Document:

2007 Long Term Incentive Plan

 Exhibit 10.23 
 MF GLOBAL LTD. 
 2007 LONG TERM
INCENTIVE PLAN 
 , 2007 

	 	1.	GENERAL PURPOSE 

 The
name of this plan is the MF Global Ltd. 2007 Long Term Incentive Plan (as amended from time to time, the “Plan”). The purpose of the Plan is to enable the Company to attract and retain highly qualified personnel who will contribute
to the Company’s success and to provide incentives to Grantees (as defined below) that are linked directly to increases in shareholder value and will therefore inure to the benefit of all shareholders of the Company. To accomplish the
foregoing, the Plan provides that the Company may grant awards of Incentive Share Options, Non-Qualified Share Options, Share Appreciation Rights, Restricted Shares, Restricted Share Units, Performance Awards, Cash-Based Awards and Other Awards
(each as defined below). 
  

	 	2.	DEFINITIONS & INTERPRETATION 

 (a) For purposes of the Plan, the following terms have the meanings assigned below: 
 “Affiliate” means any entity other than the Company and its Subsidiaries that is designated by the Board as a
participating employer under the Plan, provided that the Company directly or indirectly owns at least 20% of the combined voting power of all classes of shares of such entity or at least 20% of the ownership interests in such entity.

 “Award” means an award of Incentive Share Options, Non-Qualified Share Options, Share Appreciation Rights,
Restricted Shares, Restricted Share Units, Performance Awards, Cash-Based Awards or Other Awards under the Plan, which Awards may be issued in consideration of service rendered to the Company, its Subsidiaries and or its Affiliates. 
 “Award Agreement” means any written agreement, contract or other instrument or document evidencing any Award, and which
may, but need not be (as determined by the Committee) executed or acknowledged by a Grantee as a condition to receiving an Award or the benefits under an Award, and which sets forth the terms and provisions applicable to Awards granted under the
Plan to such Grantee. 
 “Beneficial Owner” (and all variations thereof) will have the meaning set forth in
Rule 13d-3 under the Exchange Act. 
 “Board” means the Board of Directors of the Company. 
 “Cash-Based Awards” means an award granted pursuant to Section 12(a). 
 “Change in Control” means the occurrence of any one of the following events: 
 (i) The individuals who, on the Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason to
constitute at least a majority of the 

 
Board. For this purpose, any person who becomes a director after the Effective Date and whose appointment or election or nomination for election was approved
by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such
nomination) will be an additional Incumbent Director. However, no such subsequently appointed, elected or nominated individual who is initially appointed, elected or nominated as a director of the Company as a result of an actual or threatened
election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board will be an Incumbent Director. 
 (ii) Any Person is or becomes a Beneficial Owner, directly or indirectly, of securities of the Company representing 30% or more of the
combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”). 
 Provided, however, that the event described in this paragraph (ii) will not be deemed to be a Change in Control if it is by virtue
of any of the following acquisitions: (A) by the Company or any Subsidiary, (B) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (C) by any underwriter temporarily holding
securities pursuant to an offering of such securities, (D) pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)), (E) pursuant to any acquisition by a Grantee or any group of persons including a Grantee (or any entity
controlled by a Grantee or any group of persons including a Grantee); (F) a transaction (other than one described in (iii) below) in which Company Voting Securities are acquired from the Company, if a majority of the Incumbent Directors
approve a resolution providing expressly that the acquisition pursuant to this clause (F) does not constitute a Change in Control under this paragraph (ii); or (G) by Man Group plc or any of its Subsidiaries until after the first time the
number of Shares owned by Man Group plc has fallen below 15% at any time after the Effective Date. 
 In addition, a Change
in Control will not occur solely because any Person (the “Subject Person”) became the Beneficial Owner of 30% or more of the outstanding Company Voting Securities as a result of the acquisition of Company Voting Securities by the
Company or any of its Subsidiaries which, by reducing the number of Company Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person; provided that, if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of Company Voting Securities by the Company or its Subsidiaries, and after such acquisition by the Company the Subject Person becomes the 

  

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Beneficial Owner of any additional Company Voting Securities which increases the percentage of the then outstanding Company Voting Securities Beneficially
Owned by the Subject Person, then a Change in Control will occur. 
 (iii) The consummation of a merger, consolidation,
statutory share exchange or similar form of corporate transaction involving the Company or any of its Subsidiaries that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in the
transaction (a “Business Combination”), unless immediately following such Business Combination: (A) at least 50% of the total voting power of (x) the corporation resulting from such Business Combination (the
“Surviving Corporation”) or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of at least 80% of the voting securities eligible to elect directors of the Surviving
Corporation (the “Parent Corporation”) is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Company Voting
Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately
prior to the Business Combination, (B) no person (other than Man Group plc or any of its Subsidiaries until after first time the number of Shares owned by Man Group plc has fallen below the 15% at any time after the Effective Date or any
employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 30% or more of the total voting power of the outstanding voting
securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at least half of the members of the board of directors of the Parent Corporation (or, if there is no
Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination
(any Business Combination which satisfies all of the criteria specified in (A), (B) and (C) above will be deemed to be a “Non-Qualifying Transaction”). 
 (iv) The shareholders of the Company approve a plan of complete winding up, liquidation or dissolution of the Company or the consummation
of a sale of all or substantially all of the Company’s assets. 
 “Code” means the U.S. Internal Revenue
Code of 1986. 
 “Committee” means the Compensation Committee of the Board, as constituted at any time, or
any successor to such committee, or any other committee of the Board appointed or designated by the Board, as described in Section 3 or as otherwise provided in Section 3. 
 “Company” means MF Global Ltd., a Bermuda company, and its successors. 
 “Effective Date” has the meaning assigned in Section 17. 
  

