Document:

Form of Restricted Share Unit Award Agreement (Selected Executives version)

 Exhibit 10.27 
 MF GLOBAL LTD. 
 2007 LONG TERM INCENTIVE PLAN 
 AMENDED AND RESTATED 
 RESTRICTED SHARE UNIT AWARD AGREEMENT 
 This Amended and Restated Agreement sets forth the terms and conditions of the award (this “Award”) granted to the recipient set forth
in 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 Restricted Share Units (the
“RSUs”) in respect of 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. Capitalized
terms 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 Plan
provision. 
 2. Award. Effective as of the date set forth below (the “Grant Date”), the Company hereby grants to the
Grantee the following number of RSUs under the Plan as compensation for the Grantee’s service as an employee of the Company or any of its Subsidiaries or Affiliates: 
 Name of Grantee: [Employee Name] 
 Grant Date: July 18, 2007 
 Number of RSUs: [Number equal to $• divided by $30] 
 Each RSU constitutes an unfunded and unsecured promise of the Company to deliver by issue (or cause to be delivered by transfer or otherwise) to the Grantee, subject to the terms and conditions of this Agreement, one
Share on the Delivery Date as provided in this Agreement (the Shares that are deliverable to the Grantee pursuant to Section 9, the “RSU Shares”). Until such delivery, the Grantee has only the rights of a general unsecured
creditor, and 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, THE ARBITRATION 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 IN SECTION 15 AND ANNEX 1 TO THIS AGREEMENT.  
 3. Vesting. Except as otherwise provided in Sections 5 and 6, the RSUs will vest in full on the third anniversary of the Grant Date (the
“Scheduled Vesting Date”). 
 4. Delivery. 
 (a) Subject to Section 8 and Section 20 and except as otherwise provided in this Agreement, the RSU Shares will be delivered to the Grantee on
the six month anniversary of (1) the Scheduled Vesting Date or (2) such earlier date pursuant to Section 5 (such date the “Delivery Date”). 

 (b) Notwithstanding Section 4(a), if the Grantee’s employment is terminated by the Company (or
any Subsidiary or Affiliate) for Cause or the Committee determines that an event constituting Cause has occurred but before the Delivery Date, the Grantee’s rights to this Award will terminate and the RSU Shares will not be delivered at any
time. For purposes of this Agreement, “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 or different 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 defined in an employment agreement between the Grantee and the Company, that definition will apply in lieu of the definition set forth herein. 
 (c) Subject to the Plan and applicable law, in the discretion of the Committee, in lieu of all or any portion of the RSU Shares otherwise deliverable and in accordance with Section 10(b) of the Plan, the Company
may deliver cash, other securities, other Awards or other property, and in such case, all references in this Award Agreement to deliveries of RSU Shares will, as applicable, be deemed to include such deliveries of cash, other securities, other
Awards or other property; provided that any cash, other securities, other Awards or other property that may be delivered shall not have the effect of deferring delivery or payment, U.S. income inclusion, or a substantial risk of forfeiture beyond
the date on which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the RSU Shares that would otherwise have been deliverable. 
 5. Termination of Employment. Subject to Section 6 and the terms of any employment agreement between the Grantee and 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 Scheduled Vesting Date, the RSUs will automatically be forfeited in full and cancelled by the Company upon such
termination of employment, and no RSU Shares will be delivered at any time, except as follows: 
 (a) Death or
Disability. If the Grantee’s termination of employment is due to the Grantee’s death or Disability, the RSUs will immediately vest in full as of the date of such termination and be paid out to the Grantee (or his/her estate or
guardian, as the case may be) promptly after but not more than 60 days after the date of the Grantee’s death or Disability. For purposes of this Agreement, “Disability” has the meaning set forth in Section 409A(a)(2)(C) of
Internal Revenue Code (the “Code”) as in effect on the relevant date (or, if none, will be determined by the Committee in its sole discretion). 

