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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 10-K/A

(Amendment No. 1)





FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

(Mark One)

|x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the fiscal year ended December 31, 2015

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

For the transition period from  to

Commission File Numbers: 0-28191, 1-35591





BGC Partners,
Inc.

(Exact Name of Registrant as Specified in Its Charter)







|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                       |  | 13-4063515                          
|(State or Other Jurisdiction of
Incorporation or Organization) |  | (I.R.S. Employer
Identification No.)
|                                                               | 
|499 Park Avenue, New York, NY                                  |  | 10022                               
|(Address of Principal Executive Offices)                       |  | (Zip Code)                          

(212) 610-2200

(Registrants telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



|                                      |  |                                          
|------------------------------------- |  | -----------------------------------------
|Title of Each Class                   |  | Name of Each Exchange on Which
Registered
|Class A Common Stock, $0.01 par value |  | The NASDAQ Stock Market LLC              
|8.125% Senior Notes due 2042          |  | New York Stock Exchange                  

Securities registered pursuant to Section 12(g) of the Act:

None

(Title of Class)





Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.    Yes  x    No   ̈

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act.    Yes   ̈    No  x

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.    Yes  x    No   ̈

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files).    Yes  x    No   ̈

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form
10-K.   ̈

Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act.



|                        |  |   |  |                           |  |  
|----------------------- |  | - |  | ------------------------- |  | -
|Large Accelerated Filer |  | x |  | Accelerated Filer         |  |  ̈
|                        |  |   | 
|Non-accelerated Filer   |  |  ̈ |  | Smaller Reporting Company |  |  ̈

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).    Yes   ̈    No  x

The aggregate market value of voting common equity held by non-affiliates of the registrant, based upon the closing price of the Class A
common stock on June 30, 2015 as reported on NASDAQ, was approximately $1,603,175,866.

Indicate the number of shares outstanding of
each of the registrants classes of common stock, as of the latest practicable date.



|                                                |  |                              
|----------------------------------------------- |  | -----------------------------
|Class                                           |  | Outstanding at April 25, 2016
|Class A Common Stock, par value $0.01 per share |  | 237,949,979 shares           
|Class B Common Stock, par value $0.01 per share |  | 34,848,107 shares            





DOCUMENTS INCORPORATED BY REFERENCE.

Part IV incorporates certain exhibits by reference from the Registrants previous filings.









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BGC Partners, Inc.

2015 FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS



|                 |  |                                                                                                 |   |  |    | 
|---------------- |  | ----------------------------------------------------------------------------------------------- | - |  | -- | 
|                 |  | Page                                                                                            |  
|EXPLANATORY NOTE |  |                                                                                                 | 1 | 
|                 | 
|PART III         |  |                                                                                                 |   | 
|                 |  |                                                                                                
|ITEM 10.         |  | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE                                          |   |  | 2  | 
|ITEM 11.         |  | EXECUTIVE COMPENSATION                                                                          |   |  | 7  | 
|ITEM 12.         |  | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
 STOCKHOLDER MATTERS |   |  | 32 | 
|ITEM 13.         |  | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE                       |   |  | 36 | 
|ITEM 14.         |  | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                                          |   |  | 76 | 
|                 | 
|PART IV          |  |                                                                                                 |   | 
|                 |  |                                                                                                
|ITEM 15.         |  | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES                                                      |   |  | 78 | 





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EXPLANATORY NOTE

Throughout this document BGC Partners, Inc. is referred to as BGC and, together with its subsidiaries, as the Company, BGC
Partners, we, us, or our.

On February 29, 2016, BGC filed its Annual Report on Form 10-K
for the fiscal year ended December 31, 2015 (the Original Form 10-K). Certain Part III information was omitted from the Original Form 10-K in reliance on General Instruction G(3) to Form 10-K. General Instruction G(3) to Form 10-K
provides that registrants may incorporate by reference certain information from a definitive proxy statement which involves the election of directors if such definitive proxy statement is filed with the Securities and Exchange Commission within 120
days after the end of the fiscal year. The Company does not anticipate that its 2016 definitive proxy statement involving the election of directors will be filed by April 29, 2016 (i.e., within 120 days after the end of the Companys
2015 fiscal year). Accordingly, this Amendment No. 1 (this Amendment) hereby amends and restates Part III, Items 10 through 14 of the Original Form 10-K as set forth below. The information included herein as required by Part III, Items
10 through 14 of the Original Form 10-K is more limited than what is required to be included in the definitive proxy statement to be filed in connection with our 2016 annual meeting of stockholders. Accordingly, the definitive proxy statement to be
filed at a later date will include additional information related to the topics herein and additional information not required by Part III, Items 10 through 14 of Form 10-K.

This Amendment also restates Item 15 of Part IV of the Original Form 10-K. In addition, as required by Rule 12b-15 under the
Securities Exchange Act of 1934, as amended, new certifications by our principal executive officer and principal financial officer are filed as exhibits to this Amendment under Item 15 of Part IV hereof.

No other amendments are being made hereby to the Original Form 10-K. Except as stated herein, this Amendment does not reflect events
occurring after the filing of the Original Form 10-K with the Securities and Exchange Commission on February 29, 2016, and no attempt has been made in this Amendment to modify or update other disclosures as presented in the Original
Form 10-K.



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PART III



|ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|-------- | ------------------------------------------------------

Our Board of Directors is
currently composed of five members. Information with respect to our directors is set forth below.

Information about Directors



|                  |  |     |    |  |               |  |      |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|----------------- |  | --- | -- |  | ------------- |  | ---- | ----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name              |  | Age |    |  | DirectorSince |  |      | Biographies
|Howard W. Lutnick |  |     | 54 |  |               |  | 1999 |             |  | Mr. Lutnick is the Chairman of our Board of Directors and our Chief Executive Officer, positions in which he has served from June 1999 to the present. Mr. Lutnick joined Cantor Fitzgerald, L.P. (Cantor) in 1983 and
has served as President and Chief Executive Officer of Cantor since 1992 and as Chairman since 1996. Mr. Lutnicks company, CF Group Management, Inc., is the managing general partner of Cantor. Mr. Lutnick is a member of the Board of
Directors of the Fisher Center for Alzheimers Research Foundation at Rockefeller University, the Board of Directors of the Horace Mann School, the Board of Directors of the National September 11 Memorial & Museum, and the Board of
Directors of the Partnership for New York City. In addition, Mr. Lutnick is Chairman of the supervisory board of the Electronic Liquidity Exchange, a fully electronic futures exchange. Mr. Lutnick served as Chairman of the Board of Directors of GFI
Group Inc. (GFI) from February 26, 2015 through the closing of our back-end merger with GFI in January 2016.
|                  |  |     |   
|John H. Dalton    |  |     | 74 |  |               |  | 2002 |             |  | Mr. Dalton has been a director of our Company since February 2002. In January 2005, Mr. Dalton became the President of the Housing Policy Council of the Financial Services Roundtable, a trade association composed of large
financial services companies. Mr. Dalton was President of IPG Photonics Corp., a company that designs, develops and manufactures a range of advanced amplifiers and lasers for the telecom and industrial markets, from September 2000 to December
2004. Mr. Dalton served as Secretary of the Navy from July 1993 to November 1998. He also serves on the Board of Directors of Washington FirstBank, and Fresh Del Monte Produce, Inc., a producer and marketer of fresh produce.                                                                                                                                                                                                                                                                                                                                                                 



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|                   |  |     |    |  |               |  |      |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|------------------ |  | --- | -- |  | ------------- |  | ---- | ----------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name               |  | Age |    |  | DirectorSince |  |      | Biographies
|Stephen T. Curwood |  |     | 68 |  |               |  | 2009 |             |  | Mr. Curwood has been a director of our Company since December 2009. Mr. Curwood has been President of the World Media Foundation, Inc., a non-profit media production company, since 1992 and Senior Managing Director of SENCAP LLC,
a New York and New Hampshire-based investment group, since 2005. Mr. Curwood has been a principal of Mamawood Pty Ltd., a media holding company based in Johannesburg, with investments in South Africa, since 2005. Mr. Curwood was a member of the
Board of Managers of Haverford College from 2001 to 2012, and served on the Investment Committee and as a chair of the Committee on Social Investment Responsibility. He has been a member of the Harvard College Corporation since 2000, a trustee
of the Woods Hole Research Center since 1996, and a trustee of the Dover Friends Meeting (Quaker), Dover, NH. From 1996 to 2003 and 2014 to the present, Mr. Curwood has been a lecturer in Environmental Science and Public Policy at Harvard
University. Mr. Curwood was a trustee of Pax World Funds, a $2.5 billion group of investment funds focused on sustainable and socially responsible investments based in Portsmouth, New Hampshire, from 2007 until 2009.                                  
|                   |  |     |   
|William J. Moran   |  |     | 74 |  |               |  | 2013 |             |  | Mr. Moran has been a director of our Company since June 2013. Mr. Moran retired from JPMorgan Chase & Co. in June 2005, after serving as its Executive Vice President since 1997 and General Auditor since 1992. He served
as a director of eSpeed, Inc., the Companys predecessor, from December 1999 to November 2005. Mr. Moran served as a member of the Board of Directors and as the Chairman of the Audit Committee of GFI from February 26, 2015 through the closing
of our back-end merger with GFI in January 2016. Mr. Moran also served as a director of Sovereign Bancorp, Inc. from 2006 until it was acquired by Banco Santander, S.A. in 2009. He served on the Board of Directors of ELX Futures, L.P., a fully
electronic exchange, from 2009 until June 2013. He also serves on the Advisory Board of the School of Management of Marist College and previously served on the Board of Directors of The College of Technology. He also previously served as a director
of Lighthouse International. He is a member of the American Institute of Certified Public Accountants and the New York Society of Certified Public Accountants, and was a member of the Bank Administration Institute and the Institute of Internal
Auditors.
|                   |  |     |   
|Linda A. Bell      |  |     | 57 |  |               |  | 2013 |             |  | Dr. Bell has been a director of our Company since July 2013. Dr. Bell has served as the Provost and Dean of the Faculty at Barnard College, Columbia University since 2012, where she is also a Professor of Economics. Prior to
joining Barnard, Dr. Bell was the Provost and John B. Hurford Professor of Economics at Haverford College from 2007 and 2012 and a member of the faculty since 1992. Prior to her tenure at Haverford, Dr. Bell held visiting faculty appointments
at Stanford University, the University of California, San Diego, the John F. Kennedy School of Government at Harvard University, and the Woodrow Wilson School of Public Administration at Princeton University, and has taught at the Leonard N. Stern
School of Business at New York University. Dr. Bell has also served as a research fellow at the Institute for the Study of Labor (IZA) in Bonn, Germany since 2003, and as a senior consultant for the labor practice group of the National Economic
Research Associates since 2006. In addition, she served on the Board of Directors and Regulatory Oversight Committee of ELX Futures, L.P. from 2009 to July 2013.                                                                                      

EXECUTIVE OFFICERS

Our executive officers are appointed annually by our Board of Directors and serve at the discretion of our Board. In addition to
Mr. Lutnick, who serves as a member of the Board, our executive officers, their respective ages and positions and certain other information with respect to each of them are as follows:

Shaun D. Lynn, 53, has been our President since April 2008. Previously, Mr. Lynn had been President of BGC Partners, L.P. since 2004 and
served as Executive Managing Director of Cantor from 2002 to 2004. Mr. Lynn also served as Senior Managing Director of European Government Bonds and Managing Director of Fixed Income from 1999 to



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2002. From 1989 to 1999, Mr. Lynn held various business management positions at Cantor and its affiliates. Prior to joining Cantor in 1989, Mr. Lynn served as a Desk Head for
Fundamental Brokers International in 1989 and was Associate Director for Purcell Graham from 1983 to 1989. Mr. Lynn is on the supervisory board of the Electronic Liquidity Exchange. Mr. Lynn served as a member of the Board of Directors of
GFI from February 26, 2015 through the closing of our back-end merger with GFI in January 2016.

Stephen M. Merkel, 57, has been our
Executive Vice President, General Counsel and Secretary since September 2001 and was our Senior Vice President, General Counsel and Secretary from June 1999 to September 2001. Mr. Merkel served as a director of our Company from September 2001
until October 2004. Mr. Merkel has been Executive Managing Director, General Counsel and Secretary of Cantor since December 2000 and was Senior Vice President, General Counsel and Secretary of Cantor from May 1993 to December 2000. Prior to
joining Cantor, Mr. Merkel was Vice President and Assistant General Counsel of Goldman Sachs & Co. from February 1990 to May 1993. From September 1985 to January 1990, Mr. Merkel was an associate with the law firm of Paul, Weiss,
Rifkind, Wharton & Garrison. Mr. Merkel is on the supervisory board of the Electronic Liquidity Exchange, and is a founding board member of the Wholesale Markets Brokers Association, Americas. Mr. Merkel served as a member
of the Board of Directors of GFI from February 26, 2015 through the closing of our back-end merger with GFI in January 2016.

Sean A.
Windeatt, 42, has been our Chief Operating Officer since January 2009. Mr. Windeatt has been Executive Managing Director and Vice President of BGC Partners since 2007 and served as a Director of Cantor Fitzgerald International from 2004 to
2007. Mr. Windeatt also served as a Business Manager and member of the finance department of Cantor Fitzgerald International from 1997 to 2003.

Steven R. McMurray, 42, has been our Chief Financial Officer since April 4, 2016. From 2007 to 2016, Mr. McMurray held various positions
in Amlin plc, a U.K. insurance company, most recently serving as Director of Finance from 2011 to 2016. Prior to that time, from 2003 to 2007, he was employed by the Bank of England as Chief Financial Accountant. He also served as a Senior
Manager in Banking and Capital Markets at PricewaterhouseCoopers in public accounting. Mr. McMurray is a Chartered Accountant.

FORMER EXECUTIVE OFFICER

Anthony Graham Sadler, 59, served as our Chief Financial Officer from April 2009 to April 4, 2016. Previously, Mr. Sadler had been the
Chief Financial Officer for Europe and Asia for both BGC Partners and Cantor. From 1997 to 2008, Mr. Sadler held various positions in Bear Stearns, serving as Chief Financial Officer and Chief Operating Officer of Bear Stearns-Europe from 2005
to 2008, and was a member of the European Executive Committee. Prior to that time, from 1983 to 1997, he was employed at Barclays Capital (and its predecessor de Zoete & Bevan) in a variety of finance positions, including two years as
Director of Global Finance and two years as Divisional Director of the Markets Division. Mr. Sadler also trained with Peat Marwick Mitchell (now KPMG) in public accounting.

CORPORATE GOVERNANCE

Our
Board of Directors held 18 meetings during the year ended December 31, 2015. In addition to meetings, our Board and its committees reviewed and acted upon matters by unanimous written consent from time to time.

Our Board of Directors has an Audit Committee. The members of the Audit Committee are currently Dr. Bell and Messrs. Curwood, Dalton and
Moran, all of whom qualify as independent in accordance with the published listing requirements of Nasdaq. The members of the Audit Committee also each qualify as independent under special standards established by the SEC for members of
audit committees, and the Audit Committee includes at least one member who is determined by our Board to also meet the qualifications of an audit committee financial expert in accordance with the SEC rules. Mr. Moran is an independent
director who has been determined to be an audit committee financial expert. The Audit Committee operates pursuant to an Audit Committee Charter, which is available atwww.bgcpartners.com/disclaimers/ under the heading
Investor Relations or upon written request from BGC free of charge.

The Audit Committee selects our independent registered
public accounting firm (our Auditors), consults with our Auditors and with management with regard to the adequacy of our financial reporting, internal control over financial reporting and the audit process and considers any permitted
non-audit services to be performed by our Auditors. The Audit Committee also approves all related party transactions, oversees the management of our enterprise risk management



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program, oversees compliance with our Code of Business Conduct and Ethics, and administers our whistleblower policy, including the establishment of procedures with respect to the receipt,
retention and treatment of complaints received by us regarding accounting, internal controls and auditing matters, and the anonymous submission by employees of complaints involving questionable accounting or auditing matters. The Audit Committee
held 14 meetings during the year ended December 31, 2015.

During 2015, our Audit Committee engaged Ernst & Young, LLP
(Ernst & Young) to be our Auditors for the year ending December 31, 2015. Ernst & Young was also approved to perform reviews of each of our quarterly financial reports for the year ending December 31, 2015,
and certain other audit-related services such as accounting consultations. Pursuant to our Audit Committee Charter, the Audit Committee will pre-approve all audit services, internal control-related services and permitted non-audit services
(including the fees and other terms thereof) to be performed for us by Ernst & Young, subject to certain minimum exceptions set forth in the Charter.

Our Board of Directors also has a Compensation Committee. The members of the Compensation Committee are currently Dr. Bell and Messrs.
Curwood, Dalton and Moran, all of whom are independent directors. The Compensation Committee is responsible for reviewing and approving all compensation arrangements for our executive officers and for administering the BGC Holdings, L.P.
Participation Plan, which we refer to as the Participation Plan, our Equity Plan, and our First Amended and Restated Incentive Bonus Compensation Plan, which we refer to as our Incentive Plan. The Compensation Committee
operates pursuant to a Compensation Committee Charter, which is available atwww.bgcpartners.com/disclaimers/ or upon written request from BGC free of charge. The Compensation Committee held 8 meetings during the year ended December 31,
2015.

During 2015, no director attended fewer than 75% of the total number of meetings of the Board of Directors and the committees of
which he or she was a member.

Nominating Process

Our Board of Directors does not have a separate nominating committee or committee performing similar functions and does not have a nominating
committee charter. As a result, all directors participate in the consideration of director nominees recommended for selection by a majority of the independent directors as defined by the published listing requirements of Nasdaq. The Board believes
that such participation of all directors is appropriate given the size of the Board and the level of participation of our independent directors in the nomination process. The Board will also consider qualified director candidates identified by a
member of senior management or by a stockholder. However, it is our general policy to re-nominate qualified incumbent directors, and, absent special circumstances, the Board will not consider other candidates when a qualified incumbent consents to
stand for re-election. A stockholder wishing to submit a recommendation for a director candidate should follow the instructions set forth in this Amendment under the section below entitled Communications with Our Board of Directors.

Our Board of Directors considers the following minimum criteria when reviewing a director nominee: (1) director candidates must have the
highest character and integrity, (2) director candidates must be free of any conflict of interest which would violate applicable laws or regulations or interfere with the proper performance of the responsibilities of a director,
(3) director candidates must possess substantial and significant experience which would be of particular importance in the performance of the duties of a director, (4) director candidates must have sufficient time available to devote to
our affairs in order to carry out the responsibilities of a director, and (5) director candidates must have the capacity and desire to represent the best interests of our stockholders. In addition, the Board considers as one factor among many
the diversity of Board candidates, which may include diversity of skills and experience as well as geographic, gender, age, and ethnic diversity. The Board does not, however, have a formal policy with regard to the consideration of diversity in
identifying Board candidates. The Board screens candidates, does reference checks and conducts interviews, as appropriate. The Board does not evaluate nominees for director any differently because the nominee is or is not recommended by a
stockholder.

With respect to qualifications of the members of the Board of Directors, the Board generally values the broad business
experience and independent business judgment in the financial services or in other fields of each member. Specifically, Mr. Dalton is qualified as a result of his long-time government and business experience. Mr. Curwood is qualified based
on his experience in the global business world and his media experience. Mr. Lutnick formerly served on the Board of Managers of Haverford College with Mr. Curwood. Mr. Moran is qualified as a result of his experience in the financial
services industry, his general business experience and his status an audit committee financial expert. Dr. Bell is qualified based on her experience as a college-level academic and manager, as an academic researcher and professor in
economics, and as a former director of a fully electronic exchange.



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The Board of Directors has determined that in light of Mr. Lutnicks control of the
vote of our Company through his control of Cantor, having a separate Chairman and CEO is not efficient or appropriate for our Company. Additionally, the Board does not have a lead independent director.

We believe that the Company and its stockholders are best served by having Mr. Lutnick, our Chief Executive Officer, serve as Chairman of
the Board of Directors. Mr. Lutnicks combined role as Chairman and Chief Executive Officer promotes unified leadership and direction for the Board and executive management, and it allows for a single, clear focus for the chain of command
to execute our strategic initiatives and business plans. Our strong and independent Board effectively oversees our management and provides vigorous oversight of our business and affairs and any proposed related party transactions. The Board is
composed of independent, active and effective directors. Four of our current five directors meet the independence requirements of Nasdaq, the SEC and the Boards standards for determining director independence. Mr. Lutnick is the only
member of executive management who is also a director. Requiring that the Chairman of the Board be an independent director is not necessary to ensure that our Board provides independent and effective oversight of our business and affairs. Such
oversight is maintained at the Company through the composition of our Board, the strong leadership of our independent directors and Board committees, and our highly effective corporate `governance structures and processes.

Executive Sessions

In order to comply
with Nasdaq rules, the Board of Directors has resolved that it will continue to schedule at least two meetings a year in which the independent directors will meet without the presence of Mr. Lutnick.

Annual Meetings

The Board of Directors
has not adopted any specific policy with respect to the attendance of directors at Annual Meetings of Stockholders of the Company. At the 2015 Annual Meeting of Stockholders, held on June 2, 2015, all of the Companys directors were in
attendance.

Communications with Our Board of Directors

Stockholders may contact any member of our Board of Directors, including to recommend a candidate for director, by addressing their
correspondence to the director, c/o BGC Partners, Inc., 499 Park Avenue, New York, NY 10022, Attention: Secretary. Our Secretary will forward all such correspondence to the named director.

The Boards Role in Risk Oversight

Risk is an integral part of Board of Directors and Committee deliberations throughout the year. The Audit Committee oversees the management of
our enterprise risk management program, and it annually reviews an assessment prepared by management of the critical risks facing us, their relative magnitude and managements actions to mitigate these risks.

Management implemented an enterprise risk management program to enhance our existing processes through an integrated effort to identify,
evaluate and manage risks that may affect our ability to execute our corporate strategy and fulfill our business objectives. The activities of the enterprise risk management program entail the identification, prioritization and assessment of a broad
range of risks (e.g., strategic, operational, financial, legal/regulatory, reputational and market) and the formulation of plans to mitigate their effects.

Similarly, in designing and implementing our executive compensation program, the Compensation Committee takes into consideration our operating
and financial objectives, including our risk profile, and considers executive compensation decisions based in part on incentivizing our executive officers to take appropriate business risk consistent with our overall goals and risk tolerance.

Non-executive brokers, managers and other professionals in both of our business segments are generally compensated based upon production or
commissions, which may involve committing to certain transactions. These transactions may expose the Company to risks by individual employees, who are motivated to increase production. While we have in place management oversight and risk management
policies, there is an inevitable conflict of interest between our compensation structure and certain trading, transactional, or similar risks on a portion of our businesses.



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SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Under the securities laws of the United States, our directors, executive officers and any person holding more than 10% of our Class A
common stock are required to file initial forms of ownership of our Class A common stock and reports of changes in that ownership with the SEC. Based solely on our review of the copies of such forms received by us with respect to 2015 and 2016
through the date hereof, the Company believes that all reports were filed on a timely basis with respect to transactions in 2015 and 2016, except that, (i) CFGM filed one late Form 4 one day late to report the indirect disposition of shares of Class
A common stock in connection with Cantors distribution to its partners of shares of Class A common stock; and (ii) in connection with the Global Partnership Restructuring Program, Mr. Sadler filed one late Form 4 to report the disposition of
shares of Class A common stock to the Company in a transaction exempt under Rule 16b-3 pursuant to the Companys stock repurchase authorization.

CODE OF ETHICS AND WHISTLEBLOWER PROCEDURES

In 2004, we adopted the eSpeed Code of Business Conduct and Ethics, which was renamed the BGC Partners Code of Business Conduct and Ethics
upon the consummation of the 2008 merger creating BGC Partners, Inc. (the Code of Ethics), a code of ethics that applies to members of our Board of Directors, Chief Executive Officer, Chief Financial Officer, Principal Accounting
Officer, Controller, other executive officers and our other employees. The Code of Ethics is publicly available on our website atwww.bgcpartners.com/disclaimers/ under the heading Investor Relations. If we make any substantive
amendments to the Code of Ethics or grant any waiver, including any implicit waiver, from a provision of the Code of Ethics to our directors or executive officers, we will disclose the nature of such amendment or waiver on our website or in a
Current Report on Form 8-K.

In accordance with the requirements of the Sarbanes-Oxley Act, the Audit Committee has established procedures
for the receipt, retention and treatment of complaints regarding accounting, internal controls, or auditing matters, and for the confidential, anonymous reporting of employee concerns regarding questionable accounting or auditing matters. The
General Counsel and the Chairman of the Audit Committee will direct the investigation of any such complaints in accordance with the procedures.



|ITEM 11. | EXECUTIVE COMPENSATION
|-------- | ----------------------

COMPENSATION DISCUSSION AND ANALYSIS

Compensation Philosophy

Our
executive compensation program, which is under the direction and control of our Compensation Committee, is designed to integrate compensation with the achievement of our short- and long-term business objectives and to assist us in attracting,
motivating and retaining the highest quality executive officers and rewarding them for superior performance. Different components of our executive compensation program are geared to short- and longer-term performance, with the goal of increasing
stockholder value over the long term.

We believe that the compensation of our executive officers should reflect their success in
attaining key corporate objectives, such as growth or maintenance of market position, success in attracting and retaining qualified brokers and other professionals, increasing or maintaining revenues and/or profitability, developing new products and
marketplaces, completing acquisitions, dispositions, restructurings, and other value-enhancing transactions and integrating any such transactions, as applicable, meeting established goals for operating earnings and earnings per share and maintaining
and developing customer relationships and long-term competitive advantage. We also believe that executive compensation should reflect achievement of individual managerial objectives established for specific executive officers at the beginning of the
fiscal year as well as reflect specific achievements by such individuals over the course of the year, such as development of specific products or customer relationships or executing or integrating specific acquisitions, dispositions and other
strategic arrangements. We further believe that specific significant events led by executives, including acquisitions, dispositions and other significant transactions, such as various real estate acquisitions and the successful acquisition of GFI,
should be given significant weight. We believe that the performance of our executives in managing our Company, considered in light of general economic and specific Company, industry and competitive conditions, should be the basis for determining
their overall compensation.



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We also believe that the compensation of our executive officers should not generally be based on
the short-term performance of our Class A common stock, whether favorable or unfavorable, but rather that the price of our stock will, in the long term, reflect our overall performance and, ultimately, the management of our Company by our
executives. We believe that the long-term performance of our stock is reflected in executive compensation through the grant of awards, including limited partnership units and related exchange rights and cash settlement awards, restricted stock,
restricted stock units, which we refer to as RSUs, and other equity and partnership awards.

The Compensation Committee is
aware that certain of our executive officers, including Mr. Lutnick and Mr. Merkel, also receive compensation from our affiliates, including Cantor, but it generally does not specifically review the nature or amount of such compensation.
None of our executive officers has received any compensation for serving as directors of BGC or GFI.

Our Board of Directors and our
Compensation Committee determined that Messrs. Lutnick, Lynn, Merkel, Windeatt and Sadler were our executive officers for 2015. Effective April 4, 2016, Mr. McMurray replaced Mr. Sadler, who retired, as our Chief Financial Officer.

Overview of Compensation and Processes

For 2015, executive compensation was composed of the following principal components: (i) a base salary, which is designed to retain
talented executive officers and contribute to motivating, retaining and rewarding individual performance; (ii) an incentive bonus award under our Incentive Plan that is intended to tie financial reward to the achievement of our short- or
longer-term performance objectives; and (iii) an incentive program under our Equity Plan, and the Participation Plan, which is designed to promote the achievement of short- and long-term, performance goals and to align the long-term interests
of our executive officers with those of our stockholders through the grant of awards, including limited partnership units and related exchange rights and cash settlement awards, restricted stock, RSUs and other equity and partnership awards. Each of
these components of our executive compensation program is discussed below.

From time to time, we may restructure the existing partnership
and compensation arrangements of our executive officers, as we did in connection with our Global Partnership Restructuring Program (as defined below). These restructurings may include the redemption of outstanding limited partnership units for cash,
shares and/or other units, as well as the grant or acceleration of exchange rights for certain outstanding units or the acceleration of the lapse of transfer restrictions on shares of previously granted restricted stock. We may also adopt various
policies related to or in addition to such restructurings, including with respect to the grant of exchange rights, other monetization of awards, and the acceleration of the lapse of restrictions on restricted stock, as we did in the case of
Mr. Lutnick. With the exception of the Global Partnership Restructuring Program, our restructurings and policies to date have been intended to ensure that our executive compensation program in the future relies more heavily on limited
partnership units, and to enable our executive officers to monetize or otherwise acquire liquidity with respect to some or all of their outstanding non-exchangeable units.

From time to time, we have also used employment agreements and other arrangements, including some with specified target or guaranteed bonus
components, and discretionary bonuses to attract, motivate and retain talented executives. We have certain arrangements in place with Mr. Lynn, our President, Mr. Windeatt, our Chief Operating Officer, and Mr. McMurray, our Chief
Financial Officer, and had such an arrangement with Mr. Sadler, our former Chief Financial Officer. As discussed below, these four executive officers entered into deeds of adherence with BGC Services (Holdings) LLP, a U.K. limited liability
partnership, which we refer to as the U.K. Partnership. We have also entered into separate change in control agreements with Mr. Lutnick, our Chairman of the Board and Chief Executive Officer, and Mr. Merkel, our Executive Vice
President, General Counsel and Secretary. Executive officers also receive health and dental insurance, life insurance, and short-term disability coverage consistent with that offered to our other employees in the office in which such executive
officer is primarily located.

Our Compensation Committee approves, and recommends to our Board of Directors that it approve, the
salaries, bonuses and other compensation of our executive officers. In addition, the Committee approves grants to executive officers under and otherwise administers our Incentive Plan and Equity Plan and the Participation Plan.

From time to time, our Compensation Committee has engaged a compensation consultant in connection with its compensation decisions. In 2015,
Arthur J. Gallaghers Human Resources & Consulting Practice (Gallagher) advised



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the Committee. The Committee retained Gallagher to provide surveys and other information with respect to pay practices and compensation levels at our peer group and other companies, and the
Committee discussed with Gallagher the base salary amounts, bonuses and equity and partnership awards for our executive officers for 2015, as well as the continuation of the Global Partnership Restructuring Program. While the Committee does take
into consideration such peer data, the Committee does not attempt to benchmark our executive compensation against any level, range, or percentile of compensation paid at any other companies, does not apply any specific measures of internal or
external pay equity in reaching its conclusions, and does not employ tally sheets, wealth accumulation, or similar tools in its analysis. Our Compensation Committee considered whether Gallagher had any conflicts of interest in advising the
Committee. The Committee considered whether Gallagher had been providing services of any other nature to the Company; the amount of fees received from the Company by Gallagher; the policies and procedures adopted by Gallagher that have been designed
to prevent conflicts of interest; whether any business or personal relationships existed between the consultants employed by Gallagher who worked on Company matters and any member of the Committee; whether any business or personal relationship
existed between such consultants and any of the Companys executive officers; and whether Gallagher or such consultants hold any of our Class A common stock. Upon evaluating such considerations, the Committee found no conflicts of interest
in Gallagher advising the Committee.

We choose to pay each element of compensation in order to attract and retain the necessary executive
talent, reward annual performance and provide incentives for our executive officers to focus on long-term strategic goals as well as short-term performance. In determining the nature and amount of each element of our executive compensation program,
our Compensation Committee considers a number of factors to determine the salary, bonus and other compensation to pay each executive officer, including performance in light of individual and corporate objectives. Individual objectives include
performance of general management responsibilities; maintenance and development of customer relationships and satisfaction; managing acquisitions, dispositions, other transactions and strategic relationships; application of individual skills in
support of short- and long-term achievement of our objectives; and overall management leadership. In addition, corporate operating objectives are considered in determining compensation policies, including achievement of revenue and
profitability goals; improvement in market position or other financial results or metrics reported by us; impact of regulatory reviews or remediation; strategic business criteria, including goals relating to acquisitions, dispositions and other
transactions and strategic relationships; stock price; and other matters, including the executive officers role in the assessment and management of risk.

Our policy for allocating between currently paid short- and long-term compensation is to ensure adequate base compensation to attract and
retain talented executive officers, while providing incentives to maximize long-term value for our Company and our stockholders. Likewise, we provide cash compensation in the form of base salary to meet competitive salary norms and reward superior
performance on an annual basis and in the form of bonuses and awards for achievement of specific short-term goals or in the discretion of the Compensation Committee. We provide equity and partnership awards to reward superior performance against
specific objectives and long-term strategic goals and to assist in retaining executive officers and aligning their interests with those of our Company and our stockholders. From time to time we may provide additional equity or partnership
awards on a periodic basis to reward superior performance, which awards may provide further long-term retention opportunities for us.

Base
salaries for the following year are generally set for our executive officers at the year-end meetings of our Compensation Committee or in the early part of the applicable year. At these meetings, the Committee also approves the incentive bonuses
under our Incentive Plan and any discretionary bonuses for executive officers and grants of limited partnership units or other equity or partnership awards under our Equity Plan and the Participation Plan to our executive officers.

At or around the year-end Compensation Committee meetings, our Chairman and Chief Executive Officer, Mr. Lutnick, makes compensation
recommendations to the Committee with respect to the other executive officers. Such executive officers are not present at the time of these deliberations. Mr. Lutnick also makes recommendations with respect to his own compensation as Chief
Executive Officer. The Committee deliberates on compensation decisions with respect to all executive officers other than Mr. Lutnick in the presence of Mr. Lutnick, and separately in executive sessions with Gallagher, the compensation
consultant engaged by the Committee, as to all executive officers, including Mr. Lutnick. The Committee may accept or adjust Mr. Lutnicks recommendations and makes the sole determination of the compensation of all of our executive
officers. The Committee reviews and evaluates, at least annually, the performance and leadership of Mr. Lutnick as Chief Executive Officer. Based upon the results of this evaluation, and input from Gallagher, the Committee reviews and approves
the Chief Executive Officers compensation.

During the first quarter of each fiscal year, it has been the practice of our
Compensation Committee to establish annual incentive performance goals for executive officers under the Incentive Plan, with the Committee retaining negative discretion to reduce or withhold any bonuses earned at the end of the year. All executive
officers in office at that time are eligible to participate in the Incentive Plan.



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We provide long-term incentives to our executive officers through the grants of limited
partnership units under the Participation Plan and exchange rights or cash settlement awards in connection with such partnership units and restricted stock and other equity grants under our Equity Plan. In addition, executive officers may receive a
portion of their Incentive Plan bonuses in equity or partnership awards, rather than cash, with the number of awards determined by reference to the market price of a share of our Class A common stock on the date that the award is granted or
such other date that awards to executive officers are made generally. Historically, grants under our Equity Plan and the Participation Plan that have had vesting provisions have had time-based, rather than performance-based, vesting schedules,
although both plans are flexible enough to provide for performance-based awards. Our Compensation Committee has also established quarterly incentive performance goals for executive officers with respect to special award opportunities for the grant
of restricted stock, exchange rights or cash settlement awards under the Equity Plan relating to their outstanding non-exchangeable partnership units awarded under the Participation Plan, subject to the Committees negative discretion.

In designing and implementing our executive compensation program, our Compensation Committee considers our Companys operating and
financial objectives, including our risk profile, and the effect that its executive compensation decisions will have on encouraging our executive officers to take an appropriate level of business, operational and market risk consistent with our
overall goal of enhancing long-term stockholder value. In particular, the Committee considers those risks identified in our risk factors and the known trends and uncertainties identified in our management discussion and analysis, and considers how
our executive compensation program serves to achieve our operating, financial and other strategic objectives while at the same time mitigating any incentives for our executive officers to engage in excessive risk-taking to achieve short-term results
that may not be sustainable in the long term.

In attempting to strike this balance, our Compensation Committee seeks to provide our
executive officers with an appropriately diversified mix of fixed and variable cash and non-cash compensation opportunities, time-based and performance-based awards, and short- and long-term incentives. In particular, our performance-based bonuses
under our Incentive Plan have focused on a mix of Company-wide and product-specific operating and financial metrics, in some cases based upon our absolute performance and in other cases based upon our performance relative to our peer group or other
companies. In addition, our Incentive Plan award opportunities provide for the exercise of considerable negative discretion by the Committee to reduce, but not increase, amounts granted to our executive officers under the Plan, and to take
individual as well as corporate performance into account in exercising that discretion. Further, the Committee retains the discretion to pay out any amounts finally awarded under the Plan in equity or partnership awards, rather than cash, and to
include restrictions on vesting, resale and forfeiture in any such equity or partnership awards. Finally, the Committee applies these same principles with respect to quarterly performance-based award opportunities for the grant of restricted stock,
exchange rights or cash settlement awards under the Equity Plan relating to outstanding non-exchangeable partnership units awarded under the Participation Plan.

In recent years, our Compensation Committee has eliminated the grant of options and RSUs and emphasized instead limited partnership unit
awards under the Participation Plan, such as REUs, PSUs, PPSUs, and most recently, NPSUs, for our U.S.-based executive officers, and LPUs, PLPUs and NPSUs for our U.K.-based executive officers. In the Committees view, PSUs, PPSUs, LPUs, PLPUs
and NPSUs provide the most appropriate long-term incentives to our executives, especially when coupled with performance-based grants of exchange rights and cash settlement awards.

PPSUs and PLPUs are preferred limited partnership units that may be awarded to holders of, or contemporaneously with, the grant of PSUs or
LPUs, respectively. PPSUs and PLPUs are entitled to a preferred distribution of net profits of BGC Holdings but otherwise are not entitled to participate in quarterly distributions. PPSUs and PLPUs cannot be made exchangeable into Class A
common stock, can only be exchanged for cash in connection with an exchange of the related PSUs/LPUs, and therefore are not included in the Companys fully diluted share count. PPSUs and PLPUs are expected to provide a mechanism for issuing
fewer aggregate share equivalents than traditionally issued in connection with compensation and to have a lesser overall impact on the Companys fully diluted share count. The ratio of the grant of PPSUs and PLPUs to traditional units (i.e.,
PSUs and LPUs) is expected to approximate the compensatory tax rate applicable in the relevant country jurisdiction of the partner recipient.

On May 9, 2014, the BGC Holdings, L.P. Amended and Restated Limited Partnership Agreement was amended, principally to further facilitate
partner compensation and for other corporate purposes, to create a new class of limited partnership units, NPSUs. NPSUs are identical to PSUs except that NPSUs will not be entitled to participate in quarterly partnership distributions, will not be
allocated any items of profit or loss and may not be made exchangeable into shares of our Class A common stock. NPSUs may be assigned a conversion schedule pursuant to which a certain number of NPSUs



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would be converted into non-exchangeable PSUs/PPSUs or LPUs/PLPUs, including provisions requiring the recipient to continue to provide substantial services to us and comply with his or her
partnership obligations. Any such conversions or grants of exchangeability of any resulting units issued are subject to the approval of the Compensation Committee. The NPSU awards are highly discretionary and provide additional flexibility
for the Compensation Committee to determine the timing and circumstances of converting such units into units that earn partnership distributions and any rights to exchange such units for shares of Class A common stock.

These partnership awards are granted under the Participation Plan as a tax-efficient, strongly retentive, and risk-appropriate means to align
the interests of our executive officers with those of our long-term stockholders. These awards are non-transferable partnership interests in BGC Holdings, entitling the holder, except in the case of NPSUs, to a preferred or quarterly distribution
from BGC Holdings. Unlike REUs, the other units do not have a post-termination amount required to be paid with respect to vested units following termination as an employee. These units do not have a post-termination payment amount. The
related grant of exchange rights and cash settlement awards may be subject to the attainment of performance goals and the exercisability of exchange rights may be subject to conversion. No executive officer holds REUs at this time.

Our executive officers have much of their personal net worth in our shares, restricted stock, stock options, and non-exchangeable and
exchangeable limited partnership units. Messrs. Lutnick, Lynn, Merkel and Windeatt hold, and Mr. McMurray is expected to hold, limited partnership units in BGC Holdings. Messrs. Lutnick and Merkel hold additional partnership interests in our parent
Cantor, which, through ownership of shares of both our Class A and Class B common stock and exchangeable limited partnership interests in BGC Holdings, owns a 25.1% direct and indirect economic interest as of March 31, 2016 in our
Companys operations.

While we do not have a general compensation recovery or clawback policy, and do not require our
executive officers to meet general share ownership or hold-through-retirement requirements, our Compensation Committee believes that our mix of compensation elements, the design features of our Equity Plan and Incentive Plan and the Participation
Plan, and our use of limited partnership units described above and their incentive structure help to ensure that our executive officers focus on the long-term best interests of our Company and our stockholders, with appropriate incentives to avoid
taking excessive risks in pursuit of unsustainable short-term results.

In determining the allocation between short- and long-term
compensation for a given executive officer, our Compensation Committee may also take into consideration tax and other rules in the jurisdiction where such executive officer resides. This is of particular importance with respect to our executive
officers who reside overseas, and both our Equity Plan and the Participation Plan are flexible enough to provide for the creation of sub-plans to address specific country situations.

We generally intend that compensation paid to our Chief Executive Officer and our other named executive officers not be subject to the
limitation on tax deductibility under Section 162(m) of the U.S. Internal Revenue Code of 1986, which we refer to as the Code, so long as this can be achieved in a manner consistent with our Compensation Committees other
objectives. Subject to certain exceptions, Section 162(m) eliminates a corporations tax deduction in a given year for payments to certain executive officers in excess of $1,000,000, unless the payments are qualified
performance-based compensation as defined in Section 162(m). We periodically review the potential consequences of Section 162(m) and may structure the performance-based portion of our executive compensation to comply with
certain performance-based exemptions in Section 162(m). However, the Committee retains negative discretion to reduce or withhold performance-based compensation to our executive officers, and also reserves the right to use its judgment to
authorize compensation payments that do not comply with the exemptions in Section 162(m) when it believes that such payments are appropriate, after taking into consideration changing business conditions or the executive officers
individual performance.

Our management and our Compensation Committee recognize that we are subject to certain Financial Accounting
Standards Board and SEC guidance on share-based awards and other accounting charges with respect to the compensation of our executive officers and other employees. However, our management and the Committee do not believe that these accounting
charges should necessarily determine the appropriate types and levels of compensation to be made available. Where material to the Committees decisions, these accounting charges will be described in our compensation discussion and analysis,
compensation tables and related narratives.

Our Compensation Committee may grant equity and partnership awards to our executive officers
in a variety of ways under our Equity Plan and the Participation Plan, including restricted stock, exchange rights, cash settlement awards and other equity grants under our Equity Plan and non-exchangeable limited partnership unit awards under the
Participation Plan. Grants of such awards may have different accounting treatment and may be reported differently in the compensation tables and related narratives depending upon the type of award granted and how and when it is granted.



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For U.S. GAAP purposes, a compensation charge is recorded on PSUs, LPUs and similar limited
partnership units if and when an exchange right is granted relating to the units, and the charge is based on the market price of our Class A common stock on the date on which the exchange right is granted. Additionally, when the exchange
actually occurs, a U.S. federal income tax deduction is generally allowed equal to the fair market value of a share of our Class A common stock on the date of exchange.

For U.S. GAAP purposes, if shares of restricted stock granted are not subject to continued employment or service with us or any affiliate or
subsidiary of ours, even if they are subject to compliance with our customary non-compete obligations, the grant-date fair value of the restricted stock will be expensed on the date of grant.

Base Salary

We believe that the
retention of our existing executive officers who have developed the skills and expertise required to successfully lead our organization is vital to our competitive strength. We further believe that attracting other key employees who can supplement
the efforts of our existing executives is absolutely critical.

To this end, it is our policy to generally establish base pay at levels
comparable to our peer group and other companies which employ similarly skilled personnel, including Compagnie Financière Tradition, ICAP plc, Interactive Brokers Group and Tullett Prebon plc in our Financial Services segment and CBRE Group,
Inc., Jones Lang LaSalle Incorporated and Realogy Holdings Corp. in our Real Estate Services segment. While we determine these levels by reviewing publicly available information with respect to our peer group of companies and others, we have not
traditionally engaged in benchmarking.

