Document:

Amended and Restated Indemnification Agreement with Executive Officers

 Exhibit 10.2 
 AMENDED AND RESTATED 
 EXECUTIVE OFFICER
INDEMNIFICATION AGREEMENT 
 This AMENDED AND RESTATED INDEMNIFICATION AGREEMENT is made this
                     day of                     
(the “Agreement”) by and between The Bank of New York Mellon Corporation (the “Company”) and                     
(“Indemnitee”). 
 WHEREAS, the Company and the Indemnitee entered into an Indemnification Agreement on
December 14, 2009 (the “Original Agreement”); 
 WHEREAS, pursuant to Section 19 of the Original Agreement,
the Company and the Indemnitee wish to amend and restate the Original Agreement to read as set forth herein; 
 WHEREAS, Indemnitee is an Executive Officer (as hereinafter defined) of the Company and may also be serving or may serve in the future in another Position (as hereinafter defined) at an Affiliated Entity or Unaffiliated Entity (each as
hereinafter defined); 
 WHEREAS, in consideration of the Indemnitee acting in the Position or Positions and assuming the
responsibilities attendant to the Position or Positions, the Company desires to provide Indemnitee the rights to indemnification and payment or reimbursement of expenses described below; 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Original Agreement is hereby amended and restated to read, and the Company and Indemnitee do hereby covenant and agree as follows: 
 Section 1. Definitions. For purposes of this Agreement: 
 (a) “Change of Control” means, and shall be deemed to have occurred if, on or after the date of this Agreement, (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended), other than (A) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries acting in such capacity, or (B) a corporation owned directly or
indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under such Act), directly or indirectly, of
securities of the Company representing more than 20% of the total voting power represented by the Company’s then outstanding Voting Securities, (ii) during any period of two consecutive years, individuals who at the beginning of such
period constitute the board of directors of the Company and any new director whose election by the board of

 
directors of the Company or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, (iii) the stockholders of the Company approve
a merger or consolidation of the Company with any other corporation other than a merger or consolidation that would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger
or consolidation, (iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of related transactions) all or
substantially all of its assets, or (v) the Company shall file or have filed against it, and such filing shall not be dismissed, any bankruptcy, insolvency or dissolution proceedings, or a trustee, administrator or creditors committee
shall be appointed to manage or supervise the affairs of the Company. 
 (b) “Executive Officer” shall
have the meaning of the term “officer” as such term is defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended. 
 (c) “Expenses” shall include all out of pocket fees, costs and expenses, including, without limitation, attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness fees,
travel expenses, duplicating costs, printing and binding costs, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred if Indemnitee is involved in any manner (including, without limitation, as a
party or a witness) in any Proceeding (as hereinafter defined) and the fees and costs incurred in seeking to enforce, interpret or construe an indemnification, reimbursement or payment right under this Agreement, the Company’s or any
subsidiary’s certificate of incorporation or bylaws, the Company’s Indemnification Policy, any other agreement to which Indemnitee and the Company or any of its subsidiaries are party, any vote of stockholders or directors of the Company
or any of its subsidiaries, the Delaware General Corporation Law (the “DGCL”), any other applicable law or any liability insurance policy or in connection with a determination contemplated by Section 5 of this Agreement. 

(d) “FDIC Regulations” means regulations of the Federal Deposit Insurance Corporation (or any successor
provisions). 
 (e) “Position” is (a) service as a director, officer, partner, trustee, fiduciary,
manager or employee of the Company or of any other corporation, limited liability company, public limited company, partnership, joint venture, trust, employee benefit plan, fund or other enterprise as to which the Company beneficially owns, directly
or indirectly, at least a majority of the voting power of equity or membership

  

 -2- 

 
interests, or in the case of employee benefit plans, is sponsored or maintained by the Company or one of the foregoing (any of the foregoing, an “Affiliated Entity”) or (b) service
at the request of the Company at any time this Agreement is in effect as a director, officer, partner, trustee, fiduciary, manager or employee of a corporation, limited liability company, public limited company, partnership, joint venture, trust,
employee benefit plan, fund or other enterprise which is not an Affiliated Entity (an “Unaffiliated Entity”), provided, however, that such request for service has been approved in writing in accordance with Code Reports and
Permission (CODE RAP) or a successor process or by the Corporate Governance and Nominating Committee of the Board of Directors of the Company. 
 (f) “Proceeding” shall mean any civil, criminal, administrative or investigative action, suit, proceeding or procedure in which the Indemnitee is involved in any manner (including, without
limitation, as a party or a witness) by reason of the fact of the Indemnitee’s Position or Positions. 
 (g)
“Undertaking” shall mean an undertaking by Indemnitee to repay Expenses if (1) to the extent such Expenses are not covered by payments from insurance or bonds purchased pursuant to Section 359.1(1)(2) of the FDIC Regulations, the
advanced Expenses subsequently are determined to be, by a court of competent jurisdiction from which no appeal can be taken, “prohibited indemnification payments”, as defined under the FDIC Regulations, or (2) it shall ultimately be
determined by a court of competent jurisdiction from which no appeal can be taken that Indemnitee is not entitled to be indemnified by the Company. 
 (h) “Voting Securities” means any securities of the Company that vote generally in the election of directors. 
 Section 2. Indemnification — General. The Company shall indemnify, subject to the terms of this Agreement, Indemnitee against all judgments, awards, fines, ERISA excise taxes, penalties,
amounts paid in settlement, liabilities and losses and shall pay or reimburse all Expenses incurred by Indemnitee, subject to the terms of this Agreement, to the fullest extent permitted by Delaware law in effect on the date hereof or as amended to
increase the scope of permitted indemnification if Indemnitee is involved in any manner (including, without limitation, as a party or a witness) in any Proceeding by reason of the fact of Indemnitee’s Position or Positions, including, without
limitation, any Proceeding by or in the right of the Company to procure a judgment in its favor, but excluding any Proceeding initiated by Indemnitee other than (i) Proceedings initiated by Indemnitee which are consented to in advance in
writing by the Company and (ii) counterclaims made by Indemnitee in a Proceeding which directly respond to and negate the affirmative claim made against Indemnitee in such Proceeding. In the event Indemnitee incurs Expenses or settles a
Proceeding under circumstances in which the Company would have an obligation to indemnify Indemnitee for the Expenses or settlement amount, the Company may discharge its indemnification obligation by making payments on behalf of Indemnitee directly
to the parties to whom such Expenses or settlement amounts are owed by Indemnitee. Notwithstanding the foregoing, the Company will also, to the fullest extent

  

 -3- 

 
permitted by Delaware law in effect on the date hereof or as amended to increase the scope of permitted indemnification, indemnify, reimburse and pay Indemnitee for Expenses incurred in seeking
to enforce, interpret or construe an indemnification, reimbursement or payment right under the Company’s or any subsidiary’s certificate of incorporation or bylaws, the Company’s Indemnification Policy, any other agreement to which
Indemnitee and the Company or any of its subsidiaries are party, any vote of stockholders or directors of the Company or any of its subsidiaries, the DGCL, any other applicable law or any liability insurance policy. 
 Section 3. Expenses. Upon receipt by the Company of an Undertaking, the Company shall pay or reimburse Expenses incurred by
Indemnitee in connection with a Proceeding, any action or proceeding contemplated by the last sentence of Section 2 of this Agreement and any determination contemplated by Section 5 of this Agreement, in each case in advance of its final
disposition. The Company shall not impose other conditions to advancement and shall not seek or agree to any order that would prohibit Indemnitee from enforcing such right to advancement. Such payment shall be made within thirty (30) days after
the receipt by the Company of a written request from Indemnitee requesting reimbursement or payment of such Expenses. Such request shall reasonably evidence the Expenses incurred by Indemnitee. The burden of proving that the Company is not liable
for reimbursement or payment of Expenses shall be on the Company. 
 Section 4. Limitations. The Company shall not
indemnify Indemnitee (1) if such indemnification or payment would constitute a “prohibited indemnification payment” under the FDIC Regulations or any other applicable laws, rules or regulations, (2) for an accounting of profits
arising from the purchase and sale by the Indemnitee of securities under Section 16(b) of the Securities Exchange Act of 1934, as amended or (3) for violations of Federal or state insider trading laws, unless, in each such case, Indemnitee
has been successful on the merits, received the Company’s written consent prior to incurring an Expense or, after receiving the Company’s written consent to incurring the cost of settlement, settled the Proceeding. This Section 4
shall not limit the Company’s obligation to advance Expenses to Indemnitee pursuant to Section 3 of this Agreement. 
 Section 5. Standard of Conduct. No claim for indemnification shall be paid by the Company unless it has been determined that Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful, which is the standard of conduct set forth in Section 145 of the DGCL (as such, the
“Standard of Conduct”, with such Standard of Conduct to be automatically revised to conform to any successor provision of the DGCL that is more favorable to Indemnitee) except that no indemnification shall be made with respect to any
Proceeding by or in right of the Company as to which the Indemnitee shall have been adjudged to be liable to the Company, except as determined by the court or other tribunal adjudicating the Proceeding. Unless (1) a Change of Control (as
defined in Section 1 of this Agreement) shall have occurred, or (2) ordered by a court or other tribunal, such determinations of whether the Standard of Conduct has been satisfied shall be made by (A) a majority vote of the directors
of the Company who are not parties to the Proceeding, even though less than a quorum, or (B) by a committee of such directors designated by a majority vote of such directors, even though less than a quorum, or (C)

