Document:

MF Global Ltd. Employee Stock Purchase Plan

 Exhibit 10.28 
 MF GLOBAL LTD. 
 EMPLOYEE STOCK PURCHASE PLAN 

 Table of Contents 
  

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

  

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	 (c)
	  	Death	  	5
			
	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

  

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 MF GLOBAL LTD. 
 EMPLOYEE STOCK PURCHASE PLAN 
  

	SECTION 1	Purpose Of The Plan. 

 The Plan was adopted by the
Board on July 8, 2007, effective as of the date of commencement of the initial public offering of the Common Shares in the United States (the “Effective Date”), subject to Section 8(g). The purpose of the Plan is to provide
Eligible Employees with an opportunity to increase their proprietary interest in the success of the Company by purchasing Shares from the Company on favorable terms and to pay for such purchases through payroll deductions. The Plan is intended to
qualify under section 423 of the Code. 
  

	SECTION 2	Definitions. 

 (a) “Board” means
the Board of Directors of the Company, as constituted from time to time. 
 (b) “Code” means the Internal Revenue Code of
1986, as amended. 
 (c) “Committee” means a committee designated by the Board, as described in Section 3. 

(d) “Company” means MF Global Ltd., a Bermuda company. 
 (e) “Compensation” means (i) the base salary and wages paid in cash to a Participant by a Participating Company, plus (ii) any pre-tax contributions made by the Participant under section
401(k) or 125 of the Code. “Compensation” shall exclude variable compensation (including bonuses, incentive compensation, commissions, overtime pay and shift premiums), all non-cash items, moving or relocation allowances, cost-of-living
equalization payments, car allowances, tuition reimbursements, imputed income attributable to cars or life insurance, severance pay, fringe benefits, contributions or benefits received under employee benefit plans, income attributable to the
exercise of stock options, and similar items. The Committee shall determine whether a particular item is included in Compensation. 
 (f)
“Corporate Reorganization” means: 
 (i) The consummation of a merger or consolidation of the Company with or
into another entity, or any other corporate reorganization; or 
 (ii) The sale, transfer or other disposition of all or
substantially all of the Company’s assets or the complete liquidation or dissolution of the Company. 
  

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

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

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 (o) “Purchase Price” means the price at which Participants may purchase Shares under the
Plan, as determined pursuant to Section 8(b). 
 (p) “Shares” means the Common Shares of the Company. 
 (q) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each
of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
  

	SECTION 3	Administration Of The Plan. 

 (a) Committee
Composition. The Plan shall be administered by the Committee. The Committee shall consist of at least three members, which may consist of directors, officers or other employees of any Participating Company, designated by the Board to administer
the Plan and to perform the functions set forth herein. To the extent required for transactions under the Plan to qualify for the exemptions available under Rule 16b-3 (“Rule 16b-3”) promulgated under the Exchange Act, all actions relating
to awards to persons subject to Section 16 of the Exchange Act shall be taken by the Board unless each person who serves on the Committee is a “non-employee director” within the meaning of Rule 16b-3 or such actions are taken by a
sub-committee of the Committee (or the Board) comprised solely of “non-employee directors”. 
 (b) Committee
Responsibilities. The Committee shall have full power and authority, subject to the provisions of the Plan, to promulgate such rules and regulations as it deems necessary for the proper administration of the Plan, to interpret the provisions and
supervise the administration of the Plan, and to take all action in connection therewith or in relation thereto as it deems necessary or advisable. Any decision reduced to writing and signed by a majority of the members of the Committee shall be
fully effective as if it had been made at a meeting duly held. The Committee’s determinations under the Plan, unless otherwise determined by the Board, shall be final and binding on all persons. The Company shall pay all expenses incurred in
the administration of the Plan. No member of the Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, and all members of the Committee shall be fully indemnified by the
Company with respect to any such action, determination or interpretation. The Committee may adopt such rules, guidelines and forms as it deems appropriate to implement the Plan, including sub-plans which the Committee may establish for the purpose
of qualifying the Plan for preferred tax treatment under foreign tax laws (which at the Committee’s discretion may provide for allocations of the authorized Shares reserved for issue under the Plan as set forth in Section 14(a)).
Notwithstanding anything to the contrary in the Plan, the Board may, in its sole discretion, at any time and from time to time, resolve to administer the Plan. In such event, the Board shall have all of the authority and responsibility granted to
the Committee herein. 
  

	SECTION 4	Enrollment And Participation. 

 (a) Offering
Periods. While the Plan is in effect, one Offering Period shall commence in each calendar year. Unless otherwise determined by the Committee, the Offering Periods shall consist of one-year periods commencing on January 1 of each year.

