# EDGAR Filing Document

**Accession Number:** 0001690680
**File Stem:** 0001213900-25-096568
**Filing Date:** 2025-10
**Character Count:** 324062
**Document Hash:** 53f28600350af6ac35be7e28a5fdc475
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-096568.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001213900-25-096568

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEWMARK GROUP, INC.
- **CENTRAL INDEX KEY:** 0001690680
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 814467492
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90383
- **FILM NUMBER:** 251377251

**BUSINESS ADDRESS:**
- **STREET 1:** 125 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2128294775

**MAIL ADDRESS:**
- **STREET 1:** 125 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NRE DELAWARE, INC.
- **DATE OF NAME CHANGE:** 20161122
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANTOR FITZGERALD, L. P.
- **CENTRAL INDEX KEY:** 0001024896

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 110 EAST 59TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2126102000

**MAIL ADDRESS:**
- **STREET 1:** 110 EAST 59TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANTOR FITZGERALD L P
- **DATE OF NAME CHANGE:** 19961015

## Ex-12

**Exhibit 12**

**<u>JOINT FILING AGREEMENT</u>**

JOINT FILING AGREEMENT, dated as of this 6<sup>th</sup> day of October, 2025 among Cantor Fitzgerald, L.P., CF Group Management, Inc., and Brandon G. Lutnick (collectively, the "Reporting Persons").

WHEREAS, pursuant to Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the parties hereto desire to satisfy any filing obligation under Section 13(d) of the Exchange Act by a single joint filing;

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Reporting Persons hereby agree and represent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Amendment
No. 5A to Schedule 13D with respect to the Class A Common Stock, par value $0.01 per share, of Newmark Group, Inc. (to which this Joint
Filing Agreement is an exhibit) is filed on behalf of each of the Reporting Persons.

&nbsp;&nbsp;&nbsp;&nbsp;2. Each
of the Reporting Persons is responsible for the timely filing of Schedule 13D and any amendments thereto, and for the completeness and
accuracy of the information concerning such Person contained therein, provided that each such Person is not responsible for the completeness
or accuracy of the information concerning any of the other Reporting Persons, unless such Person knows or has reason to believe that
such information is inaccurate.

IN WITNESS WHEREOF, the undersigned have caused this Joint Filing Agreement to be duly executed and delivered as of the date first above written.

CANTOR FITZGERALD, L.P.

---

| | |
|:---|:---|
| By: | /s/ Brandon G. Lutnick |
| Name: | Brandon G. Lutnick |
| Title: | Chief Executive Officer |

---

CF GROUP MANAGEMENT, INC.

---

| | |
|:---|:---|
| By: | /s/ Brandon G. Lutnick |
| Name: | Brandon G. Lutnick |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| /s/ Brandon G. Lutnick |
| Brandon G. Lutnick<br>|

---

*[Signature page to Joint Filing Agreement for Newmark Schedule 13D/A re: closing of divestiture]*

## Ex-13

**Exhibit 13**

*EXECUTION VERSION*

**VOTING AND TRANSFER AGREEMENT**

Dated as of May 16, 2025

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| |  | **Page** |
| Section 1 | Definitions | 1 |
| Section 2 | Governance | 5 |
| 2.1 | Majority Actions and Director Elections | 5 |
| 2.2 | Family Branches | 6 |
| Section 3 | Transferability OF COVERED EQUITY SECURITIES | 8 |
| 3.1 | General Restrictions | 8 |
| 3.2 | Certain Permitted Transfers | 8 |
| 3.3 | Other Restrictions | 8 |
| Section 4 | Miscellaneous | 9 |
| 4.1 | Term | 9 |
| 4.2 | Notices | 9 |
| 4.3 | Governing Law | 9 |
| 4.4 | Arbitration | 10 |
| 4.5 | Amendments | 10 |
| 4.6 | Construction | 10 |
| 4.7 | Headings | 10 |
| 4.8 | Severability | 10 |
| 4.9 | Binding Effect; Benefit; Assignment | 11 |
| 4.10 | Counterparts; Facsimile | 11 |
| 4.11 | Entire Agreement | 11 |
| 4.12 | Delays or Omissions | 11 |
| 4.13 | Further Assurances | 12 |
| 4.14 | Waiver of Jury Trial | 12 |
| 4.15 | Equitable Relief | 12 |

---

---

| | |
|:---|:---|
| <u>Annexes & Exhibits</u> | <u>Annexes & Exhibits</u> |
| Annex I | Notice Parties; Signatories |
| Exhibit A | Joinder |

---

i

**VOTING AND TRANSFER AGREEMENT**

THIS VOTING AND TRANSFER AGREEMENT (this "<u>Agreement</u>") is entered into as of May 16, 2025 (the "<u>Signing Date</u>"), by and among: Brandon G. Lutnick ("<u>Brandon</u>"), Kyle S. Lutnick ("<u>Kyle</u>"), Casey J. Lutnick ("<u>Casey</u>") and Ryan G. Lutnick ("<u>Ryan</u>"), in each case in their capacity as (a) Distribution Trustees and Investment Trustees of the KSL Management Trust, (b) Distribution Trustees and Investment Trustees of the BGL Management Trust, (c) Distribution Trustees and Investment Trustees of the CJL Management Trust, (d) Distribution Trustees and Investment Trustees of the RGL Management Trust (the Trusts referred to in clauses (a) through (d), the "<u>Management Trusts</u>"), (e) Individual Trustees of the Lutnick 1999 Descendants' Trust, (f) Investment Trustees of the Howard W. Lutnick 2007 Descendants Trust and (g) Investment Trustees of the Lutnick 2020 Descendants Trust (the trusts referred to in clauses (a) through (g), the "<u>Trust Parties</u>") ; KBCR Management Partners, LLC ("<u>KBCR</u>"); Tangible Benefits, LLC ("<u>Tangible</u>"); and LFA, LLC ("<u>LFA</u>"). Each of Brandon, Kyle, Casey and Ryan, in their trustee capacities described in the foregoing clauses (a) through (h), the Trust Parties, KBCR, Tangible and LFA, together with any other Persons who after the Signing Date become party to this Agreement pursuant to a joinder, are referred to as the "<u>Parties</u>" and each, a "<u>Party</u>". Capitalized terms used in this Agreement shall have the meanings ascribed to them herein.

**RECITALS**

**WHEREAS**, on the Signing Date, Howard W. Lutnick, in his capacity as trustee of certain trusts (the "<u>Seller</u>") has entered into Purchase Agreements (the "<u>Purchase Agreements</u>") with Brandon, Kyle, Casey and Ryan, in each case in their capacity as Distribution Trustees and Investment Trustees of the Management Trusts (the "<u>Purchasers</u>"), pursuant to which the Seller has agreed to sell to the Purchasers, and the Purchasers have agreed to purchase from the Seller, all of the voting shares of CF Group Management, Inc., which may be deemed to beneficially own shares of BGC Group, Inc. ("<u>BGC</u>") and Newmark Group, Inc. ("<u>Newmark</u>"); and

**WHEREAS**, the Parties desire to set forth certain provisions as to the voting and transfer of Equity Securities in Companies (including BGC and Newmark) that they may be deemed to beneficially own (such Equity Securities, together with any additional Equity Securities in Companies to which any Party may acquire beneficial or record ownership after the date hereof, excluding any Equity Awards granted to an individual, the "<u>Covered Equity Securities</u>"), with such voting and transfer provisions to be effective from and after the closing (the "<u>Closing</u>") of the transactions contemplated by the Purchase Agreements. For the avoidance of doubt, Covered Equity Securities do not include any Equity Securities that Brandon, Kyle, Casey or Ryan own directly in their individual capacity (as opposed to in capacity as trustee of the Management Trusts, the Lutnick 1999 Descendants' Trust, the Howard W. Lutnick 2007 Descendants Trust or the Lutnick 2020 Descendants Trust).

**NOW, THEREFORE**, in consideration of the premises and mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

ii

**Section 1 Definitions**

As used herein, the following terms shall have the meanings as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 "<u>Action</u>" shall mean any action, suit, litigation, arbitration or proceeding by or before a Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 "<u>Affiliate</u>" shall mean, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 "<u>Agreement</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 "<u>Applicable Law</u>" shall mean, with respect to any Person, any federal, state, provincial, local or foreign law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling, writ or stipulation enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 "<u>Beneficial Interest</u>" shall mean (a) any vested, contingent, present or future interest in the income or principal of property held in a trust or (b) the interest of any Person eligible at the discretion of the trustees of a trust to receive income or principal of the property held in such trust. For purposes of this Agreement, a Beneficial Interest shall not include the interest of a Person to whom the principal or income of a trust may be appointed by any Person (other than the trustees of such trust) who holds a power of appointment over the property of such trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 "<u>BGC</u>" shall have the meaning set forth in the recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 "<u>Brandon</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 "<u>Business Day</u>" shall mean a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 "<u>Casey</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 "<u>CFLP</u>" shall mean Cantor Fitzgerald, L.P., a Delaware limited partnership, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 "<u>Closing</u>" has the meaning set forth in the recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 "<u>Closing Date</u>" shall mean the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 "<u>Company</u>" shall mean any Public Entity (including BGC and Newmark) in which any Party or CFLP owns Equity Securities, other than a special purpose acquisition company or similar vehicle formed for the sole purpose of acquiring a private entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 "<u>Control</u>" (including the terms "Controlled by" and "under common Control with") shall mean the power to direct the management or policies of a Person, directly or indirectly, through the ownership of voting securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 "<u>Controlling Investment Trustee</u>" means any individual serving as Investment Trustee of the Management Trusts (which, as of the Signing Date, is Brandon) whose decision with respect to investment decisions, under the terms of the Management Trusts, controls in the event of a disagreement among the Investment Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 "<u>Convertible Securities</u>" shall mean any security convertible into or exchangeable for capital stock, membership interests, units, depositary shares, profits interests, ownership interests, equity interests, registered capital, and other equity securities or ownership interests and any and all warrants, rights or options to purchase any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 "<u>Covered Equity Securities</u>" shall have the meaning set forth in the recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 "<u>Descendant</u>" shall have the same meaning set forth in each of the Management Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 "<u>Director Election</u>" shall have the meaning set forth in <u>Section 2.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 "<u>Dynasty Trust A</u>" shall mean Dynasty Trust A, created under Article SECOND of an Agreement of Trust made May 13, 2025, between Edith M. Lutnick, as Grantor, Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees and Distribution Trustees, and Bryn Mawr Trust Company of Delaware, as Administrative Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 "<u>Equity Awards</u>" shall mean, with respect to a Company, Equity Securities, or any restricted stock, restricted stock units, stock appreciation rights, performance shares, stock options, contingent value rights, "phantom" stock, or similar securities, as well as any Equity Securities issued in respect thereof, of such Company granted or awarded to non-management members of its board of directors, members of management and key employees of such Company or any of its subsidiaries, in each case, pursuant to such Company's equity-based incentive compensation plan, program or arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 "<u>Equity Securities</u>" shall mean (a) any and all shares of capital stock, membership interests, units, depositary shares, profits interests, ownership interests, equity interests, registered capital, and other equity securities or ownership interests and (b) Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 "<u>Exchange Act</u>" shall mean the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 "<u>Family Branch</u>" shall have the meaning set forth in <u>Section 2.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 "<u>Family Branch Representative</u>" shall mean a Qualified Descendant designated to exercise the vote of a Family Branch in accordance with the rules of <u>Section 2.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 "<u>Future Generation Qualified Descendant</u>" shall have the meaning set forth in <u>Section 2.2(a)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 "<u>G2</u>" shall have the meaning set forth in <u>Section 2.2(a)(i)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 "<u>Governmental Authority</u>" shall mean any transnational, domestic or foreign federal, state, county, municipal or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof, any executive, legislative, judicial, regulatory taxing or other governmental entity, any national stock exchange and any legislative body or legislative committee (including the U.S. Senate Committee on Commerce, Science and Transportation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 "<u>KBCR</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 "<u>Kyle</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 "<u>LFA</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 "<u>Majority Action</u>" shall have the meaning set forth in <u>Section 2.1(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 "<u>Majority of the Family Branches</u>" shall mean, with respect to any matter, approval of such matter by both: (a) if there is a Controlling Investment Trustee, the Controlling Investment Trustee; and (b) if any Family Branch is entitled to vote in accordance with <u>Section 2.2(a)</u>, a majority vote of the Family Branches entitled to vote in accordance with <u>Section 2.2(a)</u>; <u>provided</u> that if there is no Controlling Investment Trustee and no Family Branch entitled to vote in accordance with <u>Section 2.2(a)</u>, then a "Majority of Family Branches" shall mean, with respect to any matter, approval of such matter by a majority vote of all living and competent Qualified Descendants, with each such Qualified Descendant having one vote, irrespective of such Qualified Descendant's generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 "<u>Management Trusts</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 "<u>Newmark</u>" shall have the meaning set forth in the recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 "<u>Organizational Documents</u>" shall mean, with respect to any Person, such Person's trust deed, trust declaration, agreement of trust, certificate of incorporation or formation or organization, articles of organization, bylaws, partnership agreement, limited partnership agreement, limited liability company agreement, operating agreement, or other similar governing documents of such Person, in each case as may be amended, restated, modified or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 "<u>Party</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 "<u>Permitted Transferee</u>" shall have the meaning set forth in <u>Section 3.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 "<u>Permitted Transfers</u>" shall have the meaning set forth in <u>Section 3.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 "<u>Person</u>" shall mean an individual, corporation, partnership, limited partnership, limited liability company, joint venture, association, trust, unincorporated organization, Governmental Authority or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 "<u>Pledge</u>", "<u>Pledging</u>" or "<u>Pledged</u>" shall mean, with respect to any equity interests of any Person, any pledge, mortgage, hypothecation or other encumbrance of such equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 "<u>Public Entity</u>" shall mean any entity that is a Subsidiary of any Party or CFLP and whose securities are registered under Section 12 of the Exchange Act or otherwise whose securities are publicly traded on a securities exchange or other trading venue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 "<u>Purchase Agreements</u>" shall have the meaning set forth in the recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 "<u>Purchasers</u>" shall have the meaning set forth in the recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 "<u>Qualified Descendant</u>" shall have the meaning set forth in each of the Management Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 "<u>Ryan</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 "<u>Seller</u>" shall have the meaning set forth in the recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 "<u>Signing Date</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 "<u>Subsidiary</u>" shall mean, with respect to any Person, any other Person of which a majority of the issued and outstanding shares or other equity interests having the power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 "<u>Tangible</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 "<u>Transfer</u>," "<u>Transferring</u>," "<u>Transferred</u>" or words of similar import, shall mean, with respect to any Covered Equity Security, any sale, exchange, assignment, transfer, Pledge, distribution, gift, devise, bequest, or other disposition of such Covered Equity Security (including, without limitation, any inter-spousal disposition pursuant to a domestic relations proceeding) or grant of rights or interests in such Covered Equity Security, whether voluntarily or involuntarily, directly or indirectly (pursuant to the transfer of an economic, beneficial or other interest, the creation of a derivative security or otherwise), by operation of law (including by merger) or otherwise and including as a result of any sale or transfer of an entity that holds such Covered Equity Security; <u>provided</u> that any grant of a proxy to, or entry into a support or voting agreement or similar agreement or arrangement with, any Person to exercise voting control of any Covered Equity Securities, or the exercise of voting control pursuant to such proxy, support or voting agreement or similar agreement or arrangement, in each case in a manner that is consistent with <u>Section 2</u> of this Agreement, shall not be considered a "Transfer.".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 "<u>Trust Parties</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 "<u>Vote</u>," "<u>Voting</u>" or words of similar import, shall mean vote, provide a written consent, execute a proxy, or the entry into a support or voting or similar agreement or arrangement, as the case may be.

**Section 2 Governance**

This <u>Section 2</u> shall go into effect and apply as of and after the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Majority Actions and Director Elections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Voting with Respect to Majority Actions</u>. To the extent that any Vote of holders of Equity Securities of any Company is sought with respect to a Majority Action, the Parties shall Vote (or cause the Voting of) the Covered Equity Securities over which it has the direct or indirect power to Vote on such Majority Action, as directed by the Majority of the Family Branches. "<u>Majority Action</u>" shall mean, with respect to any Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any merger or consolidation transaction or sale, lease or exchange of all, or substantially all, of the assets of such Company, or any transaction or series of related transactions pursuant to which shares of the Company are transferred such that more than 50% of the voting power of the Equity Securities of the Company are transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) entry by such Company or any of its Subsidiaries into any transaction or series of related transactions with a member of any Family Branch (other than with respect to election or removal of directors or comparable managers of such Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the authorization or issuance of any Equity Securities by such Company (other than pursuant to an incentive compensation plan); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment, restatement, modification or supplement of any Organizational Document of such Company or any of its Subsidiaries in a manner that would reasonably be expected to impair, interfere with or delay the exercise of the rights set forth herein as to Majority Actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Voting with Respect to Director Elections</u>. To the extent that any Vote of holders of Equity Securities of any Company is sought with respect to the election or removal of directors or comparable managers of any Company (a "<u>Director Election</u>"), (i) if there is a Controlling Investment Trustee, the Parties shall Vote (or cause the Voting of) the Covered Equity Securities over which it has the direct or indirect power to Vote on such Director Election, as directed by the Controlling Investment Trustee (after the Controlling Investment Trustee has consulted and deliberated with each of the Family Branch Representatives); and (ii) if there is not a Controlling Investment Trustee, the Parties shall Vote (or cause the Voting of) the Covered Equity Securities over which it has the direct or indirect power to Vote on such Director Election, as directed by a Majority of the Family Branches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This <u>Section 2.1</u> shall not apply to any Vote of holders of Equity Securities of any Company with respect to any matter other than a Majority Action or a Director Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Family Branches**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Brandon and his collective descendants, Kyle and his collective descendants, Casey and her collective descendants and Ryan and his collective descendants shall constitute a family branch ("<u>Family Branch</u>"). Each Family Branch, if a Family Branch Representative for that Family Branch has then been designated in accordance with the rules of this clause (a), shall have one (1) vote in any determination of a Majority of the Family Branches. Each Family Branch's vote shall be exercised by its Family Branch Representative in accordance with the rules set forth in this <u>Section 2.2(a)</u>. A Family Branch Representative shall act in his or her individual capacity and not in his or her capacity as a trustee of any Party that is a trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of Brandon, Kyle, Casey, and Ryan (each, a "<u>G2</u>") shall be (and is hereby designated as) the Family Branch Representative of his or her Family Branch at any time that he or she is a Qualified Descendant, living and competent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If a G2 is at any time not a Qualified Descendant, living and competent, then a majority of the descendants of that G2 who are then Qualified Descendants living and competent (such descendants, a Family Branch's "<u>Future Generation Qualified Descendants</u>") shall designate one (1) such Future Generation Qualified Descendant to act as the Family Branch Representative for that G2's Family Branch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A Family Branch Representative designated by any Family Branch's Future Generation Qualified Descendants shall continue to act as its Family Branch Representative until either (A) he or she is no longer a Qualified Descendant, living and competent or (B) a successor Family Branch Representative for that Family Branch is designated in accordance with the rules set forth in this <u>Section 2.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any Future Generation Qualified Descendant may, by a notice in writing delivered to his or her Family Branch's other Future Generation Qualified Descendants, call for a designation of a new Family Branch Representative for that Future Generation Qualified Descendant's Family Branch at any time if either (A) there is no Family Branch Representative for that Family Branch at such time or (B) more than two (2) years has elapsed since the previous designation of a Family Branch Representative for that Family Branch. A majority of the then Future Generation Qualified Descendants of that Family Branch shall then designate one (1) Future Generation Qualified Descendant (who may be the previously serving Family Branch Representative) to act as the Family Branch Representative for that Family Branch. Any Family Branch Representative so designated shall immediately replace any prior serving Family Branch Representative for that Family Branch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any designation of a Family Branch Representative made in accordance with this <u>Section 2.2(a)</u> shall be made by a notice in writing delivered to the other then current Family Branch Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each descendant of a G2 who is then a Future Generation Qualified Descendant shall have an equal vote in any designation of a Family Branch Representative for that G2's Family Branch made in accordance with this <u>Section 2.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) If at any time and for any reason a Family Branch has no Family Branch Representative (including because a Family Branch has no Qualified Descendants or a Family Branch's Future Generation Qualified Descendants have not designated a Family Branch Representative in accordance with the foregoing rules of this <u>Section 2.2(a)</u>), that Family Branch's vote shall be suspended (and such Family Branch shall not be viewed as entitled to vote for purposes of determining whether a Majority of the Family Branches has been obtained) until a Family Branch Representative is designated in accordance with this <u>Section 2.2(a)</u>; <u>provided</u>, that if there is no Controlling Investment Trustee and no Family Branch entitled to vote in accordance with this <u>Section 2.2(a)</u>, the living and competent Qualified Descendants of a Family Branch with no Family Branch Representative shall be entitled to participate in the vote of all Qualified Descendants conducted pursuant to the proviso in the definition of "Majority of the Family Branches."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Majority Action, the applicable Parties shall provide each Family Branch or descendant entitled to vote, as applicable, reasonable notice under the circumstances of any proposed resolution or meeting in connection with which a Majority Action will be considered. The requirements of this <u>Section 2.2(b)</u> are intended to supplement (and not supersede) any notice requirements set forth in the Organizational Documents of such Company, and additional notice may be required on terms not set forth herein.

**Section 3 Transferability OF COVERED EQUITY SECURITIES**

This <u>Section 3</u> shall go into effect and apply as of and after the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **General Restrictions**. Except as authorized by a Majority of the Family Branches or this <u>Section 3</u>, no Covered Equity Securities may be Transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Certain Permitted Transfers**. Notwithstanding <u>Section 3.1</u>, the following Transfers of Covered Equity Securities shall be permitted by this Agreement (each, a "<u>Permitted Transfer</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Transfer of Covered Equity Securities to one or more wholly owned Subsidiaries of one or more of the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Transfer of Covered Equity Securities to Dynasty Trust A (or any trustee of Dynasty Trust A in their capacity as such) or one or more wholly owned Subsidiaries of Dynasty Trust A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Transfer of Covered Equity Securities that occurs solely as a result of the operation of the Organizational Documents of the Management Trusts, Dynasty Trust A, the Lutnick 1999 Descendants' Trust, the Howard W. Lutnick 2007 Descendants Trust and the Lutnick 2020 Descendants Trust (or any trustee of the foregoing in their capacity as such) (and for the avoidance of doubt, nothing in this Agreement shall be construed to override any direction set forth in such Organizational Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Transfer of Covered Equity Securities beneficially owned by CFLP to one or more wholly owned Subsidiaries of CFLP;

<u>provided</u> that, in each of cases (a), (b), (c) and (d), such Transfer shall be a Permitted Transfer only if both: (1) each Family Branch's relative direct or indirect interest in the Covered Equity Securities is the same as after such Transfer as it was immediately prior to such Transfer; and (2) any recipient of such Transfer of Covered Equity Securities (or, if applicable, any heirs, assignees, executors, administrators, or other legal representatives of such Transferee) (the "<u>Permitted Transferee</u>") shall execute a joinder in the form attached as Exhibit A with respect to such Covered Equity Securities if such Permitted Transferee (or Person controlling such Permitted Transferee) is not already a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Other Restrictions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any proposed Transfer of Covered Equity Securities shall be made in accordance with all Applicable Laws, and all necessary governmental notifications, consents and approvals shall have been delivered and obtained and such proposed Transfer shall not cause the applicable Company or any Party to be in violation of, or non-compliance with, any law or regulation applicable to any of the foregoing Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Transfer of Covered Equity Securities shall be made if such Transfer would result in any circumstances that a Majority of the Family Branches reasonably determines in good faith would jeopardize favorable tax attributes, otherwise result in adverse tax consequences, or materially change reporting or registration obligations under Applicable Laws to any Company or Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties acknowledge that Applicable Laws and the Organizational Documents of a Company may set forth additional requirements on Transfer or issuance, including as to registration, certification and legends.

**Section 4 Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Term. Except for <u>Section 2</u> and <u>Section 3</u> (both of which shall become effective as of the Closing Date), this Agreement shall be effective as of the Signing Date and shall remain valid and in force until terminated in accordance with <u>Section 4.5</u>. If the Purchase Agreements terminate prior to the Closing, then this Agreement shall be null and void and of no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Notices**. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (i) personal delivery to the Party to be notified; (ii) when sent, if sent by electronic mail transmission (with confirmation of receipt of such electronic mail received by return electronic mail); or (iii) one (1) Business Day after the Business Day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery and providing proof of delivery. All communications shall be sent to the respective Parties at their addresses set forth on <u>Annex I</u> or the applicable joinder, or to such other address or electronic mail address as such Person may hereafter specify for such purpose by notice to the Parties, with a copy sent to (which shall not constitute notice to the Parties):

Cantor Fitzgerald, L.P.<br> 499 Park Avenue<br> New York, NY 10022<br> Attention: General Counsel

Email: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Governing Law**. This Agreement and any other document or instrument delivered pursuant hereto, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, termination, performance or nonperformance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law rules of such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Arbitration**. The Parties agree that any dispute, claim or controversy arising out of or relating to this Agreement which cannot be amicably resolved among the parties, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined by binding arbitration seated in New York, New York in accordance with the laws of the State of New York for agreements made in and to be performed in that State. The arbitration shall be administered by the American Arbitration Association under its Commercial Arbitration Rules in effect on the date of commencement of the arbitration (or subsequent, equivalent AAA rules). The results, determinations, findings, judgments and/or awards rendered through such arbitration shall be final and binding on the Parties. Judgment upon the award rendered may be entered in any court having jurisdiction thereof. The arbitrators and the Parties shall maintain the confidentiality of the arbitration and dispute resolution proceedings and shall have the authority to make appropriate rulings to safeguard that confidentiality, unless the Parties agree otherwise or unless required by law or judicial decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **Amendments**. Except as otherwise set forth herein, this Agreement may not be amended, supplemented, discharged or terminated except in writing executed by all of the Family Branches, with each person signing on behalf of such Family Branch being a Family Branch Representative in accordance with <u>Section 2.2</u> at the time of execution; <u>provided</u> that, once any such person shall cease to be a Family Branch Representative of such Family Branch in accordance with <u>Section 2.2</u>, then such amendment or supplement shall no longer be in effect unless the successor Family Branch Representative of such Family Branch shall have provided its written consent to such amendment on behalf of such Family Branch. Except as set forth in the proviso of the prior sentence, any such amendment, supplement, discharge or termination effected in accordance with this <u>Section 4.5</u> shall be binding upon each Party and any of their Permitted Transferees, successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 **Construction**. Whenever the singular number is used in this Agreement and when required by the context, the same shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa. Any reference in this Agreement to a "day" or a number of "days" (without explicit reference to "<u>Business Days</u>") shall be interpreted as a reference to a calendar day or number of calendar days. Any reference in this Agreement to a "year" or a number of "years" (without explicit reference to "fiscal year") shall be interpreted as a reference to a calendar year or number of calendar years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 **Headings**. The headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or limit the scope, extent or intent of this Agreement or any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 **Severability**. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable by any Applicable Law, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any Party. Upon such a determination that any term or other provision is invalid, illegal, void or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent permitted by Applicable Law and in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 **Binding Effect; Benefit; Assignment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the Parties and their successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of a Majority of the Family Branches. Any purported assignment, delegation or transfer not permitted by this <u>Section 4.9(a)</u> is null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 **Counterparts; Facsimile**. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by all of the undersigned Persons; *provided* that a .pdf signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. Until and unless each Party has received a counterpart hereof signed by each of the undersigned Persons, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 **Entire Agreement**. This Agreement and all exhibits and annexes hereto constitute the entire agreement and understanding among the Parties with respect to the subject matter of this Agreement, and supersede all prior agreements and understandings, whether oral and written, among the Parties with respect to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 **Delays or Omissions**. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any Party to this Agreement upon any breach or default of any other Party under this Agreement shall impair any such right, power or remedy of such non-defaulting Party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party to this Agreement, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 **Further Assurances**. Each Party agrees to execute and deliver, by the proper exercise of its trust, corporate, limited liability company or other powers, as applicable, all such other and additional instruments and documents and do all such other acts and things as may be necessary to more fully effectuate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 Waiver of Jury Trial. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HEREBY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING THE RIGHT TO DEMAND TRIAL BY JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 Equitable Relief. The Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specified terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof to which such Party is entitled at law or in equity (including, without limitation, seeking specific performance or the rescission of purchases, sales, issuances and other Transfers not made in strict compliance with this Agreement). Each Party agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that (a) the other Party has an adequate remedy at law or (b) an award of specific performance is not an appropriate remedy for any reason at law or equity. No Party shall be required to provide any bond or other security in connection with any such order or injunction.