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 “Eligible Recipient” means any full time or part time employee
(including an officer or director who is also an employee) of the Company or any Subsidiary or Affiliate, any individual to whom an offer of employment has been extended, a member of the Board or a member of the board of directors of a Subsidiary,
or a consultant or other individual providing services to the Company or any Subsidiary or Affiliate as selected by the Committee. References to “employment” and related terms in the Plan will include the provision of services in
any capacity. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934. 
 “Fair Market Value” means, as of any given date, the fair market value of a Share as determined in good faith in
accordance with a valuation methodology approved by the Committee. 
 “Grantee” means a person who has been
granted an Award under the Plan that remains outstanding, even if such person is no longer an Eligible Recipient. 
 “Immediate Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, and will include
adoptive relationships of the Grantee and family limited partnerships, trusts or similar entities which are primarily for the benefit of the Grantee and his or her Immediate Family. 
 “Incentive Share Option” means any Share Option that is intended to be designated as an “incentive stock
option” within the meaning of Sections 421 and 422 of the Code and that is designated as an “Incentive Share Option” in the applicable Award Agreement. Unless a Share Option is specifically designated as an Incentive Share Option, it
will not be considered an Incentive Share Option. 
 “Initial Public Offering” means the initial underwritten
public offering of the Shares pursuant to an IPO Prospectus filed on Form F-1 with the United States Securities and Exchange Commission. 
 “Non-Qualified Share Option” means any Share Option that is not an Incentive Share Option, including any Share Option that provides (as of the time such Share Option is granted) that it will not be
treated as an Incentive Share Option. 
 “Other Awards” means an award granted pursuant to
Section 12(b). 
 “Parent” means any corporation (other than the Company) in an unbroken chain of
corporations ending with the Company, if each of the corporations in the chain (other than the Company) owns shares possessing 50% or more of the combined voting power of all classes of shares in one of the other corporations in the chain.

  

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 “Performance Award” means an Award granted under Section 11.

 “Performance Criteria” has the meaning assigned in Section 11. 
 “Plan” has the meaning assigned in Section 1. 
 “Restricted Period” has the meaning assigned in Section 9. 
 “Restricted Shares” means Shares subject to restrictions granted pursuant to Section 9. 
 “Restricted Share Units” means the right pursuant to an Award granted under Section 10. 
 “Securities Act” means the U.S. Securities Act of 1933. 
 “Share” means a common share of the Company, par value US$1.00 per share. 
 “Share Appreciation Right” or “SAR” means the right pursuant to an Award granted under Section 8.

 “Share Option” means an option to purchase Shares granted pursuant to Section 7. 
 “Subsidiary” means any corporation or other entity (other than the Company) in which the Company controls 50% or more of
its outstanding voting securities or other equity interests, either directly or indirectly, at the time an Award is issued under the Plan. 
 (b) References in this Plan (i) to Sections are to sections of this Plan unless otherwise stated; (ii) to any contract (including any Award) are to the contract as amended, modified, supplemented or replaced
from time to time; (iii) to any statute, rule or regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced from time to time (and, in the case of statutes, include any rules and regulations promulgated
under the statute) and to any section of any statute, rule or regulation include any successor to the section; and (iv) to any governmental authority include any successor to the governmental authority. The various headings in this Plan are for
convenience of reference only and in no way define, limit or describe the scope or intent of any provisions or Sections of this Plan. Unless the context requires otherwise, words describing the singular number include the plural and vice versa,
words denoting any gender include all genders and the words “include”, “includes” and “including” will be deemed to be followed by the words “without limitation.” 
  

	 	3.	ADMINISTRATION 

 (a)
The Plan will be administered by the Committee, which will consist of at least two members of the Board who will be appointed by, and will serve at the pleasure of, the Board. Except as otherwise determined by the Board, 

  

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the members of the Committee will be “non-employee directors” to the extent required by Rule 16b-3 of the Exchange Act, and “outside
directors” to the extent required by Section 162(m) of the Code (however, the failure of the Committee to be so comprised will not cause any Award to be invalid). The Committee may delegate any of its powers under the Plan to a
subcommittee of the Committee (which hereinafter will also be referred to as the Committee). The Committee may also delegate to any person who is not a member of the Committee or to any administrative group within the Company, any of its powers,
responsibilities or duties. In delegating its authority, the Committee will consider the extent to which any delegation may cause Awards to fail to be deductible under Section 162(m) of the Code or to fail to meet the requirements of Rule
16(b)-3(d)(1) or Rule 16(b)-3(e) under the Exchange Act. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards (including grants to directors) or administer
the Plan, in which case the Board will have all of the authority and responsibility granted to the Committee herein. If so determined by the Committee, any Award made to any Grantee who is “officer” within the meaning of Rule 16a-1(f)
under the Exchange Act or member of the Board will be made by the full Board or a committee or subcommittee of the Board composed of at least two “non-employee” directors within the meaning of Rule 16b-3 under the Exchange Act. 

(b) The Committee will have the power and authority to grant Awards under the Plan to Eligible Recipients pursuant to the terms of the
Plan and to exercise all other powers granted to it under the Plan, subject to the terms of the Plan. In particular, but without limitation, the Committee will have the authority: 
 (ii) to select those Eligible Recipients who will be Grantees; 
 (iii) to determine whether, to what extent, and which Awards are to be granted to Grantees under the Plan; 
 (iv) to determine the number of Shares to be covered by each Award granted under the Plan; 
 (v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted under the Plan, including
the waiver or modification of any such terms or conditions; 
 (vi) to determine the terms and conditions, not inconsistent
with the terms of the Plan, which will govern all written instruments evidencing Awards granted under the Plan, including Award Agreements relating hereto, as well as the waiver or modification of any such terms or conditions; 
 (vii) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it will from time to time deem
advisable; 
 (viii) to construe, interpret and implement the terms and provisions of the Plan and any Award issued under the
Plan (and any Award Agreements relating thereto) and to otherwise supervise the administration of the Plan; 
  