Our executive officers receive base salaries or similar cash payments intended to reflect their
skills, expertise and responsibilities. Subject to any applicable employment or other agreements, such payments and subsequent adjustments, if any, will be reviewed and approved by our Compensation Committee annually, based on a variety of factors,
which may include, from time to time, a review of relevant salaries of executives at our peer group of companies and others and each executive officers individual performance for the prior year, including each executive officers
experience and responsibilities.

Base Salaries/Payments for 2015

Base salary and similar cash payment rates for 2015 were established in January 2015 by our Compensation Committee. In setting the base rates
for 2015, the Committee considered the qualifications, experience and responsibilities of our executive officers. Base rates for 2015 were continued at $1,000,000 each for Messrs. Lutnick, Lynn and Merkel. The base rates for Messrs. Windeatt and
Sadler for 2015 were continued at £400,000 ($623,120 as of January 1, 2015) and £325,000 ($506,285 as of January 1, 2015), respectively.

Typically, Mr. Lutnick and Mr. Merkel spend at least 50% of their time on Company matters, although these percentages varied
depending upon business developments at the Company. Messrs. Lynn and Windeatt each spend all of their time on Company matters. Mr. Sadler spent most of his time on Company matters. Mr. McMurray is expected to spend most of his time
on Company matters.

Base Salaries/Payments for 2016

Base salary and similar cash payment rates for 2016 were established in February 2016 by our Compensation Committee. In setting the base rates
for 2016, the Committee considered the qualifications, experience and responsibilities of our executive officers. Base rates for 2016 were continued at $1,000,000 each for Messrs. Lutnick, Lynn and Merkel. The base rates for Messrs. Windeatt and
Sadler for 2016 were continued at £400,000 ($577,500 as of February 11, 2016) and £325,000 ($469,219 as of February 11, 2016), respectively. Mr. Sadler retired from his position as Chief Financial Officer as of April 4, 2016. The
base rate for Mr. McMurray was established on April 4, 2016 at £325,000 ($464,000 as of April 4, 2016).

Bonus Compensation

We believe that compensation should vary with corporate and individual performance and that a significant portion of compensation should
continue to be linked to the achievement of business goals. Our Incentive Plan provides a means for the payment of Section 162(m) qualified performance-based compensation in the form of bonuses to our executive officers while
preserving our tax deduction.



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With respect to each performance period, our Compensation Committee specifies the applicable
performance criteria and targets to be used under the Incentive Plan for that performance period. These performance criteria, which may vary from participant to participant, will be determined by the Committee and may be based upon one or more of
the following financial performance measures:



| |  |  | pre-tax or after-tax net income;
| | - |  | --------------------------------



| |  |  | pre-tax or after-tax operating income;
| | - |  | --------------------------------------



| |  |  | gross revenue;
| | - |  | --------------



| |  |  | profit margin;
| | - |  | --------------



| |  |  | stock price;
| | - |  | ------------



| |  |  | cash flow(s);
| | - |  | -------------



| |  |  | market share;
| | - |  | -------------



| |  |  | pre-tax or after-tax earnings per share;
| | - |  | ----------------------------------------



| |  |  | pre-tax or after-tax operating earnings per share;
| | - |  | --------------------------------------------------



| |  |  | expenses;
| | - |  | ---------



| |  |  | return on equity; or
| | - |  | --------------------



| |  |  | strategic business criteria, consisting of one or more objectives based upon meeting specific revenue, market penetration, or geographic business expansion goals, cost targets and goals relating to acquisitions or
dispositions.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The actual Incentive Plan bonus paid to any given participant at the end of a performance period is based upon the extent to
which the applicable performance goals for such performance period are achieved, subject to the exercise of negative discretion by the Committee, and may be paid in cash or in equity or partnership awards. These awards also serve as incentives for
future performance and retention.

In addition, from time to time, our Compensation Committee may provide for target or guaranteed bonuses
in employment or other agreements in order to attract and retain talented executives, or may grant ad hoc discretionary bonuses when an executive officer is not eligible to participate in the Incentive Plan award opportunities for that performance
period or when it otherwise considers such bonuses to be appropriate. Such bonuses may also be paid in cash or in equity or partnership awards. For 2015, the Committee did not award any such discretionary cash bonuses, or any such equity or
partnership awards in lieu of cash bonuses, to any of our executive officers, other than the conversion of some of Mr. Merkels NPSUs into exchangeable PSUs and PPSUs as described below.

Incentive Plan Bonus Goals for 2015

In the first quarter of 2015, our Compensation Committee determined that the executive officers of our Company at the time, Messrs. Lutnick,
Lynn, Merkel, Windeatt and Sadler, would be participating executives for 2015 in our Incentive Plan. In the case of our U.K.-based executive officers, Messrs. Lynn, Windeatt and Sadler, the bonus award opportunities are governed by the Incentive
Plan and administered by our Compensation Committee.

For 2015, the Compensation Committee used the same performance criteria for all
executive officers and set individual bonus opportunities for 2015 equal to the maximum value allowed for each individual pursuant to the terms of the Incentive Plan (i.e., $25 million), provided that (i) the Company achieves operating profits
or distributable earnings for 2015, as calculated on substantially the same basis as the Companys financial results press release for 2014, or (ii) the Company achieves improvement or percentage growth in gross revenue or total
transaction volumes for any product for



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2015 as compared to 2014 over any of its peer group members or industry measures, as reported in the Companys 2015 financial results press release, in each case calculated on substantially
the same basis as in the Companys financial results press release for 2014 and compared to the most recently available peer group information or industry measures, each of which we refer to as a Performance Goal. The Committee
determined that the payment of any such amount may be in the form of cash, shares of our Class A common stock, limited partnership units, or other equity or partnership awards permitted under our Equity Plan, the Participation Plan, or
otherwise. The Committee, in its sole and absolute discretion, retained the right to reduce the amount of any Incentive Plan bonus payment based upon any factors it determines, including whether and the extent to which Performance Goals or any other
corporate, as well as individual, performance objectives have been achieved.

Incentive Plan Bonuses Awarded for 2015

On February 24, 2016, having determined that both pre-set Performance Goals established in the first quarter of 2015 had been met for
2015, our Compensation Committee made the following awards to the participating executive officers under our Incentive Plan for 2015. These awards were also expected to incentivize our executive officers with respect to future performance and
encourage ongoing contributions to our businesses:



| |  |  | Mr. Lutnick: a bonus under the Incentive Plan of $11,750,000, paid as $3,000,000 in cash and $8,750,000 in a partnership award represented by 750,000 non-exchangeable PSUs and 291,667 PPSUs (which may not be made
exchangeable) issued on February 24, 2016;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Mr. Lynn: a bonus under the Incentive Plan of $7,250,000, paid entirely in a partnership award represented by 621,429 non-exchangeable LPUs and 241,667 PLPUs (which may not be made exchangeable) issued on February
24, 2016;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Mr. Merkel: a bonus under the Incentive Plan of $1,750,000, paid entirely in a partnership award represented by 114,583 non-exchangeable PSUs and 93,750 PPSUs (which may not be made exchangeable) issued on February
24, 2016;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Mr. Windeatt: a bonus under the Incentive Plan of £850,000 ($1,183,965 as of February 24, 2016), paid entirely in a partnership award represented by 105,188 non-exchangeable LPUs and 40,906
non-exchangeable PLPUs (which may not be made exchangeable) issued on February 24, 2016; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Mr. Sadler: a bonus under the Incentive Plan of £450,000 ($626,805 as of February 24, 2016), paid entirely in a partnership award represented by 55,688 non-exchangeable LPUs and 21,656 non-exchangeable PLPUs
(which may not be made exchangeable) issued on February 24, 2016.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Our Compensation Committee awarded bonuses for 2015 under
the Incentive Plan based upon achievement of both pre-set Performance Goals established in the first quarter of 2015. Variations in bonus awards for individual executive officers were based upon the Committees exercise of negative discretion.
In exercising its discretion, the Committee considered, as to each individual, the executive officers responsibilities, general performance, quality of work, management and motivation of employees, regulatory status and other factors relevant
to the individual officer, including participation in certain significant initiatives in 2015, and the general status of the economy, the performance of the Company and trends in the marketplace. In particular, for 2015, the Committee considered the
pay practices of the Companys peer group and other companies, including a compensation survey prepared by, and advice from, Gallagher, stock performance, significant transactions and expense reductions for the Company, integration of acquired
businesses, individual contributions toward achievement of strategic goals and our overall financial and operating results, including record earnings increases and overall results for the period.

For all executives in 2015, the Compensation Committee focused in particular on the Companys financial performance for the year,
including record results, completion of significant acquisitions, including GFI, and increases in the stock price. The bonuses for 2015 awarded to Messrs. Lutnick, Lynn and Merkel represented the same bonus amounts that they received for 2014. In
determining the 2015 Incentive Plan bonus for Mr. Lutnick, our Compensation Committee also focused specifically on the Companys financial performance, the consummation of the GFI acquisition, and the sale of Trayport. In awarding
Mr. Lynn a $7,250,000 bonus under the Incentive Plan for 2015, the Committee considered our overall performance in 2015 and his role in connection with the integration of GFI and cost-cutting initiatives. With respect to Mr. Merkel, in
awarding him a 2015 bonus under the Incentive Plan of $1,750,000, the Committee considered his role in connection with the strategy and management of various legal matters, including the GFI and Trayport transactions. In awarding Mr. Windeatt a
£850,000 bonus under the Incentive Plan for 2015, compared to the £775,000



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that he received for 2014, an approximate 9% increase, the Committee considered our overall performance in 2015 as well as his efforts to cut costs following the GFI acquisition and his
management of front-office brokers. In awarding Mr. Sadler a £450,000 bonus under the Incentive Plan for 2015, compared to the £425,000 that he received for 2014, an approximate 5% increase, the Committee considered his role in cost
cutting and integration measures following the GFI acquisition.

In 2015, the Incentive Plan cash bonuses for individual executive
officers as a percentage of the overall total cash compensation paid to such executive officers by the Company was approximately 26% for Mr. Lutnick. The 2015 Incentive Plan bonuses for Messrs. Merkel, Lynn, Windeatt and Sadler were paid
entirely in the form of partnership awards.

Incentive Plan Bonus Goals for 2016

In the first quarter of 2016, our Compensation Committee determined that the executive officers of our Company, including Messrs. Lutnick,
Lynn, Merkel, Windeatt and McMurray, would be participating executives for 2016 in our Incentive Plan.

For 2016, the Committee used the
same performance criteria for all executive officers and set a bonus for 2016 equal to the maximum value allowed for each individual pursuant to the terms of the Incentive Plan (i.e., $25 million), provided that (i) the Company achieves
operating profits or distributable earnings for 2016, as calculated on substantially the same basis as the Companys financial results press release for 2015, or (ii) the Company achieves improvement or percentage growth in gross revenue
or total transaction volumes for any product for 2016 as compared to 2015 over any of its peer group members or industry measures, as reported in the Companys 2016 financial results press release, in each case calculated on substantially the
same basis as in the Companys financial results press release for 2015 and compared to the most recently available peer group information or industry measures. The Committee determined that the payment of any such amount may be in the form of
cash, shares of our Class A common stock, limited partnership units or other equity or partnership awards permitted under our Equity Plan, the Participation Plan, or otherwise. The Committee, in its sole and absolute discretion, retained the
right to reduce the amount of any Incentive Plan bonus payment based upon any factors it determines, including whether and the extent to which Performance Goals or any other corporate, as well as individual, performance objectives have been
achieved.

Equity Plan and Participation Plan Awards

It is our general policy to award restricted stock, exchange rights, cash settlement awards, limited partnership units and other equity or
partnership awards to our executive officers in order to align their interests with those of our long-term investors and to help attract and retain qualified individuals. Our Equity Plan and the Participation Plan are designed to reward and motivate
employees and to provide us with optimal flexibility in the way that we do so. Our Equity Plan permits our Compensation Committee to grant restricted stock, stock options, stock appreciation rights, deferred stock such as RSUs, bonus stock,
performance awards, dividend equivalents, and other stock-based awards, including to provide exchange rights for shares of our Class A common stock and cash settlement awards relating to BGC Holdings limited partnership units. The Participation
Plan provides for the grant or sale of BGC Holdings limited partnership units. The total number of BGC Holdings limited partnership units issuable under the Participation Plan will be determined from time to time by our Board of Directors, provided
that exchange rights or cash settlement awards relating to units may only be granted pursuant to other stock-based awards granted under our Equity Plan. Partnership units in BGC Holdings (other than NPSUs) are entitled to participate in preferred or
quarterly distributions from BGC Holdings and (other than preferred units and NPSUs) are eligible to be made exchangeable. We view these incentives as an effective tool in motivating, rewarding and retaining our executive officers.

We intend that our Equity Plan and the Participation Plan will be the primary vehicles for offering short- and long-term equity, cash
settlement and partnership awards to motivate and reward our executive officers, including where our Compensation Committee pays bonuses under the Incentive Plan and discretionary bonuses in the form of equity, cash settlement or partnership awards
under the Equity Plan or Participation Plan, as discussed above, or where the Compensation Committee restructures the compensation of our executive officers, as discussed below.

In addition to equity, cash settlement and partnership awards granted in payment of Incentive Plan and discretionary bonus amounts and
compensation restructurings, the Compensation Committee may grant equity, cash settlement and partnership awards to our executive officers in a specified number of awards based upon prior performance, the importance of retaining their services and
the potential for their performance to help us attain our long-term goals. However, there is no set formula for the granting of such awards to individual executive officers.



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On May 9, 2014, the Compensation Committee granted 4,000,000 NPSUs to Mr. Lutnick and
1,000,000 NPSUs to Mr. Merkel. The NPSUs granted to Mr. Lutnick, as amended in February 2016, convert 25% per year beginning January 1, 2015 and ending January 1, 2018, such that an equal number of NPSUs will be converted into an
equivalent number of, in aggregate, non-exchangeable PSUs/PPSUs on each conversion date, subject to the approval of the Compensation Committee for all such conversions beginning in 2016. The NPSUs granted to Mr. Merkel convert 25% per year on
January 1 of each year beginning January 1, 2015 and ending January 1, 2018, such that an equal number of NPSUs may be converted into an equivalent number of, in aggregate, non-exchangeable PSUs/PPSUs on each conversion date, subject
to the approval of the Compensation Committee for all such conversions beginning in 2016. The grant of exchange rights with respect to such PSUs/PPSUs will be determined in accordance with the Companys practices when determining discretionary
bonuses or awards, and any grants of exchangeability shall be subject to the approval of the Compensation Committee. Upon the signing of any agreement that would result in a Change in Control (as defined in the Amended and Restated
Change in Control Agreements entered into by each of Messrs. Lutnick and Merkel), (1) any unconverted NPSUs held by Messrs. Lutnick and Merkel will automatically be converted into exchangeable PSUs/PPSUs (i.e., such PSUs shall be exchangeable
for shares of Class A common stock and PPSUs shall be exchangeable for cash), and (2) any non-exchangeable PSUs/PPSUs held by Messrs. Lutnick and Merkel shall become immediately exchangeable, which exchangeability may be exercised in
connection with such Change in Control.

On January 1, 2015, (i) 1,000,000 of Mr. Lutnicks NPSUs
converted into 550,000 PSUs and 450,000 PPSUs, with respect to which Mr. Lutnick was offered the right to exchange 239,739 PSUs and 196,150 PPSUs for shares and cash, which he waived at that time under our policy (described below), and
(ii) 142,857 of Mr. Merkels NPSUs converted into 78,571 PSUs and 64,286 PPSUs, of which 5,607 PSUs and 4,588 PPSUs were made exchangeable and repurchased by the Company at the average price of shares of Class A common stock sold
under our Controlled Equity Offering less 2%, or $91,558.

On January 30, 2015, the Compensation Committee granted 4,000,000 NPSUs to
Mr. Lutnick and 1,000,000 NPSUs to Mr. Lynn. These awards convert 25% per year on January 1 of each year beginning January 1, 2016 such that 1,000,000 of Mr. Lutnicks NPSUs and 250,000 of Mr. Lynns NPSUs may be
converted into an equivalent number of non-exchangeable PSUs/PPSUs for Mr. Lutnick and non-exchangeable LPUs/PLPUs for Mr. Lynn on each conversion date, subject to the approval of the Compensation Committee for all such conversions
beginning in 2016. The grant of exchange rights with respect to such PSUs/PPSUs and LPUs/PLPUs will be determined in accordance with the Companys practices when determining discretionary bonuses or awards, and any grants of exchangeability
shall be subject to the approval of the Compensation Committee. Upon the signing of any agreement that would result in a Change in Control (as defined in the Amended and Restated Change in Control Agreement entered into by
Mr. Lutnick and the applicable Deed of Adherence entered into by Mr. Lynn), (1) any unvested NPSUs held by Mr. Lutnick or Mr. Lynn shall convert in full and automatically be converted into exchangeable PSUs/PPSUs or
LPUs/PLPUs (i.e., such PSUs and LPUs shall be exchangeable for shares of Class A common stock and PPSUs and PLPUs shall be exchangeable for cash), and (2) any non-exchangeable PSUs/PPSUs held by Mr. Lutnick and non-exchangeable
LPUs/PLPUs held by Mr. Lynn shall become immediately exchangeable, which exchangeability may be exercised in connection with such Change in Control, except that, with respect to (1) and (2), 9.75% of Mr. Lynns
LPUs/PLPUs shall be deemed to be redeemed for zero in proportion to such exchanges of LPUs/PLPUs in accordance with the customary LPU/PLPU structure.

On July 27, 2015, the Compensation Committee granted exchange rights with respect to 8,536 PSUs and 6,983 PPSUs that were issued pursuant to
converted NPSUs that were awarded to Mr. Merkel in May 2014. On October 29, 2015, the Company repurchased (i) the 8,536 PSUs at a price of $8.34 per share, the closing price of the Class A common stock on the date the Company approved the
transaction, and (ii) 6,983 PPSUs at a price of $9.15 per share, the closing price of the Class A common stock on December 31, 2014.

In connection with the 2015 year-end compensation process, in 2016 our Compensation Committee considered additional discretionary NPSU awards
for all of our executive officers, with the exception of Mr. Sadler who had announced his retirement. The Compensation Committee considered the highly retentive nature of NPSU awards in making its determination. It considered that the NPSUs do not
participate in partnership distributions upon grant and instead will earn distributions only upon conversion into other partnership units and that the timing of such conversions, and any grants of exchangeability of any resulting units, are in the
discretion of the Compensation Committee. The Compensation Committee, in consultation with Gallagher, considered these factors in making NPSU grants to all four executives in 2016.



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On February 24, 2016, the Compensation Committee granted 1,500,000 NPSUs to Mr. Lutnick,
2,000,000 NPSUs to Mr. Lynn, 1,000,000 NPSUs to Mr. Merkel and 75,000 NPSUs to Mr. Windeatt. Conversion of NPSUs into PSUs/PPSUs for Messrs. Lutnick and Merkel and into LPUs/PLPUs for Messrs. Lynn and Windeatt may be (i) 25% per year with
respect to NPSUs granted in 2016; (ii) 25% of the previously awarded NPSUs currently held by Messrs. Lutnick and Lynn based upon the original issuance date (the first 25% having already been converted); and (iii) 25% per year of the current balance
of NPSUs previously awarded to Mr. Merkel, provided that, with respect to all of the foregoing, such future conversions are subject to the approval of the Compensation Committee each year. The grant of exchange rights with respect to such PSUs/PPSUs
and LPUs/PLPUs will be determined in accordance with the Companys practices when determining discretionary bonuses or awards, and any grants of exchangeability shall be subject to the approval of the Compensation Committee. Upon the signing of
any agreement that would result in a Change in Control (as defined in the Amended and Restated Change in Control Agreements entered into by Messrs. Lutnick and Merkel and the applicable Deeds of Adherence entered into by
Messrs. Lynn and Windeatt), (1) any unconverted NPSUs held by the foregoing executives shall automatically be converted for exchangeable PSUs/PPSUs or LPUs/PLPUs (i.e., such PSUs and LPUs shall be exchangeable for shares of Class A
common stock and PPSUs and PLPUs shall be exchangeable for cash), and (2) any non-exchangeable PSUs/PPSUs and LPUs/PLPUs held by the foregoing executives shall become immediately exchangeable, which exchangeability may be exercised in
connection with such Change in Control, except that, with respect to (1) and (2), 9.75% of Mr. Lynns and Mr. Windeatts LPUs/PLPUs shall be deemed to be redeemed for zero in proportion to such exchanges of LPUs/PLPUs
in accordance with the customary LPU/PLPU structure.

We regard our equity, cash settlement and partnership award program as a key
retention tool. This is a very important factor in our determination of the type of award to grant and the number of shares of our Class A common stock or partnership units covered by the award. We believe that awards for our executive officers
will have the long-term effect of maximizing our stock price and stockholder value.

We also believe that it is important that we have
available various forms of equity, cash settlement and partnership awards in order to motivate, reward and retain our executive officers, and our Compensation Committee retains the right to grant a combination of forms of such awards under our
Equity Plan and the Participation Plan to executive officers as it considers appropriate or to differentiate among executive officers with respect to different types of awards. The Committee has also granted authority to Mr. Lutnick, our
Chairman and Chief Executive Officer, to grant awards to non-executive officer employees of our Company under the Equity Plan and the Participation Plan and to establish sub-plans for such persons.

In addition, our executive officers and other employees may also be offered the opportunity to purchase limited partnership units. The
Committee and Mr. Lutnick will have the discretion to determine the price of any purchase right for partnership units, which may be set at preferential or historical prices that are less than the prevailing market price of our Class A
common stock.

Our Compensation Committee has established special quarterly award opportunities under our Equity Plan pursuant to which
our executive officers, including in the case of Mr. Lutnick pursuant to the policy discussed below, could be granted restricted stock, exchange rights relating to their then-outstanding non-exchangeable limited partnership units awarded under
the Participation Plan, and/or have such units settled through a cash settlement award based on the market value of a share of Class A common stock, upon the attainment of specified performance goals for the quarter similar to those established
for annual bonus award opportunities under the Incentive Plan. In each case, such quarterly award opportunities are subject to the Committees determination whether the performance goals for the applicable quarter have been met and, if they
have, whether the award opportunity should be paid in the form of a grant of restricted stock, exchange rights and/or settled in cash, or reduced or eliminated through the Committees exercise of negative discretion.

Although the quarterly performance goals were met with respect to all four quarters of 2015, our Compensation Committee, in the exercise of
its negative discretion, elected not to grant any exchange rights and/or cash settlement awards under our Equity Plan to our executive officers pursuant to the quarterly award opportunities for the first, second, third and fourth quarters of 2015
with respect to any of the then-outstanding non-exchangeable limited partnership units that had previously been awarded to the executive officers under the Participation Plan.

In December 2010, the Audit Committee and the Compensation Committee approved a policy that gives Mr. Lutnick the same right, subject to
certain conditions, to accept or waive opportunities that have previously been offered, or that may be offered in the future, to other executive officers to participate in any opportunity to monetize or otherwise provide liquidity with respect to
some or all of their non-exchangeable limited partnership units. The policy was amended in October 2013 to make clear that the policy would also include opportunities offered to other executive officers to accelerate the lapse of or eliminate any
restrictions on transferability with respect to restricted stock. Under the policy, as



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amended, Mr. Lutnick shall have the right to accept or waive in advance an opportunity to participate in any opportunity that the Company may offer to any other executive officer (i) to
have some or all of such officers outstanding non-exchangeable units redeemed for other non-exchangeable units, (ii) to have some or all of such officers non-exchangeable units received upon such redemption either redeemed by BGC
Holdings for cash equal to the price offered to any other executive officers or, with the concurrence of Cantor, granted exchange rights for shares of our Class A common stock, or (iii) to accelerate the lapse of or eliminate any
restrictions on transferability with respect to shares of restricted Class A common stock. In each case, Mr. Lutnicks right to accept or waive any opportunity offered to him to participate in any such opportunity shall be cumulative
and shall be equal to the greatest proportion of outstanding units or the greatest percentage of shares of restricted stock with respect to which any other executive officer has been or is offered any such opportunity.

Under this policy, in February 2016, Mr. Lutnick accepted this opportunity with respect to a cumulative aggregate of 2,127,648 rights
available to him under the policy (which amount included the lapse of restrictions with respect to 235,357 shares of restricted stock held by him), which were all of such rights available to him at such time. These rights may result in grants
to him of exchange rights/cash settlement awards or the acceleration of the lapse of restrictions on transferability of restricted stock owned by him in the event of a future triggering event under the policy.

Timing of Awards

Equity and
partnership awards to our executive officers that are in payment of Incentive Plan or discretionary bonuses are typically granted annually in conjunction with our Compensation Committees review of Company and individual performance of our
executive officers, although interim grants may be considered and approved from time to time. The Committees annual review generally takes place at year-end meetings, which are generally held in January or February of each year, although the
reviews may be held at any time and from time to time throughout the year. From time to time, grants to executive officers may be made on a mid-year or other basis in the event of business developments, changing compensation requirements or other
factors, in the discretion of the Committee. As noted above, our Compensation Committee has established special quarterly incentive performance goals for executive officers with respect to special award opportunities for the grant of exchange rights
and/or cash settlement awards under the Equity Plan relating to outstanding non-exchangeable limited partnership units awarded under the Participation Plan.

Our policy in recent years has generally been to award year-end grants to executive officer recipients by the end of the calendar year or
shortly thereafter, with grants to non-executive employees occurring closer to the end of the first quarter of the following year. Grants, if any, to newly hired employees are effective on the employees first day of employment. In addition,
from time to time the Company may offer compensation enhancements or modifications to employees that it does not offer to its executive officers.

The exercise price of all stock options is set at the closing price of our Class A common stock on Nasdaq on the date of grant. As
discussed above, with respect to limited partnership units and other equity or partnership awards, grants may be made based on a dollar value, with the number of units or shares determined by reference to the market price of our Class A common
stock on the date of grant, or based on a specified number of awards.

Partnership Redemptions and Compensation Restructurings

During 2014 and 2015, we continued a global partnership redemption and compensation restructuring program to enhance our employment
arrangements by leveraging our unique partnership structure. Under this program, participating partners generally agreed to extend the lengths of their employment agreements, to accept a larger portion of their compensation in limited partnership
units and to other contractual modifications sought by us. Also as part of this program, we redeemed limited partnership units for cash and/or other units or shares of stock, including restricted stock (subject to accelerated lapse of restrictions),
and granted exchange rights relating to certain non-exchangeable units.

Global Partnership Restructuring Program

Beginning at the end of the second quarter of 2013, we redeemed or exchanged approximately 76 million units from the partners of BGC
Holdings as part of our Global Partnership Restructuring Program. Pursuant to this Program, we granted approximately 44 million shares of Class A common stock (including restricted stock). We were motivated to implement the
Global Partnership Restructuring Program in order to reward those who provide service to us and our subsidiaries, and to provide enhanced retention incentives to such employees, reduce our fully diluted share count and allow us to take advantage of
certain tax efficiencies.



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The shares of restricted stock granted to the executive officers generally have all of the rights
of a holder of shares of Class A common stock, including (i) the right to vote such shares, (ii) the right to receive any declared dividends, and (iii) the rights available to all holders of Class A common stock upon any
merger, consolidation, reorganization, liquidation or dissolution, stock split-up, stock dividend or recapitalization undertaken by the Company, subject to any restrictions relating to the restricted stock set forth at the time in the applicable
transaction documents. The shares of restricted stock will become transferable in 10 years, subject to acceleration. The shares of restricted stock are not subject to continued employment or service with the Company or any affiliate or subsidiary of
the Company or other risk of forfeiture, except that the shares are subject to forfeiture (if not then already transferable) if the executive officer competes during his service or employment term or during the four years thereafter.

In addition, in connection with the Global Partnership Restructuring Program, Messrs. Lynn, Windeatt and Sadler received 221,996 LPUs, 42,676
LPUs, and 18,523 LPUs, respectively, to temporarily replace units that holders of LPUs are required to have redeemed upon any acquisition or disposition of LPUs. As a result, these U.K.-based executive officers received additional LPUs equivalent to
9.75% of each of their non-exchangeable units that were redeemed in the Global Partnership Restructuring Program. Upon any sale or other transfer by such executive officers of shares of restricted stock, a proportional number of these LPUs will be
redeemed for zero by BGC Holdings. These units are not expected to be made exchangeable into shares of Class A common stock.

On
January 21, 2014, the Compensation Committee approved the acceleration of the lapse of restrictions with respect to an aggregate of 1,254,723 shares of restricted stock held by our executive officers as follows: Mr. Lutnick, 628,872
shares; Mr. Lynn, 424,347 shares; Mr. Merkel, 14,689 shares; Mr. Windeatt, 146,483 shares; and Mr. Sadler, 39,972 shares. The Compensation Committee authorized the Company to repurchase any or all of such shares from the
executive officers at a price of $6.51 per share, which was the closing price of our Class A common stock on January 21, 2014, with the following executive officers selling the following number of shares to the Company: Mr. Lynn,
424,347 shares; Mr. Merkel, 14,689 shares; Mr. Windeatt, 157,833 shares (of which 146,843 shares were previously restricted and an additional 10,990 freely tradable shares); and Mr. Sadler, 39,972 shares.

On February 5, 2014, certain executive officers elected to sell, and we agreed to purchase, an aggregate of 636,841 shares of
Class A common stock from such executive officers at a price of $6.51 per share as follows: Mr. Lynn, 424,347 shares; Mr. Merkel, 157,833 shares (of which 146,843 shares were previously restricted and an additional 10,990 freely
tradable shares); and Mr. Sadler, 39,972 shares.

On December 5, 2014, the Compensation Committee approved the acceleration of
the lapse of restrictions on transferability and the Companys repurchase of 42,500 shares of restricted stock from Mr. Windeatt at a price of $8.75 per share for an aggregate of $371,875. In connection with this transaction, 6,377 of
Mr. Windeatts LPUs were redeemed for zero.

On January 30, 2015, the Compensation Committee approved the acceleration of
the lapse of restrictions on transferability with respect to an aggregate of 598,904 shares of restricted stock held by our executive officers as follows: Mr. Lynn, 455,733 shares; Mr. Merkel, 16,354 shares; Mr. Windeatt, 95,148
shares; and Mr. Sadler, 31,669 shares. On January 30, 2015, these executives sold these shares to us at $7.83 per share. In connection with such sales, an aggregate of 87,140 of LPUs were redeemed for zero as follows: Mr. Lynn,
68,381 units; Mr. Windeatt, 14,277 units; and Mr. Sadler 4,752 units.

On February 24, 2016, the Compensation Committee approved
the acceleration of the lapse of restrictions on transferability with respect to 612,958 shares of restricted stock held by our executive officers as follows: Mr. Lynn, 431,782 shares; Mr. Merkel, 150,382 shares; and Mr. Sadler, 30,794 shares. On
February 24, 2016, Messrs. Lynn and Sadler sold these shares to us at $8.40 per share, and Mr. Merkel sold 120,000 of such shares to us at $8.40 per share. In connection with such transaction, 64,787 of Mr. Lynns and 4,621 of Mr. Sadlers
partnership units were redeemed for zero.

Perquisites

Historically, from time to time, we have provided certain of our executive officers with perquisites and other personal benefits that we
believe are reasonable. While we do not view perquisites as a significant element of our executive compensation program, we do believe that they can be useful in attracting, motivating and retaining the executive talent for which we compete. From
time to time, these perquisites might include travel, transportation and housing benefits, particularly for executives who live overseas and travel frequently to our other office locations. We believe that these additional benefits may assist our
executive officers in performing their duties and provide time



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efficiencies for them in appropriate circumstances, and we may consider their use in the future. All present or future practices regarding executive officer perquisites will be subject to
periodic review and approval by our Compensation Committee. The perquisites and other personal benefits, if any, provided to such executive officers generally have not had an aggregate incremental cost to us per individual that exceeds $10,000.

Certain executive officers working in our London headquarters have also received the use of parking spaces allocated to our headquarters
lease, and in some cases, we have in the past provided to certain executive officers in London a car allowance, a car insurance allowance and an apartment lease, which in certain circumstances has tax benefits to the employee in the U.K.

We offer medical, dental, life insurance and short-term disability to all employees on a non-discriminatory basis. Medical insurance premiums
are charged to employees at varying levels based on total cash compensation, and all of our executive officers were charged at the maximum contribution level in light of their compensation. Certain of our executive officers living in London have in
the past received certain additional private medical benefits.

Post-Employment Compensation

Pension Benefits

We do not currently
provide pension arrangements or post-retirement health coverage for our employees, although we may consider such benefits in the future.

Retirement
Benefits

Our executive officers in the U.S. are generally eligible to participate in our 401(k) contributory defined contribution
plan, which we refer to as our Deferral Plan. Pursuant to the Deferral Plan, all U.S. eligible employees, including our executive officers, are provided with a means of saving for their retirement. We currently do not match any of our
employees contributions to our Deferral Plan.

Nonqualified Deferred Compensation

We do not provide any nonqualified deferred compensation plans to our employees, although we may consider such benefits in the future.

COMPENSATION COMMITTEE REPORT

The
Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis, which we refer to as the CD&A, set forth in the Companys Form 10-K/A and in its 2016 Proxy Statement with management of the Company
and, based on such review and discussions, the Compensation Committee recommended to the Companys Board of Directors that the CD&A be included in such Form 10-K/A and Proxy Statement.



|                      |  |                             
|--------------------- |  | ----------------------------
|Dated: April 29, 2016 |  |                             
|                      | 
|                      |  | THE COMPENSATION COMMITTEE  
|                      |  | Stephen T. Curwood, Chairman
|                      |  | John H. Dalton              
|                      |  | William J. Moran            
|                      |  | Linda A. Bell               



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EXECUTIVE COMPENSATION

Summary Compensation Table



|                                                        |  |         |      |     |              |  |           |             |  |  |                      |  |  |                    |         |  |                                               |  |   |                                                                         |  |  |                             |  |  |             |   |  |  |  |   |  |  |  |            | 
|------------------------------------------------------- |  | ------- | ---- | --- | ------------ |  | --------- | ----------- |  |  | -------------------- |  |  | ------------------ | ------- |  | --------------------------------------------- |  | - | ----------------------------------------------------------------------- |  |  | --------------------------- |  |  | ----------- | - |  |  |  | - |  |  |  | ---------- | 
|(a)
Name and Principal
Position                         |  | (b)Year |      |     | (c)Salary($) |  |           | (d)Bonus($) |  |  | (e)StockAwards($)(2) |  |  | (f)OptionAwards($) |         |  | (g)Non-EquityIncentive PlanCompensation($)(3) |  |   | (h)Change inPensionValue
andNonqualifiedDeferredCompensationEarnings($) |  |  | (i)All OtherCompensation($) |  |  | (j)Total($) |  
|Howard W. Lutnick,                                      |  |         | 2015 | (1) |              |  | 1,000,000 |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 11,750,000                  |  |  |             |  |  |  |  |  |  |  |  | 12,750,000 | 
|Chairman and Chief Executive Officer                    |  |         | 2014 | (1) |              |  | 1,000,000 |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 11,750,000                  |  |  |             |  |  |  |  |  |  |  |  | 12,750,000 | 
|                                                        |  |         | 2013 | (1) |              |  | 1,000,000 |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 10,000,000                  |  |  |             |  |  |  |  |  |  |  |  | 11,000,000 | 
|                                                        |  |         |      |     |              |  |           |             | 
|Shaun D. Lynn,                                          |  |         | 2015 | (1) |              |  | 1,000,000 |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 7,250,000                   |  |  |             |  |  |  |  |  |  |  |  | 8,250,000  | 
|President                                               |  |         | 2014 | (1) |              |  | 1,000,000 |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 7,250,000                   |  |  |             |  |  |  |  |  |  |  |  | 8,250,000  | 
|                                                        |  |         | 2013 | (1) |              |  | 1,000,000 |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 6,000,000                   |  |  |             |  |  |  |  |  |  |  |  | 6,250,000  | 
|                                                        |  |         |      |     |              |  |           |             | 
|Stephen M. Merkel,                                      |  |         | 2015 | (1) |              |  | 1,000,000 |             |  |  |                     |  |  |                    | 226,643 |  |                                               |  |  |                                                                         |  |  | 1,750,000                   |  |  |             |  |  |  |  |  |  |  |  | 3,068,201  | 
|Executive Vice President, General Counsel and Secretary |  |         | 2014 | (1) |              |  | 1,000,000 |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 1,750,000                   |  |  |             |  |  |  |  |  |  |  |  | 2,750,000  | 
|                                                        |  |         | 2013 | (1) |              |  | 1,000,000 |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 1,250,000                   |  |  |             |  |  |  |  |  |  |  |  | 2,250,000  | 
|                                                        |  |         |      |     |              |  |           |             | 
|Sean A. Windeatt,                                       |  |         | 2015 | (1) |              |  | 577,500   |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 1,183,965                   |  |  |             |  |  |  |  |  |  |  |  | 1,761,465  | 
|Chief Operating Officer(4)                              |  |         | 2014 | (1) |              |  | 663,000   |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 1,176,295                   |  |  |             |  |  |  |  |  |  |  |  | 1,839,295  | 
|                                                        |  |         | 2013 | (1) |              |  | 586,800   |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 1,029,688                   |  |  |             |  |  |  |  |  |  |  |  | 1,616,488  | 
|                                                        |  |         |      |     |              |  |           |             | 
|A. Graham Sadler,                                       |  |         | 2015 | (1) |              |  | 469,219   |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 663,480                     |  |  |             |  |  |  |  |  |  |  |  | 1,132,699  | 
|Chief Financial Officer(5)                              |  |         | 2014 | (1) |              |  | 538,688   |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 645,065                     |  |  |             |  |  |  |  |  |  |  |  | 1,183,754  | 
|                                                        |  |         | 2013 | (1) |              |  | 469,440   |             |  |  |                     |  |  |                    |        |  |                                               |  |  |                                                                         |  |  | 700,188                     |  |  |             |  |  |  |  |  |  |  |  | 1,169,628  | 



|(1) | The table does not include matters for 2015, 2014 and 2013 discussed under the heading Compensation Discussion and AnalysisGlobal Partnership Restructuring Program because the shares granted in the
Program were fewer than the number of limited partnership units redeemed/exchanged, those units had been granted in partial payment of prior years Incentive Plan bonuses that had been reported at full notional value, and the LPU and cash
payment adjustments described as part of the Program were incidental adjustments required by the terms of the LPU agreements and the timing of the Program in relation to distributions on units. See Compensation Discussion and
AnalysisGlobal Partnership Restructuring Program.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Column (e) does not include the (i) 4,000,000 NPSUs granted to Mr. Lutnick and 1,000,000 NPSUs granted
to Mr. Merkel in 2014, or (ii) 4,000,000 NPSUs granted to Mr. Lutnick and 1,000,000 NPSUs granted to Mr. Lynn in 2015, in each case, because they did not represent a right to acquire shares of Class A common stock and they had no grant
date fair value for accounting purposes. Of the NPSUs granted to Mr. Merkel in 2014, (a) on January 1, 2015
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

| | 142,857 of such NPSUs converted into 78,571 PSUs and 64,286 PPSUs, of which 5,607 PSUs and 4,588 PPSUs were made exchangeable and repurchased by the Company at the average price of shares of
Class A common stock under our Controlled Equity Offering less 2%, or $91,558; and (b) on July 27, 2015, certain of the converted NSPUs were made exchangeable into 8,536 PSUs and 6,983 PPSUs, which were repurchased by the Company on October 29, 2015
as to (i) 8,536 PSUs at a price of $8.34 per share, the closing price of the Class A common stock on the date the Company approved the transaction, and (ii) 6,983 PPSUs at a price of $9.15 per share, the closing price of the Class A common stock on
December 31, 2014.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | The amounts in column (g) reflect the bonus awards to the named executive officers under our Incentive Plan. For 2015, Mr. Lutnicks Incentive Plan bonus was paid $3,000,000 in cash and $8,750,000 in the
form of 750,000 non-exchangeable PSUs and 291,667 non-exchangeable PPSUs; Mr. Lynns Incentive Plan bonus was paid $7,250,000 in the form of 621,429 non-exchangeable LPUs and 241,667 non-exchangeable PLPUs; Mr. Merkels Incentive
Plan bonus was paid $1,750,000 in the form of 114,583 non-exchangeable PSUs and 93,750 non-exchangeable PPSUs; Mr. Windeatts Incentive Plan bonus was paid $1,183,965 (£850,000) in the form of 105,188 non-exchangeable LPUs and
40,906 non-exchangeable PLPUs; Mr. Sadlers Incentive Plan bonus was paid $663,480 (£450,000) in the form of 55,688 non-exchangeable LPUs and 21,656 non-exchangeable PLPUs.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

For 2014, Mr. Lutnicks Incentive Plan bonus was paid $3,000,000 in cash and $8,750,000 in the form of 614,623 non-exchangeable PSUs
and 502,874 non-exchangeable PPSUs; Mr. Lynns Incentive Plan bonus was paid $7,250,000 in the form of 666,667 non-exchangeable LPUs and 259,259 non-exchangeable PLPUs; Mr. Merkels Incentive Plan bonus was paid $825,000 in cash
and $925,000 in the form of 64,974 non-exchangeable PSUs and 53,161 non-exchangeable PPSUs; Mr. Windeatts Incentive Plan bonus was paid $1,026,500 (£625,000) in the form of 107,854 non-exchangeable LPUs and 41,943
non-exchangeable PLPUs; Mr. Sadlers Incentive Plan bonus was paid $698,020 (£425,000) in the form of 73,341 non-exchangeable LPUs and 28,521 non-exchangeable PLPUs.

|(4) | For 2015, Mr. Windeatts base salary was £400,000, and the $577,500 base salary reflected in the table was calculated using an exchange rate of 1.44375, the exchange rate in effect as of February 11,
2016. For 2014, Mr. Windeatts base salary was £400,000, and the $663,000 base salary reflected in the table was calculated using an exchange rate of 1.6575, the average rate in effect for the period.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | For 2015, Mr. Sadlers base salary was £325,000, and the $469,219 base salary reflected in the table was calculated using an exchange rate of 1.44375, the exchange rate in effect as of February 11, 2016.
For 2014, Mr. Sadlers base salary was £325,000, and the $538,688 base salary reflected in the table was calculated using an exchange rate of 1.6575, the average rate in effect for the period.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