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

IN WITNESS WHEREOF, each of the undersigned, acting in his or her capacities on behalf of the Parties as specified in <u>Annex I</u>, has executed this Agreement as of the Signing Date.

---

| | |
|:---|:---|
| **<u>EACH OF THE TRUST PARTIES AND TRUSTEES, AS SET FORTH ON ANNEX I</u>** | **<u>EACH OF THE TRUST PARTIES AND TRUSTEES, AS SET FORTH ON ANNEX I</u>** |
| By: | /s/ Brandon G. Lutnick |
| Name: | Brandon G. Lutnick |
| Title: | Trustee |
| By: | /s/ Kyle S. Lutnick |
| Name: | Kyle S. Lutnick |
| Title: | Trustee |
| By: | /s/ Casey J. Lutnick |
| Name: | Casey J. Lutnick |
| Title: | Trustee |
| By: | /s/ Ryan G. Lutnick |
| Name: | Ryan G. Lutnick |
| Title: | Trustee |
| **<u>EACH OF THE SUBSIDIARY ENTITES, AS SET FORTH ON ANNEX I</u>** | **<u>EACH OF THE SUBSIDIARY ENTITES, AS SET FORTH ON ANNEX I</u>** |
| By: | /s/ Brandon G. Lutnick |
| Name: | Brandon G. Lutnick |
| Title: | Manager |

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[Signature Page to Voting and Transfer Agreement]

**<u>Annex I</u>**

Notice Parties; Signatories

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Trust Party** | &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**Signatory** |
| &nbsp;&nbsp;KSL Management Trust | &nbsp;&nbsp;499 Park Avenue<br> New York, NY 10022<br> Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Distribution Trustees and Investment Trustees<br> Email: [\*\*\*] | &nbsp;&nbsp;Brandon G. Lutnick, Kyle S. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, as all of the Distribution Trustees and Investment Trustees |
| &nbsp;&nbsp;BGL Management Trust | &nbsp;&nbsp;499 Park Avenue<br> New York, NY 10022<br> Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Distribution Trustees and Investment Trustees<br> Email: [\*\*\*] | &nbsp;&nbsp;Brandon G. Lutnick, Kyle S. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, as all of the Distribution Trustees and Investment Trustees |
| &nbsp;&nbsp;CJL Management Trust | &nbsp;&nbsp;499 Park Avenue<br> New York, NY 10022<br> Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Distribution Trustees and Investment Trustees<br> Email: [\*\*\*] | &nbsp;&nbsp;Brandon G. Lutnick, Kyle S. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, as all of the Distribution Trustees and Investment Trustees |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;RGL Management Trust | &nbsp;&nbsp;499 Park Avenue<br> New York, NY 10022<br> Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Distribution Trustees and Investment Trustees<br> Email: [\*\*\*]<br>| &nbsp;&nbsp;Brandon G. Lutnick, Kyle S. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, as all of the Distribution Trustees and Investment Trustees |
| &nbsp;&nbsp;The Lutnick 1999 <br> Descendants Trust | &nbsp;&nbsp;499 Park Avenue<br> New York, NY 10022<br> Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Distribution Trustees and Investment Trustees<br> Email: [\*\*\*] | &nbsp;&nbsp;Brandon G. Lutnick, Kyle S. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, as all of the Individual Trustees |
| &nbsp;&nbsp;Howard W. Lutnick 2007 <br> Descendants Trust | &nbsp;&nbsp;499 Park Avenue<br> New York, NY 10022<br> Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Individual Trustees<br> Email: [\*\*\*] | &nbsp;&nbsp;Brandon G. Lutnick, Kyle S. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, as all of the Investment Trustees |
| &nbsp;&nbsp;The Lutnick 2020 <br> Descendants Trust | &nbsp;&nbsp;499 Park Avenue<br> New York, NY 10022<br> Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Investment Trustees<br> Email: [\*\*\*] | &nbsp;&nbsp;Brandon G. Lutnick, Kyle S. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, as all of the Investment Trustees |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Subsidiary Entity** | &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**Signatory** |
| &nbsp;&nbsp;KBCR Management Partners, LLC | &nbsp;&nbsp;499 Park Avenue<br> New York, NY 10022<br> Attention: Brandon G. Lutnick, Manager<br> Email: [\*\*\*] | &nbsp;&nbsp;Brandon G. Lutnick, as sole Manager |
| &nbsp;&nbsp;Tangible Benefits, LLC | &nbsp;&nbsp;499 Park Avenue<br> New York, NY 10022<br> Attention: Brandon G. Lutnick, Manager<br> Email: [\*\*\*] | &nbsp;&nbsp;Brandon G. Lutnick, as sole Manager |
| &nbsp;&nbsp;LFA, LLC | &nbsp;&nbsp;499 Park Avenue<br> New York, NY 10022<br> Attention: Brandon G. Lutnick, Manager<br> Email: [\*\*\*] | &nbsp;&nbsp;Brandon G. Lutnick, as sole Manager |

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**<u>Exhibit A</u>**

Joinder

THIS JOINDER (this "<u>Agreement</u>") is made as of the date indicated in the signature block below (the "<u>Effective Date</u>") by the undersigned (the "<u>Joining Party</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Joinder</u>. The Joining Party hereby confirms that it has been furnished with a copy of, and has carefully read, the Voting and Transfer Agreement, dated May 16, 2025, by and among Brandon G. Lutnick, Kyle S. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, in each case in their capacities as distribution trustee, investment trustee or individual trustee of the trusts set forth therein; and each of KBCR, Tangible and LFA (as defined therein) (as may be amended, restated, modified or supplemented from time to time, the "<u>Voting Agreement</u>"), prior to its execution of this Agreement. By executing this Agreement, the Joining Party becomes a party to, and agrees to be bound by, the Voting Agreement to the same extent as if the Joining Party was an original party thereto with respect to the Covered Equity Securities Transferred to the Joining Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Definitions</u>. Unless otherwise defined herein, each capitalized term shall have the meaning ascribed to it in the Voting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties</u>. The Joining Party hereby represents and warrants to each of the Parties that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Joining Party has all requisite power and authority to enter into this Agreement and to carry out the Joining Party's obligations hereunder and under the Voting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement has been duly executed by the Joining Party, and constitutes a valid and binding obligation enforceable against the Joining Party in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Full Force and Effect</u>. All of the terms, covenants, agreements, conditions and other provisions of the Voting Agreement shall remain in full force and effect in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notices</u>. All notices provided to the Joining Party shall be sent or delivered to the following:

[Joining Party]<br> [Address]

Attention: [●]

Email: [●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>. The provisions of Sections 4.2 (*Notices*), 4.3 (*Governing Law*), 4.4 (*Arbitration*), 4.6 (*Construction*), 4.7 (*Headings*), 4.8 (*Severability*), 4.10 (*Counterparts; Facsimile*) and 4.14 (*Waiver of Jury Trial*) of the Voting Agreement are hereby incorporated by reference herein, *mutatis mutandis*.

IN WITNESS WHEREOF, the Joining Party has executed and delivered this Agreement as of the date set forth below.

JOINING PARTY:

___________________________________________

Name: __________________

Date: ___________________

## Ex-14

**Exhibit 14**

*EXECUTION VERSION*

**PURCHASE AGREEMENT,**

dated as of

May 16, 2025,

by and among

**HOWARD W. LUTNICK**,

in his capacity as trustee of the trust identified herein,

and

**Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick**,

in their capacities as investment trustees of the trust identified herein

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | **Page** |
| Article I DEFINITIONS AND INTERPRETATION | Article I DEFINITIONS AND INTERPRETATION | 1 |
| Section 1.01 | Definitions | 1 |
| Section 1.02 | Other Definitional and Interpretative Provisions | 3 |
| Article II THE PURCHASE AND SALE | Article II THE PURCHASE AND SALE | 5 |
| Section 2.01 | Purchase and Sale | 5 |
| Section 2.02 | Closing | 5 |
| Article III REPRESENTATIONS AND WARRANTIES OF SELLER | Article III REPRESENTATIONS AND WARRANTIES OF SELLER | 6 |
| Section 3.01 | Trust Existence and Power | 6 |
| Section 3.02 | Authority of Seller; Enforceability | 6 |
| Section 3.03 | Non-contravention | 6 |
| Section 3.04 | Title | 6 |
| Section 3.05 | Absence of Litigation | 7 |
| Section 3.06 | No Other Representations or Warranties. | 7 |
| Article IV REPRESENTATIONS AND WARRANTIES OF BUYER | Article IV REPRESENTATIONS AND WARRANTIES OF BUYER | 7 |
| Section 4.01 | Trust Existence and Power | 7 |
| Section 4.02 | Trustee Authorization | 7 |
| Section 4.03 | Non-contravention | 8 |
| Section 4.04 | Absence of Litigation | 8 |
| Section 4.05 | Financing | 8 |
| Section 4.06 | Investment Intention | 8 |
| Section 4.07 | No Other Representations or Warranties. | 9 |
| Article V COVENANTS OF THE PARTIES | Article V COVENANTS OF THE PARTIES | 9 |
| Section 5.01 | Reasonable Best Efforts. | 9 |
| Section 5.02 | Public Announcements | 10 |
| Section 5.03 | Exclusivity | 10 |
| Section 5.04 | Trustee | 10 |
| Article VI CONDITIONS TO THE CLOSING | Article VI CONDITIONS TO THE CLOSING | 10 |
| Section 6.01 | Conditions to the Obligations of Each Party | 10 |
| Section 6.02 | Conditions to the Obligations of Buyer | 11 |
| Section 6.03 | Conditions to the Obligations of Seller | 11 |
| Article VII TERMINATION; SURVIVAL | Article VII TERMINATION; SURVIVAL | 12 |
| Section 7.01 | Termination | 12 |
| Section 7.02 | Effect of Termination | 13 |
| Section 7.03 | No Survival | 13 |
| Article VIII MISCELLANEOUS | Article VIII MISCELLANEOUS | 13 |
| Section 8.01 | Notices | 13 |
| Section 8.02 | Amendments and Waivers | 14 |
| Section 8.03 | Costs and Expenses | 14 |
| Section 8.04 | Binding Effect; Benefit; Assignment | 14 |
| Section 8.05 | Governing Law | 14 |
| Section 8.06 | Jurisdiction | 14 |
| Section 8.07 | Waiver of Jury Trial | 15 |
| Section 8.08 | Counterparts; Effectiveness | 15 |
| Section 8.09 | Entire Agreement | 15 |
| Section 8.10 | Severability | 15 |
| Section 8.11 | Specific Performance; Remedies | 15 |

---

i

<u>PURCHASE AGREEMENT</u>

This PURCHASE AGREEMENT (this "<u>Agreement</u>"), dated as of May 16, 2025, is entered into by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees (collectively "<u>Buyer</u>") of the trust known as the BGL Management Trust ("<u>Management Trust</u>"), created under Article SECOND of an Agreement of Trust made May 13, 2025, between HWL, as Grantor, Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees and Distribution Trustees, and Peak Trust Company – NV, as Administrative Trustee.

HWL, in his capacity as Trustee of the Howard W. Lutnick Revocable Trust, is referred to as "<u>Seller</u>". Seller and Buyer are each sometimes referred to herein individually as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>".

RECITALS

WHEREAS, the Seller Trust owns four (4) voting shares of CF Group Management, Inc., a New York corporation, and Seller, as Trustee of the Seller Trust, desires to sell, on behalf of the Seller Trust, one (1) such share (the "<u>Purchased Interests</u>") to Buyer, on behalf of Management Trust, and Buyer desires to acquire, on behalf of Management Trust, the Purchased Interests, upon the terms and subject to the conditions of this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, the Parties agree as follows:

Article I<br> DEFINITIONS AND INTERPRETATION

Section 1.01 <u>Definitions</u>.

As used herein, the following terms have the following meanings:

"<u>1933 Act</u>" means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Action</u>" means any action, suit, litigation, arbitration or proceeding by or before a Governmental Authority.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person. As used in this definition, the term "control" (including the terms "controlled by" and "under common control with") means the power to direct the management or policies of a Person, directly or indirectly, through the ownership of voting securities, by contract or otherwise.

"<u>Applicable Law</u>" means, with respect to any Person, any federal, state, provincial, local or foreign law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling, writ or stipulation enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise.

"<u>Business Day</u>" means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law to close.

"<u>Governmental Authority</u>" means any transnational, domestic or foreign federal, state, county, municipal or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof, any executive, legislative, judicial, regulatory taxing or other governmental entity, any national stock exchange and any legislative body or legislative committee (including the U.S. Senate Committee on Commerce, Science and Transportation).

"<u>Lien</u>" means, with respect to any property or asset, any mortgage, lien, pledge or security interest in respect of such property or asset.

"<u>Organizational Documents</u>" means, with respect to any Person, such Person's trust deed, trust declaration, agreement of trust, certificate of incorporation or formation or organization, articles of organization, bylaws, partnership agreement, limited partnership agreement, limited liability company agreement, operating agreement, or other similar governing documents of such Person, each as amended through the date hereof.

"<u>Person</u>" means an individual, corporation, partnership, limited partnership, limited liability company, joint venture, association, trust, unincorporated organization, Governmental Authority or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

"<u>Remedies Exception</u>" means:

(a) applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar Applicable
Laws of general application, heretofore or hereafter enacted or in effect, affecting the rights and remedies of creditors generally; and

(b) the exercise of judicial or administrative discretion in accordance with general equitable principles,
particularly as to the availability of the remedy of specific performance or other injunctive relief.

"<u>Representatives</u>" means, with respect to any Party, such Party's and its Affiliates' directors, officers, employees, advisors (including financial advisors, attorneys, accountants, actuaries and consultants) and agents.

Section 1.02 <u>Other Definitional and Interpretative Provisions.</u>

(a) The words "hereof", "herein" and "hereunder" and words of like import
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

(b) The word "or" shall be inclusive and not exclusive.

(c) The captions herein are included for convenience of reference only and shall be ignored in the construction
or interpretation hereof.

(d) References to Articles, Sections, Exhibits, Annexes and Schedules are to Articles, Sections, Exhibits,
Annexes and Schedules of this Agreement unless otherwise specified.

(e) All Exhibits, Annexes and Schedules annexed hereto or referred to herein are hereby incorporated in and
made a part of this Agreement as if set forth in full herein.

(f) Any capitalized terms used in any Exhibit, Annex or Schedule or in any certificate or other document made
or delivered pursuant hereto but not otherwise defined therein, shall have the meaning as defined in this Agreement.

(g) Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.

(h) As context requires, any masculine gender shall include the feminine and neuter genders; any feminine
gender shall include the masculine and neuter genders; and any neuter gender shall include masculine and feminine genders.

(i) Whenever the words "include", "includes" or "including" are used in
this Agreement, they shall be deemed to be followed by the words "without limitation", whether or not they are in fact followed
by those words or words of like import.

(j) "Writing", "written" and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form.

(k) References to any statute shall be deemed to refer to such statute as amended from time to time and to
any rules or regulations promulgated thereunder.

(l) References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof.

(m) References to any Person include the successors and permitted assigns of that Person.

(n) References from or through any date mean, unless otherwise specified, from and including or through and
including, respectively.

(o) The symbol "$" refers to United States Dollars, the lawful currency of the United States of
America.

(p) The word "extent" in the phrase "to the extent" means the degree to which a subject
or other thing extends and such phrase shall not mean simply "if."

(q) References to "day" shall mean a calendar day unless otherwise indicated as a "Business
Day."

(r) Each Party has participated in the drafting of this Agreement, which each Party acknowledges is the result
of extensive negotiations between the Parties. If an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any provision.

Article II<br> THE PURCHASE AND SALE

Section 2.01 <u>Purchase and Sale</u>.

Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, the Seller shall, in his capacity as Trustee of the Seller Trust, sell and deliver to Buyer and Buyer shall, in its capacity as Investment Trustee of Management Trust, purchase and acquire all rights, title and interests in and to the Purchased Interests (together with any dividends on such Purchased Interests between the date of this Agreement and prior to the Closing) on behalf of Management Trust, free and clear of all Liens (other than Permitted Liens) in exchange for payment to Seller (or his designees) pursuant to <u>Section 2.02(c)(i)</u> of $50,000 (the "<u>Purchase Price</u>") (such transaction, the "<u>Sale</u>"). It is the intention of the Parties that other than the consideration payable under this Agreement, Seller will receive no economic benefits associated with the Purchased Interests.

Section 2.02 <u>Closing</u>.

(a) Upon the terms and subject to the conditions of this Agreement, the closing of the Sale (the " <u>Closing</u> ")
shall take place via the electronic exchange of documents and signatures on a date that is three Business Days after the date on which
the conditions set forth in <u>Article VI</u> (other than conditions that by their nature are to be satisfied at the Closing, but
subject to the satisfaction or, to the extent permissible, waiver of those conditions at the Closing) have been satisfied or, to the extent
permissible, waived by the Party entitled to the benefit of such conditions, or on such other date as Buyer and Seller may mutually agree
(such date being the " <u>Closing Date</u> ").

(b) Prior to the Closing Date, Seller shall deliver to Buyer wire transfer instructions (the " <u>Wire Transfer Instructions</u> ") designating the bank accounts to which the Purchase Price in respect of the applicable Purchased Interests
shall be paid by Buyer to Seller (or his designees) at the Closing.

(c) <u>Buyer Deliverables</u>. At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Buyer shall cause to be paid to Seller (or his designees), by wire transfer of immediately available funds
an amount equal to the Purchase Price in respect of the Purchased Interests, which shall be delivered into the bank accounts as set forth
in the Wire Transfer Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Buyer shall deliver to Seller the certificate required by <u>Section 6.03(c)</u>.

(d) <u>Seller Deliverables</u>. At the Closing, Seller shall cause to be delivered to Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) customary evidence of the transfer of the Purchased Interests to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the certificate required by <u>Section 6.02(c)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a duly executed IRS Form W-9 for the Seller Trust.

Article III<br> REPRESENTATIONS AND WARRANTIES OF SELLER

Seller hereby makes the following representations and warranties to Buyer.

Section 3.01 <u>Trust Existence and Power</u>.

Seller, in his capacity as Trustee, as applicable, of the Seller Trust represents and warrants that the Seller Trust is a trust that is duly created and validly existing under the laws governing its formation and that the Seller Trust has all trust power and authority necessary to own or lease all of its properties and assets and to carry on its business as now conducted, except where the failure to have such power or authority would not, individually or in the aggregate, prevent the consummation of the transactions contemplated by this Agreement or otherwise have a material adverse effect on the ability of Seller, as Trustee of the Seller Trust, to consummate the Sale.

Section 3.02 <u>Authority of Seller; Enforceability</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that (i) the execution, delivery and performance of this Agreement by Seller and the consummation by Seller of the transactions contemplated hereby with respect to the Seller Trust, as Trustee, are within his powers as Trustee of the Seller Trust, and (ii) this Agreement has been duly executed and delivered by Seller, in his capacity as Trustee, as applicable, of the Seller Trust and, assuming due authorization, execution and delivery by Buyer, constitutes a legal, valid and binding agreement of Seller, in his capacity as Trustee of the Seller Trust and is enforceable against Seller, in such capacity, in accordance with its terms (subject to the Remedies Exception).

Section 3.03 <u>Non-contravention</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that the execution, delivery and performance by Seller of this Agreement and the consummation by Seller of the transactions contemplated hereby, as Trustee of the Seller Trust, do not and will not:

(a) contravene, conflict with, or result in any violation or breach of any provision of the Organizational
Documents of Seller Trust; and

(b) assuming that all consents, approvals, authorizations, permits and registrations required from Governmental
Authorities for the Sale are obtained and all filings with and notifications to Governmental Authorities required for the Sale are made
and any waiting periods thereunder have terminated or expired, violate any Applicable Law with respect Seller Trust, except as would not
reasonably be expected to, individually or in the aggregate, prevent Seller from consummating the Sale or otherwise have a material adverse
effect on the ability of Seller to consummate the Sale.

Section 3.04 <u>Title</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that Seller Trust is the owner of, and has good and valid title to, the Purchased Interests, free and clear of any Liens other than Permitted Liens and that upon transfer of such Purchased Interests to Management Trust at the Closing in accordance with this Agreement, Management Trust will own such Purchased Interests free and clear of any Liens, except for Permitted Liens.

Section 3.05 <u>Absence of Litigation</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that as of the date of this Agreement, there is no Action pending against, or, to the actual knowledge of Seller, threatened in writing against, or any order, judgment, ruling or decree imposed upon, Seller Trust (or, in the case of threatened actions, suits, investigations, proceedings or claims, would be before) or by, or any settlement agreement or other similar written agreement with any Governmental Authority that would reasonably be expected to prevent the consummation of the Sale by Seller or otherwise have a material adverse effect on the ability of Seller to consummate the Sale.

Section 3.06 <u>No Other Representations or Warranties</u>.

Seller hereby acknowledges and agrees that, the representations and warranties made by Buyer in <u>Article IV</u> are the sole representations and warranties being made by or on behalf of Buyer and Management Trust, and their respective Affiliates and Representatives, and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties of Buyer expressly set forth in <u>Article IV</u>, none of Buyer or Management Trust, or any of their respective Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty, including any representation or warranty regarding the accuracy, sufficiency or completeness of any information provided to Seller, Seller Trust or any of their Representatives or prepared by or for Buyer, Management Trust or any of their Affiliates in connection with the transactions contemplated by this Agreement.

Article IV<br> REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer hereby makes the following representations and warranties to Seller.

Section 4.01 <u>Trust Existence and Power</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that Management Trust is a trust that is duly created and validly existing under the laws governing its formation and has all trust power and authority necessary to own or lease all of its properties and assets and to carry on its business as now conducted, except where the failure to have such power or authority would not, individually or in the aggregate, prevent the consummation of the Sale or otherwise have a material adverse effect on the ability of Buyer, as Investment Trustee of Management Trust, to consummate the Sale.

Section 4.02 <u>Trustee Authorization</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that (i) the execution, delivery and performance of this Agreement by Buyer and the consummation by Buyer of the transactions contemplated hereby, as Investment Trustee of Management Trust, are within the powers of Buyer as Investment Trustee of Management Trust, and (ii) this Agreement has been duly executed and delivered by Buyer, in the capacity of Investment Trustee of Management Trust, and, assuming due authorization, execution and delivery by Seller, constitutes a legal, valid and binding agreement of Buyer, in the capacity of Investment Trustee of Management Trust, enforceable against Buyer, in such capacity, in accordance with its terms (subject to the Remedies Exception).

Section 4.03 <u>Non-contravention</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that the execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transactions contemplated hereby, as Investment Trustee of Management Trust, do not and will not:

(a) contravene, conflict with, or result in any violation or breach of any provision of the Organizational
Documents of Management Trust; and

(b) assuming that all consents, approvals, authorizations, permits and registrations required from Governmental
Authorities for the Sale are obtained and all filings with and notifications to Governmental Authorities required for the Sale are made
and any waiting periods thereunder have terminated or expired, violate any Applicable Law with respect to Management Trust, except as
would not reasonably be expected to, individually or in the aggregate, prevent Buyer from consummating the Sale or otherwise have a material
adverse effect on the ability of Buyer to consummate the Sale.

Section 4.04 <u>Absence of Litigation</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that as of the date of this Agreement, there is no Action pending against, or, to the actual knowledge of Buyer, threatened in writing against, or any order, judgment, ruling or decree imposed upon, Buyer or Management Trust before (or, in the case of threatened actions, suits, investigations, proceedings or claims, would be before) or by, or any settlement agreement or other similar written agreement with, or continuing investigation by, any Governmental Authority that would reasonably be expected to prevent the consummation of the Sale or otherwise have a material adverse effect on the ability of Buyer to consummate the Sale.

Section 4.05 <u>Financing</u>.

At the Closing, Buyer, in the capacity of Investment Trustee of Management Trust, will have sufficient funds on hand to enable Buyer to pay the Purchase Price.

Section 4.06 <u>Investment Intention</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that: (i) Buyer has knowledge and experience in financial and business matters, is capable of evaluating the merits and risks of acquiring the Purchased Interests, has had an adequate opportunity to ask questions and receive answers from the Seller concerning any and all matters relating to the transactions contemplated by this Agreement and acquire such other information as deemed desirable by Buyer and has made its own inquiry and investigation into, and based thereon, has formed an independent judgment concerning the Purchased Interests, the company issuing such interests and its businesses; (ii) Buyer has received all the information it considers necessary or appropriate for deciding whether to purchase the Purchased Interests pursuant to this Agreement; (iii) Management Trust will acquire the Purchased Interests for investment purposes, for its own account and not with a view towards distribution or for sale in violation of the 1933 Act; (iv) Buyer understands that the Purchased Interests have not been registered under the 1933 Act, or any applicable state or foreign securities Applicable Laws, and cannot be sold unless subsequently registered under the 1933 Act or Applicable Laws concerning foreign securities or pursuant to an applicable exemption therefrom and pursuant to Applicable Laws concerning state securities, as applicable; and (v) Management Trust is able to bear the economic risk of an investment in the Purchased Interests and can afford to sustain a total loss of that investment.

