Document:

Amendment No. 3 to the Rights Agreement

 Exhibit 4.5 

AMENDMENT NO. 3 

TO THE 
 RIGHTS
AGREEMENT 
 dated as of 

May 27, 2010 

between 
 MF
GLOBAL HOLDINGS LTD. 
 and 

Computershare Trust Company, N.A. 

 AMENDMENT NO. 3 TO THE RIGHTS AGREEMENT 

AMENDMENT NO. 3 TO THE RIGHTS AGREEMENT, dated as of May 27, 2010 (this “Amendment”), between MF Global Holdings Ltd., a
Delaware corporation (the “Company”), and Computershare Trust Company, N.A., as Rights Agent (the “Rights Agent”), amends the Rights Agreement, dated July 9, 2007, as previously amended by Amendment No. 1 to the Rights
Agreement, dated May 20, 2008, and as further amended by Amendment No. 2 to the Rights Agreement, dated January 4, 2010 (said agreement, as amended, the “Agreement”). 

WITNESSETH: 

WHEREAS, in compliance with applicable law, the Company desires to allow the Agreement to expire at an earlier date and time than the
date and time that is currently specified by the term “Expiration Time” in the Agreement; 
 WHEREAS, Section 5.4
of the Agreement permits the Agreement to be amended by a written agreement executed by the Company and the Rights Agent; and 

WHEREAS, the Company and the Rights Agent desire to amend the Agreement to reflect the change in the Expiration Time on the terms and
conditions set forth below. 
 NOW THEREFORE, in consideration of the premises and the respective agreements set forth herein,
the Agreement is hereby amended as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATIONS 

1.1 Capitalized terms used in this Amendment shall have the meanings given to such terms in the Agreement, except to the extent otherwise
provided herein. As used in this Amendment, the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Amendment as a whole and not to any particular article, section or other
subdivision of this instrument. 
 ARTICLE II 

AMENDMENTS TO THE RIGHTS AGREEMENT 

2.1 Expiration Time. The definition of “Expiration Time” contained in Section 1.1 to the Agreement shall be
entirely replaced with the following definition: 
 “Expiration Time” shall mean the earliest of (i) the Exchange
Time, (ii) the Redemption Time, (iii) the Close of Business on June 1, 2010 (or such later date and time as the Board of Directors of the Company may from time to time fix by resolution adopted prior to the Expiration Time that
otherwise would have occurred) and (iv) immediately prior to the effective time of an amalgamation, merger, consolidation or scheme of arrangement (or another transaction pursuant to which all of the Common Shares are acquired) of the Company
with any other Person, which in each case does not constitute a Flip-over Transaction or Event. 

 ARTICLE III 

CONTINUITY 
 3.1
Continuity. The provisions of the Agreement shall, as amended hereby, continue in full force and effect. 
 ARTICLE IV

 MISCELLANEOUS 

4.1 Incorporation of Terms. The provisions of Section 5.10 (Notices), Section 5.13 (Successors), Section 5.16
(Descriptive Headings; Section References), Section 5.17 (Governing Law), Section 5.18 (Counterparts), and Section 5.19 (Severability), as previously amended, shall be incorporated into this Amendment as if set out in full herein and
as if references to “this Agreement” in such provisions are references to this Amendment. 
 [Signature page
follows] 
  

 -2- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written. 
  

					
	 MF GLOBAL HOLDINGS LTD.

		
	 By
	 	 /s/ Jacqueline M. Giammarco

	 Name:
	 	 Jacqueline M. Giammarco

	 Title:
	 	 Secretary

	
	 Computershare Trust Company, N.A.

		
	By	 	 /s/ Dennis V. Moccia

	Name:	 	Dennis V. Moccia
	Title:	 	Manager, Contract AdministrationResignation Letter from Laurence O'Connell to MF Global Holdings Ltd.

 Exhibit 10.27 

 

 

 Personal & Confidential 

May 14, 2010 
 Mr. Laurence
O’Connell 
 33 Club Street 

#07-21 Emerald Garden 
 Singapore 069415

 Dear Larry: 
 You have indicated to
us that you are resigning. This letter confirms the terms of your separation from service with MF Global Holdings Ltd. (“MF Global”) and its subsidiaries and affiliates. 

Capitalized terms used but not defined in this letter shall have the meaning ascribed to such term(s) in the employment agreement dated September 28,
2009 between yourself and MF Global Ltd. (the “Employment Agreement”). 
  