  

 -4- 

 
if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (D) by stockholders of the Company. If a Change of Control has occurred,
such determination of whether the Standard of Conduct has been satisfied shall be made by independent legal counsel in a written opinion to the Company and Indemnitee. Such independent legal counsel shall be selected by Indemnitee and approved by
the Company (which approval shall not be unreasonably withheld or delayed). The Company shall pay the fees and expenses of the independent legal counsel and indemnify the independent legal counsel against any and all expenses (including
attorneys’ fees), claims, liabilities and damages arising out of or relating to its engagement and shall indemnify, reimburse and pay Indemnitee for Expenses incurred in connection with such determination. Indemnitee shall be deemed to have met
the Standard of Conduct if the determination is not made by the Company within sixty days of receipt by the General Counsel of a written request by Indemnitee for indemnity. If the Indemnitee has been determined not to have met the Standard of
Conduct, Indemnitee may commence litigation in any court in the State of Delaware having subject matter jurisdiction thereof and in which venue is proper seeking an initial de novo determination by the court or challenging any such determination or
any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service of process and agrees to appear in any such proceeding. Any determination under this Section 5 otherwise shall be conclusive and
binding on the Company and Indemnitee. In no event shall a determination be a prerequisite to or affect the Company’s obligation to advance Expenses to Indemnitee pursuant to Section 3 of this Agreement. 
 Section 6. Contribution. If the full indemnification and payment or reimbursement of Expenses provided by this Agreement may not
be paid to Indemnitee because it has been finally adjudicated that such indemnification or payment or reimbursement of Expenses incurred by Indemnitee is prohibited by Delaware or other law, or if it has been determined as provided above that the
Standard of Conduct has not been met, and if and to the extent that Indemnitee is not entitled to coverage under the Company’s directors and officers liability insurance policy, then in respect of any such actual or threatened Proceeding in
which the Company or an Affiliated Entity is jointly liable with Indemnitee (or would be if joined in such Proceeding), as determined 
 (a) if no Change of Control has occurred, by (1) a majority vote of the directors of the Company who are not parties to the Proceeding, even though less than a quorum, or (2) by a committee of
such directors designated by a majority vote of such directors, even though less than a quorum, or (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4) by
stockholders of the Company, or 
 (b) if a Change of Control has occurred, by independent legal counsel in a
written opinion to the Company and Indemnitee (such independent legal counsel to be selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld or delayed)), 
  

 -5- 

 
the Company shall contribute to the amount of loss, liability or Expenses incurred by Indemnitee in such proportion as appropriate to reflect (i) the relative benefits received by the
Company and any Affiliated Entity on the one hand and Indemnitee on the other hand from the transaction from which such Proceeding arose and (ii) the relative fault of the Company, any Affiliated Entity or Unaffiliated Entity, including other
persons indemnified by the Company on the one hand, and Indemnitee on the other hand in connection with the events which resulted in such Proceeding, as well as any other relevant equitable considerations. The relative fault of the Company, any
Affiliated Entity or Unaffiliated Entity, including other persons indemnified by the Company, on the one hand, and of Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent the circumstances resulting in such Proceeding. The Company acknowledges that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata
allocation or any other method of allocation which does not take into account the foregoing equitable considerations. 
 Section 7. Defense of Claim. If any Proceeding asserted or commenced against Indemnitee is also asserted or commenced against the Company or an Affiliated Entity, the Company or the Affiliated Entity shall be entitled, except as
otherwise provided herein below, to assume the defense thereof. After notice from the Company or any Affiliated Entity to Indemnitee of its election to assume the defense of any such Proceeding, Indemnitee shall have the right to employ
Indemnitee’s own counsel in such Proceeding, but the Expenses of such counsel incurred after notice from the Company or any Affiliated Entity to Indemnitee of its assumption of the defense thereof shall be at the expense of Indemnitee and the
Company shall not be obligated to Indemnitee under this Agreement for any Expenses subsequently incurred by Indemnitee in connection therewith other than reasonable costs of investigation and reasonable travel and lodging expenses arising out of
Indemnitee’s participation in the defense of such Proceeding, unless (i) otherwise notified by the Company, (ii) Indemnitee’s counsel shall have reasonably concluded and so notified the Company that there is a conflict of
interest between the Company or any Affiliated Entity and Indemnitee in the conduct of defense of such Proceeding, or (iii) the Company or any Affiliated Entity shall not in fact have employed counsel to assume the defense of such Proceeding,
in any of which cases the Expenses of Indemnitee in such Proceeding shall be reimbursed or paid by the Company. The Company or any Affiliated Entity shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company
by its stockholders or as to which Indemnitee’s counsel shall have made the conclusion set forth in clause (ii) of the preceding sentence of this Section 7. 
 Section 8. Settlement. The Company will not, without the prior written consent of the Indemnitee, which may be provided or
withheld in Indemnitee’s sole discretion, effect any settlement of any Proceeding against Indemnitee unless such settlement solely involves the payment of money by persons other than Indemnitee and includes an unconditional release of
Indemnitee from all liability arising from or relating to any matters that are the subject of such Proceeding. The Company shall not be obligated to indemnify Indemnitee against amounts paid in settlement of a Proceeding against Indemnitee if such
settlement is effected by Indemnitee without the Company’s prior written consent, which shall not be unreasonably withheld. 
  

 -6- 

 Section 9. Duration of Agreement. This Agreement will be considered to be in
effect on the first day of the Indemnitee’s Position or Positions, even if such date occurs prior to the date of this Agreement, and will continue for so long as Indemnitee may be subject to any possible Proceeding by reason of the fact of
Indemnitee’s Position or Positions, whether or not Indemnitee ceases to hold such Position or Positions. 
 Section 10. Confidentiality. Except as required by law or as otherwise becomes public (other than in violation of this Agreement) or as communicated to Indemnitee’s counsel or to Indemnitee’s or the Company’s
insurer, in seeking indemnification or reimbursement or payment of Expenses hereunder, Indemnitee agrees to keep confidential any information that arises in connection with this Agreement, including but not limited to, claims for indemnification or
payment or reimbursement of Expenses, amounts paid or payable under this Agreement and any communications between the Indemnitee and the Company. 
 Section 11. Applicability to Other Indemnification Provisions. This Agreement is entered into pursuant to Section 145(f) of the DGCL and to the fullest extent permitted by law shall be in
addition to indemnification and reimbursement or payment of Expenses provided by the DGCL. To the fullest extent permitted by law, the Company shall apply this Agreement, which is substantially consistent with the Company’s Amended and Restated
Indemnification Policy as in effect on the date hereof, in considering requests for indemnification or reimbursement or payment of Expenses under its Amended and Restated Indemnification Policy, certificate of incorporation, by-laws, or any other
agreement or undertaking of the Company or similar constituent documents of an Affiliated Entity that provides rights to indemnification or reimbursement or payment of Expenses (“Alternate Indemnification Provisions”). By entering into
this Agreement, the parties agree that if there is an existing Indemnification Agreement by and between Mellon Financial Corporation and Indemnitee which was assumed by the Company by operation of law and pursuant to the 2006 merger agreement
entered into by the Company, Mellon Financial Corporation and The Bank of New York Company, Inc., such agreement is hereby terminated insofar as it relates to actions taken by Indemnitee after the execution of this Agreement. For the avoidance of
doubt, should there be any differences between the Company’s Indemnification Agreement or its Amended and Restated Indemnification Policy and this Agreement, this Agreement will govern. 
 Section 12. No Duplication of Payments. The Company shall indemnify and pay or reimburse Expenses of the Indemnitee in
accordance with the provisions of this Agreement, provided, however, that the Company shall not be liable under this Agreement to make any payment to Indemnitee under this Agreement to the extent that Indemnitee (i) is otherwise
entitled to receive reimbursement or payment of amounts otherwise payable hereunder from an Unaffiliated Entity (including insurance maintained by an Unaffiliated Entity) as a result of Indemnitee’s Position or Positions at or with respect to
an Unaffiliated Entity, (ii) receives payment or reimbursement under an insurance policy maintained by the Company or by or out of a fund created by the Company and under the control of a trustee or otherwise, or (iii) receives payment
from other sources provided by the Company. If Indemnitee has a right of recovery from an Unaffiliated Entity (including insurance maintained by the Unaffiliated Entity), Indemnitee shall take all actions reasonably necessary to recover payment (or
insurance) from