  

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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%; provided, however,
that in no event shall the amount witheld in any calendar year for the purchase of Shares in any Offering Period exceed $7,500. 
 (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%; provided, however, that in no event shall the amount witheld in any calendar year for the purchase of Shares in any Offering Period exceed $7,500.

 (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)). 
  

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	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. 
 (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 
  

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 (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 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. 
  

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	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; 
 (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). 
  

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	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. 
  

	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 

  

 -8- 

 
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 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-First Amendment to $1,400,000,000 Bridge Loan, dated January 31, 2008

 Exhibit 10.45 
 EXECUTION COPY 
 FIRST AMENDMENT 
 FIRST AMENDMENT, dated as of January 31, 2008 (this “Amendment”), to that certain 364-Day Credit Agreement, dated as of
June 15, 2007 (the “Credit Agreement”) by and among MF GLOBAL FINANCE USA INC., a New York corporation (“Borrower”), MF GLOBAL LTD., a company organized under the laws of Bermuda
(“Parent”), the Designated Subsidiary Borrowers party thereto, the several banks and other financial institutions (“Lenders”) party thereto, CITIBANK N.A., as syndication agent (in such capacity, the
“Syndication Agent”), JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity the “Administrative Agent”), and the parties named as documentation agents thereto (each, a
“Documentation Agent”, and, collectively, the “Documentation Agents”). 
 RECITALS: 
 WHEREAS, the Borrower, the Parent, each Designated Subsidiary Borrower and the Lenders are parties to the Credit Agreement; 
 WHEREAS, the Borrower has requested that the Lenders agree to extend the Commitments for a period of six months beyond the current scheduled
expiration of the Commitments; and 
 WHEREAS, each of the Lenders party hereto has agreed to so extend the Commitments, subject to
the agreements of Borrower provided for herein. 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and
covenants herein contained, the parties hereto agree as follows: 
 SECTION I. AMENDMENTS 
 (a) First Amendment. Section 1.01 of the Credit Agreement is hereby amended by inserting the following new definition in the
appropriate alphabetical position: 
 “First Amendment” means the First Amendment to this Credit Agreement,
dated as of January 31, 2008, among the Borrower, the Parent and the Lenders party thereto. 
 (b) Commitments
Extended. The definition of “Maturity Date” in Section 1.01 of the Credit Agreement is hereby deleted and replaced with the following text: 
 “Maturity Date” means June 13, 2008, as such date shall be extended to December 12, 2008 for each Lender which
is a party to the First Amendment as provided therein. 
  

 1 

 (c) Applicable Rate. The “Index Debt Ratings” table in the definition of
“Applicable Rate” in Section 1.01 of the Credit Agreement is hereby deleted and replaced with the following text (including the proviso set forth below): 
  

													
	 Index Debt Ratings:
	 	ABR
Spread	 	 	Eurodollar
Spread	 	 	Facility Fee
Rate	 	 	Extension
Fee Rate	 
	 Category 1:
 Index Debt Ratings of at least A by S&P or A2 by Moody’s
	 	0	%	 	0.25	%	 	0.05	%	 	0.40	%
					
	 Category 2:
 Index Debt Ratings of at least A- by S&P or A3 By Moody’s and not Category 1
	 	0	%	 	0.29	%	 	0.06	%	 	0.40	%
					
	 Category 3:
 Index Debt Ratings of at least BBB+ by S&P or Baa1 by Moody’s and not Category 1 or 2
	 	0	%	 	0.32	%	 	0.08	%	 	0.40	%
					
	 Category 4:
 Index Debt Ratings of at least BBB by S&P or Baa2 by Moody’s and not Category 1, 2 or 3
	 	0	%	 	0.41	%	 	0.09	%	 	0.40	%
					
	 Category 5:
 Index Debt Ratings below Category 4
	 	0	%	 	0.55	%	 	0.10	%	 	0.40	%

 provided that each of the foregoing Extension Fee Rates (as defined below) shall be
increased by 0.25% as of and after June 13, 2008 and an additional 0.25% as of and after September 13, 2008. 
 (d)
Financial Condition. Section 3.04(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (a) The Parent has heretofore furnished to the Lenders a Final Prospectus with respect to its common stock as submitted by the Parent to the SEC on July 20, 2007 and an Amended Registration Statement with respect
to its common stock on Form F-1 as submitted by the Parent to the SEC on May 31, 2007 and as amended on June 7, 2007, June 21, 2007, July 6, 2007, July 11, 2007, and July 17, 2007 (collectively along with
the Final Prospectus, the “F-1”). Such Registration Statement includes certain audited and unaudited combined financial statements of “Man Financial”, which refers to the brokerage division of Man Group plc that is on or
prior to the Effective Date being contributed to or consolidated within the Parent and its Subsidiaries (“Man Financial”). Such combined financial statements present fairly, in all material respects, the financial position, results
of operations and cash flows and changes in equity of Man Financial as of the dates and for the periods referred to in such financial statements in accordance with GAAP. 
  