Grants of Plan-Based Awards

The following table shows all grants of plan-based awards to the named executive officers in 2015:



|                  |  |              |        |  |                                                                 |  |   |                                                           |  |  |                                                            |  |  |                                                                |            |  |                                            |  |   |                                                  |  |  |     |  |  |     |   |  |     |  |        |     |  |  |   |  |  |  |   |  |  |  |         | 
|----------------- |  | ------------ | ------ |  | --------------------------------------------------------------- |  | - | --------------------------------------------------------- |  |  | ---------------------------------------------------------- |  |  | -------------------------------------------------------------- | ---------- |  | ------------------------------------------ |  | - | ------------------------------------------------ |  |  | --- |  |  | --- | - |  | --- |  | ------ | --- |  |  | - |  |  |  | - |  |  |  | ------- | 
|(a)               |  | (b)          |        |  | (c)                                                             |  |   | (d)                                                       |  |  | (e)                                                        |  |  | (f)                                                            |            |  | (g)                                        |  |   | (h)                                              |  |  | (i) |  |  | (j) |   |  | (k) |  |        | (l) | 
|Name              |  | GrantDate    |        |  | Estimated Possible PayoutsUnder Non-Equity IncentivePlan Awards |  |   | Estimated Future PayoutsUnder Equity IncentivePlan Awards |  |  | All OtherGrantAwards:Number ofShares ofStock
orUnits(#)(2) |  |  | All OtherOptionAwards:Number ofSecuritiesUnderlyingOptions (#) |            |  | Exercise orBase Priceof OptionAwards($/Sh) |  |   | GrantDateFair Valueof StockandOptionAwards($)(2) | 
|                  |  | Threshold($) |        |  | Target($)                                                       |  |   | Maximum($)(1)                                             |  |  | Threshold(#)                                               |  |  | Target(#)                                                      |            |  | Maximum(#)                                 |  |   |                                                  |  | 
|Howard W.Lutnick  |  |              | 1/1/15 |  |                                                                 |  |  |                                                           |  |  |                                                           |  |  |                                                                | 25,000,000 |  |                                            |  |  |                                                  |  |  |    |  |  |     |  |  |     |  |       |     |  |  |  |  |  |  |  |  |  |  |        | 
|Shaun D. Lynn     |  |              | 1/1/15 |  |                                                                 |  |  |                                                           |  |  |                                                           |  |  |                                                                | 25,000,000 |  |                                            |  |  |                                                  |  |  |    |  |  |     |  |  |     |  |       |     |  |  |  |  |  |  |  |  |  |  |        | 
|Stephen M. Merkel |  |              | 1/1/15 |  |                                                                 |  |  |                                                           |  |  |                                                           |  |  |                                                                | 25,000,000 |  |                                            |  |  |                                                  |  |  |    |  |  |     |  |  |     |  | 25,714 |     |  |  |  |  |  |  |  |  |  |  | 226,643 | 
|Sean A. Windeatt  |  |              | 1/1/15 |  |                                                                 |  |  |                                                           |  |  |                                                           |  |  |                                                                | 25,000,000 |  |                                            |  |  |                                                  |  |  |    |  |  |     |  |  |     |  |       |     |  |  |  |  |  |  |  |  |  |  |        | 
|A. Graham Sadler  |  |              | 1/1/15 |  |                                                                 |  |  |                                                           |  |  |                                                           |  |  |                                                                | 25,000,000 |  |                                            |  |  |                                                  |  |  |    |  |  |     |  |  |     |  |       |     |  |  |  |  |  |  |  |  |  |  |        | 



|(1) | The amounts in column (e) reflect the maximum possible individual payment under our Incentive Plan. During 2015, there were no specific minimum and target levels under the Incentive Plan. The $25,000,000 maximum
amount was the maximum annual amount available for payment to any one executive officer under the Incentive Plan for 2015, and our Compensation Committee retained negative discretion to award less than this amount even if the Performance Goals were
met. Actual amounts paid to each named executive officer for 2015 are set forth in column (g) of the Summary Compensation Table.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Columns (i) and (1) do not include the 4,000,000 NPSUs granted to Mr. Lutnick and 1,000,000 NPSUs granted to Mr. Lynn in 2015 because they did not represent a right to acquire shares of Class A common stock
and they had no grant date fair value for accounting purposes. On January 1, 2015, 142,857 of Mr. Merkels NPSUs granted in 2014 converted into 78,571 PSUs and 64,286 PPSUs, of which 5,607 PSUs and 4,588 PPSUs were made exchangeable and
repurchased by the Company at the average closing price of shares of Class A common stock sold under our Controlled Equity Offering less 2%, or $91,558. On July 27, 2015, certain of the converted NSPUs awarded to Mr. Merkel in 2014 were made
exchangeable into 8,536 PSUs and 6,983 PPSUs, which were repurchased by the Company on October 29, 2015 as to (i) 8,536 PSUs at a price of $8.34 per share, the closing price of the Class A common stock on the date the Company approved the
transaction, and (ii) 6,983 PPSUs at a price of $9.15 per share, the closing price of the Class A common stock on December 31, 2014.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

Outstanding Equity Awards at Fiscal Year End

The following table shows all unexercised options held by each of the named executive officers as of December 31, 2015:



|                  |  |                                                                      |              |  |                                                                        |  |   |                                                                                         |  |  |                           |  |  |                         |       |  |                                                            |  |            |                                                              |  |  |                                                                                                |  |  |                                                                                                             |   |  |  |  |   |  |  |  |   | 
|----------------- |  | -------------------------------------------------------------------- | ------------ |  | ---------------------------------------------------------------------- |  | - | --------------------------------------------------------------------------------------- |  |  | ------------------------- |  |  | ----------------------- | ----- |  | ---------------------------------------------------------- |  | ---------- | ------------------------------------------------------------ |  |  | ---------------------------------------------------------------------------------------------- |  |  | ----------------------------------------------------------------------------------------------------------- | - |  |  |  | - |  |  |  | - | 
|Option Awards     |  |                                                                      | Grant Awards | 
|(a)
Name          |  | (b)Number ofSecuritiesUnderlyingUnexercisedOptions (#)Exercisable(1) |              |  | (c)Number ofSecuritiesUnderlyingUnexercisedOptions (#)Unexercisable(1) |  |   | (d)EquityIncentivePlanAwards:Number
ofSecuritiesUnderlyingUnexercisedUnearnedOptions(#) |  |  | (e)OptionExercisePrice($) |  |  | (f)OptionExpirationDate |       |  | (g)Number ofSharesor Unitsof StockThatHave
NotVested(#)(2) |  |            | (h)MarketValue ofShares orUnits ofStockThatHave
NotVested(2) |  |  | (i)EquityIncentivePlanAwards:Number ofUnearnedShares,Units
orOther RightsThatHave NotVested(#) |  |  | (j)EquityIncentivePlanAwards:Market orPayoutValue
ofUnearnedShares,Units orOtherRightsThatHave NotVested($) |  
|Howard W. Lutnick |  |                                                                      | 250,000      |  |                                                                        |  |  |                                                                                         |  |  |                          |  |  |                         | 8.42  |  |                                                            |  | 8/22/2016  |                                                              |  |  |                                                                                               |  |  |                                                                                                             |  |  |  |  |  |  |  |  |  | 
|                  |  |                                                                      | 800,000      |  |                                                                        |  |  |                                                                                         |  |  |                          |  |  |                         | 8.80  |  |                                                            |  | 12/15/2016 |                                                              |  |  |                                                                                               |  |  |                                                                                                             |  |  |  |  |  |  |  |  |  | 
|                  |  |                                                                      | 1,000,000    |  |                                                                        |  |  |                                                                                         |  |  |                          |  |  |                         | 10.82 |  |                                                            |  | 12/28/2017 |                                                              |  |  |                                                                                               |  |  |                                                                                                             |  |  |  |  |  |  |  |  |  | 
|Shaun D. Lynn     |  |                                                                      |             |  |                                                                        |  |  |                                                                                         |  |  |                          |  |  |                         |      |  |                                                            |  |           |                                                              |  |  |                                                                                               |  |  |                                                                                                             |  |  |  |  |  |  |  |  |  | 
|Stephen M. Merkel |  |                                                                      |             |  |                                                                        |  |  |                                                                                         |  |  |                          |  |  |                         |      |  |                                                            |  |           |                                                              |  |  |                                                                                               |  |  |                                                                                                             |  |  |  |  |  |  |  |  |  | 
|Sean A. Windeatt  |  |                                                                      |             |  |                                                                        |  |  |                                                                                         |  |  |                          |  |  |                         |      |  |                                                            |  |           |                                                              |  |  |                                                                                               |  |  |                                                                                                             |  |  |  |  |  |  |  |  |  | 
|A. Graham Sadler  |  |                                                                      |             |  |                                                                        |  |  |                                                                                         |  |  |                          |  |  |                         |      |  |                                                            |  |           |                                                              |  |  |                                                                                               |  |  |                                                                                                             |  |  |  |  |  |  |  |  |  | 



|(1) | All options listed above are fully vested.
|--- | ------------------------------------------

|(2) | No exchangeable units were held by the named executive officers as of December 31, 2015. Does not include the following shares of restricted stock held at December 31, 2015 because such restricted stock is not
subject to a risk of forfeiture: Mr. Lynn, 167,654 and Mr. Sadler, 21,010. Non-exchangeable limited partnership units held as of December 31, 2015 (including NPSUs) were as follows: Mr. Lutnick, 6,035,011 units; Mr. Lynn, 2,270,069 units;
Mr. Merkel, 681,625 units, and Mr. Windeatt, 216,019 units.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Option Exercises and Stock Vested

During 2015, no options were exercised and no stock vested for the named executive officers.



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##### Table of Contents

Potential Payments upon Change in Control

The following table provides information regarding the estimated amounts payable to the named executive officers listed below, upon either
termination or continued employment if a change in control had occurred on December 31, 2015 under their change of control and other agreements, described below, in effect on December 31, 2015 (including NPSUs granted and Incentive Plan
bonuses paid for 2015) and using the closing market price of our Class A common stock as of December 31, 2015. All amounts are subject to the specific terms and conditions set forth in the applicable change of control or other agreements:



|                          |  |               |           |     |          |  |            |                                    |  |  |                               |  |  |                       |        |  |             |  |            |  |  |  |            | 
|------------------------- |  | ------------- | --------- | --- | -------- |  | ---------- | ---------------------------------- |  |  | ----------------------------- |  |  | --------------------- | ------ |  | ----------- |  | ---------- |  |  |  | ---------- | 
|Name                      |  | BaseSalary($) |           |     | Bonus($) |  |            | Vesting ofEquityCompensation($)(1) |  |  | WelfareBenefitContinuation($) |  |  | TaxGross-UpPayment($) |        |  | Total($)(1) | 
|Howard W. Lutnick         |  |               |           |     |          |  |            |                                    |  |  |                               |  |  |                       |        |  |             |  |            |  |  |  |            | 
|Termination of Employment |  |               | 2,000,000 |     |          |  | 23,500,000 |                                    |  |  |                               |  |  |                       | 51,755 |  |             |  | 14,943,772 |  |  |  | 40,995,527 | 
|Extension of Employment   |  |               | 1,000,000 |     |          |  | 11,750,000 |                                    |  |  |                              |  |  |                       |       |  |             |  | 6,199,986  |  |  |  | 18,949,986 | 
|Shaun D. Lynn             |  |               |           |     |          |  |            |                                    |  |  |                               |  |  |                       |        |  |             |  |            |  |  |  |            | 
|Termination of Employment |  |               | 2,000,000 |     |          |  | 14,500,000 |                                    |  |  |                              |  |  |                       | 6,335  |  |             |  |           |  |  |  | 16,506,335 | 
|Extension of Employment   |  |               | 1,000,000 |     |          |  | 7,250,000  |                                    |  |  |                              |  |  |                       |       |  |             |  |           |  |  |  | 8,250,000  | 
|Stephen M. Merkel         |  |               |           |     |          |  |            |                                    |  |  |                               |  |  |                       |        |  |             |  |            |  |  |  |            | 
|Termination of Employment |  |               | 2,000,000 |     |          |  | 3,500,000  |                                    |  |  |                              |  |  |                       | 51,755 |  |             |  | 2,791,706  |  |  |  | 8,343,461  | 
|Extension of Employment   |  |               | 1,000,000 |     |          |  | 1,750,000  |                                    |  |  |                              |  |  |                       |       |  |             |  | 907,733    |  |  |  | 3,657,733  | 
|Sean A. Windeatt          |  |               |           |     |          |  |            |                                    |  |  |                               |  |  |                       |        |  |             |  |            |  |  |  |            | 
|Termination of Employment |  |               | 1,179,520 |     |          |  | 2,405,840  |                                    |  |  |                              |  |  |                       | 6,335  |  |             |  |           |  |  |  | 3,591,695  | 
|Extension of Employment   |  |               | 577,500   | (2) |          |  | 1,202,920  |                                    |  |  |                              |  |  |                       |       |  |             |  |           |  |  |  | 1,780,420  | 



|(1) | Upon a change in control at December 31, 2015, Messrs. Lutnick, Lynn, and Merkel would have had the right to receive (i) the conversion of any unconverted NPSUs into PSUs/PPSUs or LPUs/PLPUs; (ii) grants
of immediately exchangeable exchange rights with respect to any non-exchangeable limited partnership units that would be eligible to be granted exchange rights held by them immediately prior to a change in control, and (iii) the immediate lapse
of any restrictions on transferability of any shares of restricted stock held by them at such time. Mr. Windeatt would have had the rights to receive (ii) and (iii) above. In each case, the units exclude any units subject to redemption for zero or
for cash in accordance with applicable agreements.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

At December 31, 2015, Messrs. Lutnick, Lynn, Merkel and Windeatt
held the following numbers of non-exchangeable limited partnership units (including NPSUs): Mr. Lutnick, 6,035,011 units; Mr. Lynn, 2,270,069 units, Mr. Merkel, 681,625 units, and Mr. Windeatt, 216,019 units. Based on the closing
price of the Class A common stock of $9.66 on December 31, 2015, the value of the shares underlying such grants of exchange rights would have been as follows: Mr. Lutnick, $58,296,206; Mr. Lynn, $21,928,867, Mr. Merkel,
$6,584,498 and Mr. Windeatt, $2,086,744.

At December 31, 2015, Messrs. Lynn and Sadler held the following numbers of shares of
restricted stock that were subject only to restrictions on transferability: Mr. Lynn, 167,654, and Mr. Sadler, 21,010.

Based on the closing
price of the Class A common stock of $9.66 on December 31, 2015, the value of the shares would have been as follows: Mr. Lynn, $1,619,537, and Mr. Sadler, $202,957.

|(2) | For 2015, Mr. Windeatts base salary was £400,000, and the $577,500 base salary reflected in the table was calculated using an exchange rate of 1.44375, the exchange rate in effect as of February 11, 2016.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

Change in Control Agreements

On August 3, 2011, each of Messrs. Lutnick and Merkel entered into an amended and restated Change in Control Agreement with us, which we
refer to as the Change in Control Agreements, providing that, upon a change in control, all stock options, RSUs, restricted stock, and other awards based on shares of Class A common stock held by them immediately prior to such
change in control shall vest in full and become immediately exercisable, and all limited partnership units in BGC Holdings shall, if applicable, vest in full and be granted immediately exchangeable exchange rights for shares of Class A common
stock. The amended and restated Change in Control Agreements also clarify the provisions relating to the continuation of medical and life insurance benefits for two years following termination or extension of employment, as applicable.

Under the Change in Control Agreements, if a change in control of the Company occurs (which will occur in the event that Cantor or one of its
affiliates ceases to have a controlling interest in us) and Mr. Lutnick or Mr. Merkel elects to terminate his employment with us, such executive officer will receive in a lump sum in cash an amount equal to two times his annual base salary
and the annual bonus paid or payable by us for the most recently completed year, including any bonus or portion thereof that has been deferred, and receive medical benefits for two years after the termination of his employment (provided that, if
Mr. Lutnick or Mr. Merkel becomes re-employed and is eligible to receive medical benefits under another employer-provided plan, the former medical benefits will be secondary to the latter). If a change in control occurs and
Mr. Lutnick or Mr. Merkel does not so elect to terminate his employment with us, such executive officer will receive in a lump sum in cash an amount equal to his annual base salary and the annual bonus paid or payable for the most recently
completed fiscal year, including any bonus or portion thereof that has been deferred, and receive medical benefits, provided that in the event that, during the three-year period following the change in control, such executive officers
employment is terminated by us (other than by reason of his death or disability), he will receive in a lump sum in cash an amount equal to his annual base salary and the annual bonus paid or payable for the most recently completed fiscal year,
including any bonus or portion thereof that has been deferred. The Change in Control Agreements further provide for certain tax gross-up payments, provide for no duty of Mr. Merkel or Mr. Lutnick to mitigate amounts due by seeking other
employment and provide for payment of legal fees and expenses as a result of any dispute with respect to the Agreements. The Change in Control Agreements further provide for indemnification of Mr. Lutnick and Mr. Merkel in connection with
a challenge thereof. In the event of death or disability, or termination in the absence of a change in control, such executive officer will be paid only his accrued salary to the date of death, disability, or termination. The Change in Control
Agreements are terminable by the Company upon two years advance notice on or after April 1, 2018.

As discussed above, NPSUs
were granted to Mr. Merkel in 2014 and 2016 and Mr. Lutnick in 2014, 2015 and 2016. Upon a change in control under the Change in Control Agreements, any unvested NPSUs shall vest in full into vested exchangeable PSUs/PPSUs. See
Compensation Discussion and Analysis  Equity Plan and Participation Plan Awards.

Employment Agreements and Deeds of Adherence

In December 2012, Messrs. Lynn, Windeatt and Sadler, our executive officers who are resident in the U.K., as well as many of our other
former employees in the U.K., became members of the U.K. Partnership. Messrs. Lynn, Windeatt and Sadler also continue to serve as our executive officers, though it is intended that the majority of their day-to-day activities will be performed as
members of the U.K. Partnership. As members of the U.K. Partnership, members render services to us as partners following their execution of Deeds of Adherence to the U.K. Partnership. Members receive Allocated Monthly Advance Drawings, which we
refer to as Drawings, which are comparable to the salary payments under prior employment agreements, and are eligible for discretionary allocations of the U.K. Partnerships profits. Any such Drawings or allocations, as well as any
equity or partnership grants, are subject to the direction and control of our Compensation Committee and, in the case of allocations and equity or partnership grants, are made under the Participation Plan, the Incentive Plan and the Equity Plan.
Upon termination of their employment contracts, members in the U.K. had their outstanding PSUs redeemed. In connection with their participation in the new U.K. Partnership, U.K. members are issued LPUs and PLPUs. The U.K. Partnership is
intended to improve the flexibility of our operating model in the U.K. and also to make certain benefits available to us and the relevant individuals from a U.K. employment, tax and regulatory perspective. We intend that LPUs and PLPUs, and
NPSUs convertible into LPUs/PLPUs, will be used for the benefit of the U.K. Partnership members in future periods. Our Compensation Committee continues to review the performance and determine the compensation of the U.K. executive officers under its
compensation philosophy and processes.

Mr. Lynn entered into an employment agreement with BGC Brokers L.P. on March 31, 2008,
as amended on March 26, 2010 and August 3, 2011, which we refer to as the Lynn Employment Agreement. The Lynn Employment Agreement had an initial six-year term and was subject to automatic extension for successive periods of
one year each on the same terms and conditions unless either BGC Brokers or Mr. Lynn provided notice of non-renewal.



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##### Table of Contents

Pursuant to the Lynn Employment Agreement, Mr. Lynn received a base salary of at least
$1,000,000 per year with a target bonus for each year during the term of the Agreement, including any discretionary and Incentive Plan bonuses, of 300% of base salary, and was eligible to receive awards under the Equity Plan. To the extent that he
was eligible to receive a bonus, the first $1,000,000 of such bonus would be paid in cash, with the remainder, if any, to be paid in cash or a contingent non-cash grant, as determined by the Compensation Committee, which could be in the form of PSUs
or other BGC Holdings partnership units with a value to be determined by reference to the closing price of our Class A common stock on the date of grant. The Agreement contained certain provisions to be triggered in the event of a change in
control of the Company consistent with the provisions described below and included in the Lynn Deed (defined below), as well as other terms and conditions which are generally consistent with the Lynn Deed as described below.

On December 31, 2012, Mr. Lynns employment with BGC Brokers terminated, and he executed a deed of adherence as a member of the
U.K. Partnership. Mr. Lynn continues to serve as President of BGC Partners and serve as an officer and director of various subsidiaries.

Effective as of January 7, 2013, Mr. Lynn executed an amended and restated deed of adherence to the U.K. Partnership, which we refer
to as the Lynn Deed. Under the Lynn Deed, Mr. Lynns membership in the U.K. Partnership is for a minimum initial period ending March 31, 2014 and is subject to extension for successive periods of one year each on the same
terms and conditions unless either the U.K. Partnership or Mr. Lynn provides notice of non-renewal. In March 2013, the Lynn Deed was amended to provide for termination on 12-months notice.

Pursuant to the Lynn Deed, Mr. Lynn is entitled to certain payments in amounts that are comparable to those that he was paid under the
Lynn Employment Agreement, including Drawings in the aggregate amount of $1,000,000 per year ($83,333 per month), which shall be reviewed by the Compensation Committee annually. Mr. Lynn is also eligible for additional allocations of the U.K.
Partnerships profits, subject to the approval of the Compensation Committee, comparable to his bonus award opportunities under the Lynn Employment Agreement. Any such additional allocation is subject to the satisfactory achievement by
Mr. Lynn of such performance goals as may be established by the Compensation Committee under the Incentive Plan or the Equity Plan in its discretion from time to time, and the target allocation for each annual financial period is 300% of his
aggregate Drawings for such period. To the extent that Mr. Lynn is eligible to receive a U.K. Partnership allocation, the first $1,000,000 of such allocation shall be paid in cash, with the remainder, if any, to be paid in cash or a contingent
non-cash grant, as determined by the Compensation Committee, which could be in the form of LPUs, PLPUs or other BGC Holdings partnership units or award types with a value to be determined by reference to the closing price of the Companys
Class A common stock on the date of grant. For 2013, Mr. Lynn waived the provision requiring that the first $1,000,000 of such allocation be paid in cash.

In the event of a change in control of the U.K. Partnership (which will occur if BGC Partners, Inc. is no longer controlled by Cantor or a
person or entity controlled by, controlling or under common control with Cantor), the individual or entity that acquires control would have the option to either extend the term of Mr. Lynns membership in the U.K. Partnership for a period
of three years from the date the change in control took effect (if the remaining term of the Lynn Deed at the time of the change in control is less than three years), or to terminate Mr. Lynns membership. If the membership period is
extended, Mr. Lynn will be entitled to receive an amount equal to his aggregate annual Drawings for the most recent full 12-month financial period in addition to any other allocation that Mr. Lynn would have been entitled to under the Lynn
Deed. In addition, in the event that Mr. Lynn remains a member in the U.K. Partnership on the second anniversary of the change in control (unless he is not engaged on such date solely as a result of termination by the continuing company under
circumstances that constitute a fundamental breach of contract by it) and has not materially breached the Lynn Deed, Mr. Lynn will receive an additional payment equal to the payment he received at the time of the change in control. If
Mr. Lynns membership is terminated, he is entitled to receive two times his aggregate allocation amount under the Lynn Deed for the most recent full financial period in full and final settlement of all claims. In each case, if applicable,
he will receive full vesting and immediate exchangeability of all options, RSUs, restricted stock, LPUs, PLPUs and any other BGC Holdings partnership units (unless otherwise provided in the applicable award agreement and including any such awards or
units issued to him in connection with or related to such change in control). He is also entitled to welfare benefit continuation for two years and a pro rata discretionary profits allocation for the year of termination. The Lynn Deed also contains
provisions with respect to suspension, consequences of removal, payments in the event of illness or disability and various restrictive covenants.



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As discussed above, NPSUs were granted to Mr. Lynn in 2015. Upon a change in control under
the Lynn Deed, any unvested NPSUs shall vest in full into vested exchangeable LPUs/PLPUs. See Compensation Discussion and Analysis  Equity Plan and Participation Plan Awards.

Mr. Windeatt had a standard employment agreement with BGC Brokers pursuant to which he was initially paid £200,000 per year.
His base salary was raised to £275,000 as of January 1, 2010, £325,000 as of January 1, 2011, £375,000 ($582,750 as of January 1, 2012) and £400,000 ($663,000 as of January 1, 2014) and remains at
£400,000 ($589,760 as of January 1, 2016). He was also eligible for discretionary and Incentive Plan bonuses and Equity Plan awards. In 2010, Mr. Windeatt also received a car allowance, a car insurance allowance, and an apartment
lease in an aggregate amount of £58,667, but such arrangements were terminated at the end of 2010.

On December 31, 2012,
Mr. Windeatts employment with BGC Brokers terminated, and he executed a deed of adherence as a member of the U.K. Partnership. Mr. Windeatt continues to serve as Chief Operating Officer of BGC Partners, Inc. and serve as an officer
of various subsidiaries. Effective January 22, 2014, Mr. Windeatt executed an amended and restated deed of adherence to the U.K. Partnership, which we refer to as the Windeatt Deed. Under the Windeatt Deed,
Mr. Windeatts membership in the U.K. Partnership is terminable on three-months notice to a minimum period of up to and including December 31, 2018 (the Initial Period). Thereafter, the term will extend automatically
for successive one-year periods (the Renewal Period), in which case Mr. Windeatts membership would terminate upon the expiration of the Initial Period or any Renewal Period.

Pursuant to the Windeatt Deed, Mr. Windeatt is entitled to certain payments in amounts that are comparable to those that he was paid
under his prior deed of adherence, including Drawings in the aggregate amount of £400,000 per year (£33,333 per month), which shall be reviewed by the Compensation Committee annually and remains at £400,000 ($589,760 as
of January 1, 2016). Mr. Windeatt is also eligible for additional allocations of the U.K. Partnerships profits, subject to the approval of the Compensation Committee. Any such allocation is subject to the satisfactory achievement by
Mr. Windeatt of such performance goals as may be established by the Compensation Committee under the Incentive Plan or the Equity Plan in its discretion from time to time.

The Windeatt Deed extends the period that Mr. Windeatt may (i) not compete with the U.K. Partnership or its affiliates or solicit
clients or counterparties of the U.K. Partnership or any affiliate from six months to a period of 18 months after his termination, and (ii) not solicit members or employees of the U.K. Partnership or any affiliate to leave their employment of
or to discontinue the supply of his or her services to the U.K. Partnership or any affiliate from a period of 12 months to a period of 48 months after his termination.

In the event of a change of control of the U.K. Partnership (which will occur if the Company is no longer controlled by Cantor or a person or
entity controlled by, controlling or under common control with Cantor), the individual or entity that acquires control would have the option to either extend the term of Mr. Windeatts membership in the U.K. Partnership for a period of
three years from the date the change of control took effect (if the remaining term of the Windeatt Deed at the time of the change of control is less than three years), or to terminate Mr. Windeatts membership. If the membership period is
extended, Mr. Windeatt will be entitled to receive an amount equal to his aggregate profit allocation for the most recent full 12-month financial period (£400,000 in salary and any bonus paid) in addition to any other allocation that
Mr. Windeatt would have been entitled to under the Windeatt Deed. In addition, in the event that Mr. Windeatt remains a member in the U.K. Partnership on the second anniversary of the change of control (unless he is not engaged on such
date solely as a result of termination by the continuing company under circumstances that constitute a fundamental breach of contract by it) and has not materially breached the Windeatt Deed, Mr. Windeatt will receive an additional payment
equal to the payment he received at the time of the change of control. If Mr. Windeatts membership is terminated, he is entitled to receive two times his aggregate profit allocation under the Windeatt Deed for the most recent full
financial period in full and final settlement of all claims.

In each case, Mr. Windeatt will receive full vesting and immediate
exchangeability of all options, RSUs, restricted stock, LPUs, PLPUs and any other BGC Holdings partnership units held by Mr. Windeatt at the time of the change of control (but excluding certain units that were are granted solely for the purpose
of participation in BGC Holdings quarterly distributions and will be redeemed for zero) into either shares of Company Class A common stock or cash to the extent that any partnership units, such as PLPUs, cannot be exchanged into shares.
Mr. Windeatt is also entitled to a continuation of benefits (e.g., health insurance) for two years and apro rata discretionary profit allocation for the year of termination.



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In further consideration of his execution of the Windeatt Deed, Mr. Windeatt was permitted
to immediately sell 30% of his restricted Class A common stock (an aggregate of 85,347 shares), which shares were repurchased by the Company on February 5, 2014.

Mr. Sadler entered into a standard U.K. employment agreement, which we refer to as the Sadler Employment Agreement, with
Tower Bridge International Services L.P., the service company controlled by us, effective December 2008. The Sadler Employment Agreement had no term and was terminable by either party on three-months notice. Pursuant to the Sadler Employment
Agreement, Mr. Sadler initially received a base salary of at least £200,000 per year, and was eligible for discretionary and Incentive Plan bonuses and Equity Plan awards. His base salary was raised to £275,000 as of
January 1, 2010, £300,000 ($466,200 as of January 1, 2012), and £325,000 ($538,688 as of January 1, 2014).

On
December 31, 2012, Mr. Sadlers employment with Tower Bridge terminated, and he executed a deed of adherence as a member of the U.K. Partnership, which we refer to as the Sadler Deed. At such time, Mr. Sadler
continued to serve as Chief Financial Officer of BGC Partners, Inc. and as an officer of various subsidiaries.

Under the Sadler Deed,
Mr. Sadlers membership in the U.K. Partnership is terminable on three-months notice. Pursuant to the Sadler Deed, Mr. Sadler is entitled to certain payments in amounts that are comparable to those that he was paid under the
Sadler Employment Agreement, including Drawings in the aggregate amount of £325,000 per year ($479,180 as of January 1, 2016), which shall be reviewed by the Compensation Committee annually. Mr. Sadler is also eligible for
allocations of the U.K. Partnerships profits, subject to the approval of the Compensation Committee. Any such allocation is subject to the satisfactory achievement by Mr. Sadler of such performance goals as may be established by the
Compensation Committee under the Incentive Plan or the Equity Plan in its discretion from time to time.

On April 4, 2016, Mr. Sadler
retired from his position as our Chief Financial Officer as of April 4, 2016.

On April 4, 2016, Mr. McMurray commenced his employment with
the Company as our Chief Financial Officer, and he executed a deed of adherence as a member of our U.K. Partnership, which we refer to as the McMurray Deed. Under the McMurray Deed, Mr. McMurrays membership in the U.K. Partnership
is terminable on six-months notice. Pursuant to the McMurray Deed, he is entitled to receive a base draw of £325,000 ($464,444 as of April 4, 2016). He is also entitled to an upfront payment of up to £100,000 ($142,905 as of April
4, 2016) in cash, which is subject to repayment under certain circumstances. Mr. McMurray will also be entitled to receive a bonus allocation of the U.K. Partnerships profits payable in April 2017, absent his earlier termination for cause or
resignation, in the amount of £425,000 ($607,346 as of April 4, 2016), which will be payable in the form of cash, non-cash (e.g., partnership units) or a combination thereof. Mr. McMurray will be eligible for a discretionary profit allocation,
subject to the satisfactory achievement by Mr. McMurray of such performance goals as may be established by the Companys Compensation Committee. Pursuant to the McMurray Deed, Mr. McMurray may (i) not compete with the U.K. Partnership or any
affiliates or solicit clients or counterparties of the U.K. Partnership or any affiliate for 12 months after his termination, and (ii) not solicit members or employees of the U.K. Partnership or any affiliate to leave their employment with, or to
discontinue the supply of their services to, the U.K. Partnership or any affiliate for 24 months after his termination.

On April 27,
2016, Mr. McMurray entered into an agreement with the Company providing for four future awards of partnership units in BGC Holdings, having an aggregate notional value of £500,000 ($758,800 on April 27, 2016). Units having a notional
value of £83,333 ($126,541 on April 27, 2016) will be granted on each of January 1, 2017, 2018 and 2019, and units having a notional value of £250,000 ($379,625 on April 27, 2016) will be granted on January 1, 2020, in each case in
accordance with customary grant documentation, subject to applicable termination and other provisions of the U.K. Partnership Agreement, and adjustments set forth in the applicable agreement. All such units will be immediately exchangeable into the
Companys Class A common stock on the date of grant and cash may be paid by the Company in lieu of the grant of such units. The number of units granted will be determined based on the closing price of the Companys Class A common stock on
the trading day prior to each of the foregoing grant dates.

Compensation of Directors

Directors who are also our employees do not receive additional compensation for serving as director. Effective in 2015, the compensation
schedule for our non-employee directors was as follows: the annual cash retainer was increased to $50,000 from $35,000, the annual stipend for the chair of our Compensation Committee was $10,000, and the annual stipend for the chair of our Audit
Committee was $20,000. We also paid $2,000 for each meeting of our Board of Directors and $1,000 for each meeting of a committee of our Board actually attended, whether in person or by telephone.



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Effective as of the date of our 2016 Annual Meeting, the annual cash retainer will be increased to $100,000 from $50,000, the annual stipend for the chair of our Compensation Committee will be
increased to $15,000 from $10,000, and the annual stipend for the chair of our Audit Committee will be increased to $25,000 from $20,000. Under our policy, none of our non-employee directors is paid more than $3,000 in the aggregate for attendance
at meetings held on the same date. Non-employee directors may also receive additional per diem fees for services as a director at the rate of $1,000 per day, with a limit of $5,000 per matter, for additional time spent on Board or Committee matters
as directed from time to time by the Board, including interviewing candidates and participating in the Companys diversity recruiting program initiatives. Non-employee directors also are reimbursed for all out-of-pocket expenses incurred in
attending meetings of our Board or committees of our Board on which they serve.

In addition to the cash compensation described above,
under our current policy, upon the appointment or initial election of a non-employee director, we grant to each non-employee director RSUs equal to the value of shares of our Class A common stock that could be purchased for $70,000 at the
closing price of our Class A common stock on the trading date of the appointment or initial election of the non-employee director (rounded down to the next whole share). These RSUs vest equally on each of the first two anniversaries of the
grant date, provided that the non-employee director is a member of our Board of Directors at the opening of business on such dates.

Thereafter, we annually grant to each non-employee director RSUs equal to the value of shares of our Class A common stock that could be
purchased for $50,000 on the date of his or her re-election in consideration for services provided. These RSUs vest equally on each of the first two anniversaries of the grant date, provided that the non-employee director is a member of our Board of
Directors at the opening of business on such dates.

The table below summarizes the compensation paid to our non-employee directors for
the year ended December 31, 2015:



|                   |  |                                |         |     |                      |  |        |                       |  |  |                                            |  |  |                                                                        |   |  |                             |  |   |             |  |  |   |  |  |  |         |    
|------------------ |  | ------------------------------ | ------- | --- | -------------------- |  | ------ | --------------------- |  |  | ------------------------------------------ |  |  | ---------------------------------------------------------------------- | - |  | --------------------------- |  | - | ----------- |  |  | - |  |  |  | ------- | ---
|(a)
Name (1)       |  | (b)FeesEarnedor Paidin Cash($) |         |     | (c)StockAwards($)(2) |  |        | (d)OptionAwards($)(3) |  |  | (e)Non-EquityIncentive PlanCompensation($) |  |  | (f)Change
inPensionValueandNonqualifiedDeferredCompensationEarnings($) |   |  | (g)All OtherCompensation($) |  |   | (h)Total($) | 
|John H. Dalton     |  |                                | 104,000 |     |                      |  | 50,000 |                       |  |  |                                           |  |  |                                                                        |  |  |                             |  |  |             |  |  |  |  |  |  | 154,000 |    
|Director           |  |                                |         |     |                      |  |        |                       |  |  |                                            |  |  |                                                                        |   |  |                             |  |   |             |  |  |   |  |  |  |         |    
|Stephen T. Curwood |  |                                | 130,500 | (4) |                      |  | 50,000 |                       |  |  |                                           |  |  |                                                                        |  |  |                             |  |  |             |  |  |  |  |  |  | 180,500 | (4)
|Director           |  |                                |         |     |                      |  |        |                       |  |  |                                            |  |  |                                                                        |   |  |                             |  |   |             |  |  |   |  |  |  |         |    
|William J. Moran   |  |                                | 125,750 |     |                      |  | 50,000 |                       |  |  |                                           |  |  |                                                                        |  |  |                             |  |  |             |  |  |  |  |  |  | 175,750 |    
|Director           |  |                                |         |     |                      |  |        |                       |  |  |                                            |  |  |                                                                        |   |  |                             |  |   |             |  |  |   |  |  |  |         |    
|Linda A. Bell      |  |                                | 106,000 |     |                      |  | 50,000 |                       |  |  |                                           |  |  |                                                                        |  |  |                             |  |  |             |  |  |  |  |  |  | 156,000 |    
|Director           |  |                                |         |     |                      |  |        |                       |  |  |                                            |  |  |                                                                        |   |  |                             |  |   |             |  |  |   |  |  |  |         |    
|Albert M. Weis     |  |                                | 89,500  |     |                      |  | 50,000 |                       |  |  |                                           |  |  |                                                                        |  |  |                             |  |  |             |  |  |  |  |  |  | 139,000 |    
|Former Director(5) |  |                                |         |     |                      |  |        |                       |  |  |                                            |  |  |                                                                        |   |  |                             |  |   |             |  |  |   |  |  |  |         |    



|(1) | Howard Lutnick, our Chairman of the Board and Chief Executive Officer, is not included in this table as he is an employee of our Company and thus received no compensation for his services as director. The compensation
received by Mr. Lutnick as an employee of our Company is shown in the Summary Compensation Table.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|(2) | Reflects the grant date fair value of RSUs granted on June 2, 2015 to each of Messrs. Dalton, Curwood, and Moran, Dr. Bell and Mr. Weis. More information with respect to the calculation of these amounts is
included in the footnotes to our consolidated financial statements included in Item 8 of our Annual Report on Form 10-K. In 2015, each of Messrs. Dalton, Curwood, and Moran, Dr. Bell and Mr. Weis was granted 5,476 RSUs. As of
December 31, 2015, Mr. Dalton had 41,223 RSUs outstanding; Mr. Curwood had 20,016 RSUs outstanding; Mr. Moran had 25,030 RSUs outstanding; Dr. Bell had 23,819 RSUs outstanding; and Mr. Weis had 41,223 RSUs outstanding.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | No options were granted to non-employee directors in 2015. As of December 31, 2015, each non-employee director had the following number of options outstanding: Mr. Dalton, 14,619; Mr. Curwood, 0;
Mr. Moran, 0; Dr. Bell, 0; and Mr. Weis, 0.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Includes a per diem fee of $2,000 received in 2015.
|--- | ---------------------------------------------------

|(5) | Mr. Weis resigned from his position as a member of the Board of Directors on November 5, 2015.
|--- | ----------------------------------------------------------------------------------------------

Compensation Committee Interlocks and Insider Participation

During 2015, the Compensation Committee of our Board of Directors consisted of Dr. Bell and Messrs. Curwood, Dalton and Moran. All of the
members who served on our Compensation Committee during 2015 were independent directors. No member of the Compensation Committee had any relationship with the Company during 2015 pursuant to which disclosure would be required under applicable SEC
rules. During 2015, none of our executive officers served as a member of the board of directors or the compensation committee, or similar body, of a corporation where any of its executive officers served on our Compensation Committee or on our Board
of Directors.



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|ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|-------- | ----------------------------------------------------------------------------------------------

The following table sets forth certain information, as of March 31, 2016 with respect to the beneficial ownership of our Common Equity by:
(i) each stockholder, or group of affiliated stockholders, that we know owns more than 5% of any class of our outstanding capital stock, (ii) each of the named executive officers, (iii) each director and (iv) the executive
officers and directors as a group. Unless otherwise indicated in the footnotes, the principal address of each of the stockholders, executive officers and directors identified below is located at 499 Park Avenue, New York, NY 10022. Shares of our
Class B common stock are convertible into shares of our Class A common stock at any time in the discretion of the holder on a one-for-one basis. Accordingly, a holder of Class B common stock is deemed to be the beneficial owner of an equal
number of shares of our Class A common stock for purposes of this table.

