# EDGAR Filing Document

**Accession Number:** 0001874315
**File Stem:** 0001213900-25-096618
**Filing Date:** 2025-10
**Character Count:** 215527
**Document Hash:** fd47b1302501a6aab572471dde748069
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-096618.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001213900-25-096618

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

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Satellogic Inc.
- **CENTRAL INDEX KEY:** 0001874315
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93334
- **FILM NUMBER:** 251377576

**BUSINESS ADDRESS:**
- **STREET 1:** 210 DELBURG STREET
- **CITY:** DAVIDSON
- **STATE:** NC
- **ZIP:** 28036
- **BUSINESS PHONE:** 1-206-313-4516

**MAIL ADDRESS:**
- **STREET 1:** 210 DELBURG STREET
- **CITY:** DAVIDSON
- **STATE:** NC
- **ZIP:** 28036
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CFAC Holdings V, LLC
- **CENTRAL INDEX KEY:** 0001828762

**ORGANIZATION NAME:**
- **EIN:** 133680189
- **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:** 212-938-5000

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

## Exhibit 99.8

**Exhibit 8**

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

JOINT FILING AGREEMENT, dated as of this 6th day of October, 2025 among CFAC Holdings V, LLC, Cantor Fitzgerald & Co., Cantor Fitzgerald Securities, 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;&nbsp;&nbsp;&nbsp;&nbsp;1. Amendment
 No. 4A to Schedule 13D with respect to the shares of Class A common stock of Satellogic Inc. (to which this Joint Filing Agreement
 is an exhibit) is filed on behalf of each of the Reporting Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| | | | |
|:---|:---|:---|:---|
| CFAC HOLDINGS V, LLC | CFAC HOLDINGS V, LLC | CANTOR FITZGERALD, L.P. | CANTOR FITZGERALD, L.P. |
| By: | /s/ Brandon G. Lutnick | By: | /s/ Brandon G. Lutnick |
| Name: | Brandon G. Lutnick | Name: | Brandon G. Lutnick |
| Title: | Chief Executive Officer | Title: | Chief Executive Officer |

---

---

| | | | |
|:---|:---|:---|:---|
| CANTOR FITZGERALD & CO. | CANTOR FITZGERALD & CO. | CANTOR FITZGERALD SECURITIES | CANTOR FITZGERALD SECURITIES |
| By: | /s/ Danny Salinas | By: | /s/ Danny Salinas |
| Name: | Danny Salinas | Name: | Danny Salinas |
| Title: | Chief Financial Officer | Title: | Chief Financial Officer |

---

---

| | |
|:---|:---|
| CF GROUP MANAGEMENT, INC. | CF GROUP MANAGEMENT, INC. |
| By: | /s/ Brandon G. Lutnick |
| Name: | Brandon G. Lutnick |
| Title: | Chief Executive Officer |

---

[Signature page to Joint Filing Agreement for Satellogic Inc. Schedule 13D/A]

## Exhibit 99.9

**Exhibit 9**

*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**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I DEFINITIONS AND INTERPRETATION | ARTICLE I DEFINITIONS AND INTERPRETATION | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.02 | Other Definitional and Interpretative Provisions | 3 |
| ARTICLE II THE PURCHASE AND SALE | ARTICLE II THE PURCHASE AND SALE | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.01 | Purchase and Sale | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.02 | Closing | 5 |
| ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER | ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.01 | Trust Existence and Power | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.02 | Authority of Seller; Enforceability | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.03 | Non-contravention | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.04 | Title | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.05 | Absence of Litigation | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.06 | No Other Representations or Warranties | 7 |
| ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER | ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.01 | Trust Existence and Power | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.02 | Trustee Authorization | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.03 | Non-contravention | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.04 | Absence of Litigation | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.05 | Financing | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.06 | Investment Intention | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.07 | No Other Representations or Warranties | 9 |
| ARTICLE V COVENANTS OF THE PARTIES | ARTICLE V COVENANTS OF THE PARTIES | 9 |
| &nbsp;&nbsp;&nbsp;Section 5.01 | Reasonable Best Efforts. | 9 |
| &nbsp;&nbsp;&nbsp;Section 5.02 | Public Announcements | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.03 | Exclusivity | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.04 | Trustee | 11 |
| ARTICLE VI CONDITIONS TO THE CLOSING | ARTICLE VI CONDITIONS TO THE CLOSING | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.01 | Conditions to the Obligations of Each Party | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.02 | Conditions to the Obligations of Buyer | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.03 | Conditions to the Obligations of Seller | 12 |
| ARTICLE VII TERMINATION; SURVIVAL | ARTICLE VII TERMINATION; SURVIVAL | 12 |
| &nbsp;&nbsp;&nbsp;Section 7.01 | Termination | 12 |
| &nbsp;&nbsp;&nbsp;Section 7.02 | Effect of Termination | 13 |
| &nbsp;&nbsp;&nbsp;Section 7.03 | No Survival | 13 |
| ARTICLE VIII MISCELLANEOUS | ARTICLE VIII MISCELLANEOUS | 13 |
| &nbsp;&nbsp;&nbsp;Section 8.01 | Notices | 13 |
| &nbsp;&nbsp;&nbsp;Section 8.02 | Amendments and Waivers | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.03 | Costs and Expenses | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.04 | Binding Effect; Benefit; Assignment | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.05 | Governing Law | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.06 | Jurisdiction | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.07 | Waiver of Jury Trial | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.08 | Counterparts; Effectiveness | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.09 | Entire Agreement | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.10 | Severability | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.11 | Specific Performance; Remedies | 16 |

---

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

\*\*\*\*\*\*

\*\*\*\*\*\*

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>** | **<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)*]