  

 -7- 

 
the Unaffiliated Entity before seeking payment from the Company under this Agreement, including initiating a civil, criminal, administrative or investigative action, suit, proceeding or
procedure; provided, however, that to the extent recovery of such payment requires meeting a prior deductible or other financial outlay, such payment or financial outlay shall be deemed to be an Expense hereunder. 
 Section 13. Insurance. To the extent the Company maintains an insurance policy or policies providing directors and officers
liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with and subject to its or their terms, to the maximum extent of the coverage available for any member of the Board. 
 Section 14. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of recovery of Indemnitee under any insurance policy or otherwise. Indemnitee shall execute all documents reasonably required and shall do everything reasonably necessary to secure such rights, including the execution of
such documents necessary to enable the Company to effectively bring suit to enforce such rights. 
 Section 15. Notice
by Indemnitee. Indemnitee shall promptly notify the Company in writing in accordance with Section 21 of this Agreement upon the earlier of (a) becoming aware of a Proceeding where indemnity or reimbursement or payment of Expenses may
be sought or (b) receiving or being served with any summons, citation, subpoena, complaint, indictment, information, inquiry or other document relating to any Proceeding which may be subject to indemnification or reimbursement or payment of
Expenses covered hereunder. As a condition to indemnification or reimbursement or payment of Expenses, any demand for payment by Indemnitee hereunder shall be in writing. 
 Section 16. Severability. If any provision of this Agreement shall be held to be invalid, inoperative or unenforceable as applied to any particular Proceeding or in any particular
jurisdiction, for any reason, such circumstances shall not have the effect of rendering the provision in question invalid, inoperative or unenforceable in any other distinguishable Proceeding or jurisdiction, or of rendering any other provision or
provisions herein contained invalid, inoperative or unenforceable to any extent whatsoever. The invalidity, inoperability or unenforceability of any one or more phrases, sentences, clauses or sections contained in this Agreement shall not affect any
other remaining part of this Agreement. 
 Section 17. Binding Effect. This Agreement shall be binding upon, and
inure to the benefit of, Indemnitee and Indemnitee’s heirs, personal representatives, executors and administrators and upon the Company and its successors and assigns. 
 Section 18. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be
deemed to be an original but all of which together shall constitute one and the same Agreement. 
  

 -8- 

 Section 19. Headings. The headings of the paragraphs of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 Section 20. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
 Section 21. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand, on the
date delivered, (ii) mailed by certified or registered mail, with postage prepaid, on the third business day after the date on which it is mailed or (iii) sent by guaranteed overnight courier service, with postage prepaid, on the business
day after the date on which it is sent: 
  

	 	(a)	If to Indemnitee, to the address set forth on the signature page of this Agreement; 

  

	 	(b)	If to the Company, to: 

 The
Bank of New York Mellon 
 Corporation One Wall Street 
 New York, NY 10286 
 Attention: General Counsel 
 with copies to: 
 The Bank of New York Mellon Corporation 
 One Wall Street 
 New York, NY 10286 
 Attention: Corporate Secretary 
 or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 
 Section 22. Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. 
 Section 23. Venue. Any Proceeding relating to or arising from this Agreement, including without limitation, any Proceeding
regarding indemnification or reimbursement or payment of Expenses arising out of this Agreement, shall only be brought and heard in the Chancery Court in and for the State of Delaware, and may not be brought in any other judicial forum. 

 

 -9- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year
first above written. 
  

			
	THE BANK OF NEW YORK MELLON CORPORATION
		
	By:	 	  

		 	[Name]
		 	[Title]

 AGREED TO AND ACCEPTED BY: 
  

			
	  

	Name:	 	[Insert Name of Indemnitee]
	Address:	 	[Insert Address of Indemnitee]

  

 -10-Amended and Restated Employment Agreement - Thomas Connolly

 Exhibit 10.2 
 July 29, 2009 
 Thomas F. Connolly 
 [Address on File with Company] 
  

	Re:	MF Global – Employment Agreement 

 Dear Tom: 
 This is your EMPLOYMENT AGREEMENT (this “Agreement”)
with MF Global Ltd., a Bermuda exempted company (“MF Global”). This Agreement sets forth the terms of your employment with MF Global and its subsidiaries and affiliates (together, the “MF Global Group”). 

 

	1.	Terms Schedule 

 Some of
the terms of your employment are in the attached schedule (your “Schedule”), which is part of this Agreement. 
  

	2.	Term of Your Employment 

 The term of this Agreement began on the “Commencement Date” set forth in your Schedule and will end at the close of business March 31, 2011 (the “Agreement Term”). All references to “your
employment” in this Agreement will refer to your employment during the Agreement Term. 
 Commencing April 1, 2011, the
Agreement Term will extend for successive one (1) year periods upon written notice by MF Global to you not later than three (3) months prior to the expiration of the initial or any successive term of this Agreement (unless you provide
written notice of non-extension within one (1) month after such notice). Upon the expiration of the Agreement Term (taking into account any extensions), you will continue to be an employee of MF Global “at-will” (unless and until MF
Global or you gives written notice to the other of termination). 
 The provisions of Sections 5(d), 7, 8, 9, 11, 12 and 13, and
the provisions of the Schedule applicable thereto, shall survive the termination of the Agreement Term and any concurrent or subsequent termination of your employment thereunder and shall continue to be in effect thereafter to the extent applicable,
provided that Section 9 shall survive only respecting a change in ownership or control contemplated thereunder occurring on or prior to such termination irrespective of when payments thereunder may be made; Section 6 and the provisions of
the Schedule applicable thereto, shall survive any termination of your employment occurring prior to the expiration of the Agreement Term; and Section 6(g), and the provisions of the Schedule applicable thereto, shall survive any termination of
your employment in connection with the expiration of the Agreement Term. 
  

	3.	Your Position, Performance and Other Activities 

  

	 	(a)	Position. You will be employed in the position stated in your Schedule. 

	 	(b)	Authority, Responsibilities, and Reporting. Your authority, responsibilities and reporting relationships will correspond to your position and will include any
particular authority, responsibilities and reporting relationships consistent with your position that MF Global’s Board of Directors (the “Board”) or any officer of the MF Global Group to whom you report may assign to you from
time to time. Any specific reporting relationship provided in your Schedule replaces the relationship provided in this Section 3(b), and any specific authority or responsibility provided in your Schedule is in addition to that provided in this
Section 3(b). 

  

	 	(c)	Performance. During your employment, you will devote substantially all of your business time and attention to the MF Global Group and will use good faith efforts
to discharge your responsibilities under this Agreement to the best of your ability. 

  

	 	(d)	Other Activities. During your employment, you will not render any business, commercial or professional services to any non-member of the MF Global Group.
However, you may (1) serve, with the prior written approval of the person to whom you report, on civic, educational or charitable boards or committees and, with the prior written approval of the Board, on other corporate boards or committees
(which approval previously was granted for any boards and committees set forth in the Schedule), (2) manage personal investments, or (3) deliver lectures, fulfill speaking engagements or teach at educational institutions, so long as
the activities in clauses (1) through (3) above do not significantly interfere with your performance of your responsibilities under this Agreement. 

  

	4.	Your Compensation 

  

	 	(a)	Salary. You will receive an annual base salary (your “Salary”). The starting amount of your Salary is in your Schedule. MF Global will review
your Salary at least annually. However, any increase in your Salary will not reduce or limit any other obligation to you under this Agreement. Your Salary will be paid in accordance with the MF Global Group’s normal practices for similarly
situated executives. 