As of March 31, 2016, Cantor is obligated to distribute an
aggregate of 15,854,009 shares of our Class A consisting of (i) 14,064,735 shares to certain partners of Cantor to satisfy certain of Cantors deferred stock distribution obligations provided to such partners on April 1, 2008
(the April 2008 distribution rights shares), and (ii) 1,789,274 shares to certain partners of Cantor to satisfy certain of Cantors deferred stock distribution obligations provided to such partners on February 14, 2012 in
connection with Cantors payment of previous quarterly partnership distributions (the February 2012 distribution rights shares and, together with the April 2008 distribution rights shares, the distribution rights
shares), all of which can be distributed within 60 days of March 31, 2016. Certain partners elected to receive their shares and others elected to defer receipt of their shares until a future date. As a result, certain of these distribution
rights shares are included both in the number of shares beneficially owned directly by Cantor, and indirectly by CF Group Management, Inc. (CFGM) and Mr. Lutnick as a result of their control of Cantor, and in the number of shares
beneficially owned directly by CFGM, Mr. Lutnick and the other recipients of distribution rights shares, resulting in substantial duplications in the number of shares set forth in the table below. Once Cantor delivers these 15,854,009
distribution rights shares, these shares will no longer be reflected as beneficially owned directly by Cantor and indirectly by CFGM and Mr. Lutnick as a result of their control of Cantor. Instead, beneficial ownership of the shares will only
be reported by CFGM and Mr. Lutnick as a result of their direct holdings of the shares, and Mr. Lutnicks indirect holdings as a result of his control of KBCR Management Partners, LLC (KBCR) and LFA LLC (LFA),
and by the other recipients of the distribution rights shares.



|                                                             |  |                     |            |      |                     |  |   |  |       |        |  |  |             |      |  |  |   |  |  |  |      |     
|------------------------------------------------------------ |  | ------------------- | ---------- | ---- | ------------------- |  | - |  | ----- | ------ |  |  | ----------- | ---- |  |  | - |  |  |  | ---- | ----
|Name                                                         |  | Class BCommon Stock |            |      | Class ACommon Stock | 
|                                                             |  | Shares              |            |      |                     |  | % |  |       | Shares |  |  |             |      |  |  | % | 
|5% Beneficial Owners(1):                                     |  |                     |            |      |                     |  |   |  |       |        |  |  |             |      |  |  |   |  |  |  |      |     
|Cantor Fitzgerald, L.P.(2)                                   |  |                     | 69,449,055 | (3)  |                     |  |   |  | 99.9  | (4)    |  |  | 101,872,530 | (5)  |  |  |   |  |  |  | 31.6 | (6) 
|CF Group Management, Inc.                                    |  |                     | 69,497,800 | (7)  |                     |  |   |  | 100.0 | (4)    |  |  | 104,636,402 | (8)  |  |  |   |  |  |  | 32.3 | (9) 
|The Vanguard Group(1)                                        |  |                     |           |      |                     |  |   |  |      |        |  |  | 12,847,984  |      |  |  |   |  |  |  | 5.3  |     
|Executive Officers and Directors(1):                         |  |                     |            |      |                     |  |   |  |       |        |  |  |             |      |  |  |   |  |  |  |      |     
|Executive Officers                                           |  |                     |            |      |                     |  |   |  |       |        |  |  |             |      |  |  |   |  |  |  |      |     
|Howard W. Lutnick                                            |  |                     | 69,497,800 | (10) |                     |  |   |  | 100.0 | (4)    |  |  | 127,559,089 | (11) |  |  |   |  |  |  | 37.5 | (12)
|Shaun D. Lynn                                                |  |                     |           |      |                     |  |   |  |      |        |  |  | 173,022     | (13) |  |  |   |  |  |  | *    |     
|Stephen M. Merkel                                            |  |                     |           |      |                     |  |   |  |      |        |  |  | 80,614      | (14) |  |  |   |  |  |  | *    |     
|Sean A. Windeatt                                             |  |                     |           |      |                     |  |   |  |      |        |  |  |            |      |  |  |   |  |  |  | *    |     
|A. Graham Sadler**                                           |  |                     |           |      |                     |  |   |  |      |        |  |  | 21,010      | (15) |  |  |   |  |  |  | *    |     
|Steven R. McMurray**                                         |  |                     |           |      |                     |  |   |  |      |        |  |  |            |      |  |  |   |  |  |  | *    |     
|Directors                                                    |  |                     |            |      |                     |  |   |  |       |        |  |  |             |      |  |  |   |  |  |  |      |     
|John H. Dalton                                               |  |                     |           |      |                     |  |   |  |      |        |  |  | 128,743     | (16) |  |  |   |  |  |  | *    |     
|Stephen T. Curwood                                           |  |                     |           |      |                     |  |   |  |      |        |  |  | 7,168       | (17) |  |  |   |  |  |  | *    |     
|William J. Moran                                             |  |                     |           |      |                     |  |   |  |      |        |  |  | 30,983      | (18) |  |  |   |  |  |  | *    |     
|Linda A. Bell                                                |  |                     |           |      |                     |  |   |  |      |        |  |  | 14,771      | (19) |  |  |   |  |  |  | *    |     
|All executive officers and directors as a group (10 persons) |  |                     | 69,497,800 |      |                     |  |   |  | 100.0 |        |  |  | 128,015,400 |      |  |  |   |  |  |  | 37.6 | (20)



|* | Less than 1% and percentages are based on 236,749,861 shares of our Class A common stock outstanding as of March 31, 2016.
|- | --------------------------------------------------------------------------------------------------------------------------

|** | On April 4, 2016, Mr. Sadler resigned as Chief Financial Officer, and Mr. McMurray became Chief Financial Officer.
|-- | ------------------------------------------------------------------------------------------------------------------



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|(1) | Based upon information supplied by directors, executive officers and 5% beneficial owners in filings under Sections 13(d) and 16(a) of the Securities Exchange Act of 1934, as amended.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Cantor has agreed to pledge to us, pursuant to a Pledge Agreement, dated as of July 26, 2007, such number of shares of our Class A common stock and our Class B common stock as equals 125% of the principal
amount of the loans outstanding on any given date, as security for loans we agreed to make to Cantor from time to time. In September 2008, we were authorized to increase the amount available under the secured loan and Pledge Agreement with Cantor
from up to $100.0 million to all excess cash other than that amount needed for regulatory purposes, and to also accept, as security, pledges of any securities in addition to pledges of Class A common stock and Class B common stock provided for
under the original secured loan and Pledge Agreement. As of March 31, 2016, there was no loan amount outstanding, and there were no shares of Class A common stock or Class B common stock pledged under the Pledge Agreement.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Consists of (i) 34,799,362 shares of our Class B common stock held directly and (ii) 34,649,693 shares of our Class B common stock acquirable upon exchange of BGC Holdings exchangeable limited partnership
interests. These exchangeable limited partnership interests held by Cantor are exchangeable with us at any time for shares of our Class B common stock (or, at Cantors option, or if there are no additional authorized but unissued shares of our
Class B common stock, our Class A common stock) on a one-for-one basis (subject to customary anti-dilution adjustments).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Percentage based on (i) 34,848,107 shares of our Class B common stock outstanding and (ii) 34,649,693 shares of our Class B common stock acquirable upon exchange of BGC Holdings exchangeable limited
partnership interests held by Cantor.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Consists of (i) 16,514,754 shares of our Class A common stock held by Cantor, (ii) 34,799,362 shares of our Class A common stock acquirable upon conversion of 34,799,362 shares of our Class B common
stock, and (iii) 50,558,414 shares of our Class A common stock acquirable upon exchange of 50,558,414 BGC Holdings exchangeable limited partnership interests. These amounts include an aggregate of 15,854,009 distribution rights shares
consisting of (A) 14,064,735 April 2008 distribution rights shares and (B) 1,789,274 February 2012 distribution rights shares, which may generally be issued to certain Cantor partners upon request, or are scheduled to be distributed
within 60 days of March 31, 2016.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(6) | Percentage based on (i) 236,749,861 shares of our Class A common stock outstanding, (ii) 34,848,107 shares of our Class A common stock acquirable upon conversion of 34,848,107 shares of our Class B
common stock, and (iii) 50,558,414 shares of our Class A common stock acquirable upon exchange of 50,558,414 BGC Holdings exchangeable limited partnership interests.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(7) | Consists of (i) 48,745 shares of our Class B common stock held by CFGM, (ii) 34,799,362 shares of our Class B common stock held by Cantor, and (iii) 34,649,693 shares of our Class B common stock
acquirable upon exchange by Cantor of BGC Holdings exchangeable limited partnership interests. CFGM is the managing general partner of Cantor.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(8) | Consists of (i) 504,255 shares of our Class A common stock held by CFGM, (ii) 48,745 shares of our Class A common stock acquirable upon conversion of 48,745 shares of our Class B common stock held by
CFGM, (iii) 2,050,197 April 2008 distribution rights shares held by CFGM, receipt of which has been deferred, (iv) 160,675 February 2012 distribution rights shares, receipt of which has been deferred, (v) 16,514,754 shares
of our Class A common stock held by Cantor, (vi) 34,799,362 shares of our Class A common stock acquirable upon conversion of 34,799,362 shares of our Class B common stock held by Cantor, and (vii) 50,558,414 shares of our
Class A common stock acquirable upon exchange of 50,558,414 BGC Holdings exchangeable limited partnership interests. These amounts include an aggregate of 15,854,009 distribution rights shares consisting of (A) 14,064,735 April 2008
distribution rights shares and (B) 1,789,274 February 2012 distribution rights shares, which may generally be issued to such partners upon request, or are scheduled to be distributed within 60 days of March 31, 2016.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(9) | Percentage based on (i) 236,749,861 shares of our Class A common stock outstanding, (ii) 34,848,107 shares of our Class A common stock acquirable upon conversion of 34,848,107 shares of our Class B
common stock, (iii) 50,558,414 shares of our Class A common stock acquirable upon exchange of 50,558,414 BGC Holdings exchangeable limited partnership interests, (iv) 2,050,197 April 2008 distribution rights shares held by CFGM,
receipt of which has been deferred, and (v) 160,675 February 2012 distribution rights shares held by CFGM, receipt of which has been deferred.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(10) | Consists of (i) 48,745 shares of our Class B common stock held by CFGM, (ii) 34,799,362 shares of our Class B common stock held by Cantor, and (iii) 34,649,693 shares of our Class B common stock
acquirable upon exchange by Cantor of BGC Holdings exchangeable limited partnership interests. Mr. Lutnick is the President and sole stockholder of CFGM. CFGM is the managing general partner of Cantor.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(11) | Mr. Lutnicks holdings consist of:
|---- | ----------------------------------

| | (i) | 1,800,000 shares of our Class A common stock subject to options currently outstanding and exercisable;
| | --- | ------------------------------------------------------------------------------------------------------

| | (ii) | 1,185,535 shares of our restricted Class A common stock held directly;
| | ---- | ----------------------------------------------------------------------

| | (iii) | 410,052 shares of our Class A common stock held in Mr. Lutnicks 401(k) account (as of March 31, 2016);
| | ----- | -------------------------------------------------------------------------------------------------------

| | (iv) | 5,540,664 shares of our Class A common stock held in various trust, retirement and custodial accounts ((A) 4,472,086 shares held in Mr. Lutnicks personal asset trust, of which he is the sole trustee,
(B) 262,315 shares held by a trust for the benefit of descendants of Mr. Lutnick and his immediate family (the Trust), of which Mr. Lutnicks wife is one of two trustees and Mr. Lutnick has limited powers to
remove and replace such trustees, (C) 156,540 shares held in a Keogh retirement account for Mr. Lutnick, (D) 603,683 shares held by trust accounts for the benefit of Mr. Lutnick and members of his immediate family,
(E) 31,486 shares held in other retirement accounts, and (F) 14,554 shares held in custodial accounts for the benefit of certain members of Mr. Lutnicks family under the Uniform Gifts to Minors Act;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

| | (v) | 504,255 shares of our Class A common stock held by CFGM;
| | --- | --------------------------------------------------------

| | (vi) | 48,745 shares of our Class A common stock acquirable upon conversion of 48,745 shares of our Class B common stock held by CFGM;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------

| | (vii) | 16,514,754 shares of our Class A common stock held by Cantor;
| | ----- | -------------------------------------------------------------

| | (viii) | 34,799,362 shares of our Class A common stock acquirable upon conversion of 34,799,362 shares of our Class B common stock held by Cantor;
| | ------ | -----------------------------------------------------------------------------------------------------------------------------------------

| | (ix) | 50,558,414 shares of our Class A common stock acquirable upon exchange of 50,558,414 BGC Holdings exchangeable limited partnership interests;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------

| | (x) | 7,742,325 April 2008 distribution rights shares acquirable by Mr. Lutnick, receipt of which has been deferred;
| | --- | --------------------------------------------------------------------------------------------------------------

| | (xi) | 1,231,396 February 2012 distribution rights shares acquirable by Mr. Lutnick, receipt of which has been deferred;
| | ---- | -----------------------------------------------------------------------------------------------------------------

| | (xii) | 2,050,197 April 2008 distribution rights shares acquirable by CFGM, receipt of which has been deferred;
| | ----- | -------------------------------------------------------------------------------------------------------

| | (xiii) | 160,675 February 2012 distribution rights shares acquirable by CFGM, receipt of which has been deferred;
| | ------ | --------------------------------------------------------------------------------------------------------

| | (xiv) | 1,610,182 April 2008 distribution rights shares acquirable by the Trust, receipt of which has been deferred;
| | ----- | ------------------------------------------------------------------------------------------------------------

| | (xv) | 2,048,000 April 2008 distribution rights shares acquirable by KBCR, by virtue of Mr. Lutnick being the managing member of KBCR, which is a non-managing General Partner of Cantor, receipt of which has been
deferred;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (xvi) | 287,967 February 2012 distribution rights shares acquirable by KBCR, receipt of which has been deferred;
| | ----- | --------------------------------------------------------------------------------------------------------

| | (xvii) | 161,842 April 2008 distribution rights shares acquirable by LFA, receipt of which has been deferred;
| | ------ | ----------------------------------------------------------------------------------------------------

| | (xviii) | 16,193 February 2012 distribution rights shares acquirable by LFA, receipt of which has been deferred;
| | ------- | ------------------------------------------------------------------------------------------------------

| | (xix) | 206,902 shares acquired by KBCR for Cantors Q3/Q4 2015 Distribution;
| | ----- | ---------------------------------------------------------------------

| | (xx) | 16,551 shares acquired by LFA for Cantors Q3/Q4 2015 Distribution; and
| | ---- | -----------------------------------------------------------------------

| | (xxi) | 665,078 shares of Class A common stock acquirable upon exchange of 665,078 BGC Holdings exchangeable limited partnership units.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------

Mr. Lutnick is the President and sole stockholder of CFGM and CFGM is the managing general partner of Cantor. These amounts include an aggregate of 15,854,009
distribution rights shares consisting of (A) 14,064,735 April 2008 distribution rights shares and (B) 1,789,274 February 2012 distribution rights shares, which may generally be issued to such partners upon request.

|(12) | Percentage based on (i) 236,749,861 shares of our Class A common stock outstanding, (ii) 34,848,107 shares of our Class A common stock acquirable upon conversion of 34,848,107 shares of our Class B common stock
outstanding, (iii) 50,558,414 shares of our Class A common stock acquirable upon exchange of 50,558,414 BGC Holdings exchangeable limited partnership interests, (iv) 1,800,000 shares of our Class A common stock subject to options currently
outstanding and exercisable, (v) 7,742,325 April 2008 distribution rights shares acquirable by Mr. Lutnick, receipt of which has been deferred, (vi) 1,231,396 February 2012 distribution rights shares acquirable by Mr. Lutnick, receipt of which has
been deferred; (vii) 2,050,197 April 2008 distribution rights shares acquirable by CFGM, receipt of which has been deferred; (viii) 160,675 February 2012 distribution rights shares acquirable by CFGM, receipt of which has been deferred; (ix)
1,610,182 April 2008 distribution rights shares acquirable by the Trust, receipt of which has been deferred; (x) 2,048,000 April 2008 distribution rights shares acquirable by KBCR, receipt of which has been deferred; (xi) 287,967 February 2012
distribution rights shares acquirable by KBCR, receipt of which has been deferred; (xii) 161,842 April 2008 distribution rights shares acquirable by LFA, receipt of which has been deferred; (xiii) 16,193 February 2012 distribution rights shares
acquirable by LFA, receipt of which has been deferred; and (xiv) 665,078 shares of Class A common stock acquirable upon exchange of 665,078 BGC Holdings exchangeable limited partnership units.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(13) | Mr. Lynns holdings consist of (i) 173,022 shares of our Class A common stock held directly, which includes 167,654 shares of our restricted Class A common stock.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(14) | Mr. Merkels holdings consist of (i) 16,862 shares of our Class A common stock held in Mr. Merkels 401(k) account (as of March 31, 2016), (ii) 61,502 shares of our restricted Class A common stock held
directly by Mr. Merkel, and (iii) 2,250 shares of our Class A common stock beneficially owned by Mr. Merkels spouse.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(15) | Mr. Sadlers holdings consist of 21,010 shares of our restricted Class A common stock held directly.
|---- | ----------------------------------------------------------------------------------------------------

|(16) | Mr. Daltons holdings consist of (i) 113,703 shares of our Class A common stock held directly, (ii) 421 shares held in a trust for the benefit of the Mr. Daltons children, and (iii) 14,619 shares of our Class
A common stock subject to options currently outstanding and exercisable.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(17) | Mr. Curwoods holdings consist of 7,168 shares of our Class A common stock held directly.
|---- | -----------------------------------------------------------------------------------------

|(18) | Mr. Morans holdings consist of 30,983 shares of our Class A common stock held directly.
|---- | ----------------------------------------------------------------------------------------

|(19) | Dr. Bells holdings consist of 14,771 shares of our Class A common stock held directly.
|---- | ---------------------------------------------------------------------------------------

|(20) | Percentage based on (i) 236,749,861 shares of our Class A common stock outstanding, (ii) 34,848,107 shares of our Class A common stock acquirable upon conversion of 34,848,107 shares of our Class B common stock
outstanding, (iii) 50,558,414 shares of our Class A common stock acquirable upon exchange of 50,558,414 BGC Holdings exchangeable limited partnership interests, (iv) 1,814,619 shares of our Class A common stock subject to options currently
outstanding and exercisable, (v) 665,078 shares of Class A common stock acquirable upon exchange of 665,078 BGC Holdings exchangeable limited partnership units, and (vi) 15,854,009 distribution rights shares, receipt of which has been deferred.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

Equity Compensation Plan Information as of December 31, 2015



|                                                           |  |                                                                                                                         |            |  |                                                                                 |   |      |                                                                                                                                                |  |  |             | 
|---------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------- | ---------- |  | ------------------------------------------------------------------------------- | - | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------- |  |  | ----------- | 
|                                                           |  | Number of securities
to be issued upon exercise
of outstanding restricted
stock units, options,
warrants and rights
(a) |            |  | Weighted-average
exercise price of
outstanding options,
warrants and rights
(b) |   |      | Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column
(a))(c) | 
|Equity Plan (approved by security holders)                 |  |                                                                                                                         | 10,206,821 |  |                                                                                 | $ | 9.16 |                                                                                                                                                |  |  | 179,991,034 | 
|Equity compensation plans not approved by security holders |  |                                                                                                                         |           |  |                                                                                 |   |     |                                                                                                                                                |  |  |            | 
|                                                           |  |                                                                                                                         |            |  |                                                                                 |   |      |                                                                                                                                                |  |  |             | 
|Total                                                      |  |                                                                                                                         | 10,206,821 |  |                                                                                 | $ | 9.16 |                                                                                                                                                |  |  | 179,991,034 | 



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##### Table of Contents

|ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|-------- | -------------------------------------------------------------------------

Independence of Directors

Our Board of Directors has determined that each of Dr. Bell and Messrs. Curwood, Dalton and Moran qualifies as an
independent director in accordance with the published listing requirements of The NASDAQ Stock Market (Nasdaq). The Nasdaq independence definition consists of a series of objective tests, one of which is that the director is
not an officer or employee of ours and has not engaged in various types of business dealings with us. In addition, as further required by Nasdaq rules, our Board has made a subjective determination with respect to each independent director that no
relationships exist which, in the opinion of our Board, would interfere with the exercise of independent judgment by each such director in carrying out the responsibilities of a director. In making these determinations, our Board has reviewed and
discussed information provided by the individual directors and us with regard to each directors business and personal activities as they may relate to us and our management, including participation on any boards of other organizations in which
other members of our Board are members.

Review, Approval and Ratification of Transactions with Related Persons

The general policy of our Company and our Audit Committee is that all material transactions with a related party, including transactions with
Cantor, the relationship between us and Cantor and agreements with related parties, as well as all material transactions in which there is an actual, or in some cases, perceived, conflict of interest, including repurchases of Class A common
stock or purchases of BGC Holdings limited partnership interests or other equity interests in our subsidiaries, including from Cantor or our executive officers (see Repurchases and Purchases), are subject to prior review and
approval by our Audit Committee, which will determine whether such transactions or proposals are fair and reasonable to our stockholders. In general, potential related party transactions are identified by our management and discussed with the Audit
Committee at Audit Committee meetings. Detailed proposals, including, where applicable, financial and legal analyses, alternatives and management recommendations, are provided to the Audit Committee with respect to each issue under consideration and
decisions are made by the Audit Committee with respect to the foregoing related-party transactions after opportunity for discussion and review of materials. When applicable, the Audit Committee requests further information and, from time to time,
requests guidance or confirmation from internal or external counsel or auditors. Our policies and procedures regarding related party transactions are set forth in our Audit Committee Charter and Code of Business Conduct and Ethics, both of which are
publicly available on our website atwww.bgcpartners.com/disclaimers/ under the heading Investor Info.

The 2008 Merger
and the Merger Agreement

The Merger

BGC Partners, Inc. was created as a result of the April 1, 2008 merger with eSpeed and the issuance of stock and limited partnership units
in that transaction and the entry into a separation agreement setting forth the rights, obligations and liabilities of the parties related to the transferred businesses (the Separation Agreement).

License

We entered into a license
agreement with Cantor on April 1, 2008 with respect to a non-exclusive, perpetual, irrevocable, worldwide, non-transferable and royalty-free license to all software, technology and intellectual property in connection with the operation of
Cantors business.

The license will not be transferable except to any purchaser of all or substantially all of the business or
assets of Cantor or its subsidiaries or to any purchaser of a business, division or subsidiary of Cantor or its subsidiaries pursuant to a bona fide acquisition of a line of business of Cantor or its subsidiaries (provided that (a) such
purchaser agrees not to use the software, technology and intellectual property provided under the license to create a fully electronic brokerage system that competes with eSpeeds fully electronic systems for U.S. Treasuries and foreign
exchange, (b) we are a third-party beneficiary of the transferees agreement in clause (a) above and (c) Cantor enforces its rights against the purchaser to the extent that it breaches its obligations under clause
(a) above). Cantor has granted to us a non-exclusive, perpetual, irrevocable, worldwide, non-transferable and royalty-free license to all intellectual property used in connection with our business operations. The license is not transferable
except to a purchaser of all or substantially all of our business or assets or business, division or subsidiaries pursuant to a bona fide acquisition of our line of business. Cantor also agreed that it will not use or grant any aspect of the license
to create a fully electronic brokerage system that competes with our fully electronic systems for U.S. Treasuries and foreign exchange.

See also the section entitled Nasdaq Transaction.



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##### Table of Contents

Corporate Governance Matters

Until six months after Cantor ceases to hold 5% of our voting power, transactions or arrangements between us and Cantor will be subject to
prior approval by a majority of the members of our Board of Directors who have been found to qualify as independent in accordance with the published listing requirements of Nasdaq. See Potential Conflicts of Interest and
Competition with Cantor.

During the same timeframe, we and Cantor also agreed not to employ or engage any officer or employee of
the other party without the other partys written consent. However, either party may employ or engage any person who responds to a general solicitation for employment. Cantor may also hire any of our employees who are not brokers and who devote
a substantial portion of their time to Cantor or Cantor-related matters or who manage or supervise any such employee, unless such hiring precludes us from maintaining and developing our intellectual property in a manner consistent with past
practice. Cantor provides an updated list of such persons to us promptly as necessary.

Continuing Interests in Cantor

The founding partners and other limited partners of Cantor, including Messrs. Lutnick, Lynn, Merkel and Windeatt, received distribution rights
in connection with the separation of the BGC businesses from Cantor prior to the merger (the separation). The distribution rights of founding partners, including Messrs. Lynn and Windeatt, entitled the holder to receive a fixed number of
shares of the BGC Partners Class A common stock, with one-third of such shares distributable on each of the first, second and third anniversaries of the merger. The distribution rights of the retained partners in Cantor who did not become
founding partners, including Messrs. Lutnick and Merkel, generally entitled the holder to receive a distribution of a fixed number of shares of BGC Partners common stock over a two or three year period following the merger, depending on the holding
period of units in respect of which the distribution rights were received.

Cantor offered to retained partners the opportunity to elect
to defer their receipt of such distribution rights shares and receive a distribution equivalent from Cantor rather than receiving an immediate distribution of such shares. Retained partners who elected to defer their right to receive such shares are
entitled to receive their shares upon written notice to Cantor. Such shares will be delivered to such partners on such subsequent dates after receipt of such notice as shall be determined by Cantor in its administrative discretion, and Cantor shall
have a right to defer such distributions for up to three months, although Cantor generally makes such distributions on a quarterly basis to such partners.

As of March 31, 2016, the aggregate number of remaining April 2008 distribution rights shares and February 2012 distribution rights
shares that Cantor is obligated to distribute to retained and founding partners is 14,064,735 shares and 1,789,274 shares, respectively, of our Class A common stock.

Commissions; Market Data; Clearing

Cantor has the right to be a customer of ours and to pay the lowest commission paid by any other of our customers or our affiliates, whether by
volume, dollar or other applicable measurement. However, this right will terminate upon the earlier of a change of control of Cantor and the last day of the calendar quarter during which Cantor represents one of our 15 largest customers in terms of
transaction volume. Cantor also has an unlimited right to internally use market data from BGCantor Market Data without cost, but Cantor does not have the right to furnish such data to any third party.

During the three-year period following the closing of the separation, Cantor provided us with services that we determined were reasonably
necessary in connection with the clearance, settlement and fulfillment of futures transactions by us. We received from Cantor all of the economic benefits and burdens associated with Cantors performance of such services. Although this
arrangement with Cantor is continuing, we are using our commercially reasonable efforts to reduce and eliminate our need for such services from Cantor.

See also the section entitled Nasdaq Transaction.



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##### Table of Contents

Reinvestments in the Opcos; Co-Investment Rights; Distributions to Holders of Our Common Stock

We are a holding company, and our businesses are operated through two operating partnerships, which we refer to as the Opcos: BGC
U.S., which holds our U.S. businesses, and BGC Global, which holds our non-U.S. businesses. In order to maintain our economic interest in the Opcos, any net proceeds received by us from any subsequent issuances of our common stock other than upon
exchange of BGC Holdings exchangeable limited partnership interests will be indirectly contributed to BGC U.S. and BGC Global in exchange for BGC U.S. limited partnership interests and BGC Global limited partnership interests consisting of a number
of BGC U.S. units and BGC Global units that will equal the number of shares of our common stock issued.

In addition, we may elect to
purchase from the Opcos an equal number of BGC U.S. units and BGC Global units through cash or non-cash consideration. In the future, from time to time, we also may use cash on hand and funds received from distributions from BGC U.S. and BGC Global
to purchase shares of common stock or BGC Holdings exchangeable limited partnership interests.

In the event that we acquire any
additional BGC U.S. limited partnership interests and BGC Global limited partnership interests from BGC U.S. or BGC Global, Cantor would have the right to cause BGC Holdings to acquire additional BGC U.S. limited partnership interests and BGC Global
limited partnership interests from BGC U.S. and BGC Global, respectively, up to the number of BGC U.S. units and BGC Global units that would preserve Cantors relative indirect economic percentage interest in BGC U.S. and BGC Global compared to
our interests immediately prior to the acquisition of such additional partnership units by us, and Cantor would acquire an equivalent number of additional BGC Holdings limited partnership interests to reflect such relative indirect interest. The
purchase price per BGC U.S. unit and BGC Global unit for any such BGC U.S. limited partnership interests and BGC Global limited partnership interests issued indirectly to Cantor pursuant to its co-investment rights will be equal to the price paid by
us per BGC U.S. unit and BGC Global unit. Any such BGC Holdings limited partnership interests issued to Cantor will be designated as exchangeable limited partnership interests.

Cantor will have 10 days after the related issuance of BGC U.S. limited partnership interests and BGC Global limited partnership interests to
elect such reinvestment and will have to close such election no later than 120 days following such election.

In addition, the
Participation Plan provides for issuances, in the discretion of our Compensation Committee or its designee, of BGC Holdings limited partnership interests to current or prospective working partners and executive officers of BGC Partners. Any net
proceeds received by BGC Holdings for such issuances generally will be contributed to BGC U.S. and BGC Global in exchange for BGC U.S. limited partnership interests and BGC Global limited partnership interests consisting of a number of BGC U.S.
units and BGC Global units equal to the number of BGC Holdings limited partnership interests being issued so that the cost of such compensation award, if any, is borne pro rata by all holders of the BGC U.S. units and BGC Global units, including by
us. Any BGC Holdings limited partnership interests acquired by the working partners, including any such interests acquired at preferential or historical prices that are less than the prevailing fair market value of our Class A common stock,
will be designated as BGC Holdings working partner interests and will generally receive distributions from BGC U.S. and BGC Global on an equal basis with all other limited partnership interests.

To the extent that any BGC U.S. units and BGC Global units are issued pursuant to the reinvestment and co-investment rights described above,
an equal number of BGC U.S. units and BGC Global units will be issued. It is the non-binding intention of us, BGC U.S., BGC Global and BGC Holdings that the aggregate number of BGC U.S. units held by the BGC Holdings group at a given time divided by
the aggregate number of BGC Holdings units issued and outstanding at such time is at all times equal to one, which ratio is referred to herein as the BGC Holdings ratio, and that the aggregate number of BGC U.S. units held by the BGC
Partners group at a given time divided by the aggregate number of shares of our common stock issued and outstanding as of such time is at all times equal to one, which ratio is referred to herein as the BGC Partners ratio. In furtherance
of such non-binding intention, in the event of any issuance of BGC U.S. limited partnership interests and BGC Global limited partnership interests to us pursuant to voluntary reinvestment, immediately following such an issuance, we will generally
declare a pro rata stock dividend to our stockholders, and in the event of any issuance of BGC U.S. limited partnership interests and BGC Global limited partnership interests to BGC Holdings pursuant to its co-investment rights, BGC Holdings will
generally issue a pro rata unit distribution to its partners.



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##### Table of Contents

Amended and Restated BGC Holdings Limited Partnership Agreement

On March 31, 2008, the limited partnership agreement of BGC Holdings was amended and restated and was further amended as of March 1,
2009, August 3, 2009, March 12, 2010, August 6, 2010, December 31, 2010, March 15, 2011, September 9, 2011, December 17, 2012, November 6, 2013, May 9, 2014 and November 4,
2015.

Management

BGC Holdings
is managed by its general partner. We hold the BGC Holdings general partnership interest and the BGC Holdings special voting limited partnership interest, which entitles us to control BGC Holdings and to remove and appoint the general partner of BGC
Holdings.

Under the BGC Holdings limited partnership agreement, we, as the BGC Holdings general partner, manage the business and affairs
of BGC Holdings. However, Cantors consent is required for amendments to the BGC Holdings limited partnership agreement, to decrease distributions to BGC Holdings limited partners to less than 100% of net income received by BGC Holdings (other
than with respect to selected extraordinary items as described above), to transfer any BGC U.S. or BGC Global partnership interests beneficially owned by BGC Holdings and to take any other actions that may adversely affect Cantors exercise of
its co-investment rights to acquire BGC Holdings limited partnership interests, its right to purchase BGC Holdings founding partner interests and its right to exchange the BGC Holdings exchangeable limited partnership interests. Cantors
consent is also required in connection with transfers of BGC Holdings limited partnership interests by other limited partners and the issuance of additional BGC Holdings limited partnership interests outside of the Participation Plan. As described
below under Exchanges, BGC Holdings founding partner interests are only exchangeable if Cantor so determines.

Any
working partner interests that are issued will not be exchangeable with us unless otherwise determined by us with the written consent of a BGC Holdings exchangeable limited partnership interest majority in interest, in accordance with the terms of
the BGC Holdings limited partnership agreement.

As described below under Exchanges, the employee-owned partnership
interests will only be exchangeable for our Class A common stock in accordance with the terms and conditions of the grant of such interests, which terms and conditions will be determined by the BGC Holdings general partner with the written
consent of the BGC Holdings exchangeable limited partnership interest majority in interest, in accordance with the terms of the BGC Holdings limited partnership agreement.

The BGC Holdings limited partnership agreement also provides that BGC Holdings, in its capacity as the general partner of each of BGC U.S. and
BGC Global, requires Cantors consent to amend the terms of the BGC U.S. or BGC Global limited partnership agreements or take any other action that may interfere with Cantors exercise of its co-investment rights to acquire BGC Holdings
limited partnership interests (and the corresponding investment in BGC U.S. and BGC Global by BGC Holdings) or its rights to exchange the BGC Holdings exchangeable limited partnership interests. Founding/working partners and limited partnership unit
holders do not have any voting rights with respect to their ownership of BGC Holdings limited partnership interests, other than limited consent rights concerning amendments to the terms of the BGC Holdings limited partnership agreement.



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##### Table of Contents

Classes of Interests in BGC Holdings

As of March 31, 2016, BGC Holdings had the following outstanding interests:



| |  |  | a general partnership interest, which is held indirectly by us;
| | - |  | ---------------------------------------------------------------



| |  |  | BGC Holdings exchangeable limited partnership interests, which are held by Cantor;
| | - |  | ----------------------------------------------------------------------------------



| |  |  | BGC Holdings founding partner interests, which are limited partnership interests held by founding partners;
| | - |  | -----------------------------------------------------------------------------------------------------------



| |  |  | BGC Holdings REU and AREU interests, which are limited partnership interests held by REU and AREU partners;
| | - |  | -----------------------------------------------------------------------------------------------------------



| |  |  | a special voting limited partnership interest, which is held by us and which entitles us to remove and appoint the general partner of BGC Holdings;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | BGC Holdings working partner interests held by working partners;
| | - |  | ----------------------------------------------------------------



| |  |  | BGC Holdings RPU and ARPU interests, which are types of working partner interests held by RPU and ARPU partners;
| | - |  | ----------------------------------------------------------------------------------------------------------------



| |  |  | BGC Holdings PSI, PSE, APSI, PSU, APSU, LPU and NPSU interests, which are types of working partner interests held by PSI, PSE, APSI, PSU, APSU, LPU and NPSU partners; and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Preferred Units (defined below), which are types of working partner interests that may be awarded to holders of other grants.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------

REU, AREU, RPU, ARPU, PSI, APSI, PSU, APSU, PSE, LPU, NPSU, NREU, NPREU, NLPU, NPLPU, NPPSU and Preferred Unit interests are collectively
referred to as limited partnership units.

In February 2009, BGC Holdings was authorized to create a separate class of working
partner units called RPUs in an amendment to the limited partnership agreement, which was further amended in October 2009. The RPUs have similar features to existing REU interests except that they provide for a minimum distribution of $0.005 per
quarter. The RPUs also provide that if BGC Holdings were to be dissolved, the obligation to provide post-termination payments to terminated partners holding RPUs is cancelled. The 15% cap on distributions which had been a feature of the RPUs was
also eliminated. Further amendments to the limited partnership agreement of BGC Holdings were also authorized to amend future and existing classes of partnership interests to create separate classes.

In March 2010, the Amended and Restated BGC Holdings, L.P. limited partnership agreement was further amended by its general partner and Cantor
to create two new types of working partner units, PSUs and PSIs. PSUs and PSIs are identical to REUs and RPUs, respectively, except that they have no associated post-termination payments. These new units are used by us for compensatory grants,
compensation modifications, redemptions of partnership interests and other purposes.

On August 6, 2010, the BGC Holdings limited
partnership agreement was further amended to revise the definition of the Cantor Group to mean Cantor and its subsidiaries (other than BGC Holdings and its subsidiaries or any member of the BGC Partners Group (as defined in the BGC
Holdings limited partnership agreement)), Mr. Lutnick and/or any of his immediate family members as so designated by Mr. Lutnick and any trusts or other entities controlled Mr. Lutnick. In addition, in the event that BGC Holdings
redeems any of its outstanding units, the Audit Committee of the Board of Directors of the Company on August 6, 2010 authorized management to sell to the new members of the Cantor Group exchangeable units equal in number to such redeemed units
at a price per exchangeable unit to be determined based on the average daily or monthly closing price of the Class A common stock.



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On December 31, 2010, the BGC Holdings limited partnership agreement was further amended to
make certain changes to the definitions of bankruptcy and termination under the agreement in accordance with applicable law. In February 2011, the Audit Committee further authorized management to amend the BGC Holdings limited partnership
agreement to provide for the creation of new partnership units similar to existing REUs, RPUs, PSUs, PSIs and LPUs which would contain a provision eliminating allocations and distributions on such units until particular conditions are met.

On March 15, 2011, the BGC Holdings limited partnership agreement was further amended pursuant to the Sixth Amendment to provide that
(i) where either current, terminating, or terminated partners are permitted by the Company to exchange any portion of their founding partner units and Cantor consents to such exchangeability, the Company shall offer to Cantor the opportunity
for Cantor to purchase the same number of new exchangeable limited partnership interests in BGC Holdings at the price that Cantor would have paid for the founding partner units had the Company redeemed them; and (ii) the exchangeable limited
partnership interests to be offered to Cantor pursuant to (i) would be subject to, and granted in accordance with, applicable laws, rules and regulations then in effect.

On September 9, 2011, the BGC Holdings limited partnership agreement was further amended effective April 1, 2011 principally to
create new classes of partnership units in order to provide flexibility to the Company and the partnership in using units in connection with compensation arrangements and acquisitions. This amendment created five new classes of units in BGC
Holdings, all of which are considered working partner units. Four new units, AREUs, ARPUs, APSUs, and APSIs, are identical in all respects to existing REUs, RPUs, PSUs and PSIs, respectively, for all purposes under the partnership agreement, except
that (i) until any related distribution conditions specified in the applicable award agreement are met, if ever, only net losses shall be allocable with respect to such units; and (ii) no distributions shall be made until such distribution
conditions are met. The other new unit, the PSE, is identical in all respects to existing PSUs for all purposes under the partnership agreement, except that (x) PSEs shall require minimum distributions of no less than $0.015 per fiscal quarter;
and (y) such distributions may be delayed for up to four quarters in the discretion of the General Partner.

On December 17,
2012, the BGC Holdings limited partnership agreement was further amended to create a new class of limited partnership unit, the LPU, which shall be considered a working partner unit and which will be granted only to members of BGC Services
(Holdings) LLP, and is otherwise identical to an existing PSU.

On November 6, 2013, the BGC Holdings limited partnership agreement
was further amended effective July 1, 2013 principally to facilitate new partnership compensation and other corporate purposes. This amendment created new preferred partnership units (Preferred Units), which are working partner
units that may be awarded to holders of, or contemporaneous with the grant of, PSUs, PSIs, PSEs, LPUs, APSUs, APSIs, APSEs, REUs, RPUs, AREUs, and ARPUs. These new Preferred Units carry the same name as the underlying unit, with the insertion of an
additional P to designate them as Preferred Units. Such Preferred Units may not be made exchangeable into our Class A common stock and accordingly will not be included in the fully diluted share count. Each quarter, the net profits
of BGC Holdings will be allocated to such Units at a rate of either .06875% (which is 2.57% per calendar year) of the allocation amount assigned to them based on their award price, or such other amount as set forth in the award documentation
(the Preferred Distribution), before calculation and distribution of the quarterly partnership distribution for the remaining partnership units. The Preferred Units are not entitled to participate in partnership distributions other than
with respect to the Preferred Distribution.

On May 9, 2014, the BGC Holdings limited partnership agreement was further amended
principally to further facilitate partner compensation and for other corporate purposes. This amendment created a new class of limited partnership units called NPSUs. NPSUs are identical to PSUs except that NPSUs will not be entitled to
participate in partnership distributions, will not be allocated any items of profit or loss and may not be made exchangeable into shares of our Class A common stock. Upon grant, NPSUs may be assigned a written vesting schedule pursuant to which
a certain number of NPSUs would automatically be converted into vested, non-exchangeable PSUs or PPSUs on each vesting date, including provisions requiring the recipient to continue to provide substantial services to us and comply with his or her
partnership obligations.

On November 4, 2015, the BGC Holdings limited partnership agreement was further amended to facilitate partner
compensation and for other corporate purposes. This amendment created five new classes of non-distributing partnership units (N Units), which are Working Partner Units. The new N Units carry the same name as the underlying unit with
the insertion of an additional N to designate them as the N Unit type and are designated as NREUs, NPREUs, NLPUs



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and NNPSUs. The N Units are not entitled to participate in Partnership distributions, will not be allocated any items of profit or loss and may not be made exchangeable into shares of our
Class A common stock. Subject to the approval of the Compensation Committee or its delegate, the N Units are expected to be converted into the underlying unit type (i.e. an NREU will be converted into an REU) and will then participate in Partnership
distributions, subject to terms and conditions determined by the General Partner of the Partnership in its sole discretion, including that the recipient continue to provide substantial services to us and comply with his or her partnership
obligations.

For a description of the exchange rights and obligations, see Exchanges. No BGC Holdings founding partner
interests will be issued after the merger. The BGC Holdings founding/working partner interests held by founding/working partners are designated in various classes, reflecting in general the terms of classes of units that the founding partners
previously held in Cantor. See DistributionsClasses of Founding/Working Partner Interests.

The aggregate number
of authorized BGC Holdings units is 600 million, and in the event that the total number of authorized BGC U.S. units under the BGC U.S. limited partnership agreement is increased or decreased after March 31, 2008, the total number of
authorized BGC Holdings units will be correspondingly increased or decreased by the same number by the general partner so that the number of authorized BGC Holdings units equals the number of authorized BGC U.S. units.

Any authorized but unissued BGC Holdings units may be issued:



| |  |  | pursuant to the contribution and the separation;
| | - |  | ------------------------------------------------



| |  |  | to Cantor and members of the Cantor group, in connection with a reinvestment in BGC Holdings;
| | - |  | ---------------------------------------------------------------------------------------------



| |  |  | with respect to BGC Holdings founding/working partner interests, to an eligible recipient, which means any limited partner or member of the Cantor group or any affiliate, employee or partner thereof, in each case as
directed by a BGC Holdings exchangeable limited partner majority in interest (provided that such person or entity is not primarily engaged in a business that competes with BGC Holdings or its subsidiaries);
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | as otherwise agreed by us, as general partner, and a BGC Holdings exchangeable limited partner interest majority in interest;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------



| |  |  | pursuant to the Participation Plan (as described in BGC Holdings Participation Plan);
| | - |  | ----------------------------------------------------------------------------------------



| |  |  | to any then-current founding/working partner or limited partnership unit holder pursuant to the BGC Holdings limited partnership agreement;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | to any BGC Holdings partner in connection with a conversion of an issued unit and interest into a different class or type of unit and interest; and
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | to Cantor in the event of a termination or bankruptcy of a founding/working partner or limited partnership unit holder or the redemption of a founding/working partner interest or limited partnership unit pursuant to the
BGC Holdings limited partnership agreement or pursuant to the Sixth Amendment to such limited partnership agreement.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Exchanges

The BGC Holdings limited partnership interests held by Cantor are generally exchangeable with us for Class B common stock
(or, at Cantors option or if there are no additional authorized but unissued shares of Class B common stock, Class A common stock) on a one-for-one basis (subject to customary anti-dilution adjustments).

The BGC Holdings limited partnership interests that Cantor transferred to founding partners in connection with the redemption of their current
limited partnership interests in Cantor at the time of the separation are not exchangeable with us unless (1) Cantor reacquires such interests from BGC Holdings upon termination or bankruptcy of the founding partners or redemption of their
units (which it has the right to do under certain circumstances), in which case such interests will be exchangeable with BGC Partners for Class A common stock or Class B common stock as described



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above or (2) Cantor determines that such interests can be exchanged by such founding partners with us for Class A common stock, generally on a one-for-one basis (subject to customary
anti-dilution adjustments), on terms and conditions to be determined by Cantor, provided that the terms and conditions of such exchange cannot in any way diminish or adversely affect our rights or rights of our subsidiaries (it being understood that
an obligation by BGC Partners to deliver shares of Class A common stock upon exchange will not be deemed to diminish or adversely affect the rights of us or our subsidiaries) (which exchange of certain interests Cantor expects to permit from
time to time). Once a BGC Holdings founding partner interest becomes exchangeable, such founding partner interest is automatically exchanged for our Class A common stock upon termination or bankruptcy of such partner or upon redemption by BGC
Holdings.

In particular, the BGC Holdings founding partner interests that Cantor provided are exchangeable with us for our Class A
common stock on a one-for-one basis (subject to customary anti-dilution adjustments from time to time), in accordance with the terms of the BGC Holdings limited partnership agreement twenty percent (20%) of the BGC Holdings founding partner
interests held by each founding partner became exchangeable upon the closing of the merger, with one-third of the shares receivable by such BGC Holdings founding partner upon a full exchange becoming saleable on each of the first, second and third
anniversaries of the closing of the merger (subject to acceleration), subject to applicable law.

Further, the Company provides
exchangeability for partnership units under other circumstances in connection with compensation, acquisitions and investments, including as follows:



| |  |  | In connection with the issuance of the BGC Holdings Notes (as hereinafter defined)
| | - |  | ----------------------------------------------------------------------------------



| |  |  | The granting of exchangeability of certain BGC Holdings units into shares of our Class A common stock in connection with (i) our partnership redemption, compensation and restructuring programs, (ii) other
incentive compensation arrangements, and (iii) business combination transactions
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

BGC Holdings Exchangeable Limited Partnership
Interests

Any working partner interests that are issued will not be exchangeable with us unless we otherwise determine with the
written consent of a BGC Holdings exchangeable limited partnership interest majority in interest, in accordance with the terms of the BGC Holdings limited partnership agreement.

The limited partnership units will only be exchangeable for Class A common stock in accordance with the terms and conditions of the grant
of such limited partnership units, which terms and conditions will be determined in our sole discretion, as the general partner of BGC Holdings, with the written consent of the BGC Holdings exchangeable limited partnership interest majority in
interest with respect to the grant of any exchange right, in accordance with the terms of the BGC Holdings limited partnership agreement.

The one-for-one exchange ratio between BGC Holdings units and Class B common stock and Class A common stock will not be adjusted to the
extent that we have made a dividend, subdivision, combination, distribution or issuance to maintain the BGC Partners ratio pursuant to a reinvestment by BGC Partners or its subsidiaries pursuant to its reinvestment right.

Upon our receipt of any BGC Holdings exchangeable limited partnership interest or BGC Holdings founding partner interest, or BGC Holdings
limited partnership unit that is exchangeable, pursuant to an exchange, such interest being so exchanged will cease to be outstanding and will be automatically and fully cancelled, and such interest will automatically be designated as a BGC Holdings
regular limited partnership interest, will have all rights and obligations of a holder of BGC Holdings regular limited partnership interests and will cease to be designated as a BGC Holdings exchangeable interest or BGC Holdings founding partner
interest, BGC Holdings REU interest or BGC Holdings working partner interest that is exchangeable, and will not be exchangeable.

With
each exchange, our indirect interest in BGC U.S. and BGC Global will proportionately increase, because immediately following an exchange, BGC Holdings will redeem the BGC Holdings unit so acquired for the BGC U.S. limited partnership interest and
the BGC Global limited partnership interest underlying such BGC Holdings unit. The acquired BGC U.S. limited partnership interest and BGC Global limited partnership interest will be appropriately adjusted to reflect the impact of certain litigation
matters and the intention of the parties to the BGC Holdings limited partnership agreement for BGC Holdings (and not BGC Partners) to realize the economic benefits and burdens of such potential claims.



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In addition, upon a transfer of a BGC Holdings exchangeable limited partnership interest that is
not permitted by the BGC Holdings limited partnership agreement (see Transfers of Interests), such interest will cease to be designated as a BGC Holdings exchangeable limited partnership interest and will automatically be
designated as a regular limited partnership interest.

In the case of an exchange of an exchangeable limited partnership interest or a
founding partner interest (or portion thereof), the aggregate capital account of the BGC Holdings unit so exchanged will equal a pro rata portion of the total aggregate capital account of all exchangeable limited partnership units and founding
partner units then outstanding, reflecting the portion of all such exchangeable limited partnership units and founding partner units then outstanding represented by the units so exchanged. The aggregate capital account of such exchanging partner in
such partners remaining exchangeable limited partnership units and/or founding partner units will be reduced by an equivalent amount. If the aggregate capital account of such partner is insufficient to permit such a reduction without resulting
in a negative capital account, the amount of such insufficiency will be satisfied by reallocating capital from the capital accounts of the exchangeable limited partners and the founding partners to the capital account of the units so exchanged, pro
rata based on the number of units underlying the outstanding exchangeable limited partnership interests and the founding partner interests or based on other factors as determined by a BGC Holdings exchangeable limited partnership interest majority
in interest.

In the case of an exchange of an REU interest or working partner interest or portion thereof, the aggregate capital account
of the BGC Holdings units so exchanged will equal the capital account of the REU interest or working partner interest (or portion thereof), as the case may be, represented by such BGC Holdings units.

We agreed to reserve, out of our authorized but unissued BGC Partners Class B common stock and BGC Partners Class A common stock, a
sufficient number of shares of BGC Partners Class B common stock and BGC Partners Class A common stock solely to effect the exchange of all then outstanding BGC Holdings exchangeable limited partnership interests, the BGC Holdings
founding/working partner interests, if exchangeable, and BGC Holdings limited partnership units, if exchangeable, into shares of BGC Partners Class B common stock or BGC Partners Class A common stock pursuant to the exchanges (subject, in the
case of BGC Partners Class B common stock, to the maximum number of shares authorized but unissued under BGC Partners certificate of incorporation as then in effect) and a sufficient number of shares of BGC Partners Class A common stock
to effect the exchange of shares of BGC Partners Class B common stock issued or issuable in respect of exchangeable BGC Holdings limited partnership interests. We have agreed that all shares of BGC Partners Class B common stock and BGC Partners
Class A common stock issued in an exchange will be duly authorized, validly issued, fully paid and non-assessable and will be free from pre-emptive rights and free of any encumbrances.