 (b) Retirement. If the Grantee’s termination of employment is by reason of
Retirement, a portion of the RSUs will vest as calculated on a pro rata basis by multiplying (i) the number of RSUs subject to this Award by (ii) 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 the Grantee’s termination of employment, and the denominator of which is 1,095 (the “Pro-Rata Portion”) and be paid out to the
Grantee promptly after but not more than 60 days after the date of the Grantee’s Retirement. The remainder of the RSUs will be forfeited; provided that 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 of such termination (or such shorter period of service as determined by the Committee), the Committee may in its
sole discretion provide that the RSUs will vest in full and be paid in accordance with this Section 5(b). For purposes of this Agreement, “Retirement” means a termination after age 60 in accordance with the retirement policies
of the Company (or, as applicable, one of its Subsidiaries or Affiliates). 
 (c) Voluntary Resignation with Consent.
If the Grantee’s employment is terminated by the Grantee for any reason (other than death, Disability or Retirement), the RSUs will be forfeited; provided that if such termination is mutually agreed with the prior written consent of the
Company, the Committee in its sole discretion may provide that a Pro Rata Portion (or such other amount that the Committee may determine) of the RSUs will vest as of the effective date of the Grantee’s termination of employment and be paid out
to the Grantee promptly after but not more than 60 days after such date. The remainder of the RSUs will be forfeited. 
 (d)
By the Company for Redundancy. 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), the Pro Rata Portion of the RSUs will vest as of the effective date of the Grantee’s termination of employment and be paid out to the Grantee promptly after but not more than 60 days after such date, and the remainder of
the RSUs will be forfeited. For purposes of this Agreement, whether a termination of the Grantee’s employment is for reasons of “Redundancy” will be determined by the Committee in its sole discretion. 
 6. Change in Control. Notwithstanding any other provision of this Agreement or the Plan, upon a Change in Control, all of the Grantee’s
outstanding RSUs will vest and, subject to applicable law, the Shares underlying the Grantee’s outstanding RSUs (or cash equal to the Fair Market Value thereof) will be delivered to the Grantee on the Scheduled Vesting Date in accordance with
Section 4, except that in the event of a Change in Control that constitutes a “change in control” within the meaning of Section 409A of the Code, payment will be promptly after but not more than 60 days after the date of the
Change in Control. 
 7. No Dividend Equivalents. The Grantee will not be entitled to receive dividends equivalents in respect of the
RSUs unless otherwise determined by the Committee. 

 8. Tax Withholding. Prior to the issuance of the RSU Shares, the Grantee will pay, or otherwise
provide for to the satisfaction of the Company, any applicable federal, state, local and foreign withholding obligations of the Company. To the extent permitted by law, the Grantee may provide for payment of withholding taxes by requesting that the
Company retain Shares with a Fair Market Value (determined as of the Delivery Date) equal to the 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 RSU Shares issuable upon payment of the RSUs. 
 9. Issuance of RSU Shares. On or as promptly as is practicable after the
Delivery Date, the Company will issue the RSU Shares registered in the name of the Grantee, the Grantee’s authorized assignee or the Grantee’s legal representative, as applicable, and will deliver certificates representing the RSU Shares
with the appropriate legends affixed thereto. The Company may reasonably postpone such issue until it receives satisfactory proof that the issuance of such RSU Shares will not violate any of the provisions of the Securities Act or the Exchange Act,
any rules or regulations of the Securities and Exchange Commission (“SEC”) promulgated thereunder, or the requirements of applicable state or foreign law relating to authorization, issuance or sale of securities, or until there has
been compliance with the provisions of such acts or rules; provided that the delivery shall be made at the earliest date at which the Company reasonably anticipates that it will not cause such violation; provided that the Company will not act in a
manner as to cause the payment to be made in violation of Section 409A of the Code. The Grantee understands that the Company is under no obligation to register or qualify the RSU Shares with the SEC, any state securities commission or any stock
exchange to effect such compliance. 
 10. Lock-Up Agreement; Legends and Trading Policies. 
 (a) 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 RSU Shares for such period of time as is determined by the Board, provided that at least a majority of the Company’s directors and officers who hold Shares at such time are similarly bound. 
 (b) The RSUs and RSU Shares have not been registered under the Securities Act or the securities laws of any state or foreign jurisdiction,
in each case pursuant to an exemption from such registration. Once delivered, the RSU Shares may not be sold, transferred, pledged, hypothecated, or otherwise disposed of in whole or in part until a registration statement under the Securities Act
and any other applicable laws with respect thereto shall have become effective or pursuant to an available exemption from registration. The Grantee understands that the Company is under no obligation to register or qualify the RSU Shares with the
SEC, any state securities commission, foreign jurisdiction or any stock exchange to effect such compliance. 
 (c) The Company
may reasonably restrict the sale, transfer or other disposition of the RSU shares until it receives satisfactory proof that the disposition will not violate any of the provisions of the Securities Act or the Exchange Act, any rules or regulations of
the Securities and Exchange Commission promulgated thereunder, or the requirements of applicable state or foreign law relating to authorization, issuance or sale of securities, or until there has been compliance with the provisions of such acts or
rules. The Company may affix to certificates 

