that the Company is engaged in a highly competitive business and that by virtue of theposition in which you are employed, you will perform services that are of competitive value to the Company and which if used in competition with the Company could cause it significant harm. Accordingly, you agree that during your employment with theCompany (including after work hours, weekends and vacation time) and for a period of six months after your employment ends, whether voluntarily or not, you will not (a) form, or acquire a 5% or greater equity ownership, voting or profitsparticipation interest in, any Competitive Enterprise, or (b) associate (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any Competitive Enterprise and in connection withsuch association engage in, or directly or indirectly manage or supervise personnel engaged in, any activity which is the same or substantially similar to any activity in which you were engaged, or for which you had direct or indirect managerial orsupervisory responsibility, at the Company during the one-year period immediately before the termination of your employment. You acknowledge that the Company competes in a global marketplace and that the duration and scope of this noncompetitionprovision is reasonable and necessary to protect the Company’s interests. 

e) *Covenant to Give Prior Notice toProspective Employer*. Before accepting employment with any other person or entity during the term of your employment and for a period ending on the one year anniversary of your termination of employment, you will provide such prospectiveemployer with written notice of the provisions of this Annex with a copy delivered simultaneously to the Company. 

2.*Covenants Generally*. Your covenants as outlined in the preceding paragraphs of this Annex are referred to as the “Covenants”. If any provision of any Covenant (in whole or in part) is found by any court of competentjurisdiction (or legally empowered agency) to be illegal, invalid or unenforceable for any reason, then the provision will be amended automatically to the minimum extent necessary to cure the illegality or invalidity and permit enforcement and theremainder of the Covenants will not be affected. In particular, if any provision of any Covenant is so found to violate law or be unenforceable because it applies for longer than a maximum permitted period or to greater than a maximum permittedarea, it will be automatically amended to apply for the maximum permitted period and maximum permitted area. 

You understand that theprovisions of the Covenants may limit your ability to earn a livelihood in a business similar to the business of the Company, but nevertheless 

believe that you will receive sufficiently high remuneration and other benefits relating to your employment with the Company to justify the restrictionscontained in such provisions. 

You acknowledge that a violation on your part of any of the Covenants would cause immeasurable andirreparable damage to the Company. Accordingly, you agree that the Company will be entitled to injunctive relief in any court of competent jurisdiction for any actual or threatened violation of any of the Covenants in addition to any other remediesit may have.