Partnership Enhancement Program

During March 2010, we began a global partnership redemption and compensation restructuring program to enhance our employment arrangements by
leveraging our unique partnership structure. Under this program, participating partners generally agree to extend the lengths of their employment agreements, to accept a larger portion of their compensation in partnership units and to other
contractual modifications sought by us. Also as part of this program, we redeemed limited partnership interests for cash and/or other units and granted exchangeability to certain units. At the same time, we sold shares of Class A common stock
under our controlled equity offering. In connection with the global partnership redemption and compensation program, we granted exchangeability on 26.9 million limited partnership units for the year ended December 31, 2015. In addition,
during the year ended December 31, 2015, as part of this redemption and compensation program, we redeemed approximately 7.5 million limited partnership units at an average price of $8.86 per unit and an aggregate of 100,000 founding
partner units at an average price of $5.96 per unit. In connection with this program, Cantor agreed to grant exchangeability on certain founding partner units. Also in connection with this program, we granted exchangeability on
2,245,080 million limited partnership units for the three months ended March 31, 2016. In addition, during the three months ended March 31, 2016, as part of this program, we redeemed approximately 249,743 million limited
partnership units at an average price of $9.12 per share and approximately 207,857 founding partner units at an average price of $9.01 per share.



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Distributions

General

The profit and loss of BGC U.S.
and BGC Global are generally allocated based on the total number of BGC U.S. units and BGC Global units outstanding, other than in the case of certain litigation matters, the impact of which would be allocated to the BGC U.S. and BGC Global partners
who are members of the BGC Holdings group as described in Amended and Restated Limited Partnership Agreements of BGC U.S. and BGC Global. The profit and loss of BGC Holdings are generally allocated based on the total number of BGC
Holdings units outstanding, other than the impact of certain litigation matters, which will be allocated to the BGC Holdings partners who are members of the Cantor group, or who are founding/working partners or limited partnership unit holders. The
minimum distribution for each RPU interest is $0.005 per quarter.

BGC Holdings distributes to holders of the BGC Holdings limited
partnership interests (subject to the allocation of certain litigation matters, to BGC Holdings partners who are members of the Cantor group, or who are founding/working partners or who are limited partnership unit holders (and not to us)):



| |  |  | with respect to partners who are members of the Cantor group and the founding/working partners, on or prior to each estimated tax due date (the 15th day of each April, June, September and December in the case of a
partner that is not an individual, and the 15th day of each April, June, September and January in the case of a partner who is an individual), such partners estimated proportionate quarterly tax distribution for such fiscal quarter; and
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | as promptly as practicable after the end of each fiscal quarter, an amount equal to the excess, if any, of (a) the net positive cumulative amount allocated to such partners capital account pursuant to the BGC
Holdings limited partnership agreement, over (b) the amount of any prior distributions to such partner.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Pursuant to
the terms of the BGC Holdings limited partnership agreement, distributions by BGC Holdings to its partners may not be decreased below 100% of net income received by BGC Holdings from BGC U.S. and BGC Global (other than with respect to selected
extraordinary items with respect to founding/working partners or limited partnership unit holders, such as the disposition directly or indirectly of partnership assets outside of the ordinary course of business) unless we determine otherwise,
subject to Cantors consent (as the holder of the BGC Holdings exchangeable limited partnership interest majority in interest). The BGC Holdings general partner, with the consent of Cantor, as the holder of the BGC Holdings exchangeable limited
partnership interest majority in interest, may direct BGC Holdings to distribute all or part of any amount distributable to a founding/working partner or a limited partnership unit holder in the form of a distribution of publicly traded shares,
including shares of any capital stock of any other entity if such shares are listed on any national securities exchange or included for quotation in any quotation system in the United States, which we refer to as publicly traded shares,
or in other property.

In addition, the BGC Holdings general partner, with the consent of Cantor, as holder of a majority of the BGC
Holdings exchangeable limited partnership interests, in its sole and absolute discretion, may direct BGC Holdings, upon a founding/working partners or a limited partnership unit holders death, retirement, withdrawal from BGC Holdings or
other full or partial redemption of BGC Holdings units, to distribute to such partner (or to his or her personal representative, as the case may be) a number of publicly traded shares or an amount of other property that the BGC Holdings general
partner determines is appropriate in light of the goodwill associated with such partner and his, her or its BGC Holdings units, such partners length of service, responsibilities and contributions to BGC Holdings and/or other factors deemed to
be relevant by the BGC Holdings general partner. Any such distribution of publicly traded shares or other property to a partner as described in the prior sentence will result in a net reduction in such partners capital account and adjusted
capital account, unless otherwise determined by the BGC Holdings general partner in its sole and absolute discretion, provided that any gain recognized as a result of such distribution will not affect such partners adjusted capital account,
unless otherwise determined by both the BGC Holdings general partner and Cantor.

The BGC Holdings limited partnership agreement, however,
provides that any and all items of income, gain, loss or deduction resulting from certain specified items allocated entirely to the capital accounts of the limited partnership interests in BGC U.S. and BGC Global held by BGC Holdings will be
allocated entirely to the capital accounts of BGC Holdings limited partnership interests held by its founding/working partners, its limited partnership unit holders and Cantor as described below under Amended and Restated Limited
Partnership Agreements of BGC U.S. and BGC



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GlobalDistributions. In addition, in the discretion of the BGC Holdings general partner, distributions with respect to selected extraordinary transactions, as described below, may be
withheld from the founding/working partners and the limited partnership unit holders and distributed over time subject to the satisfaction of conditions set by us, as the general partner of BGC Holdings, such as continued service to us. See
Redemption of BGC Holdings Founding/Working Partner Interests and Limited Partnership Interests. These distributions that may be withheld relate to income items from non-recurring events, including, without limitation, items that
would be considered extraordinary items under U.S. GAAP and recoveries with respect to claims for expenses, costs and damages (excluding any recovery that does not result in monetary payments to BGC Holdings) attributable to
extraordinary events affecting BGC Holdings (such events may include, unless otherwise determined by the BGC Holdings general partner, any disposition, directly or indirectly (including deemed sales), of capital stock of any affiliate owned by BGC
Holdings, whether or not recurring in nature). The BGC Holdings general partner may also deduct from these withheld amounts all or a portion of any extraordinary expenditures from non-recurring events that it determines are to be treated as
extraordinary expenditures, including, without limitation, any distribution or other payment (including a redemption payment) to a BGC Holdings partner, the purchase price or other cost of acquiring any asset, any other non-recurring expenditure of
BGC Holdings, items that would be considered extraordinary items under U.S. GAAP, and expenses, damages or costs attributable to extraordinary events affecting BGC Holdings (including actual, pending or threatened litigation). Any
amounts that are withheld from distribution and forfeited by the founding/working partners and the limited partnership unit holders with respect to such extraordinary transactions will be distributed to Cantor in respect of the BGC Holdings limited
partnership interests held by Cantor.

No partner may charge or encumber its BGC Holdings limited partnership interest or otherwise
subject such interest to any encumbrance, except those created by the BGC Holdings limited partnership agreement. However, a BGC Holdings exchangeable limited partner may encumber its BGC Holdings exchangeable limited partnership interest in
connection with any bona fide bank financing transaction.

Classes of Founding/Working Partner Interests and Limited Partnership Units

Founding/working partners currently hold five classes of BGC Holdings units underlying such partners BGC Holdings founding partner
interests and BGC Holdings working partner interests, respectively: High Distribution, High Distribution II, High Distribution III, High Distribution IV, and Grant. In addition, there are separate classes of working partner interests called RPUs,
PSUs, and PSIs and there are limited partnership units called REUs. In addition, effective April 1, 2011, five new units were created. AREUs, ARPUs, APSUs and APSI are identical in all respects to existing REUs, RPUs, PSU and PSI, respectively,
except that (i) until any related distribution conditions specified in the applicable award agreement are met, if ever, only net losses shall be allocable with respect to such units; and (ii) no distributions shall be made until such
distribution conditions are met. The other new unit created in 2011, the PSE, is identical in all respects to existing PSUs, except that (x) PSEs shall require minimum distributions of no less than $0.015 per fiscal quarter; and (y) such
distributions may be delayed for up to four quarters in the discretion of the General Partner. Further, effective December 17, 2012, a new unit was created, the LPU, which is identical in all respects to the existing PSU, except that the LPU
shall be available for issuance only to members of a certain U.K. limited liability partnership. In addition, on November 6, 2013, the Preferred Units were created as discussed above. Also, on May 9, 2014, the NPSUs were created as
discussed above.

The term limited partnership units is generally used to refer to REUs, AREUs, RPUs, ARPUs, PSUs, APSUs,
PSIs, APSIs, PSEs, LPUs, NPSUs, NREUs, NPREUs, NLPUs, NPLPUs, NPPSUs or the Preferred Unit equivalents of such limited partnership units as described above.

In general, the rights and obligations of founding/working partners with respect to their BGC Holdings units are similar, but not identical,
to the rights and obligations of the founding partners, as limited partners in Cantor with respect to their Cantor units. See Risk FactorsRisks Related to our Business. Each class of BGC Holdings units held by founding/working
partners generally entitles the holder to receive a pro rata share of the distributions of income received by BGC Holdings. See Distributions. High Distribution II and High Distribution III units differ from High Distribution
units, however, in that holders of High Distribution II and High Distribution III units paid at their original issuance, or the original issuance of their predecessor interests in Cantor, only a portion (generally approximately 20% in the case of
High Distribution II Units and 14.3% in the case of High Distribution III Units) of the amount that would have been paid by a holder of a High Distribution unit as of that date, with the remaining amount (increased by a stated rate), which we refer
to as a HD II Account Obligation or HD III Account Obligation, as applicable, paid, on a stated



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schedule (generally four years in the case of High Distribution II units and seven years in the case of High Distribution III units). With respect to High Distribution II Units and High
Distribution III Units issued in redemption of similar units in Cantor, the applicable HD II Account Obligation or HD III Account Obligation will be paid to Cantor rather than to BGC Holdings. High Distribution IV units differ from High Distribution
units in that holders of High Distribution IV units are entitled to receive an additional payment following redemption, as described in Redemption of BGC Holdings Founding/Working Partner Interests and Limited Partnership Units.
Grant Units and Matching Grant Units differ from the other classes of BGC Holdings units in the calculation and the compensatory tax treatment of amounts payable upon redemption of such units.

With respect to the limited partnership units, each grant of REUs or AREUs will have associated with it an REU post-termination
amount or an AREU post-termination amount which represents an amount payable to the REU or AREU holder upon redemption of such units. A partners entitlement to the REU or AREU post-termination amount will vest ratably over
three years or according to such schedule as determined by BGC Holdings at the time of grant. In lieu of paying all or a portion of the REU or AREU post-termination amount, BGC Holdings may cause the REUs or AREUs held by a redeemed partner to be
automatically exchanged for shares of BGC Partners Class A common stock at the applicable exchange ratio.

The value of such shares
may be more or less than the applicable post-termination amount. These payments of cash and/or shares are conditioned on the former REU or AREU holder not violating his or her partner obligations or engaging in any competitive activity prior to the
date such payments are made, and are subject to reduction if any losses are allocated to such REUs or AREUs. From time to time, the terms of specific grants of REUs or AREUs will vary, which variations may include limitations on the income or
distributions and may also provide for exchangeability at an identified time or upon the occurrence of certain conditions. RPUs and APSUs have similar features to existing REU and AREU interests except that (i) they provide for a minimum
distribution of $0.005 per quarter and (ii) they provide that if BGC Holdings were to be dissolved, the obligation to provide Post-Termination Payments to terminated partners holding RPUs or ARPUs is cancelled. PSUs, APSUs, PSIs, PSEs and APSIs
are similar to REUs, AREUs, RPUs and ARPUs, respectively, except that they do not have post-termination payments. Preferred Units are entitled solely to the Preferred Distribution and, similarly, do not have post-termination payments. NPSUs are
identical to PSUs except that they are not entitled to participate in partnership distributions, will not be allocated any items of profit or loss and may not be made exchangeable into shares of our Class A common stock, but may be converted
into PSUs or PPSUs in the sole discretion of the General Partner of our Partnership. The N Units are identical to their underlying units except that they are not entitled to participate in partnership distributions, will not be allocated any
items of profit or loss and may not be made exchangeable into shares of our Class A common stock, but may be converted into the underlying unit in the sole discretion of the General Partner of the Partnership and subject to the approval of the
Compensation Committee.

Partner Obligations

Each of the founding/working partners and each of the limited partnership unit holders are subject to certain partner obligations, which we
refer to as partner obligations. The partner obligations constitute an undertaking by each of the founding/working partners and each of the limited partnership unit holders that they have a duty of loyalty to BGC Holdings and that,
during the period from the date on which a person first becomes a partner through the applicable specified period following the date on which such partner ceases, for any reason, to be a partner, not to, directly or indirectly (including by or
through an affiliate):



| |  |  | breach a founding/working partners or limited partnership unit holders, as the case may be, duty of loyalty to BGC Holdings, through the four-year period following the date on which such partner ceases, for
any reason, to be a founding/working partner or limited partnership unit holder;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | engage in any activity of the nature set forth in clause (1) of the definition of the competitive activity (as defined below) through the two-year period following the date on which such partner ceases for any
reason to be a founding/working partner or limited partnership unit holder;
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| |  |  | engage in any activity of the nature set forth in clauses (2) through (5) of the definition of competitive activity (as defined below) or take any action that results directly or indirectly in revenues or
other benefit for that founding/working partner or limited partnership unit holder or any third party that is or could be considered to be engaged in any activity of the nature set forth in clauses (2) through (5) of the definition of
competitive activity, except as otherwise agreed to in writing by BGC Holdings general partner, in its sole and absolute discretion, for the one-year period following the date on which such partner ceases, for any reason, to be a founding/working
partner or limited partnership unit holder;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | make or participate in the making of (including through the applicable partners or any of his, her or its affiliates, respective agents or representatives) any comments to the media (print, broadcast, electronic
or otherwise) that are disparaging regarding BGC Partners or the senior executive officers of BGC Partners or are otherwise contrary to the interests of BGC Partners as determined by the BGC Holdings general partner in its sole and absolute
discretion, for the four-year period following the date on which such partner ceases, for any reason, to be a founding/working partner or a limited partnership unit holder, as the case may be;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | except as permitted with respect to corporate opportunities and fiduciary duties in the BGC Holdings limited partnership agreement (see Corporate Opportunity; Fiduciary Duty) take advantage of, or
provide another person with the opportunity to take advantage of, a BGC Partners corporate opportunity (as such term would apply to BGC Holdings if it were a corporation) including opportunities related to intellectual property, which
for this purpose requires granting BGC Partners a right of first refusal to acquire any assets, stock or other ownership interest in a business being sold by any partner or affiliate of such partner if an investment in such business would constitute
a corporate opportunity (as such term would apply to BGC Holdings if it were a corporation), that has not been presented to and rejected by BGC Partners or that BGC Partners rejects but reserves for possible further action by BGC
Partners in writing, unless otherwise consented to by BGC Holdings general partner in writing in its sole and absolute discretion, for a four-year period following the date on which such partner ceases, for any reason, to be a founding/working
partner or a limited partnership unit holder, as the case may be; or
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | otherwise take any action to harm, that harms or that reasonably could be expected to harm, BGC Partners for a four-year period following the date on which a founding/working partner or a limited partnership unit
holder, as the case may be, ceases, for any reason, to be a founding/working partner or a limited partnership unit holder, as the case may be, including any breach of its confidentiality obligations.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

A founding/working partner or limited partnership unit holder is considered to have engaged in a competitive activity if such partner (including
by or through his, her or its affiliates), during the applicable restricted period, which we collectively refer to as the competitive activities:



| | (1) | directly or indirectly, or by action in concert with others, solicits, induces, or influences, or attempts to solicit, induce or influence, any other partner, employee or consultant of Cantor, BGC Partners or any member
of the Cantor group or affiliated entity to terminate their employment or other business arrangements with Cantor, BGC Partners or any member of the Cantor group or affiliated entity, or to engage in any competing business (as defined below) or
hires, employs, engages (including as a consultant or partner) or otherwise enters into a competing business with any such person;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | solicits any of the customers of Cantor, BGC Partners or any member of the Cantor group or affiliated entity (or any of their employees), induces such customers or their employees to reduce their volume of business
with, terminate their relationship with or otherwise adversely affect their relationship with, Cantor, BGC Partners or any member of the Cantor group or affiliated entity;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (3) | does business with any person who was a customer of Cantor, BGC Partners or any member of the Cantor group or affiliated entity during the 12-month period prior to such partner becoming a terminated or bankrupt partner
if such business would constitute a competing business;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (4) | directly or indirectly engages in, represents in any way, or is connected with, any competing business, directly competing with the business of Cantor, BGC Partners or any member of the Cantor group or affiliated
entity, whether such engagement will be as an officer, director, owner, employee, partner, consultant, affiliate or other participant in any competing business; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (5) | assists others in engaging in any competing business in the manner described in the foregoing clause (4).
| | --- | ---------------------------------------------------------------------------------------------------------

Competing business means an activity that (a) involves the development and operations of electronic trading systems, (b) involves the
conduct of the wholesale or institutional brokerage business, (c) consists of marketing, manipulating or distributing financial price information of a type supplied by Cantor, BGC Partners, or any member of the Cantor group or affiliated entity
to information distribution services or (d) competes with any other business conducted by Cantor, BGC Partners, any member of the Cantor group or affiliated entity if such business was first engaged in by Cantor or BGC Partners took substantial
steps in anticipation of commencing such business and prior to the date on which such founding/working partner or limited partnership unit holder, as the case may be, ceases to be a founding/working partner or limited partnership unit holder, as the
case may be.

Notwithstanding anything to the contrary, and unless Cantor determines otherwise, none of such partner obligations apply to
any founding/working partner or limited partnership unit holder that is also a Cantor company or any of its affiliates or any partner or member of a Cantor company or any of its affiliates. Such partners are exempt from these partner obligations.

The determination of whether a founding/working partner or limited partnership unit holder has breached his or her partner obligations
will be made in good faith by the BGC Holdings general partner in its sole and absolute discretion, which determination will be final and binding. If a founding/working partner or a limited partnership unit holder breaches his, her or its partner
obligations, then, in addition to any other rights or remedies that the BGC Holdings general partner may have, and unless otherwise determined by the BGC Holdings general partner in its sole and absolute discretion, BGC Holdings will redeem all of
the units held by such partner for a redemption price equal to their base amount, and such partner will have no right to receive any further distributions, or payments of cash, stock or property, to which such partner otherwise might be entitled.

Any founding/working partner or limited partnership unit holder, as the case may be, that breaches his or her partner obligations is
required to indemnify BGC Holdings for and pay any resulting attorneys fees and expenses, as well as any and all damages resulting from such breach. In addition, upon breach of the BGC Holdings limited partnership agreement by or the
termination or bankruptcy of a founding/working or a limited partnership unit holder, as the case may be, that is subject to the partner obligations, or if any such partner owes any amount to BGC Holdings or to any affiliated entity or fails to pay
any amount to any other person with respect to which amount BGC Holdings or any affiliated entity is a guarantor or surety or is similarly liable (in each case whether or not such amount is then due and payable), BGC Holdings has the right to set
off the amount that such partner owes to BGC Holdings or any affiliated entity or any such other person under any agreement or otherwise and the amount of any cost or expense incurred or projected to be incurred by BGC Holdings in connection with
such breach, such termination or bankruptcy or such indebtedness (including attorneys fees and expenses and any diminution in value of any BGC Holdings assets and including in each case both monetary obligations and the fair market value of
any non-cash item and amounts not yet due or incurred) against any amounts that it owes to such partner under the BGC Holdings limited partnership agreement or otherwise, or to reduce the capital account, the base amount and/or the distributions
(quarterly or otherwise) of such partner by any such amount.

A founding/working partner or a limited partnership unit holder, as the case
may be, will become a terminated partner upon (a) the actual termination of the employment of such partner, so that such partner is no longer an employee of BGC U.S., BGC Global or any affiliated entity, with or without cause by the employer,
by such partner or by reason of death, (b) the termination by the BGC Holdings general partner, which may occur without the termination of a partners employment, of such partners status as a partner by reason of a determination by
the BGC Holdings general partner that such partner has breached the BGC Holdings limited partnership agreement or that such partner has ceased to provide substantial services to BGC Holdings or any affiliated entity, even if such cessation is at the
direction of BGC Holdings or any affiliated entity or (c) ceasing to be a partner for any reason. With respect to a corporate or other entity partner, such partner will also be considered terminated upon the termination of the beneficial owner,
grantor, beneficiary or trustee of such partner.



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A founding/working partner or a limited partnership unit holder, as the case may be, will become
a bankrupt partner upon (a) making an assignment for the benefit of creditors, (b) filing a voluntary petition in bankruptcy, (c) the adjudication of such partner as bankrupt or insolvent, or the entry against such partner of an order
for relief in any bankruptcy or insolvency proceeding; provided that such order for relief or involuntary proceeding is not stayed or dismissed within 120 days, (d) the filing by such partner of a petition or answer seeking for himself, herself
or itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any bankruptcy statute, law or regulation, (e) the filing by such partner of an answer or other pleading admitting or failing
to contest the material allegations of a petition filed against it in any proceeding of that nature or (f) the appointment of or seeking of the appointment of (in each case by any person) a trustee, receiver or liquidator of it or of all or any
substantial part of the properties of such founding/working partner. With respect to a corporate founding/working partner, bankruptcy will also include the occurrence of any of the foregoing events with respect to the beneficial owner of the
majority of the stock of such partner. Notwithstanding the foregoing, no event constitutes a bankruptcy of a founding/working partner or limited partnership unit holder, as the case may be, unless the BGC Holdings general partner so determines in
its sole and absolute discretion.

Redemption of BGC Holdings Founding/Working Partner Interests and Limited Partnership Units

Unlike the BGC Holdings limited partnership interests held by Cantor, the classes of BGC Holdings limited partnership interests held by
founding partners, working partners and limited partnership unit holders (in each case, to the extent such interests have not become exchangeable) are subject to purchase and redemption by BGC Holdings in the following circumstances (subject to
Cantors right to purchase such interests from BGC Holdings as described in Cantors Right to Purchase Redeemed Interests):



| |  |  | except as otherwise agreed to by each of the BGC Holdings general partner, the BGC Holdings exchangeable limited partners (by a majority in interest of the BGC Holdings exchangeable limited partnership interests) and
the applicable founding partner, upon any termination or bankruptcy of a founding partner (or the termination or bankruptcy of the beneficial owner of the stock or other ownership interest of any such founding partner that is a corporation or other
entity), BGC Holdings will purchase and redeem from such founding partner or his, her or its representative, and such founding partner or his, her or its representative will sell to BGC Holdings, all of the founding partner interests held by such
founding partner (and, with the consent of the BGC Holdings general partner and Cantor, BGC Holdings may assign its right to purchase such founding partner interests to another partner); and
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | except as otherwise agreed to by each of the BGC Holdings general partner and the applicable working partner or limited partnership unit holder, as the case may be, upon (1) any termination or bankruptcy of a
working partner or limited partnership unit holder, as the case may be (or the termination or bankruptcy of the beneficial owner of the stock or other ownership interest of any such working partner or limited partnership unit holder that is a
corporation or other entity) or (2) an election of the BGC Holdings general partner for any reason or for no reason whatsoever, BGC Holdings will purchase and redeem from such working partner or his, her or its representative, and such working
partner or his, her or its representative will sell such REUs to BGC Holdings, all of the working partner interests held by such working partner (and, with the consent of the BGC Holdings general partner and Cantor, BGC Holdings may assign its right
to purchase such partner interests to another partner).
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Founding/working partner interests or REU or RPU interests, as the
case may be, will be redeemed at a pre-determined formula redemption price. The redemption price for a BGC Holdings founding/working partner interest or limited partnership unit holder interest, as the case may be, generally reflects the purchase
price paid by such partner for his or her interest, adjusted to reflect such partners share of changes in the book value of BGC Holdings. For purposes of determining the redemption price, the book value is determined in accordance with the BGC
Holdings limited partnership agreement, which in general does not take into account goodwill or going concern value. In the circumstances described above, BGC Holdings limited partnership interests held by founding partners, working partners and
limited partnership unit holders that have become exchangeable will be automatically exchanged for BGC Partners Class A common stock.

Each grant of REUs or RPUs will have associated with it a post-termination amount, which represents an amount payable to the REU
or RPU holder upon redemption of such units. A partners entitlement to the post-termination amount



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will vest ratably over three years or according to such schedule as determined by BGC Holdings at the time of grant. In lieu of paying all or a portion of the post-termination amount, BGC
Holdings may cause the REUs or RPUs held by a redeemed partner to be automatically exchanged for shares of BGC Partners Class A common stock at the applicable exchange ratio. The value of such shares may be more or less than the applicable
post-termination amount. These post-termination payments are conditioned on the former REU or RPU holder not violating his or her partner obligations or engaging in any competitive activity prior to the date such payments are made, and are subject
to reduction if any losses are allocated to such REUs or RPUs.

The aggregate redemption price for a founding partner interest is
generally equal to the adjusted capital account of such interest.

In general, with respect to founding partner interests, working partner
interests or limited partnership unit holder interests that have not become exchangeable and that are held by terminated or bankrupt founding/working partners or terminated or bankrupt limited partnership unit holders, as the case may be, a portion
of the redemption price, which we refer to as the base amount, is to be paid within 90 days of redemption, with the remainder of the redemption price paid on each of the following four anniversaries. The base amount of BGC Holdings
founding/working partner interests and BGC Holdings REU and RPU interests designated as Grant Units, High Distribution III Units and High Distribution IV Units will each at all times be zero. The base amount is calculated pursuant to a formula, and
it reflects a larger percentage of the total redemption price for working partners who have been partners for a longer period in BGC Holdings. The portion of the redemption price that is to be paid to a terminated or bankrupt founding/working
partner or terminated or bankrupt REU or RPU partner, as the case may be, on each of the four anniversaries following a redemption is conditioned on such partner not having engaged in a competitive activity or violated his or her partner
obligations.

The general partner of BGC Holdings may also withhold each founding/working partner or limited partner unit holders,
as the case may be, share of distributions attributable to income and loss with respect to selected extraordinary transactions, such as the disposition directly or indirectly of partnership assets outside the ordinary course of business. With
respect to terminated or bankrupt founding/working partners or terminated or bankrupt REU or RPU interests, as the case may be, such partner whose limited partnership interests in BGC Holdings are redeemed will receive payments reflecting these
extraordinary items only to the extent that such partners right to receive these payments has vested (with 30% vesting on the third anniversary of the applicable event or, if later, the date of acquisition of interests in BGC Holdings and the
remainder vesting ratably over a seven year vesting schedule, provided that the BGC Holdings general partner may, in its sole and absolute discretion, accelerate the vesting of such amounts), with payments made on each of the first five
anniversaries of the redemption of such limited partner interests. These payments are conditioned on such partner not violating his or her partner obligations or engaging in any competitive activity, prior to the date such payments are completed and
are subject to prepayment at the sole and absolute discretion of the BGC Holdings general partner at any time. Any amounts that are withheld from distribution and forfeited by such partners will be distributed to Cantor in respect of its BGC
Holdings limited partnership interests.

Any distribution to a holder of High Distribution II Units or High Distribution III Units,
including with respect to additional amounts payable upon redemption, may be reduced in the discretion of the BGC Holdings general partner to satisfy such holders HD II Account Obligation or HD III Account Obligation, as applicable, as
described above in Classes of Founding/Working Partner Interests. Upon the purchase by Cantor of High Distribution II Units or High Distribution III Units issued in redemption of similar units in Cantor, the amount payable by
Cantor to acquire such units will be reduced by an amount equal to the HD II Account Obligation or HD III Account Obligation, as applicable, with respect to such units.

In addition, holders of High Distribution IV Units (all of which are being issued in exchange for High Distribution IV Units previously issued
by Cantor to such holders) are entitled to receive an additional payment, one-fourth of such amount being payable on each of the first four anniversaries of redemption, reflecting a fixed amount determined as of the date of the original issuance of
the predecessor High Distribution IV Units by Cantor.

BGC Holdings may in its discretion make redemption payments in property, including
in BGC Partners shares, rather than in cash and may in its discretion accelerate the amount of these payments and, with the consent of a BGC Holdings exchangeable limited partnership interest majority in interest, in recognition of a
founding/working partners or REU or RPU partners, as the case may be, contributions to the business, increase these payments to reflect BGC Holdings goodwill or going concern value.



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In the event of such a redemption or purchase by BGC Holdings of any BGC Holdings
founding/working partner interests, BGC Holdings will cause BGC U.S. and BGC Global to redeem and purchase from BGC Holdings a number of BGC U.S. units and BGC Global units, in each case, equal to (1) the number of units underlying the redeemed
or purchased BGC Holdings founding/working partner interests or REU or RPU interests, as the case may be, multiplied by (2) the Holdings ratio as of immediately before the redemption or purchase of such BGC Holdings founding/working partner
interests or REU or RPU interests, as the case may be. The purchase price paid to BGC U.S. and BGC Global will be an amount of cash equal to the amount required by BGC Holdings to redeem or purchase such interest. Upon mutual agreement of the BGC
Holdings general partner, the BGC U.S. general partner and the BGC Global general partner, BGC U.S. and BGC Global may, instead of cash, pay all or a portion of such aggregate purchase price, in publicly traded shares. The PSUs, PSIs, LPUs and the
Preferred Units are redeemable at the discretion of the general partner of BGC Holdings.

Cantors Right to Purchase Redeemed Interests

BGC Holdings Founding Partner Interests

Cantor has a right to purchase any BGC Holdings founding partner interests that have not become exchangeable that are redeemed by BGC Holdings
upon termination or bankruptcy of a founding partner or upon mutual consent of the general partner of BGC Holdings and Cantor. Cantor has the right to purchase such BGC Holdings founding partner interests at a price equal to the lesser of
(1) the amount that BGC Holdings would be required to pay to redeem and purchase such BGC Holdings founding partner interests and (2) the amount equal to (x) the number of units underlying such founding partner interests, multiplied
by (y) the exchange ratio as of the date of such purchase, multiplied by (z) the then current market price of BGC Partners Class A common stock. Cantor may pay such price using cash, publicly traded shares or other property, or a
combination of the foregoing. If Cantor (or the other member of the Cantor group acquiring such founding partner interests, as the case may be) so purchases such founding partner interests at a price equal to clause (2) above, neither Cantor
nor any member of the Cantor group nor BGC Holdings nor any other person is obligated to pay BGC Holdings or the holder of such founding partner interests any amount in excess of the amount set forth in clause (2) above.

In addition, in the event that current, terminating or terminated partners are permitted by the Company to exchange any portion of their
founding partner units and Cantor consents to such exchange, the Company, pursuant to the Sixth Amendment to the BGC Holdings limited partnership agreement, shall offer Cantor the right to purchase the same number of new exchangeable limited
partnership interests in BGC Holdings at the price it would have paid for the founding partner units had the Company redeemed them. Such interests, if issued, would be subject to, and granted in accordance with, applicable laws, rules and
regulations then in effect.

Any BGC Holdings founding partner interests acquired by Cantor, while not exchangeable in the hands of the
founding partner absent a determination by Cantor to the contrary, will be exchangeable by Cantor for shares of BGC Partners Class B common stock or, at Cantors election, shares of BGC Partners Class A common stock, in each case, on a
one-for-one basis (subject to customary anti-dilution adjustments), on the same basis as the Cantor interests, and will be designated as BGC Holdings exchangeable limited partnership interests when acquired by Cantor. This may permit Cantor to
receive a larger share of income generated by BGC Partners business at a less expensive price than through purchasing shares of BGC Partners Class A common stock, which is a result of the price payable by Cantor to BGC Holdings upon
exercise of its right to purchase equivalent exchangeable interests.

BGC Holdings Working Partner Interests and BGC Holdings Limited Partnership Units

Cantor has a right to purchase any BGC Holdings working partner interests or BGC Holdings limited partnership units (in each case that
have not become exchangeable), as the case may be, that are redeemed by BGC Holdings if BGC Holdings elects to transfer the right to purchase such interests to a BGC Holdings partner rather than redeem such interests itself. Cantor has the right to
purchase such interests on the same terms that such BGC Holdings partner would have a right to purchase such interests.

On
November 1, 2010, the Audit and Compensation Committees of the Board of Directors of the Company authorized the Companys management from time to time to cause it to enter into various compensatory arrangements with partners, including
founding partners who hold non-exchangeable founding partner units that Cantor has not elected



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to make exchangeable into shares of Class A common stock. These arrangements, which may be entered into prior to or in connection with the termination of such partners, include but are not
limited to the grant of shares or other awards under the Long Term Incentive Plan, payments of cash or other property, or partnership awards under the BGC Holdings Participation Plan or other partnership adjustments, which arrangements may
result in the repayment by such partners of any partnership loans or other amounts payable to or guaranteed by Cantor earlier than might otherwise be the case, and for which the Company may incur compensation charges that it might not otherwise have
incurred had such arrangements not been entered into.

On November 4, 2015, the Company issued exchange rights with respect to, and Cantor
purchased, in transactions exempt from registration pursuant to Section 4(a)(2) of the Securities Act, an aggregate of 1,775,481 exchangeable limited partnership units in BGC Holdings, as follows: In connection with the redemption by BGC Holdings of
an aggregate of 588,356 non-exchangeable founding partner units from founding partners of BGC Holdings for an aggregate consideration of $2,296,801, Cantor purchased 554,196 exchangeable limited partnership units from BGC Holdings for an aggregate
of $2,115,306 (after offset of a founding partners $46,289 debt due to Cantor). In addition, pursuant to the Sixth Amendment to the BGC Holdings Limited Partnership Agreement, on November 4, 2015, Cantor purchased 1,221,285 exchangeable
limited partnership units from BGC Holdings for an aggregate consideration of $4,457,436 in connection with the grant of exchangeability and exchange of 1,221,285 founding partner units. Exchangeable limited partnership units held by Cantor are
exchangeable by Cantor at any time on a one-for-one basis (subject to adjustment) for shares of Class A common stock of the Company.

As
of December 31, 2015, there were 219,270 non-exchangeable founding/working partner units remaining in which BGC Holdings had the right to redeem and Cantor had the right to purchase an equivalent number of Cantor units.

Transfers of Interests

In
general, subject to the exceptions described below, no BGC Holdings partner may transfer or agree or otherwise commit to transfer all or any portion of, or any rights, title and interest in and to, its interest in BGC Holdings.

Regular limited partners (other than the special voting limited partner of BGC Holdings), including exchangeable limited partners, of BGC
Holdings may transfer limited partnership interests in the following circumstances:



| |  |  | in connection with the contribution and the separation;
| | - |  | -------------------------------------------------------



| |  |  | in connection with an exchange with BGC Partners, if applicable;
| | - |  | ----------------------------------------------------------------



| |  |  | if the transferor limited partner is a member of the Cantor group, to any person; or
| | - |  | ------------------------------------------------------------------------------------



| |  |  | with the prior written consent of the general partner and the exchangeable limited partners (by affirmative vote of a BGC Holdings exchangeable limited partnership interest majority in interest, not to be unreasonably
withheld or delayed).
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

With respect to any exchangeable limited partnership interest transferred by Cantor to another
person, Cantor may elect, prior to or at the time of such transfer, either (1) that such person will receive such interest in the form of an exchangeable limited partnership interest and that such person will thereafter be an exchangeable
limited partner so long as such person continues to hold such interest or (2) that such person will receive such interest in the form of a regular limited partnership interest (other than an exchangeable limited partnership interest or a
special voting limited partnership interest of BGC Holdings), including as a founding partner interest, working partner interest or otherwise, and that such person will not be an exchangeable limited partner as a result of holding such interest.

Founding partners may transfer BGC Holdings founding partner interests in the following circumstances:



| |  |  | in connection with the contribution and the separation;
| | - |  | -------------------------------------------------------



| |  |  | in connection with an exchange with BGC Partners, if applicable;
| | - |  | ----------------------------------------------------------------



| |  |  | pursuant to a redemption;
| | - |  | -------------------------



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| |  |  | if the transferee limited partner is a member of the Cantor group (except that in the event such transferee ceases to be a member of the Cantor group, such interest will automatically transfer to Cantor);
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | with the consent of the BGC Holdings exchangeable limited partnership interest majority in interest, to any other founding partner; or
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------



| |  |  | with the mutual consent of the general partner and the BGC Holdings exchangeable limited partnership interest majority in interest (which consent may be withheld for any reason or no reason), to any other person.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Working partners and limited partnership unit holders may transfer BGC Holdings working partner interests or BGC Holdings
limited partnership units, as the case may be, in the following circumstances:



| |  |  | pursuant to a redemption, in the case of working partners, and pursuant to the grants concurrently with the merger, in the case of limited partnership unit holders;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | in connection with an exchange with BGC Partners, if applicable;
| | - |  | ----------------------------------------------------------------



| |  |  | if the transferee limited partner is a member of the Cantor group (except that in the event such transferee ceases to be a member of the Cantor group, such interest will automatically transfer to Cantor); or
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | with the mutual consent of the general partner and the BGC Holdings exchangeable limited partnership interest majority in interest.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------

The special voting limited partner may transfer the special voting limited partnership interest in connection with the contribution and the
separation or to a wholly-owned subsidiary of BGC Partners (except that in the event such transferee ceases to be a wholly-owned subsidiary of BGC Partners, the special voting partnership interest will automatically be transferred to BGC Partners,
without any further action required on the part of BGC Holdings, BGC Partners or any other person).

The general partner may transfer its
general partnership interest in the following circumstances:



| |  |  | in connection with the contribution and separation;
| | - |  | ---------------------------------------------------



| |  |  | to a new general partner as described below; or
| | - |  | -----------------------------------------------



| |  |  | with the special voting limited partners prior written consent, to any other person.
| | - |  | -------------------------------------------------------------------------------------

The
special voting limited partner may, in its sole and absolute discretion, remove any general partner, with or without cause. The general partner may resign as the general partner of BGC Holdings for any reason or no reason, except that as a condition
to any removal or resignation, the special voting limited partner will first appoint a new general partner who will be admitted to BGC Holdings as the new general partner, and the resigning or removed general partner will transfer its entire general
partnership interest to the new general partner.

Amendments

The BGC Holdings limited partnership agreement cannot be amended except with the approval of each of the general partner and the exchangeable
limited partners (by the affirmative vote of a BGC Holdings exchangeable limited partnership interest majority in interest) of BGC Holdings. In addition, the BGC Holdings limited partnership agreement cannot be amended to:



| |  |  | amend any provisions which require the consent of a specified percentage in interest of the limited partners without the consent of that specified percentage in interest of the limited partners;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | alter the interest of any partner in the amount or timing of distributions or the allocation of profits, losses or credits, if such alteration would either materially adversely affect the economic interest of a partner
or would materially adversely affect the value of interests, without the consent of the partners holding at least two-thirds of all units, in the case of an amendment applying in substantially similar manner to all classes of interests, or
two-thirds in interest of the affected class or classes of the partners, in the case of any other amendment; or
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | alter the special voting limited partners ability to remove a general partner.
| | - |  | -------------------------------------------------------------------------------

The
general partner of BGC Holdings may authorize any amendment to correct any technically incorrect statement or error apparent on the face thereof in order to further the parties intent or to correct any formality or error or incorrect statement
or defect in the execution of the BGC Holdings limited partnership agreement.

In the event of any material amendment to the BGC Holdings
limited partnership agreement that materially adversely affects the interest of a founding/working partner or an limited partnership unit holder, as the case may be, in the partnership or the value of founding/working partner interests or limited
partnership units, as the case may be, held by such partner in the amount or timing of distributions or the allocation of profits, losses or credit, then such partner who does not vote in favor of such amendment has a right to elect to become a
terminated partner of BGC Holdings, regardless of whether there is an actual termination of the employment of such partner. The BGC Holdings general partner will have a right, in the event of such election by a founding/working partner or a limited
partnership unit holder, as the case may be, to revoke and terminate such proposed amendment to the BGC Holdings limited partnership agreement.

Corporate Opportunity; Fiduciary Duty

The BGC Holdings limited partnership agreement contains similar corporate opportunity provisions to those included in BGC Partners
certificate of incorporation with respect to BGC Partners and/or Cantor and their respective representatives. See Description of Capital StockAnti-Takeover Effects of Our Certificate of Incorporation and Bylaws and Delaware
LawCorporate Opportunity.

Parity of Interests

The BGC Holdings limited partnership agreement provides that it is the non-binding intention of BGC Holdings and each of the partners of BGC
Holdings that the BGC Holdings ratio at all times equals one. It is the non-binding intention of each of the partners of BGC Holdings and of BGC Holdings that there be a parallel issuance or repurchase transaction by BGC Holdings in the event of any
issuance or repurchase by BGC U.S. of BGC U.S. units to or held by BGC Holdings so that the BGC Holdings ratio at all times equals one. In August 2008, we were authorized to cause BGC Holdings to issue REUs in connection with acquisitions and to
provide for such acquisitions to be done in only one of BGC U.S. or BGC Global when appropriate. In such event, we are authorized to break parity with respect to outstanding units in such entities, although no decision to do so has been made at this
time.

Amended and Restated Limited Partnership Agreements of BGC U.S. and BGC Global

Effective as of September 1, 2008, each of BGC U.S. and BGC Global entered into amended and restated limited partnership agreements. On
September 26, 2008, the limited partnership agreement of BGC U.S. and the limited partnership agreement of BGC Global were amended, effective as of September 1, 2008, to provide that, at our election, in connection with a repurchase of our
Class A common stock or similar actions, BGC U.S. and BGC Global will redeem and repurchase from us a number of units in BGC U.S. and BGC Global equivalent to the number of shares of Class A common stock repurchased by us in exchange for
cash in the amount of the gross proceeds to be paid in connection with such stock repurchase. The proportion of such amount to be paid by BGC U.S. or BGC Global will be determined by BGC Partners. Certain technical amendments were also made to
conform such limited partnership agreements to the BGC Holdings limited partnership agreement.

Management

BGC U.S. and BGC Global each are managed by their general partner, which is BGC Holdings. BGC Holdings, in turn, holds the BGC U.S. general
partnership interest and the BGC U.S. special voting limited partnership interest, which entitles the holder thereof to remove and appoint the general partner of BGC U.S., and the BGC Global general



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partnership interest and the BGC Global special voting limited partnership interest, which entitles the holder thereof to remove and appoint the general partner of BGC Global, and serves as the
general partner of each of BGC U.S. and BGC Global, which entitles BGC Holdings (and thereby, BGC Partners) to control each of BGC U.S. and BGC Global, subject to limited consent rights of Cantor and to the rights of BGC Holdings as the special
voting limited partner. BGC Holdings holds its BGC U.S. general partnership interest through a Delaware limited liability company, BGC Holdings, LLC, and holds its BGC Global general partnership interest through a company incorporated in the Cayman
Islands, BGC Global Holdings GP Limited.

Cantors consent rights means that BGC Holdings, in its capacity as general
partner of each of BGC U.S. and BGC Global, is required to obtain Cantors consent to amend the terms of the BGC U.S. limited partnership agreement or BGC Global limited partnership agreement or take any other action that may adversely affect
Cantors exercise of its co-investment rights to acquire BGC Holdings limited partnership interests (and the corresponding investment in BGC U.S. and BGC Global by BGC Holdings) or right to exchange BGC Holdings exchangeable limited partnership
interests. BGC Partners, in its capacity as the general partner of BGC Holdings, will not cause BGC Holdings, in its capacity as the general partner of BGC U.S. and BGC Global, to make any amendments (other than ministerial or other immaterial
amendments) to the limited partnership agreement of either BGC U.S. or BGC Global unless such action is approved by a majority of BGC Partners independent directors.