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 (ix) to determine the dates on which Awards may be exercised and on which the risk of
forfeiture or deferral period relating to Awards will lapse or terminate, and the acceleration of any such dates; 
 (x) to
determine the expiration date of any Award; 
 (xi) to determine, at any time, whether, to what extent, and under what
circumstances an Award may be settled, or the option or reference price of an Award may be paid, in cash, Shares, other Awards, or other property or canceled, forfeited or suspended and the method or methods by which an Award may be settled,
canceled, forfeited or suspended; 
 (xii) to determine whether a termination of employment has occurred with respect to any
Grantee for purposes of the Plan and any Awards; 
 (xiii) to establish any “blackout” period that it deems
necessary or advisable; 
 (xiv) to prescribe Award Agreements (such Award Agreements need not be identical for each Grantee)
and amendments thereto; 
 (xv) correct any defect, supply any omission and reconcile any inconsistency in the Plan; and

 (xvi) to make all other determinations necessary or advisable for administering the Plan. 
 (c) Without limiting the foregoing, the Committee may, in its absolute discretion, without amendment to the Plan, accelerate the date on
which any Award granted under the Plan becomes exercisable, accelerate the lapse of restrictions, or waive any condition imposed under the Plan, with respect to any Award, and/or waive or amend the operation of Plan provisions respecting exercise
after termination of employment or otherwise adjust any of the terms of any Award. 
 (d) All decisions made in good faith by
the Committee pursuant to the provisions of the Plan will be final, conclusive and binding on all persons, including the Company and the Grantees. 
 (e) No member of the Board or the Committee or any employee of the Company or any of its Affiliates (each such person a “Covered Person”) will have any liability to any person (including, without limitation,
any Grantee) for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award. Each Covered Person will be indemnified and held harmless by the Company against and from any loss, cost,
liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such
Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan and against and from any and all amounts paid by such Covered Person, with the 

  

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Company’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against
such Covered Person; provided that, the Company will have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company will have sole
control over such defense with counsel of the Company’s choice. The foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final
adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or dishonesty or willful
criminal act or omission. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company’s Certificate of Incorporation, Memorandum of Association
(or other foundational document) or Bye-laws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless. 
  

	 	4.	SHARES AVAILABLE UNDER THE PLAN 

 (a) The Committee may make Awards under this Plan for up to a total of
24,000,000 Shares, which may be either treasury Shares, authorized but unissued Shares or Shares purchased by the
Company in the open market or otherwise. Notwithstanding the foregoing, the total number of Shares subject to the Plan will be increased on the first day of each fiscal year beginning in calendar year 2009 by a number of Shares equal to the excess
of (x) 15% of the aggregate number of Shares outstanding on the last day of the immediately preceding fiscal year over (y) the aggregate number of Shares covered by the Plan, unless the Committee should decide to increase the number of
Shares covered by the Plan by a lesser amount on any such date. If Awards are granted in tandem, so that only one of the Awards may actually be exercised, only one Award will result in a reduction of the Shares so available, and the other Award will
be disregarded. Awards payable only in cash or property other than Shares will not reduce the total remaining number of Shares available under the Plan, and Shares relating to any other Awards that are settled in cash or property other than Shares,
when settled, will be added back to the number of Shares available with under the Plan. To the extent that (i) an Award under this Plan will be paid, settled or exchanged or will expire, lapse, terminate or be cancelled for any reason without
the issuance of Shares, (ii) any Shares under an Award under this Plan are not issued because of payment or withholding obligations or (iii) Restricted Shares under this Plan will revert back to the Company prior to the lapse of the
applicable restrictions or be applied by the Company for purposes of tax withholding obligations, then the Committee may also grant Awards with respect to such Shares or Restricted Shares. The maximum number of Shares that may be issued under the
Plan will be adjusted by the Committee as appropriate to account for the events provided for in Section 5. Any Shares with respect to which the Company becomes obligated to make Awards through the assumption of, or in substitution for,
outstanding awards previously granted by an acquired entity, will not count against the Shares available to be delivered pursuant to Awards under this Plan. 
  

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 (b) The total number of Shares as to which Awards of Options and Share Appreciation
Rights may be granted to any individual Grantee during any calendar year may not, subject to adjustment as provided in Section 5, exceed 1,600,000. 
 (c) The total number of Shares that may be delivered pursuant to the exercise of Incentive Share Options may not, subject to adjustment as
provided in Section 5, exceed 24,000,000. 
  

	 	5.	EQUITABLE ADJUSTMENTS 

 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) (each, an “Adjustment Event”), then the Committee shall equitably adjust the number or kind of Shares that
may be issued under the Plan, and any or all of the terms of an outstanding Award (including the number of Shares covered by such outstanding Award, the type of property to which the Award is subject and the option or reference price of such Award),
and such adjustments will be final, conclusive and binding for all purposes of the Plan. In determining adjustments to be made under this Section 5, the Committee may take into account such factors as it determines to be appropriate, including
(i) the provisions of applicable law, (ii) the potential tax or accounting consequences of an adjustment (including, as applicable, under Section 162(m) of the Code and/or Section 409A of the Code) and (iii) the preservation
of the benefits or potential benefits intended to be made pursuant to Awards and, in light of such factors or others, may make adjustments that are not uniform or proportionate among outstanding Awards. In connection with any adjustment pursuant to
this Section 5, the Committee may provide, in its sole discretion, for the cancellation of any outstanding Awards in exchange for payment in cash or other property equal to the Fair Market Value of the Shares covered by such Awards, reduced by
the option or reference price, if any. After any adjustment made pursuant to this Section 5, the number of shares subject to each outstanding Award will be rounded down to the nearest whole number. 
  

	 	6.	ELIGIBILITY 

 Eligible Recipients
will be eligible to be granted any Award or any combination of Awards under the Plan at the same or different times, except that Incentive Share Options will only be granted to Eligible Recipients who are employees of the Company or one of its
Subsidiaries. 
  