Section 4.07 <u>No Other Representations or Warranties.</u>

Buyer hereby acknowledges and agrees that the representations and warranties made by Seller in <u>Article III</u> are the sole representations and warranties being made by or on behalf of Seller or the Seller Trust, respectively, and their respective Affiliates and Representatives and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties of Seller expressly set forth in <u>Article III</u>, none of Seller or the Seller Trust, or any of their respective Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty, including any representation or warranty regarding the accuracy, sufficiency or completeness of any information provided to Buyer, Management Trust or any of their respective Representatives or prepared by or for Seller or the Seller Trust, or any of their respective Affiliates in connection with the transactions contemplated by this Agreement. In furtherance of the foregoing, Buyer acknowledges and agrees that except for the representations and warranties expressly set forth in <u>Article III</u>, the Purchased Interests are being sold on an "as is, where is" basis.

Article V<br> COVENANTS OF THE PARTIES

Section 5.01 <u>Reasonable Best Efforts.</u>

Subject to the terms and conditions of this Agreement, Buyer and Seller shall use their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under Applicable Law to satisfy the conditions set forth in <u>Article VI</u> and consummate and make effective the transactions contemplated by this Agreement as promptly as practicable, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executing and delivering any additional documents and instruments necessary to consummate the transactions
contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) preparing and filing as promptly as practicable with any Governmental Authority or other Person all documentation
to effect all filings, notices, petitions, statements, registrations, submissions of information, applications and other documents necessary
to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) obtaining (in any event, prior to the End Date) and maintaining all approvals, consents, registrations,
permits, authorizations and other confirmations required to be obtained from any Governmental Authority or other Person that are necessary,
proper or advisable to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cooperating in all respects with each other in connection with any filing or submission with a Governmental
Authority in connection with the transactions contemplated hereby and in connection with any investigation or other inquiry by or before
a Governmental Authority relating to the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) keeping the other Party informed in all material respects and on a reasonably timely basis of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any substantive communications received by such Party from, or given by such Party to, any Governmental
Authority, in each case regarding any of the transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the status of any request, inquiry, investigation, action or legal proceeding from, by or before any Governmental
Authority with respect to the transactions contemplated by this Agreement,

in each case, including by promptly furnishing the other Party with copies of any written or electronic communications with any such Governmental Authorities.

Section 5.02 <u>Public Announcements</u>.

Buyer shall obtain Seller's prior written consent (email being sufficient) before Buyer or Management Trust issues any press release concerning this Agreement and the transactions contemplated hereby.

Section 5.03 <u>Exclusivity</u>.

Seller agrees that between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, it shall not sell the Purchased Interests to any Person other than Buyer.

Section 5.04 <u>Trustee</u>.

Between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, Buyer shall remain trustees of Management Trust.

Article VI<br> CONDITIONS TO THE CLOSING

Section 6.01 <u>Conditions to the Obligations of Each Party</u>.

The respective obligations of each of the Parties to consummate the Sale are subject to the satisfaction (or waiver by both Seller and Buyer) on or prior to the Closing Date of the following conditions:

(a) no restraining order, preliminary or permanent injunction or other order issued by any court of competent
jurisdiction or other legal restraint or prohibition issued by any Governmental Authority of competent jurisdiction preventing the consummation
of the Sale (an " <u>Order</u> ") shall have taken effect after the date hereof and shall still be in effect;

(b) all consents, approvals, authorizations, permits and registrations from Governmental Authorities of competent
jurisdiction required for the closing of the Sale shall have been obtained and shall be in full force and effect, and all waiting periods
required thereunder shall have expired or been terminated; and

(c) the Other Sale Transactions shall have been completed substantially concurrently with the Sale.

Section 6.02 <u>Conditions to the Obligations of Buyer</u>.

The obligations of Buyer to consummate the Sale are subject to the satisfaction (or waiver by Buyer) on or prior to the Closing Date of the following further conditions:

(a) Seller shall have performed in all material respects all of its obligations hereunder required to be performed
by it at or prior to the Closing;

(b) all representations and warranties of Seller contained in <u>Article III</u> of this Agreement shall
be true and correct at and as of the date hereof and the Closing as if made at and as of such time (other than representations and warranties
that by their terms address matters only as of another specified time, which shall be true and correct only as of such time), with only
such exceptions as, individually or in the aggregate, would not reasonably be likely to prevent the ability of Seller to consummate the
Sale; and

(c) Buyer shall have received a certificate signed by Seller certifying to the effect that the conditions
set forth in <u>Section 6.02(a)</u> and <u>Section 6.02(b)</u> have been satisfied.

Section 6.03 <u>Conditions to the Obligations of Seller</u>.

The obligations of Seller to consummate the Sale are subject to the satisfaction (or waiver by Seller) on or prior to the Closing Date of the following further conditions:

(a) Buyer shall have performed in all material respects all of its obligations hereunder required to be performed
by it at or prior to the Closing;

(b) the representations and warranties of Buyer contained in <u>Article IV</u> of this Agreement shall
be true and correct at and as of the date hereof and the Closing as if made at and as of such time (other than representations and warranties
that by their terms address matters only as of another specified time, which shall be true and correct only as of such time), with only
such exceptions as, individually or in the aggregate, would not reasonably be likely to prevent the ability of Buyer to consummate the
Sale; and

(c) Seller shall have received a certificate signed by Buyer certifying to the effect that conditions set
forth in <u>Section 6.03(a)</u> and <u>Section 6.03(b)</u> have been satisfied.

Article VII<br> TERMINATION; SURVIVAL

Section 7.01 <u>Termination</u>.

This Agreement may be terminated and the Sale may be abandoned at any time prior to the Closing:

(a) by mutual written agreement of Seller and Buyer;

(b) by either Buyer or Seller, by written notice to the other Party, as applicable, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Sale has not been consummated on or before May 18, 2026 (the " <u>End Date</u> "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall be any Order permanently preventing the consummation of the Sale in effect that shall have
become final and non-appealable;

(c) by Buyer, by written notice to Seller, if a breach of any representation or warranty or failure to perform
any covenant or agreement on the part of Seller set forth in this Agreement shall have occurred that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would cause the conditions set forth in <u>Section 6.02(a)</u>, or <u>Section 6.02(b)</u> or
not to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is incapable of being cured by the End Date or, if curable, is not cured by Seller within 30 days of receipt
by Seller of written notice of such breach or failure (or, if the End Date is less than 30 days from the date of receipt of such notice,
by the End Date);

 

*provided* that Buyer shall not have the right to terminate this Agreement pursuant to this <u>Section 7.01(c)</u> if, at the time of the delivery of such notice, Buyer is in material breach of its obligations under this Agreement; and

(d) by Seller, by written notice to Buyer, if a breach of any representation or warranty or failure to perform
any covenant or agreement on the part of Buyer set forth in this Agreement shall have occurred that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would cause the conditions set forth in <u>Section 6.03(a)</u> or <u>Section 6.03(b)</u> not
to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is incapable of being cured by the End Date or, if curable, is not cured by Buyer within 30 days of receipt
by Buyer of written notice of such breach or failure (or, if the End Date is less than 30 days from the date of receipt of such notice,
by the End Date);

 

*provided* that Seller shall not have the right to terminate this Agreement pursuant to this <u>Section 7.01(d)</u> if, at the time of the delivery of such notice, Seller is in material breach of its obligations under this Agreement.

Section 7.02 <u>Effect of Termination</u>.

If this Agreement is terminated in accordance with <u>Section 7.01</u>, this Agreement shall become void and of no effect and without liability to any of the Parties, in each case, relating to, based on or arising under or out of this Agreement, the transactions contemplated hereby or the subject matter hereof (including the negotiation and performance of this Agreement), in each case whether based on contract, tort, equity or strict liability, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any laws or otherwise; *provided* that the provisions of this <u>Section 7.02</u>, and <u>Article VIII</u> shall survive any termination hereof in accordance with <u>Section 7.01</u>.

Section 7.03 <u>No Survival</u>.

The Parties acknowledge and agree that except for (a) this <u>Section 7.03</u>, (b) <u>Article VIII</u> and (c) those covenants and agreements that by their terms apply or are to be performed after the Closing, the representations, warranties, covenants and agreements of the Parties contained in this Agreement (and any certificate delivered pursuant to <u>Article VI</u> of this Agreement) shall not survive beyond the Closing and there shall be no liability in respect thereof, whether such liability has accrued prior to or after the Closing on the part of any Party, any of its Affiliates or any of their respective Representatives.

Article VIII<br> MISCELLANEOUS

Section 8.01 <u>Notices</u>.

All notices, requests and other communications to any Party shall be in writing and shall be deemed given if delivered personally, sent by electronic mail transmission (with confirmation of receipt of such electronic mail received by return electronic mail) or sent by overnight courier (providing proof of delivery) to the Parties at the addresses set forth below.

if to Buyer, to:

BGL Management Trust

499 Park Avenue

New York, NY 10022

Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Investment Trustees

Email: [\*\*\*]

if to Seller, to:

Howard W. Lutnick Revocable Trust

9701 Collins Avenue

Miami, Florida 33154

Attention: Howard W. Lutnick, Trust

Email: [\*\*\*]

or to such other address or electronic mail address as such Party may hereafter specify for the purpose by notice to the other Parties. All such notices, requests and other communications shall be deemed received on the date of receipt in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt.

Section 8.02 <u>Amendments and Waivers</u>.

Any provision of this Agreement may be amended, supplemented or waived in any and all respects at any time, if, but only if, such amendment, supplement or waiver is in writing and is signed, in the case of an amendment or supplement, by each Party or, in the case of a waiver, by each Party against whom the waiver is to be effective.

Section 8.03 <u>Costs and Expenses</u>.

All costs and expenses incurred in connection with this Agreement, the Sale and the other transactions contemplated by this Agreement shall be paid by the Party incurring such cost or expense.

Section 8.04 <u>Binding Effect; Benefit; Assignment</u>.

(a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and
their respective successors and permitted assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies,
obligations or liabilities hereunder upon any Person other than the Parties and their successors and permitted assigns.

(b) No Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement
without the consent of each other Party. Any purported assignment, delegation or transfer not permitted by this <u>Section 8.04(b)</u> is null and void.

Section 8.05 <u>Governing Law</u>.

This Agreement and any other document or instrument delivered pursuant hereto, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, termination, performance or nonperformance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.

Section 8.06 <u>Jurisdiction</u>.

The Parties agree that any Action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery shall not have or declines to accept jurisdiction over a particular matter, any federal court located in the State of Delaware or other Delaware state court) (the "<u>Chosen Courts</u>"), and each of the Parties hereby irrevocably consents to the sole and exclusive jurisdiction of the Chosen Courts (and of the appropriate appellate courts therefrom) in any such Action and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such Chosen Court or that any such Action brought in any such Chosen Court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each Party also irrevocably and unconditionally agrees that service of process on such Party may be made on such Party as provided in <u>Section 8.01</u>, and that service made in such manner shall be deemed effective service of process on such Party and shall have the same legal force and effect as if served upon such Party personally within the State of Delaware. Nothing herein shall be deemed to limit or prohibit service of process by any other manner as may be permitted by Applicable Law.

Section 8.07 <u>Waiver of Jury Trial</u>.

EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HEREBY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING THE RIGHT TO DEMAND TRIAL BY JURY.

Section 8.08 <u>Counterparts; Effectiveness</u>.

This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by all of the other Parties; *provided* that a .pdf signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. Until and unless each Party has received a counterpart hereof signed by the other Parties, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

Section 8.09 <u>Entire Agreement</u>.

This Agreement and all exhibits and schedules hereto constitute the entire agreement and understanding between the Parties with respect to the subject matter of this Agreement, and supersede all prior agreements and understandings, whether oral and written, between the Parties with respect to the subject matter of this Agreement.

Section 8.10 <u>Severability</u>.

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable by any Applicable Law, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any Party. Upon such a determination that any term or other provision is invalid, illegal, void or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent permitted by Applicable Law and in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

Section 8.11 <u>Specific Performance; Remedies</u>.

The Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specified terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof to which such Party is entitled at law or in equity. Each party agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that (a) the other Party has an adequate remedy at law or (b) an award of specific performance is not an appropriate remedy for any reason at law or equity. Neither Party shall be required to provide any bond or other security in connection with any such order or injunction.

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized officers or signatories as of the date set forth on the cover page of this Agreement.

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| | | |
|:---|:---|:---|
| **<u>HOWARD W. LUTNICK REVOCABLE TRUST</u>** | **<u>HOWARD W. LUTNICK REVOCABLE TRUST</u>** | **<u>HOWARD W. LUTNICK REVOCABLE TRUST</u>** |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Trustee |
| **<u>BGL MANAGEMENT TRUST</u>** | **<u>BGL MANAGEMENT TRUST</u>** | **<u>BGL MANAGEMENT TRUST</u>** |
| By: | /s/ Brandon G. Lutnick | /s/ Brandon G. Lutnick |
|  | Name: | Brandon G. Lutnick |
|  | Title: | Investment Trustee |
| By: | /s/ Kyle S. Lutnick | /s/ Kyle S. Lutnick |
|  | Name: | Kyle S. Lutnick |
|  | Title: | Investment Trustee |
| By: | /s/ Casey J. Lutnick | /s/ Casey J. Lutnick |
|  | Name: | Casey J. Lutnick |
|  | Title: | Investment Trustee |
| By: | /s/ Ryan G. Lutnick | /s/ Ryan G. Lutnick |
|  | Name: | Ryan G. Lutnick |
|  | Title: | Investment Trustee |

---

[*Signature Page to Purchase Agreement (BGL Management Trust)*]

## Ex-15

**Exhibit 15**

*Execution Version*

 

**PURCHASE AGREEMENT,**

dated as of

May 16, 2025,

by and among<br>**HOWARD W. LUTNICK**,<br>**** <br> in his capacity as trustee of the trust identified herein,<br>and<br>**Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick**,<br>in their capacities as investment trustees of the trust identified herein

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |  |
|  |  | Page |
| Article I DEFINITIONS AND INTERPRETATION | Article I DEFINITIONS AND INTERPRETATION | 2 |
| Section 1.01 | Definitions | 2 |
| Section 1.02 | Other Definitional and Interpretative Provisions | 4 |
| Article II THE PURCHASE AND SALE | Article II THE PURCHASE AND SALE | 5 |
| Section 2.01 | Purchase and Sale | 5 |
| Section 2.02 | Closing | 6 |
| Article III REPRESENTATIONS AND WARRANTIES OF SELLER | Article III REPRESENTATIONS AND WARRANTIES OF SELLER | 6 |
| Section 3.01 | Trust Existence and Power | 6 |
| Section 3.02 | Authority of Seller; Enforceability | 7 |
| Section 3.03 | Non-contravention | 7 |
| Section 3.04 | Title | 7 |
| Section 3.05 | Absence of Litigation | 7 |
| Section 3.06 | No Other Representations or Warranties | 8 |
| Article IV REPRESENTATIONS AND WARRANTIES OF BUYER | Article IV REPRESENTATIONS AND WARRANTIES OF BUYER | 8 |
| Section 4.01 | Trust Existence and Power | 8 |
| Section 4.02 | Trustee Authorization | 8 |
| Section 4.03 | Non-contravention | 9 |
| Section 4.04 | Absence of Litigation | 9 |
| Section 4.05 | Financing | 9 |
| Section 4.06 | Investment Intention | 9 |
| Section 4.07 | No Other Representations or Warranties | 9 |
| Article V COVENANTS OF THE PARTIES | Article V COVENANTS OF THE PARTIES | 10 |
| Section 5.01 | Reasonable Best Efforts | 10 |
| Section 5.02 | Public Announcements | 10 |
| Section 5.03 | Exclusivity | 10 |
| Section 5.04 | Trustee | 11 |
| Article VI CONDITIONS TO THE CLOSING | Article VI CONDITIONS TO THE CLOSING | 11 |
| Section 6.01 | Conditions to the Obligations of Each Party | 11 |
| Section 6.02 | Conditions to the Obligations of Buyer | 11 |
| Section 6.03 | Conditions to the Obligations of Seller | 11 |
| Article VII TERMINATION; SURVIVAL | Article VII TERMINATION; SURVIVAL | 12 |
| Section 7.01 | Termination | 12 |
| Section 7.02 | Effect of Termination | 13 |
| Section 7.03 | No Survival | 13 |
| Article VIII MISCELLANEOUS | Article VIII MISCELLANEOUS | 14 |
| Section 8.01 | Notices | 14 |
| Section 8.02 | Amendments and Waivers | 14 |
| Section 8.03 | Costs and Expenses | 14 |
| Section 8.04 | Binding Effect; Benefit; Assignment | 15 |
| Section 8.05 | Governing Law | 15 |
| Section 8.06 | Jurisdiction | 15 |
| Section 8.07 | Waiver of Jury Trial | 16 |
| Section 8.08 | Counterparts; Effectiveness | 16 |
| Section 8.09 | Entire Agreement | 16 |
| Section 8.10 | Severability | 16 |
| Section 8.11 | Specific Performance; Remedies | 16 |

---

<u>PURCHASE AGREEMENT</u>

This PURCHASE AGREEMENT (this "<u>Agreement</u>"), dated as of May 16, 2025, is entered into by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees (collectively "<u>Buyer</u>") of the trust known as the KSL Management Trust ("<u>Management Trust</u>"), created under Article SECOND of an Agreement of Trust made May 13, 2025, between HWL, as Grantor, Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees and Distribution Trustees, and Peak Trust Company – NV, as Administrative Trustee.

HWL, in his capacity as Trustee of the Howard W. Lutnick Revocable Trust, is referred to as "<u>Seller</u>". Seller and Buyer are each sometimes referred to herein individually as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>".

RECITALS

WHEREAS, the Seller Trust owns four (4) voting shares of CF Group Management, Inc., a New York corporation, and Seller, as Trustee of the Seller Trust, desires to sell, on behalf of the Seller Trust, one (1) such share (the "<u>Purchased Interests</u>") to Buyer, on behalf of Management Trust, and Buyer desires to acquire, on behalf of Management Trust, the Purchased Interests, upon the terms and subject to the conditions of this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, the Parties agree as follows:

Article I<br> DEFINITIONS AND INTERPRETATION

Section 1.01 <u>Definitions</u>.

As used herein, the following terms have the following meanings:

"<u>1933 Act</u>" means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Action</u>" means any action, suit, litigation, arbitration or proceeding by or before a Governmental Authority.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person. As used in this definition, the term "control" (including the terms "controlled by" and "under common control with") means the power to direct the management or policies of a Person, directly or indirectly, through the ownership of voting securities, by contract or otherwise.

"<u>Applicable Law</u>" means, with respect to any Person, any federal, state, provincial, local or foreign law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling, writ or stipulation enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise.

"<u>Business Day</u>" means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law to close.

"<u>Governmental Authority</u>" means any transnational, domestic or foreign federal, state, county, municipal or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof, any executive, legislative, judicial, regulatory taxing or other governmental entity, any national stock exchange and any legislative body or legislative committee (including the U.S. Senate Committee on Commerce, Science and Transportation).

"<u>Lien</u>" means, with respect to any property or asset, any mortgage, lien, pledge or security interest in respect of such property or asset.

"<u>Organizational Documents</u>" means, with respect to any Person, such Person's trust deed, trust declaration, agreement of trust, certificate of incorporation or formation or organization, articles of organization, bylaws, partnership agreement, limited partnership agreement, limited liability company agreement, operating agreement, or other similar governing documents of such Person, each as amended through the date hereof.

"<u>Person</u>" means an individual, corporation, partnership, limited partnership, limited liability company, joint venture, association, trust, unincorporated organization, Governmental Authority or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

"<u>Remedies Exception</u>" means:

(a) applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar Applicable
Laws of general application, heretofore or hereafter enacted or in effect, affecting the rights and remedies of creditors generally; and

(b) the exercise of judicial or administrative discretion in accordance with general equitable principles,
particularly as to the availability of the remedy of specific performance or other injunctive relief.

"<u>Representatives</u>" means, with respect to any Party, such Party's and its Affiliates' directors, officers, employees, advisors (including financial advisors, attorneys, accountants, actuaries and consultants) and agents.

Section 1.02 <u>Other Definitional and Interpretative Provisions</u>.

(a) The words "hereof", "herein" and "hereunder" and words of like import
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

(b) The word "or" shall be inclusive and not exclusive.

(c) The captions herein are included for convenience of reference only and shall be ignored in the construction
or interpretation hereof.

(d) References to Articles, Sections, Exhibits, Annexes and Schedules are to Articles, Sections, Exhibits,
Annexes and Schedules of this Agreement unless otherwise specified.

(e) All Exhibits, Annexes and Schedules annexed hereto or referred to herein are hereby incorporated in and
made a part of this Agreement as if set forth in full herein.

(f) Any capitalized terms used in any Exhibit, Annex or Schedule
or in any certificate or other document made or delivered pursuant hereto but not otherwise defined therein, shall have the meaning as
defined in this Agreement.

(g) Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.

(h) As context requires, any masculine gender shall include the feminine and neuter genders; any feminine
gender shall include the masculine and neuter genders; and any neuter gender shall include masculine and feminine genders.

(i) Whenever the words "include", "includes" or "including" are used in
this Agreement, they shall be deemed to be followed by the words "without limitation", whether or not they are in fact followed
by those words or words of like import.

(j) "Writing", "written" and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form.

(k) References to any statute shall be deemed to refer to such statute as amended from time to time and to
any rules or regulations promulgated thereunder.

(l) References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof.

(m) References to any Person include the successors and permitted assigns of that Person.

(n) References from or through any date mean, unless otherwise specified, from and including or through and
including, respectively.

(o) The symbol "$" refers to United States Dollars, the lawful currency of the United States of
America.

(p) The word "extent" in the phrase "to the extent" means the degree to which a subject
or other thing extends and such phrase shall not mean simply "if."

(q) References to "day" shall mean a calendar day unless otherwise indicated as a "Business
Day."

(r) Each Party has participated in the drafting of this Agreement, which each Party acknowledges is the result
of extensive negotiations between the Parties. If an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any provision.

Article II<br> THE PURCHASE AND SALE

Section 2.01 <u>Purchase and Sale</u>.

Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, the Seller shall, in his capacity as Trustee of the Seller Trust, sell and deliver to Buyer and Buyer shall, in its capacity as Investment Trustee of Management Trust, purchase and acquire all rights, title and interests in and to the Purchased Interests (together with any dividends on such Purchased Interests between the date of this Agreement and prior to the Closing) on behalf of Management Trust, free and clear of all Liens (other than Permitted Liens) in exchange for payment to Seller (or his designees) pursuant to <u>Section 2.02(c)(i)</u> of $50,000 (the "<u>Purchase Price</u>") (such transaction, the "<u>Sale</u>"). It is the intention of the Parties that other than the consideration payable under this Agreement, Seller will receive no economic benefits associated with the Purchased Interests.

Section 2.02 <u>Closing</u>.

(a) Upon the terms and subject to the conditions of this Agreement, the closing of the Sale (the " <u>Closing</u> ")
shall take place via the electronic exchange of documents and signatures on a date that is three Business Days after the date on which
the conditions set forth in <u>Article VI</u> (other than conditions that by their nature are to be satisfied at the Closing, but
subject to the satisfaction or, to the extent permissible, waiver of those conditions at the Closing) have been satisfied or, to the extent
permissible, waived by the Party entitled to the benefit of such conditions, or on such other date as Buyer and Seller may mutually agree
(such date being the " <u>Closing Date</u> ").

(b) Prior to the Closing Date, Seller shall deliver to Buyer wire transfer instructions (the " <u>Wire Transfer Instructions</u> ") designating the bank accounts to which the Purchase Price in respect of the applicable Purchased Interests
shall be paid by Buyer to Seller (or his designees) at the Closing.

(c) <u>Buyer Deliverables</u>. At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Buyer shall cause to be paid to Seller (or his designees), by wire transfer of immediately available funds
an amount equal to the Purchase Price in respect of the Purchased Interests, which shall be delivered into the bank accounts as set forth
in the Wire Transfer Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Buyer shall deliver to Seller the certificate required by <u>Section 6.03(c)</u>.

(d) <u>Seller Deliverables</u>. At the Closing, Seller shall cause to be delivered to Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) customary evidence of the transfer of the Purchased Interests to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the certificate required by <u>Section 6.02(c)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a duly executed IRS Form W-9 for the Seller Trust.

Article III<br> REPRESENTATIONS AND WARRANTIES OF SELLER

Seller hereby makes the following representations and warranties to Buyer.

Section 3.01 <u>Trust Existence and Power</u>.

Seller, in his capacity as Trustee, as applicable, of the Seller Trust represents and warrants that the Seller Trust is a trust that is duly created and validly existing under the laws governing its formation and that the Seller Trust has all trust power and authority necessary to own or lease all of its properties and assets and to carry on its business as now conducted, except where the failure to have such power or authority would not, individually or in the aggregate, prevent the consummation of the transactions contemplated by this Agreement or otherwise have a material adverse effect on the ability of Seller, as Trustee of the Seller Trust, to consummate the Sale.

Section 3.02 <u>Authority of Seller; Enforceability</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that (i) the execution, delivery and performance of this Agreement by Seller and the consummation by Seller of the transactions contemplated hereby with respect to the Seller Trust, as Trustee, are within his powers as Trustee of the Seller Trust, and (ii) this Agreement has been duly executed and delivered by Seller, in his capacity as Trustee, as applicable, of the Seller Trust and, assuming due authorization, execution and delivery by Buyer, constitutes a legal, valid and binding agreement of Seller, in his capacity as Trustee of the Seller Trust and is enforceable against Seller, in such capacity, in accordance with its terms (subject to the Remedies Exception).

Section 3.03 <u>Non-contravention</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that the execution, delivery and performance by Seller of this Agreement and the consummation by Seller of the transactions contemplated hereby, as Trustee of the Seller Trust, do not and will not:

(a) contravene, conflict with, or result in any violation or breach of any provision of the Organizational
Documents of Seller Trust; and

(b) assuming that all consents, approvals, authorizations, permits and registrations required from Governmental
Authorities for the Sale are obtained and all filings with and notifications to Governmental Authorities required for the Sale are made
and any waiting periods thereunder have terminated or expired, violate any Applicable Law with respect Seller Trust, except as would not
reasonably be expected to, individually or in the aggregate, prevent Seller from consummating the Sale or otherwise have a material adverse
effect on the ability of Seller to consummate the Sale.