Classes of Interests in the Opcos

As of the date hereof, BGC U.S. and BGC Global each had the following outstanding interests:



| |  |  | a general partnership interest, which is held by BGC Holdings;
| | - |  | --------------------------------------------------------------



| |  |  | limited partnership interests, which are directly and indirectly held by BGC Partners and BGC Holdings; and
| | - |  | -----------------------------------------------------------------------------------------------------------



| |  |  | a special voting limited partnership interest, which is held by BGC Holdings and which entitles the holder thereof to remove and appoint the general partner of BGC U.S. or BGC Global, as the case may be.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The aggregate number of authorized units in each of BGC U.S. and BGC Global is 600 million, and in the event that the
total number of authorized shares of BGC Partners common stock under BGC Partners certificate of incorporation is increased or decreased after March 31, 2008, the total number of authorized units in each of BGC U.S. and BGC Global, as the
case may be, will be correspondingly increased or decreased by the same number so that the number of authorized BGC U.S. units and BGC Global units, as the case may be, equals the number of authorized shares of BGC Partners common stock.



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Any authorized but unissued BGC U.S. units or BGC Global units, as the case may be, may be
issued:



| |  |  | pursuant to the contribution and the separation;
| | - |  | ------------------------------------------------



| |  |  | to BGC Partners and/or BGC Holdings and members of their group, as the case may be, in connection with an investment in BGC U.S. and BGC Global;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | to BGC Holdings or members of its group in connection with a redemption pursuant to the BGC Holdings limited partnership agreement as described in Amended and Restated BGC Holdings Limited Partnership
AgreementRedemption of BGC Holdings Founding/Working Partner Interests and Limited Partnership Units;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | as otherwise agreed by each of the general partner and the limited partners (by affirmative vote of the limited partners holding a majority of the units underlying limited partnership interests outstanding of BGC U.S.
or BGC Global, as the case may be (except that if BGC Holdings and its group holds a majority in interest and Cantor and its group holds a majority of units underlying the BGC Holdings exchangeable limited partnership interests, then majority of
interest means Cantor), which we refer to as an Opcos majority in interest;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | to BGC Partners or BGC Holdings in connection with a grant of equity by BGC Partners or BGC Holdings; and
| | - |  | ---------------------------------------------------------------------------------------------------------



| |  |  | to any BGC U.S. or BGC Global partner, as the case may be, in connection with a conversion of an issued unit and interest into a different class or type of unit and interest.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

There will be no additional classes of partnership interests in BGC U.S. or BGC Global.

Distributions

The profit and loss
of BGC U.S. and BGC Global are generally allocated based on the total number of BGC U.S. units and BGC Global units outstanding, other than in the case of certain litigation matters, the impact of which is allocated to the BGC U.S. and BGC Global
partners who are members of the BGC Holdings group.

BGC U.S. and BGC Global each distribute to each of its partners (subject to the
allocation of certain litigation matters to BGC U.S. and BGC Global partners, as the case may be, who are members of the BGC Holdings group):



| |  |  | on or prior to each estimated tax due date (the 15th day of each April, June, September and December, in the case of a partner that is not an individual, and the 15th day of each April, June, September and January in
the case of a partner who is an individual, or, in each case, if earlier with respect to any quarter, the date on which BGC Partners is required to make an estimated tax payment), such partners estimated proportionate quarterly tax
distribution for such fiscal quarter;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | on or prior to each estimated tax due date for partners who are members of the BGC Holdings group, an amount (positive or negative) for such fiscal quarter in respect of items of income, gain, loss or deduction
allocated in respect of certain litigation matters; and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | as promptly as practicable after the end of each fiscal quarter, an amount equal to the excess, if any, of (a) the net positive cumulative amount allocated to such partners capital account pursuant to the BGC
U.S. limited partnership agreement or BGC Global limited partnership agreement, as the case may be, after the date of such agreement over (b) the amount of any prior distributions to such partner.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

BGC U.S. or BGC Global, as the case may be, may, with the prior written consent of the holders of an Opcos majority in interest of the limited
partnership interests, decrease the total amount distributed by BGC U.S. or BGC Global, as the case may be. In addition, if BGC U.S. or BGC Global, as the case may be, is unable to make the distributions required above as a result of any losses of
the Opcos arising from the certain litigation claims, then BGC U.S. or BGC Global, as the case may be, will use reasonable best efforts to borrow such amounts as are necessary to make distributions



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that would have been received by the BGC Partners group in the absence of any such potential litigation claims and to make the estimated proportionate quarterly tax distribution to the Cantor
group. The borrowing costs of any such borrowing will be treated as part of such potential litigation claims.

The limited partnership
agreements of BGC U.S. and BGC Global also provide that at the election of BGC Partners, in connection with a repurchase of its Class A common stock or similar actions, BGC U.S. and BGC Global may redeem and repurchase from BGC Partners a
number of units equivalent to the number of shares of common stock repurchased by BGC Partners in exchange for cash in the amount of the gross proceeds to be paid in connection with such stock repurchase. The proportion of such amount to be paid by
BGC U.S. and BGC Global shall be determined by BGC Partners.

Transfers of Interests

In general, subject to the exceptions described below, no BGC U.S. partner or BGC Global partner, as the case may be, may transfer or agree to
transfer all or any portion of, or any rights, title and interest in and to, its interest in BGC U.S. or BGC Global, as the case may be.

Limited partners of BGC U.S. and BGC Global may transfer their limited partnership interests in the following circumstances:



| |  |  | in connection with the contribution and the separation;
| | - |  | -------------------------------------------------------



| |  |  | if the transferee limited partner will be a member of the BGC Partners group or the BGC Holdings group; or
| | - |  | ----------------------------------------------------------------------------------------------------------



| |  |  | with the prior written consent of the general partner and the limited partners (by affirmative vote of an Opcos majority in interest, not to be unreasonably withheld or delayed).
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The special voting limited partner may transfer the special voting limited partnership interest in connection with the contribution and the
separation or to a wholly-owned subsidiary of BGC Holdings (except that in the event such transferee ceases to be a wholly-owned subsidiary of BGC Holdings, the special voting partnership interest will automatically be transferred to BGC Holdings,
without any further action required on the part of BGC U.S. or BGC Global, as the case may be, BGC Holdings or any other person).

The
general partner may transfer its general partnership interest in the following circumstances:



| |  |  | in connection with the contribution and separation;
| | - |  | ---------------------------------------------------



| |  |  | to a new general partner; or
| | - |  | ----------------------------



| |  |  | with the special voting limited partners prior written consent.
| | - |  | ----------------------------------------------------------------

The special voting
limited partner may in its sole and absolute discretion remove any general partner, with or without cause. The general partner may resign as the general partner of BGC U.S. or BGC Global, as the case may be, for any reason, except that as a
condition to any removal or resignation, the special voting limited partner will first appoint a new general partner who will be admitted to BGC U.S. or BGC Global, as the case may be, and the resigning or removed general partner will transfer its
entire general partnership interest to the new general partner.

No partner may charge or encumber its BGC U.S. or BGC Global interest, as
the case may be, or otherwise subject such interest to any encumbrance, except those created by the BGC U.S. limited partnership agreement or BGC Global limited partnership agreement, as the case may be.



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Amendments

Each of the BGC U.S. and BGC Global limited partnership agreements cannot be amended except with the approval of each of the general partner
and the limited partners (by the affirmative vote of an Opcos majority in interest) of BGC U.S. or BGC Global, as the case may be. In addition, each of the BGC U.S. and BGC Global limited partnership agreements cannot be amended to:



| |  |  | amend any provisions which require the consent of a specified percentage in interest of the limited partners without the consent of that specified percentage in interest of the limited partners;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | alter the interest of any partner in the amount or timing of distributions or the allocation of profits, losses or credits, if such alteration would either materially adversely affect the economic interest of a partner
or would materially adversely affect the value of interests, without the consent of the partners holding at least two-thirds of all units, in the case of an amendment applying in substantially similar manner to all classes of interests, or
two-thirds in interest of the affected class or classes of the partners, in the case of any other amendment; or
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | alter the special voting limited partners ability to remove a general partner.
| | - |  | -------------------------------------------------------------------------------

The
general partner of BGC U.S. or BGC Global, as the case may be, may authorize any amendment to correct any technically incorrect statement or error in order to further the parties intent or to correct any formality or error or defect in the
execution of the BGC U.S. or BGC Global limited partnership agreement, as the case may be.

Corporate Opportunity; Fiduciary Duty

The BGC U.S. limited partnership agreement and BGC Global limited partnership agreement contain similar corporate opportunity provisions to
those included in the BGC Partners certificate of incorporation with respect to BGC Partners and/or BGC Holdings and their respective representatives. See Description of Capital StockAnti-Takeover Effects of Our Certificate of
Incorporation and Bylaws and Delaware LawCorporate Opportunity.

Parity of Interests

The BGC U.S. limited partnership agreement and BGC Global limited partnership agreement provide that it is the non-binding intention of each of
the partners of BGC U.S. and BGC Global and each of BGC Global and BGC U.S. that the number of outstanding BGC U.S. units equals the number of outstanding BGC Global units. It is the non-binding intention of each of the partners of BGC U.S. and BGC
Global and each of BGC Global and BGC U.S. that there be a parallel issuance or repurchase transaction by BGC U.S. or BGC Global in the event of any issuance or repurchase by the other Opco so that the number of outstanding BGC U.S. units at all
times equals the number of outstanding BGC Global units.

In August 2008, we were authorized to cause BGC Holdings to issue REUs in
connection with acquisitions and to provide for such acquisitions to be done in only one of BGC U.S. or BGC Global when appropriate. In such event, we are authorized to break parity with respect to outstanding units in such entities although no
decision to do so has been made at this time.

On September 26, 2008, the limited partnership agreement of BGC US and the limited
partnership agreement of BGC Global were amended, effective as of September 1, 2008, to provide that, at the Companys election, in connection with a repurchase of our Class A common stock or similar actions, BGC US and BGC Global
will redeem and repurchase from the Company a number of units in BGC US and BGC Global equivalent to the number of shares of Class A common stock repurchased by the Company in exchange for cash in the amount of the gross proceeds to be paid in
connection with such stock repurchase. The proportion of such amount to be paid by BGC US or BGC Global will be determined by BGC Partners. Certain technical amendments were also made to conform such limited partnership agreements to the BGC
Holdings limited partnership agreement.



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Administrative Services Agreements and Tower Bridge

We have entered into a series of administrative services agreements between our affiliates and those of Cantor which generally have an initial
term of three years. Thereafter, each administrative services agreement renews automatically for successive one-year terms, unless any party provides written notice to the other parties of its desire to terminate the agreement at least 120 days
before the end of any such year ending during the initial or extended term, in which event such administrative services agreement will end with respect to the terminating party on the last day of such term. In addition, any particular service
provided under an administrative services agreement may be cancelled by any party, with at least 90 days prior written notice to the providing party, with no effect on the other services.

During the term of each administrative services agreement, the parties will provide administrative and technical support services to each
other, including administration and benefits services; employee benefits, human resources, and payroll services; financial and operations services; internal auditing services; legal related services; risk and credit services; accounting and general
tax services; space, personnel, hardware and equipment services; communication and data facilities; facilities management services; promotional, sales and marketing services; procuring of insurance coverage; and any miscellaneous services to
which the parties reasonably agree. Cantor is entitled to continued use of hardware and equipment it used prior to the date of any applicable administrative services agreement on the terms and conditions provided even in the event BGC Partners
terminates such administrative services agreement, although there is no requirement to repair or replace.

Each administrative services
agreement generally provides that direct costs incurred are charged back to the service recipient along with a reasonable allocation of other costs. Additionally, the services recipient generally indemnifies the services provider for liabilities
that it incurs arising from the provision of services other than liabilities arising from fraud or willful misconduct of the service provider. In accordance with each administrative service agreement, we have not recognized any liabilities related
to services provided to service recipient affiliates.

In March 2011, the Audit Committee authorized us to receive an allocation of the
differential between our and Cantors average increase in total compensation year over year to employees shared with Cantor under each administrative services agreement without a corresponding increase in allocation to Cantor for 2010. For
2011, the Audit Committee also authorized that the differential in average increase in total compensation for that year to shared employees be allocated to us only. In each case, such total compensation shall be allocated or credited to us only in
respect of the period for which the awards were made (regardless of the ultimate charges associated with such awards) and shall be calculated at the date of grant and equal the total cash paid by us to each employee plus the number of partnership or
equity units issued to such employee multiplied by the price of a share of our Class A common stock on the date of grant plus the gross amount of any cash advance distribution loan made to such employee.

We will continue to provide assets (principally computer equipment), systems/infrastructure and office space in the United Kingdom and Europe
to Cantor, and, to the extent applicable, we and our affiliates will continue to do the same in Asia as well. We will provide these assets and office space to Tower Bridge (defined below) in the U.K. to allow it to conduct its business. We will
charge Cantor on the same basis as it charges Tower Bridge (although we will charge Tower Bridge without any mark-up). Tower Bridge and its affiliates will charge Cantor on the basis described above for such assets and office space. These assets may
be subject to operating leases with third-party leasing companies. We believe that the rate on such leases, subleases or licenses is no greater than would be incurred with a third party on an arms-length basis.

In the U.S., Cantor and its affiliates provide us with administrative services and other support for which Cantor charges us based on the cost
of providing such services. Such support includes allocations for occupancy of office space, utilization of fixed assets and accounting, operations, human resources and legal services. In connection with the services Cantor provides, we and Cantor
entered into an employee lease agreement whereby certain employees of Cantor are deemed leased employees of ours. In the U.S., we provide Cantor with technology services for which we charge Cantor based on the cost of providing such services. The
fees paid to Cantor for administrative and support services, other than those to cover the compensation costs of leased employees, are included as part of Fees to related parties in our consolidated statements of operations. The fees
paid to Cantor to cover the compensation costs of leased employees are included as part of Compensation and employee benefits in our consolidated statements of operations.



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Throughout Europe and Asia, we provide Cantor with administrative services, technology services
and other support for which we charge Cantor based on the cost of providing such services plus a mark-up, generally 7.5%. In the U.K., we provide these services to Cantor through Tower Bridge International Services L.P. (Tower Bridge).
We own 52% of Tower Bridge and consolidate it, and Cantor owns 48%. Cantors interest in Tower Bridge is reflected as a component of Noncontrolling interest in subsidiaries in our consolidated statements of financial condition, and
the portion of Tower Bridges income attributable to Cantor is included as part of Net income attributable to noncontrolling interest in subsidiaries in our consolidated statements of operations. The right to share in profits and
losses and receive distributions from Tower Bridge is divided between us (on behalf of our nominated entities) and Cantor (on behalf of its nominated entities) based on these ownership interests.

On January 9, 2012, Tower Bridge entered into six new administrative services agreements, which we refer to as the New ASAS,
effective December 31, 2011, under which Tower Bridge provides specified administrative services to each of our six U.K. affiliates: BGC Brokers L.P., Cantor Fitzgerald Europe, BGC International, eSpeed International Limited, eSpeed Support
Services Limited and Cantor Index Limited, which we refer to as the U.K. Entities. In the event of any conflict between the administrative services agreements and the New ASAs, the New ASAs will govern. The New ASAs terminate the
existing administrative service agreements in relation to the U.K. Entities only. The New ASAs are compliant with relevant regulatory requirements in the U.K. and comply with the FSA rules relating to outsourcing of material functions under
Section 8 of the Senior Management Arrangements, Systems and Controls. The New ASAs do not materially change the services obligations between the parties and the existing commercial relationships have been broadly retained. The New ASAs
provide for various provisions, including additional service levels, a longer termination period, step-in rights for the U.K. Entities, continuation rights on insolvency, audit rights for the U.K. Entities and their regulators, and provision of
business continuity in the event of an outage or incident.

Each New ASA commenced on December 31, 2011 and will remain in force
until terminated in accordance with its terms. A U.K. Entity may terminate the New ASA on 365 days notice, for material uncorrected breaches, insolvency of Tower Bridge or a force majeure event which continues for three months or more. A
U.K. Entity may also terminate specific services upon 365 days notice (or a shorter period if the parties agree in writing), and Tower Bridge may terminate specific services with a U.K. Entitys consent. Tower Bridge may terminate the New
ASA on 365 days notice or for material uncorrected breaches, for failure to pay or a force majeure event which continues for three months or more. The charges to a U.K. Entity for services are calculated using the direct cost to Tower Bridge of
providing the services plus a transfer pricing mark up which varies according to which entity provides the services.

If Tower Bridge
becomes insolvent, then a U.K. Entity can (1) terminate the New ASA at any time on written notice or (2) step in and take over the provision of the services itself either directly or via a nominated third party (to the extent permitted
under insolvency laws). Step-in rights may only be exercised where the U.K. Entity reasonably believes that crucial functions have been substantially prevented, hindered or delayed and only apply to the service in question. In such a situation,
Tower Bridge is required to fully cooperate with the U.K. Entity and the U.K. Entity must pay for third-party costs. Step-in rights cease when Tower Bridge is able to perform the services again. Step in rights are also available to a U.K.
Entity on material breach, default or non-performance by Tower Bridge. If a U.K. Entity becomes insolvent, Tower Bridge may terminate the New ASA in certain limited circumstances. Tower Bridge is required to continue to provide the services for
a period of 90 days post-insolvency (provided the U.K. Entity pays for those post insolvency services) notwithstanding that it might be owed money by the U.K. Entity for services provided pre-insolvency.

Tower Bridge charges each recipient of services for actual costs incurred for services provided plus a mark-up (if any), as the parties may
agree from time to time. Each recipient of services remains responsible for its own regulatory and other compliance functions. For the year ended December 31, 2015, we were charged $43.7 million for the services provided by Cantor and its
affiliates, of which $25.6 million was to cover compensation to leased employees for the year ended December 31, 2015.

Acquisition of GFI Group
Inc.

On February 26, 2015, we successfully completed our tender offer to acquire shares of common stock, par value $0.01 per
share, of GFI for $6.10 per share in cash and accepted for purchase 54.3 million shares tendered to us pursuant to the offer. The Tendered Shares, together with the 17.1 million Shares already owned by us, represented approximately 56% of
the then outstanding shares of GFI. We issued payment for the Tendered Shares on March 4, 2015 in the aggregate amount of $331.1 million.



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In connection with the tender offer, on February 19, 2015, we and one of our subsidiaries
entered into a Tender Offer Agreement with GFI (the TO Agreement). Pursuant to the TO Agreement, the board of directors of GFI unanimously agreed to support our tender offer and to expand GFIs board and our designation of certain
members. The TO Agreement also contained provisions with respect to the terms and timing of the back-end mergers of Jersey Partners Inc. (JPI), a stockholder of GFI, and with us.

Pursuant to the TO Agreement, GFIs then Executive Chairman, Michael Gooch, and its then Chief Executive Officer, Colin Heffron, remained
as directors of GFI. Mr. Heffron entered into an amended and restated GFI employment agreement that continues to provide him with certain annual cash and equity compensation and severance arrangements. Mr. Gooch entered into a fixed-term
employment agreement that provides him with certain cash and equity compensation. Pursuant to the TO Agreement, BGC has established a Distributable Earnings Bonus Pool (the Pool) program in an amount equal to one times the average annual
distributable earnings (as defined) of the GFI inter-dealer brokerage business for the three successive 12-month periods beginning on July 1, 2015. The Pool is in the form of awards of restricted equity units and preferred restricted equity
units of BGC Holdings, L.P and will be allocated 35% to Mr. Gooch, 35% to Mr. Heffron and 30% to other GFI employees as mutually agreed by Messrs. Gooch and Heffron and BGC. As a condition to participation in the Pool, each participant
(including Messrs. Gooch and Heffron) has entered into a non-competition and award agreement containing the terms and conditions of his or her participation, which terms include the participants continued employment through July 1, 2018
and certain other conditions, obligations and covenants (including non-competition, non-solicitation, non-hire non-disclosure provisions).

On April 28, 2015, one of our subsidiaries purchased from GFI approximately 43.0 million new shares at that dates closing
price of $5.81 per share, for an aggregate purchase price of $250 million. The purchase price was paid to GFI in the form of a note due on June 19, 2018 that bears an interest rate of LIBOR plus 200 basis points (the GFI Note).
Following the issuance of such new shares, we owned approximately 67% of GFIs then-outstanding common stock.

On August 24,
2015, GFI, Messrs. Gooch and Heffron; JPI; CME Group, Inc. (CME), the former members of the GFI Special Committee, BGC; and certain other former officers and affiliates of GFI entered into a memorandum of understanding (the
MOU) with regard to a preliminary settlement (the Settlement) of the consolidated class action case pending against GFI in the State of Delaware (the Consolidated Delaware Action). Neither GFI nor BGC contributed
any funds to the Settlement, which will be paid from a combination of insurance proceeds and payments by JPI and Messrs. Gooch and Heffron. The Settlement provides for a settlement fund of $10.75 million for the class of GFI stockholders in the
Consolidated Delaware Action and payment of attorneys fees and costs to plaintiffs counsel in an amount to be established by negotiation, mediation or a fee application to the Court. The final Settlement will also require approval of the
Court. In connection with the Settlement, on October 6, 2015, we advanced $10.75 million to JPI in return for a promissory note (the JPI Note). The JPI Note bore interest at the rate of 5.375% per annum and was secured by
two million shares of GFI common stock owned by JPI. The JPI Note was repaid on the date of the Back-End Mergers. In the MOU, the CME agreed to terminate the restriction prohibiting former executive officers of GFI, JPI and certain other
stockholders and affiliates of GFI from supporting the Back-End Mergers. In connection with the Settlement, Messrs. Gooch and Heffron, JPI, BGC and GFI entered into a separate agreement providing for certain matters relating to the merger of BGC and
GFI and allocating certain responsibilities and advancing certain payments (the Settlement Letter).The Settlement Letter also included the following agreements: (i) payment of the plaintiffs attorneys fees and costs in
the Consolidated Delaware Action first from insurance proceeds, with any excess to be paid by Messrs. Gooch and Heffron; (ii) indemnification by Messrs. Gooch and Heffron with respect to liabilities and expenses in the Consolidated Delaware
Action and other cases related to breach of fiduciary duty or other causes of action, the CME Merger Agreement, insurance claims and the tender offer to the extent not covered by insurance; and (iii) indemnification by Mr. Gooch with
respect to liabilities and expenses in connection with the remaining New York class action case that are not otherwise covered by insurance.

On December 22, 2015, BGC, JPI, New JP Inc. (New JPI), Mr. Gooch, Mr. Heffron, and certain subsidiaries of JPI and
BGC entered into a merger agreement providing for the acquisition of JPI by BGC (the Merger Agreement).

On January 12,
2016, the JPI merger (the JPI Merger) was closed. Shortly following the completion of the JPI Merger, a subsidiary of BGC merged with and into GFI pursuant to a short-form merger under Delaware law, with GFI continuing as the surviving
entity (the GFI Merger and, together with the JPI Merger, the Back-End Mergers). The



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Back-End Mergers allowed BGC to acquire the remaining approximately 33 percent of the outstanding shares of GFI common stock that BGC did not already own. Following the closing of the Back-End
Mergers, BGC and its affiliates now own 100 percent of the outstanding shares of GFIs common stock.

Under the terms of the Merger
Agreement, certain subsidiaries of BGC merged with and into a subsidiary of New JPI, resulting in BGC owning all of the shares of GFI common stock previously owned by JPI. In the JPI Merger, each holder of JPI common stock, other than Messrs. Gooch
and Heffron, received per JPI share held an amount equal to (a) $6.10 multiplied by the number of GFI shares held by JPI, less the principal plus accrued interest on the $10.75 million note issued by JPI to BGC on October 6, 2015, divided
by (b) the number of outstanding shares of New JPI common stock. This amount was paid 30 percent in cash and 70 percent in shares of BGC Class A common stock, valued at a price of $9.46 per share of BGC Class A common stock, which was
the closing price of BGC Class A common stock on the day prior to the date of the TO Agreement. Messrs. Gooch and Heffron received the same amount per JPI share held, subject to certain adjustments, but were paid 100 percent in shares of BGC
Class A common stock.

In the GFI Merger, each of the remaining outstanding shares of GFI common stock, other than those held by BGC
and its subsidiaries, were converted into the right to receive an amount in cash equal to $6.10 per GFI share. Following the closing of the Back-End Mergers, we now own 100% of the shares.

In total, approximately 23.5 million shares of BGC Class A common stock and $111.3 million in cash were issued or paid with respect
to the closing of the Back-End Mergers, inclusive of adjustments. The total purchase consideration for all shares of GFI purchased by BGC was $750.5 million, net of the $250.0 million GFI Note, which is eliminated in consolidation. This figure
excludes the $29.0 million gain recorded in the first quarter of 2015 with respect to the appreciation of the 17.1 million shares of GFI held by BGC prior to the successful completion of the tender offer. Including this gain, the calculation of
purchase consideration and noncontrolling interest totaled $779.5 million.

As a condition to closing, Messrs. Gooch and Heffron resigned
as directors of the board of directors of GFI. Mr. Gooch retains the titles of Vice Chairman of BGC Partners, L.P. and Chairman of the GFI Division, while Mr. Heffron continues to be the CEO of the GFI Division.

Trayport Transaction

On
December 11, 2015, certain of our indirect subsidiaries (the Sellers) completed the sale (the Trayport Transaction) of all of the equity interests in the entities that made up the Trayport business (the Trayport
Business) to Intercontinental Stock Exchange, Inc. (ICE). The Trayport Business was GFIs European electronic energy software business. The Trayport Transaction occurred pursuant to a Stock Purchase Agreement, dated as of
November 15, 2015, by and among the Sellers, ICE, and for certain purposes, us and GFI (the Trayport Purchase Agreement). At the closing, the Sellers received 2,527,658 shares of ICE common stock.

Concurrent with the closing, the parties executed certain ancillary agreements, including a transition services agreement, a registration
rights agreement with respect to the ICE common stock issued to the Sellers, and an amendment and restatement of the existing Framework Agreement dated September 10, 2015 by and among us, Trayport Limited, and certain affiliates. The amended
Framework Agreement has a 10-year term, provides us and our affiliates with a license to use Trayports patents, the right to receive contractual terms that are no less favorable than the ones provided by the Trayport Business to another party,
provides a framework for the commercial arrangements between us and the Trayport Business and contains certain restrictions on the assignment of such agreement by GFI, us and each of our affiliates to certain enumerated exchanges and competitors of
ICE. The Sellers further agreed in the Trayport Purchase Agreement that they will not, subject to certain exceptions, compete with the Trayport Business for two years after closing.

Nasdaq Transaction

On June 28,
2013, we completed the sale (the Nasdaq Transaction) of certain assets to Nasdaq. At the closing, Nasdaq purchased certain assets and assumed certain liabilities from us and our affiliates, including the eSpeed brand name and various
assets comprising the fully electronic portion of our benchmark on-the-run U.S. Treasury brokerage, market data and co-location service businesses (the Purchased Assets), for cash consideration of $750 million paid at closing, plus an
earn-out of up to 14,883,705 shares of Nasdaq common stock to be paid ratably in each of the fifteen years following the closing. The $750 million in cash paid at closing was subject to adjustment for certain pre-paid



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amounts and accrued costs and expenses, and the 14,883,705 shares of Nasdaq common stock will be paid ratably in each of the fifteen years following the closing in which the consolidated gross
revenue of Nasdaq, as a whole, is equal to or greater than $25 million. On each of November 12, 2013 and November 10, 2014, we received 992,247 shares of Nasdaq common stock in accordance with the agreement. The contingent future issuances
of Nasdaq common stock are also subject to acceleration upon the occurrence of certain events, including the acquisition by any person of 50% or more of Nasdaq stock (including by merger), Nasdaq ceasing to hold Purchased Assets representing 50% or
more of the aggregate revenue attributable to the Purchased Assets as of the closing, and the sale of all or substantially all of Nasdaq assets, as well as to certain anti-dilution provisions.

In the Purchase Agreement, we and Cantor agreed, subject to certain exceptions, not to engage in the business of fully electronic brokerage of
benchmark on-the-run U.S. Treasuries and certain transactions in first off-the-run U.S. Treasuries for three years after the closing. We and Cantor received from Nasdaq a perpetual and royalty-free market data license and granted to Nasdaq a
non-exclusive, irrevocable, royalty-free right and license to use any patents owned in the businesses covered by the Purchased Assets for U.S. Treasury securities transactions. CF&Co also agreed to provide Nasdaq with certain clearing and
broker-dealer services for up to nine months following the closing. CF&Co acted as advisor to us and was paid a fee of approximately $4.7 million.

Subsequent to the closing of the Nasdaq Transaction, we waived our right to receive from U.S. Opco a distribution of a portion of the proceeds
of the Nasdaq Transaction because such proceeds were needed more at the U.S. Opco operating subsidiary level and because the distribution of such proceeds to us and the subsequent reinvestment by us of such proceeds in U.S. Opco may have triggered
Cantor co-investment rights in BGC Holdings and certain stock dividend obligations of the Company under the Separation Agreement and the BGC Holdings limited partnership agreement. The Audit Committee approved such waiver by us.

As a result of the Nasdaq Transaction, we only sold our on-the-run, benchmark 2-, 3-, 5-, 7-, 10-, and 30-year fully electronic trading
platform for U.S. Treasury notes and bonds. Over time, we built these six instruments into some of the deepest and most liquid markets in the world. This platform, together with the directly related market data and co-location businesses, generated
approximately $99 million in revenues in 2012 and $48.6 million in revenues in the first six months of 2013. We retained all of our other voice, hybrid, and fully electronic trading, market data, and software businesses, including voice, hybrid and
electronic brokerage of off-the-run U.S. Treasuries, as well as Treasury Bills, Treasury Swaps, Treasury Repos, Treasury Spreads, and Treasury Rolls. We also continue to offer voice brokerage for on-the-run U.S. Treasuries.

ELX Futures, L.P.

The Company, together
with other leading financial institutions, formed ELX Futures, L.P. (ELX), a limited partnership that has established a fully-electronic futures exchange. Cantor provides certain administrative and similar services to ELX. Effective
December 23, 2014, the Company is consolidating ELX in its consolidated financial statements. Prior to consolidating ELX, the Company accounted for ELX under the equity method of accounting.

During the years ended December 31, 2015 and 2014, the Company made no capital contributions to ELX. On March 28, 2012, the Company
entered into a credit agreement with ELX, whereby the Company has agreed to lend ELX up to $16.0 million. As of December 31, 2015, the Company had not loaned ELX any amounts under this agreement. The Company has entered into a technology
services agreement with ELX pursuant to which the Company provides software technology licenses, monthly maintenance support and other technology services as requested by ELX. As part of the Nasdaq Transaction, the Company sold the technology
services agreement with ELX to Nasdaq. In addition, in connection with the Nasdaq Transaction, the Company has guaranteed all payment obligations of ELX through December 31, 2015 under the Amended and Restated Technology Services Agreement,
dated as of March 28, 2012, by and between eSpeed Technology Services L.P. and ELX Futures L.P. For the years ended December 31, 2015 and 2014, the Company recognized related party revenues of $25.3 million and $28.4 million, respectively,
for the services provided to Cantor.

Tax Receivable Agreement

Certain interests in BGC Holdings may, in effect, be exchanged in the future for shares of BGC Partners Class A common stock or BGC
Partners Class B common stock on a one-for-one basis (subject to customary anti-dilution adjustments). The exchanges may result in increases to our share of the tax basis of the tangible and intangible assets of



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each of BGC U.S. and BGC Global that otherwise would not have been available, although the Internal Revenue Service may challenge all or part of that tax basis increase, and a court could sustain
such a challenge by the Internal Revenue Service. These increases in tax basis, if sustained, may reduce the amount of tax that we would otherwise be required to pay in the future.

We are party to a tax receivable agreement with Cantor that provides for the payment by us to Cantor of 85% of the amount of cash savings, if
any, in U.S. federal, state and local income tax or franchise tax that we actually realize as a result of these increases in tax basis and of certain other tax benefits related to its entering into the tax receivable agreement, including tax
benefits attributable to payments under the tax receivable agreement. It is expected that we will benefit from the remaining 15% of cash savings, if any, in income tax that we realize. Pursuant to the tax receivable agreement, we will determine,
after consultation with Cantor, the extent to which we are permitted to claim any such tax benefits, and such tax benefits will be taken into account in computing any cash savings so long as our accountants agree that it is at least more likely than
not that such tax benefit is available. Cantor has not exercised this right to date, but there can be no assurance that it will not do so in the future.

Pursuant to the tax receivable agreement, 20% of each payment that would otherwise be made by us will be deposited into an escrow account
until the expiration of the statute of limitations for the tax year to which the payment relates. If the Internal Revenue Service successfully challenges the availability of any tax benefit and determines that a tax benefit is not available, we will
be entitled to receive reimbursements from Cantor for amounts we previously paid under the tax receivable agreement and Cantor will indemnify us and hold us harmless with respect to any interest or penalties and any other losses in respect of the
disallowance of any deductions which gave rise to the payment under the tax receivable agreement (together with reasonable attorneys and accountants fees incurred in connection with any related tax contest, but the indemnity for such
reasonable attorneys and accountants fees shall only apply to the extent Cantor is permitted to control such contest). Any such reimbursement or indemnification payment will be satisfied first from the escrow account (to the extent
funded in respect of such payments under the tax receivable agreement).

For purposes of the tax receivable agreement, cash savings in
income and franchise tax will be computed by comparing our actual income and franchise tax liability to the amount of such taxes that we would have been required to pay had there been no depreciation or amortization deductions available to us that
were attributable to an increase in tax basis (or any imputed interest) as a result of an exchange and had BGC Partners OldCo not entered into the tax receivable agreement. The tax receivable agreement was entered into on March 31, 2008, in
connection with the transactions contemplated by the Separation Agreement, and will continue until all such tax benefits have been utilized or expired, unless we (with the approval by a majority of our independent directors) exercise our right to
terminate the tax receivable agreement for an amount based on an agreed value of payments remaining to be made under the agreement, provided that if Cantor and we cannot agree upon a value, the agreement will remain in full force and effect. The
actual amount and timing of any payment under the tax receivable agreement will vary depending on a number of factors, including the timing of exchanges, the extent to which such exchanges are taxable and the amount and timing of our income.

Any amendment to the tax receivable agreement will be subject to approval by a majority of our independent directors.

Acquisition of CantorCO2e, L.P. from Cantor

On August 2, 2011, the Companys Board of Directors and Audit Committee approved the Companys acquisition from Cantor of its
North American environmental brokerage business, CantorCO2e, L.P. (CO2e). On August 9, 2011, the Company completed the acquisition of CO2e from Cantor for the assumption of approximately $2.0 million of liabilities and announced the
launch of BGC Environmental Brokerage Services. Headquartered in New York, BGC Environmental Brokerage Services focuses on environmental commodities, offering brokerage, escrow and clearing, consulting, and advisory services to clients throughout
the world in the industrial, financial and regulatory sectors.

Aqua

In January 2007, the Company announced the formation of Aqua Securities, L.P. (Aqua), an alternative electronic trading platform
which offers new pools of block liquidity to the global equities markets. On May 30, 2007, the Financial Industry Regulatory Authority (FINRA) approved the partial ownership change and name agreement whereby we are entitled to a 49%
interest in Aqua, and Cantor is entitled to a 51% interest in Aqua, which may be subject to dilution by



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other investors from time to time. Cantor and the Company have collectively contributed financial, professional and technology assets to the venture, which included all of the Companys
former equities order routing business. On October 2, 2007, Aqua obtained permission from FINRA to operate an Alternative Trading System and to provide Direct Market Access for institutional block equity buy-side and sell-side firms. In June
2008, we were authorized to enter into loans, investments or other credit support arrangements for Aqua of up to $5.0 million in the aggregate, which arrangements would be proportionally and on the same terms as similar arrangements between Aqua and
Cantor (which amount authorized was increased by $2.0 million on November 1, 2010, an additional $3.0 million on November 5, 2012 and an additional $600,000 on February 25, 2015). We were further authorized to provide counterparty or
similar guarantees on behalf of Aqua from time to time, provided that liability for any such guarantees, as well as similar guarantees provided by Cantor, would be shared proportionally with Cantor.

On August 21, 2008, the Company entered into a two-year Subordinated Loan Agreement, whereby the Company agreed to lend Aqua the
principal sum of $980,000, at the applicable rate of six month LIBOR plus 200 basis points. The cash proceeds covered by this Agreement were used and dealt with by Aqua as part of its capital and were subject to the risks of the business. The
Subordinated Loan Agreement was amended most recently on August 27, 2014. As a result of such amendments, the scheduled maturity date on the subordinated loan is September 1, 2017, and the current rate of interest on the loan is three
month LIBOR plus 600 basis points. Aqua is also authorized to receive clearing and administrative services from Cantor and technology infrastructure services from us. Aqua is authorized to pay sales commissions to brokers of Cantor or other
brokers who introduce clients who become Aqua participants.

The Company has been authorized to enter into loans, investments or other
credit support arrangements for Aqua of up to $16.2 million in the aggregate; such arrangements would be proportionally and on the same terms as similar previous arrangements between Aqua and Cantor. During the year ended December 31, 2015, the
Company made $1.3 million in cash contributions to Aqua.

Guarantee Agreement From CF&Co

Under rules adopted by the U.S. Commodity Futures Trading Commission (the CFTC), all foreign introducing brokers engaging in
transactions with U.S. persons are required to register with the National Futures Association and either meet financial reporting and net capital requirements on an individual basis or obtain a guarantee agreement from a registered Futures
Commission Merchant. Our European-based brokers engage from time to time in interest rate swap transactions with U.S.-based counterparties, and therefore we are subject to the CFTC requirements. CF&Co has entered into guarantees on our behalf
(and on behalf of certain subsidiaries of GFI), and we (or GFI, as the case may be) are required to indemnify CF&Co for the amounts, if any, paid by CF&Co pursuant to this arrangement.

Registration Rights Agreements

Pursuant
to various registration rights agreements entered into by Cantor and us, Cantor has received piggyback and demand registration rights.

Formation
Registration Rights Agreement

Under the formation registration rights agreement, the piggyback registration rights allow Cantor to
register the shares of Class A common stock issued or issuable to it in connection with the conversion of its shares of Class B common stock whenever we propose to register any shares of our Class A common stock for our own or
anothers account under the Securities Act of 1933, as amended (the Securities Act), for a public offering, other than any shelf registration of shares of our Class A common stock to be used as consideration for acquisitions of
additional businesses and registrations relating to employee benefit plans.

Cantor also has the right, on three occasions, to require
that we register under the Securities Act any or all of the shares of our Class A common stock issued or issuable to it in connection with the conversion of its shares of our Class B common stock. The demand and piggyback registration rights
apply to Cantor and to any transferee of shares held by Cantor who agrees to be bound by the terms of the formation registration rights agreement.

We have agreed to pay all costs of one demand and all piggyback registrations, other than underwriting discounts and commissions. We have also
agreed to indemnify Cantor and any transferee for certain liabilities they may incur in connection with the exercise of their registration rights. All of these registration rights are subject to conditions and



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limitations, including (1) the right of underwriters of an offering to limit the number of shares included in that registration, (2) our right not to effect any demand registration
within six months of a public offering of our securities and (3) that Cantor agrees to refrain from selling its shares during the period from 15 days prior to and 90 days after the effective date of any registration statement for the offering
of our securities.

Separation Registration Rights Agreement

In connection with the 2008 separation, BGC Partners OldCo entered into the separation registration rights agreement with Cantor which provides
that the holders of our common stock, issued or to be issued upon exchange of the BGC Holdings exchangeable limited partnership interests held by Cantor and for any shares of our common stock issued or issuable in respect of or in exchange for any
shares of our common stock, are granted registration rights. We refer to these shares as registrable securities, and we refer to the holders of these registrable securities as holders.

The separation registration rights agreement provides that, after exchange of the BGC Holdings exchangeable limited partnership interests or
conversion of Class B common stock into Class A common stock, as the case may be, each holder is entitled to unlimited piggyback registration rights, meaning that each holder can include his or her registrable securities in registration
statements filed by us, subject to certain limitations. Cantor exercised such piggyback rights to participate in the June 2008 offering.

The separation registration rights agreement also grants Cantor four demand registration rights requiring that we register the shares of
Class A common stock held by Cantor, provided that the amount of securities subject to such demand constitutes at least 10% of the shares of Class A common stock outstanding or has an aggregate market value in excess of $20 million and no
more than one demand registration during any twelve-month period.

We will pay the costs but the holders will pay for any underwriting
discounts or commissions or transfer taxes associated with all such registrations.

We have agreed to indemnify the holders registering
shares pursuant to the separation registration rights agreement against certain liabilities under the Securities Act.

8.75% Convertible Senior Notes
Registration Rights Agreement

As described below under 8.75% Convertible Senior Notes due 2015, the Company granted
registration rights in connection with the issuance of its 8.75% Convertible Senior Notes due 2015.

4.50% Convertible Senior Notes due 2016

On July 29, 2011, we issued $160 million aggregate principal amount of convertible senior notes due 2016 (the 4.50% convertible
notes), to qualified institutional buyers. The $160 million of notes includes $25 million aggregate principal amount of the 4.50% convertible notes issued in connection with the exercise in full of the initial purchasers over-allotment
option. The initial purchasers were Merrill Lynch, Pierce, Fenner & Smith Incorporated (ML), Deutsche Bank Securities Inc. (DB), Cantor Fitzgerald & Co. (CF&CO), an affiliate of the Company,
BMO Capital Markets Corp. and CastleOak Securities L.P.

The 4.50% convertible notes were issued pursuant to an Indenture, dated as of
July 29, 2011 (the 4.50% Convertible Notes Indenture), between the Company and U.S. Bank National Association, as trustee. The notes bear interest at a rate of 4.50% per year, payable in cash on January 15 and July 15
of each year, commencing January 15, 2012, and will mature on July 15, 2016 (the maturity date), unless earlier repurchased for cash or converted.

Holders of the notes (holders) may convert their notes at their option at any time until the close of business on the second
scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Class A common stock, or a combination thereof at the Companys election. The initial
conversion rate for the notes is 101.6260 shares of Class A common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $9.84 per share of Class A common stock.

Following certain corporate transactions, the Company will increase the conversion rate for a holder that elects to convert its notes in
connection with such corporate transactions by a number of additional shares of Class A common stock. The conversion rate will not be adjusted for accrued and unpaid interest to the conversion date.



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The Company may not redeem the notes prior to the maturity date. If the Company undergoes a
fundamental change (as defined in the 4.50% Convertible Notes Indenture) holders may require the Company to purchase all or a portion of their notes for cash at a price equal to 100% of the principal amount of the notes to be purchased
plus any accrued and unpaid interest to, but excluding, the fundamental change purchase date.

The Company received net proceeds from the
offering of the notes of approximately $144.2 million after deducting the initial purchasers discounts and commissions, offering expenses and the cost of the capped call transactions. CF& Co. received approximately $1.2 million in initial
purchase discounts and commissions. The Company used the net proceeds from the offering for general corporate purposes, which included financing acquisitions.

8.75% Convertible Senior Notes due 2015

On March 12, 2010, the Audit Committee authorized the Company or one of its subsidiaries to sell $150 million aggregate principal
amount of 8.75% Convertible Senior Notes due 2015 to Cantor or any of its affiliates. On March 16, 2010, the Company, BGC Holdings and Cantor executed an agreement with respect to this transaction. In connection with the foregoing, on
April 1, 2010 BGC Holdings issued an aggregate of $150 million principal amount of 8.75% Convertible Senior Notes due 2015 (the BGC Holdings Notes) in a private placement transaction to Cantor. On April 1, 2010, BGC
Holdings lent the proceeds from the issuance of the BGC Holdings Notes to the Company in exchange for $150 million principal amount of 8.75% Convertible Senior Notes due 2015 (the 8.75% Convertible Notes and, together with the BGC
Holdings Notes, the Notes) on substantially the same economic terms as the BGC Holdings Notes. In connection with the issuance of the 8.75% Convertible Notes, the Company entered into an Indenture, dated April 1, 2010, with Wells
Fargo Bank, National Association, as trustee (the 8.75% Convertible Notes Indenture).

The Company lent the proceeds from the
issuance of the 8.75% Convertible Notes to its operating subsidiary, BGC Partners, L.P. (BGC U.S.). BGC U.S. used the proceeds to repay at maturity $150 million aggregate principal amount of senior notes due April 1, 2010.

The Notes were senior unsecured obligations and ranked equally and ratably with all existing and future senior unsecured obligations of BGC
Holdings and the Company, respectively. The Notes bore an annual interest rate of 8.75%, which was payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2010. The Notes matured on
April 15, 2015.