	 	7.	SHARE OPTIONS 

 Share
Options may be granted alone or in addition to other Awards granted under the Plan. Any Share Option granted under the Plan will be in such form as the Committee may from time to time approve, and the provisions of Share Option 

  

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awards need not be the same with respect to each Grantee. If requested by the Committee, Grantees who are granted Share Options will enter into an Award
Agreement with the Company, in such form as the Committee will determine. The Share Options granted under the Plan may be of two types: (i) Incentive Share Options and (ii) Non-Qualified Share Options. To the extent that any Share Option
does not qualify as an Incentive Share Option, it will constitute a separate Non-Qualified Share Option. Share Options granted under the Plan will be subject to the following terms and conditions and to the relevant Award Agreement: 
 (a) Option Price. The option price per Share purchasable under a Share Option will be determined by the Committee in its sole
discretion at the time of grant but, except as permitted in connection with the assumption or issuance of Share Options in a transaction to which Section 424(a) of the Code applies, will not be less than 100% of the Fair Market Value of a Share
on such date (or in the case of Incentive Share Options, 110% of the Fair Market Value per share on such date if, on such date, the Eligible Recipient owns, or is deemed to own under the Code, shares possessing more than ten percent of the total
combined voting power of all classes of Company Voting Securities (a “Ten Percent Owner”)). 
 (b) Option
Term. The term of each Share Option will be fixed by the Committee, but no Share Option will be exercisable more than ten years (or in the case of Incentive Share Options granted to a Ten Percent Owner (as determined on the date of grant), five
years) after the date such Share Option is granted. 
 (c) Other Terms and Conditions. The form, terms and conditions
of each Share Option will be determined by the Committee and will be set forth in the Award Agreement. Such additional terms and conditions may include provisions relating to the vesting and exercisability of such Share Options as well as the
conditions or circumstances upon which such Share Options may be accelerated, extended, forfeited or otherwise modified. The Committee will specify in the applicable Award Agreement the circumstances in which Share Options will vest, remain
exercisable or be forfeited in the event of a Grantee’s termination of employment; provided that with respect to Incentive Share Options, a Grantee will not be deemed to have terminated employment if the Grantee is on a bona fide leave
of absence for not longer than three months or has a right to re-employment that is guaranteed by statute or contract. 
 (d)
Method of Exercise. Subject to any vesting conditions established under Section 7(c), Share Options may be exercised in whole or in part at any time during the option term, by giving written notice of exercise to the Company specifying
the number of Shares to be purchased, accompanied by payment in full of the option price in cash (by certified check or as otherwise permitted by the Committee). As determined by the Committee, in its sole discretion, payment in whole or in part may
also be made (i) in the form of unrestricted Shares already owned by the Grantee that have a Fair Market Value on the date of tender equal to the aggregate option price of the Shares as to which such Share Option will be exercised 

  

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(in the case of an Incentive Share Option, the right to make payment in Shares must be authorized only at the time of grant); (ii) in the case of the
exercise of a Non-Qualified Share Option, in the form of Restricted Shares subject to an award under the Plan (based, in each case, on the Fair Market Value of the Shares on the date the Share Option is exercised); (iii) any other form of
consideration approved by the Committee and permitted by applicable law; or (iv) any combination of the foregoing. If payment of the option price of a Non-Qualified Share Option is made in whole or in part in the form of Restricted Shares, the
Shares received upon the exercise of such Share Option will be restricted in accordance with the original terms of the Restricted Share Award in question, except that the Committee may direct that such restrictions will apply only to the
number of Shares equal to the number of Restricted Shares tendered. 
 (e) Annual Limit on Incentive Share Options. In
addition to the limitation applicable to Incentive Share Options in Section 4(c), to the extent that the aggregate Fair Market Value (determined as of the date the Incentive Share Option is granted) of Shares with respect to which Incentive
Share Options granted to a Grantee under this Plan and all other option plans of the Company or of any Parent or Subsidiary become exercisable for the first time by the Grantee during any calendar year exceeds $100,000 (or, if different, the maximum
limitation in effect at the time of grant under Section 422 of the Code, or any successor provision), the portion of such Incentive Share Options in excess of $100,000 will be treated as Non-Qualified Share Options. 
 (f) Settlement of an Option. When an Option is exercised pursuant to paragraph (d), the Committee, in its sole discretion, may
elect, in lieu of issuing Shares pursuant to the terms of the Option, to settle the Option by paying the Grantee an amount equal to the product obtained by multiplying (i) the excess of the Fair Market Value of one Share on the date the Option
is exercised over the option price of the Option (the “Option Spread”) by (ii) the number of Shares with respect to which the Option is exercised. The amount payable to the Grantee in these circumstances will be paid by the
Company either in cash or in Shares having a Fair Market Value equal to the Option Spread, or a combination thereof, as the Committee will determine at the time the Option is exercised and/or at the time the Option is granted. 
 (g) No Repricing. Except as otherwise permitted by Section 5, reducing the exercise price of Options issued and outstanding
under the Plan, including through amendment, cancellation and regrant, or repurchase of unexercisable Options for cash or other consideration, will require the approval of the Company’s shareholders. 
  

	 	8.	SHARE APPRECIATION RIGHTS 

 Share Appreciation Rights may be granted alone or in addition to other Awards granted under the Plan. Any SAR granted under the Plan will be in such form as the Committee may from time to time approve, and the
provisions of SAR 

  

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Awards need not be the same with respect to each Grantee. If requested by the Committee, Grantees who are granted SARs will enter into an Award Agreement
with the Company, in such form as the Committee will determine. Share Appreciation Rights granted under the Plan will be subject to the following terms and conditions and to the relevant Award Agreement: 
 (a) Reference Price. The reference price per Share underlying each SAR will be determined by the Committee in its sole discretion
at the time of grant but, except as permitted in connection with the assumption or issuance of SARs in a transaction to which Section 424(a) of the Code applies, will not be less than 100% of the Fair Market Value of a Share on such date.