 2 

 (e) Schedule 3.06. Schedule 3.06 to the Credit Agreement is hereby amended and
restated in its entirety as set forth in Schedule 3.06 to this Amendment. 
 (f) Events of Default. Article
VII(b) of the Credit Agreement is hereby amended by inserting the phrase “or any other Loan Document” immediately after the phrase “under this Agreement”. 
 SECTION II. EXTENSION OF MATURITY DATE 
 Each Lender which is a party to this Amendment hereby extends
the Maturity Date as applicable to it to December 12, 2008. The Maturity Date applicable to each Lender which is not a party to this Amendment shall be June 13, 2008, and the other Lenders understand and agree that the Loans of such Lender
shall become due and be payable, together with all interest and fees related thereto, on June 13, 2008, and each agrees that the Borrower’s payment of such Loans when due and payable shall not obligate any such Lender to purchase
participations from any other Lender pursuant to Section 2.15(b) of the Credit Agreement. 
 SECTION III. CONDITIONS PRECEDENT TO EFFECTIVENESS 

 This Amendment shall be effective on and as of the date hereof (the “Effective Date”) upon the satisfaction of the
following conditions: 
 (a) Agreements. The Borrower, the Required Lenders and the Administrative Agent shall have
delivered executed counterparts of this Amendment to the Administrative Agent under arrangements satisfactory to it. 
 (b)
Amendment Fee. The Administrative Agent shall have received for the account of each Lender which is a party to this Amendment the amendment fee payable on the Effective Date as provided in Section IV of this Amendment. 
 (c) Fees and Costs. The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the
Effective Date, including, to the extent invoiced, reimbursement or other payment of all out-of-pocket expenses required to be reimbursed or paid by Borrower hereunder. 
 SECTION IV. FEES 
 (a) Amendment Fees. The Borrower agrees to pay to the
Administrative Agent (i) for the account of each Lender which has executed and delivered a counterpart of this Amendment by the Effective Date, an upfront amendment fee equal to 0.05% of the Commitment of such Lender as of such date, payable on
the Effective Date, and (ii) for the account of each Lender which has executed and delivered a counterpart to this Amendment, and each Additional Commitment Lender (as defined below), a supplemental one-time amendment fee equal to 0.05% of the
Commitment of such Lender or Additional Commitment Lender as of June 13, 2008, payable on such date. 
 (b) Extension
Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender which is a party to this Amendment and each Additional 

  

 3 

 
Commitment Lender, an extension fee on the principal amount of each Loan of such Lender or Additional Commitment Lender from time to time outstanding after
the Effective Date at the applicable extension fee rate per annum (the “Extension Fee Rate”), as set forth in the definition of “Applicable Rate”, payable on each date on which interest is payable on such Loan under the
Credit Agreement. Such fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day) and shall not be refundable under any circumstances.

 SECTION V. ADDITIONAL COMMITMENT LENDERS 
 The Borrower shall have the right on or before June 13, 2008 to replace, in whole or in part, any Lender which is not a party to this Amendment (each, a “Non-Extending Lender”) with, and add as “Lenders”
under the Credit Agreement in place thereof, one or more other Lenders or financial institutions or other entities (each, an “Additional Commitment Lender”), each of which Additional Commitment Lenders shall have entered into an
Assignment and Assumption or other documentation reasonably satisfactory to the Borrower and the Administrative Agent pursuant to which such Additional Commitment Lender shall assume all or part of the Commitment of such Non-Extending Lender or
shall agree to have a new or additional Commitment under which Loans may be borrowed only from the date of any reduction in or termination of the Commitment of such Non-Extending Lender and only to the extent such Loans would be ratable with the
other Loans based on the amount of such reduction or termination; provided that the aggregate amount that may be borrowed under such assumed, new or additional Commitment and the continuing Commitments under the Credit Agreement shall not
exceed $1,400,000,000 at any time. Any Additional Commitment Lender which is not a Lender shall be reasonably satisfactory to the Administrative Agent. Each Additional Commitment Lender shall be entitled, from the date of its becoming bound as an
Additional Commitment Lender, to an extension fee on the Loans under the Commitment to be effectively replaced by its new or additional Commitment, payable to it in the amount, calculated in the manner, and on the payment dates for, the extension
fees payable to the Lenders which are parties to this Amendment. 
 SECTION VI. REPRESENTATIONS AND WARRANTIES 
 (a) Binding Obligation. This Amendment has been duly executed and delivered by each party hereto and constitutes a legal, valid and
binding obligation of each party enforceable against each party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights
generally and except as enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 (b) Incorporation of Representations and Warranties. The representations and warranties contained in the Loan Documents are and
will be true and correct in all material respects on and as of the Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which
case they were true and correct in all material respects on and as of such earlier date. 
  