 
representing Shares issued pursuant to this Agreement any legend that the Committee 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) and may advise the transfer agent to place a stop order against any legended Shares. 
 (c) To the extent applicable, the Grantee agrees that he or she will not sell, transfer by any means or otherwise dispose of the RSU
Shares acquired by him except in accordance with Company’s insider trading policy regarding the sale and disposition of securities owned by employees and/or directors of the Company. 
 11. Non-Transferability of RSUs. Except as otherwise may be provided by the Committee, the RSUs may not be transferred in any manner except by
will or the laws of descent and distribution, and any attempt to transfer the RSUs in violation of this Section 11 will be null and void. 
 12. Privileges of Share Ownership. The Grantee will not have any of the rights of a shareholder of the Company with respect to any RSU Shares (and, for avoidance of doubt, will not be deemed to own any RSU Shares for purposes of any
employment agreement or otherwise) until the RSU Shares are issued to the Grantee and no adjustment will be made for cash distributions in respect of such RSU Shares for which the record date is prior to the date upon which such 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 and any such other documents as may be executed in connection with the delivery of the RSU Shares 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 action taken 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. To the extent necessary to comply with
Section 409A of the Code, in the event of any conflict between the Plan and this Agreement, the provisions of this Agreement shall govern. 
 14. No Obligation to Employ. Nothing in the Plan or this Agreement will confer on the Grantee any right 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 to terminate the Grantee’s employment or other relationship at any time, with or without Cause. 
 15. Covenants of Confidentiality, Noncompetition and 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 RSUs and RSU Shares otherwise payable pursuant hereto will result if the Grantee breaches any applicable covenants 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 this Agreement shall cease to apply. Any RSU Shares forfeited in accordance
with this Agreement will be tendered to the Company for repurchase for nominal consideration to be determined by the Committee in its sole 

 
discretion, and shall either be cancelled by the Company or returned to the Company. 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 forth therein or in any employment agreement, whichever is lesser. For purposes of this Agreement, “Good
Reason” means any material diminution in the Grantee’s authority and responsibilities and the Company requiring the Grantee to be based 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 the Vice 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 at the 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); two business 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 binding upon 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 the outstanding 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 cash payments) as provided for under Section 5 of the Plan in order to preserve the value of the Grantee’s Award. 
 19. Binding Effect. 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 the case may be, and will be final, conclusive and binding on the Grantee and all persons claiming under or through the Grantee.

 20. Section 409A/Delay in Payment. If any compensation provided by this Agreement may result in the application 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 issued under such
statutory provisions and to make such modifications, in each case, without any diminution in the value of the payments to the Grantee. To the extent required in order to avoid the imposition of any 

 
interest and additional tax under Section 409A(a)(1)(B) of the Code, any payments or delivery of Shares payable as a result of the Grantee’s
termination of employment with the Company (including, without limitation, pursuant to Section 5(c)) will be delayed until the day after the six month anniversary of such termination of employment, or if earlier, the date of the Grantee’s
death, if the Grantee is deemed to be a “specified employee” as defined in Section 409A(a)(2)(i)(B) of the Code. The amendments to this Agreement that were adopted by the Committee on September 4, 2007 will not operate to
accelerate any payment into 2007 that would not have been made under the Agreement or delay any payment that would have been made in 2007 under this Agreement, in each case, prior to the adoption of such amendments. 
 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 any changes 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 Grantee hereby 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. resident Grantees, 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 limitation to any broker or other third party with whom the Shares acquired on payment of the Award may be deposited). 
 22. Arbitration/Choice of Forum.  
 (a) Any dispute, controversy or claim between the Company and the Grantee, arising out of or relating to or concerning the Plan or 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 of the 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 COURT LOCATED 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 any suit, 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 the Grantee’s relationship with the Company. Notwithstanding the foregoing, nothing herein will preclude the Company from bringing any action or
proceeding in any other court for the purpose of enforcing the provisions of this 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 permanently enforce 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 to an 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 be required 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 apply non-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 forum described 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 or proceeding in any such court will be conclusive and binding upon the Grantee and the Company. 
 (d) The Grantee irrevocably appoints the Secretary 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 of Section 22(a), who will promptly advise the Grantee of any such service of process. 
 (e) The Grantee hereby agrees to keep confidential 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 to the 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 Company with 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 to governmental, regulatory or self-regulatory authorities. 
 (f) The Grantee recognizes and agrees that prior to the grant of this Award the Grantee 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 omission hereunder 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 14 of 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. 

 23. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents
related to the Plan, the RSUs 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 by
electronic 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. In
addition, 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, the
Company’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 the
Company with your request. 
 24. Acceptance. The vesting of this Award is contingent on the Grantee accepting the Award and agreeing
to 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 OF
AMERICA) WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 
 26. Counterparts. This Agreement may be executed in two or more
counterparts, each of which will be deemed to be an original. 

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

			
	 MF GLOBAL LTD.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

	
	 Accepted and Agreed:

	
	  

	 [Name of Grantee]

 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 Global
Ltd. (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 MF
Global, the following provisions will apply: 
 a) Confidential Information and Company Property. As an employee of the
Company, 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, financial
information, 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 shall
immediately 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 foregoing
obligations 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 the
Company’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 of
the 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 Enterprise
Company employees as potential candidates for employment. 
 For purposes of this Annex, a “Competitive Enterprise” is a
business 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, providing
financial 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, commodities
and 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 the Company 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 or indirectly, 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 to interfere 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 the position 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 the Company (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 profits participation 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 with such 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 or supervisory 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 noncompetition provision is reasonable and necessary to protect the Company’s interests. 
 e) Covenant to Give Prior Notice to Prospective 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 prospective employer 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 competent jurisdiction (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 the remainder 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 permitted area, it will be automatically amended to apply for the maximum permitted period and maximum permitted area. 
 You understand that the provisions 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 restrictions contained in such provisions. 