  

	 	(b)	Bonus. You will be eligible to receive an annual bonus (your “Bonus”) for each fiscal year of MF Global ending during your employment, which may
be paid in a combination of cash and equity-based awards. The amount and form of your Bonus, including the amount payable upon achievement of target-level performance, for each fiscal year (if any) will be determined by the Board (or a committee of
the Board) or the person to whom you directly report and paid in a manner consistent with other similarly situated executives. 

  

	 	(c)	Other Executive Compensation Plans. You will be entitled to participate in all of the MF Global Group’s executive compensation plans, including any
management incentive plans, long-term compensation plans, equity compensation option plans and deferred compensation plans, on a basis that is at least as favorable as that provided to other similarly situated executives of the MF Global Group.

  

	5.	Your Benefits 

  

	 	(a)	Employee Benefit Plans. During your employment, you will be entitled to participate in the MF Global Group’s employee benefit and welfare plans, including
plans providing retirement benefits or medical, dental, hospitalization, life or disability insurance, on a basis that is at least as favorable as that provided to other similarly situated executives of the MF Global Group. 

 

			
	Thomas F. Connolly	  	Page 2

	 	(b)	Vacation. You will be entitled to paid annual vacation on a basis that is at least as favorable as that provided to other similarly situated executives of the MF
Global Group. 

  

	 	(c)	Business Expenses. You will be reimbursed for all business and entertainment expenses incurred by you in performing your responsibilities under this Agreement.
However, your reimbursement will be subject to the MF Global Group’s normal practices for similarly situated executives, provided that such reimbursements pursuant to this Section 5(c) will be paid no later than the end of the
calendar year following the year in which such reimbursable expenses were incurred. 

  

	 	(d)	Indemnification. To the fullest extent permitted under the Bye-Laws of MF Global as in effect on your Execution Date set forth below and with any subsequent
changes mandated by applicable law (“Bye-Laws”), MF Global will indemnify you against any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, against you arising by reason of
your status as a director, officer, employee and/or agent of the MF Global Group during your employment, and for your period of employment you are an “Officer” as provided in the Bye-Laws. You will at all relevant times be covered under
any contract of directors and officers liability insurance that covers directors of MF Global (other than any coverage that specifically covers solely independent directors). 

  

	 	(e)	Additional Benefits. During your employment, you will be provided the additional benefits stated in your Schedule. 

  

	6.	Termination of Your Employment 

  

	 	(a)	No Reason Required. You or MF Global may terminate your employment at any time for any reason, or for no reason, subject to compliance with Section 6(c).

  

	 	(b)	Related Definitions. 

  

	 	(1)	“Cause” means any of the following: (A) your continued and willful failure to perform substantially your responsibilities to the MF Global Group
under this Agreement, after demand for substantial performance has been given by the Board or any officer of the MF Global Group to whom you report that specifically identifies how you have not substantially performed your responsibilities;
(B) your willful engagement in illegal conduct or in gross misconduct in connection with the business of the MF Global Group; (C) your conviction of, or plea of guilty or nolo contendere to, a felony; (D) your willful and
material breach of the MF Global Group’s written code of conduct and business ethics or other written policy, procedure or guideline relating to personal conduct in effect from time to time or Section 7 or 8; (E) your willful attempt
to obstruct or willful failure to cooperate with any investigation authorized by the Board or any governmental or self-regulatory authority; or (F) your disqualification or bar by any governmental or self-regulatory authority from serving in
the capacity contemplated by this Agreement or your loss of any governmental or self-regulatory license that is reasonably necessary for you to perform your responsibilities to the MF Global Group under this Agreement, if (i) the
disqualification, bar or loss continues for more than 60 days and (ii) during that period the MF Global Group uses its good faith efforts to cause the disqualification or bar to be lifted or the license replaced. While any disqualification, bar
or loss continues during your employment, you will serve in the capacity contemplated by this Agreement to whatever extent legally permissible and, if your employment is not permissible, you will be placed on leave (which will be paid in full to the
extent legally permissible). 

  

			
	Thomas F. Connolly	  	Page 3

 For purposes of this definition, (i) no act or omission by you will be
“willful” unless it is made by you in bad faith or without a reasonable belief that your act or omission was in the best interests of the MF Global Group and (ii) any act or omission by you based on authority given pursuant to a
resolution duly adopted by the Board will be deemed made in good faith and in the best interests of the MF Global Group. 
 MF
Global must give you notice and 10 days to cure the first event constituting Cause under Section 6(b)(1)(D) or (E) (unless the event cannot be cured). 
  

	 	(2)	“Good Reason” means any of the following: (A) any material and adverse change in your position with the MF Global Group; (B) any material
diminution in your authority or responsibilities as provided in Section 3(b) (and your Schedule); (C) MF Global requiring you to be based at any office more than 35 miles from the place of employment stated in your Schedule (however,
travel required by MF Global in connection with your duties will not constitute Good Reason); or (D) any material breach of this Agreement by MF Global. 

 If you do not give a Termination Notice within 90 days after the initial existence of an event constituting Good Reason, the event will no
longer constitute Good Reason. In addition, (i) an isolated, insubstantial and inadvertent failure by MF Global under Section 6(b)(2)(A) and (B) that is not in bad faith and is cured promptly on your giving MF Global notice will not
constitute Good Reason and (ii) you must give MF Global notice and 30 days to cure the event constituting Good Reason. 
  

	 	(3)	“Disability” means your absence from your responsibilities with MF Global on a full-time basis for 130 business days in any consecutive 12 months as a
result of incapacity due to mental or physical illness or injury. If MF Global determines in good faith that your Disability has occurred, it may give you a Termination Notice. If within 30 days of the Termination Notice you do not return to
full-time performance of your responsibilities, your employment will terminate. If you do return to full-time performance in that 30-day period, the Termination Notice will be cancelled for all purposes of this Agreement. Except as provided in this
Section 6(b)(3), your incapacity due to mental or physical illness or injury will not affect MF Global’s obligations under this Agreement (including that such illness or injury will not constitute a basis for Cause).

  

	 	(c)	Advance Notice Generally Required. 

  

	 	(1)	To terminate your employment, either you or MF Global must provide a Termination Notice to the other. A “Termination Notice” is a written notice that
states the specific provision of this Agreement on which termination is based, including, if applicable, the specific clause of the definition of Cause or Good Reason and a reasonably detailed description of the facts that permit termination under
that clause; provided that the failure to include any fact in a Termination Notice that contributes to a showing of Cause or Good Reason does not preclude either party from asserting that fact in enforcing its rights under this Agreement.

  

	 	(2)	 You and MF Global agree to provide 60 days’ advance Termination Notice of any termination, unless your employment is terminated by MF
Global for Cause or because of your Disability or death. Accordingly, the effective date of early termination of your employment will be 60 days after Termination Notice is given except that (A) the effective date will be the date of MF
Global’s Termination Notice if your employment is terminated by MF Global for Cause, although MF

  

			
	Thomas F. Connolly	  	Page 4

	 	 
Global may provide a later effective date in the Termination Notice, (B) the effective date will be 30 days after Termination Notice is given if your employment is terminated because of your
Disability, and (C) the effective date will be the time of your death if your employment is terminated because of your death. 

  

	 	(d)	With Good Reason or Without Cause. If MF Global terminates your employment without Cause or you terminate your employment for Good Reason prior to the expiration
of the Agreement Term: 

  

	 	(1)	MF Global will pay the following as of the end of your employment: (A) your unpaid Salary through the date of termination, (B) your Salary for any accrued but
unused vacation through the date of termination, and (C) any accrued expense reimbursements and other cash entitlements (including for accrued expense reimbursement for which supporting documentation is submitted within a reasonable time after
termination of your employment) (together, your “Accrued Compensation”). In addition, MF Global will pay you any amounts and provide you any benefits that are required, or to which you are entitled, under any plan, contract or
arrangement of the MF Global Group as of the end of your employment (together, the “Other Benefits”). 

  

	 	(2)	MF Global will pay your Earned Bonus. Your “Earned Bonus” means any earned but unpaid Bonus for the fiscal year ending upon or immediately before the
end of your employment. 

  

	 	(3)	MF Global will pay your Accrued Bonus. Your “Accrued Bonus” means, to the extent not previously awarded or paid, your Bonus for the fiscal year in
which your termination of employment occurs based on the achievement of actual performance goals (taking into account, to the extent consistent with any applicable requirements of Section 162(m) of the Code, the status of such performance goals
at the date of termination and disregarding any subjective performance goals and any other exercise by the Board or any committee thereof of negative discretion) multiplied by the number of days of your employment since the fiscal year ending
before such date of termination divided by 365. 