					
	1.	 	Effective Date of Termination	 	Notwithstanding anything to the contrary in the Employment Agreement, it is hereby agreed that the effective date of your termination of employment will be July 19, 2010 (the
“Date of Termination”).
			
	2.	 	Compensation and Benefits until the Date of Termination	 	Until the Date of Termination, you will continue to receive your Salary and continue to participate in employee benefit plans on the same basis as you currently
participate.
			
	3.	 	Compensation and Benefits after the Date of Termination:	 	
			
		 	 •     Salary Continuation
	 	Your current Salary will continue to be paid to you until December 31, 2010.
			
		 	 •     Medical and Dental Benefits Continuation
	 	You and your eligible dependents will continue to be provided with medical and dental benefits on a basis that is substantially equivalent to the coverage that you are currently
provided until December 31, 2010.
			
		 	 •     Accrued Compensation
	 	You will receive any Accrued Compensation to which you are entitled as promptly as practicable after the Date of Termination.

 

			
	

	  	 MF Global Holdings USA Inc.

717 Fifth Avenue
 9th
Floor
 New York, New York 10022-8101

Tel 212-589-6200
 Fax
212-589-6250
 www.mfglobal.com

 

 Mr. Laurence O’Connell 

Page 1 of 8 

					
		 	 •     Other Benefits
	 	You will receive any Other Benefits in accordance with the terms of the applicable plan, contract or arrangement.
			
		 	 •     LTIP Awards
	 	 Any awards (including restricted stock units and stock options) under the Amended and Restated 2007 Long Term Incentive Plan that are
unvested as of the Date of Termination will lapse and be cancelled without payment.

			
		 		 	All payments under this letter agreement are subject to all applicable tax withholdings and deductions.
			
	4.	 	Release and Waiver of Claims	 	In consideration of the Salary continuation and the medical and dental benefits continuation set forth in 3. above, and for other good and valuable consideration the receipt and
sufficiency of which you hereby acknowledge, (i) you agree to the release and waiver of claims set forth in Annex A hereto, and (ii) upon your acceptance of the Salary continuation and / or medical and dental benefits set forth in 3. above, you are
deemed to have reaffirmed such release and waiver, in its entirety, as of the Date of Termination.
			
	5.	 	Resignation from all Director and Officer Positions	 	Effective as of the date hereof, you hereby irrevocably resign from (1) any and all directorships and officer positions you hold with any member of the MF Global Group, and (2) any
and all fiduciary positions (including as trustee) you hold with respect to any pension plans or trusts established by any member of the MF Global Group. You agree to execute any documents necessary or advisable to formalize or carry out the
foregoing.
			
	6.	 	Return of Company Property	 	In accordance with MF Global’s policy, you agree to return any and all property that belongs to the MF Global Group, including but not limited to: computer hardware and
software, blackberry, cellphone, office keys, access cards, calling cards and credit cards on or before the Date of Termination. As of the Date of Termination, you will be deemed to have represented that you have complied with the foregoing
obligation.
			
	7.	 	Conduct until the Date of Termination	 	Notwithstanding the existence of a formal employment relationship, you agree that from the date hereof through the Date of Termination, you will not unless requested or agreed to by
MF Global: (a) contact or have any communication with any customer, client, employee,

  

 

 

  

 Mr. Laurence O’Connell 

Page 2 of 8 

					
		 		 	officer, director, agent or consultant of the MF Global Group in relation to the business and affairs of the MF Global Group, (b) remain or become involved in any aspect of the
business of the MF Global Group, or (c) have access to the physical or electronic premises of MF Global.
			
		 		 	For the avoidance of doubt, you acknowledge and affirm that for so long as you are an employee of the MF Global Group, you (i) remain subject to MF Global Group’s code of
conduct and business ethics and similar policies, procedures and guidelines and (ii) continue to owe to the MF Global Group the duties of good faith, loyalty and fidelity.
			
		 		 	Should a Cause event occur after the date hereof, MF Global reserves the right to terminate your employment for Cause and, in such case, MF Global shall be discharged from its
obligations under this letter agreement. In addition, if you materially breach the terms of this letter agreement, MF Global shall be discharged from its obligations under this letter agreement.
			