 You acknowledge that a violation on your part of any of the Covenants would cause immeasurable and
irreparable 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 remedies
it may have.MF Global Ltd. Employee Stock Purchase Plan

 Exhibit 10.28 
 MF GLOBAL LTD. 
 EMPLOYEE STOCK PURCHASE PLAN 

 Table of Contents 
  

					
	 	 	 	  	Page
	 SECTION 1
	 	    Purpose Of The Plan.	  	1
			
	 SECTION 2
	 	    Definitions.	  	1
	                 (a)
	 	“Board”	  	1
	                 (b)
	 	“Code”	  	1
	                 (c)
	 	“Committee”	  	1
	                 (d)
	 	“Company”	  	1
	                 (e)
	 	“Compensation”	  	1
	                 (f)
	 	“Corporate Reorganization”	  	1
	                 (g)
	 	“Eligible Employee”	  	2
	                 (h)
	 	“Exchange Act”	  	2
	                 (i)
	 	“Fair Market Value”	  	2
	                 (j)
	 	“Offering Period”	  	2
	                 (k)
	 	“Participant”	  	2
	                 (l)
	 	“Participating Company”	  	2
	                 (m)
	 	“Plan”	  	2
	                 (n)
	 	“Plan Account”	  	2
	                 (o)
	 	“Purchase Price”	  	3
	                 (p)
	 	“Shares”	  	3
	                 (q)
	 	“Subsidiary”	  	3
			
	 SECTION 3
	 	    Administration Of The Plan.	  	3
	                 (a)
	 	Committee Composition	  	3
	                 (b)
	 	Committee Responsibilities	  	3
			
	 SECTION 4
	 	    Enrollment And Participation.	  	3
	                 (a)
	 	Offering Periods	  	3
	                 (b)
	 	Enrollment	  	4
	                 (c)
	 	Duration of Participation	  	4
			
	 SECTION 5
	 	    Employee Contributions.	  	4
	                 (a)
	 	Frequency of Payroll Deductions	  	4
	                 (b)
	 	Amount of Payroll Deductions	  	4
	                 (c)
	 	Changing Withholding Rate	  	4
	                 (d)
	 	Discontinuing Payroll Deductions	  	4
			
	 SECTION 6
	 	    Withdrawal From The Plan.	  	4
	                 (a)
	 	Withdrawal	  	4
	                 (b)
	 	Re-enrollment After Withdrawal	  	5
			
	 SECTION 7
	 	    Change In Employment Status.	  	5
	                 (a)
	 	Termination of Employment	  	5
	                 (b)
	 	Leave of Absence	  	5
	                 (c)
	 	Death	  	5

  

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	 SECTION 8
	 	    Plan Accounts And Purchase Of Shares.	  	5
	                 (a)
	 	Plan Accounts	  	5
	                 (b)
	 	Purchase Price	  	5
	                 (c)
	 	Number of Shares Purchased	  	5
	                 (d)
	 	Available Shares Insufficient	  	6
	                 (e)
	 	Issuance of Shares	  	6
	                 (f)
	 	Unused Cash Balances	  	6
	                 (g)
	 	Shareholder Approval	  	6
			
	 SECTION 9
	 	    Limitations On Shares Ownership.	  	6
	                 (a)
	 	Five Percent Limit	  	6
	                 (b)
	 	Dollar Limit	  	7
			
	 SECTION 10
	 	    Rights Not Transferable.	  	7
			
	 SECTION 11
	 	    No Rights As An Employee	  	7
			
	 SECTION 12
	 	    No Rights As A Shareholder.	  	8
			
	 SECTION 13
	 	    Securities Law Requirements.	  	8
			
	 SECTION 14
	 	    Shares Offered Under The Plan.	  	8
	                 (a)
	 	Authorized Shares	  	8
	                 (b)
	 	Antidilution Adjustments	  	8
	                 (c)
	 	Reorganizations	  	8
			
	 SECTION 15
	 	    Amendment Or Discontinuance.	  	8
			
	 SECTION 16
	 	    Governing Law.	  	9
			
	 SECTION 17
	 	    Execution.	  	9

  