 (b) SAR Term. The term of each SAR will be fixed by the Committee, but no SAR will be exercisable more than ten
years after the date such SAR is granted. 
 (c) Other Terms and Conditions. The form, terms and conditions of each SAR
will be determined by the Committee and will be set forth in an Award Agreement. Such additional terms and conditions may include, without limitation, provisions relating to the vesting and exercisability of such Share Appreciation Rights as well as
the conditions or circumstances upon which such Share Appreciation Rights may be accelerated, extended, forfeited or otherwise modified. Settlement of each Share Appreciation Right will be in cash, Shares, other Awards or other property, or any
combination of the foregoing, in the sole discretion of the Committee. The Committee will specify in the applicable Award Agreement the circumstances in which Share Appreciation Rights will vest, remain exercisable or be forfeited in the event of a
Grantee’s termination of employment. 
 (d) Method of Exercise. Upon the exercise of a SAR, the Grantee will be
entitled to receive up to, but not more than, an amount in cash or that number of Shares (or any combination of cash and Shares, as determined by the Committee) equal in value to the excess of the Fair Market Value of one Share as of the date of
exercise over the reference price per Share specified in the SAR Award Agreement, with the Committee having the right to determine the form of payment. 
 (e) No Repricing. Except as otherwise permitted by Section 5, reducing the reference price of SARs issued and outstanding under the Plan, including through amendment, cancellation and regrant, or
repurchase of unexercisable SARs for cash or other consideration, will require the approval of the Company’s shareholders. 
  

	 	9.	RESTRICTED SHARES 

 Restricted Shares may be granted alone or in addition to other Awards granted under the Plan. Any Award of Restricted Shares granted under the Plan will be in such form as the Committee may from time to time approve, and the 

  

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provisions of Restricted Share Awards need not be the same with respect to each Grantee. If requested by the Committee, Grantees who are granted Restricted
Shares will enter into an Award Agreement with the Company, in such form as the Committee will determine. Restricted Shares granted under the Plan will be subject to the following terms and conditions and to the relevant Award Agreement: 

(a) Purchase Price. The price per share of Restricted Shares, if any, that a Grantee must pay for Restricted Shares purchasable
under an Award of Restricted Shares will be determined by the Committee in its sole discretion at the time of grant. Shares will not be issued for less than their par value. 
 (b) Other Terms and Conditions. The form, terms and conditions applicable to each Restricted Share will be determined by the
Committee and will be set forth in an Award Agreement. Such terms and conditions may include the restrictions upon such Restricted Shares, the dates as of which restrictions upon such Restricted Shares will lapse (any period prior to such lapse with
respect to a Restricted Share, the “Restricted Period”), and the conditions or circumstances upon which such Restricted Shares will be forfeited or the otherwise modified with respect to the applicable terms. The Committee will
specify in the applicable Award Agreement the circumstances in which Restricted Shares will vest or be forfeited in the event of a Grantee’s termination of employment. 
 (c) Awards and Certificates. In the event that a share certificate is issued in respect of Restricted Shares, such certificate will
be registered in the name of the Grantee and will bear an appropriate legend referring to the terms, conditions, and restrictions applicable to any such Award; provided that, unless the Committee will determine otherwise, the share
certificates evidencing Restricted Shares granted under the Plan will be held in the custody of the Company until the restrictions thereon will have lapsed, and, as a condition of any Restricted Share Award, the Grantee will be required to deliver a
stock power or share transfer form, endorsed in blank, relating to the Restricted Shares covered by such Award. 
 (d)
Forfeiture of Restricted Shares. If Restricted Shares are forfeited pursuant to the terms of the Plan or an Award Agreement, such Restricted Shares will be tendered back to the Company for repurchase for nominal consideration to be determined
by the Committee in its sole discretion. In the event that any Restricted Shares should be forfeited by the Grantee, any share certificate or certificates representing such Restricted Shares will be cancelled and the Restricted Shares will either be
cancelled or returned to the Company and belong thereafter to the Company. Upon the reversion of such Restricted Shares to the Company, the Company will repay to the employee or (in the case of death) to the representative of the employee’s
estate, the full cash amount paid, if any, to the Company by the employee for such Restricted Shares pursuant to Section 9(a). 
 (e) Right to Vote and Receive Dividends on Restricted Shares. Each Grantee will, during the Restricted Period, be the beneficial 

  

 -13- 

 
and record owner of such Restricted Shares and will have full voting rights with respect thereto. Unless the Committee determines otherwise in an Award
Agreement, during the Restricted Period, all ordinary cash dividends (as determined by the Committee in its sole discretion) paid upon any Restricted Share will be retained by the Company for the account of the relevant Grantee. Such dividends will
revert back to the Company if for any reason the Restricted Share upon which such dividends were paid reverts back to the Company. Upon the expiration of the Restricted Period, all such dividends paid on such Restricted Share and retained by the
Company will be paid to the relevant Grantee. Unless the applicable Award Agreement provides otherwise, additional Shares or other property distributed to the Grantee in respect of Restricted Shares, as dividends or otherwise, will be subject to the
same restrictions applicable to such Restricted Shares. 
  

	 	10.	RESTRICTED SHARE UNITS 

 Restricted Share Units may be granted alone or in addition to other Awards granted under the Plan. Any Restricted Share Units granted under the Plan will be in such form as the Committee may from time to time approve,
and the provisions of Restricted Share Unit Awards need not be the same with respect to each Grantee. If requested by the Committee, Grantees who are granted Restricted Share Units will enter into an Award Agreement with the Company, in such form as
the Committee will determine. Restricted Share Units granted under the Plan will be subject to the following terms and conditions and to the relevant Award Agreement: 
 (a) Terms and Conditions. The form, terms and conditions of each Restricted Share Unit will be determined by the Committee and will
be set forth in an Award Agreement. Such terms and conditions may include, the conditions or circumstances upon which such Restricted Share Unit will vest, be forfeited or otherwise modified, and the date or dates upon which any Shares, cash or
other property will be delivered to the Grantee in respect of the Restricted Share Units. The Committee will specify in the applicable Award Agreement the circumstances in which Restricted Share Units will be paid or forfeited in the event of a
Grantee’s termination of employment. 
 (b) Settlement of Restricted Share Units. The Committee, in its sole
discretion, may instruct the Company to pay on the date when Shares would otherwise be issued pursuant to a Restricted Share Unit, in lieu of such Shares, a cash amount equal to the number of such Shares multiplied by the Fair Market Value of a
Share on the date when Shares would otherwise have been issued. If a Grantee is entitled to receive other shares, securities or other property as a result of an adjustment, pursuant to Section 5, the Committee, in its sole discretion, may
instruct the Company to pay, in lieu of such other shares, securities or other property, cash equal to the fair market value thereof as determined in good faith by the Committee. Until the delivery of such Shares, cash, securities or other property,
the rights of a Grantee with respect to a Restricted Share Unit will be only those of a general unsecured creditor of the Company. 
  