Section 3.04 <u>Title</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that Seller Trust is the owner of, and has good and valid title to, the Purchased Interests, free and clear of any Liens other than Permitted Liens and that upon transfer of such Purchased Interests to Management Trust at the Closing in accordance with this Agreement, Management Trust will own such Purchased Interests free and clear of any Liens, except for Permitted Liens.

Section 3.05 <u>Absence of Litigation</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that as of the date of this Agreement, there is no Action pending against, or, to the actual knowledge of Seller, threatened in writing against, or any order, judgment, ruling or decree imposed upon, Seller Trust (or, in the case of threatened actions, suits, investigations, proceedings or claims, would be before) or by, or any settlement agreement or other similar written agreement with any Governmental Authority that would reasonably be expected to prevent the consummation of the Sale by Seller or otherwise have a material adverse effect on the ability of Seller to consummate the Sale.

Section 3.06 <u>No Other Representations or Warranties</u>.

Seller hereby acknowledges and agrees that, the representations and warranties made by Buyer in <u>Article IV</u> are the sole representations and warranties being made by or on behalf of Buyer and Management Trust, and their respective Affiliates and Representatives, and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties of Buyer expressly set forth in <u>Article IV</u>, none of Buyer or Management Trust, or any of their respective Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty, including any representation or warranty regarding the accuracy, sufficiency or completeness of any information provided to Seller, Seller Trust or any of their Representatives or prepared by or for Buyer, Management Trust or any of their Affiliates in connection with the transactions contemplated by this Agreement.

Article IV<br> REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer hereby makes the following representations and warranties to Seller.

Section 4.01 <u>Trust Existence and Power</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that Management Trust is a trust that is duly created and validly existing under the laws governing its formation and has all trust power and authority necessary to own or lease all of its properties and assets and to carry on its business as now conducted, except where the failure to have such power or authority would not, individually or in the aggregate, prevent the consummation of the Sale or otherwise have a material adverse effect on the ability of Buyer, as Investment Trustee of Management Trust, to consummate the Sale.

Section 4.02 <u>Trustee Authorization</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that (i) the execution, delivery and performance of this Agreement by Buyer and the consummation by Buyer of the transactions contemplated hereby, as Investment Trustee of Management Trust, are within the powers of Buyer as Investment Trustee of Management Trust, and (ii) this Agreement has been duly executed and delivered by Buyer, in the capacity of Investment Trustee of Management Trust, and, assuming due authorization, execution and delivery by Seller, constitutes a legal, valid and binding agreement of Buyer, in the capacity of Investment Trustee of Management Trust, enforceable against Buyer, in such capacity, in accordance with its terms (subject to the Remedies Exception).

Section 4.03 <u>Non-contravention</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that the execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transactions contemplated hereby, as Investment Trustee of Management Trust, do not and will not:

(a) contravene, conflict with, or result in any violation or breach of any provision of the Organizational
Documents of Management Trust; and

(b) assuming that all consents, approvals, authorizations, permits and registrations required from Governmental
Authorities for the Sale are obtained and all filings with and notifications to Governmental Authorities required for the Sale are made
and any waiting periods thereunder have terminated or expired, violate any Applicable Law with respect to Management Trust, except as
would not reasonably be expected to, individually or in the aggregate, prevent Buyer from consummating the Sale or otherwise have a material
adverse effect on the ability of Buyer to consummate the Sale.

Section 4.04 <u>Absence of Litigation</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that as of the date of this Agreement, there is no Action pending against, or, to the actual knowledge of Buyer, threatened in writing against, or any order, judgment, ruling or decree imposed upon, Buyer or Management Trust before (or, in the case of threatened actions, suits, investigations, proceedings or claims, would be before) or by, or any settlement agreement or other similar written agreement with, or continuing investigation by, any Governmental Authority that would reasonably be expected to prevent the consummation of the Sale or otherwise have a material adverse effect on the ability of Buyer to consummate the Sale.

Section 4.05 <u>Financing</u>.

At the Closing, Buyer, in the capacity of Investment Trustee of Management Trust, will have sufficient funds on hand to enable Buyer to pay the Purchase Price.

Section 4.06 <u>Investment Intention</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that: (i) Buyer has knowledge and experience in financial and business matters, is capable of evaluating the merits and risks of acquiring the Purchased Interests, has had an adequate opportunity to ask questions and receive answers from the Seller concerning any and all matters relating to the transactions contemplated by this Agreement and acquire such other information as deemed desirable by Buyer and has made its own inquiry and investigation into, and based thereon, has formed an independent judgment concerning the Purchased Interests, the company issuing such interests and its businesses; (ii) Buyer has received all the information it considers necessary or appropriate for deciding whether to purchase the Purchased Interests pursuant to this Agreement; (iii) Management Trust will acquire the Purchased Interests for investment purposes, for its own account and not with a view towards distribution or for sale in violation of the 1933 Act; (iv) Buyer understands that the Purchased Interests have not been registered under the 1933 Act, or any applicable state or foreign securities Applicable Laws, and cannot be sold unless subsequently registered under the 1933 Act or Applicable Laws concerning foreign securities or pursuant to an applicable exemption therefrom and pursuant to Applicable Laws concerning state securities, as applicable; and (v) Management Trust is able to bear the economic risk of an investment in the Purchased Interests and can afford to sustain a total loss of that investment.

Section 4.07 <u>No Other Representations or Warranties</u>.

Buyer hereby acknowledges and agrees that the representations and warranties made by Seller in <u>Article III</u> are the sole representations and warranties being made by or on behalf of Seller or the Seller Trust, respectively, and their respective Affiliates and Representatives and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties of Seller expressly set forth in <u>Article III</u>, none of Seller or the Seller Trust, or any of their respective Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty, including any representation or warranty regarding the accuracy, sufficiency or completeness of any information provided to Buyer, Management Trust or any of their respective Representatives or prepared by or for Seller or the Seller Trust, or any of their respective Affiliates in connection with the transactions contemplated by this Agreement. In furtherance of the foregoing, Buyer acknowledges and agrees that except for the representations and warranties expressly set forth in <u>Article III</u>, the Purchased Interests are being sold on an "as is, where is" basis.

Article V<br> COVENANTS OF THE PARTIES

Section 5.01 <u>Reasonable Best Efforts</u>**.**

Subject to the terms and conditions of this Agreement, Buyer and Seller shall use their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under Applicable Law to satisfy the conditions set forth in <u>Article VI</u> and consummate and make effective the transactions contemplated by this Agreement as promptly as practicable, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executing and delivering any additional documents and instruments necessary to consummate the transactions
contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) preparing and filing as promptly as practicable with any Governmental Authority or other Person all documentation
to effect all filings, notices, petitions, statements, registrations, submissions of information, applications and other documents necessary
to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) obtaining (in any event, prior to the End Date) and maintaining all approvals, consents, registrations,
permits, authorizations and other confirmations required to be obtained from any Governmental Authority or other Person that are necessary,
proper or advisable to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cooperating in all respects with each other in connection with any filing or submission with a Governmental
Authority in connection with the transactions contemplated hereby and in connection with any investigation or other inquiry by or before
a Governmental Authority relating to the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) keeping the other Party informed in all material respects and on a reasonably timely basis of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any substantive communications received by such Party from, or given by such Party to, any Governmental
Authority, in each case regarding any of the transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the status of any request, inquiry, investigation, action or legal proceeding from, by or before any Governmental
Authority with respect to the transactions contemplated by this Agreement,

in each case, including by promptly furnishing the other Party with copies of any written or electronic communications with any such Governmental Authorities.

Section 5.02 <u>Public Announcements</u>.

Buyer shall obtain Seller's prior written consent (email being sufficient) before Buyer or Management Trust issues any press release concerning this Agreement and the transactions contemplated hereby.

Section 5.03 <u>Exclusivity</u>.

Seller agrees that between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, it shall not sell the Purchased Interests to any Person other than Buyer.

**Section 5.04 <u>Trustee</u>.**

Between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, Buyer shall remain trustees of Management Trust.

Article VI<br> CONDITIONS TO THE CLOSING

Section 6.01 <u>Conditions to the Obligations of Each Party</u>.

The respective obligations of each of the Parties to consummate the Sale are subject to the satisfaction (or waiver by both Seller and Buyer) on or prior to the Closing Date of the following conditions:

(a) no restraining order, preliminary or permanent injunction or other order issued by any court of competent
jurisdiction or other legal restraint or prohibition issued by any Governmental Authority of competent jurisdiction preventing the consummation
of the Sale (an " <u>Order</u> ") shall have taken effect after the date hereof and shall still be in effect;

(b) all consents, approvals, authorizations, permits and registrations from Governmental Authorities of competent
jurisdiction required for the closing of the Sale shall have been obtained and shall be in full force and effect, and all waiting periods
required thereunder shall have expired or been terminated; and

(c) the Other Sale Transactions shall have been completed substantially concurrently with the Sale.

Section 6.02 <u>Conditions to the Obligations of Buyer</u>.

The obligations of Buyer to consummate the Sale are subject to the satisfaction (or waiver by Buyer) on or prior to the Closing Date of the following further conditions:

(a) Seller shall have performed in all material respects all of its obligations hereunder required to be performed
by it at or prior to the Closing;

(b) all representations and warranties of Seller contained in <u>Article III</u> of this Agreement shall
be true and correct at and as of the date hereof and the Closing as if made at and as of such time (other than representations and warranties
that by their terms address matters only as of another specified time, which shall be true and correct only as of such time), with only
such exceptions as, individually or in the aggregate, would not reasonably be likely to prevent the ability of Seller to consummate the
Sale; and

(c) Buyer shall have received a certificate signed by Seller certifying to the effect that the conditions
set forth in <u>Section 6.02(a)</u> and <u>Section 6.02(b)</u> have been satisfied.

Section 6.03 <u>Conditions to the Obligations of Seller</u>.

The obligations of Seller to consummate the Sale are subject to the satisfaction (or waiver by Seller) on or prior to the Closing Date of the following further conditions:

(a) Buyer shall have performed in all material respects all of its obligations hereunder required to be performed
by it at or prior to the Closing;

(b) the representations and warranties of Buyer contained in <u>Article IV</u> of this Agreement shall
be true and correct at and as of the date hereof and the Closing as if made at and as of such time (other than representations and warranties
that by their terms address matters only as of another specified time, which shall be true and correct only as of such time), with only
such exceptions as, individually or in the aggregate, would not reasonably be likely to prevent the ability of Buyer to consummate the
Sale; and

(c) Seller shall have received a certificate signed by Buyer certifying to the effect that conditions set
forth in <u>Section 6.03(a)</u> and <u>Section 6.03(b)</u> have been satisfied.

Article VII<br> TERMINATION; SURVIVAL

Section 7.01 <u>Termination</u>.

This Agreement may be terminated and the Sale may be abandoned at any time prior to the Closing:

(a) by mutual written agreement of Seller and Buyer;

(b) by either Buyer or Seller, by written notice to the other Party, as applicable, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Sale has not been consummated on or before May 18, 2026 (the " <u>End Date</u> "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall be any Order permanently preventing the consummation of the Sale in effect that shall have
become final and non-appealable;

(c) by Buyer, by written notice to Seller, if a breach of any representation or warranty or failure to perform
any covenant or agreement on the part of Seller set forth in this Agreement shall have occurred that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would cause the conditions set forth in <u>Section 6.02(a)</u>, or <u>Section 6.02(b)</u> or
not to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is incapable of being cured by the End Date or, if curable, is not cured by Seller within 30 days of receipt
by Seller of written notice of such breach or failure (or, if the End Date is less than 30 days from the date of receipt of such notice,
by the End Date);

 

*provided* that Buyer shall not have the right to terminate this Agreement pursuant to this <u>Section 7.01(c)</u> if, at the time of the delivery of such notice, Buyer is in material breach of its obligations under this Agreement; and

 

(d) by Seller, by written notice to Buyer, if a breach of any representation or warranty or failure to perform
any covenant or agreement on the part of Buyer set forth in this Agreement shall have occurred that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would cause the conditions set forth in <u>Section 6.03(a)</u> or <u>Section 6.03(b)</u> not
to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is incapable of being cured by the End Date or, if curable, is not cured by Buyer within 30 days of receipt
by Buyer of written notice of such breach or failure (or, if the End Date is less than 30 days from the date of receipt of such notice,
by the End Date);

 

*provided* that Seller shall not have the right to terminate this Agreement pursuant to this <u><u>Section 7.02(D)</u></u> if, at the time of the delivery of such notice, Seller is in material breach of its obligations under this Agreement.

Section 7.02 <u>Effect of Termination</u>.

If this Agreement is terminated in accordance with <u>Section 7.01</u>, this Agreement shall become void and of no effect and without liability to any of the Parties, in each case, relating to, based on or arising under or out of this Agreement, the transactions contemplated hereby or the subject matter hereof (including the negotiation and performance of this Agreement), in each case whether based on contract, tort, equity or strict liability, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any laws or otherwise; *provided* that the provisions of this <u>Section 7.02</u>, and <u>Article VIII</u> shall survive any termination hereof in accordance with <u>Section 7.01</u>.

Section 7.03 <u>No Survival</u>.

The Parties acknowledge and agree that except for (a) this <u>Section 7.03</u>, (b) <u>Article VIII</u> and (c) those covenants and agreements that by their terms apply or are to be performed after the Closing, the representations, warranties, covenants and agreements of the Parties contained in this Agreement (and any certificate delivered pursuant to <u>Article VI</u> of this Agreement) shall not survive beyond the Closing and there shall be no liability in respect thereof, whether such liability has accrued prior to or after the Closing on the part of any Party, any of its Affiliates or any of their respective Representatives.

Article VIII<br> MISCELLANEOUS

Section 8.01 <u>Notices</u>.

All notices, requests and other communications to any Party shall be in writing and shall be deemed given if delivered personally, sent by electronic mail transmission (with confirmation of receipt of such electronic mail received by return electronic mail) or sent by overnight courier (providing proof of delivery) to the Parties at the addresses set forth below.

if to Buyer, to:

KSL Management Trust

499 Park Avenue

New York, NY 10022

Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Investment Trustees

Email: [\*\*\*]

if to Seller, to:

Howard W. Lutnick Revocable Trust

9701 Collins Avenue

Miami, Florida 33154

Attention: Howard W. Lutnick, Trust

Email: [\*\*\*]

or to such other address or electronic mail address as such Party may hereafter specify for the purpose by notice to the other Parties. All such notices, requests and other communications shall be deemed received on the date of receipt in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt.

Section 8.02 <u>Amendments and Waivers</u>.

Any provision of this Agreement may be amended, supplemented or waived in any and all respects at any time, if, but only if, such amendment, supplement or waiver is in writing and is signed, in the case of an amendment or supplement, by each Party or, in the case of a waiver, by each Party against whom the waiver is to be effective.

Section 8.03 <u>Costs and Expenses</u>.

All costs and expenses incurred in connection with this Agreement, the Sale and the other transactions contemplated by this Agreement shall be paid by the Party incurring such cost or expense.

Section 8.04 <u>Binding Effect; Benefit; Assignment</u>.

(a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and
their respective successors and permitted assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies,
obligations or liabilities hereunder upon any Person other than the Parties and their successors and permitted assigns.

(b) No Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement
without the consent of each other Party. Any purported assignment, delegation or transfer not permitted by this <u>Section 8.04(b)</u> is null and void.

Section 8.05 <u>Governing Law</u> 

This Agreement and any other document or instrument delivered pursuant hereto, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, termination, performance or nonperformance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.

Section 8.06 <u>Jurisdiction</u>.

The Parties agree that any Action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery shall not have or declines to accept jurisdiction over a particular matter, any federal court located in the State of Delaware or other Delaware state court) (the "<u>Chosen Courts</u>"), and each of the Parties hereby irrevocably consents to the sole and exclusive jurisdiction of the Chosen Courts (and of the appropriate appellate courts therefrom) in any such Action and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such Chosen Court or that any such Action brought in any such Chosen Court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each Party also irrevocably and unconditionally agrees that service of process on such Party may be made on such Party as provided in <u>Section 8.01</u>, and that service made in such manner shall be deemed effective service of process on such Party and shall have the same legal force and effect as if served upon such Party personally within the State of Delaware. Nothing herein shall be deemed to limit or prohibit service of process by any other manner as may be permitted by Applicable Law.

Section 8.07 <u>Waiver of Jury Trial</u>.

EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HEREBY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING THE RIGHT TO DEMAND TRIAL BY JURY.

Section 8.08 <u>Counterparts; Effectiveness</u>.

This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by all of the other Parties; *provided* that a .pdf signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. Until and unless each Party has received a counterpart hereof signed by the other Parties, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

Section 8.09 <u>Entire Agreement</u>.

This Agreement and all exhibits and schedules hereto constitute the entire agreement and understanding between the Parties with respect to the subject matter of this Agreement, and supersede all prior agreements and understandings, whether oral and written, between the Parties with respect to the subject matter of this Agreement.

Section 8.10 <u>Severability</u>.

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable by any Applicable Law, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any Party. Upon such a determination that any term or other provision is invalid, illegal, void or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent permitted by Applicable Law and in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

**Section 8.11 <u>Specific Performance; Remedies</u>.**

The Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specified terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof to which such Party is entitled at law or in equity. Each party agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that (a) the other Party has an adequate remedy at law or (b) an award of specific performance is not an appropriate remedy for any reason at law or equity. Neither Party shall be required to provide any bond or other security in connection with any such order or injunction.

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized officers or signatories as of the date set forth on the cover page of this Agreement.

---

| | |
|:---|:---|
| **<u>HOWARD W. LUTNICK REVOCABLE TRUST</u>** | **<u>HOWARD W. LUTNICK REVOCABLE TRUST</u>** |
| By: | /s/ Howard W. Lutnick |
| Name: | Howard W. Lutnick |
| Title: | Trustee |

---

---

| | |
|:---|:---|
| **<u>KSL MANAGEMENT TRUST</u>** | **<u>KSL MANAGEMENT TRUST</u>** |
| By: | /s/ Brandon G. Lutnick |
| Name: | Brandon G. Lutnick |
| Title: | Investment Trustee |
| By: | /s/ Kyle S. Lutnick |
| Name: | Kyle S. Lutnick |
| Title: | Investment Trustee |
| By: | /s/ Casey J. Lutnick |
| Name: | Casey J. Lutnick |
| Title: | Investment Trustee |
| By: | /s/ Ryan G. Lutnick |
| Name: | Ryan G. Lutnick |
| Title: | Investment Trustee |

---

[*Signature Page to Purchase Agreement (KSL Management Trust)*]

## Ex-16

**Exhibit 16**

*Execution Version*

 

**PURCHASE AGREEMENT,**

dated as of

May 16, 2025,

by and among<br>**HOWARD W. LUTNICK**,<br>**** <br> in his capacity as trustee of the trust identified herein,<br>and<br>**Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick**,<br>in their capacities as investment trustees of the trust identified herein

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | |
|  |  | <br>**Page** |
| Article I DEFINITIONS AND INTERPRETATION | Article I DEFINITIONS AND INTERPRETATION | 2 |
| Section 1.01 | Definitions | 2 |
| Section 1.02 | Other Definitional and Interpretative Provisions | 4 |
| Article II THE PURCHASE AND SALE | Article II THE PURCHASE AND SALE | 5 |
| Section 2.01 | Purchase and Sale | 5 |
| Section 2.02 | Closing | 6 |
| Article III REPRESENTATIONS AND WARRANTIES OF SELLER | Article III REPRESENTATIONS AND WARRANTIES OF SELLER | 6 |
| Section 3.01 | Trust Existence and Power | 6 |
| Section 3.02 | Authority of Seller; Enforceability | 7 |
| Section 3.03 | Non-contravention | 7 |
| Section 3.04 | Title | 7 |
| Section 3.05 | Absence of Litigation | 7 |
| Section 3.06 | No Other Representations or Warranties. | 8 |
| Article IV REPRESENTATIONS AND WARRANTIES OF BUYER | Article IV REPRESENTATIONS AND WARRANTIES OF BUYER | 8 |
| Section 4.01 | Trust Existence and Power | 8 |
| Section 4.02 | Trustee Authorization | 8 |
| Section 4.03 | Non-contravention | 9 |
| Section 4.04 | Absence of Litigation | 9 |
| Section 4.05 | Financing | 9 |
| Section 4.06 | Investment Intention | 9 |
| Section 4.07 | No Other Representations or Warranties. | 9 |
| Article V COVENANTS OF THE PARTIES | Article V COVENANTS OF THE PARTIES | 10 |
| Section 5.01 | Reasonable Best Efforts. | 10 |
| Section 5.02 | Public Announcements | 10 |
| Section 5.03 | Exclusivity | 10 |
| Section 5.04 | Trustee | 11 |
| Article VI CONDITIONS TO THE CLOSING | Article VI CONDITIONS TO THE CLOSING | 11 |
| Section 6.01 | Conditions to the Obligations of Each Party | 11 |
| Section 6.02 | Conditions to the Obligations of Buyer | 11 |
| Section 6.03 | Conditions to the Obligations of Seller | 11 |
| Article VII TERMINATION; SURVIVAL | Article VII TERMINATION; SURVIVAL | 12 |
| Section 7.01 | Termination | 12 |
| Section 7.02 | Effect of Termination | 13 |
| Section 7.03 | No Survival | 13 |
| Article VIII MISCELLANEOUS | Article VIII MISCELLANEOUS | 14 |
| Section 8.01 | Notices | 14 |
| Section 8.02 | Amendments and Waivers | 14 |
| Section 8.03 | Costs and Expenses | 14 |
| Section 8.04 | Binding Effect; Benefit; Assignment | 15 |
| Section 8.05 | Governing Law | 15 |
| Section 8.06 | Jurisdiction | 15 |
| Section 8.07 | Waiver of Jury Trial | 16 |
| Section 8.08 | Counterparts; Effectiveness | 16 |
| Section 8.09 | Entire Agreement | 16 |
| Section 8.10 | Severability | 16 |
| Section 8.11 | Specific Performance; Remedies | 16 |

---

<u>PURCHASE AGREEMENT</u>

This PURCHASE AGREEMENT (this "<u>Agreement</u>"), dated as of May 16, 2025, is entered into by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees (collectively "<u>Buyer</u>") of the trust known as the RGL Management Trust ("<u>Management Trust</u>"), created under Article SECOND of an Agreement of Trust made May 13, 2025, between HWL, as Grantor, Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees and Distribution Trustees, and Peak Trust Company – NV, as Administrative Trustee.

HWL, in his capacity as Trustee of the Howard W. Lutnick Revocable Trust, is referred to as "<u>Seller</u>". Seller and Buyer are each sometimes referred to herein individually as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>".

RECITALS

WHEREAS, the Seller Trust owns four (4) voting shares of CF Group Management, Inc., a New York corporation, and Seller, as Trustee of the Seller Trust, desires to sell, on behalf of the Seller Trust, one (1) such share (the "<u>Purchased Interests</u>") to Buyer, on behalf of Management Trust, and Buyer desires to acquire, on behalf of Management Trust, the Purchased Interests, upon the terms and subject to the conditions of this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, the Parties agree as follows:

Article I<br> DEFINITIONS AND INTERPRETATION

Section 1.01 <u>Definitions</u>.

As used herein, the following terms have the following meanings:

"<u>1933 Act</u>" means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Action</u>" means any action, suit, litigation, arbitration or proceeding by or before a Governmental Authority.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person. As used in this definition, the term "control" (including the terms "controlled by" and "under common control with") means the power to direct the management or policies of a Person, directly or indirectly, through the ownership of voting securities, by contract or otherwise.

"<u>Applicable Law</u>" means, with respect to any Person, any federal, state, provincial, local or foreign law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling, writ or stipulation enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise.

"<u>Business Day</u>" means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law to close.

"<u>Governmental Authority</u>" means any transnational, domestic or foreign federal, state, county, municipal or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof, any executive, legislative, judicial, regulatory taxing or other governmental entity, any national stock exchange and any legislative body or legislative committee (including the U.S. Senate Committee on Commerce, Science and Transportation).

"<u>Lien</u>" means, with respect to any property or asset, any mortgage, lien, pledge or security interest in respect of such property or asset.

"<u>Organizational Documents</u>" means, with respect to any Person, such Person's trust deed, trust declaration, agreement of trust, certificate of incorporation or formation or organization, articles of organization, bylaws, partnership agreement, limited partnership agreement, limited liability company agreement, operating agreement, or other similar governing documents of such Person, each as amended through the date hereof.

"<u>Person</u>" means an individual, corporation, partnership, limited partnership, limited liability company, joint venture, association, trust, unincorporated organization, Governmental Authority or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

"<u>Remedies Exception</u>" means:

(a) applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar Applicable
Laws of general application, heretofore or hereafter enacted or in effect, affecting the rights and remedies of creditors generally; and

(b) the exercise of judicial or administrative discretion in accordance with general equitable principles,
particularly as to the availability of the remedy of specific performance or other injunctive relief.

"<u>Representatives</u>" means, with respect to any Party, such Party's and its Affiliates' directors, officers, employees, advisors (including financial advisors, attorneys, accountants, actuaries and consultants) and agents.

Section 1.02 <u>Other Definitional and Interpretative Provisions</u>.

(a) The words "hereof", "herein" and "hereunder" and words of like import
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

(b) The word "or" shall be inclusive and not exclusive.

(c) The captions herein are included for convenience of reference only and shall be ignored in the construction
or interpretation hereof.

(d) References to Articles, Sections, Exhibits, Annexes and Schedules are to Articles, Sections, Exhibits,
Annexes and Schedules of this Agreement unless otherwise specified.

(e) All Exhibits, Annexes and Schedules annexed hereto or referred to herein are hereby incorporated in and
made a part of this Agreement as if set forth in full herein.

(f) Any capitalized terms used in any Exhibit, Annex or Schedule
or in any certificate or other document made or delivered pursuant hereto but not otherwise defined therein, shall have the meaning as
defined in this Agreement.

(g) Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.

(h) As context requires, any masculine gender shall include the feminine and neuter genders; any feminine
gender shall include the masculine and neuter genders; and any neuter gender shall include masculine and feminine genders.

(i) Whenever the words "include", "includes" or "including" are used in
this Agreement, they shall be deemed to be followed by the words "without limitation", whether or not they are in fact followed
by those words or words of like import.

(j) "Writing", "written" and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form.

(k) References to any statute shall be deemed to refer to such statute as amended from time to time and to
any rules or regulations promulgated thereunder.

(l) References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof.

(m) References to any Person include the successors and permitted assigns of that Person.

(n) References from or through any date mean, unless otherwise specified, from and including or through and
including, respectively.

(o) The symbol "$" refers to United States Dollars, the lawful currency of the United States of
America.