 -ii- 

 MF GLOBAL LTD. 
 EMPLOYEE STOCK PURCHASE PLAN 
 SECTION 1 Purpose Of The Plan. 
 The Plan was adopted by the Board on July 8, 2007, effective as of the date of commencement of the initial public offering of the Common Shares in
the United States (the “Effective Date”), subject to Section 8(g). The purpose of the Plan is to provide Eligible Employees with an opportunity to increase their proprietary interest in the success of the Company by purchasing Shares
from the Company on favorable terms and to pay for such purchases through payroll deductions. The Plan is intended to qualify under section 423 of the Code. 
 SECTION 2 Definitions. 
 (a) “Board” means the Board of Directors of the Company, as constituted from
time to time. 
 (b) “Code” means the Internal Revenue Code of 1986, as amended. 
 (c) “Committee” means a committee designated by the Board, as described in Section 3. 
 (d) “Company” means MF Global Ltd., a Bermuda company. 
 (e) “Compensation” means (i) the base salary and wages paid in cash to a Participant by a Participating Company, plus (ii) any pre-tax contributions made by the Participant under section
401(k) or 125 of the Code. “Compensation” shall exclude variable compensation (including bonuses, incentive compensation, commissions, overtime pay and shift premiums), all non-cash items, moving or relocation allowances, cost-of-living
equalization payments, car allowances, tuition reimbursements, imputed income attributable to cars or life insurance, severance pay, fringe benefits, contributions or benefits received under employee benefit plans, income attributable to the
exercise of stock options, and similar items. The Committee shall determine whether a particular item is included in Compensation. 
 (f)
“Corporate Reorganization” means: 
 (i) The consummation of a merger or consolidation of the Company with or
into another entity, or any other corporate reorganization; or 
 (ii) The sale, transfer or other disposition of all or
substantially all of the Company’s assets or the complete liquidation or dissolution of the Company. 
  

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 (g) “Eligible Employee” means any employee of a Participating Company whose customary
employment is for more than five months per calendar year and for more than 20 hours per week. 
 The foregoing notwithstanding, an
individual shall not be considered an Eligible Employee if his or her participation in the Plan is prohibited by the law of any country which has jurisdiction over him or her or if he or she is subject to a collective bargaining agreement that does
not provide for participation in the Plan. 
 (h) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

 (i) “Fair Market Value” means the fair market value of a Share, determined by the Committee as follows: 
 (i) If Shares were traded on the New York Stock Exchange or other national securities exchange on the date in question, then the Fair
Market Value shall be equal to the closing price on such date; 
 (ii) If Shares were traded on the Nasdaq Global Market on
the date in question, then the Fair Market Value shall be equal to the last-transaction price quoted for such date by the Nasdaq Global Market; or 
 (iii) If none of the foregoing provisions is applicable, then the Fair Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate. 
 For any date that is not a trading day, the Fair Market Value of a Share for such date shall be determined by using the closing sale price or
last-transaction price for the immediately preceding trading day. Whenever possible, the determination of Fair Market Value by the Committee shall be based on the prices reported in the Wall Street Journal or as reported directly to the
Company by the stock exchange. Such determination shall be conclusive and binding on all persons. 
 (j) “Offering Period”
means a period with respect to which the right to purchase Shares may be granted under the Plan, as determined pursuant to Section 4(a). 
 (k) “Participant” means an Eligible Employee who elects to participate in the Plan, as provided in Section 4(b). 
 (l) “Participating Company” means (i) the Company and (ii) each present or future Subsidiary designated by the Committee as a Participating Company. 
 (m) “Plan” means this MF Global Ltd. Employee Stock Purchase Plan, as it may be amended from time to time. 
 (n) “Plan Account” means the account established for each Participant pursuant to Section 8(a). 
  

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 (o) “Purchase Price” means the price at which Participants may purchase Shares under the
Plan, as determined pursuant to Section 8(b). 
 (p) “Shares” means the Common Shares of the Company. 
 (q) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each
of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 SECTION 3 Administration Of The Plan. 
 (a)
Committee Composition. The Plan shall be administered by the Committee. The Committee shall consist of at least three members, which may consist of directors, officers or other employees of any Participating Company, designated by the Board
to administer the Plan and to perform the functions set forth herein. To the extent required for transactions under the Plan to qualify for the exemptions available under Rule 16b-3 (“Rule 16b-3”) promulgated under the Exchange Act, all
actions relating to awards to persons subject to Section 16 of the Exchange Act shall be taken by the Board unless each person who serves on the Committee is a “non-employee director” within the meaning of Rule 16b-3 or such actions
are taken by a sub-committee of the Committee (or the Board) comprised solely of “non-employee directors”. 
 (b) Committee
Responsibilities. The Committee shall have full power and authority, subject to the provisions of the Plan, to promulgate such rules and regulations as it deems necessary for the proper administration of the Plan, to interpret the provisions and
supervise the administration of the Plan, and to take all action in connection therewith or in relation thereto as it deems necessary or advisable. Any decision reduced to writing and signed by a majority of the members of the Committee shall be
fully effective as if it had been made at a meeting duly held. The Committee’s determinations under the Plan, unless otherwise determined by the Board, shall be final and binding on all persons. The Company shall pay all expenses incurred in
the administration of the Plan. No member of the Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, and all members of the Committee shall be fully indemnified by the
Company with respect to any such action, determination or interpretation. The Committee may adopt such rules, guidelines and forms as it deems appropriate to implement the Plan, including sub-plans which the Committee may establish for the purpose
of qualifying the Plan for preferred tax treatment under foreign tax laws (which at the Committee’s discretion may provide for allocations of the authorized Shares reserved for issue under the Plan as set forth in Section 14(a)).
Notwithstanding anything to the contrary in the Plan, the Board may, in its sole discretion, at any time and from time to time, resolve to administer the Plan. In such event, the Board shall have all of the authority and responsibility granted to
the Committee herein. 
 SECTION 4 Enrollment And Participation. 
 (a) Offering Periods. While the Plan is in effect, one Offering Period shall commence in each calendar year. Unless otherwise determined by the Committee, the Offering Periods shall consist of one-year periods
commencing on January 1 of each year. 
  