 -14- 

 (c) Right to Receive Dividends on Restricted Share Units. Unless the Committee
determines otherwise, during the period prior to payment of the Restricted Share Unit, all ordinary cash dividends (as determined by the Committee in its sole discretion) that would have been paid upon any Share underlying a Restricted Share Unit
had such Shares been issued will be paid only at the time and to the extent such Restricted Share Unit is vested. 
  

	 	11.	PERFORMANCE AWARDS 

 Performance Awards may be granted alone or in addition to other Awards granted under the Plan. Any Performance Awards granted under the Plan will be in such form as the Committee may from time to time approve, and the provisions of
Performance Awards need not be the same with respect to each Grantee. If requested by the Committee, Grantees who are granted Performance Awards will enter into an Award Agreement with the Company, in such form as the Committee will determine.
Performance Awards granted under the Plan will be subject to the following terms and conditions and to the relevant Award Agreement: 
 (a) General. Performance Awards may be denominated as a cash amount, a number of Restricted Shares, a number of Restricted Share Units, or a combination thereof and are awards which may be earned upon achievement or satisfaction of
performance conditions specified by the Committee. In addition, the Committee may specify that any other Award, including a Cash-Based Award, will constitute a Performance Award by conditioning the right of a Grantee to exercise the Award or have it
settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in
establishing any performance conditions. In the event that a share certificate is issued in respect of Performance Awards, such certificates will be registered in the name of the Grantee but will be held by the Company until the time such
Performance Awards are earned. The performance conditions and the performance period applicable to each Performance Award will be determined by the Committee and set forth in an Award Agreement. 
 (b) Certain Performance Awards. To the extent a Performance Award is intended to satisfy the requirements for deductability under
Section 162(m) of the Code, the Committee will, in accordance with the requirements of Section 162(m), establish written performance criteria for the Company on a consolidated basis, and/or for specified Subsidiaries or Affiliates or other
business units of the Company, which will be comprised of specified levels of one or more of the following performance criteria as the Committee may deem appropriate: earnings per share, net earnings, operating earnings, unit volume, net sales,
market share, balance sheet measurements, revenue, economic profit, cash flow, cash return on assets, shareowner return, return on equity and return on capital (“Performance Criteria”). Performance Awards may also be payable when
Company performance, as measured by one or more of the above Performance Criteria, 

  

 -15- 

 
as compared to peer companies meets or exceeds an objective criterion established by the Committee. Performance Awards that are intended to satisfy the
requirements for deductability under Section 162(m) of the Code may not be adjusted upward. The Committee has the discretion to adjust such Performance Awards downward, either on a formula or discretionary basis or any combination, as the
Committee determines. 
 (c) Adjustment. The Committee may disregard or offset the effect of any special charges or
gains or cumulative effect of a change in accounting in determining the attainment of Performance Criteria. In addition, the Committee is authorized to make adjustments in the terms and conditions of Performance Awards, including to any applicable
Performance Criteria, in recognition of unusual or nonrecurring events (including Adjustment Events, as well as acquisitions and dispositions of businesses and assets) affecting the Company or any business unit of the Company, or the financial
statements of the Company or any business unit, or in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee’s assessment of the business strategy
of the Company, any Subsidiary or Affiliate or business unit thereof, performance of comparable organizations, economic and business conditions, personal performance of a Grantee, and any other circumstances deemed relevant; provided that the
Committee will consider the extent to which any such adjustment may cause Awards to fail to be deductible under Section 162(m) of the Code. 
 (d) Settlement of Performance Awards; Other Terms. Settlement of Performance Awards will be in cash, Shares, other Awards or other property, or any combination of the foregoing, in the sole discretion of the
Committee. The Committee will specify in the applicable Award Agreement the circumstances in which Performance Awards will be paid or forfeited in the event of a Grantee’s termination of employment. Any payment of a Performance Award intended
to satisfy the requirements for deductability under Section 162(m) of the Code will be conditioned on the written certification of the Committee in each case that the Performance Criteria and any other material conditions were satisfied.

  

	 	12.	CASH-BASED AWARDS AND OTHER AWARDS 

 (a) Cash-Based Awards. Subject to the terms and provisions of this Plan, the Committee may grant cash-based awards to Grantees in
such amounts and upon such terms, including the achievement of specific performance goals, as the Committee may determine. The terms and conditions applicable to Cash-Based Awards, including the specified payment amount or payment range, will be as
determined by the Committee and set forth in an Award Agreement. The maximum aggregate amount awarded or credited with respect to Cash-Based Awards to any individual Grantee in any one calendar year may not exceed 25 million U.S. dollars.

 (b) Other Awards. The Committee may grant other types of equity-based or equity-related Awards (including
unrestricted Shares) in 

  

 -16- 

 
such amounts and subject to such terms and conditions as the Committee will determine. Such Other Awards may entail the issue or transfer of actual Shares,
or payment in cash or otherwise of amounts based on the value of Shares. The terms and conditions applicable to Other Awards will be as determined by the Committee and set forth in an Award Agreement. 
  