	8.	 	Certain Ongoing Obligations	 	You acknowledge and agree to be bound by your ongoing obligations under Section 7 (Proprietary Information) and Section 8 (Ongoing Restriction on Your Activities) of the Employment
Agreement. For purposes of Section 8(c) of the Employment Agreement, you will not be eligible to receive the “daily rate” amount for transition and other assistance during the period you receive Salary continuation as specified
above.
			
		 		 	MF Global acknowledges and agrees to its obligation under Section 5(d) (Indemnification) of the Employment Agreement.
			
	9.	 	Non-Disparagement	 	You acknowledge and agree that you will not knowingly make any public statement (including instigating or participating in the making of any public statement) that would libel,
slander, or disparage any member of the MF Global Group or any of their respective past or present officers, directors, or employees. Notwithstanding the foregoing, nothing in this letter agreement shall preclude you from making truthful statements
that are required by applicable law, regulation, or legal process.

  

 

 

  

 Mr. Laurence O’Connell 

Page 3 of 8 

  

					
	10.	 	Effect on Employment Agreement	 	Notwithstanding anything to the contrary in the Employment Agreement, effective as of the date hereof, this letter agreement governs the terms and conditions of the relationship
between yourself and the MF Global Group. In the event of any conflict between the terms of this letter agreement and the Employment Agreement, the terms of this letter agreement will control.
			
		 		 	You acknowledge and agree that you have no entitlement to any other compensation, remuneration, severance or benefits of any kind from the MF Global Group except as specifically set
forth above.
			
		 		 	Any disputes between the parties will be resolved through the procedure described in Section 12 of the Employment Agreement.
			
		 		 	Other than Section 13 (General Provisions) and those other Sections of the Employment Agreement that are specifically referenced herein (which sections shall survive in accordance
with their terms), the Employment Agreement will terminate on the Date of Termination.
			
		 		 	In entering into this letter agreement, no party has relied on or made any representation, warranty, inducement, promise or understanding that is not in this letter
agreement.
			
		 		 	Any amendment to this letter agreement must be in writing and signed by both parties.
			
	11.	 	Governing Law	 	This letter agreement will be governed by and construed in accordance with the laws of the State of New York in the United States of America, applicable to contracts made and to be
performed entirely with that State.
			
	12.	 	Confidentiality	 	The terms of this letter agreement are and shall remain confidential and shall not be disclosed by you to any person or entity, except: (i) your spouse or partner and attorney, and
(ii) accountants to the extent necessary to prepare your tax returns; provided that you give to each such person to whom disclosure is made notice of the confidentiality provisions of this agreement and each agrees to keep the existence, terms and
conditions of this agreement fully confidential, and/or (iii) as may be required by law, regulatory and/or governmental authority.

[Signature Page Follows] 
  

 

 

  

 Mr. Laurence O’Connell 

Page 4 of 8 

  

	
	Very truly yours,
	
	MF GLOBAL HOLDINGS LTD.
	
	
 

	Thomas F. Connolly
	Global Head of Human Resources

 Acknowledged, affirmed and
agreed this      day of                     , 2010: 

 

	
	
 

	Laurence O’Connell

 This letter
agreement will be effective only if it, together with the 
 Annex A Release and Waiver, are signed and delivered without
variation and received by 
 Thomas F. Connolly, Global Head of Human Resources 

on or before 12:00 noon (Singapore time) on May 17, 2010. 

 

 Mr. Laurence O’Connell 

Page 5 of 8 

 ANNEX A 

RELEASE AND WAIVER AGREEMENT 

GENERAL RELEASE, by Laurence O’Connell (the “Executive”) in favor of MF Global Holdings Ltd. (the
“Company”) and their respective subsidiaries and affiliates. 
  

	1	For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Executive knowingly and voluntarily waives, terminates,
cancels, releases and discharges forever any and all actions, causes of action, claims, allegations or rights (collectively, “Claims”) he (or his heirs, executors, administrators, successors, assigns and legal representatives) may
have or may yet have against the Company, MF Global Singapore Pte. Limited, the MF Global Group (as defined in the Employment Agreement dated September 28, 2009 between the Executive and the Company) and any of their respective subsidiaries or
affiliates, and each of their respective predecessors, successors or assigns, present and former directors, officers, employees, shareholders, attorneys and agents (collectively, the “Released Parties”), whether known or unknown,
based upon any matter, cause or thing occurring at any time before the date hereof. 