  

	 	(4)	MF Global will pay your Severance Pay. Your “Severance Pay” means (A) the sum of your Salary and your annual target Bonus for the fiscal year in
which the Termination Notice is given (or if such target Bonus has not yet been established for such fiscal year, the target Bonus for the fiscal year prior to the year in which the Termination Notice is given) multiplied by (B) the
severance multiplier provided on your Schedule (your “Severance Multiplier”). 

  

	 	(5)	 Subject to (i) your timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”) following notice to you from MF Global of your COBRA rights and (ii) your compliance with the obligations in Sections 7 and 8, for a period of up to 18 months following your termination of employment (provided you
remain eligible for COBRA continuation coverage), MF Global will make available health benefit coverage substantially equivalent to that available before the date of termination and will pay you a monthly amount equal to the difference between the
applicable COBRA premium and the amount you would have paid for such coverage if you were an active employee of the MF Global Group unless and until, respecting such payment, you become eligible to receive substantially similar or improved health
benefits from a subsequent employer (whether or not you accept such benefits). Payment will be paid in advance on the first payroll

  

			
	Thomas F. Connolly	  	Page 5

	 	 
day of each month, beginning with the month after your date of termination (except that any payments otherwise due within the first 54 days following the date of termination will instead be paid
on the 55th day). You will notify MF Global of your eligibility for health benefits from a subsequent employer within 30 days of such eligibility. 

  

	 	(e)	For Cause or Without Good Reason. If MF Global terminates your employment for Cause or you terminate your employment without Good Reason, MF Global will pay your
Accrued Compensation and your Other Benefits. 

  

	 	(f)	For Your Disability or Death. If your employment terminates as a result of your Death or Disability, MF Global will pay your Accrued Compensation, Earned Bonus
and Accrued Bonus and will provide your Other Benefits. MF Global will also pay you an amount equal to your annual Salary then in effect (your “Disability/Death Pay”). Additionally, all service-based vesting (and, if applicable,
non-performance-based exercise) conditions relating to share options, restricted shares and other equity-based compensation awarded by MF Global to you will be deemed fully satisfied. The settlement of the awards will continue in accordance with the
relevant award agreement, and, if applicable, performance terms will continue in effect and be measured without regard to your termination. Any securities so issued or awarded will remain subject to such restrictions on transfer as are required by
applicable securities laws. 

  

	 	(g)	On Expiration of this Agreement. If your employment terminates for any reason in connection with the expiration of the Agreement Term, you will receive your
Accrued Compensation, your Other Benefits, your Earned Bonus and your Accrued Bonus (except that all service-based vesting conditions of any equity-based award constituting part of such Accrued Bonus will be deemed fully satisfied); provided,
however, that if MF Global provided notice of extension of the Agreement Term in accordance with Section 2 and you provided timely notice of non-extension in accordance with Section 2, you will receive only the cash portion of your Accrued
Bonus. In addition, you will receive the other termination benefits set forth in your Schedule. 

  

	 	(h)	Condition. Within 10 days after the date of your termination of employment pursuant to Section 6(d), (f) or (g), MF Global will tender to you (or your
estate) an agreement releasing from all liability (other than the payments and benefits contemplated by this Agreement) each member of the MF Global Group and any of their respective past or present officers, directors, employees or agents, and
imposing no other covenants upon you than are then effective under this Agreement or as provided in this Section 6(h), and setting forth your payments, benefits and other entitlements due under Section 6(d), (f) or (g), as applicable.
MF Global will not be required to make the payments and provide the benefits and other entitlements (other than the Accrued Compensation and Other Benefits) due under Section 6(d), (f) or (g), as applicable, unless you (or your estate)
execute and deliver such agreement to MF Global within 55 days following such date of termination, which you (or your estate) do not revoke. This agreement will be in the form normally provided by the MF Global Group to similarly situated executives
at the time, which form, for the avoidance of doubt, will include a mutual non-disparagement covenant satisfactory to MF Global. If MF Global fails to tender such agreement to you (or your estate) within 10 days after the date of your termination of
employment, the condition of payment under this Section 6(h) will be deemed satisfied. 

  

	 	(i)	 Timing. All Accrued Compensation will be paid promptly after the end of your employment. Subject to Section 6(h), any Earned Bonus or
Accrued Bonus due will be paid in accordance with the form and timing provisions contemplated by Section 4(b) and any Severance Pay or Disability/Death Pay will be paid in one cash lump sum on the 55th

  

			
	Thomas F. Connolly	  	Page 6

	 	 
day following the end of your employment. The benefits provided in this Section 6 will begin at the end of your employment. 

  

	 	(j)	Section 409A. 

  

	 	(1)	It is the parties’ intention that the payments and benefits to which you could become entitled in connection with your employment under this Agreement be exempt
from or comply with Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations and other guidance promulgated thereunder. The provisions of this
Section 6(j) shall qualify and supersede all other provisions of this Agreement as necessary to fulfill the foregoing intention while to the maximum possible extent preserving the economic terms otherwise intended hereunder. If you or MF Global
believes, at any time, that any of such payment or benefit is not so exempt or does not so comply, you or MF Global will promptly advise the other party and will negotiate reasonably and in good faith to amend the terms of such arrangement such that
it is exempt or complies (with the most limited possible economic effect on you and on MF Global) or to mitigate any additional tax or interest (or both) that may apply under Section 409A if exemption or compliance is not practicable. MF Global
agrees that it will not, without your prior written consent, knowingly take any action, or knowingly refrain from taking any action, other than as required by law, that would result in the imposition of tax or interest (or both) upon you under
Section 409A, unless such action or omission is pursuant to your written request. 

  

	 	(2)	To the extent applicable, each and every payment made pursuant to Section 6 of this Agreement shall be treated as a separate payment and not as one of a series of
payments treated as a single payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii). 

  

	 	(3)	If you are a “specified employee” (determined by MF Global in accordance with Section 409A and Treasury Regulation Section 1.409A-3(i)(2)) as of
your separation from service as defined for purposes of Section 409A (a “Separation from Service”) with MF Global, and if any payment, benefit or entitlement provided for in this Agreement or otherwise both (i) constitutes
a “deferral of compensation” within the meaning of and subject to Section 409A (“Nonqualified Deferred Compensation”) and (ii) cannot be paid or provided in a manner otherwise provided herein without subjecting
you to additional tax or interest (or both) under Section 409A, then any such payment, benefit or entitlement that is payable during the first six (6) months following the Separation from Service shall be paid or provided to you in a lump
sum cash payment to be made on the earlier of (x) your death and (y) the first business day of the seventh (7th) month immediately following your Separation from Service. 

  

	 	(4)	Except to the extent any reimbursement, payment or entitlement under this Agreement does not constitute Nonqualified Deferred Compensation, (i) the amount of
expenses eligible for reimbursement or the provision of any in-kind benefit (as defined in Section 409A) to you during any calendar year will not affect the amount of expenses eligible for reimbursement or provided as in-kind benefits to you in
any other calendar year (subject to any lifetime and other annual limits provided under MF Global’s health plans), (ii) the reimbursements for expenses for which you are entitled shall be made on or before the last day of the calendar year
following the calendar year in which the applicable expense is incurred, or (iii) the right to payment or reimbursement or in-kind benefits may not be liquidated or exchanged for any other benefit. 

  

			
	Thomas F. Connolly	  	Page 7

	 	(5)	Any payment or benefit paid or provided under Section 6 hereof or otherwise paid or provided due to a Separation from Service that is exempt from Section 409A
pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v) will be paid or provided to you only to the extent the expenses are not incurred or the benefits are not provided beyond the last day of your second taxable year following your taxable
year in which the Separation from Service occurs; provided, however that MF Global reimburses such expenses no later than the last day of the third taxable year following your taxable year in which your Separation from Service occurs.

  

	 	(6)	It is the parties’ intention that the definition of Good Reason and the separation-from-service procedures specified in Section 6(c) hereof satisfy the
conditions set forth in Treasury Regulation Section 1.409A-1(n)(2) for a termination for Good Reason to be treated as an “involuntary separation from service” for purposes of Section 409A. 