	 	13.	CHANGE IN CONTROL 

 Except as otherwise provided in an applicable Award Agreement, in the event of a Change in Control, unless otherwise specifically prohibited under law or by the rules and regulations of a national security exchange:

 (a) any and all Share Options and Share Appreciation Rights granted under the Plan will become vested and immediately
exercisable; 
 (b) any Restricted Period and other restrictions imposed on Restricted Shares or Restricted Share Units will
lapse, and Restricted Share Units will become vested and immediately payable; 
 (c) the target payout opportunities
attainable under all outstanding Performance Awards (including Awards intended to be qualify for deductability under Section 162(m) of the Code) will be deemed to have been fully earned based on targeted performance being attained as of the
effective date of the Change in Control, such that: (i) the vesting of all Performance Awards denominated in Shares will be accelerated as of the effective date of the Change in Control and will be paid out to Grantees within 10 days following
the effective date of the Change in Control; and (ii) Performance Awards denominated in cash will be accelerated as of the effective date of the Change in Control and will be paid to Grantees in cash within 10 days following the effective date
of the Change in Control; 
 (d) unless otherwise specifically provided in an Award Agreement, the Committee will immediately
vest and pay out all Cash-Based Awards and Other Awards; and 
 (e) the Committee will have the ability to determine that all
outstanding Awards are cancelled upon a Change in Control, and the value of such Awards, as determined by the Committee in accordance with the terms of the Plan and the Award Agreement, be paid out in cash, Shares or other property within a
reasonable time subsequent to the Change in Control; provided, that (i) no such payment will be made on account of an Incentive Share Option using a value higher than the Fair Market Value of a Share on the date of settlement and
(ii) the Committee may cancel without any payment or other consideration any Share Options and SARs having, as applicable, an option price or reference price per Share at the time of the Change in Control that is less than the consideration
received by shareholders of the Company in respect of a Share in connection with the Change in Control. 
  

 -17- 

	 	14.	AMENDMENT AND TERMINATION 

 The Committee or the Board may at any time and from time to time, alter, amend, modify, suspend, or terminate the Plan in whole or in part; provided that, except as provided at Section 5 hereof, no
amendment by the Committee or the Board will increase the total number of Shares which may be issued subject to the Plan, or make any other change for which shareholder approval is required under any applicable law, regulation or exchange
requirement unless such change is approved by the shareholders of the Company in accordance with applicable law, regulation, or exchange requirement. Except as provided in Section 16(h), no action taken pursuant to this Section 14 of the
Plan will, without the consent of the Grantee, be effective with respect to any Award which has been previously granted to a Grantee if it materially impairs such Award, except that the Committee and the Board have full discretion to amend
the Plan to the extent necessary to preserve equity accounting treatment with respect to any Award and any outstanding Award Agreement will be deemed to be so amended without obtaining the consent of any Grantee. For purposes of the Plan, any action
of the Board or the Committee that alters or affects the tax treatment of any Award will not be considered to materially impair the rights of any Grantee. 
  

	 	15.	UNFUNDED STATUS OF PLAN 

 The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Grantee by the
Company, nothing contained herein will give any such Grantee any rights that are greater than those of a general creditor of the Company. 
  

	 	16.	GENERAL PROVISIONS 

 (a) Securities Laws Compliance. Shares will not be issued pursuant to the exercise or settlement of any Award granted under the Plan unless the exercise or settlement of such Award and the issuance and delivery
of such Shares pursuant thereto will comply with all relevant provisions of law, including, without limitation, Bermuda law, the Securities Act, the Exchange Act and the requirements of any stock exchange upon which the Shares may then be listed,
and will be further subject to the approval of counsel for the Company with respect to such compliance. The Committee may require any Grantee to make such representations, furnish such information and comply with or be subject to such other
conditions as it may consider appropriate in connection with the issuance or delivery of Shares or payment of other benefits in compliance with applicable laws, rules, and regulations, listing requirements, or other obligations. Nothing herein will
require the Company to list, register or qualify the Shares on any securities exchange. 
 (b) Certificate Legends. The
Committee may require each person acquiring Shares under the Plan to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof, and this requirement may be a condition to the
issue of such Shares. The certificates for such Shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares issued 

  

 -18- 

 
or delivered under the Plan will be subject to such share-transfer orders and other restrictions as the Committee may deem advisable under the rules,
regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed, and any applicable foreign, federal or state securities law, and the Committee may cause a legend or legends to
be placed on any such certificates to make appropriate reference to such restrictions. 
 (c) No Right to Employment.
The adoption of the Plan will not confer upon any Eligible Recipient any right to continued employment or service with the Company or any Parent or Subsidiary, as the case may be, nor will it interfere in any way with the right of the Company or any
Parent or Subsidiary to terminate the employment or service of any of its Eligible Recipients at any time. 
 (d) No Rights
as a Shareholder. Except as otherwise provided in an Award Agreement, no Grantee (or other person having rights pursuant to such Award) will have any of the rights of a shareholder of the Company with respect to Shares subject to such Award
until such Shares are issued to such person, and, if requested by the Company, until such person has given the representation described in Section 16(a). Except as otherwise provided in an Award Agreement or pursuant to Section 5, no
adjustment will be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such share certificate is issued. 

(e) Non-Transferability. Except as otherwise provided by the Committee or in a Grantee’s Award Agreement, Awards may not be
sold, pledged, assigned, encumbered, hypothecated, transferred, or disposed of in any manner other than by will, by the laws of descent or distribution, and as applicable, may be exercised, during the lifetime of the Grantee, only by the Grantee or
the Grantee’s legal representative. Any attempt to dispose of any Awards in contravention of any such restrictions will be null and void and without effect. Notwithstanding the foregoing, the Committee in its discretion may permit a Grantee to
transfer a Non-Qualified Share Option by instrument to an inter vivos or testamentary trust in which the Share Options are to be passed to beneficiaries upon the death of the Grantee, or by gift to Immediate Family. 
 (f) Payment of Taxes/Right of Offset. As a condition to the receipt of any Shares pursuant to any Award or the lifting of
restrictions on any Award, or in connection with any other event that gives rise to a withholding obligation on the part of the Company relating to an Award (including, without limitation, for FICA taxes and any other federal, state, local or
foreign taxes of any kind required by law to be withheld with respect to such Award), the Company will require that the Grantee remit to the Company, or make arrangements satisfactory to the Committee regarding payment of, an amount sufficient in
the opinion of the Committee to satisfy such withholding obligation. If the event giving rise to the withholding obligation involves the issue or transfer of Shares, then, unless the applicable Award Agreement provides otherwise, the Committee may
permit the Grantee to satisfy the withholding obligation by electing to have the Company withhold Shares or by tendering previously owned Shares, in each case having a Fair Market Value equal to the amount of tax to be withheld (or by any other