Holders were entitled to exchange or convert the Notes at their option at any time until the close of business on
the second scheduled trading day of the Class A common stock immediately preceding the maturity date. The Notes were exchangeable and convertible as follows:



| |  |  | The BGC Holdings Notes held by Cantor were (i) exchangeable for a like principal amount of 8.75% Convertible Notes held by BGC Holdings, or (ii) convertible into an aggregate of 24,042,599 BGC Holdings
exchangeable limited partnership interests at a conversion rate of 160.2840 units per $1,000 of principal amount of BGC Holdings Notes, equivalent to a conversion price of $6.24 per unit. The BGC Holdings exchangeable limited partnership interests
are themselves exchangeable on a one-for-one basis for shares of Class A common stock.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The Notes were converted by
Cantor on April 13, 2015 into 24,042,599 shares of our Class A common stock.

In connection with the issuance of the 8.75%
Convertible Notes, the Company entered into a registration rights agreement (the Registration Rights Agreement) with Cantor, dated April 1, 2010, pursuant to which holders of the 8.75% Convertible Notes and the shares of
Class A common stock issuable upon conversion of the 8.75% Convertible Notes (the Registrable Securities) have registration rights. Pursuant to the Registration Rights Agreement, the Company filed a registration statement on Form
S-3 pursuant to Rule 415 under the Securities Act (333-204980), which provides for resales of all Registrable Securities. In addition, holders of the Registrable Securities have the right to demand registration for resales of the Registrable
Securities in an underwritten public offering if such offering (i) represents at least 5% of either the 8.75% Convertible Notes or the shares of Class A common stock outstanding on the date of the demand, or (ii) has an aggregate
market value on the date of the demand of greater than $7.5 million. Holders of the Registrable Securities are entitled to an aggregate of four demand registrations, which are subject to certain exceptions.



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The registration rights granted in the Registration Rights Agreement are subject to customary
restrictions such as blackout periods and limitations on the number of other securities of the Company to be included in any underwritten offering. In addition, the Registration Rights Agreement contains other limitations on the timing and ability
of holders of the Registrable Securities to exercise demand registration rights.

Freedom International Brokerage

We and Cantor formed Freedom International Brokerage Company (Freedom) to acquire a 66.7% interest in Freedom International
Brokerage, a Canadian government securities broker-dealer and Nova Scotia unlimited liability company, in April 2001. As of the closing of the merger, we became entitled to 100% of Freedoms capital interest in Freedom International Brokerage
and we assumed 100% of Freedoms cumulative profits. As of December 31, 2015, the investment in Freedom International Brokerage was $8.3 million. We also entered into the Freedom services agreements with Freedom International Brokerage. As
of December 31, 2015, the Company had receivables from Freedom of $4.1 million.

Controlled Equity Offering/Payment of Commissions to Cantor
Fitzgerald & Co

On November 20, 2014, the Company entered into a controlled equity offering sales agreement with
CF&Co (the November 2014 Sales Agreement), pursuant to which the Company could offer and sell up to 20,000,000 shares of its Class A common stock sold under the Companys shelf Registration Statement on Form S-3 (Reg.
No. 333-200415), from time to time through CF&Co as the Companys sales agent. Under such sales agreement, the Company agreed to pay to CF&Co a commission of 2% of the gross proceeds from the sale of such shares. As of
March 31, 2016, approximately 6,831,023 shares of Class A common stock have been sold under the November 2014 Sales Agreement, resulting in a total of approximately $1.2 million paid by the Company to CF&Co, and 13,168,977 shares of
Class A common stock remain to be sold under such Agreement.

BGC Holdings Exchangeable Limited Partnership Interests Held by Cantor

As of December 31, 2015, Cantor held an aggregate of 50,558,414 BGC Holdings exchangeable limited partnership interests.

The Company has filed various resale registration statements with respect to shares of Class A common stock that may be sold from time to
time on a delayed or continuous basis by (i) Cantor at the direction of and for the account of certain current and former Cantor partners, and/or by such partners, as distributees of shares of Class A common stock from Cantor,
(ii) charitable organizations that receive donations of shares from Cantor, and/or (iii) the Relief Fund with respect to the shares donated by the Company to it in connection with the Companys Charity Day. The Company pays all of the
expenses of registration other than any underwriting discounts and commissions and stock transfer taxes.

Certain Financial Advisory Fees and
Commissions Paid by the Company to CF&Co

On August 2, 2010, the Company was authorized to engage CF&Co and its affiliates
to act as financial advisor in connection with one or more third-party business combination transactions with or involving one or more targets as requested by the Company on behalf of its affiliates from time to time on specified terms, conditions
and fees In addition, on September 3, 2010 the Company filed a registration statement on Form S-4 (the Form S-4 Registration Statement), which was declared effective by the SEC on October 12, 2010, for the offer and sale of up
to 20,000,000 shares of Class A common stock from time to time in connection with business combination transactions, including acquisitions of other businesses, assets, properties or securities. In addition to shares of Class A common
stock, the Company may offer other consideration in connection with such business combination transactions, including, but not limited to, cash, notes or other evidences of indebtedness, BGC Holdings units that may be exchangeable for shares of
Class A common stock offered and sold on the Form S-4 Registration Statement, assumption of liabilities or a combination of these types of consideration. The Form S-4 Registration Statement states that the Company may pay finders,
investment banking or financial advisory fees to broker-dealers, including, but not limited to, CF&Co and its affiliates, from time to time in connection with certain business combination transactions, and, in some cases, the Company may issue
shares of Class A common stock offered pursuant to the Form S-4 Registration Statement in full or partial payment of such fees.

On
February 26, 2015, the Company completed the tender offer for GFI shares. In connection with the acquisition of GFI, during the year ended December 31, 2015, the Company recorded advisory fees of $7.1 million payable to CF&Co.



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On May 7, 2015, GFI retained CF&Co to assist it in the sale of Trayport. During the year
ended December 31, 2015, the Company recorded advisory fees of $5.1 million payable to CF&Co in connection with the sale of Trayport.

As of December 31, 2015, the Company had securities loaned transactions of $117.9 million with CF&Co. The market value of the
securities lent was $116.3 million. As of December 31, 2015, the cash collateral received from CF&Co bore interest rates ranging from 0.80% to 1.00%.

Agreements with Cantor Commercial Real Estate Company, L.P.

On October 29, 2013, the Audit Committee of the Board of Directors authorized us to enter into agreements from time to time with Cantor
and/or its affiliates, including Cantor Commercial Real Estate Company, L.P. (CCRE), to provide services, including finding and reviewing suitable acquisition or partner candidates, structuring transactions and negotiating and due
diligence services, in connection with our acquisition and other business strategies in commercial real estate and other businesses from time to time. Such services would be provided at fees not to exceed the fully allocated cost of such services
plus 10% and payment of fees for such services prior to October 31, 2013. In connection with this agreement, the Company did not recognize any expense for the years ended December 31, 2015 and December 31, 2014, and recognized $0.3 million
of expense for the year ended December 31, 2013.

We also have a referral agreement in place with CCRE, in which brokers are
incentivized to refer business to CCRE through a revenue-share arrangement. In connection with this revenue-share agreement, we paid $2.0 million and $1.2 million for the years ended December 31, 2015 and 2014, respectively.

Charity Day

On April 12, 2013, the
Company filed a resale Registration Statement on Form S-3 pursuant to which 2,810,000 shares of our Class A common stock may be sold by the Relief Fund or by its pledges, transferees or other successors in interest. Of the 2,810,000 shares,
1,810,000 shares were donated by us to the Relief Fund on December 21, 2012 and the remaining 1,000,000 shares were donated by us to the Relief Fund on April 2, 2013.

During the year ended December 31, 2015, the Company made an interest-free loan to the Relief Fund for $1.0 million in connection
with the Companys annual Charity Day. As a result of the loan, the Relief Fund issued a promissory note to the Company to repay the principal of $1.0 million on August 4, 2016.

During the year ended December 31, 2015, the Company also committed to make charitable contributions to the Relief Fund in the amount of
$40.0 million over the next five years. As of December 31, 2015, the remaining liability associated with commitments to make charitable donations was $55.5 million.

On February 23, 2016, the Company purchased from The Relief Fund 970,639 shares of the Companys Class A common stock at a price of $8.72
per share, the closing price on the date of the transaction.

Issuances of Shares of Class A Common Stock upon Exchanges of BGC Holdings
Exchangeable Founding Partner Units/Opening of Brokerage Accounts

From January 1, 2015 through December 31, 2015, the
Company issued an aggregate of 279,314 shares of Class A common stock to founding partners of BGC Holdings upon exchange of their exchangeable founding partner units. In order to facilitate the receipt and sale of the exchange shares by the
founding partners and the distribution rights shares to be received by retained and founding partners, the Company and Cantor have made arrangements for such partners to open brokerage accounts with an investment bank. These accounts will facilitate
repayment by any such partners of any partnership loans or other amounts payable to or guaranteed by Cantor from the proceeds of any sale of such shares.

Other Transactions

The Company is
authorized to enter into short-term arrangements with Cantor to cover any failed U.S. Treasury securities transactions and to share equally any net income resulting from such transactions, as well as any similar clearing and settlement issues. As of
December 31, 2015, the Company had not entered into any arrangements to cover any failed U.S. Treasury transactions.

To more
effectively manage the Companys exposure to changes in foreign exchange rates, the Company and Cantor agreed to jointly manage the exposure. As a result, the Company is authorized to divide the quarterly allocation of any profit or loss
relating to foreign exchange currency hedging between Cantor and the Company. The amount allocated to each party is based on the total net exposure for the Company and Cantor. The ratio of gross exposures of Cantor and the Company will be utilized
to determine the shares of profit or loss allocated to each for the period. During the year ended December 31, 2015, the Company recognized its share of foreign exchange gains of $496 thousand.



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Mr. Lutnicks brother-in-law, Gary Lambert, serves as a Director of Business
Development of the Companys Market Data business. He does not report to Mr. Lutnick and he is not supervised by Mr. Lutnick. He earns a base draw of $150,000 and a performance bonus based on sales commissions. In 2015, he received
308 PSUs and 248 PPSUs as a portion of his compensation. He holds no additional PSUs.

In March 2009, the Company and Cantor were
authorized to utilize each others brokers to provide brokerage services for securities not brokered by such entity, so long as, unless otherwise agreed, such brokerage services were provided in the ordinary course and on terms no less
favorable to the receiving party than such services are provided to typical third-party customers. The Company and Cantor enter into these agreements from time to time.

In August 2013, the Audit Committee authorized the Company to invest up to $350 million in an asset-backed commercial paper program for which
certain Cantor entities serve as placement agent and referral agent. The program issues short-term notes to money market investors and is expected to be used from time to time by the Company as a liquidity management vehicle. The notes are
backed by assets of highly rated banks. The Company is entitled to invest in the program so long as the program meets investment policy guidelines, including relating to ratings. Cantor will earn a spread between the rate it receives from the
short-term note issuer and the rate it pays to the Company on any investments in this program. This spread will be no greater than the spread earned by Cantor for placement of any other commercial paper note in the program. As of December 31,
2015, the Company did not have any investments in the program and as of December 31, 2014, Company had $125 million invested in the program.

On June 5, 2015, the Company entered into an agreement with Cantor providing Cantor, CF Group Management, Inc. (CFGM) and other
Cantor affiliates entitled to hold Class B common stock the right to exchange from time to time, on a one-to-one basis, subject to adjustment, up to an aggregate of 34,649,693 shares of Class A common stock now owned or subsequently acquired by
such Cantor entities for up to an aggregate of 34,649,693 shares of Class B common stock. Such shares of Class B common stock, which currently can be acquired upon the exchange of exchangeable limited partnership units owned in BGC Holdings, are
already included in the Companys fully diluted share count and will not increase Cantors current maximum potential voting power in the common equity. These shares of Class B common stock represent the remaining 34,649,693 authorized but
unissued shares of Class B common stock available under the Companys Amended and Restated Certificate of Incorporation. The exchange agreement will enable the Cantor entities to acquire the same number of shares of Class B common stock that
they are already entitled to acquire without having to exchange its exchangeable limited partnership units in BGC Holdings. The Companys Audit Committee and full Board of Directors determined that it was in the best interests of the Company
and its stockholders to approve the exchange agreement because it will help ensure that Cantor retains its exchangeable limited partnership units in BGC Holdings, which is the same partnership in which the Companys partner employees
participate, thus continuing to align the interests of Cantor with those of the partner employees.

Under the exchange agreement, Cantor
and CFGM have the right to exchange the 22,996,166 shares of Class A common stock owned by them as of December 31, 2015 (including the remaining shares of Class A common stock held by Cantor from the exchange of convertible notes for
24,042,599 shares of Class A common stock on April 13, 2015) for the same number of shares of Class B common stock. Cantor would also have the right to exchange any shares of Class A common stock subsequently acquired by it for shares
of Class B common stock, up to the limit of the then-remaining authorized but unissued shares of Class B common stock (34,649,693 as of December 31, 2015).

The Company and Cantor have agreed that any shares of Class B common stock issued in connection with the exchange agreement would be deducted
from the aggregate number of shares of Class B common stock that may be issued to the Cantor entities upon exchange of exchangeable limited partnership units in BGC Holdings. Accordingly, the Cantor entities will not be entitled to receive any more
shares of Class B common stock under this agreement than they were previously eligible to receive upon exchange of exchangeable limited partnership units.

On June 23, 2015, the Audit Committee of the Company authorized management to enter into a revolving credit facility with Cantor of up to
$150 million in aggregate principal amount pursuant to which Cantor or BGC would be entitled to borrow funds from each other from time to time. The outstanding balances would bear interest at the higher of



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the borrowers or the lenders short term borrowing rate then in effect plus 1%. On October 1, 2015, the Company borrowed $100.0 million under this facility (the Cantor
Loan). The Company recorded interest expense related to the Cantor Loan of $0.8 million for the year ended December 31, 2015. The Cantor Loan was repaid by December 31, 2015. As of December 31, 2015, there were no
borrowings outstanding under this facility.

LFI Holdings Investment

On June 3, 2014, the Companys Board of Directors and Audit Committee authorized the purchase of 1,000 Class B Units of LFI Holdings,
LLC (LFI), a wholly owned subsidiary of Cantor, representing 10% of the issued and outstanding Class B Units of LFI after giving effect to the transaction. On the same day, the Company completed the acquisition for $6,500,000 and was
granted an option to purchase an additional 1,000 Class B Units of LFI for an additional $6,500,000. LFI is a limited liability corporation headquartered in New York which is a technology infrastructure provider tailored to the financial sector.

On January 15, 2016, the Company closed on the exercise of its option to acquire additional Class B Units of LFI. At the closing,
the Company made a payment of $6.5 million to LFI.

Development Services

On February 9, 2016, the Audit Committee of the Board of Directors authorized the Company to enter into an arrangement with Cantor in which the
Company would provide dedicated development services to Cantor at a cost to the Company not to exceed $1.4 million per year for the purpose of Cantor developing the capacity to provide quotations in certain ETF component securities, as well as other
securities from time to time. The services are terminable by either party at any time and will be provided on the terms and conditions set forth in the existing Administrative Services Agreement.

Clearing Agreement with Cantor

The
Company receives certain clearing services (Clearing Services) from Cantor pursuant to its clearing agreement. These Clearing Services are provided in exchange for payment by the Company of third-party clearing costs and allocated costs.
The costs associated with these payments are included as part of Fees to related parties in the Companys consolidated statements of operations.

Exercises of Employee Stock Options and Director Repurchases

The Company issued 84,421 shares of its Class A common stock related to the exercise of stock options during the year ended
December 31, 2015.

Messrs. Lutnick, Lynn and Merkel have engaged and in the future may engage in exercises of employee stock
options. In addition, in connection with such exercises, such executive officers may sell to the Company from time to time the net shares of Class A common stock acquired by them upon such exercises.

On March 9, 2016, Mr. Lutnick exercised an employee stock option with respect to 250,000 shares of Class A common stock at an exercise price
of $8.42 per share. The net exercise of the option resulted in 17,403 shares of the Companys Class A common stock being issued to Mr. Lutnick.

Mr. Curwood sold an aggregate of 4,000 shares of Class A common stock to the Company on March 8, 2016.

Potential Conflicts of Interest and Competition with Cantor

Various conflicts of interest between us and Cantor may arise in the future in a number of areas relating to our past and ongoing
relationships, including potential acquisitions of businesses or properties, the election of new directors, payment of dividends, incurrence of indebtedness, tax matters, financial commitments, marketing functions, indemnity arrangements, service
arrangements, issuances of capital stock, sales or distributions of shares of our common stock and the exercise by Cantor of control over our management and affairs.

Cantor will continue to exercise control over our management and affairs and all matters requiring stockholder approval, including the
election of our directors and determinations with respect to acquisitions and dispositions, as well as material expansions or contractions of our business, entry into new lines of business and borrowings and issuances of



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our common stock or other securities. This control will be subject to the approval of our independent directors on those matters requiring such approval. Cantors voting power may also have
the effect of delaying or preventing a change of control of the Company. This control will also be exercised because:



| |  |  | Cantor is, in turn, controlled by CFGM, its managing general partner, and, ultimately, by Mr. Lutnick, who serves as our Chief Executive Officer and Chairman. Mr. Lutnick is also the Chairman of the Board and
Chief Executive Officer of Cantor and the President and controlling stockholder of CFGM;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Mr. Merkel, who serves as our Executive Vice President, General Counsel and Secretary, is employed as Executive Managing Director, General Counsel and Secretary of Cantor.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Messrs. Lutnick and Merkel have holdings in Cantor through partnership unit ownership, including distribution rights.

The service of officers or partners of Cantor as our executive officers and directors, and those persons ownership interests in and
payments from Cantor, and its affiliates, could create conflicts of interest when we and those directors or officers are faced with decisions that could have different implications for Cantor and us. In addition, although in connection with the
separation Cantor redeemed all of the Cantor limited partnership interests held by founding partners for BGC Holdings limited partnership interests and distribution rights, Messrs. Lutnick and Merkel continue to hold Cantor limited partnership and
other interests in Cantor and its affiliates, including distribution rights, and were not redeemed for BGC Holdings limited partnership interests in connection with the separation or the merger.

It is also expected that Cantor will manage its ownership of our company so that it will not be deemed to be an investment company under the
Investment Company Act, including by maintaining its voting power in us above a majority absent an applicable exemption from the Investment Company Act. This may result in conflicts with us, including those relating to acquisitions or offerings by
us involving issuances of common stock or securities convertible or exchangeable into shares of common stock that would dilute the voting power in us of the holders of BGC Holdings exchangeable limited partnership interests.

Conflicts of interest may arise between us and Cantor in a number of areas relating to our past and ongoing relationships, including:



| |  |  | potential acquisitions and dispositions of businesses;
| | - |  | ------------------------------------------------------



| |  |  | our issuance or disposition of securities;
| | - |  | ------------------------------------------



| |  |  | the election of new or additional directors to our board of directors;
| | - |  | ----------------------------------------------------------------------



| |  |  | the payment of dividends by us (if any), distribution of profits by BGC U.S., BGC Global and/or BGC Holdings and repurchases of shares of our common stock or purchases of BGC Holdings limited partnership interests or
other equity interests in our subsidiaries, including from Cantor or our executive officers;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | business operations or business opportunities of us and Cantor that would compete with the other partys business opportunities, including brokerage and financial services by us and Cantor;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | intellectual property matters;
| | - |  | ------------------------------



| |  |  | business combinations involving us;
| | - |  | -----------------------------------



| |  |  | conflicts between our agency trading for primary and secondary bond sales and Cantors investment banking bond origination business;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------



| |  |  | competition between our and Cantors other equity derivatives and cash equity inter-dealer brokerage businesses;
| | - |  | ----------------------------------------------------------------------------------------------------------------



| |  |  | the nature, quality and pricing of administrative services to be provided by Cantor and/or Tower Bridge; and
| | - |  | ------------------------------------------------------------------------------------------------------------



| |  |  | provision of clearing capital pursuant to the Clearing Agreement and potential and existing loan arrangements.
| | - |  | --------------------------------------------------------------------------------------------------------------



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In addition, Cantor has from time to time in the past considered possible strategic realignments
of its business and the business relationships that exist between and among Cantor and the businesses comprising our company and may do so in the future. Any future related-party transactions or arrangements between us and Cantor, until Cantor
ceases to hold 5% of our voting power, are subject to the prior approval by a majority of our independent directors, but generally will not otherwise require the separate approval of our stockholders, and if such approval were required, Cantor would
retain sufficient voting power to provide any such requisite approval without the affirmative consent of the other stockholders.

Agreements and other arrangements with Cantor, including the Separation Agreement, may be amended upon agreement of the parties to those
agreements and approval of our audit committee. During the time that we are controlled by Cantor, Cantor may be able to require us to agree to amendments to these agreements. We may not be able to resolve any potential conflicts and, even if we do,
the resolution may be less favorable to us than if we were dealing with an unaffiliated party. As a result, the prices charged to or by us for services provided under agreements with Cantor may be higher or lower than prices that may be charged to
or by third parties, and the terms of these agreements may be more or less favorable to us than those that we could have negotiated with third parties.

In order to address potential conflicts of interest between Cantor and its representatives and us, our certificate of incorporation contains
provisions regulating and defining the conduct of our affairs as they may involve Cantor and its representatives, and our powers, rights, duties and liabilities and those of our representatives in connection with our relationship with Cantor and its
affiliates, officers, directors, general partners or employees. Our certificate of incorporation provides that no Cantor Company, as defined in our certificate of incorporation, or any of the representatives, as defined in our certificate of
incorporation, of a Cantor Company will owe any fiduciary duty to, nor will any Cantor Company or any of their respective representatives be liable for breach of fiduciary duty to, us or any of our stockholders, including with respect to corporate
opportunities. The corporate opportunity policy that is included in our certificate of incorporation is designed to resolve potential conflicts of interest between us and our representatives and Cantor and its representatives.

If a third party presents a corporate opportunity (as defined below) to a person who is a representative of ours and a representative of a
Cantor Company, expressly and solely in such persons capacity as a representative of us, and such person acts in good faith in a manner consistent with the policy that such corporate opportunity belongs to us, then such person:



| |  |  | will be deemed to have fully satisfied and fulfilled any fiduciary duty that person has to us;
| | - |  | ----------------------------------------------------------------------------------------------



| |  |  | will not be liable to us or any of our stockholders for breach of fiduciary duty by reason of such persons action or inaction with respect to the corporate opportunity;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | will be deemed to have acted in good faith and in a manner that such person reasonably believed to be in, and not opposed to, our best interests; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | will be deemed not to have breached such persons duty of loyalty to us and our stockholders, and not to have derived an improper personal benefit therefrom.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------

A Cantor Company may pursue such a corporate opportunity if we decide not to.

If a corporate opportunity is not presented to a person who is both a representative of ours and a representative of a Cantor Company and,
expressly and solely in such persons capacity as a representative of us, such person will not be obligated to present the corporate opportunity to us or to act as if such corporate opportunity belongs to us, and such person:



| |  |  | will be deemed to have fully satisfied and fulfilled any fiduciary duty that such person has to us as a representative of us with respect to such corporate opportunity;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | will not be liable to us or any of our stockholders for breach of fiduciary duty by reason of such persons action or inaction with respect to such corporate opportunity;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | will be deemed to have acted in good faith and in a manner that such person reasonably believed to be in, and not opposed to, our best interests; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | will be deemed not to have breached a duty of loyalty to us and our stockholders and not to have derived an improper personal benefit therefrom.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------

For purposes of the above:



| |  |  | Cantor Company means Cantor and any of its affiliates (other than, if applicable, the Company and its affiliates);
| | - |  | --------------------------------------------------------------------------------------------------------------------



| |  |  | representatives means, with respect to any person, the directors, officers, employees, general partners or managing member of such person; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | corporate opportunity means any business opportunity that we are financially able to undertake that, from its nature, in our lines of business, is of practical advantage to us and is one in which we have an
interest or a reasonable expectancy, and in which, by embracing the opportunities, the self-interest of a Cantor Company or their respective representatives will be brought into conflict with our self-interest.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Leases

We have offices in the United
States, Canada, Europe, United Kingdom, Latin America, Asia, Africa and the Middle East. Our principal executive offices are located at 499 Park Avenue, New York, New York. We also occupy a space at 199 Water Street, New York, New York, which serves
as a trading operation for our Financial Services businesses, space at 125 Park Avenue, New York, New York, which serves as the headquarters of our commercial Real Estate Services businesses, and space at 55 Water Street, New York, New York, which
serves as the headquarters of our GFI division. Under the Administrative Services Agreement with Cantor, we are obligated to Cantor for our pro rata portion (based on square footage used) of rental expense during the terms of the leases for such
spaces.

Our largest presence outside of the New York metropolitan area is in London, located at One Churchill Place, Canary Wharf.

We currently occupy concurrent computing centers in Weehawken, New Jersey and Trumbull, Connecticut, which primarily service our Financial
Services segment. In addition, we occupy two data centers in the United Kingdom located in Canary Wharf and Romford, respectively. Our U.S. Financial Services operations also have office space in Princeton, New Jersey, Edison, New Jersey, Palm Beach
Gardens, Florida, Garden City, New York and Sugar Land, Texas, and both business segments have office space in Chicago.

After completing
the acquisition of Newmark in October 2011, we also have a number of additional offices in several states (Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Missouri,
Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Washington) and the District of Columbia, which are used in our Real Estate Services segment. With our acquisitions
of Cornish & Carey Commercial and ARA, we have increased the number of offices by approximately 30 within these above-referenced states. In addition, Newmark has licensed its name to commercial real estate providers in certain locations
where Newmark does not have its own offices.

Certain Acquisitions and Dispositions of Interests in our Capital Stock by Cantor

Our Board of Directors has determined that Cantor is a deputized director of the Company for purposes of Rule 16b-3 under the
Exchange Act with respect to the transactions contemplated by the separation and the merger. Rule 16b-3 exempts from the short-swing profits liability provisions of Section 16(b) of the Exchange Act certain transactions in an issuers
securities between the issuer or its majority-owned subsidiaries and its officers and directors if, among other



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things, the transaction is approved in advance by the issuers Board of Directors or a disinterested committee of the issuers board of directors. The Rule 16b-3 exemption extends to
any such transactions by an entity beneficially owning more than 10% of a class of an issuers equity securities if the entity is a deputized director because it has a representative on the issuers Board of Directors. Our
Board of Directors intent in determining that Cantor is a deputized director is that Cantors acquisitions or dispositions of shares of our common stock or interests in our common stock from or to us or their respective
majority-owned subsidiaries will be eligible for the Rule 16b-3 exemption from the short-swing profits liability provisions of Section 16(b) of the Exchange Act.

Repurchases and Purchases

Our Board of
Directors and our Audit Committee have authorized repurchases of our common stock and purchases of BGC Holdings limited partnership interests or other equity interests in our subsidiaries as part of this policy, including those held by Cantor or our
executive officers, at the volume-weighted average price, to the extent available, or at other negotiated prices, of such securities on the date on which such purchase or repurchase is made. Management was authorized to purchase shares in the open
market as well as shares or partnership units from employees, partners, Cantor and/or its affiliates.

On October 27, 2015, our Board of
Directors increased our share repurchase and unit redemption authorization to $300.0 million. As of March 31, 2016, the Company had approximately $225.0 million remaining under this authorization. The Company may actively continue to
repurchase shares, partnership units or other interests from time to time. We expect to pay such dividends, if and when declared by our Board of Directors and our Audit Committee, on a quarterly basis. The dividend to stockholders is expected to be
calculated based on post-tax distributable earnings allocated to us and generated over the fiscal quarter ending prior to the record date for the dividend.

On February 23, 2016, we repurchased from Cantor 5,000,000 shares of our Class A common stock at a price of $8.72 per share, the
closing price on the date of the transaction. The transaction was included in our stock repurchase authorization and was approved by the Audit Committee.



|ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES
|-------- | --------------------------------------

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
FEES

The following table sets forth the aggregate fees incurred by us for audit and other services rendered by Ernst &
Young, LLP (Ernst & Young) during the years ended December 31, 2015 and 2014:



|                   |  |                        |            |  |      |   |           | 
|------------------ |  | ---------------------- | ---------- |  | ---- | - | --------- | 
|                   |  | Year EndedDecember 31, |           
|                   |  | 2015                   |            |  | 2014 |  
|Audit fees         |  | $                      | 8,365,000  |  |      | $ | 5,801,245 | 
|Audit-related fees |  |                        | 678,750    |  |      |   | 290,000   | 
|Tax fees           |  |                        | 1,049,443  |  |      |   | 268,289   | 
|All other fees     |  |                        | 24,500     |  |      |   | 25,000    | 
|                   |  |                        |            |  |      |   |           | 
|Total              |  | $                      | 10,117,693 |  |      | $ | 6,384,534 | 



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Audit-related fees are fees for assurance and related services that are reasonably
related to the performance of the audit or review of the financial statements and internal control over financial reporting, including audit fees for the Companys employee benefit plan. Tax fees are fees for tax compliance, tax
advice and tax planning, and all other fees are fees for any services not included in the other categories. The amounts set forth above for Audit fees, Audit-related fees and Tax Fees during 2015
include fees paid for Ernst & Youngs services rendered to GFI, after it became our majority-owned consolidated subsidiary in February 2015, including review services rendered to GFI in connection with the filing of its 2015 Forms 10-Q with
the SEC and services related to GFIs tax compliance.

PRE-APPROVAL POLICIES AND PROCEDURES

During 2015, our Audit Committee specifically approved the appointment of Ernst & Young to be our independent auditors for the year
ended December 31, 2015. Ernst & Young was also approved to perform reviews of our quarterly financial reports within the year ended December 31, 2015 and certain other audit-related services such as accounting consultations.
Pursuant to our Audit Committee charter, the Audit Committee will pre-approve all auditing services, internal control-related services and permitted non-audit services (including the fees and terms thereof) to be performed for us by our independent
auditors, subject to certain minimum exceptions set forth in the Charter. GFIs Audit Committee approved Ernst & Youngs appointment and fees for services rendered to GFI, and performed the oversight role with respect to all services
provided to GFI, from the date of Ernst & Youngs engagement by GFI in February 2015 until the closing of the back-end merger in January 2016.



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PART IVOTHER INFORMATION



|ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|-------- | ------------------------------------------

(a) (1) Financial Statements. The consolidated
financial statements required to be filed in this Annual Report on Form 10-K/A are included in Part II, Item 8 of the Original Form 10-K.

(a)
(2) Schedule I, Parent Company Only Financial Statements required to be filed in this Annual Report on Form 10-K/A are included in Item 15(a)(2) of the Original
Form 10-K. All other schedules are omitted because they are not applicable or not required, or the required information is in the financial statements or the notes thereto.

(a) (3) The following Exhibits are filed as part of this Annual Report on Form 10-K/A as required by
Regulation S-K. The Exhibits designated by an asterisk (*) are management contracts and compensation plans and arrangements required to be filed as Exhibits to this Annual Report on Form 10-K/A.
Schedules and similar attachments to the exhibits designated by a double asterisk (**) have been omitted pursuant to Item 601(b)(2) of Regulation S-K. BGC Partners, Inc. will supplementally furnish a copy of them to the Securities and
Exchange Commission (the SEC) upon request. We have requested confidential treatment as to certain portions of the Exhibits designated by a cross (+), which portions have been omitted and filed separately with the SEC. Certain
exhibits have been previously filed with the SEC pursuant to the Securities Exchange Act of 1934 (Commission File Numbers 0-28191 and 1-35591).



|               |  |                                                                                                                                                                                                                                                                                                                                                                                                
|-------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                                                                                                                                                  
|               | 
|1.1            |  | Controlled Equity Offering SM Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald & Co., dated September 9, 2011 (incorporated by reference to Exhibit 1.1 to the Registrants Current Report on Form 8-K
filed with the SEC on September 9, 2011)                                                                                                                                
|               | 
|1.2            |  | Controlled Equity Offering SM Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald & Co., dated February 15, 2012 (incorporated by reference to Exhibit 1.1 to the Registrants Current Report on Form 8-K
filed with the SEC on February 15, 2012)                                                                                                                                
|               | 
|1.3            |  | Controlled Equity Offering SM Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald & Co., dated December 12, 2012 (incorporated by reference to Exhibit 1.1 to the Registrants Current Report on Form 8-K
filed with the SEC on December 12, 2012)                                                                                                                                
|               | 
|1.4            |  | Controlled Equity Offering SM Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald & Co., dated November 20, 2014 (incorporated by reference to Exhibit 1.1 to the Registrants Current Report on Form 8-K
filed with the SEC on November 20, 2014)                                                                                                                                
|               | 
|2.1            |  | Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to
the Registrants Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)**                                                      
|               | 
|2.2            |  | Amendment No. 1, dated as of November 5, 2007, to the Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings,
L.P. and BGC Holdings, L.P. (incorporated by reference to the Registrants Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)**
|               | 
|2.3            |  | Amendment No. 2, dated as of February 1, 2008, to the Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings,
L.P. and BGC Holdings, L.P. (incorporated by reference to the Registrants Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)**
|               | 
|2.4            |  | Separation Agreement, dated as of March 31, 2008, by and among Cantor Fitzgerald, L.P., BGC Partners, LLC, BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to Exhibit 2.4 to the
Registrants Current Report on Form 8-K filed with the SEC on April 7, 2008)**                                                                                
|               | 
|2.5            |  | Tender Offer Agreement executed by BGC Partners, Inc., BGC Partners, L.P. and GFI Group Inc., dated February 19, 2015 (incorporated by reference as Exhibit 2.1 to the Registrants Current Report on Form 8-K filed with the
SEC on February 25, 2015)**                                                                                                                                      
|               | 
|2.6            |  | Agreement and Plan of Merger, dated as of December 22, 2015, by and among BGC Partners, Inc., JPI Merger Sub 1, Inc., JPI Merger Sub 2, LLC, Jersey Partners, Inc., New JP Inc., Michael Gooch and Colin Heffron (incorporated by
reference as Exhibit 2.1 to the Registrants Current Report on Form 8-K filed with the SEC on December 23, 2015)                                             



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|               |  |                                                                                                                                                                                                                                                                                                                                                                 
|-------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                                                                                                                   
|               | 
|3.1            |  | Amended and Restated Certificate of Incorporation of BGC Partners, Inc. (incorporated by reference to Exhibit 3.1 to the Registrants Current Report on Form 8-K filed with the SEC on April 7, 2008)                                                                                                                                                           
|               | 
|3.2            |  | Amended and Restated Bylaws of BGC Partners, Inc. (incorporated by reference to Exhibit 3.2 to the Registrants Current Report on Form 8-K filed with the SEC on April 7, 2008)                                                                                                                                                                                 
|               | 
|4.1            |  | Specimen Class A Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Registrants Registration Statement on Form S-1 filed with the SEC on April 18, 2008)                                                                                                                                                                                
|               | 
|4.2            |  | Note Purchase Agreement, dated as of March 31, 2008, by and among BGC Partners, L.P. and the Purchasers whose names appear at the end thereof (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on
Form 8-K filed with the SEC on April 7, 2008)**                                                                                   
|               | 
|4.3            |  | Guaranty of BGC Partners, Inc., dated as of March 31, 2008 (incorporated by reference to Exhibit 4.2 to the Registrants Current Report on Form 8-K filed with the SEC on April 7, 2008)                                                                                                                                                                        
|               | 
|4.4            |  | Letter Agreement, dated as of March 31, 2008, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 4.3 to the Registrants Current Report on Form 8-K filed with the SEC
on April 7, 2008)                                                                                                                       
|               | 
|4.5            |  | Indenture, dated as of July 29, 2011, between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, relating to the 4.50% Convertible Senior Notes due 2016 (incorporated by reference to Exhibit 4.1 to the
Registrants Current Report on Form 8-K filed with the SEC on August 1, 2011)                                                         
|               | 
|4.6            |  | Indenture, dated as of June 26, 2012, between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, relating to the 8.125% Senior Notes due 2042 (incorporated by reference to Exhibit 4.1 to the Registrants
Current Report on Form 8-K filed with the SEC on June 25, 2012)                                                                     
|               | 
|4.7            |  | First Supplemental Indenture, dated as of June 26, 2012, between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, relating to 8.125% Senior Notes due 2042 (incorporated by reference to Exhibit 4.2 to the
Registrants Current Report on 8-K filed with the SEC on June 27, 2012)                                                           
|               | 
|4.8            |  | Second Supplemental Indenture, dated December 9, 2014, between BGC Partners, Inc. and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrants Current Report on Form 8-K
filed with the SEC on December 10, 2014)                                                                                              
|               | 
|4.9            |  | Form of BGC Partners, Inc. 5.375% Senior Notes due 2019 (incorporated by reference to Exhibit 4.3 to the Registrants Current Report on Form 8-K filed with the SEC on December 10, 2014)                                                                                                                                                                       
|               | 
|4.10           |  | Promissory Note, dated April 28, 2015, from BGC Partners, L.P. to GFI Group Inc. in the aggregate amount of $250,000,000 (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q filed
with the SEC on May 11, 2015)                                                                                                       
|               | 
|4.11           |  | Guarantee, dated as of July 10, 2015, by and between BGC Partners, Inc. and GFI Group Inc. (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K filed with the SEC on July 10,
2015)                                                                                                                                        
|               | 
|4.12           |  | Revolving Credit Agreement, dated as of October 1, 2015, between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 4.33 to the Registrants Registration Statement on Form S-3 filed with
the SEC on October 9, 2015 (File No. 333-207376))                                                                                  
|               | 
|4.13           |  | First Supplemental Indenture, dated as of November 4, 2015, among GFI Group Inc., BGC Partners, Inc. and The Bank of New York Mellon Trust, N.A., as Trustee, relating to the 8.375% Senior Notes due 2018 of GFI Group Inc.
(incorporated by reference to Exhibit 4.4 to the Registrants Quarterly Report on Form 10-Q filed with the SEC on November 9, 2015)
|               | 
|4.14           |  | Second Supplemental Indenture, dated as of January 12, 2016, among GFI Group Inc., as Issuer, BGC Partners, Inc., as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to
Exhibit 4.1 to the Registrants Current Report on Form 8-K filed with the SEC on January 15, 2016)                                
|               | 
|10.1           |  | Registration Rights Agreement, dated as of December 9, 1999, by and among eSpeed, Inc. and the Investors named therein (incorporated by reference to Exhibit 10.6 to the Registrants Annual Report on Form 10-K for the year
ended December 31, 1999)                                                                                                          
|               | 
|10.2           |  | Stock Purchase Agreement, dated April 26, 2000, between eSpeed, Inc. and Cantor Fitzgerald Securities (incorporated by reference to Exhibit 10.10 to the Registrants Quarterly Report on Form 10-Q for the quarter ended
June 30, 2000)                                                                                                                        
|               | 
|10.3           |  | Amendment to Stock Purchase Agreement, dated June 2, 2000, among eSpeed, Inc., Cantor Fitzgerald Securities and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.11 to the Registrants Quarterly Report on
Form 10-Q for the quarter ended June 30, 2000)                                                                                      



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|               |  |                                                                                                                                                                                                                                                                          
|-------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                            
|               | 
|10.4           |  | Registration Rights Agreement, dated as of July 30, 2001, among eSpeed, Inc. and the Investors named therein (incorporated by reference to Exhibit 10.19 to the Registrants Quarterly Report on Form 10-Q for the quarter
ended June 30, 2001)                          
|               | 
|10.5           |  | Services Agreement, dated as of October 1, 2002, between eSpeed Inc. and CO2e.com, LLC (incorporated by reference to Exhibit 10.21 to the Registrants Quarterly Report on Form 10-Q for the quarter ended
September 30, 2002)+                                          
|               | 
|10.6           |  | Intellectual Property Rights Further Assurances Agreement, dated as of October 11, 2002, between eSpeed, Inc. and CO2e.com, LLC (incorporated by reference to Exhibit 10.23 to the Registrants Quarterly Report on Form 10-Q
for the quarter ended September 30, 2002)+ 
|               | 
|10.7           |  | Software Agreement, dated as of February 24, 2006, between eSpeed, Inc. and IDT Horizon GT, Inc. (incorporated by reference to Exhibit 10.19 to the Registrants Annual Report on Form 10-K for the year ended
December 31, 2005)                                        
|               | 
|10.8           |  | Amended and Restated Limited Partnership Agreement of BGC Holdings, L.P., dated as of March 31, 2008 (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)**                                    
|               | 
|10.9           |  | Amended and Restated Limited Partnership Agreement of BGC Partners, L.P., dated as of March 31, 2008 (incorporated by reference to Exhibit 10.2 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)**                                    
|               | 
|10.10          |  | Amended and Restated Limited Partnership Agreement of BGC Global Holdings, L.P., dated as of March 31, 2008 (incorporated by reference to Exhibit 10.3 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)**                             
|               | 
|10.11          |  | Registration Rights Agreement by and between Cantor Fitzgerald, L.P. and BGC Partners, LLC, dated as of March 31, 2008 (incorporated by reference to Exhibit 10.4 to the Registrants Current Report on Form 8-K filed with
the SEC on April 7, 2008)**                  
|               | 
|10.12          |  | Administrative Services Agreement, dated as of March 6, 2008, by and between Cantor Fitzgerald, L.P. and BGC Partners, Inc. (incorporated by reference to Exhibit 10.5 to the Registrants Current Report on Form 8-K filed
with the SEC on April 7, 2008)               
|               | 
|10.13          |  | Administrative Services Agreement, dated as of August 9, 2007, by and among Tower Bridge International Services L.P. and BGC International (incorporated by reference to Exhibit 10.6 to the Registrants Current Report on
Form 8-K filed with the SEC on April 7, 2008)
|               | 
|10.14          |  | BGC Holdings, L.P. Participation Plan, effective as of April 1, 2008 (incorporated by reference to Exhibit 10.8 to the Registrants Current Report on Form 8-K filed with the SEC on April 7, 2008)*                                                                     
|               | 
|10.15          |  | Tax Receivable Agreement, dated as of March 31, 2008, by and between BGC Partners, LLC and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.7 to the Registrants Current Report on Form 8-K filed with the
SEC on April 7, 2008)                        
|               | 
|10.16          |  | License Agreement, dated as of April 1, 2008, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.10 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)                              
|               | 
|10.17          |  | Change in Control Agreement, dated as of March 31, 2008, by and between Howard W. Lutnick and BGC Partners, LLC (incorporated by reference to Exhibit 10.12 to the Registrants Current Report on Form 8-K filed with the SEC
on April 7, 2008)                          
|               | 
|10.18          |  | Change in Control Agreement, dated as of March 31, 2008, by and between Stephen M. Merkel and BGC Partners, LLC (incorporated by reference to Exhibit 10.13 to the Registrants Current Report on Form 8-K filed with the SEC
on April 7, 2008)*                         
|               | 
|10.19          |  | Change in Control Agreement, dated as of March 31, 2008, by and between Lee M. Amaitis and BGC Partners, LLC (incorporated by reference to Exhibit 10.14 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)*                            
|               | 
|10.20          |  | Letter Agreement, dated as of March 31, 2008, by and between Shaun D. Lynn and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.16 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)*                                  
|               | 
|10.21          |  | Stock Purchase Agreement, dated June 2, 2008, by and between BGC Partners, Inc. and Stephen M. Merkel (incorporated by reference to Exhibit 10.31 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 16, 2009)*                                  