(p) The word "extent" in the phrase "to the extent" means the degree to which a subject
or other thing extends and such phrase shall not mean simply "if."

(q) References to "day" shall mean a calendar day unless otherwise indicated as a "Business
Day."

(r) Each Party has participated in the drafting of this Agreement, which each Party acknowledges is the result
of extensive negotiations between the Parties. If an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any provision.

Article II<br> THE PURCHASE AND SALE

Section 2.01 <u>Purchase and Sale</u>.

Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, the Seller shall, in his capacity as Trustee of the Seller Trust, sell and deliver to Buyer and Buyer shall, in its capacity as Investment Trustee of Management Trust, purchase and acquire all rights, title and interests in and to the Purchased Interests (together with any dividends on such Purchased Interests between the date of this Agreement and prior to the Closing) on behalf of Management Trust, free and clear of all Liens (other than Permitted Liens) in exchange for payment to Seller (or his designees) pursuant to <u>Section 2.02(c)(i)</u> of $50,000 (the "<u>Purchase Price</u>") (such transaction, the "<u>Sale</u>"). It is the intention of the Parties that other than the consideration payable under this Agreement, Seller will receive no economic benefits associated with the Purchased Interests.

Section 2.02 <u>Closing</u>.

(a) Upon the terms and subject to the conditions of this Agreement, the closing of the Sale (the " <u>Closing</u> ")
shall take place via the electronic exchange of documents and signatures on a date that is three Business Days after the date on which
the conditions set forth in <u>Article VI</u> (other than conditions that by their nature are to be satisfied at the Closing, but
subject to the satisfaction or, to the extent permissible, waiver of those conditions at the Closing) have been satisfied or, to the extent
permissible, waived by the Party entitled to the benefit of such conditions, or on such other date as Buyer and Seller may mutually agree
(such date being the " <u>Closing Date</u> ").

(b) Prior to the Closing Date, Seller shall deliver to Buyer wire transfer instructions (the " <u>Wire Transfer Instructions</u> ") designating the bank accounts to which the Purchase Price in respect of the applicable Purchased Interests
shall be paid by Buyer to Seller (or his designees) at the Closing.

(c) <u>Buyer Deliverables</u>. At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Buyer shall cause to be paid to Seller (or his designees), by wire transfer of immediately available funds
an amount equal to the Purchase Price in respect of the Purchased Interests, which shall be delivered into the bank accounts as set forth
in the Wire Transfer Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Buyer shall deliver to Seller the certificate required by <u>Section 6.03(c)</u>.

(d) <u>Seller Deliverables</u>. At the Closing, Seller shall cause to be delivered to Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) customary evidence of the transfer of the Purchased Interests to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the certificate required by <u>Section 6.02(c)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a duly executed IRS Form W-9 for the Seller Trust.

Article III<br> REPRESENTATIONS AND WARRANTIES OF SELLER

Seller hereby makes the following representations and warranties to Buyer.

Section 3.01 <u>Trust Existence and Power</u>.

Seller, in his capacity as Trustee, as applicable, of the Seller Trust represents and warrants that the Seller Trust is a trust that is duly created and validly existing under the laws governing its formation and that the Seller Trust has all trust power and authority necessary to own or lease all of its properties and assets and to carry on its business as now conducted, except where the failure to have such power or authority would not, individually or in the aggregate, prevent the consummation of the transactions contemplated by this Agreement or otherwise have a material adverse effect on the ability of Seller, as Trustee of the Seller Trust, to consummate the Sale.

Section 3.02 <u>Authority of Seller; Enforceability</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that (i) the execution, delivery and performance of this Agreement by Seller and the consummation by Seller of the transactions contemplated hereby with respect to the Seller Trust, as Trustee, are within his powers as Trustee of the Seller Trust, and (ii) this Agreement has been duly executed and delivered by Seller, in his capacity as Trustee, as applicable, of the Seller Trust and, assuming due authorization, execution and delivery by Buyer, constitutes a legal, valid and binding agreement of Seller, in his capacity as Trustee of the Seller Trust and is enforceable against Seller, in such capacity, in accordance with its terms (subject to the Remedies Exception).

Section 3.03 <u>Non-contravention</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that the execution, delivery and performance by Seller of this Agreement and the consummation by Seller of the transactions contemplated hereby, as Trustee of the Seller Trust, do not and will not:

(a) contravene, conflict with, or result in any violation or breach of any provision of the Organizational
Documents of Seller Trust; and

(b) assuming that all consents, approvals, authorizations, permits and registrations required from Governmental
Authorities for the Sale are obtained and all filings with and notifications to Governmental Authorities required for the Sale are made
and any waiting periods thereunder have terminated or expired, violate any Applicable Law with respect Seller Trust, except as would not
reasonably be expected to, individually or in the aggregate, prevent Seller from consummating the Sale or otherwise have a material adverse
effect on the ability of Seller to consummate the Sale.

Section 3.04 <u>Title</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that Seller Trust is the owner of, and has good and valid title to, the Purchased Interests, free and clear of any Liens other than Permitted Liens and that upon transfer of such Purchased Interests to Management Trust at the Closing in accordance with this Agreement, Management Trust will own such Purchased Interests free and clear of any Liens, except for Permitted Liens.

Section 3.05 <u>Absence of Litigation</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that as of the date of this Agreement, there is no Action pending against, or, to the actual knowledge of Seller, threatened in writing against, or any order, judgment, ruling or decree imposed upon, Seller Trust (or, in the case of threatened actions, suits, investigations, proceedings or claims, would be before) or by, or any settlement agreement or other similar written agreement with any Governmental Authority that would reasonably be expected to prevent the consummation of the Sale by Seller or otherwise have a material adverse effect on the ability of Seller to consummate the Sale.

Section 3.06 <u>No Other Representations or Warranties</u>.

Seller hereby acknowledges and agrees that, the representations and warranties made by Buyer in <u>Article IV</u> are the sole representations and warranties being made by or on behalf of Buyer and Management Trust, and their respective Affiliates and Representatives, and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties of Buyer expressly set forth in <u>Article IV</u>, none of Buyer or Management Trust, or any of their respective Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty, including any representation or warranty regarding the accuracy, sufficiency or completeness of any information provided to Seller, Seller Trust or any of their Representatives or prepared by or for Buyer, Management Trust or any of their Affiliates in connection with the transactions contemplated by this Agreement.

Article IV<br> REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer hereby makes the following representations and warranties to Seller.

Section 4.01 <u>Trust Existence and Power</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that Management Trust is a trust that is duly created and validly existing under the laws governing its formation and has all trust power and authority necessary to own or lease all of its properties and assets and to carry on its business as now conducted, except where the failure to have such power or authority would not, individually or in the aggregate, prevent the consummation of the Sale or otherwise have a material adverse effect on the ability of Buyer, as Investment Trustee of Management Trust, to consummate the Sale.

Section 4.02 <u>Trustee Authorization</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that (i) the execution, delivery and performance of this Agreement by Buyer and the consummation by Buyer of the transactions contemplated hereby, as Investment Trustee of Management Trust, are within the powers of Buyer as Investment Trustee of Management Trust, and (ii) this Agreement has been duly executed and delivered by Buyer, in the capacity of Investment Trustee of Management Trust, and, assuming due authorization, execution and delivery by Seller, constitutes a legal, valid and binding agreement of Buyer, in the capacity of Investment Trustee of Management Trust, enforceable against Buyer, in such capacity, in accordance with its terms (subject to the Remedies Exception).

Section 4.03 <u>Non-contravention</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that the execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transactions contemplated hereby, as Investment Trustee of Management Trust, do not and will not:

(a) contravene, conflict with, or result in any violation or breach of any provision of the Organizational
Documents of Management Trust; and

(b) assuming that all consents, approvals, authorizations, permits and registrations required from Governmental
Authorities for the Sale are obtained and all filings with and notifications to Governmental Authorities required for the Sale are made
and any waiting periods thereunder have terminated or expired, violate any Applicable Law with respect to Management Trust, except as
would not reasonably be expected to, individually or in the aggregate, prevent Buyer from consummating the Sale or otherwise have a material
adverse effect on the ability of Buyer to consummate the Sale.

Section 4.04 <u>Absence of Litigation</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that as of the date of this Agreement, there is no Action pending against, or, to the actual knowledge of Buyer, threatened in writing against, or any order, judgment, ruling or decree imposed upon, Buyer or Management Trust before (or, in the case of threatened actions, suits, investigations, proceedings or claims, would be before) or by, or any settlement agreement or other similar written agreement with, or continuing investigation by, any Governmental Authority that would reasonably be expected to prevent the consummation of the Sale or otherwise have a material adverse effect on the ability of Buyer to consummate the Sale.

Section 4.05 <u>Financing</u>.

At the Closing, Buyer, in the capacity of Investment Trustee of Management Trust, will have sufficient funds on hand to enable Buyer to pay the Purchase Price.

Section 4.06 <u>Investment Intention</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that: (i) Buyer has knowledge and experience in financial and business matters, is capable of evaluating the merits and risks of acquiring the Purchased Interests, has had an adequate opportunity to ask questions and receive answers from the Seller concerning any and all matters relating to the transactions contemplated by this Agreement and acquire such other information as deemed desirable by Buyer and has made its own inquiry and investigation into, and based thereon, has formed an independent judgment concerning the Purchased Interests, the company issuing such interests and its businesses; (ii) Buyer has received all the information it considers necessary or appropriate for deciding whether to purchase the Purchased Interests pursuant to this Agreement; (iii) Management Trust will acquire the Purchased Interests for investment purposes, for its own account and not with a view towards distribution or for sale in violation of the 1933 Act; (iv) Buyer understands that the Purchased Interests have not been registered under the 1933 Act, or any applicable state or foreign securities Applicable Laws, and cannot be sold unless subsequently registered under the 1933 Act or Applicable Laws concerning foreign securities or pursuant to an applicable exemption therefrom and pursuant to Applicable Laws concerning state securities, as applicable; and (v) Management Trust is able to bear the economic risk of an investment in the Purchased Interests and can afford to sustain a total loss of that investment.

Section 4.07 <u>No Other Representations or Warranties</u>.

Buyer hereby acknowledges and agrees that the representations and warranties made by Seller in <u>Article III</u> are the sole representations and warranties being made by or on behalf of Seller or the Seller Trust, respectively, and their respective Affiliates and Representatives and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties of Seller expressly set forth in <u>Article III</u>, none of Seller or the Seller Trust, or any of their respective Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty, including any representation or warranty regarding the accuracy, sufficiency or completeness of any information provided to Buyer, Management Trust or any of their respective Representatives or prepared by or for Seller or the Seller Trust, or any of their respective Affiliates in connection with the transactions contemplated by this Agreement. In furtherance of the foregoing, Buyer acknowledges and agrees that except for the representations and warranties expressly set forth in <u>Article III</u>, the Purchased Interests are being sold on an "as is, where is" basis.

Article V<br> COVENANTS OF THE PARTIES

Section 5.01 <u>Reasonable Best Efforts</u>**.**

Subject to the terms and conditions of this Agreement, Buyer and Seller shall use their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under Applicable Law to satisfy the conditions set forth in <u>Article VI</u> and consummate and make effective the transactions contemplated by this Agreement as promptly as practicable, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executing and delivering any additional documents and instruments necessary to consummate the transactions
contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) preparing and filing as promptly as practicable with any Governmental Authority or other Person all documentation
to effect all filings, notices, petitions, statements, registrations, submissions of information, applications and other documents necessary
to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) obtaining (in any event, prior to the End Date) and maintaining all approvals, consents, registrations,
permits, authorizations and other confirmations required to be obtained from any Governmental Authority or other Person that are necessary,
proper or advisable to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cooperating in all respects with each other in connection with any filing or submission with a Governmental
Authority in connection with the transactions contemplated hereby and in connection with any investigation or other inquiry by or before
a Governmental Authority relating to the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) keeping the other Party informed in all material respects and on a reasonably timely basis of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any substantive communications received by such Party from, or given by such Party to, any Governmental
Authority, in each case regarding any of the transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the status of any request, inquiry, investigation, action or legal proceeding from, by or before any Governmental
Authority with respect to the transactions contemplated by this Agreement,

in each case, including by promptly furnishing the other Party with copies of any written or electronic communications with any such Governmental Authorities.

Section 5.02 <u>Public Announcements</u>.

Buyer shall obtain Seller's prior written consent (email being sufficient) before Buyer or Management Trust issues any press release concerning this Agreement and the transactions contemplated hereby.

Section 5.03 <u>Exclusivity</u>.

Seller agrees that between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, it shall not sell the Purchased Interests to any Person other than Buyer.

**Section 5.04 <u>Trustee</u>.**

Between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, Buyer shall remain trustees of Management Trust.

Article VI<br> CONDITIONS TO THE CLOSING

Section 6.01 <u>Conditions to the Obligations of Each Party</u>.

The respective obligations of each of the Parties to consummate the Sale are subject to the satisfaction (or waiver by both Seller and Buyer) on or prior to the Closing Date of the following conditions:

(a) no restraining order, preliminary or permanent injunction or other order issued by any court of competent
jurisdiction or other legal restraint or prohibition issued by any Governmental Authority of competent jurisdiction preventing the consummation
of the Sale (an " <u>Order</u> ") shall have taken effect after the date hereof and shall still be in effect;

(b) all consents, approvals, authorizations, permits and registrations from Governmental Authorities of competent
jurisdiction required for the closing of the Sale shall have been obtained and shall be in full force and effect, and all waiting periods
required thereunder shall have expired or been terminated; and

(c) the Other Sale Transactions shall have been completed substantially concurrently with the Sale.

Section 6.02 <u>Conditions to the Obligations of Buyer</u>.

The obligations of Buyer to consummate the Sale are subject to the satisfaction (or waiver by Buyer) on or prior to the Closing Date of the following further conditions:

(a) Seller shall have performed in all material respects all of its obligations hereunder required to be performed
by it at or prior to the Closing;

(b) all representations and warranties of Seller contained in <u>Article III</u> of this Agreement shall
be true and correct at and as of the date hereof and the Closing as if made at and as of such time (other than representations and warranties
that by their terms address matters only as of another specified time, which shall be true and correct only as of such time), with only
such exceptions as, individually or in the aggregate, would not reasonably be likely to prevent the ability of Seller to consummate the
Sale; and

(c) Buyer shall have received a certificate signed by Seller certifying to the effect that the conditions
set forth in <u>Section 6.02(a)</u> and <u>Section 6.02(b)</u> have been satisfied.

Section 6.03 <u>Conditions to the Obligations of Seller</u>.

The obligations of Seller to consummate the Sale are subject to the satisfaction (or waiver by Seller) on or prior to the Closing Date of the following further conditions:

(a) Buyer shall have performed in all material respects all of its obligations hereunder required to be performed
by it at or prior to the Closing;

(b) the representations and warranties of Buyer contained in <u>Article IV</u> of this Agreement shall
be true and correct at and as of the date hereof and the Closing as if made at and as of such time (other than representations and warranties
that by their terms address matters only as of another specified time, which shall be true and correct only as of such time), with only
such exceptions as, individually or in the aggregate, would not reasonably be likely to prevent the ability of Buyer to consummate the
Sale; and

(c) Seller shall have received a certificate signed by Buyer certifying to the effect that conditions set
forth in <u>Section 6.03(a)</u> and <u>Section 6.03(b)</u> have been satisfied.

Article VII<br> TERMINATION; SURVIVAL

Section 7.01 <u>Termination</u>.

This Agreement may be terminated and the Sale may be abandoned at any time prior to the Closing:

(a) by mutual written agreement of Seller and Buyer;

(b) by either Buyer or Seller, by written notice to the other Party, as applicable, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Sale has not been consummated on or before May 18, 2026 (the " <u>End Date</u> "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall be any Order permanently preventing the consummation of the Sale in effect that shall have
become final and non-appealable;

(c) by Buyer, by written notice to Seller, if a breach of any representation or warranty or failure to perform
any covenant or agreement on the part of Seller set forth in this Agreement shall have occurred that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would cause the conditions set forth in <u>Section 6.02(a)</u>, or <u>Section 6.02(b)</u> or
not to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is incapable of being cured by the End Date or, if curable, is not cured by Seller within 30 days of receipt
by Seller of written notice of such breach or failure (or, if the End Date is less than 30 days from the date of receipt of such notice,
by the End Date);

 

*provided* that Buyer shall not have the right to terminate this Agreement pursuant to this <u>Section 7.01(c)</u> if, at the time of the delivery of such notice, Buyer is in material breach of its obligations under this Agreement; and

 

(d) by Seller, by written notice to Buyer, if a breach of any representation or warranty or failure to perform
any covenant or agreement on the part of Buyer set forth in this Agreement shall have occurred that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would cause the conditions set forth in <u>Section 6.03(a)</u> or <u>Section 6.03(b)</u> not
to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is incapable of being cured by the End Date or, if curable, is not cured by Buyer within 30 days of receipt
by Buyer of written notice of such breach or failure (or, if the End Date is less than 30 days from the date of receipt of such notice,
by the End Date);

 

*provided* that Seller shall not have the right to terminate this Agreement pursuant to this <u><u>Section 7.02(D)</u></u> if, at the time of the delivery of such notice, Seller is in material breach of its obligations under this Agreement.

Section 7.02 <u>Effect of Termination</u>.

If this Agreement is terminated in accordance with <u>Section 7.01</u>, this Agreement shall become void and of no effect and without liability to any of the Parties, in each case, relating to, based on or arising under or out of this Agreement, the transactions contemplated hereby or the subject matter hereof (including the negotiation and performance of this Agreement), in each case whether based on contract, tort, equity or strict liability, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any laws or otherwise; *provided* that the provisions of this <u>Section 7.02</u>, and <u>Article VIII</u> shall survive any termination hereof in accordance with <u>Section 7.01</u>.

Section 7.03 <u>No Survival</u>.

The Parties acknowledge and agree that except for (a) this <u>Section 7.03</u>, (b) <u>Article VIII</u> and (c) those covenants and agreements that by their terms apply or are to be performed after the Closing, the representations, warranties, covenants and agreements of the Parties contained in this Agreement (and any certificate delivered pursuant to <u>Article VI</u> of this Agreement) shall not survive beyond the Closing and there shall be no liability in respect thereof, whether such liability has accrued prior to or after the Closing on the part of any Party, any of its Affiliates or any of their respective Representatives.

Article VIII<br> MISCELLANEOUS

Section 8.01 <u>Notices</u>.

All notices, requests and other communications to any Party shall be in writing and shall be deemed given if delivered personally, sent by electronic mail transmission (with confirmation of receipt of such electronic mail received by return electronic mail) or sent by overnight courier (providing proof of delivery) to the Parties at the addresses set forth below.

if to Buyer, to:

RGL Management Trust

499 Park Avenue

New York, NY 10022

Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Investment Trustees

Email: [\*\*\*]

if to Seller, to:

Howard W. Lutnick Revocable Trust

9701 Collins Avenue

Miami, Florida 33154

Attention: Howard W. Lutnick, Trust

Email: [\*\*\*]

or to such other address or electronic mail address as such Party may hereafter specify for the purpose by notice to the other Parties. All such notices, requests and other communications shall be deemed received on the date of receipt in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt.

Section 8.02 <u>Amendments and Waivers</u>.

Any provision of this Agreement may be amended, supplemented or waived in any and all respects at any time, if, but only if, such amendment, supplement or waiver is in writing and is signed, in the case of an amendment or supplement, by each Party or, in the case of a waiver, by each Party against whom the waiver is to be effective.

Section 8.03 <u>Costs and Expenses</u>.

All costs and expenses incurred in connection with this Agreement, the Sale and the other transactions contemplated by this Agreement shall be paid by the Party incurring such cost or expense.

Section 8.04 <u>Binding Effect; Benefit; Assignment</u>.

(a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and
their respective successors and permitted assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies,
obligations or liabilities hereunder upon any Person other than the Parties and their successors and permitted assigns.

(b) No Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement
without the consent of each other Party. Any purported assignment, delegation or transfer not permitted by this <u>Section 8.04(b)</u> is null and void.

Section 8.05 <u>Governing Law</u> 

This Agreement and any other document or instrument delivered pursuant hereto, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, termination, performance or nonperformance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.

Section 8.06 <u>Jurisdiction</u>.

The Parties agree that any Action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery shall not have or declines to accept jurisdiction over a particular matter, any federal court located in the State of Delaware or other Delaware state court) (the "<u>Chosen Courts</u>"), and each of the Parties hereby irrevocably consents to the sole and exclusive jurisdiction of the Chosen Courts (and of the appropriate appellate courts therefrom) in any such Action and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such Chosen Court or that any such Action brought in any such Chosen Court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each Party also irrevocably and unconditionally agrees that service of process on such Party may be made on such Party as provided in <u>Section 8.01</u>, and that service made in such manner shall be deemed effective service of process on such Party and shall have the same legal force and effect as if served upon such Party personally within the State of Delaware. Nothing herein shall be deemed to limit or prohibit service of process by any other manner as may be permitted by Applicable Law.

Section 8.07 <u>Waiver of Jury Trial</u>.

EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HEREBY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING THE RIGHT TO DEMAND TRIAL BY JURY.

Section 8.08 <u>Counterparts; Effectiveness</u>.

This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by all of the other Parties; *provided* that a .pdf signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. Until and unless each Party has received a counterpart hereof signed by the other Parties, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

Section 8.09 <u>Entire Agreement</u>.

This Agreement and all exhibits and schedules hereto constitute the entire agreement and understanding between the Parties with respect to the subject matter of this Agreement, and supersede all prior agreements and understandings, whether oral and written, between the Parties with respect to the subject matter of this Agreement.

Section 8.10 <u>Severability</u>.

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable by any Applicable Law, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any Party. Upon such a determination that any term or other provision is invalid, illegal, void or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent permitted by Applicable Law and in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

**Section 8.11 <u>Specific Performance; Remedies</u>.**

The Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specified terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof to which such Party is entitled at law or in equity. Each party agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that (a) the other Party has an adequate remedy at law or (b) an award of specific performance is not an appropriate remedy for any reason at law or equity. Neither Party shall be required to provide any bond or other security in connection with any such order or injunction.

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized officers or signatories as of the date set forth on the cover page of this Agreement.

---

| | |
|:---|:---|
| **<u>HOWARD W. LUTNICK REVOCABLE TRUST</u>** | **<u>HOWARD W. LUTNICK REVOCABLE TRUST</u>** |
| By: | /s/ Howard W. Lutnick |
| Name: | Howard W. Lutnick |
| Title: | Trustee |

---

---

| | |
|:---|:---|
| **<u>RGL MANAGEMENT TRUST</u>** | **<u>RGL MANAGEMENT TRUST</u>** |
| By: | /s/ Brandon G. Lutnick |
| Name: | Brandon G. Lutnick |
| Title: | Investment Trustee |
| By: | /s/ Kyle S. Lutnick |
| Name: | Kyle S. Lutnick |
| Title: | Investment Trustee |
| By: | /s/ Casey J. Lutnick |
| Name: | Casey J. Lutnick |
| Title: | Investment Trustee |
| By: | /s/ Ryan G. Lutnick |
| Name: | Ryan G. Lutnick |
| Title: | Investment Trustee |

---

[*Signature Page to Purchase Agreement (KSL Management Trust)*]

## Ex-17

**Exhibit 17**

*Execution Version*

**PURCHASE AGREEMENT,**

dated as of

May 16, 2025,

by and among<br>**HOWARD W. LUTNICK**,<br>**** <br> in his capacity as trustee of the trust identified herein,<br>and<br>**Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick**,<br>in their capacities as investment trustees of the trust identified herein

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Article I DEFINITIONS AND INTERPRETATION | Article I DEFINITIONS AND INTERPRETATION | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Other Definitional and Interpretative Provisions | 5 |
| Article II THE PURCHASE AND SALE | Article II THE PURCHASE AND SALE | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | Purchase and Sale | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Closing | 7 |
| Article III REPRESENTATIONS AND WARRANTIES OF SELLER | Article III REPRESENTATIONS AND WARRANTIES OF SELLER | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Trust Existence and Power | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Authority of Seller; Enforceability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Non-contravention | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Title | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Absence of Litigation | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.06 | No Other Representations or Warranties | 9 |
| Article IV REPRESENTATIONS AND WARRANTIES OF BUYER | Article IV REPRESENTATIONS AND WARRANTIES OF BUYER | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Trust Existence and Power | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 | Trustee Authorization | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 | Non-contravention | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04 | Absence of Litigation | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05 | Financing | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.06 | Investment Intention | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.07 | No Other Representations or Warranties | 11 |
| Article V COVENANTS OF THE PARTIES | Article V COVENANTS OF THE PARTIES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | Reasonable Best Efforts | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 | Public Announcements | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 | Exclusivity | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 | Trustee | 13 |
| Article VI CONDITIONS TO THE CLOSING | Article VI CONDITIONS TO THE CLOSING | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 | Conditions to the Obligations of Each Party | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 | Conditions to the Obligations of Buyer | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 | Conditions to the Obligations of Seller | 14 |
| Article VII TERMINATION; SURVIVAL | Article VII TERMINATION; SURVIVAL | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 | Termination | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 | Effect of Termination | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.03 | No Survival | 15 |
| Article VIII MISCELLANEOUS | Article VIII MISCELLANEOUS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 | Notices | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 | Amendments and Waivers | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.03 | Costs and Expenses | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.04 | Binding Effect; Benefit; Assignment | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.05 | Governing Law | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.06 | Jurisdiction | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.07 | Waiver of Jury Trial | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.08 | Counterparts; Effectiveness | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.09 | Entire Agreement | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.10 | Severability | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.11 | Specific Performance; Remedies | 18 |

---

i

<u>PURCHASE AGREEMENT</u>

This PURCHASE AGREEMENT (this "<u>Agreement</u>"), dated as of May 16, 2025, is entered into by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees (collectively "<u>Buyer</u>") of the trust known as the CJL Management Trust ("<u>Management Trust</u>"), created under Article SECOND of an Agreement of Trust made May 13, 2025, between HWL, as Grantor, Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees and Distribution Trustees, and Peak Trust Company – NV, as Administrative Trustee.

HWL, in his capacity as Trustee of the Howard W. Lutnick Revocable Trust, is referred to as "<u>Seller</u>". Seller and Buyer are each sometimes referred to herein individually as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>".

RECITALS

WHEREAS, the Seller Trust owns four (4) voting shares of CF Group Management, Inc., a New York corporation, and Seller, as Trustee of the Seller Trust, desires to sell, on behalf of the Seller Trust, one (1) such share (the "<u>Purchased Interests</u>") to Buyer, on behalf of Management Trust, and Buyer desires to acquire, on behalf of Management Trust, the Purchased Interests, upon the terms and subject to the conditions of this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, the Parties agree as follows:

Article I<br> DEFINITIONS AND INTERPRETATION

Section 1.01 <u>Definitions</u>.