  

	 	(7)	Any dispute resolution payment (including related reimbursable expenses, fees and other costs) that does not constitute a “legal settlement” in accordance
with Treasury Regulation 1.409A-1(b)(11) will be paid by MF Global to you not later than the last day of your taxable year following the year in which the dispute is resolved. 

  

	 	(8)	Any payment, benefit or entitlement provided for in this Agreement that constitutes Nonqualified Deferred Compensation due upon a termination of employment shall be
paid or provided to you only upon a Separation from Service. 

  

	7.	Proprietary Information 

  

	 	(a)	Definition. “Proprietary Information” means confidential or proprietary information concerning (1) the MF Global Group’s businesses,
strategies, operations, financial affairs, organizational matters, personnel matters, budgets, business plans, marketing plans, studies, policies, procedures, products, ideas, processes, software systems, trade secrets and technical know-how,
(2) any other matter relating to the MF Global Group and (3) any matter relating to clients of the MF Global Group or other third parties having relationships with the MF Global Group. Proprietary Information may include information
furnished to you orally or in writing (whatever the form or storage medium) or gathered by inspection, in each case before or after the date of this Agreement. However, Proprietary Information does not include information (1) that was or
becomes generally available to you on a non-confidential basis, if the source of this information was not reasonably known to you to be bound by a duty of confidentiality, (2) that was or becomes generally available to the public, other than as
a result of a disclosure by you, directly or indirectly, that is not authorized by the MF Global Group or (3) that you can establish was independently developed by you without reference to any Proprietary Information. 

 

	 	(b)	 Use and Disclosure. You will obtain or create Proprietary Information in the course of your involvement in the MF Global Group’s activities
and may already have Proprietary Information. You agree that the Proprietary Information is the exclusive property of the MF Global Group, and that, during your employment, you will use and disclose Proprietary Information only for the MF Global
Group’s benefit and in accordance with any restrictions placed on its use or disclosure by the MF Global Group. After your employment, you will not use or disclose any Proprietary Information. In addition, nothing in this Agreement will operate
to weaken or waive any rights the MF Global Group may

  

			
	Thomas F. Connolly	  	Page 8

	 	 
have under statutory or common law, or any other agreement, to the protection of trade secrets, confidential business information and other confidential information. 

 

	 	(c)	Return of Proprietary Information. When your employment terminates, you agree to return to MF Global all Proprietary Information, including all notes, mailing
lists, rolodexes and computer files that contain any Proprietary Information. You agree to do anything reasonably requested by MF Global in furtherance of perfecting the MF Global Group’s possession of, and title to, any Proprietary Information
that was at any time in your possession. 

  

	 	(d)	Limitations. Nothing in this Agreement prohibits you from providing truthful testimony concerning the MF Global Group to governmental, regulatory or
self-regulatory authorities. 

  

	8.	On-going Restrictions on Your Activities 

  

	 	(a)	Related Definitions. This Section uses the following defined terms: 

 “Competitive Enterprise” means any business enterprise that either (1) engages in any activity anywhere (x) as a futures commission merchant, broker dealer or similarly situated
intermediary or (y) that is an activity in which MF Global Group is engaged on your date of termination and which represents more than 10% of MF Global’s pre-tax net income during the four completed fiscal quarters immediately prior to
your date of termination or (2) holds a 5% or greater equity, voting or profit participation interest in any enterprise that engages in such an activity. 
 “Client” means any client or prospective client of the MF Global Group to whom you provided services or for whom you transacted business. 
 “Solicit” means any direct or indirect communication of any kind, regardless of who initiates it, that in any way invites,
advises, encourages or requests any person to take or refrain from taking any action. 
  

	 	(b)	Your Importance to the MF Global Group and the Effect of this Section 8. You acknowledge that: 

  

	 	(1)	In the course of your involvement in the MF Global Group’s activities, you will have access to Proprietary Information and the MF Global Group’s client base
and will profit from the goodwill associated with the MF Global Group. On the other hand, in view of your access to Proprietary Information and your importance to the MF Global Group, if you compete with the MF Global Group for some time after your
employment, the MF Global Group will likely suffer significant harm. In return for the benefits you will receive from the MF Global Group and to induce MF Global to enter into this Agreement, and in light of the potential harm you could cause the MF
Global Group, you agree to the provisions of this Section 8. MF Global would not have entered into this Agreement if you did not agree to this Section 8. 

  

	 	(2)	This Section 8 limits your ability to earn a livelihood in a Competitive Enterprise and your relationships with Clients. You acknowledge, however, that complying
with this Section 8 will not result in severe economic hardship for you or your family. 

  

	 	(c)	Non-Competition. Until the end of the period stated in the Schedule, you will not directly or indirectly: 

  

	 	(1)	hold a 5% or greater equity, voting or profit participation interest in a Competitive Enterprise; or 

  

			
	Thomas F. Connolly	  	Page 9

	 	(2)	associate (including as a director, officer, employee, partner, sole proprietor, consultant, agent or advisor) with a Competitive Enterprise and in connection with your
association engage, or directly or indirectly manage or supervise personnel engaged, in any activity: 

  

	 	(A)	that is substantially related to any activity that you were engaged in, 

  

	 	(B)	that is substantially related to any activity for which you had direct or indirect managerial or supervisory responsibility, or 

  

	 	(C)	that calls for the application of specialized knowledge or skills substantially related to those used by you in your activities; 

 in each case, for the MF Global Group at any time during the year before the end of your employment (or, if earlier, the year before
the date of determination). 
  

	 	(d)	Non-Solicitation of Clients. Until the end of the period stated in the Schedule, you will not attempt to Solicit any Client to transact business with a
Competitive Enterprise or to reduce or refrain from doing any business with the MF Global Group. 

  

	 	(e)	Non-Solicitation of MF Global Group Employees. Until the end of the period stated in the Schedule, you will not attempt to Solicit anyone who is then an employee
of the MF Global Group (or who was an employee of the group within the prior six (6) months) to resign from the MF Global Group or to apply for or accept employment with any Competitive Enterprise. 

  

	 	(f)	Notice to New Employers. Before you accept employment with any other person or entity while any of Section 8(c), (d) or (e) is in effect, you will
provide the prospective employer with written notice of the provisions of this Section 8. You will deliver a copy of the notice required by the preceding sentence to MF Global no later than 30 days after commencing employment with such
prospective employer. 

  

	9.	Effect of Excise Tax and Limits on Golden Parachute Payments 

  

	 	(a)	Contingent Reduction of Parachute Payments. If there is a change in ownership or control of MF Global that would cause any payment or distribution by any member
of the MF Global Group or any other person or entity to you or for your benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”) to be subject to the excise
tax imposed by Section 4999 of the Code (such excise tax, together with any interest or penalties incurred by you with respect to such excise tax, the “Excise Tax”), then you will receive the greatest of the following,
whichever gives you the highest net after-tax amount (after taking into account federal, state, local and social security taxes): (1) the Payments or (2) one dollar less than the amount of the Payments that would subject you to the Excise
Tax (the “Safe Harbor Amount”). If a reduction in the Payments is necessary so that the Payments equal the Safe Harbor Amount and none of the Payments is Nonqualified Deferred Compensation, then the reduction shall occur in the
manner you elect in writing prior to the date of payment. If any Payment constitutes Nonqualified Deferred Compensation or if you fail to elect an order, then the Payments to be reduced will be determined in a manner which has the least economic
cost to you and, to the extent the economic cost is equivalent, will be reduced in the inverse order of when payment would have been made to you, until the reduction is achieved. 

  

			
	Thomas F. Connolly	  	Page 10

	 	(b)	Determination of the Payments. All determinations required to be made under this Section 9, including whether and when the Safe Harbor Amount is required
and the amount of the reduction of the Payments and the assumptions to be utilized in arriving at such determination, shall be made by a certified public accounting firm designated by MF Global and reasonably acceptable to you (the
“Accounting Firm”) which shall provide detailed supporting calculations both to MF Global and you within 15 business days of the receipt of notice from you that there has been a Payment, or such earlier time as is requested by MF
Global. All fees and expenses of the Accounting Firm shall be borne solely by MF Global. Any determination by the Accounting Firm shall be binding upon MF Global and you. You shall cooperate with any reasonable requests by the MF Global Group in
connection with any contests or disputes with the Internal Revenue Service in connection with the Excise Tax. 

  

	10.	Effect on Other Agreements; Entire Agreement 

 This Agreement is the entire agreement between you and MF Global with respect to the relationship contemplated by this Agreement and supersedes any earlier agreement, written or oral, with respect to the
subject matter of this Agreement. In entering into this Agreement, no party has relied on or made any representation, warranty, inducement, promise or understanding that is not in this Agreement. 
  