 -3- 

 (b) Enrollment. Any individual who, on the day preceding the first day of an Offering Period,
qualifies as an Eligible Employee may elect to become a Participant in the Plan for such Offering Period by executing the enrollment form prescribed for this purpose by the Committee. The enrollment form shall be filed with the Company in accordance
with such procedures as are established by the Company. 
 (c) Duration of Participation. Once enrolled in the Plan, a Participant
shall continue to participate in the Plan until he or she ceases to be an Eligible Employee or withdraws from the Plan under Section 6(a). A Participant who withdrew from the Plan under Section 6(a) may again become a Participant, if he or
she then is an Eligible Employee, by following the procedure described in Subsection (b) above. A Participant whose employee contributions were discontinued automatically under Section 9(b) shall automatically resume participation at the
beginning of the earliest Offering Period ending in the next calendar year, if he or she then is an Eligible Employee. When a Participant reaches the end of an Offering Period but his or her participation is to continue, then such Participant shall
automatically be re-enrolled for the Offering Period that commences immediately after the end of the prior Offering Period. 
 SECTION 5 Employee
Contributions. 
 (a) Frequency of Payroll Deductions. A Participant may purchase Shares under the Plan solely by means of payroll
deductions. Payroll deductions, as designated by the Participant pursuant to Subsection (b) below, shall occur on each payday during participation in the Plan. 
 (b) Amount of Payroll Deductions. An Eligible Employee shall designate on the enrollment form the portion of his or her Compensation that he or she elects to have withheld for the purchase of Shares. Such
portion shall be a whole percentage of the Eligible Employee’s Compensation, but not less than 1% nor more than 15%. 
 (c) Changing
Withholding Rate. A Participant may not change the rate of payroll withholding during an Offering Period. A Participant may change the rate of payroll withholding effective for a new Offering Period by filing a new enrollment form with the
Company at the prescribed location at any time. The new enrollment form and any payroll withholding at the new withholding rate shall be effective only at the commencement of an Offering Period. The new withholding rate shall be a whole percentage
of the Eligible Employee’s Compensation, but not less than 1% nor more than 15%. 
 (d) Discontinuing Payroll Deductions. If a
Participant wishes to discontinue employee contributions entirely, he or she may do so by withdrawing from the Plan pursuant to Section 6(a). (In addition, employee contributions may be discontinued automatically pursuant to Section 9(b)).

 SECTION 6 Withdrawal From The Plan. 
 (a) Withdrawal. A Participant may elect to withdraw from the Plan by filing the prescribed form with the Company at the prescribed location at any time before the last day of an Offering Period. As soon as reasonably practicable
thereafter, payroll deductions shall cease and the entire amount credited to the Participant’s Plan Account shall be refunded to him or her in cash, without interest. No partial withdrawals shall be permitted. 
  

 -4- 

 (b) Re-enrollment After Withdrawal. A former Participant who has withdrawn from the Plan shall not
be a Participant until he or she re-enrolls in the Plan under Section 4(b). Re-enrollment may be effective only at the commencement of an Offering Period. 
 SECTION 7 Change In Employment Status. 
 (a) Termination of Employment. Termination of employment as an
Eligible Employee for any reason, including death, shall be treated as an automatic withdrawal from the Plan under Section 6(a). (A transfer from one Participating Company to another shall not be treated as a termination of employment, subject
in the event of a transfer to a Participating Company outside of the United States to any requirements of applicable local law and the terms of any applicable sub-plan established for such Participating Subsidiary by the Committee.) 
 (b) Leave of Absence. For purposes of the Plan, employment shall not be deemed to terminate when the Participant goes on a military leave, a sick
leave or another bona fide leave of absence, if the leave was approved by the Company in writing. Employment, however, shall be deemed to terminate ninety (90) days after the Participant goes on a leave, unless a contract or statute guarantees
his or her right to return to work. Employment shall be deemed to terminate in any event when the approved leave ends, unless the Participant immediately returns to work. 
 (c) Death. In the event of the Participant’s death, the amount credited to his or her Plan Account shall be paid to a beneficiary designated by him or her for this purpose on the prescribed form or, if
none, to the Participant’s estate. Such form shall be valid only if it was filed with the Company at the prescribed location before the Participant’s death. 
 SECTION 8 Plan Accounts And Purchase Of Shares. 
 (a) Plan Accounts. The Company shall
maintain a Plan Account on its books in the name of each Participant. Whenever an amount is deducted from the Participant’s Compensation under the Plan, such amount shall be credited to the Participant’s Plan Account. Amounts credited to
Plan Accounts shall not be trust funds and may be commingled with the Company’s general assets and applied to general corporate purposes. No interest shall be credited to Plan Accounts. 
 (b) Purchase Price. The Purchase Price for each Share purchased at the close of an Offering Period shall be the lower of: 
 (i) 85% of the Fair Market Value of such share on the last day of such Offering Period; or 
 (ii) 85% of the Fair Market Value of such share on the first day of such Offering Period. 
 (c) Number of Shares Purchased. As of the last day of each Offering Period, each Participant shall be deemed to have elected to purchase the
number of Shares calculated in accordance with this Subsection (c), unless the Participant has previously elected to withdraw from the Plan in accordance with Section 6(a). The amount then in the Participant’s Plan Account shall be
divided by the Purchase Price, and the number of shares that results shall be 
  