As used herein, the following terms have the following meanings:

"<u>1933 Act</u>" means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Action</u>" means any action, suit, litigation, arbitration or proceeding by or before a Governmental Authority.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person. As used in this definition, the term "control" (including the terms "controlled by" and "under common control with") means the power to direct the management or policies of a Person, directly or indirectly, through the ownership of voting securities, by contract or otherwise.

"<u>Applicable Law</u>" means, with respect to any Person, any federal, state, provincial, local or foreign law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling, writ or stipulation enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise.

"<u>Business Day</u>" means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law to close.

"<u>Governmental Authority</u>" means any transnational, domestic or foreign federal, state, county, municipal or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof, any executive, legislative, judicial, regulatory taxing or other governmental entity, any national stock exchange and any legislative body or legislative committee (including the U.S. Senate Committee on Commerce, Science and Transportation).

"<u>Lien</u>" means, with respect to any property or asset, any mortgage, lien, pledge or security interest in respect of such property or asset.

"<u>Organizational Documents</u>" means, with respect to any Person, such Person's trust deed, trust declaration, agreement of trust, certificate of incorporation or formation or organization, articles of organization, bylaws, partnership agreement, limited partnership agreement, limited liability company agreement, operating agreement, or other similar governing documents of such Person, each as amended through the date hereof.

"<u>Person</u>" means an individual, corporation, partnership, limited partnership, limited liability company, joint venture, association, trust, unincorporated organization, Governmental Authority or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

"<u>Remedies Exception</u>" means:

(a) applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar Applicable
Laws of general application, heretofore or hereafter enacted or in effect, affecting the rights and remedies of creditors generally; and

(b) the exercise of judicial or administrative discretion in accordance with general equitable principles,
particularly as to the availability of the remedy of specific performance or other injunctive relief.

"<u>Representatives</u>" means, with respect to any Party, such Party's and its Affiliates' directors, officers, employees, advisors (including financial advisors, attorneys, accountants, actuaries and consultants) and agents.

Section 1.02 <u>Other Definitional and Interpretative Provisions</u>

(a) The words "hereof", "herein" and "hereunder" and words of like import
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

(b) The word "or" shall be inclusive and not exclusive.

(c) The captions herein are included for convenience of reference only and shall be ignored in the construction
or interpretation hereof.

(d) References to Articles, Sections, Exhibits, Annexes and Schedules are to Articles, Sections, Exhibits,
Annexes and Schedules of this Agreement unless otherwise specified.

(e) All Exhibits, Annexes and Schedules annexed hereto or referred to herein are hereby incorporated in and
made a part of this Agreement as if set forth in full herein.

(f) Any capitalized terms used in any Exhibit, Annex or Schedule or in any certificate or other document made
or delivered pursuant hereto but not otherwise defined therein, shall have the meaning as defined in this Agreement.

(g) Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.

(h) As context requires, any masculine gender shall include the feminine and neuter genders; any feminine
gender shall include the masculine and neuter genders; and any neuter gender shall include masculine and feminine genders.

(i) Whenever the words "include", "includes" or "including" are used in
this Agreement, they shall be deemed to be followed by the words "without limitation", whether or not they are in fact followed
by those words or words of like import.

(j) "Writing", "written" and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form.

(k) References to any statute shall be deemed to refer to such statute as amended from time to time and to
any rules or regulations promulgated thereunder.

(l) References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof.

(m) References to any Person include the successors and permitted assigns of that Person.

(n) References from or through any date mean, unless otherwise specified, from and including or through and
including, respectively.

(o) The symbol "$" refers to United States Dollars, the lawful currency of the United States of
America.

(p) The word "extent" in the phrase "to the extent" means the degree to which a subject
or other thing extends and such phrase shall not mean simply "if."

(q) References to "day" shall mean a calendar day unless otherwise indicated as a "Business
Day."

(r) Each Party has participated in the drafting of this Agreement, which each Party acknowledges is the result
of extensive negotiations between the Parties. If an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any provision.

Article II<br> THE PURCHASE AND SALE

Section 2.01 <u>Purchase and Sale</u>.

Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, the Seller shall, in his capacity as Trustee of the Seller Trust, sell and deliver to Buyer and Buyer shall, in its capacity as Investment Trustee of Management Trust, purchase and acquire all rights, title and interests in and to the Purchased Interests (together with any dividends on such Purchased Interests between the date of this Agreement and prior to the Closing) on behalf of Management Trust, free and clear of all Liens (other than Permitted Liens) in exchange for payment to Seller (or his designees) pursuant to <u>Section 2.02(c)(i)</u> of $50,000 (the "<u>Purchase Price</u>") (such transaction, the "<u>Sale</u>"). It is the intention of the Parties that other than the consideration payable under this Agreement, Seller will receive no economic benefits associated with the Purchased Interests.

Section 2.02 <u>Closing</u>.

(a) Upon the terms and subject to the conditions of this Agreement, the closing of the Sale (the " <u>Closing</u> ")
shall take place via the electronic exchange of documents and signatures on a date that is three Business Days after the date on which
the conditions set forth in <u>Article VI</u> (other than conditions that by their nature are to be satisfied at the Closing, but
subject to the satisfaction or, to the extent permissible, waiver of those conditions at the Closing) have been satisfied or, to the extent
permissible, waived by the Party entitled to the benefit of such conditions, or on such other date as Buyer and Seller may mutually agree
(such date being the " <u>Closing Date</u> ").

(b) Prior to the Closing Date, Seller shall deliver to Buyer wire transfer instructions (the " <u>Wire Transfer Instructions</u> ") designating the bank accounts to which the Purchase Price in respect of the applicable Purchased Interests
shall be paid by Buyer to Seller (or his designees) at the Closing.

(c) <u>Buyer Deliverables</u>. At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Buyer shall cause to be paid to Seller (or his designees), by wire transfer of immediately available funds
an amount equal to the Purchase Price in respect of the Purchased Interests, which shall be delivered into the bank accounts as set forth
in the Wire Transfer Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Buyer shall deliver to Seller the certificate required by <u>Section 6.03(c)</u>.

(d) <u>Seller Deliverables</u>. At the Closing, Seller shall cause to be delivered to Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) customary evidence of the transfer of the Purchased Interests to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the certificate required by <u>Section 6.02(c)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a duly executed IRS Form W-9 for the Seller Trust.

Article III<br> REPRESENTATIONS AND WARRANTIES OF SELLER

Seller hereby makes the following representations and warranties to Buyer.

Section 3.01 <u>Trust Existence and Power</u>.

Seller, in his capacity as Trustee, as applicable, of the Seller Trust represents and warrants that the Seller Trust is a trust that is duly created and validly existing under the laws governing its formation and that the Seller Trust has all trust power and authority necessary to own or lease all of its properties and assets and to carry on its business as now conducted, except where the failure to have such power or authority would not, individually or in the aggregate, prevent the consummation of the transactions contemplated by this Agreement or otherwise have a material adverse effect on the ability of Seller, as Trustee of the Seller Trust, to consummate the Sale.

Section 3.02 <u>Authority of Seller; Enforceability</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that (i) the execution, delivery and performance of this Agreement by Seller and the consummation by Seller of the transactions contemplated hereby with respect to the Seller Trust, as Trustee, are within his powers as Trustee of the Seller Trust, and (ii) this Agreement has been duly executed and delivered by Seller, in his capacity as Trustee, as applicable, of the Seller Trust and, assuming due authorization, execution and delivery by Buyer, constitutes a legal, valid and binding agreement of Seller, in his capacity as Trustee of the Seller Trust and is enforceable against Seller, in such capacity, in accordance with its terms (subject to the Remedies Exception).

Section 3.03 <u>Non-contravention</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that the execution, delivery and performance by Seller of this Agreement and the consummation by Seller of the transactions contemplated hereby, as Trustee of the Seller Trust, do not and will not:

(a) contravene, conflict with, or result in any violation or breach of any provision of the Organizational
Documents of Seller Trust; and

(b) assuming that all consents, approvals, authorizations, permits and registrations required from Governmental
Authorities for the Sale are obtained and all filings with and notifications to Governmental Authorities required for the Sale are made
and any waiting periods thereunder have terminated or expired, violate any Applicable Law with respect Seller Trust, except as would not
reasonably be expected to, individually or in the aggregate, prevent Seller from consummating the Sale or otherwise have a material adverse
effect on the ability of Seller to consummate the Sale.

Section 3.04 <u>Title</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that Seller Trust is the owner of, and has good and valid title to, the Purchased Interests, free and clear of any Liens other than Permitted Liens and that upon transfer of such Purchased Interests to Management Trust at the Closing in accordance with this Agreement, Management Trust will own such Purchased Interests free and clear of any Liens, except for Permitted Liens.

Section 3.05 <u>Absence of Litigation</u>.

Seller, in his capacity as Trustee of Seller Trust, represents and warrants that as of the date of this Agreement, there is no Action pending against, or, to the actual knowledge of Seller, threatened in writing against, or any order, judgment, ruling or decree imposed upon, Seller Trust (or, in the case of threatened actions, suits, investigations, proceedings or claims, would be before) or by, or any settlement agreement or other similar written agreement with any Governmental Authority that would reasonably be expected to prevent the consummation of the Sale by Seller or otherwise have a material adverse effect on the ability of Seller to consummate the Sale.

Section 3.06 <u>No Other Representations or Warranties</u>.

Seller hereby acknowledges and agrees that, the representations and warranties made by Buyer in <u>Article IV</u> are the sole representations and warranties being made by or on behalf of Buyer and Management Trust, and their respective Affiliates and Representatives, and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties of Buyer expressly set forth in <u>Article IV</u>, none of Buyer or Management Trust, or any of their respective Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty, including any representation or warranty regarding the accuracy, sufficiency or completeness of any information provided to Seller, Seller Trust or any of their Representatives or prepared by or for Buyer, Management Trust or any of their Affiliates in connection with the transactions contemplated by this Agreement.

Article IV<br> REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer hereby makes the following representations and warranties to Seller.

Section 4.01 <u>Trust Existence and Power</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that Management Trust is a trust that is duly created and validly existing under the laws governing its formation and has all trust power and authority necessary to own or lease all of its properties and assets and to carry on its business as now conducted, except where the failure to have such power or authority would not, individually or in the aggregate, prevent the consummation of the Sale or otherwise have a material adverse effect on the ability of Buyer, as Investment Trustee of Management Trust, to consummate the Sale.

Section 4.02 <u>Trustee Authorization</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that (i) the execution, delivery and performance of this Agreement by Buyer and the consummation by Buyer of the transactions contemplated hereby, as Investment Trustee of Management Trust, are within the powers of Buyer as Investment Trustee of Management Trust, and (ii) this Agreement has been duly executed and delivered by Buyer, in the capacity of Investment Trustee of Management Trust, and, assuming due authorization, execution and delivery by Seller, constitutes a legal, valid and binding agreement of Buyer, in the capacity of Investment Trustee of Management Trust, enforceable against Buyer, in such capacity, in accordance with its terms (subject to the Remedies Exception).

Section 4.03 <u>Non-contravention.</u>

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that the execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transactions contemplated hereby, as Investment Trustee of Management Trust, do not and will not:

(a) contravene, conflict with, or result in any violation or breach of any provision of the Organizational
Documents of Management Trust; and

(b) assuming that all consents, approvals, authorizations, permits and registrations required from Governmental
Authorities for the Sale are obtained and all filings with and notifications to Governmental Authorities required for the Sale are made
and any waiting periods thereunder have terminated or
expired, violate any Applicable Law with respect to Management Trust, except as would not reasonably be expected to, individually or in
the aggregate, prevent Buyer from consummating the Sale or otherwise have a material adverse effect on the ability of Buyer to consummate
the Sale.

Section 4.04 <u>Absence of Litigation</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that as of the date of this Agreement, there is no Action pending against, or, to the actual knowledge of Buyer, threatened in writing against, or any order, judgment, ruling or decree imposed upon, Buyer or Management Trust before (or, in the case of threatened actions, suits, investigations, proceedings or claims, would be before) or by, or any settlement agreement or other similar written agreement with, or continuing investigation by, any Governmental Authority that would reasonably be expected to prevent the consummation of the Sale or otherwise have a material adverse effect on the ability of Buyer to consummate the Sale.

Section 4.05 <u>Financing</u>.

At the Closing, Buyer, in the capacity of Investment Trustee of Management Trust, will have sufficient funds on hand to enable Buyer to pay the Purchase Price.

Section 4.06 <u>Investment Intention</u>.

Buyer, in the capacity of Investment Trustee of Management Trust, represents and warrants that: (i) Buyer has knowledge and experience in financial and business matters, is capable of evaluating the merits and risks of acquiring the Purchased Interests, has had an adequate opportunity to ask questions and receive answers from the Seller concerning any and all matters relating to the transactions contemplated by this Agreement and acquire such other information as deemed desirable by Buyer and has made its own inquiry and investigation into, and based thereon, has formed an independent judgment concerning the Purchased Interests, the company issuing such interests and its businesses; (ii) Buyer has received all the information it considers necessary or appropriate for deciding whether to purchase the Purchased Interests pursuant to this Agreement; (iii) Management Trust will acquire the Purchased Interests for investment purposes, for its own account and not with a view towards distribution or for sale in violation of the 1933 Act; (iv) Buyer understands that the Purchased Interests have not been registered under the 1933 Act, or any applicable state or foreign securities Applicable Laws, and cannot be sold unless subsequently registered under the 1933 Act or Applicable Laws concerning foreign securities or pursuant to an applicable exemption therefrom and pursuant to Applicable Laws concerning state securities, as applicable; and (v) Management Trust is able to bear the economic risk of an investment in the Purchased Interests and can afford to sustain a total loss of that investment.

Section 4.07 <u>No Other Representations or Warranties.</u>

Buyer hereby acknowledges and agrees that the representations and warranties made by Seller in <u>Article III</u> are the sole representations and warranties being made by or on behalf of Seller or the Seller Trust, respectively, and their respective Affiliates and Representatives and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties of Seller expressly set forth in <u>Article III</u>, none of Seller or the Seller Trust, or any of their respective Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty, including any representation or warranty regarding the accuracy, sufficiency or completeness of any information provided to Buyer, Management Trust or any of their respective Representatives or prepared by or for Seller or the Seller Trust, or any of their respective Affiliates in connection with the transactions contemplated by this Agreement. In furtherance of the foregoing, Buyer acknowledges and agrees that except for the representations and warranties expressly set forth in <u>Article III</u>, the Purchased Interests are being sold on an "as is, where is" basis.

Article V<br> COVENANTS OF THE PARTIES

Section 5.01 <u>Reasonable Best Efforts.</u>

Subject to the terms and conditions of this Agreement, Buyer and Seller shall use their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under Applicable Law to satisfy the conditions set forth in <u>Article VI</u> and consummate and make effective the transactions contemplated by this Agreement as promptly as practicable, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executing and delivering any additional documents and instruments necessary to consummate the transactions
contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) preparing and filing as promptly as practicable with any Governmental Authority or other Person all documentation
to effect all filings, notices, petitions, statements, registrations, submissions of information, applications and other documents necessary
to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) obtaining (in any event, prior to the End Date) and maintaining all approvals, consents, registrations,
permits, authorizations and other confirmations required to be obtained from any Governmental Authority or other Person that are necessary,
proper or advisable to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cooperating in all respects with each other in connection with any filing or submission with a Governmental
Authority in connection with the transactions contemplated hereby and in connection with any investigation or other inquiry by or before
a Governmental Authority relating to the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) keeping the other Party informed in all material respects and on a reasonably timely basis of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any substantive communications received by such Party from, or given by such Party to, any Governmental
Authority, in each case regarding any of the transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the status of any request, inquiry, investigation, action or legal proceeding from, by or before any Governmental
Authority with respect to the transactions contemplated by this Agreement,

in each case, including by promptly furnishing the other Party with copies of any written or electronic communications with any such Governmental Authorities.

Section 5.02 <u>Public Announcements</u>.

Buyer shall obtain Seller's prior written consent (email being sufficient) before Buyer or Management Trust issues any press release concerning this Agreement and the transactions contemplated hereby.

Section 5.03 <u>Exclusivity</u>.

Seller agrees that between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, it shall not sell the Purchased Interests to any Person other than Buyer.

Section 5.04 <u>Trustee</u>.

Between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, Buyer shall remain trustees of Management Trust.

Article VI<br> CONDITIONS TO THE CLOSING

Section 6.01 <u>Conditions to the Obligations of Each Party</u>.

The respective obligations of each of the Parties to consummate the Sale are subject to the satisfaction (or waiver by both Seller and Buyer) on or prior to the Closing Date of the following conditions:

(a) no restraining order, preliminary or permanent injunction or other order issued by any court of competent
jurisdiction or other legal restraint or prohibition issued by any Governmental Authority of competent jurisdiction preventing the consummation
of the Sale (an " <u>Order</u> ") shall have taken effect after the date hereof and shall still be in effect;

(b) all consents, approvals, authorizations, permits and registrations from Governmental Authorities of competent
jurisdiction required for the closing of the Sale shall have been obtained and shall be in full force and effect, and all waiting periods
required thereunder shall have expired or been terminated; and

(c) the Other Sale Transactions shall have been completed substantially concurrently with the Sale.

Section 6.02 <u>Conditions to the Obligations of Buyer</u>.

The obligations of Buyer to consummate the Sale are subject to the satisfaction (or waiver by Buyer) on or prior to the Closing Date of the following further conditions:

(a) Seller shall have performed in all material respects all of its obligations hereunder required to be performed
by it at or prior to the Closing;

(b) all representations and warranties of Seller contained in <u>Article III</u> of this Agreement shall
be true and correct at and as of the date hereof and the Closing as if made at and as of such time (other than representations and warranties
that by their terms address matters only as of another specified time, which shall be true and correct only as of such time), with only
such exceptions as, individually or in the aggregate, would not reasonably be likely to prevent the ability of Seller to consummate the
Sale; and

(c) Buyer shall have received a certificate signed by Seller certifying to the effect that the conditions
set forth in <u>Section 6.02(a)</u> and <u>Section 6.02(b)</u> have been satisfied.

Section 6.03 <u>Conditions to the Obligations of Seller.</u>

The obligations of Seller to consummate the Sale are subject to the satisfaction (or waiver by Seller) on or prior to the Closing Date of the following further conditions:

(a) Buyer shall have performed in all material respects all of its obligations hereunder required to be performed
by it at or prior to the Closing;

(b) the representations and warranties of Buyer contained in <u>Article IV</u> of this Agreement shall
be true and correct at and as of the date hereof and the Closing as if made at and as of such time (other than representations and warranties
that by their terms address matters only as of another specified time, which shall be true and correct only as of such time), with only
such exceptions as, individually or in the aggregate, would not reasonably be likely to prevent the ability of Buyer to consummate the
Sale; and

(c) Seller shall have received a certificate signed by Buyer certifying to the effect that conditions set
forth in <u>Section 6.03(a)</u> and <u>Section 6.03(b)</u> have been satisfied.

Article VII<br> TERMINATION; SURVIVAL

Section 7.01 <u>Termination.</u>

This Agreement may be terminated and the Sale may be abandoned at any time prior to the Closing:

(a) by mutual written agreement of Seller and Buyer;

(b) by either Buyer or Seller, by written notice to the other Party, as applicable, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Sale has not been consummated on or before May 18, 2026 (the " <u>End Date</u> "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall be any Order permanently preventing the consummation of the Sale in effect that shall have
become final and non-appealable;

(c) by Buyer, by written notice to Seller, if a breach of any representation or warranty or failure to perform
any covenant or agreement on the part of Seller set forth in this Agreement shall have occurred that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would cause the conditions set forth in <u>Section 6.02(a)</u>, or <u>Section 6.02(b)</u> or
not to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is incapable of being cured by the End Date or, if curable, is not cured by Seller within 30 days of receipt
by Seller of written notice of such breach or failure (or, if the End Date is less than 30 days from the date of receipt of such notice,
by the End Date);

 

*provided* that Buyer shall not have the right to terminate this Agreement pursuant to this <u>Section 7.01(c)</u> if, at the time of the delivery of such notice, Buyer is in material breach of its obligations under this Agreement; and

(d) by Seller, by written notice to Buyer, if a breach of any representation or warranty or failure to perform
any covenant or agreement on the part of Buyer set forth in this Agreement shall have occurred that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would cause the conditions set forth in <u>Section 6.03(a)</u> or <u>Section 6.03(b)</u> not
to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is incapable of being cured by the End Date or, if curable, is not cured by Buyer within 30 days of receipt
by Buyer of written notice of such breach or failure (or, if the End Date is less than 30 days from
the date of receipt of such notice, by the End Date);

 

*provided* that Seller shall not have the right to terminate this Agreement pursuant to this <u>Section 7.01(d)</u> if, at the time of the delivery of such notice, Seller is in material breach of its obligations under this Agreement.

Section 7.02 <u>Effect of Termination.</u>

If this Agreement is terminated in accordance with <u>Section 7.01</u>, this Agreement shall become void and of no effect and without liability to any of the Parties, in each case, relating to, based on or arising under or out of this Agreement, the transactions contemplated hereby or the subject matter hereof (including the negotiation and performance of this Agreement), in each case whether based on contract, tort, equity or strict liability, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any laws or otherwise; *provided* that the provisions of this <u>Section 7.02</u>, and <u>Article VIII</u> shall survive any termination hereof in accordance with <u>Section 7.01</u>.

Section 7.03 <u>No Survival</u>.

The Parties acknowledge and agree that except for (a) this <u>Section 7.03</u>, (b) <u>Article VIII</u> and (c) those covenants and agreements that by their terms apply or are to be performed after the Closing, the representations, warranties, covenants and agreements of the Parties contained in this Agreement (and any certificate delivered pursuant to <u>Article VI</u> of this Agreement) shall not survive beyond the Closing and there shall be no liability in respect thereof, whether such liability has accrued prior to or after the Closing on the part of any Party, any of its Affiliates or any of their respective Representatives.

Article VIII<br> MISCELLANEOUS

Section 8.01 <u>Notices</u>.

All notices, requests and other communications to any Party shall be in writing and shall be deemed given if delivered personally, sent by electronic mail transmission (with confirmation of receipt of such electronic mail received by return electronic mail) or sent by overnight courier (providing proof of delivery) to the Parties at the addresses set forth below.

if to Buyer, to:

CJL Management Trust

499 Park Avenue

New York, NY 10022

Attention: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Investment Trustees

Email: [\*\*\*]

if to Seller, to:

Howard W. Lutnick Revocable Trust

9701 Collins Avenue

Miami, Florida 33154

Attention: Howard W. Lutnick, Trust

Email: [\*\*\*]

or to such other address or electronic mail address as such Party may hereafter specify for the purpose by notice to the other Parties. All such notices, requests and other communications shall be deemed received on the date of receipt in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt.

Section 8.02 <u>Amendments and Waivers</u>.

Any provision of this Agreement may be amended, supplemented or waived in any and all respects at any time, if, but only if, such amendment, supplement or waiver is in writing and is signed, in the case of an amendment or supplement, by each Party or, in the case of a waiver, by each Party against whom the waiver is to be effective.

Section 8.03 <u>Costs and Expenses</u>.

All costs and expenses incurred in connection with this Agreement, the Sale and the other transactions contemplated by this Agreement shall be paid by the Party incurring such cost or expense.

Section 8.04 <u>Binding Effect; Benefit; Assignment</u>.

(a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and
their respective successors and permitted assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies,
obligations or liabilities hereunder upon any Person other than the Parties and their successors and permitted assigns.

(b) No Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement
without the consent of each other Party. Any purported assignment, delegation or transfer not permitted by this <u>Section 8.04(b)</u> is null and void.

Section 8.05 <u>Governing Law</u>.

This Agreement and any other document or instrument delivered pursuant hereto, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, termination, performance or nonperformance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.

Section 8.06 <u>Jurisdiction</u>.

The Parties agree that any Action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery shall not have or declines to accept jurisdiction over a particular matter, any federal court located in the State of Delaware or other Delaware state court) (the "<u>Chosen Courts</u>"), and each of the Parties hereby irrevocably consents to the sole and exclusive jurisdiction of the Chosen Courts (and of the appropriate appellate courts therefrom) in any such Action and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such Chosen Court or that any such Action brought in any such Chosen Court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each Party also irrevocably and unconditionally agrees that service of process on such Party may be made on such Party as provided in <u>Section 8.01</u>, and that service made in such manner shall be deemed effective service of process on such Party and shall have the same legal force and effect as if served upon such Party personally within the State of Delaware. Nothing herein shall be deemed to limit or prohibit service of process by any other manner as may be permitted by Applicable Law.

Section 8.07 <u>Waiver of Jury Trial</u>.

EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HEREBY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING THE RIGHT TO DEMAND TRIAL BY JURY.

Section 8.08 <u>Counterparts; Effectiveness</u>.

This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by all of the other Parties; *provided* that a .pdf signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. Until and unless each Party has received a counterpart hereof signed by the other Parties, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

Section 8.09 <u>Entire Agreement</u>.

This Agreement and all exhibits and schedules hereto constitute the entire agreement and understanding between the Parties with respect to the subject matter of this Agreement, and supersede all prior agreements and understandings, whether oral and written, between the Parties with respect to the subject matter of this Agreement.

Section 8.10 <u>Severability</u>.

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable by any Applicable Law, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any Party. Upon such a determination that any term or other provision is invalid, illegal, void or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent permitted by Applicable Law and in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

Section 8.11 <u>Specific Performance; Remedies</u>.

The Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specified terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof to which such Party is entitled at law or in equity. Each party agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that (a) the other Party has an adequate remedy at law or (b) an award of specific performance is not an appropriate remedy for any reason at law or equity. Neither Party shall be required to provide any bond or other security in connection with any such order or injunction.

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized officers or signatories as of the date set forth on the cover page of this Agreement.