  

	2	Subject to Paragraph 3 below, Paragraph 1 includes, but is not limited to, (1) all Claims under federal, state or local law or the national or local law of
any other country (statutory or decisional) for breach of contract, for tort, for wrongful or abusive or unfair discharge or dismissal, for impairment of economic opportunity or for defamation, for intentional infliction of emotional distress, or
for discrimination based upon race, color, ethnicity, sex, age, national origin, religion, disability, sexual orientation or any other unlawful criterion or circumstance; (2) Claims for compensation, bonuses or benefits; (3) Claims under
any service agreement, severance program, compensation or benefit plan or arrangement maintained by the MF Global Group; (4) Claims for sexual harassment; (4) Claims related to whistleblowing; (5) Claims for punitive or exemplary
damages; (6) Claims for violations of any of the following laws (as amended): the Equal Pay Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991 as amended, the Americans with Disabilities Act of 1991, the Employee
Retirement Income Security Act of 1974, the Worker Adjustment Retraining and Notification Act, the Family and Medical Leave Act, the Rehabilitation Act, Executive Order 11246, the Employment Rights Act 1996, the Sex Discrimination Act 1975, the Race
Discrimination Act 1976, the Employment Equality (Age) Regulations 2006, Central Provident Fund Act, Chapter 36 of Singapore, Work Injury Compensation Act, Chapter 354 of Singapore, Workplace Safety and Health Act, Chapter 354A of Singapore, and all
claims and damages relating to race, sex, national origin, disabilities, religion, sexual orientation, age, and all employment discrimination claims arising under similar state statutes; and (7) Claims for violations of any other applicable
employment statute or law. In addition, the Executive waives any and all rights under the laws of any jurisdiction in the United States, Singapore, England and Wales, the European Union or any other country, that limit a general release to those
Claims that are known or suspected to exist in his favor as of the date of this General Release. 

  

 

 

  

 Mr. Laurence O’Connell 

Page 6 of 8 

	3	The Executive represents and warrants that as of the date of his execution of this General Release he has no actual knowledge of any violation by himself or the
Company and its affiliates of any applicable law or regulation or threatened litigation against the MF Global Group, that in either case (whether individually or in the aggregate) would be reasonably likely to have a material adverse impact on the
business or reputation of the MF Global Group. 

  

	4	Nothing in this General Release shall be construed to prevent the Executive from participating in an investigation or proceeding conducted by, any governmental
agency, including, without limitation, any applicable federal/state/city fair employment practices agency, to the extent required by law. Nevertheless, the Executive understands and agrees that he is waiving any relief available to him (including,
for example, monetary damages or reinstatement), under any of the claims and/or causes of action waived herein, including but not limited to financial benefit or monetary recovery from any lawsuit filed or settlement reached by any fair employment
practices agency or anyone else with respect to any claims released and waived herein. The Executive agrees that he will not seek or accept any monetary award or settlement from any source or proceeding (including but not limited to any proceeding
brought by any other person or by any government agency) with respect to any claim or right waived herein. The Executive represents and warrants that he has not filed any civil action, suit, arbitration, administrative charge, or legal proceeding
against any Released Party, that he has not assigned, pledged, or hypothecated any Claim to any person and that no other person has an interest in the Claims that he is releasing in this General Release. 

 

	5	The Executive affirms that, prior to the execution of this General Release, he was advised to consult with an attorney of his choice concerning the terms and
conditions of this General Release. The Executive understands that the terms and conditions of this General Release become effective or enforceable as of the date of his execution of this General Release. 

 

	6	The terms of this General Release shall be governed by Section 12 and Section 13 of the Employment Agreement. 

 

	7	The Executive acknowledges and confirms his ongoing obligations under Section 7 (Proprietary Information) and Section 8 (On-going Restrictions on Your
Activities) of the Employment Agreement. 

 [Signature Page Follows] 

 

 

 

  

 Mr. Laurence O’Connell 

Page 7 of 8 

 Dated:
16th May, 2010 

 

	
	
         

	 Laurence O’Connell

WITNESSED BY: 
 On this 16 day of May in
the year 2010 before me, the undersigned, personally appeared LAURENCE O’CONNELL personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name appears above and acknowledged to me that he/she
executed the same in his/her capacity. 
  

			
	Witness’s Signature:	 	

			
		
	Name:	 	     ALEXANDER PANASKO

 

 Mr. Laurence O’Connell 

Page 8 of 8

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