	11.	Successors 

  

	 	(a)	Payments on Your Death. If you die and any amounts become payable under this Agreement (including payments under Section 5(c), Section 5(d) and
Section 6), MF Global will pay those amounts to your estate. 

  

	 	(b)	Assignment by You. You may not assign this Agreement without MF Global’s consent. Also, except as required by law, your right to receive payments or
benefits under this Agreement may not be subject to execution, attachment, levy or similar process. Any attempt to effect any of the preceding in violation of this Section 11(b), whether voluntary or involuntary, will be void.

  

	 	(c)	Assumption by any Surviving Company. Before the effectiveness of any merger, consolidation, statutory share exchange or similar transaction (including an
exchange offer combined with a merger or consolidation) involving MF Global (a “Reorganization”) or any sale, lease or other disposition (including by way of a series of transactions or by way of merger, consolidation, stock sale or
similar transaction involving one or more subsidiaries) of all or substantially all of MF Global’s consolidated assets (a “Sale”), MF Global will cause (1) the Surviving Company to unconditionally assume this Agreement in
writing and (2) a copy of the assumption to be provided to you. The “Surviving Company” means (i) in a Reorganization, the entity resulting from the Reorganization or (ii) in a Sale, the entity that has acquired all
or substantially all of the assets of MF Global. After the Reorganization or Sale, the Surviving Company will be treated for all purposes as MF Global under this Agreement. 

  

	12.	Disputes 

  

	 	(a)	Employment Matter. This Section 12 applies to any controversy or claim between you and the MF Global Group arising out of or relating to or concerning this
Agreement, or any aspect of your employment with MF Global or the termination of that employment (together, an “Employment Matter”). 

  

			
	Thomas F. Connolly	  	Page 11

	 	(b)	Mandatory Arbitration. Subject to the provisions of this Section 12, any Employment Matter will be finally settled by arbitration in the County of
New York administered by the American Arbitration Association under its Commercial Arbitration Rules then in effect. However, the rules will be modified in the following ways: (1) each arbitrator will agree to treat as confidential evidence
and other information presented to the same extent as the information is required to be kept confidential under Section 7, (2) a decision must be rendered within 10 business days of the parties’ closing statements or submission of
post-hearing briefs and (3) the arbitration will be conducted before a panel of three arbitrators, one selected by you within 10 days of the commencement of arbitration, one selected by MF Global in the same period and the third selected
jointly by these arbitrators (or, if they are unable to agree on an arbitrator within 30 days of the commencement of arbitration, the third arbitrator will be appointed by the American Arbitration Association; provided that the arbitrator
shall be a partner or former partner at a nationally recognized law firm other than a law firm, or individual, who provided services to MF Global or you at any time during the previous 10 years). Notwithstanding the preceding, to the extent the
rules of any self-regulatory organization applicable to the MF Global Group require an Employment Matter to be arbitrated by different arbitration rules, such required arbitration rules will apply. 

  

	 	(c)	Limitation on Damages. You and the MF Global Group agree that there will be no punitive damages payable as a result of any Employment Matter and agree
not to request punitive damages. 

  

	 	(d)	Injunctions and Enforcement of Arbitration Awards. You or the MF Global Group may bring an action or special proceeding in a state or federal court of competent
jurisdiction sitting in the County of New York to enforce any arbitration award under Section 12(b). Also, the MF Global Group may bring such an action or proceeding, in addition to its rights under Section 12(b) and whether or not an
arbitration proceeding has been or is ever initiated, to temporarily, preliminarily or permanently enforce any part of Sections 7 and 8. You agree that (1) your violating any part of Sections 7 and 8 would cause damage to the MF Global Group
that cannot be measured or repaired, (2) the MF Global Group therefore is entitled to an injunction, restraining order or other equitable relief restraining any actual or threatened violation of those Sections, (3) no bond will need to be
posted for the MF Global Group to receive such an injunction, order or other relief and (4) no proof will be required that monetary damages for violations of those Sections would be difficult to calculate and that remedies at law would be
inadequate. 

  

	 	(e)	Jurisdiction and Choice of Forum. You and the MF Global Group irrevocably submit to the exclusive jurisdiction of any state or federal court located in
the County of New York over any Employment Matter that is not otherwise arbitrated or resolved according to Section 12(b). This includes any action or proceeding to compel arbitration or to enforce an arbitration award. Both you and the MF
Global Group (1) acknowledge that the forum stated in this Section 12(e) has a reasonable relation to this Agreement and to the relationship between you and the MF Global Group and that the submission to the forum will apply even if the
forum chooses to apply non-forum law, (2) waive, to the extent permitted by law, any objection to personal jurisdiction or to the laying of venue of any action or proceeding covered by this Section 12(e) in the forum stated in this
Section, (3) agree not to commence any such action or proceeding in any forum other than the forum stated in this Section 12(e) and (4) agree that, to the extent permitted by law, a final and non-appealable judgment in any such
action or proceeding in any such court will be conclusive and binding on you and the MF Global Group. However, nothing in this Agreement precludes you or the MF Global Group from bringing any action or proceeding in any court for the purpose of
enforcing the provisions of Sections 12(b), 12(d) and this 12(e). 

  

			
	Thomas F. Connolly	  	Page 12

	 	(f)	Waiver of Jury Trial. To the extent permitted by law, you and the MF Global Group waive any and all rights to a jury trial
with respect to any Employment Matter. 

  

	 	(g)	Governing Law. This Agreement will be governed by and construed in accordance with the law of the State of New York
applicable to contracts made and to be performed entirely within that State. 

  

	 	(h)	Costs. MF Global will pay all costs of the arbitration except, if applicable, your petitioner’s filing fee. If the arbitrator or court of competent
jurisdiction determines that you have prevailed on the issues in dispute in the arbitration or court proceeding, as the case may be, MF Global will, upon presentment of appropriate documentation, pay or reimburse any reasonable expenses, including
reasonable attorney’s fees, you incur as a result of any Employment Matter. 

  

	13.	General Provisions 

  

	 	(a)	Construction. 

  

	 	(1)	References (A) to Sections are to sections of this Agreement unless otherwise stated; (B) to any contract (including this Agreement) are to the
contract as amended, modified, supplemented or replaced from time to time; (C) 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; (D) to any governmental authority include any
successor to the governmental authority; (E) to any plan include any programs, practices and policies; (F) to any entity include any corporation, limited liability company, partnership, association, business trust and similar
organization and include any governmental authority; and (G) to any affiliate of any entity are to any person or other entity directly or indirectly controlling, controlled by or under common control with the first entity.

  

	 	(2)	The various headings in this Agreement 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 Agreement. 

  

	 	(3)	Unless the context requires otherwise, (A) words describing the singular number include the plural and vice versa, (B) words denoting any gender
include all genders and (C) the words “include”, “includes” and “including” will be deemed to be followed by the words “without limitation.” 

  

	 	(4)	It is your and MF Global’s intention that this Agreement not be construed more strictly with regard to you or MF Global. 

  

	 	(b)	Withholding. You and the MF Global Group will treat all payments to you under this Agreement as compensation for services. Accordingly, the MF Global Group may
withhold from any payment any taxes that are required to be withheld under any law, rule or regulation. 

  

	 	(c)	 Severability. If any provision of this Agreement is found by any court of competent jurisdiction (or legally empowered agency) to be illegal,
invalid or unenforceable for any reason, then (1) the provision will be amended automatically to the minimum extent necessary to cure the illegality or invalidity and permit enforcement and (2) the remainder of this Agreement will not be
affected. In particular, if any provision of Section 8 is so

  

			
	Thomas F. Connolly	  	Page 13

	 	 
found to violate law or be unenforceable because it applies for longer than a maximum permitted period or to greater than a maximum permitted area, it will be automatically amended to apply for
the maximum permitted period and maximum permitted area. 

  

	 	(d)	No Set-off or Mitigation. Your and MF Global’s respective obligations under this Agreement will not be affected by any set-off, counterclaim, recoupment or
other right you or any member of the MF Global Group may have against each other or anyone else. You do not need to seek other employment or take any other action to mitigate any amounts owed to you under this Agreement, and those amounts will not
be reduced if you do obtain other employment (except as this Agreement specifically states). 