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|               |  |                                                                                                                                                                                                                                                                    
|-------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                      
|               | 
|10.22          |  | Amended and Restated Letter Agreement, dated as of November 1, 2008, by and between Lee M. Amaitis and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.32 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 16, 2009)*   
|               | 
|10.23          |  | Clearing Services Agreement, dated May 6, 2008, Cantor Fitzgerald & Co. and BGC Financial, Inc. (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q filed with the SEC on
November 11, 2008)                              
|               | 
|10.24          |  | Amendment to Clearing Services Agreement, dated November 7, 2008, between Cantor Fitzgerald & Co. and BGC Financial, Inc. (incorporated by reference to Exhibit 10.2 to the Registrants Quarterly Report on Form 10-Q
filed with the SEC on November 11, 2008)    
|               | 
|10.25          |  | Agreement dated November 5, 2008 between BGC Partners, Inc. and Cantor Fitzgerald, L.P. regarding clearing capital (incorporated by reference to Exhibit 10.3 to the Registrants Quarterly Report on Form 10-Q filed with the
SEC on November 11, 2008)           
|               | 
|10.26          |  | Agreement of Limited Partnership of BGC Partners, L.P., Amended and Restated as of September 1, 2008 (incorporated by reference to Exhibit 10.5 to the Registrants Quarterly Report on Form 10-Q filed with the SEC on
November 11, 2008)                         
|               | 
|10.27          |  | Agreement of Limited Partnership of BGC Global Holdings, L.P., Amended and Restated as of September 1, 2008 (incorporated by reference to Exhibit 10.5 to the Registrants Quarterly Report on Form 10-Q filed with the SEC on
November 11, 2008)                  
|               | 
|10.28          |  | BGC Partners, Inc. Amended and Restated Incentive Bonus Compensation Plan as of December 8, 2008 (incorporated by reference to Exhibit 10.38 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 16, 2009)*                                 
|               | 
|10.29          |  | First Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of March 1, 2009 (incorporated by reference to Exhibit 10.40 to the Registrants Annual Report on Form 10-K filed
with the SEC on March 16, 2009)     
|               | 
|10.30          |  | Second Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of August 3, 2009 (incorporated by reference to Exhibit 10.39 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 16, 2010)   
|               | 
|10.31          |  | Third Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of March 12, 2010 (incorporated by reference to Exhibit 10.40 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 16, 2010)    
|               | 
|10.32          |  | Subscription Agreement, dated March 16, 2010, among BGC Partners, Inc., BGC Holdings, L.P. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.43 to the Registrants Annual Report on Form 10-K filed with
the SEC on March 16, 2010)            
|               | 
|10.33          |  | Fourth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of August 6, 2010 (incorporated by reference to Exhibit 10.44 to the Registrants Quarterly Report on Form 10-Q
filed with the SEC on August 9, 2010)
|               | 
|10.34          |  | Registration Rights Agreement, dated as of April 1, 2010, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with
the SEC on April 7, 2010)             
|               | 
|10.35          |  | Supplemental Indenture dated May 4, 2010 between BGC Partners, Inc. and Wells Fargo Bank National Association (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q filed with the SEC
on May 5, 2010)                      
|               | 
|10.36          |  | Fifth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of December 31, 2010 (incorporated by reference to Exhibit 10.48 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 16, 2011) 
|               | 
|10.37          |  | Letter Agreement, dated as of March 26, 2010, by and between Shaun D. Lynn and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on
March 31, 2010)*                                 
|               | 
|10.38          |  | Amendment, dated as of March 26, 2010, by and between Shaun D. Lynn and BGC Partners, Inc. (incorporated by reference to Exhibit 10.2 to the Registrants Current Report on Form 8-K filed with the SEC on March 31,
2010)*                                        



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|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|-------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|               | 
|10.39          |  | Letter Agreement, dated as of March 29, 2010, by and between Sean A. Windeatt and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.4 to the Registrants Current Report on Form 8-K filed with the SEC on
March 31, 2010)*                                                                                                                                                                                                                                        
|               | 
|10.40          |  | Letter Agreement, dated as of March 29, 2010, by and between A. Graham Sadler and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on
March 31, 2010)*                                                                                                                                                                                                                                        
|               | 
|10.41          |  | Letter Agreement, dated as of December 17, 2010, by and between Stephen M. Merkel and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.54 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 15, 2011)*                                                                                                                                                                                                                                   
|               | 
|10.42          |  | Letter Agreement, dated as of December 17, 2010, by and between Shaun Lynn and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.55 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 15, 2011)*                                                                                                                                                                                                                                          
|               | 
|10.43          |  | Letter Agreement, dated as of December 17, 2010, by and between A. Graham Sadler and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.56 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 15, 2011)*                                                                                                                                                                                                                                    
|               | 
|10.44          |  | Letter Agreement, dated as of December 17, 2010, by and between Sean Windeatt and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.57 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 15, 2011)*                                                                                                                                                                                                                                       
|               | 
|10.45          |  | Sixth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of March 15, 2011 (incorporated by reference to Exhibit 10.58 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 15, 2011)                                                                                                                                                                                                              
|               | 
|10.46          |  | Seventh Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of September 9, 2011 and effective as of April 1, 2011 (incorporated by reference to Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed with the SEC on September 15, 2011)                                                                                                                                                                    
|               | 
|10.47          |  | Tower Bridge International Services L.P. and BGC Brokers L.P. Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.60 to the Registrants Annual Report on Form 10-K filed with
the SEC on March 15, 2012)                                                                                                                                                                                                                       
|               | 
|10.48          |  | Tower Bridge International Services L.P. and Cantor Fitzgerald Europe Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.61 to the Registrants Annual Report on Form 10-K filed
with the SEC on March 15, 2012)                                                                                                                                                                                                               
|               | 
|10.49          |  | Tower Bridge International Services L.P. and Cantor Index Limited Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.62 to the Registrants Annual Report on Form 10-K filed
with the SEC on March 15, 2012)                                                                                                                                                                                                                   
|               | 
|10.50          |  | Tower Bridge International Services L.P. and BGC International Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.63 to the Registrants Annual Report on Form 10-K filed with
the SEC on March 15, 2012)                                                                                                                                                                                                                      
|               | 
|10.51          |  | Tower Bridge International Services L.P. and eSpeed International Limited Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.64 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 15, 2012)                                                                                                                                                                                                           
|               | 
|10.52          |  | Tower Bridge International Services L.P. and eSpeed Support Services Limited Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.65 to the Registrants Annual Report on Form
10-K filed with the SEC on March 15, 2012)                                                                                                                                                                                                        
|               | 
|10.53          |  | Amended and Restated Change in Control Agreement dated August 3, 2011 between Howard W. Lutnick and BGC Partners, Inc. (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q filed with
the SEC on August 8, 2011)*                                                                                                                                                                                                                   
|               | 
|10.54          |  | Amended and Restated Change in Control Agreement dated August 3, 2011 between Stephen M. Merkel and BGC Partners, Inc. (incorporated by reference to Exhibit 10.2 to the Registrants Quarterly Report on Form 10-Q filed with
the SEC on August 8, 2011)*                                                                                                                                                                                                                   
|               | 
|10.55          |  | Credit Agreement dated as of June 23, 2011 by and among BGC Partners, Inc., certain direct and indirect subsidiaries of the Company, as Guarantors, the several financial institutions from time to time party thereto, as Lenders,
and Bank of Montreal, a Canadian chartered bank acting through its Chicago branch, as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on June 28,
2011)
|               | 
|10.56          |  | Capped Call Confirmation dated July 28, 2011 between Bank of America Merrill Lynch and BGC Partners, Inc. (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on
August 1, 2011)                                                                                                                                                                                                                                    





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|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|               | 
|10.57          |  | Capped Call Confirmation dated July 28, 2011 among Deutsche Bank AG, London Branch, Deutsche Bank Securities Inc., and BGC Partners, Inc (incorporated by reference to Exhibit 10.2 to the Registrants Current Report on Form
8-K filed with the SEC on August 1, 2011)                                                                                                                                                                                                                                                                                        
|               | 
|10.58          |  | First Amended and Restated Incentive Bonus Compensation Plan dated December 14, 2011 (incorporated by reference to Exhibit 10.2 to the Registrants Current Report on Form 8-K filed with the SEC on December 20,
2011)*                                                                                                                                                                                                                                                                                                                                        
|               | 
|10.59          |  | Indenture, dated as of July 29, 2011, between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, relating to the 4.50% Convertible Senior Notes due 2016 (incorporated by reference to Exhibit 4.1 to the
Registrants Current Report on Form 8-K filed with the SEC on August 1, 2011)                                                                                                                                                                                                                                                         
|               | 
|10.60          |  | Underwriting Agreement dated as of June 21, 2012, by and among BGC Partners, Inc., Wells Fargo Securities, LLC, and certain other Underwriters (incorporated by reference to Exhibit 1.1 to the Registrants Current Report on
Form 8-K filed with the SEC on June 27, 2012)                                                                                                                                                                                                                                                                                    
|               | 
|10.61          |  | First Amendment to Credit Agreement, dated October 11, 2012, to that certain Credit Agreement dated as of June 23, 2011 by and among BGC Partners, Inc., certain direct and indirect subsidiaries of the Company, as
Guarantors, the several financial institutions from time to time party thereto, as Lenders, and Bank of Montreal, a Canadian chartered bank acting through its Chicago branch, as Administrative Agent (incorporated by reference as Exhibit 10.1 to the
Registrants Quarterly Report on Form 10-Q filed with the SEC on November 8, 2012)
|               | 
|10.62          |  | Second Amended and Restated Asset Purchase Agreement, dated April 13, 2012, by and among BGC Partners, Inc., Grubb & Ellis Company, and certain subsidiaries of Grubb & Ellis Company that are signatories thereto
(incorporated by reference as Exhibit 10.2 to the Registrants Quarterly Report on Form 10-Q filed with the SEC on November 8, 2012)                                                                                                                                                                                                         
|               | 
|10.63          |  | Eighth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P., dated as of December 17, 2012 and effective as of December 17, 2012 (incorporated by reference to Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed with the SEC on December 21, 2012)                                                                                                                                                                                                                                                    
|               | 
|10.64          |  | Deed of Adherence, dated January 7, 2013, between Shaun D. Lynn and BGC Services (Holdings) LLP (incorporated by reference as Exhibit 10.83 to the Registrants Annual Report on Form 10-K for the year ended
December 31, 2012)*                                                                                                                                                                                                                                                                                                                               
|               | 
|10.65          |  | Deed of Adherence, dated December 31, 2012, between A. Graham Sadler and BGC Services (Holdings) LLP (incorporated by reference as Exhibit 10.85 to the Registrants Annual Report on 10-K for the year ended
December 31, 2012)*                                                                                                                                                                                                                                                                                                                               
|               | 
|10.66          |  | Amendment No. 1, dated as of March 28, 2013, to the Deed of Adherence, dated January 7, 2013, between Shaun D. Lynn and BGC Services (Holdings) LLP (incorporated by reference as Exhibit 10.1 to the Registrants
Quarterly Report on Form 10-Q filed with the SEC on May 9, 2013)*                                                                                                                                                                                                                                                                            
|               | 
|10.67          |  | Second Amendment to Credit Agreement and Waiver, dated as of June 20, 2013, by and among BGC Partners, Inc., the several financial institutions from time to time party thereto, as Lenders, and the Bank of Montreal, a Canadian
chartered bank acting through its Chicago branch, as Administrative Agent (incorporated by reference as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on June 26, 2013)                                                                                                                      
|               | 
|10.68          |  | Purchase Agreement, dated as of April 1, 2013, by and among BGC Partners, Inc., BGC Partners, L.P., The NASDAQ OMX Group, Inc., and for certain limited purposes, Cantor Fitzgerald, L.P. (incorporated by reference as Exhibit 2.1
to the Registrants Quarterly Report on Form 10-Q filed with the SEC on August 8, 2013)                                                                                                                                                                                                                                     
|               | 
|10.69          |  | Third Amendment, dated as of September 12, 2013, to Credit Agreement, dated as of June 23, 2011, by and among BGC Partners, Inc., certain direct and indirect subsidiaries of the Company, as guarantors, the several
financial institutions from time to time party thereto, as Lenders, and Bank of Montreal, a Canadian chartered bank acting through its Chicago branch, as Administrative Agent (incorporated by reference as Exhibit 10.1 to the Registrants
Quarterly Report on Form 10-Q filed with the SEC on August 8, 2013)                         
|               | 
|10.70          |  | Ninth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P., dated as of November 6, 2013 (incorporated by reference as Exhibit 10.2 to the Registrants Quarterly Report on Form 10-Q
filed with the SEC on November 7, 2013)                                                                                                                                                                                                                                                                                          



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|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|               | 
|10.71          |  | Amended and Restated Deed of Adherence, dated as of January 22, 2014, between Sean Windeatt and BGC Services (Holdings) LLP (incorporated by reference as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed
with the SEC on January 28, 2014)                                                                                                                                                                                                                                                                                                                                                                                                                        
|               | 
|10.72          |  | Tenth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P., dated as of May 9, 2014 (incorporated by reference as Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q
filed with the SEC on May 9, 2014)                                                                                                                                                                                                                                                                                                                                                                                                                         
|               | 
|10.73          |  | Sixth Amended and Restated Long Term Incentive Plan, dated as of June 2, 2015 (incorporated by reference as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on June 5, 2015)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|               | 
|10.74          |  | Letter Agreement, dated as of August 24, 2015, among BGC Partners, Inc., BGC Partners, L.P. and GFI Group Inc., relating to shareholder litigation and the Tender Offer agreement (incorporated by reference as Exhibit 10.1 to the
Registrants Quarterly Report on Form 10-Q filed with the SEC on November 9, 2015)                                                                                                                                                                                                                                                                                                                                                               
|               | 
|10.75          |  | Eleventh Amendment to Agreement of Limited Partnership, as Amended and Restated, of BGC Holdings, L.P., dated as of November 4, 2015 (incorporated by reference as Exhibit 10.1 to the Registrants Quarterly Report on Form
10-Q filed with the SEC on November 9, 2015)                                                                                                                                                                                                                                                                                                                                                                                                            
|               | 
|10.76          |  | Stock Purchase Agreement by and among GFINet, Inc., GFI TP Holdings Pte Ltd, Intercontinental Exchange, Inc., and, solely for the purposes set forth therein, GFI Group Inc. and BGC Partners, Inc. (incorporated by reference to the
Registrants Current Report on Form 8-K filed with the SEC on November 18, 2015)                                                                                                                                                                                                                                                                                                                                                               
|               | 
|10.77          |  | Credit Agreement, dated as of February 25, 2016, by and among BGC Partners, Inc., certain direct and indirect subsidiaries of the Company, the several financial institutions from time to time party thereto, as Lenders, and Bank of
America, N.A., as Administrative Agent (included as Exhibit 10.77 to the Registrants Annual Report on Form 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                     
|               | 
|12.1           |  | Computation of Ratio of Earnings to Fixed Charges (included as Exhibit 12.1 to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|               | 
|21.1           |  | List of subsidiaries of BGC Partners, Inc. (included as Exhibit 21.1 to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|               | 
|23.1           |  | Consent of Ernst & Young LLP, independent auditors (included as Exhibit 23.1 to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|               | 
|31.1           |  | Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (included as Exhibit 31.1 to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|               | 
|31.2           |  | Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (included as Exhibit 31. to the Registrants Annual Report on 10-K filed with the SEC on February 29,
2016)                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|               | 
|31.3           |  | Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|               | 
|31.4           |  | Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|               | 
|32.1           |  | Certification by the Chief Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (included as Exhibit 32.1 to the Registrants Annual Report on 10-K filed with the SEC on
February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                  
|               | 
|32.2           |  | Certification by the Chief Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|               | 
|101            |  | The following materials from BGC Partners Annual Report on Form 10-K for the period ended December 31, 2015 are formatted in eXtensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Financial
Condition, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Changes in Equity, (vi) Notes to the
Consolidated Financial Statements, and (vii) Schedule I, Parent Company Only Financial Statements (included as Exhibit 101 to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)



84



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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No.1 to Annual
Report on Form 10-K/A for the fiscal year ended December 31, 2015 to be signed on its behalf by the undersigned, thereunto duly authorized, on the 29th day of April, 2016.



BGC Partners, Inc.By:



/S/ HOWARD W. LUTNICKName:

Howard W. LutnickTitle:

Chairman of the Board and Chief Executive Officer




85



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##### Table of Contents

EXHIBIT INDEX



|               |  |                                                                                                                                                                                                                                                                                                                                                                                                
|-------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                                                                                                                                                  
|               | 
|1.1            |  | Controlled Equity Offering SM Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald & Co., dated September 9, 2011 (incorporated by reference to Exhibit 1.1 to the Registrants Current Report on Form 8-K
filed with the SEC on September 9, 2011)                                                                                                                                
|               | 
|1.2            |  | Controlled Equity Offering SM Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald & Co., dated February 15, 2012 (incorporated by reference to Exhibit 1.1 to the Registrants Current Report on Form 8-K
filed with the SEC on February 15, 2012)                                                                                                                                
|               | 
|1.3            |  | Controlled Equity Offering SM Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald & Co., dated December 12, 2012 (incorporated by reference to Exhibit 1.1 to the Registrants Current Report on Form 8-K
filed with the SEC on December 12, 2012)                                                                                                                                
|               | 
|1.4            |  | Controlled Equity Offering SM Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald & Co., dated November 20, 2014 (incorporated by reference to Exhibit 1.1 to the Registrants Current Report on Form 8-K
filed with the SEC on November 20, 2014)                                                                                                                                
|               | 
|2.1            |  | Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to
the Registrants Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)**                                                      
|               | 
|2.2            |  | Amendment No. 1, dated as of November 5, 2007, to the Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings,
L.P. and BGC Holdings, L.P. (incorporated by reference to the Registrants Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)**
|               | 
|2.3            |  | Amendment No. 2, dated as of February 1, 2008, to the Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings,
L.P. and BGC Holdings, L.P. (incorporated by reference to the Registrants Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)**
|               | 
|2.4            |  | Separation Agreement, dated as of March 31, 2008, by and among Cantor Fitzgerald, L.P., BGC Partners, LLC, BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to Exhibit 2.4 to the
Registrants Current Report on Form 8-K filed with the SEC on April 7, 2008)**                                                                                
|               | 
|2.5            |  | Tender Offer Agreement executed by BGC Partners, Inc., BGC Partners, L.P. and GFI Group Inc., dated February 19, 2015 (incorporated by reference as Exhibit 2.1 to the Registrants Current Report on Form 8-K filed with the
SEC on February 25, 2015)**                                                                                                                                      
|               | 
|2.6            |  | Agreement and Plan of Merger, dated as of December 22, 2015, by and among BGC Partners, Inc., JPI Merger Sub 1, Inc., JPI Merger Sub 2, LLC, Jersey Partners, Inc., New JP Inc., Michael Gooch and Colin Heffron (incorporated by
reference as Exhibit 2.1 to the Registrants Current Report on Form 8-K filed with the SEC on December 23, 2015)                                             



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##### Table of Contents

|               |  |                                                                                                                                                                                                                                                                                                                                                                 
|-------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                                                                                                                   
|               | 
|3.1            |  | Amended and Restated Certificate of Incorporation of BGC Partners, Inc. (incorporated by reference to Exhibit 3.1 to the Registrants Current Report on Form 8-K filed with the SEC on April 7, 2008)                                                                                                                                                           
|               | 
|3.2            |  | Amended and Restated Bylaws of BGC Partners, Inc. (incorporated by reference to Exhibit 3.2 to the Registrants Current Report on Form 8-K filed with the SEC on April 7, 2008)                                                                                                                                                                                 
|               | 
|4.1            |  | Specimen Class A Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Registrants Registration Statement on Form S-1 filed with the SEC on April 18, 2008)                                                                                                                                                                                
|               | 
|4.2            |  | Note Purchase Agreement, dated as of March 31, 2008, by and among BGC Partners, L.P. and the Purchasers whose names appear at the end thereof (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on
Form 8-K filed with the SEC on April 7, 2008)**                                                                                   
|               | 
|4.3            |  | Guaranty of BGC Partners, Inc., dated as of March 31, 2008 (incorporated by reference to Exhibit 4.2 to the Registrants Current Report on Form 8-K filed with the SEC on April 7, 2008)                                                                                                                                                                        
|               | 
|4.4            |  | Letter Agreement, dated as of March 31, 2008, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 4.3 to the Registrants Current Report on Form 8-K filed with the SEC
on April 7, 2008)                                                                                                                       
|               | 
|4.5            |  | Indenture, dated as of July 29, 2011, between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, relating to the 4.50% Convertible Senior Notes due 2016 (incorporated by reference to Exhibit 4.1 to the
Registrants Current Report on Form 8-K filed with the SEC on August 1, 2011)                                                         
|               | 
|4.6            |  | Indenture, dated as of June 26, 2012, between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, relating to the 8.125% Senior Notes due 2042 (incorporated by reference to Exhibit 4.1 to the Registrants
Current Report on Form 8-K filed with the SEC on June 25, 2012)                                                                     
|               | 
|4.7            |  | First Supplemental Indenture, dated as of June 26, 2012, between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, relating to 8.125% Senior Notes due 2042 (incorporated by reference to Exhibit 4.2 to the
Registrants Current Report on 8-K filed with the SEC on June 27, 2012)                                                           
|               | 
|4.8            |  | Second Supplemental Indenture, dated December 9, 2014, between BGC Partners, Inc. and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrants Current Report on Form 8-K
filed with the SEC on December 10, 2014)                                                                                              
|               | 
|4.9            |  | Form of BGC Partners, Inc. 5.375% Senior Notes due 2019 (incorporated by reference to Exhibit 4.3 to the Registrants Current Report on Form 8-K filed with the SEC on December 10, 2014)                                                                                                                                                                       
|               | 
|4.10           |  | Promissory Note, dated April 28, 2015, from BGC Partners, L.P. to GFI Group Inc. in the aggregate amount of $250,000,000 (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q filed
with the SEC on May 11, 2015)                                                                                                       
|               | 
|4.11           |  | Guarantee, dated as of July 10, 2015, by and between BGC Partners, Inc. and GFI Group Inc. (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K filed with the SEC on July 10,
2015)                                                                                                                                        
|               | 
|4.12           |  | Revolving Credit Agreement, dated as of October 1, 2015, between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 4.33 to the Registrants Registration Statement on Form S-3 filed with
the SEC on October 9, 2015 (File No. 333-207376))                                                                                  
|               | 
|4.13           |  | First Supplemental Indenture, dated as of November 4, 2015, among GFI Group Inc., BGC Partners, Inc. and The Bank of New York Mellon Trust, N.A., as Trustee, relating to the 8.375% Senior Notes due 2018 of GFI Group Inc.
(incorporated by reference to Exhibit 4.4 to the Registrants Quarterly Report on Form 10-Q filed with the SEC on November 9, 2015)
|               | 
|4.14           |  | Second Supplemental Indenture, dated as of January 12, 2016, among GFI Group Inc., as Issuer, BGC Partners, Inc., as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to
Exhibit 4.1 to the Registrants Current Report on Form 8-K filed with the SEC on January 15, 2016)                                
|               | 
|10.1           |  | Registration Rights Agreement, dated as of December 9, 1999, by and among eSpeed, Inc. and the Investors named therein (incorporated by reference to Exhibit 10.6 to the Registrants Annual Report on Form 10-K for the year
ended December 31, 1999)                                                                                                          
|               | 
|10.2           |  | Stock Purchase Agreement, dated April 26, 2000, between eSpeed, Inc. and Cantor Fitzgerald Securities (incorporated by reference to Exhibit 10.10 to the Registrants Quarterly Report on Form 10-Q for the quarter ended
June 30, 2000)                                                                                                                        
|               | 
|10.3           |  | Amendment to Stock Purchase Agreement, dated June 2, 2000, among eSpeed, Inc., Cantor Fitzgerald Securities and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.11 to the Registrants Quarterly Report on
Form 10-Q for the quarter ended June 30, 2000)                                                                                      



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##### Table of Contents

|               |  |                                                                                                                                                                                                                                                                          
|-------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                            
|               | 
|10.4           |  | Registration Rights Agreement, dated as of July 30, 2001, among eSpeed, Inc. and the Investors named therein (incorporated by reference to Exhibit 10.19 to the Registrants Quarterly Report on Form 10-Q for the quarter
ended June 30, 2001)                          
|               | 
|10.5           |  | Services Agreement, dated as of October 1, 2002, between eSpeed Inc. and CO2e.com, LLC (incorporated by reference to Exhibit 10.21 to the Registrants Quarterly Report on Form 10-Q for the quarter ended
September 30, 2002)+                                          
|               | 
|10.6           |  | Intellectual Property Rights Further Assurances Agreement, dated as of October 11, 2002, between eSpeed, Inc. and CO2e.com, LLC (incorporated by reference to Exhibit 10.23 to the Registrants Quarterly Report on Form 10-Q
for the quarter ended September 30, 2002)+ 
|               | 
|10.7           |  | Software Agreement, dated as of February 24, 2006, between eSpeed, Inc. and IDT Horizon GT, Inc. (incorporated by reference to Exhibit 10.19 to the Registrants Annual Report on Form 10-K for the year ended
December 31, 2005)                                        
|               | 
|10.8           |  | Amended and Restated Limited Partnership Agreement of BGC Holdings, L.P., dated as of March 31, 2008 (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)**                                    
|               | 
|10.9           |  | Amended and Restated Limited Partnership Agreement of BGC Partners, L.P., dated as of March 31, 2008 (incorporated by reference to Exhibit 10.2 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)**                                    
|               | 
|10.10          |  | Amended and Restated Limited Partnership Agreement of BGC Global Holdings, L.P., dated as of March 31, 2008 (incorporated by reference to Exhibit 10.3 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)**                             
|               | 
|10.11          |  | Registration Rights Agreement by and between Cantor Fitzgerald, L.P. and BGC Partners, LLC, dated as of March 31, 2008 (incorporated by reference to Exhibit 10.4 to the Registrants Current Report on Form 8-K filed with
the SEC on April 7, 2008)**                  
|               | 
|10.12          |  | Administrative Services Agreement, dated as of March 6, 2008, by and between Cantor Fitzgerald, L.P. and BGC Partners, Inc. (incorporated by reference to Exhibit 10.5 to the Registrants Current Report on Form 8-K filed
with the SEC on April 7, 2008)               
|               | 
|10.13          |  | Administrative Services Agreement, dated as of August 9, 2007, by and among Tower Bridge International Services L.P. and BGC International (incorporated by reference to Exhibit 10.6 to the Registrants Current Report on
Form 8-K filed with the SEC on April 7, 2008)
|               | 
|10.14          |  | BGC Holdings, L.P. Participation Plan, effective as of April 1, 2008 (incorporated by reference to Exhibit 10.8 to the Registrants Current Report on Form 8-K filed with the SEC on April 7, 2008)*                                                                     
|               | 
|10.15          |  | Tax Receivable Agreement, dated as of March 31, 2008, by and between BGC Partners, LLC and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.7 to the Registrants Current Report on Form 8-K filed with the
SEC on April 7, 2008)                        
|               | 
|10.16          |  | License Agreement, dated as of April 1, 2008, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.10 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)                              
|               | 
|10.17          |  | Change in Control Agreement, dated as of March 31, 2008, by and between Howard W. Lutnick and BGC Partners, LLC (incorporated by reference to Exhibit 10.12 to the Registrants Current Report on Form 8-K filed with the SEC
on April 7, 2008)                          
|               | 
|10.18          |  | Change in Control Agreement, dated as of March 31, 2008, by and between Stephen M. Merkel and BGC Partners, LLC (incorporated by reference to Exhibit 10.13 to the Registrants Current Report on Form 8-K filed with the SEC
on April 7, 2008)*                         
|               | 
|10.19          |  | Change in Control Agreement, dated as of March 31, 2008, by and between Lee M. Amaitis and BGC Partners, LLC (incorporated by reference to Exhibit 10.14 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)*                            
|               | 
|10.20          |  | Letter Agreement, dated as of March 31, 2008, by and between Shaun D. Lynn and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.16 to the Registrants Current Report on Form 8-K filed with the SEC on
April 7, 2008)*                                  
|               | 
|10.21          |  | Stock Purchase Agreement, dated June 2, 2008, by and between BGC Partners, Inc. and Stephen M. Merkel (incorporated by reference to Exhibit 10.31 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 16, 2009)*                                  



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##### Table of Contents

|               |  |                                                                                                                                                                                                                                                                    
|-------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                      
|               | 
|10.22          |  | Amended and Restated Letter Agreement, dated as of November 1, 2008, by and between Lee M. Amaitis and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.32 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 16, 2009)*   
|               | 
|10.23          |  | Clearing Services Agreement, dated May 6, 2008, Cantor Fitzgerald & Co. and BGC Financial, Inc. (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q filed with the SEC on
November 11, 2008)                              
|               | 
|10.24          |  | Amendment to Clearing Services Agreement, dated November 7, 2008, between Cantor Fitzgerald & Co. and BGC Financial, Inc. (incorporated by reference to Exhibit 10.2 to the Registrants Quarterly Report on Form 10-Q
filed with the SEC on November 11, 2008)    
|               | 
|10.25          |  | Agreement dated November 5, 2008 between BGC Partners, Inc. and Cantor Fitzgerald, L.P. regarding clearing capital (incorporated by reference to Exhibit 10.3 to the Registrants Quarterly Report on Form 10-Q filed with the
SEC on November 11, 2008)           
|               | 
|10.26          |  | Agreement of Limited Partnership of BGC Partners, L.P., Amended and Restated as of September 1, 2008 (incorporated by reference to Exhibit 10.5 to the Registrants Quarterly Report on Form 10-Q filed with the SEC on
November 11, 2008)                         
|               | 
|10.27          |  | Agreement of Limited Partnership of BGC Global Holdings, L.P., Amended and Restated as of September 1, 2008 (incorporated by reference to Exhibit 10.5 to the Registrants Quarterly Report on Form 10-Q filed with the SEC on
November 11, 2008)                  
|               | 
|10.28          |  | BGC Partners, Inc. Amended and Restated Incentive Bonus Compensation Plan as of December 8, 2008 (incorporated by reference to Exhibit 10.38 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 16, 2009)*                                 
|               | 
|10.29          |  | First Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of March 1, 2009 (incorporated by reference to Exhibit 10.40 to the Registrants Annual Report on Form 10-K filed
with the SEC on March 16, 2009)     
|               | 
|10.30          |  | Second Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of August 3, 2009 (incorporated by reference to Exhibit 10.39 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 16, 2010)   
|               | 
|10.31          |  | Third Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of March 12, 2010 (incorporated by reference to Exhibit 10.40 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 16, 2010)    
|               | 
|10.32          |  | Subscription Agreement, dated March 16, 2010, among BGC Partners, Inc., BGC Holdings, L.P. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.43 to the Registrants Annual Report on Form 10-K filed with
the SEC on March 16, 2010)            
|               | 
|10.33          |  | Fourth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of August 6, 2010 (incorporated by reference to Exhibit 10.44 to the Registrants Quarterly Report on Form 10-Q
filed with the SEC on August 9, 2010)
|               | 
|10.34          |  | Registration Rights Agreement, dated as of April 1, 2010, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with
the SEC on April 7, 2010)             
|               | 
|10.35          |  | Supplemental Indenture dated May 4, 2010 between BGC Partners, Inc. and Wells Fargo Bank National Association (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q filed with the SEC
on May 5, 2010)                      
|               | 
|10.36          |  | Fifth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of December 31, 2010 (incorporated by reference to Exhibit 10.48 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 16, 2011) 
|               | 
|10.37          |  | Letter Agreement, dated as of March 26, 2010, by and between Shaun D. Lynn and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on
March 31, 2010)*                                 
|               | 
|10.38          |  | Amendment, dated as of March 26, 2010, by and between Shaun D. Lynn and BGC Partners, Inc. (incorporated by reference to Exhibit 10.2 to the Registrants Current Report on Form 8-K filed with the SEC on March 31,
2010)*                                        



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##### Table of Contents

|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|-------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|               | 
|10.39          |  | Letter Agreement, dated as of March 29, 2010, by and between Sean A. Windeatt and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.4 to the Registrants Current Report on Form 8-K filed with the SEC on
March 31, 2010)*                                                                                                                                                                                                                                        
|               | 
|10.40          |  | Letter Agreement, dated as of March 29, 2010, by and between A. Graham Sadler and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on
March 31, 2010)*                                                                                                                                                                                                                                        
|               | 
|10.41          |  | Letter Agreement, dated as of December 17, 2010, by and between Stephen M. Merkel and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.54 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 15, 2011)*                                                                                                                                                                                                                                   
|               | 
|10.42          |  | Letter Agreement, dated as of December 17, 2010, by and between Shaun Lynn and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.55 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 15, 2011)*                                                                                                                                                                                                                                          
|               | 
|10.43          |  | Letter Agreement, dated as of December 17, 2010, by and between A. Graham Sadler and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.56 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 15, 2011)*                                                                                                                                                                                                                                    
|               | 
|10.44          |  | Letter Agreement, dated as of December 17, 2010, by and between Sean Windeatt and BGC Holdings, L.P. (incorporated by reference to Exhibit 10.57 to the Registrants Annual Report on Form 10-K filed with the SEC on
March 15, 2011)*                                                                                                                                                                                                                                       
|               | 
|10.45          |  | Sixth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of March 15, 2011 (incorporated by reference to Exhibit 10.58 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 15, 2011)                                                                                                                                                                                                              
|               | 
|10.46          |  | Seventh Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P. dated as of September 9, 2011 and effective as of April 1, 2011 (incorporated by reference to Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed with the SEC on September 15, 2011)                                                                                                                                                                    
|               | 
|10.47          |  | Tower Bridge International Services L.P. and BGC Brokers L.P. Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.60 to the Registrants Annual Report on Form 10-K filed with
the SEC on March 15, 2012)                                                                                                                                                                                                                       
|               | 
|10.48          |  | Tower Bridge International Services L.P. and Cantor Fitzgerald Europe Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.61 to the Registrants Annual Report on Form 10-K filed
with the SEC on March 15, 2012)                                                                                                                                                                                                               
|               | 
|10.49          |  | Tower Bridge International Services L.P. and Cantor Index Limited Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.62 to the Registrants Annual Report on Form 10-K filed
with the SEC on March 15, 2012)                                                                                                                                                                                                                   
|               | 
|10.50          |  | Tower Bridge International Services L.P. and BGC International Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.63 to the Registrants Annual Report on Form 10-K filed with
the SEC on March 15, 2012)                                                                                                                                                                                                                      
|               | 
|10.51          |  | Tower Bridge International Services L.P. and eSpeed International Limited Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.64 to the Registrants Annual Report on Form 10-K
filed with the SEC on March 15, 2012)                                                                                                                                                                                                           
|               | 
|10.52          |  | Tower Bridge International Services L.P. and eSpeed Support Services Limited Administrative Services Agreement dated January 9, 2012 (incorporated by reference to Exhibit 10.65 to the Registrants Annual Report on Form
10-K filed with the SEC on March 15, 2012)                                                                                                                                                                                                        
|               | 
|10.53          |  | Amended and Restated Change in Control Agreement dated August 3, 2011 between Howard W. Lutnick and BGC Partners, Inc. (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q filed with
the SEC on August 8, 2011)*                                                                                                                                                                                                                   
|               | 
|10.54          |  | Amended and Restated Change in Control Agreement dated August 3, 2011 between Stephen M. Merkel and BGC Partners, Inc. (incorporated by reference to Exhibit 10.2 to the Registrants Quarterly Report on Form 10-Q filed with
the SEC on August 8, 2011)*                                                                                                                                                                                                                   
|               | 
|10.55          |  | Credit Agreement dated as of June 23, 2011 by and among BGC Partners, Inc., certain direct and indirect subsidiaries of the Company, as Guarantors, the several financial institutions from time to time party thereto, as Lenders,
and Bank of Montreal, a Canadian chartered bank acting through its Chicago branch, as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on June 28,
2011)
|               | 
|10.56          |  | Capped Call Confirmation dated July 28, 2011 between Bank of America Merrill Lynch and BGC Partners, Inc. (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on
August 1, 2011)                                                                                                                                                                                                                                    



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##### Table of Contents

|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|               | 
|10.57          |  | Capped Call Confirmation dated July 28, 2011 among Deutsche Bank AG, London Branch, Deutsche Bank Securities Inc., and BGC Partners, Inc (incorporated by reference to Exhibit 10.2 to the Registrants Current Report on Form
8-K filed with the SEC on August 1, 2011)                                                                                                                                                                                                                                                                                        
|               | 
|10.58          |  | First Amended and Restated Incentive Bonus Compensation Plan dated December 14, 2011 (incorporated by reference to Exhibit 10.2 to the Registrants Current Report on Form 8-K filed with the SEC on December 20,
2011)*                                                                                                                                                                                                                                                                                                                                        
|               | 
|10.59          |  | Indenture, dated as of July 29, 2011, between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, relating to the 4.50% Convertible Senior Notes due 2016 (incorporated by reference to Exhibit 4.1 to the
Registrants Current Report on Form 8-K filed with the SEC on August 1, 2011)                                                                                                                                                                                                                                                         
|               | 
|10.60          |  | Underwriting Agreement dated as of June 21, 2012, by and among BGC Partners, Inc., Wells Fargo Securities, LLC, and certain other Underwriters (incorporated by reference to Exhibit 1.1 to the Registrants Current Report on
Form 8-K filed with the SEC on June 27, 2012)                                                                                                                                                                                                                                                                                    
|               | 
|10.61          |  | First Amendment to Credit Agreement, dated October 11, 2012, to that certain Credit Agreement dated as of June 23, 2011 by and among BGC Partners, Inc., certain direct and indirect subsidiaries of the Company, as
Guarantors, the several financial institutions from time to time party thereto, as Lenders, and Bank of Montreal, a Canadian chartered bank acting through its Chicago branch, as Administrative Agent (incorporated by reference as Exhibit 10.1 to the
Registrants Quarterly Report on Form 10-Q filed with the SEC on November 8, 2012)
|               | 
|10.62          |  | Second Amended and Restated Asset Purchase Agreement, dated April 13, 2012, by and among BGC Partners, Inc., Grubb & Ellis Company, and certain subsidiaries of Grubb & Ellis Company that are signatories thereto
(incorporated by reference as Exhibit 10.2 to the Registrants Quarterly Report on Form 10-Q filed with the SEC on November 8, 2012)                                                                                                                                                                                                         
|               | 
|10.63          |  | Eighth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P., dated as of December 17, 2012 and effective as of December 17, 2012 (incorporated by reference to Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed with the SEC on December 21, 2012)                                                                                                                                                                                                                                                    
|               | 
|10.64          |  | Deed of Adherence, dated January 7, 2013, between Shaun D. Lynn and BGC Services (Holdings) LLP (incorporated by reference as Exhibit 10.83 to the Registrants Annual Report on Form 10-K for the year ended
December 31, 2012)*                                                                                                                                                                                                                                                                                                                               
|               | 
|10.65          |  | Deed of Adherence, dated December 31, 2012, between A. Graham Sadler and BGC Services (Holdings) LLP (incorporated by reference as Exhibit 10.85 to the Registrants Annual Report on 10-K for the year ended
December 31, 2012)*                                                                                                                                                                                                                                                                                                                               
|               | 
|10.66          |  | Amendment No. 1, dated as of March 28, 2013, to the Deed of Adherence, dated January 7, 2013, between Shaun D. Lynn and BGC Services (Holdings) LLP (incorporated by reference as Exhibit 10.1 to the Registrants
Quarterly Report on Form 10-Q filed with the SEC on May 9, 2013)*                                                                                                                                                                                                                                                                            
|               | 
|10.67          |  | Second Amendment to Credit Agreement and Waiver, dated as of June 20, 2013, by and among BGC Partners, Inc., the several financial institutions from time to time party thereto, as Lenders, and the Bank of Montreal, a Canadian
chartered bank acting through its Chicago branch, as Administrative Agent (incorporated by reference as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on June 26, 2013)                                                                                                                      
|               | 
|10.68          |  | Purchase Agreement, dated as of April 1, 2013, by and among BGC Partners, Inc., BGC Partners, L.P., The NASDAQ OMX Group, Inc., and for certain limited purposes, Cantor Fitzgerald, L.P. (incorporated by reference as Exhibit 2.1
to the Registrants Quarterly Report on Form 10-Q filed with the SEC on August 8, 2013)                                                                                                                                                                                                                                     
|               | 
|10.69          |  | Third Amendment, dated as of September 12, 2013, to Credit Agreement, dated as of June 23, 2011, by and among BGC Partners, Inc., certain direct and indirect subsidiaries of the Company, as guarantors, the several
financial institutions from time to time party thereto, as Lenders, and Bank of Montreal, a Canadian chartered bank acting through its Chicago branch, as Administrative Agent (incorporated by reference as Exhibit 10.1 to the Registrants
Quarterly Report on Form 10-Q filed with the SEC on August 8, 2013)                         
|               | 
|10.70          |  | Ninth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P., dated as of November 6, 2013 (incorporated by reference as Exhibit 10.2 to the Registrants Quarterly Report on Form 10-Q
filed with the SEC on November 7, 2013)                                                                                                                                                                                                                                                                                          



---

##### Table of Contents

|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit Title                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|               | 
|10.71          |  | Amended and Restated Deed of Adherence, dated as of January 22, 2014, between Sean Windeatt and BGC Services (Holdings) LLP (incorporated by reference as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed
with the SEC on January 28, 2014)                                                                                                                                                                                                                                                                                                                                                                                                                        
|               | 
|10.72          |  | Tenth Amendment to Agreement of Limited Partnership, as amended and restated, of BGC Holdings, L.P., dated as of May 9, 2014 (incorporated by reference as Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q
filed with the SEC on May 9, 2014)                                                                                                                                                                                                                                                                                                                                                                                                                         
|               | 
|10.73          |  | Sixth Amended and Restated Long Term Incentive Plan, dated as of June 2, 2015 (incorporated by reference as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed with the SEC on June 5, 2015)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|               | 
|10.74          |  | Letter Agreement, dated as of August 24, 2015, among BGC Partners, Inc., BGC Partners, L.P. and GFI Group Inc., relating to shareholder litigation and the Tender Offer agreement (incorporated by reference as Exhibit 10.1 to the
Registrants Quarterly Report on Form 10-Q filed with the SEC on November 9, 2015)                                                                                                                                                                                                                                                                                                                                                               
|               | 
|10.75          |  | Eleventh Amendment to Agreement of Limited Partnership, as Amended and Restated, of BGC Holdings, L.P., dated as of November 4, 2015 (incorporated by reference as Exhibit 10.1 to the Registrants Quarterly Report on Form
10-Q filed with the SEC on November 9, 2015)                                                                                                                                                                                                                                                                                                                                                                                                            
|               | 
|10.76          |  | Stock Purchase Agreement by and among GFINet, Inc., GFI TP Holdings Pte Ltd, Intercontinental Exchange, Inc., and, solely for the purposes set forth therein, GFI Group Inc. and BGC Partners, Inc. (incorporated by reference to the
Registrants Current Report on Form 8-K filed with the SEC on November 18, 2015)                                                                                                                                                                                                                                                                                                                                                               
|               | 
|10.77          |  | Credit Agreement, dated as of February 25, 2016, by and among BGC Partners, Inc., certain direct and indirect subsidiaries of the Company, the several financial institutions from time to time party thereto, as Lenders, and Bank of
America, N.A., as Administrative Agent (included as Exhibit 10.77 to the Registrants Annual Report on Form 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                     
|               | 
|12.1           |  | Computation of Ratio of Earnings to Fixed Charges (included as Exhibit 12.1 to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|               | 
|21.1           |  | List of subsidiaries of BGC Partners, Inc. (included as Exhibit 21.1 to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|               | 
|23.1           |  | Consent of Ernst & Young LLP, independent auditors (included as Exhibit 23.1 to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|               | 
|31.1           |  | Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (included as Exhibit 31.1 to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|               | 
|31.2           |  | Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (included as Exhibit 31. to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|               | 
|31.3           |  | Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|               | 
|31.4           |  | Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|               | 
|32.1           |  | Certification by the Chief Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (included as Exhibit 32.1 to the Registrants Annual Report on 10-K filed with the SEC on
February 29, 2016)                                                                                                                                                                                                                                                                                                                                                                                                                                  
|               | 
|32.2           |  | Certification by the Chief Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|               | 
|101            |  | The following materials from BGC Partners Annual Report on Form 10-K for the period ended December 31, 2015 are formatted in eXtensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Financial
Condition, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Changes in Equity, (vi) Notes to the
Consolidated Financial Statements, and (vii) Schedule I, Parent Company Only Financial Statements (included as Exhibit 101 to the Registrants Annual Report on 10-K filed with the SEC on February 29, 2016)



|* | Management contracts and compensation plans and arrangements required to be filed as Exhibits to this Report.
|- | -------------------------------------------------------------------------------------------------------------

|** | Omitted pursuant to Item 601(b)(2) of Regulation S-K.
|-- | -----------------------------------------------------

|+ | We have requested confidential treatment as to certain portions of Exhibits designated by a cross (+), which portions have been omitted and filed previously with the SEC.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------