---

| | | |
|:---|:---|:---|
| **HOWARD W. LUTNICK REVOCABLE TRUST** | **HOWARD W. LUTNICK REVOCABLE TRUST** | **HOWARD W. LUTNICK REVOCABLE TRUST** |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Trustee |
| **CJL MANAGEMENT TRUST** | **CJL MANAGEMENT TRUST** | **CJL MANAGEMENT TRUST** |
| By: | /s/ Brandon G. Lutnick | /s/ Brandon G. Lutnick |
|  | Name: | Brandon G. Lutnick |
|  | Title: | Investment Trustee |
| By: | /s/ Kyle S. Lutnick | /s/ Kyle S. Lutnick |
|  | Name: | Kyle S. Lutnick |
|  | Title: | Investment Trustee |
| By: | /s/ Casey J. Lutnick | /s/ Casey J. Lutnick |
|  | Name: | Casey J. Lutnick |
|  | Title: | Investment Trustee |
| By: | /s/ Ryan G. Lutnick | /s/ Ryan G. Lutnick |
|  | Name: | Ryan G. Lutnick |
|  | Title: | Investment Trustee |

---

[*Signature Page to Purchase Agreement (CJL Management Trust)*]

## Ex-18

**Exhibit 18**

*Execution Version*

**PURCHASE AGREEMENT,**

dated as of

May 16, 2025,

by and among

**THE SELLERS IDENTIFIED HEREIN**,

and

**THE BUYERS IDENTIFIED HEREIN**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| Article I DEFINITIONS AND INTERPRETATION | Article I DEFINITIONS AND INTERPRETATION | 1 |
| Section 1.01 | Definitions | 1 |
| Section 1.02 | Other Definitional and Interpretative Provisions | 4 |
| Article II THE PURCHASE AND SALE | Article II THE PURCHASE AND SALE | 5 |
| Section 2.01 | Purchase and Sale | 5 |
| Section 2.02 | Closing | 5 |
| Article III REPRESENTATIONS AND WARRANTIES OF SELLER | Article III REPRESENTATIONS AND WARRANTIES OF SELLER | 6 |
| Section 3.01 | Existence and Power | 6 |
| Section 3.02 | Authority of Seller; Enforceability | 6 |
| Section 3.03 | Non-contravention | 7 |
| Section 3.04 | Title | 7 |
| Section 3.05 | Absence of Litigation | 7 |
| Section 3.06 | No Other Representations or Warranties. | 7 |
| Article IV REPRESENTATIONS AND WARRANTIES OF BUYER | Article IV REPRESENTATIONS AND WARRANTIES OF BUYER | 8 |
| Section 4.01 | Trust Existence and Power | 8 |
| Section 4.02 | Trustee Authorization | 8 |
| Section 4.03 | Non-contravention | 8 |
| Section 4.04 | Absence of Litigation | 8 |
| Section 4.05 | Financing | 9 |
| Section 4.06 | Investment Intention | 9 |
| Section 4.07 | No Other Representations or Warranties. | 9 |
| Article V COVENANTS OF THE PARTIES | Article V COVENANTS OF THE PARTIES | 10 |
| Section 5.01 | Reasonable Best Efforts. | 10 |
| Section 5.02 | Public Announcements | 11 |
| Section 5.03 | Exclusivity | 11 |
| Article VI CONDITIONS TO THE CLOSING | Article VI CONDITIONS TO THE CLOSING | 11 |
| Section 6.01 | Conditions to the Obligations of Each Party | 11 |
| Section 6.02 | Conditions to the Obligations of each Buyer | 11 |
| Section 6.03 | Conditions to the Obligations of each Seller | 12 |
| Article VII TERMINATION; SURVIVAL | Article VII TERMINATION; SURVIVAL | 12 |
| Section 7.01 | Termination | 12 |
| Section 7.02 | Effect of Termination | 13 |
| Section 7.03 | No Survival | 13 |
| Article VIII MISCELLANEOUS | Article VIII MISCELLANEOUS | 14 |
| Section 8.01 | Notices | 14 |
| Section 8.02 | Amendments and Waivers | 15 |
| Section 8.03 | Costs and Expenses | 15 |
| Section 8.04 | Binding Effect; Benefit; Assignment | 15 |
| Section 8.05 | Governing Law | 15 |
| Section 8.06 | Jurisdiction | 15 |
| Section 8.07 | Waiver of Jury Trial | 16 |
| Section 8.08 | Counterparts; Effectiveness | 16 |
| Section 8.09 | Entire Agreement | 16 |
| Section 8.10 | Severability | 16 |
| Section 8.11 | Specific Performance; Remedies | 16 |
| Section 8.12 | Binding Effect on Sellers | 16 |

---

<u>Schedule A</u> Purchased Interests

i

<u>PURCHASE AGREEMENT</u>

This PURCHASE AGREEMENT (this "<u>Agreement</u>"), dated as of May 16, 2025, is entered into by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the parties identified as "Sellers" on the signature page to this Agreement (collectively, "<u>Sellers</u>" and each a "<u>Seller</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the parties identified as "Buyers" on the signature page to this Agreement (collectively, "<u>Buyers</u>" and each a "<u>Buyer</u>").

The Sellers and Buyers are each sometimes referred to herein individually as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>".

RECITALS

WHEREAS, the Sellers own the equity interests and assets set forth on <u>Schedule A</u> (the "<u>Purchased Interests</u>") next to their name; and

WHEREAS, each Seller desires to sell to the Applicable Buyer identified on <u>Schedule A</u> the Purchased Interests indentified on <u>Schedule A</u>, and such Buyer desires to acquire such Purchased Interests, upon the terms and subject to the conditions of this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, the Parties agree as follows:

Article I<br> DEFINITIONS AND INTERPRETATION

Section 1.01 <u>Definitions</u>.

As used herein, the following terms have the following meanings:

"<u>1933 Act</u>" means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Action</u>" means any action, suit, litigation, arbitration or proceeding by or before a Governmental Authority.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person. As used in this definition, the term "control" (including the terms "controlled by" and "under common control with") means the power to direct the management or policies of a Person, directly or indirectly, through the ownership of voting securities, by contract or otherwise.

"<u>Applicable Law</u>" means, with respect to any Person, any federal, state, provincial, local or foreign law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling, writ or stipulation enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise.

"<u>Applicable Buyer</u>" means, with respect to a Seller, the Buyer or Buyers acquiring Purchased Interests from such Seller (as described on <u>Schedule A</u>).

"<u>Applicable Purchased Interests</u>" means, (x) with respect to a Buyer, the Purchased Interests being acquired by such Buyer from all Applicable Sellers (as described on <u>Schedule A</u>), and (y) with respect to a Seller, the Purchased Interests being sold by such Seller to all Applicable Buyers (as described on <u>Schedule A</u>).

"<u>Applicable Sale</u>" means, (x) with respect to a Buyer, the Sale transaction or transactions in which such Buyer is buying Purchased Interests (as described on <u>Schedule A</u>), and (y) with respect to a Seller, the Sale transaction or transactions in which such Seller is selling Purchased Interests (as described on <u>Schedule A</u>)

"<u>Applicable Seller</u>" means, with respect to a Buyer, the Seller or Sellers from whom such Buyer is acquiring Purchased Interests (as described on <u>Schedule A</u>).

"<u>Business Day</u>" means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law to close.

"<u>Governmental Authority</u>" means any transnational, domestic or foreign federal, state, county, municipal or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof, any executive, legislative, judicial, regulatory taxing or other governmental entity, any national stock exchange and any legislative body or legislative committee (including the U.S. Senate Committee on Commerce, Science and Transportation).

"<u>HWL</u>" means Howard W. Lutnick.

"<u>Lien</u>" means, with respect to any property or asset, any mortgage, lien, pledge or security interest in respect of such property or asset.

"<u>Organizational Documents</u>" means, with respect to any Person, such Person's trust deed, trust declaration, agreement of trust, certificate of incorporation or formation or organization, articles of organization, bylaws, partnership agreement, limited partnership agreement, limited liability company agreement, operating agreement, or other similar governing documents of such Person, each as amended through the date hereof.

"<u>Person</u>" means an individual, corporation, partnership, limited partnership, limited liability company, joint venture, association, trust, unincorporated organization, Governmental Authority or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

"<u>Remedies Exception</u>" means:

(a) applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar Applicable
Laws of general application, heretofore or hereafter enacted or in effect, affecting the rights and remedies of creditors generally; and

(b) the exercise of judicial or administrative discretion in accordance with general equitable principles,
particularly as to the availability of the remedy of specific performance or other injunctive relief.

"<u>Representatives</u>" means, with respect to any Party, such Party's and its Affiliates' directors, officers, employees, advisors (including financial advisors, attorneys, accountants, actuaries and consultants) and agents.

Section 1.02 <u>Other Definitional and Interpretative Provisions</u>.

(a) The words "hereof", "herein" and "hereunder" and words of like import
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

(b) The word "or" shall be inclusive and not exclusive.

(c) The captions herein are included for convenience of reference only and shall be ignored in the construction
or interpretation hereof.

(d) References to Articles, Sections, Exhibits, Annexes and Schedules are to Articles, Sections, Exhibits,
Annexes and Schedules of this Agreement unless otherwise specified.

(e) All Exhibits, Annexes and Schedules annexed hereto or referred to herein are hereby incorporated in and
made a part of this Agreement as if set forth in full herein.

(f) Any capitalized terms used in any Exhibit, Annex or Schedule or in any certificate or other document made
or delivered pursuant hereto but not otherwise defined therein, shall have the meaning as defined in this Agreement.

(g) Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.

(h) As context requires, any masculine gender shall include the feminine and neuter genders; any feminine
gender shall include the masculine and neuter genders; and any neuter gender shall include masculine and feminine genders.

(i) Whenever the words "include", "includes" or "including" are used in
this Agreement, they shall be deemed to be followed by the words "without limitation", whether or not they are in fact followed
by those words or words of like import.

(j) "Writing", "written" and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form.

(k) References to any statute shall be deemed to refer to such statute as amended from time to time and to
any rules or regulations promulgated thereunder.

(l) References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof.

(m) References to any Person include the successors and permitted assigns of that Person.

(n) References from or through any date mean, unless otherwise specified, from and including or through and
including, respectively.

(o) The symbol "$" refers to United States Dollars, the lawful currency of the United States of
America.

(p) The word "extent" in the phrase "to the extent" means the degree to which a subject
or other thing extends and such phrase shall not mean simply "if."

(q) References to "day" shall mean a calendar day unless otherwise indicated as a "Business
Day."

(r) Each Party has participated in the drafting of this Agreement, which each Party acknowledges is the result
of extensive negotiations between the Parties. If an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any provision.

Article II<br> THE PURCHASE AND SALE

Section 2.01 <u>Purchase and Sale</u>.

Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, each Seller shall sell and deliver to the Applicable Buyer and the Applicable Buyer shall purchase and acquire all rights, title and interests in and to the Applicable Purchased Interests (as indicated on <u>Schedule A</u>) (together with any distributions or dividends and allocations of profit or loss or any undistributed income or losses on such Purchased Interests between the date of this Agreement and prior to the Closing, but excluding any tax distributions in respect of undistributed (and not received) income allocations), free and clear of all Liens (other than Permitted Liens) in exchange for payment to such Seller (or its designees) pursuant to <u>Section 2.02(c)(i)</u> of the amounts set forth in <u>Schedule A</u> for the Applicable Purchased Interests (the "<u>Purchase Price</u>") (each such transaction, a "<u>Sale</u>"). It is the intention of the Parties that other than the consideration payable under this Agreement, and any tax distributions in respect of undistributed (and not received) income allocations with respect to the Purchased Interests, each Seller will receive no economic benefits associated with the Purchased Interests.

Section 2.02 <u>Closing</u>.

(a) Upon the terms and subject to the conditions of this Agreement, the closing of the Sales (the " <u>Closing</u> ")
shall take place via the electronic exchange of documents and signatures on a date that is three Business Days after the date on which
the conditions set forth in <u>Article VI</u> (other than conditions that by their nature are to be satisfied at the Closing, but
subject to the satisfaction or, to the extent permissible, waiver of those conditions at the Closing) have been satisfied or, to the extent
permissible, waived by the Party entitled to the benefit of such conditions, or on such other date as all Buyers and Sellers may mutually
agree (such date being the " <u>Closing Date</u> ").

(b) Prior to the Closing Date, each Seller shall deliver to the Applicable Buyer wire transfer instructions
(the " <u>Wire Transfer Instructions</u> ") designating the bank accounts to which the Purchase Price in respect of the Applicable
Purchased Interests shall be paid by Buyer to Seller (or its designees) at the Closing.

(c) <u>Buyer Deliverables</u>. At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Buyer shall cause to be paid to the Applicable Seller (or its designees), by wire transfer of immediately
available funds an amount equal to the applicable Purchase Price in respect of the Purchased Interests being purchased from such Seller,
which shall be delivered into the bank accounts as set forth in the Wire Transfer Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Buyer shall deliver to the Applicable Seller the certificate required by <u>Section 6.03(c)</u>.

(d) <u>Seller Deliverables</u>. At the Closing, each Seller shall cause to be delivered to the Applicable
Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) customary evidence of the transfer of the Purchased Interests being purchased by such Buyer (as set forth
on <u>Schedule A</u>) to such Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the certificate required by <u>Section 6.02(c)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a duly executed IRS Form W-9 for such Seller.

Article III<br> REPRESENTATIONS AND WARRANTIES OF SELLER

Each Seller hereby makes the following representations and warranties to the Applicable Buyer.

Section 3.01 <u>Existence and Power</u>.

Such Seller, if an entity, is duly created and validly existing under the laws governing its formation and has all power and authority necessary to own or lease all of its properties and assets and to carry on its business as now conducted, except where the failure to have such power or authority would not, individually or in the aggregate, prevent the consummation of the transactions contemplated by this Agreement or otherwise have a material adverse effect on the ability of such Seller to consummate the Applicable Sale.

Section 3.02 <u>Authority of Seller; Enforceability</u>.

(i) The execution, delivery and performance of this Agreement by such Seller and the consummation by such Seller of the transactions contemplated hereby are within such Seller's powers, and (ii) this Agreement has been duly executed and delivered by such Seller and, assuming due authorization, execution and delivery by the Applicable Buyer, constitutes a legal, valid and binding agreement of such Seller, and is enforceable against such Seller in accordance with its terms (subject to the Remedies Exception).

Section 3.03 <u>Non-contravention</u>.

The execution, delivery and performance by such Seller of this Agreement and the consummation by such Seller of the transactions contemplated hereby do not and will not:

(a) if such Seller is an entity, contravene, conflict with, or result in any violation or breach of any provision
of the Organizational Documents of such Seller; and

(b) assuming that all consents, approvals, authorizations, permits and registrations required from Governmental
Authorities for the Applicable Sale are obtained and all filings with and notifications to Governmental Authorities required for the Applicable
Sale are made and any waiting periods thereunder have terminated or expired, violate any Applicable Law with respect to such Seller, except
as would not reasonably be expected to, individually or in the aggregate, prevent such Seller from consummating the Applicable Sale or
otherwise have a material adverse effect on the ability of such Seller to consummate the Applicable Sale.

Section 3.04 <u>Title</u>.

Such Seller is the owner of, and has good and valid title to, the Applicable Purchased Interests (as indicated on <u>Schedule A</u>), free and clear of any Liens other than Permitted Liens and that upon transfer of such Purchased Interests to the Applicable Buyer at the Closing in accordance with this Agreement, the Applicable Buyer will own such Purchased Interests free and clear of any Liens, except for Permitted Liens.

Section 3.05 <u>Absence of Litigation</u>.

There is no Action pending against, or, to the actual knowledge of such Seller, threatened in writing against, or any order, judgment, ruling or decree imposed upon, such Seller (or, in the case of threatened actions, suits, investigations, proceedings or claims, would be before) or by, or any settlement agreement or other similar written agreement with any Governmental Authority that would reasonably be expected to prevent the consummation of the Applicable Sale by such Seller or otherwise have a material adverse effect on the ability of such Seller to consummate the Applicable Sale.

Section 3.06 <u>No Other Representations or Warranties</u>.

Seller hereby acknowledges and agrees that, the representations and warranties made by Applicable Buyer in <u>Article IV</u> are the sole representations and warranties being made by or on behalf of Applicable Buyer and its Affiliates and Representatives, and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties of Applicable Buyer expressly set forth in <u>Article IV</u>, none of Applicable Buyer or any of its Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty, including any representation or warranty regarding the accuracy, sufficiency or completeness of any information provided to such Seller or any of its Representatives or prepared by or for Applicable Buyer or any of its Affiliates in connection with the transactions contemplated by this Agreement.

Article IV<br> REPRESENTATIONS AND WARRANTIES OF BUYER

Each Buyer hereby makes the following representations and warranties to Applicable Seller.

Section 4.01 <u>Trust Existence and Power</u>.

Such Buyer, if an entity, is duly created and validly existing under the laws governing its formation and has all power and authority necessary to own or lease all of its properties and assets and to carry on its business as now conducted, except where the failure to have such power or authority would not, individually or in the aggregate, prevent the consummation of the Applicable Sale or otherwise have a material adverse effect on the ability of such Buyer to consummate the Applicable Sale.

Section 4.02 <u>Trustee Authorization</u>.

(i) The execution, delivery and performance of this Agreement by such Buyer and the consummation by such Buyer of the transactions contemplated hereby are within its powers, and (ii) this Agreement has been duly executed and delivered by such Buyer A, and, assuming due authorization, execution and delivery by Applicable Seller, constitutes a legal, valid and binding agreement of such Buyer, enforceable against such Buyer in accordance with its terms (subject to the Remedies Exception).

Section 4.03 <u>Non-contravention</u>.

The execution, delivery and performance by such Buyer of this Agreement and the consummation by such Buyer of the transactions contemplated hereby do not and will not:

(a) if such Buyer is an entity, contravene, conflict with, or result in any violation or breach of any provision
of the Organizational Documents of such Buyer; and

(b) assuming that all consents, approvals, authorizations, permits and registrations required from Governmental
Authorities for the Applicable Sale are obtained and all filings with and notifications to Governmental Authorities required for the Applicable
Sale are made and any waiting periods thereunder have terminated or expired, violate any Applicable Law with respect to such Buyer, except
as would not reasonably be expected to, individually or in the aggregate, prevent such Buyer from consummating the Applicable Sale or
otherwise have a material adverse effect on the ability of such Buyer to consummate the Applicable Sale.

Section 4.04 <u>Absence of Litigation</u>.

There is no Action pending against, or, to the actual knowledge of such Buyer, threatened in writing against, or any order, judgment, ruling or decree imposed upon such Buyer before (or, in the case of threatened actions, suits, investigations, proceedings or claims, would be before) or by, or any settlement agreement or other similar written agreement with, or continuing investigation by, any Governmental Authority that would reasonably be expected to prevent the consummation of the Applicable Sale or otherwise have a material adverse effect on the ability of such Buyer to consummate the Applicable Sale.

Section 4.05 <u>Financing</u>.

At the Closing, such Buyer will have sufficient funds on hand to enable such Buyer to pay the applicable Purchase Price for the purchase by such Buyer of the Applicable Purchased Interests.

Section 4.06 <u>Investment Intention</u>.

(i) Such Buyer has knowledge and experience in financial and business matters, is capable of evaluating the merits and risks of acquiring the Applicable Purchased Interests, has had an adequate opportunity to ask questions and receive answers from the Applicable Seller concerning any and all matters relating to the transactions contemplated by this Agreement and acquire such other information as deemed desirable by such Buyer and has made its own inquiry and investigation into, and based thereon, has formed an independent judgment concerning the Applicable Purchased Interests, the companies issuing such interests and their businesses; (ii) such Buyer has received all the information it considers necessary or appropriate for deciding whether to purchase the Applicable Purchased Interests pursuant to this Agreement; (iii) such Buyer will acquire the Applicable Purchased Interests for investment purposes, for its own account and not with a view towards distribution or for sale in violation of the 1933 Act; (iv) such Buyer understands that certain of the Applicable Purchased Interests have not been registered under the 1933 Act, or any applicable state or foreign securities Applicable Laws, and cannot be sold unless subsequently registered under the 1933 Act or Applicable Laws concerning foreign securities or pursuant to an applicable exemption therefrom and pursuant to Applicable Laws concerning state securities, as applicable; and (v) such Buyer is able to bear the economic risk of an investment in the Purchased Interests and can afford to sustain a total loss of that investment.

Section 4.07 <u>No Other Representations or Warranties.</u>

Such Buyer hereby acknowledges and agrees that the representations and warranties made by Applicable Seller in <u>Article III</u> are the sole representations and warranties being made by or on behalf of Applicable Seller and its Affiliates and Representatives and are exclusive of any other representations and warranties, including any implied warranties, and, except for the representations and warranties of Applicable Seller expressly set forth in <u>Article III</u>, none of Applicable Seller or any of its Affiliates or Representatives have made, nor are any of them making, any express or implied representation or warranty, including any representation or warranty regarding the accuracy, sufficiency or completeness of any information provided to such Buyer or any of its Representatives or prepared by or for Applicable Seller or any of its Affiliates in connection with the transactions contemplated by this Agreement. In furtherance of the foregoing, such Buyer acknowledges and agrees that except for the representations and warranties expressly set forth in <u>Article III</u>, the Applicable Purchased Interests are being sold on an "as is, where is" basis.

Article V<br> COVENANTS OF THE PARTIES

Section 5.01 <u>Reasonable Best Efforts.</u>

Subject to the terms and conditions of this Agreement, Buyers and Sellers shall use their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under Applicable Law to satisfy the conditions set forth in <u>Article VI</u> and consummate and make effective the transactions contemplated by this Agreement as promptly as practicable, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executing and delivering any additional documents and instruments necessary to consummate the transactions
contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) preparing and filing as promptly as practicable with any Governmental Authority or other Person all documentation
to effect all filings, notices, petitions, statements, registrations, submissions of information, applications and other documents necessary
to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) obtaining (in any event, prior to the End Date) and maintaining all approvals, consents, registrations,
permits, authorizations and other confirmations required to be obtained from any Governmental Authority or other Person that are necessary,
proper or advisable to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cooperating in all respects with each other in connection with any filing or submission with a Governmental
Authority in connection with the transactions contemplated hereby and in connection with any investigation or other inquiry by or before
a Governmental Authority relating to the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) keeping the other Parties informed in all material respects and on a reasonably timely basis of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any substantive communications received by such Party from, or given by such Party to, any Governmental
Authority, in each case regarding any of the transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the status of any request, inquiry, investigation, action or legal proceeding from, by or before any Governmental
Authority with respect to the transactions contemplated by this Agreement,

in each case, including by promptly furnishing the other Parties with copies of any written or electronic communications with any such Governmental Authorities.

Section 5.02 <u>Public Announcements</u>.

A Buyer shall obtain HWL's prior written consent (email being sufficient) before such Buyer issues any press release concerning this Agreement and the transactions contemplated hereby.

Section 5.03 <u>Exclusivity</u>.

Applicable Seller agrees that between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, it shall not sell any of the Purchased Interests held by such Seller to any Person other than Applicable Buyer or another Buyer.

Article VI<br> CONDITIONS TO THE CLOSING

Section 6.01 <u>Conditions to the Obligations of Each Party</u>.

The respective obligations of each of the Parties to consummate the Sales are subject to the satisfaction (or waiver by all Sellers and Buyers) on or prior to the Closing Date of the following conditions:

(a) no restraining order, preliminary or permanent injunction or other order issued by any court of competent
jurisdiction or other legal restraint or prohibition issued by any Governmental Authority of competent jurisdiction preventing the consummation
of the Sales (an " <u>Order</u> ") shall have taken effect after the date hereof and shall still be in effect;

(b) all consents, approvals, authorizations, permits and registrations from Governmental Authorities of competent
jurisdiction required for the closing of the Sales shall have been obtained and shall be in full force and effect, and all waiting periods
required thereunder shall have expired or been terminated; and

(c) the Other Sale Transactions shall have been completed substantially concurrently with the Sales.

Section 6.02 <u>Conditions to the Obligations of each Buyer</u>.

The obligations of each Buyer to consummate the Applicable Sale are subject to the satisfaction (or waiver by such Buyer) on or prior to the Closing Date of the following further conditions:

(a) Applicable Seller shall have performed in all material respects all of its obligations hereunder required
to be performed by it at or prior to the Closing;

(b) the representations and warranties of Applicable Seller contained in <u>Article III</u> of this Agreement
shall be true and correct at and as of the date hereof and the Closing as if made at and as of such time (other than representations and
warranties that by their terms address matters only as of another specified time, which shall be true and correct only as of such time),
with only such exceptions as, individually or in the aggregate, would not reasonably be likely to prevent the ability of Applicable Seller
to consummate the Applicable Sale; and

(c) such Buyer shall have received a certificate signed by Applicable Seller certifying to the effect that
the conditions set forth in <u>Section 6.02(a)</u> and <u>Section 6.02(b)</u> have been satisfied.

Section 6.03 <u>Conditions to the Obligations of each Seller</u>.

The obligations of each Seller to consummate the Applicable Sale are subject to the satisfaction (or waiver by such Seller) on or prior to the Closing Date of the following further conditions:

(a) Applicable Buyer shall have performed in all material respects all of its obligations hereunder required
to be performed by it at or prior to the Closing;

(b) the representations and warranties of Applicable Buyer contained in <u>Article IV</u> of this Agreement
shall be true and correct at and as of the date hereof and the Closing as if made at and as of such time (other than representations and
warranties that by their terms address matters only as of another specified time, which shall be true and correct only as of such time),
with only such exceptions as, individually or in the aggregate, would not reasonably be likely to prevent the ability of Applicable Buyer
to consummate the Applicable Sale; and

(c) such Seller shall have received a certificate signed by Applicable Buyer certifying to the effect that
conditions set forth in <u>Section 6.03(a)</u> and <u>Section 6.03(b)</u> have been satisfied.

Article VII<br> TERMINATION; SURVIVAL

Section 7.01 <u>Termination</u>.

This Agreement may be terminated and the Sales may be abandoned at any time prior to the Closing:

(a) by mutual written agreement of all Sellers and Buyers;

(b) by either Buyers (acting unanimously) or Sellers (acting unanimously), by written notice to the other
Parties, as applicable, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Sales have not been consummated on or before May 18, 2026 (the " <u>End Date</u> "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall be any Order permanently preventing the consummation of the Sales in effect that shall have
become final and non-appealable;

(c) by Buyers (acting unanimously), by written notice to Sellers, if a breach of any representation or warranty
or failure to perform any covenant or agreement on the part of Sellers set forth in this Agreement shall have occurred that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would cause the conditions set forth in <u>Section 6.02(a)</u>, or <u>Section 6.02(b)</u> or
not to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is incapable of being cured by the End Date or, if curable, is not cured by Sellers within 30 days of
receipt by Sellers of written notice of such breach or failure (or, if the End Date is less than 30 days from the date of receipt of such
notice, by the End Date);

 

*provided* that Buyers shall not have the right to terminate this Agreement pursuant to this <u>Section 7.01(c)</u> if, at the time of the delivery of such notice, any Buyer is in material breach of its obligations under this Agreement; and

(d) by Sellers (acting unanimously), by written notice to Buyers, if a breach of any representation or warranty
or failure to perform any covenant or agreement on the part of Buyers set forth in this Agreement shall have occurred that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would cause the conditions set forth in <u>Section 6.03(a)</u> or <u>Section 6.03(b)</u> not
to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is incapable of being cured by the End Date or, if curable, is not cured by Buyers within 30 days of receipt
by Buyers of written notice of such breach or failure (or, if the End Date is less than 30 days from the date of receipt of such notice,
by the End Date);

 

*provided* that Sellers shall not have the right to terminate this Agreement pursuant to this <u>Section 7.01(d)</u> if, at the time of the delivery of such notice, any Seller is in material breach of its obligations under this Agreement.