 -5- 

 
purchased from the Company with the funds in the Participant’s Plan Account. The foregoing notwithstanding, no Participant shall purchase more than 500
Shares, or such other number of Shares as may be determined by the Committee from time to time, with respect to any Offering Period, nor more than the amounts of Shares set forth in Sections 9(b) and 14(a). The Committee may determine with respect
to all Participants that any fractional share, as calculated under this Subsection (c), shall be (i) rounded down to the next lower whole share or (ii) credited as a fractional share. 
 (d) Available Shares Insufficient. In the event that the aggregate number of shares that all Participants elect to purchase during an Offering
Period exceeds the maximum number of shares remaining available for issuance under Section 14(a), then the number of shares to which each Participant is entitled shall be determined by multiplying the number of shares available for issuance by
a fraction, the numerator of which is the number of shares that such Participant has elected to purchase and the denominator of which is the number of shares that all Participants have elected to purchase. 
 (e) Issuance of Shares. Certificates representing the Shares purchased by a Participant under the Plan shall be issued to him or her as soon as
reasonably practicable after the close of the applicable Offering Period, except that the Committee may determine that such shares shall be held for each Participant’s benefit by a broker designated by the Committee (unless the Participant has
elected that certificates be issued to him or her). Shares may be registered in the name of the Participant or jointly in the name of the Participant and his or her spouse as joint tenants with right of survivorship or as community property.

 (f) Unused Cash Balances. An amount remaining in the Participant’s Plan Account that represents the Purchase Price for any
fractional share shall be carried over in the Participant’s Plan Account to the next Offering Period or refunded to the Participant in cash, without interest, if his or her participation is not continued. Any amount remaining in the
Participant’s Plan Account that represents the Purchase Price for whole shares that could not be purchased by reason of Subsection (c) or (d) above, Section 9(b) or Section 14(a) shall be refunded to the Participant in cash,
without interest. 
 (g) Shareholder Approval. The Plan shall be submitted to the shareholders of the Company for their approval
within twelve (12) months after the date the Plan is adopted by the Board. Any other provision of the Plan notwithstanding, no Shares shall be purchased under the Plan unless and until the Company’s shareholders have approved the adoption
of the Plan. 
 SECTION 9 Limitations On Shares Ownership. 
 (a) Five Percent Limit. Any other provision of the Plan notwithstanding, no Participant shall be granted a right to purchase Shares under the Plan if such Participant, immediately after his or her election to
purchase such Shares, would own stock possessing more than 5% of the total combined voting power or value of all classes of stock of the Company or any parent or Subsidiary of the Company. For purposes of this Subsection (a), the following rules
shall apply: 
 (i) Ownership of stock shall be determined after applying the attribution rules of section 424(d) of the
Code; 
  