 4 

 (c) No Default. No event has occurred and is continuing or will result from the
consummation of the transactions contemplated by this Amendment that would constitute a Default or an Event of Default. 
 SECTION VII. MISCELLANEOUS 

 (a) Binding Effect. This Amendment shall be binding upon the parties hereto and their respective successors and
assigns and shall inure to the benefit of the parties hereto and the successors and assigns of the Lenders. No party’s rights or obligations hereunder or any interest therein may be assigned or delegated by any party without the prior written
consent of all the Lenders. 
 (b) References to Credit Agreement. On and after the Effective Date, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as modified by this Amendment. 
 (c) Effect on Credit Agreement. Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents
shall remain in full force and effect and are hereby ratified and confirmed. 
 (d) Limitation of Amendment. The
Amendment set forth above shall be limited precisely as written and relate solely to the modification of the provisions of the Credit Agreement in the manner and to the extent described above, and nothing in this Amendment shall be deemed to
(a) constitute a waiver of compliance by Borrower with respect to any other term, provision or condition of the Credit Agreement or any other instrument or agreement referred to therein; or (b) prejudice any right or remedy that the
Administrative Agent or any Lender may now have (except to the extent such right or remedy was based upon existing defaults that will not exist after giving effect to this Amendment) or may have in the future under or in connection with the Credit
Agreement or any other instrument or agreement referred to therein. 
 (e) GOVERNING LAW. THIS AMENDMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 (f) Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall
be deemed an original, but all such counterparts together shall constitute but one and the same instrument. As set forth herein, this Amendment shall become effective upon the execution of a counterpart hereof by each of the parties hereto and
receipt by the Administrative Agent of written or telephonic notification of such execution and authorization of delivery thereof. 
 [The
next page is the signature page.] 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	MF GLOBAL FINANCE USA INC.,
	as Borrower
		
	By:	 	 /s/ Simon P. Moreton

	Name:	 	Simon P. Moreton
	Title:	 	Vice President
	
	MF GLOBAL LTD.,
		
	By:	 	 /s/ Ira Polk

	Name:	 	Ira Polk
	Title:	 	Interim CFO

  

 [Signature Page to First Amendment to Credit Agreement] 

			
	JPMORGAN CHASE BANK, N.A.,
	as a Lender and as Administrative Agent
		
	By:	 	 /s/ Henry E. Steuart

	Name:	 	Henry E. Steuart
	Title:	 	Vice President
	
	 CITIBANK N.A.,
 as a Lender and as
Syndication Agent

		
	By:	 	 /s/ Maureen P. Maroney

	Name:	 	Maureen P. Maroney
	Title:	 	Authorized Signatory

  

 [Signature Page to First Amendment to Credit Agreement] 

			
	CALYON, NEW YORK BRANCH,
	as a Lender and as Documentation Agent
		
	By:	 	 /s/ Sebastian Rocco

	Name:	 	Sebastian Rocco
	Title:	 	Managing Director
		
	By:	 	 /s/ William S. Denton

	Name:	 	William S. Denton
	Title:	 	Managing Director

 [Signature Page to First Amendment to Credit Agreement] 

			
	HSBC BANK USA, N.A.,
	as a Lender and as Documentation Agent
		
	By:	 	 /s/ Gabriella Deponte

	Name:	 	Gabriella Deponte
	Title:	 	Senior Vice President

 [Signature Page to First Amendment to Credit Agreement] 

			
	ABN AMRO BANK N.V.,
	as a Lender
		
	By:	 	 /s/ Michael DeMarco

	Name:	 	Michael DeMarco
	Title:	 	Vice President
		
	By:	 	 /s/ Andrew C. Salerno

	Name:	 	Andrew C. Salerno
	Title:	 	Director

 [Signature Page to First Amendment to Credit Agreement] 

			
	BANK OF MONTREAL, CHICAGO BRANCH,
	as a Lender
		
	By:	 	 /s/ Linda C. Haven

	Name:	 	Linda C. Haven
	Title:	 	Managing Director

 [Signature Page to First Amendment to Credit Agreement] 

			
	FORTIS CAPITAL CORP.,
	as a Lender
		
	By:	 	 /s/ Barry Chung

	Name:	 	Barry Chung
	Title:	 	Senior Vice President
		
	By:	 	 /s/ Alan Krouk

	Name:	 	Alan Krouk
	Title:	 	Managing Director

 [Signature Page to First Amendment to Credit Agreement] 

			
	LEHMAN COMMERCIAL PAPER INC.,
	as a Lender
		
	By:	 	 /s/ Rohit Nair

	Name:	 	Rohit Nair
	Title:	 	Authorized Signatory

 [Signature Page to First Amendment to Credit Agreement]

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