  

 -19- 

 
mechanism as may be required or appropriate to conform with local tax and other rules). For this purpose, Fair Market Value will be determined as of the date
on which the amount of tax to be withheld is determined (and the Company may cause any fractional share amount to be settled in cash). The obligations of the Company under the Plan will be conditional on the making of such payments or arrangements,
and the Company will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Grantee. 
 (g) Tax Notifications. Each Grantee will promptly notify the Company of any election the Grantee makes under Section 83(b) of the Code or any disposition of Shares delivered pursuant to the exercise of an
Incentive Share Option under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions). 
 (h) Section 409A. If any distribution or settlement of an Award pursuant to the terms of this Plan or an Award Agreement would subject a Grantee to tax under Section 409A of the Code, the Company will
use reasonable efforts to modify the Plan or applicable Award Agreement in the least restrictive manner necessary in order to 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, in each case, without any diminution in the value of the payments to an affected Grantee. 
 (i) Forfeiture Conditions. Without limiting in any way the generality of the Committee’s power to specify any terms and
conditions of an Award consistent with applicable law, the Committee may specify in an Award Agreement that the Grantee’s rights, payments, and benefits with respect to an Award will be subject to reduction, cancellation, forfeiture, or
recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, without limitation, the Grantee’s failure to accept the terms of the
Award Agreement, termination of employment under certain or all circumstances, violation of material Company policies, breach of noncompetition, confidentiality, nonsolicitation, noninterference, corporate property protection, or any supplementary
policy or agreement that may apply to the Grantee, or other conduct by the Grantee that is detrimental to the business or reputation of the Company and its Affiliates. 
 (j) Deferral of Awards; Dividend Equivalent Rights. The Committee will be authorized to establish procedures pursuant to which the
payment of any Award may be deferred, either automatically, or at the election of the Committee or a Grantee. Subject to the provisions of the Plan and any Award Agreement, the recipient of the Award (including, without limitation, any deferred
Award) may, if so determined by the Committee, be entitled to receive, currently or on a deferred basis, cash dividends, or cash payments in amounts equivalent to other dividends or distributions on Shares, with respect to the number of Shares
covered by the Award, as determined by the Committee, in its sole discretion, and the Committee may provide that such amounts (if any) will be deemed to have been reinvested in additional Shares or otherwise reinvested. Notwithstanding the
foregoing, any such rights with respect to dividends granted by the Committee in 

  

 -20- 

 
connection with or related to an Option or a Share Appreciation Right will be granted in a manner and on such terms as will not result in the related Option
or Share Appreciation Right as being treated as providing for deferred compensation under Section 409A of the Code. 
 (k) Nature of Payments; Other Payments or Awards. Any and all grants of Awards and issuances of Shares under the Plan will constitute a special incentive payment to the Grantee and will not be taken into account in computing the
amount of salary or compensation of the Grantee for the purpose of determining any benefits under any pension, retirement, profit-sharing, bonus, life insurance or other benefit plan of the Company or under any Agreement with the Grantee, unless
such plan or Agreement specifically provides otherwise. Nothing contained in the Plan will be deemed in any way to limit or restrict the Company from making any Award or payment to any person under any other plan, arrangement or understanding,
whether now existing or hereafter in effect. 
 (l) Binding on Successors. The terms of this Plan will be binding upon
and inure to the benefit of the Company and its successors and assigns. 
 (m) Non-Uniform Treatment. The
Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Awards (whether or not such persons are similarly situated). Without limiting the generality
of the foregoing, the Committee will be entitled, among other things, to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements, as to the persons to receive Awards
under the Plan, and the terms and provisions of Awards under the Plan. 
 (n) Severability. If any of the provisions of
this Plan or any Award Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability
and the remaining provisions will not be affected thereby; provided that, if any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to
be enforceable, such provision will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable under the Plan. 
  

	 	17.	EFFECTIVE DATE OF PLAN 

 The Plan was adopted by the Board on             . The Plan was approved by the Company’s shareholders on
            . The Plan will become effective on the date of the commencement of the Initial Public Offering (the “Effective Date”). If the Initial Public Offering is not
completed by December 31, 2007, the Plan will expire and be null and void without any force or effect. 
  

	 	18.	TERM OF PLAN 

 No Award will be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date or any earlier termination of the Plan as provided in Section 14, but Awards granted before the earlier of such dates may extend
beyond that date. 
  

 -21- 

	 	19.	GRANTEES BASED OUTSIDE OF THE U.S. 

 Without limiting the generality of the Committee’s powers and authority under the Plan, in order to comply with the laws in other countries in which
the Company or any Subsidiary or Affiliate employs Eligible Recipients, the Committee may, in its sole discretion (a) modify the terms and conditions of any Award granted to Grantees outside the United States to comply with applicable foreign
laws; (b) establish sub-plans and modify exercise procedures and other terms and procedures to the extent such actions may be necessary or advisable (any such sub-plans and modifications to the Plan’s terms and procedures pursuant to this
Section 19 will be attached to this Plan document as appendices) and (c) take any action, before or after an Award is granted, that it deems advisable to obtain approval or comply with any necessary local government regulatory exemptions
or approvals; provided that the Committee may not take any actions under this Section 19 and no Awards will be granted that would violate the Exchange Act or any other applicable law, regulation or exchange requirement. 
  

	 	20.	GOVERNING LAW 

 The
Plan and all determinations made and actions taken pursuant hereto will be governed by and construed in accordance with the laws of the State of New York (United States) without regard to principles of conflict of laws. 
  

 -22-2007 Employee Stock Purchase Plan

 Exhibit 10.26 
 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

  

 -i- 

					
	 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             , 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. 
  

 -1- 

 (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, two Offering Periods shall commence in each calendar year. Unless otherwise determined by the Committee, the Offering Periods shall consist of six-month
periods commencing on January 1 and July 1 of each year. 
  

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 (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. 
  

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 (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 
  

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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; 
  

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 (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 $25,000 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 

  

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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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