  

	 	(e)	Notices. All notices, requests, demands and other communications under this Agreement must be in writing and will be deemed given (1) on the business day
sent, when delivered by hand or facsimile transmission (with confirmation) during normal business hours (with a notice contemporaneously given by another method specified in this Section 13(e)), (2) on the business day after the business
day sent, if delivered by a nationally recognized overnight courier or (3) on the third business day after the business day sent if delivered by registered or certified mail, return receipt requested, in each case to the following address or
number (or to such other addresses or numbers as may be specified by notice that conforms to this Section 13(e)): 

 If to you, to your last address (or to the last facsimile number) shown on the payroll records of MF Global. 
 If to
MF Global or to any other member of the MF Global Group, to: 
 MF Global Ltd. 
 717 Fifth Avenue, 11th Floor 
 New York, New York 10022 
 Attention: General Counsel 
 Facsimile: 212-319-1565 
 with a copy to: 
 Sullivan & Cromwell LLP 
 125 Broad Street 
 New York, New York 10004 
 Attention: Marc Trevino, Esq. 
 Facsimile: 212-291-9157 
  

	 	(f)	Consideration. This Agreement is in consideration of the mutual covenants contained in it. You and MF Global acknowledge the receipt and sufficiency of the
consideration to this Agreement and intend this Agreement to be legally binding. 

  

	 	(g)	Amendments and Waivers. Any provision of this Agreement may be amended or waived but only if the amendment or waiver is in writing and signed, in the case of an
amendment, by you and MF Global or, in the case of a waiver, by the party that would have benefited from the provision waived. Except as this Agreement otherwise provides, no failure or delay by you or the MF Global Group to exercise any right or
remedy under this Agreement will operate as a waiver, and no partial exercise of any right or remedy will preclude any further exercise. 

  

			
	Thomas F. Connolly	  	Page 14

	 	(h)	Representations. You represent and warrant to MF Global that: (1) you have the legal right to enter into this Agreement and to perform all of the
obligations on your part to be performed hereunder in accordance with its terms, (2) you are not a party to any contract, agreement or understanding, written or oral, which could prevent you from entering into this Agreement or performing all
of your duties and obligations hereunder, and (3) you are not a party to any agreement containing any non-competition, non-solicitation, confidentiality or other restrictions on your activities. You further represent and warrant to MF Global
that, to the best of your knowledge, information and belief, you are not aware of any action taken by you (or any failure to act) that could form the basis for a breach of fiduciary duty or related claim against you by any current or former
employer. 

  

	 	(i)	Recoupment. 

  

	 	(1)	In the event of a restatement of MF Global’s consolidated financial statements (beginning with the financial statements for the quarterly period coinciding with or
next following the date of this Agreement), MF Global shall have the right to take appropriate action to recoup from you any portion of any Bonus and other equity or non-equity compensation received by you the grant of which was tied to the
achievement of one or more specific performance targets, with respect to the period for which such financial statements are or will be restated (“Recoupment Amount”), regardless of whether you engaged in any misconduct or were at
fault or responsible in any way for causing the restatement, if, as a result of such restatement, you otherwise would not have received such Bonus or other compensation (or portion thereof). In the event MF Global is entitled to, and seeks,
recoupment under this Section 13(i), you shall promptly reimburse the Recoupment Amount to which MF Global is entitled to recoup hereunder. In the event you fail to make prompt reimbursement of any such Recoupment Amount to which MF Global is
entitled to recoup and as to which MF Global seeks recoupment hereunder, you acknowledge and agree that MF Global shall have the right to (i) deduct such Recoupment Amount from the compensation or other payments due to you from MF Global or
(ii) to take any other appropriate action to recoup such Recoupment Amount. For purposes of this Section 13(i), the Recoupment Amount shall be calculated on an after-tax basis unless such restatement results from your misconduct within the
meaning of Section 304 of the Sarbanes-Oxley Act of 2002. 

  

	 	(2)	You acknowledge that MF Global does not waive its right to seek recoupment of any Recoupment Amount as described under this Section 13(i) for failure to demand
repayment or reduce the payments made to you. Any such waiver must be done in a writing that is signed by both MF Global and you. 

  

	 	(3)	The rights contained in this Section 13(i) shall be in addition to, and shall not limit, any other rights or remedies that MF Global may have under law or in
equity, including, without limitation, any rights MF Global may have under any other MF Global recoupment policy or other agreement or arrangement with you. 

  

	 	(j)	Third Party Beneficiaries. Subject to Section 11, this Agreement will be binding on, inure to the benefit of and be enforceable by the parties and their
respective heirs, personal representatives, successors and assigns. This Agreement does not confer any rights, remedies, obligations or liabilities to any entity or person other than you and MF Global and your and MF Global’s permitted
successors and assigns. 

  

			
	Thomas F. Connolly	  	Page 15

	 	(k)	Counterparts. This Agreement may be executed in counterparts, each of which will constitute an original and all of which, when taken together, will constitute
one agreement. 

 Very truly yours, 
  

							
	Bernard W. Dan	 		 		 	
	Chief Executive Officer	 		 		 	
				
	 /s/ Bernard W. Dan
	 		 		 	
	Accepted and agreed:	 		 		 	
				
	 /s/ Thomas F. Connolly
	 		 	August 12, 2009	 	
	Thomas F. Connolly	 		 	Date	 	

  

			
	Thomas F. Connolly	  	Page 16

 Terms Schedule 
 to Employment Agreement of 
 Thomas F. Connolly 
  

			
	Name	  	Thomas Connolly
		
	Commencement Date	  	July 1,2009
		
	Position	  	 You will serve as Chief Human Resource Officer
  
 Your employment will be based in New York, New York. You acknowledge that your duties will require substantial travel to other offices.

		
	Reporting Relationship	  	Chief Financial Officer
		
	Other Activities	  	None.
		
	Base Salary	  	$250,000
		
	Bonus: Cash Component	  	 Your target Cash Bonus for the fiscal year beginning on April 1, 2009 (your “2010 Bonus”) is $300,000.
  
 For future years, the Board (or a committee of the Board) will act in good faith to
establish your annual target bonus for each fiscal year evaluating job responsibility, similar situated executives and external market practices.

		
	Bonus: Long Term Incentive Plan	  	 Your target Long Term Incentive for the fiscal year beginning on April 1, 2009 is $300,000.
  
 Your Equity Awards will be granted under the MF Global Ltd. Amended and Restated 2007
Long Term Incentive Plan (or a successor plan) and shall be subject to the terms of that plan and the terms of your award agreement under that plan (including vesting and performance conditions).
  
 For future years, the Board (or a committee of the Board) will act in good faith to
establish your annual target for each fiscal year evaluating job responsibilities, similar situated executives, and external market practices.

		
	Additional Benefits	  	None.
		
	Severance Period	  	Your Severance Multiplier will be 0.5.
		
	Additional Entitlements on Termination of Employment in Connection with Expiration of the Agreement Term	  	If, in connection with a termination of employment contemplated by Section 6(g), MF Global did not provide notice of extension of the Agreement Term in accordance with Section 2,
then as determined by MF Global, the service-based vesting conditions of any equity-based award paid as part of any Bonus will vest on a pro rata basis determined by multiplying (1) the number of common shares subject to the award by (2) a fraction,
the numerator of which is the number of days that have elapsed from and including the applicable grant date through the effective date of your termination of employment, and the denominator of which is the number of days between the date of grant
and the final vesting date (reduced by the portion of the award, if any, that vested prior to your date of termination). The

			
		  	 settlement of the awards will continue in accordance with the relevant award agreement and, if applicable, performance terms will
continue in effect and be measured without regard to your termination.
  
 In
the event of a termination of employment contemplated by Section 6(g), the restrictions set forth in Section 8(c) shall not apply unless MF Global pays you a cash lump sum amount on the 55th day following the end of your employment equal to 100% of the sum of your Salary and your target Bonus
for the fiscal year in which the Termination Notice is given (or if such target Bonus has not yet been established for such fiscal year, the target Bonus for the fiscal year prior to the year in which the Termination Notice is given); provided, such
payment shall not be payable to you (but the restrictions set forth in Section 8(c) shall nevertheless apply) unless you satisfy the condition of payment in Section 6(h).

		
	Non-Competition Period	  	6 months after termination of employment with the MF Global Group.
		
	Non-Solicitation Period for Clients	  	3 months after termination of employment with the MF Global Group.
		
	Non-Solicitation Period for Employees	  	3 months after termination of employment with the MF Global Group.

  

			
	Thomas F. Connolly	  	Page 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]