Section 7.02 <u>Effect of Termination</u>.

If this Agreement is terminated in accordance with <u>Section 7.01</u>, this Agreement shall become void and of no effect and without liability to any of the Parties, in each case, relating to, based on or arising under or out of this Agreement, the transactions contemplated hereby or the subject matter hereof (including the negotiation and performance of this Agreement), in each case whether based on contract, tort, equity or strict liability, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any laws or otherwise; *provided* that the provisions of this <u>Section 7.02</u>, and <u>Article VIII</u> shall survive any termination hereof in accordance with <u>Section 7.01</u>.

Section 7.03 <u>No Survival</u>.

The Parties acknowledge and agree that except for (a) this <u>Section 7.03</u>, (b) <u>Article VIII</u> and (c) those covenants and agreements that by their terms apply or are to be performed after the Closing, the representations, warranties, covenants and agreements of the Parties contained in this Agreement (and any certificate delivered pursuant to <u>Article VI</u> of this Agreement) shall not survive beyond the Closing and there shall be no liability in respect thereof, whether such liability has accrued prior to or after the Closing on the part of any Party, any of its Affiliates or any of their respective Representatives.

Article VIII<br> MISCELLANEOUS

Section 8.01 <u>Notices</u>.

All notices, requests and other communications to any Party shall be in writing and shall be deemed given if delivered personally, sent by electronic mail transmission (with confirmation of receipt of such electronic mail received by return electronic mail) or sent by overnight courier (providing proof of delivery) to the Parties at the addresses set forth below.

if to Buyers, to:

Lutnick 1999 Descendants' Trust

499 Park Avenue

New York, NY 10022

Attn: Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick and Ryan G. Lutnick, Individual Trustees

Email: [\*\*\*]

if to Sellers, to:

Allison Lutnick

9701 Collins Avenue

Miami Beach, FL 33154

Email: [\*\*\*]

Howard W. Lutnick Family Trust

9701 Collins Avenue

Miami Beach, FL 33154

Attn: Howard W. Lutnick, Invetsment Trustee

Email: [\*\*\*]

HWL Personal Asset Trust

9701 Collins Avenue

Miami Beach, FL 33154

Attn: Howard W. Lutnick, Trustee

Email: [\*\*\*]

or to such other address or electronic mail address as such Party may hereafter specify for the purpose by notice to the other Parties. All such notices, requests and other communications shall be deemed received on the date of receipt in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt.

Section 8.02 <u>Amendments and Waivers</u>.

Subject to <u>Section 8.12</u>, any provision of this Agreement may be amended, supplemented or waived in any and all respects at any time, if, but only if, such amendment, supplement or waiver is in writing and is signed, in the case of an amendment or supplement, by each Party or, in the case of a waiver, by each Party against whom the waiver is to be effective.

Section 8.03 <u>Costs and Expenses</u>.

All costs and expenses incurred in connection with this Agreement, the Sales and the other transactions contemplated by this Agreement shall be paid by the Party incurring such cost or expense.

Section 8.04 <u>Binding Effect; Benefit; Assignment</u>.

(a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and
their respective successors and permitted assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies,
obligations or liabilities hereunder upon any Person other than the Parties and their successors and permitted assigns.

(b) No Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement
without the consent of each other Party. Any purported assignment, delegation or transfer not permitted by this <u>Section 8.04(b)</u> is null and void.

Section 8.05 <u>Governing Law</u>.

This Agreement and any other document or instrument delivered pursuant hereto, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, termination, performance or nonperformance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.

Section 8.06 <u>Jurisdiction</u>.

The Parties agree that any Action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery shall not have or declines to accept jurisdiction over a particular matter, any federal court located in the State of Delaware or other Delaware state court) (the "<u>Chosen Courts</u>"), and each of the Parties hereby irrevocably consents to the sole and exclusive jurisdiction of the Chosen Courts (and of the appropriate appellate courts therefrom) in any such Action and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such Chosen Court or that any such Action brought in any such Chosen Court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each Party also irrevocably and unconditionally agrees that service of process on such Party may be made on such Party as provided in <u>Section 8.01</u>, and that service made in such manner shall be deemed effective service of process on such Party and shall have the same legal force and effect as if served upon such Party personally within the State of Delaware. Nothing herein shall be deemed to limit or prohibit service of process by any other manner as may be permitted by Applicable Law.

Section 8.07 <u>Waiver of Jury Trial</u>.

EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HEREBY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING THE RIGHT TO DEMAND TRIAL BY JURY.

Section 8.08 <u>Counterparts; Effectiveness</u>.

This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by all of the other Parties; *provided* that a .pdf signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. Until and unless each Party has received a counterpart hereof signed by the other Parties, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

Section 8.09 <u>Entire Agreement</u>.

This Agreement and all exhibits and schedules hereto constitute the entire agreement and understanding between the Parties with respect to the subject matter of this Agreement, and supersede all prior agreements and understandings, whether oral and written, between the Parties with respect to the subject matter of this Agreement.

Section 8.10 <u>Severability</u>.

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable by any Applicable Law, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any Party. Upon such a determination that any term or other provision is invalid, illegal, void or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent permitted by Applicable Law and in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

Section 8.11 <u>Specific Performance; Remedies</u>.

The Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specified terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof to which such Party is entitled at law or in equity. Each party agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that (a) the other Party has an adequate remedy at law or (b) an award of specific performance is not an appropriate remedy for any reason at law or equity. Neither Party shall be required to provide any bond or other security in connection with any such order or injunction.

Section 8.12 <u>Binding Effect on Sellers</u>.

Any action taken with respect to this Agreement by HWL shall be binding on all Sellers. In furtherance of the foregoing, HWL may unilaterally provide any document, consent, agreement or waiver on behalf of the Sellers under this Agreement and such document, consent, agreement or waiver shall be binding on all Sellers.

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized officers or signatories as of the date set forth on the cover page of this Agreement.

---

| | | |
|:---|:---|:---|
| ALLISON LUTNICK, Seller | ALLISON LUTNICK, Seller | ALLISON LUTNICK, Seller |
| By: | /s/ Allison Lutnick | /s/ Allison Lutnick |
|  | Name: | Allison Lutnick |
| HWL PERSONAL ASSET TRUST, Seller | HWL PERSONAL ASSET TRUST, Seller | HWL PERSONAL ASSET TRUST, Seller |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Trustee |
| HOWARD W. LUTNICK FAMILY TRUST, Seller | HOWARD W. LUTNICK FAMILY TRUST, Seller | HOWARD W. LUTNICK FAMILY TRUST, Seller |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Investment Trustee |

---

[*Signature Page to Purchase Agreement (All Other Purchases)*]

---

| | | |
|:---|:---|:---|
| LUTNICK 1999 DESCENDANTS' TRUST, Buyer | LUTNICK 1999 DESCENDANTS' TRUST, Buyer | LUTNICK 1999 DESCENDANTS' TRUST, Buyer |
| By: | /s/ Kyle S. Lutnick | /s/ Kyle S. Lutnick |
|  | Name: | Kyle S. Lutnick |
|  | Title: | Individual Trustee |
| By: | /s/ Brandon G. Lutnick | /s/ Brandon G. Lutnick |
|  | Name: | Brandon G. Lutnick |
|  | Title: | Individual Trustee |
| By: | /s/ Casey J. Lutnick | /s/ Casey J. Lutnick |
|  | Name: | Casey J. Lutnick |
|  | Title: | Individual Trustee |
| By: | /s/ Ryan G. Lutnick | /s/ Ryan G. Lutnick |
|  | Name: | Ryan G. Lutnick |
|  | Title: | Individual Trustee |

---

[*Signature Page to Purchase Agreement (All Other Purchases)*]

**<u>Schedule A</u><br> Purchased Interests**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Seller**<br>| &nbsp;&nbsp;**Record Owner** | &nbsp;&nbsp;**Buyer** | &nbsp;&nbsp;**Purchased Interests** | &nbsp;&nbsp;**Purchase Price** |
| &nbsp;&nbsp;HWL Personal Asset Trust | &nbsp;&nbsp;Howard W. Lutnick, as Trustee of the HWL Personal Asset Trust | &nbsp;&nbsp;Lutnick 1999 Descendants' Trust | &nbsp;&nbsp;1,000 Voting Units of Tangible Benefits, LLC | &nbsp;&nbsp;$342235.10 |
| &nbsp;&nbsp;HWL Personal Asset Trust | &nbsp;&nbsp;Howard W. Lutnick, as Trustee of the HWL Personal Asset Trust | &nbsp;&nbsp;Lutnick 1999 Descendants' Trust | &nbsp;&nbsp;10,000 voting units of KBCR Management Partners, LLC | &nbsp;&nbsp; $12754560.61<br>|
| &nbsp;&nbsp;Allison Lutnick | &nbsp;&nbsp;Allison Lutnick | &nbsp;&nbsp;Lutnick 1999 Descendants' Trust | &nbsp;&nbsp;14.75% of LFA, LLC | &nbsp;&nbsp;$1924896.53 |
|  | &nbsp;&nbsp;Aggregate Purchase Price | &nbsp;&nbsp;Aggregate Purchase Price | &nbsp;&nbsp;Aggregate Purchase Price | &nbsp;&nbsp; $15021692.23 |

---

## Ex-19

**Exhibit 19**

**<u>Newmark Proxy for Voting Shares Beneficially Owned by Howard W. Lutnick</u>**

**<u>as of the Record Date of 9/23/2025</u>**

The undersigned, Howard W. Lutnick, has entered into transactions to divest his interests in Newmark Group, Inc., a Delaware corporation (the "<u>Company</u>"), which have closed effective October 6, 2025 (the "<u>Closing</u>"). The undersigned previously beneficially owned shares of Class A common stock, par value $0.01 per share, of the Company ("<u>Class A Common Stock</u>") as of the close of business on September 23, 2025, the record date ("<u>Record Date</u>") for the 2025 Annual Meeting of Stockholders of the Company (together with any adjournments or postponements, the "<u>Stockholder Meeting</u>"), which entitles him to vote such shares at the Stockholder Meeting.

To remove voting control during the interim period between the Closing and the Stockholder Meeting over the shares of Class A Common Stock that have been sold, Mr. Howard W. Lutnick hereby irrevocably appoints Mr. Brandon G. Lutnick (the "<u>Proxyholder</u>") as proxy and attorney-in-fact, with full power of substitution, to represent and vote all shares of Class A Common Stock owned of record by Mr. Howard W. Lutnick on the Record Date for the Stockholder Meeting.

The Proxyholder is authorized to vote such shares in his discretion on all matters that may properly come before the Stockholder Meeting. This proxy is given in connection with the divestment of such shares by Mr. Howard W. Lutnick and is coupled with an interest. Accordingly, this proxy is irrevocable and shall remain in full force and effect through the Stockholder Meeting.

DATED: October 6, 2025

---

| | |
|:---|:---|
| By: | /s/ Howard W. Lutnick |
| Name: | Howard W. Lutnick |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**Newmark Group, Inc.**

*(Name of Issuer)*

**Class A Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**65158N102**

*(CUSIP Number)*

**Stephen M. Merkel, Esq.**<br>Cantor Fitzgerald, L.P.<br>499 Park Avenue<br>New York NY 10022<br>(212) 610-2200

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/06/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **65158N102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cantor Fitzgerald, L.P.** | Name of reporting person<br>**Cantor Fitzgerald, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**39281344.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**39281344.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**39281344.00** | Aggregate amount beneficially owned by each reporting person<br>**39281344.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**19.9%** | Percent of class represented by amount in Row (11)<br>**19.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **65158N102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**CF Group Management, Inc.** | Name of reporting person<br>**CF Group Management, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEW YORK** | Citizenship or place of organization<br>**NEW YORK** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**40660282.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**40660282.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**40660282.00** | Aggregate amount beneficially owned by each reporting person<br>**40660282.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**20.5%** | Percent of class represented by amount in Row (11)<br>**20.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **65158N102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Brandon G. Lutnick** | Name of reporting person<br>**Brandon G. Lutnick** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**3335.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**44022715.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**3335.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**44022715.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**44026050.00** | Aggregate amount beneficially owned by each reporting person<br>**44026050.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**22.3%** | Percent of class represented by amount in Row (11)<br>**22.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock, par value $0.01 per share

**(b) Name of Issuer:**
Newmark Group, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
125 PARK AVENUE, NEW YORK, NY, 10017

This Amendment No. 5A (this "Amendment") amends the Schedule 13D, dated March 19, 2018 (the "Original 13D"), subsequently amended by Amendment No. 1 to the Original 13D, dated December 12, 2018 ("Amendment No. 1"), Amendment No. 2 to the Original 13D, dated November 21, 2024 ("Amendment No. 2"), Amendment No. 3 to the Original 13D, dated February 19, 2025 ("Amendment No. 3"), and Amendment No. 4 to the Original 13D, dated May 19, 2025 ("Amendment No. 4") filed by Cantor Fitzgerald, L.P., a Delaware limited partnership ("CFLP"), CF Group Management, Inc., a New York corporation ("CFGM,"), and Howard W. Lutnick. This Amendment is being filed by CFLP, CFGM and Mr. Brandon G. Lutnick (collectively, the "Reporting Persons"). Except as specifically provided herein, this Amendment No. 5A does not modify any of the information previously reported in the Original 13D as so amended. Capitalized terms used in this Amendment but not defined herein shall have the respective meanings ascribed to them in the Original 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3 or Amendment No. 4, as the case may be.

Unless otherwise noted, the terms "Class A Common Stock" and "Class B Common Stock" refer to the Class A Common Stock, par value $0.01 per share, and Class B Common Stock, par value $0.01 per share, respectively, of Newmark Group, Inc., a Delaware corporation (the "Company" or "Newmark"), and the term "Common Stock" refers to the Class A Common Stock and the Class B Common Stock, collectively.

**Item 4. Purpose of Transaction**

Item 4 is hereby amended and supplemented with the following:

Completion of Howard W. Lutnick Divestiture

In accordance with the transactions detailed below, Mr. Howard W. Lutnick, the U.S. Secretary of Commerce and the Company's former Executive Chairman and former Chairman of the Board of Directors of the Company, has completed his previously announced divestiture of his holdings in the Company in connection with his appointment as the U.S. Secretary of Commerce. Mr. Howard W. Lutnick no longer has any voting or dispositive power over any of the securities of the Company and the Reporting Persons understand that he will file Amendment No. 5B as his final amendment to the Original 13D to reflect his zero ownership.

Acquisition of CFGM Voting Shares by Trusts Controlled by Mr. Brandon G. Lutnick

As previously disclosed in Amendment No. 4, on May 16, 2025, Howard W. Lutnick, in his capacity as trustee of a trust, entered into agreements to sell to trusts controlled by Brandon G. Lutnick (the "Purchaser Trusts") all of the voting shares of CFGM, which is the managing general partner of CFLP. On October 6, 2025, the transactions under such agreements closed. The aggregate purchase price for such sales was $200,000, and was paid using cash on hand at the Purchaser Trusts.

Acquisitions of Interests in Tangible Benefits and KBCR by Trusts Controlled by Mr. Brandon G. Lutnick

As previously disclosed in Amendment No. 4, on May 16, 2025, Mr. Howard W. Lutnick, in his capacity as trustee of a trust, entered into an agreement to sell to certain other trusts controlled by Mr. Brandon G. Lutnick certain interests, including all outstanding equity interests held by a trust controlled by Mr. Howard W. Lutnick in Tangible Benefits, LLC, a Delaware limited liability company ("Tangible Benefits"), and KBCR Management Partners, LLC, a Delaware limited liability company ("KBCR"), both of which hold shares of the Company. On October 6, 2025, the transactions under such agreements closed concurrently with the closing of the sale of the voting shares of CFGM described above. The aggregate purchase price of the interests in KBCR and Tangible Benefits was $13,096,795.70 and was paid using cash on hand at the purchasing trusts.

Following the closing of the transactions described above, Brandon G. Lutnick may be deemed to have beneficial ownership of 58.6% of the total voting power of the outstanding Common Stock of the Company and Howard W. Lutnick no longer has beneficial ownership over such securities.

********
Other than as described in this Item 4, none of the Reporting Persons has any current plans or proposals that relate to or that would result in any of the transactions or other matters specified in clauses (a) through (j) of Item 4 of Schedule 13D; provided, that the Reporting Persons may, at any time, review or reconsider their positions with respect to the Company and reserve the right to develop such plans or proposals.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 is hereby amended and restated as follows:

The information set forth in this Item 5 is based upon an aggregate of 157,645,372 shares of Class A Common Stock outstanding as of October 1, 2025, which, as of the same date, reflects the effect of all monetizations, unit redemptions, exchanges, dispositions, or other transactions reported in the public filings of the Company and/or in Section 16(a) reports of the relevant persons since the filing of Amendment No. 4.

CFLP is the beneficial owner of, and has shared voting and shared dispositive power with respect to, (i) an aggregate of 20,932,207 shares of Class A Common Stock acquirable by CFLP upon conversion of 20,932,207 shares of Class B Common Stock held directly by CFLP and (ii) 18,349,137 shares of Class A Common Stock acquirable by CFLP upon exchange of 19,787,703 exchangeable limited partnership interests ("Holdings Units") of Newmark Holdings, L.P. held directly by CFLP which are exchangeable by CFLP for either Class A Common Stock or Class B Common Stock at the current exchange ratio (which is subject to adjustment) of 0.9273 shares of Common Stock per Holdings Unit. CFLP shares voting and dispositive power over these shares of Class A Common Stock with CFGM, its Managing General Partner, and with Mr. Brandon G. Lutnick, who controls the trusts that hold all of the voting shares of CFGM and is also the Chairman and Chief Executive Officer of CFGM.

CFGM is the beneficial owner of, and has shared voting and shared dispositive power with respect to, (i) 20,932,207 shares of Class A Common Stock acquirable by CFLP upon conversion of 20,932,207 shares of Class B Common Stock held directly by CFLP, (ii) 353,326 shares of Class A Common Stock acquirable by CFGM upon conversion of 353,326 shares of Class B Common Stock held directly by CFGM, (iii) 18,349,137 shares of Class A Common Stock acquirable upon exchange of 19,787,703 exchangeable Holdings Units held directly by CFLP at the current exchange ratio (which is subject to adjustment) of 0.9271 shares of Common Stock per Holdings Unit, and (iv) 1,025,612 shares of Class A Common Stock held directly.

Mr. Brandon G. Lutnick is the beneficial owner of, and has sole voting and dispositive power with respect to, 3,335 shares of Class A Common Stock held directly. In addition, Mr. Brandon G. Lutnick is the beneficial owner of, and has shared voting and dispositive power with respect to:

(a) 20,932,207 shares of Class A Common Stock acquirable by CFLP upon conversion of 20,932,207 shares of Class B Common Stock held directly by CFLP;

(b) 353,326 shares of Class A Common Stock acquirable by CFGM upon conversion of 353,326 shares of Class B Common Stock held directly by CFGM;

(c) 18,349,137 shares of Class A Common Stock acquirable upon exchange of 19,787,703 exchangeable Holdings Units held directly by CFLP at the current exchange ratio (which is subject to adjustment) of 0.9273 shares of Common Stock per Holdings Unit;

(d) 1,025,612 shares of Class A Common Stock held directly by CFGM;

(e) 746,955 shares of Class A Common Stock held by Tangible Benefits, through Mr. Brandon G. Lutnick's position as manager of Tangible Benefits and as trustee with decision making control of a trust which holds all of the issued and outstanding equity interests of Tangible Benefits;

(f) 907,803 shares of Class A Common Stock held by various trust accounts for the benefit of the descendants of Mr. Howard Lutnick and his immediate family, through Mr. Brandon G. Lutnick's position as trustee with decision making control;

(g) 246,114 shares of Class A Common Stock held by various trust accounts for the benefit of members of Mr. Howard Lutnick's immediate family, through Mr. Brandon G. Lutnick's position as trustee with decision making control;

(h) 1,362,415 shares of Class A Common Stock owned of record by KBCR, through Mr. Brandon G. Lutnick's position as manager of KBCR and as trustee with decision making control of trusts which hold all of the issued and outstanding equity interests of KBCR; and

(i) 99,146 shares of Class A Common Stock held by LFA, LLC, a Delaware limited liability company ("LFA"), through Mr. Brandon G. Lutnick's position as manager of LFA.

KBCR is the beneficial owner of, and has shared voting and dispositive power with respect to, 1,362,415 shares of Class A Common Stock held by it.

Mr. Stephen M. Merkel is the beneficial owner of, and has sole voting and dispositive power with respect to, 71,098 shares of Class A Common Stock, comprised of (i) 59,605 shares of Class A Common Stock held directly, and (ii) 11,493 shares of Class A Common Stock held in Mr. Merkel's 401(k) account (as of October 1, 2025). In addition, Mr. Merkel is the beneficial owner of, and has shared voting and dispositive power with respect to, 2,901 shares of Class A Common Stock held in trusts for the benefit of Mr. Merkel's immediate family, of which Mr. Merkel's spouse is the sole trustee.

Ms. Edith Lutnick is the beneficial owner of, and has sole voting and dispositive power with respect to, 47,140 shares of Class A Common Stock held by her. In addition, Ms. Edith Lutnick is the beneficial owner of, and has shared voting and dispositive power with respect to, 68,185 shares of Class A Common Stock held by LFA attributable to her as holder of the majority of the units of LFA.

Mr. Kyle S. Lutnick is the beneficial owner of, and has sole voting and dispositive power with respect to, (i) 6,006 shares of Class A Common Stock held directly, and (ii) 537 shares of Class A Common Stock held in his 401(k) account (as of October 1, 2025).

Mr. Danny Salinas does not beneficially own any shares of Class A Common Stock.

As previously reported, CFLP has pledged to Bank of America, N.A., pursuant to a Put and Pledge Agreement, originally dated as of December 27, 2017 and as most recently amended and restated effective October 5, 2023, 5,000,000 shares of the Company's Class B Common Stock in connection with a loan program established for certain employees and partners of CFLP and its affiliates.

Number of shares and percent of Class A Common Stock beneficially owned by each of the Reporting Persons and the other persons listed below:

Number of Shares of Class A Common Stock:

Person Number of Shares
CFLP 39,281,344
CFGM 40,660,282
Mr. Brandon G. Lutnick 44,026,050
KBCR 1,362,415
Mr. Merkel 73,999
Ms. Lutnick 115,325
Mr. Kyle S. Lutnick 6,543
Mr. Salinas 0

Percent of Class A Common Stock:

Person Percentage
CFLP 20.9%
CFGM 20.5%
Mr. Brandon G. Lutnick 22.3%
KBCR *
Mr. Merkel *
Ms. Lutnick *
Mr. Kyle S. Lutnick *
Mr. Salinas *

* less than 1%

(b)

**(b)**
Number of shares of Class A Common Stock beneficially owned as to which the Reporting Persons and each of the other persons listed below has:

(i) sole power to vote or direct the vote:

Person Number of Shares
CFLP 0
CFGM 0
Mr. Brandon G. Lutnick 3,335
KBCR 0
Mr. Merkel 71,098
Ms. Lutnick 47,140
Mr. Kyle S. Lutnick 6,543
Mr. Salinas 0

(ii) shared power to vote or direct the vote:

Person Number of Shares
CFLP 39,281,344
CFGM 40,660,282
Mr. Howard Lutnick 0
Mr. Brandon G. Lutnick 44,022,715
KBCR 1,362,415
Mr. Merkel 2,901
Ms. Lutnick 68,185
Mr. Kyle S. Lutnick 0
Mr. Salinas 0

(iii) sole power to dispose or to direct the disposition:

Person Number of Shares
CFLP 0
CFGM 0
Mr. Brandon G. Lutnick 3,335
KBCR 0
Mr. Merkel 15,939
Ms. Lutnick 47,140
Mr. Kyle S. Lutnick 6,543
Mr. Salinas 0

(iv) shared power to dispose of or to direct the disposition:

Person Number of Shares
CFLP 39,281,344
CFGM 40,660,282
Mr. Brandon G. Lutnick 44,022,715
KBCR 1,362,416
Mr. Merkel 2,901
Ms. Lutnick 68,185
Mr. Kyle S. Lutnick 0
Mr. Salinas 0

**(c)**
See Item 4 of this Amendment, which is incorporated by reference herein.

As previously reported, on July 29, 2025, the Company granted Mr. Merkel 68,302 shares of Class A Common Stock following the redemption and cancellation of 73,657 of Mr. Merkel's non-exchangeable limited partnership interests ("Interests") of Newmark Holdings, L.P. previously held by Mr. Merkel, at the then-current exchange ratio of 0.9273 shares of Class A Common Stock per Interest, delivered less 13,158 shares withheld by the Company for taxes at $14.37 per share, in the amount of 55,144 net shares.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is hereby amended and supplemented with the below information and the information contained in Item 4 and Item 5 responsive hereto, which is incorporated by reference herein.

On May 16, 2025, Brandon G. Lutnick, Kyle S. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, each in their capacity as trustees of the Purchaser Trusts described above and other trusts, KBCR, Tangible Benefits and LFA entered into a voting and transfer agreement relating to securities of the Company held by the trusts and entities, with the voting and transfer provisions of such agreement effective as of October 6, 2025.  Such agreement, which is filed herewith as Exhibit 13, is incorporated into this Item 6.

On October 6, 2025, in connection with the completion of the divestiture of his holdings in the Company, Mr. Howard W. Lutnick granted an irrevocable proxy to Mr. Brandon G. Lutnick with respect to the voting of the shares of Common Stock held of record by Mr. Howard W. Lutnick as of the record date for the 2025 annual meeting of the Company's stockholders, authorizing Mr. Brandon Lutnick to votes all such shares in his discretion on all matters that may properly come before such annual meeting.  Such proxy, which is filed herewith as Exhibit 19, is incorporated into this Item 6.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Cantor Fitzgerald, L.P.

**Signature:** /s/ Brandon G. Lutnick

**Name/Title:** Brandon G. Lutnick/ Chief Executive Officer

**Date:** 10/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** CF Group Management, Inc.

**Signature:** /s/ Brandon G. Lutnick

**Name/Title:** Brandon G. Lutnick/ Chief Executive Officer

**Date:** 10/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Brandon G. Lutnick

**Signature:** /s/ Brandon G. Lutnick

**Name/Title:** Brandon G. Lutnick / Self

**Date:** 10/06/2025