 -6- 

 (ii) Each Participant shall be deemed to own any stock that he or she has a right or
option to purchase under this or any other plan; and 
 (iii) Each Participant shall be deemed to have the right to purchase
the number of Shares set forth in Section 8(c) under this Plan with respect to each Offering Period. 
 (b) Dollar Limit. Any other
provision of the Plan notwithstanding, no Participant shall purchase Shares with a Fair Market Value in excess of the following limit: 
 Any
other provision of the Plan notwithstanding, no Participant shall accrue the right to purchase Shares at a rate which exceeds $7,500 of Fair Market Value of such Shares per calendar year (under this Plan and all other employee stock purchase plans
of the Company or any parent or Subsidiary of the Company), determined in accordance with the provisions of section 423 of the Code and applicable Treasury Regulations promulgated thereunder. 
 For purposes of this Subsection (b), the Fair Market Value of Shares shall be determined in each case as of the beginning of the Offering Period in
which such Shares are purchased. Employee stock purchase plans not described in section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (b) from purchasing additional Shares under the Plan, then his
or her employee contributions shall automatically be discontinued and shall resume at the beginning of the earliest Offering Period ending in the next calendar year (if he or she then is an Eligible Employee). 
 SECTION 10 Rights Not Transferable. 
 The
rights of any Participant under the Plan, or any Participant’s interest in any Shares or moneys to which he or she may be entitled under the Plan, shall not be transferable by voluntary or involuntary assignment or by operation of law, or in
any other manner other than by beneficiary designation or the laws of descent and distribution. If a Participant in any manner attempts to transfer, assign or otherwise encumber his or her rights or interest under the Plan, other than by beneficiary
designation or the laws of descent and distribution, then such act shall be treated as an election by the Participant to withdraw from the Plan under Section 6(a). 
 SECTION 11 No Rights As An Employee 
 Nothing in the Plan or in any right granted under the
Plan shall confer upon the Participant any right to continue in the employ of a Participating Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Participating Companies or of the
Participant, which rights are hereby expressly reserved by each, to terminate his or her employment at any time and for any reason, with or without cause. 
  

 -7- 

 SECTION 12 No Rights As A Shareholder. 
 A Participant shall have no rights as a shareholder with respect to any Shares that he or she may have a right to purchase under the Plan until such
Shares have been purchased on the last day of the applicable Offering Period. 
 SECTION 13 Securities Law Requirements. 
 Shares shall not be issued under the Plan unless the issuance and delivery of such Shares comply with (or are exempt from) all applicable requirements of
law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the
Company’s securities may then be traded. 
 SECTION 14 Shares Offered Under The Plan. 
 (a) Authorized Shares. The maximum aggregate number of Shares available for purchase under the Plan (including under any subplan) is 1,200,000
Shares, plus an annual increase to be added on the first day of each of the Company’s fiscal years beginning April 1, 2009, equal to the lesser of (i) 500,000 Shares, (ii) 0.5% of the outstanding Shares on such date or
(iii) a lesser amount determined by the Board; provided, however, that no annual increase shall be added more than ten years after the effective date of the Plan. The aggregate number of Shares available for purchase under the Plan shall at all
times be subject to adjustment pursuant to Section 14. 
 (b) Antidilution Adjustments. The aggregate number of Shares offered
under the Plan, the Share limitation described in Section 8(c) and the price of Shares that any Participant has elected to purchase shall be adjusted proportionately by the Committee in the event of any change in the number of issued Shares (or
issuance of shares other than Common Shares) by reason of any forward or reverse share split, subdivision or consolidation, or share dividend or bonus issue, recapitalization, reclassification, merger, amalgamation, consolidation, split-up,
spin-off, reorganization, combination, exchange of Shares, the issuance of warrants or other rights to purchase Shares or other securities, or any other change in corporate structure or in the event of any extraordinary distribution (whether in the
form of cash, Shares, other securities or other property), and, subject to the approval of the Board (or a committee thereof), such adjustments shall be final, conclusive and binding for all purposes of the Plan. 
 (c) Reorganizations. Any other provision of the Plan notwithstanding, immediately prior to the effective time of a Corporate Reorganization, the
Offering Period then in progress shall terminate and shares shall be purchased pursuant to Section 8, unless the Plan is assumed by the surviving corporation or its parent corporation pursuant to the plan of merger or consolidation. The Plan
shall in no event be construed to restrict in any way the Company’s right to undertake a dissolution, liquidation, merger, consolidation or other reorganization. 
 SECTION 15 Amendment Or Discontinuance. 
 The Board (or any committee thereof to which it
delegates such authority) shall have the right to amend, suspend or terminate the Plan at any time and without notice. Upon any such 

  

 -8- 

 
amendment, suspension or termination of the Plan during an Offering Period, the Board (or any committee thereof to which it delegates such authority) may in
its discretion determine that the applicable offering shall immediately terminate and that all amounts in the Participant Accounts shall be carried forward into a payroll deduction account for each Participant under a successor plan, if any, or
promptly refunded to each Participant. Except as provided in Section 14, any increase in the aggregate number of Shares to be issued under the Plan shall be subject to approval by a vote of the shareholders of the Company. In addition, any
other amendment of the Plan shall be subject to approval by a vote of the shareholders of the Company to the extent required by an applicable law or regulation. This Plan shall continue until the earlier to occur of (a) termination of this Plan
pursuant to this Section 15, (b) issuance of all of the Shares reserved for issuance under this Plan, or (c) the ten year anniversary of the date this Plan is approved by the Company’s shareholders. 
 SECTION 16 Governing Law. 
 The Plan shall be
governed by and interpreted in accordance with the laws of the State of New York (United States of America) without regard to principles of conflict of laws. 
 SECTION 17 Execution. 
 To record the adoption of the Plan by the Board the Company has caused its authorized officer
to execute the same. 
  

			
	MF Global Ltd.
		
	By:	 	  

	Title:	 	  

  

 -9-

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