## Exhibit 99.10

**Exhibit 10**

*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 |
| &nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.02 | Other Definitional and Interpretative Provisions | 3 |
| ARTICLE II THE PURCHASE AND SALE | ARTICLE II THE PURCHASE AND SALE | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.01 | Purchase and Sale | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.02 | Closing | 5 |
| ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER | ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.01 | Trust Existence and Power | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.02 | Authority of Seller; Enforceability | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.03 | Non-contravention | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.04 | Title | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.05 | Absence of Litigation | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.06 | No Other Representations or Warranties | 7 |
| ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER | ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.01 | Trust Existence and Power | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.02 | Trustee Authorization | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.03 | Non-contravention | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.04 | Absence of Litigation | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.05 | Financing | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.06 | Investment Intention | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.07 | No Other Representations or Warranties | 9 |
| ARTICLE V COVENANTS OF THE PARTIES | ARTICLE V COVENANTS OF THE PARTIES | 9 |
| &nbsp;&nbsp;&nbsp;Section 5.01 | Reasonable Best Efforts. | 9 |
| &nbsp;&nbsp;&nbsp;Section 5.02 | Public Announcements | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.03 | Exclusivity | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.04 | Trustee | 11 |
| ARTICLE VI CONDITIONS TO THE CLOSING | ARTICLE VI CONDITIONS TO THE CLOSING | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.01 | Conditions to the Obligations of Each Party | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.02 | Conditions to the Obligations of Buyer | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.03 | Conditions to the Obligations of Seller | 12 |
| ARTICLE VII TERMINATION; SURVIVAL | ARTICLE VII TERMINATION; SURVIVAL | 12 |
| &nbsp;&nbsp;&nbsp;Section 7.01 | Termination | 12 |
| &nbsp;&nbsp;&nbsp;Section 7.02 | Effect of Termination | 13 |
| &nbsp;&nbsp;&nbsp;Section 7.03 | No Survival | 13 |
| ARTICLE VIII MISCELLANEOUS | ARTICLE VIII MISCELLANEOUS | 13 |
| &nbsp;&nbsp;&nbsp;Section 8.01 | Notices | 13 |
| &nbsp;&nbsp;&nbsp;Section 8.02 | Amendments and Waivers | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.03 | Costs and Expenses | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.04 | Binding Effect; Benefit; Assignment | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.05 | Governing Law | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.06 | Jurisdiction | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.07 | Waiver of Jury Trial | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.08 | Counterparts; Effectiveness | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.09 | Entire Agreement | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.10 | Severability | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.11 | Specific Performance; Remedies | 16 |

---

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 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>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:

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

\*\*\*\*\*\*

\*\*\*\*\*\*

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>** | **<u>HOWARD W. LUTNICK REVOCABLE TRUST</u>** |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Trustee |
| **<u>KSL MANAGEMENT TRUST</u>** | **<u>KSL MANAGEMENT TRUST</u>** | **<u>KSL 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 (KSL Management Trust)*]

## Exhibit 99.11

**Exhibit 11**

*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 |
| &nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.02 | Other Definitional and Interpretative Provisions | 3 |
| ARTICLE II THE PURCHASE AND SALE | ARTICLE II THE PURCHASE AND SALE | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.01 | Purchase and Sale | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.02 | Closing | 5 |
| ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER | ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.01 | Trust Existence and Power | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.02 | Authority of Seller; Enforceability | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.03 | Non-contravention | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.04 | Title | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.05 | Absence of Litigation | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.06 | No Other Representations or Warranties | 7 |
| ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER | ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.01 | Trust Existence and Power | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.02 | Trustee Authorization | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.03 | Non-contravention | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.04 | Absence of Litigation | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.05 | Financing | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.06 | Investment Intention | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.07 | No Other Representations or Warranties | 9 |
| ARTICLE V COVENANTS OF THE PARTIES | ARTICLE V COVENANTS OF THE PARTIES | 9 |
| &nbsp;&nbsp;&nbsp;Section 5.01 | Reasonable Best Efforts. | 9 |
| &nbsp;&nbsp;&nbsp;Section 5.02 | Public Announcements | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.03 | Exclusivity | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.04 | Trustee | 11 |
| ARTICLE VI CONDITIONS TO THE CLOSING | ARTICLE VI CONDITIONS TO THE CLOSING | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.01 | Conditions to the Obligations of Each Party | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.02 | Conditions to the Obligations of Buyer | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.03 | Conditions to the Obligations of Seller | 12 |
| ARTICLE VII TERMINATION; SURVIVAL | ARTICLE VII TERMINATION; SURVIVAL | 12 |
| &nbsp;&nbsp;&nbsp;Section 7.01 | Termination | 12 |
| &nbsp;&nbsp;&nbsp;Section 7.02 | Effect of Termination | 13 |
| &nbsp;&nbsp;&nbsp;Section 7.03 | No Survival | 13 |
| ARTICLE VIII MISCELLANEOUS | ARTICLE VIII MISCELLANEOUS | 13 |
| &nbsp;&nbsp;&nbsp;Section 8.01 | Notices | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.02 | Amendments and Waivers | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.03 | Costs and Expenses | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.04 | Binding Effect; Benefit; Assignment | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.05 | Governing Law | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.06 | Jurisdiction | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.07 | Waiver of Jury Trial | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.08 | Counterparts; Effectiveness | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.09 | Entire Agreement | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.10 | Severability | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.11 | Specific Performance; Remedies | 16 |

---

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 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>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:

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

\*\*\*\*\*\*

\*\*\*\*\*\*

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>** | **<u>HOWARD W. LUTNICK REVOCABLE TRUST</u>** |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Trustee |
| **<u>RGL MANAGEMENT TRUST</u>** | **<u>RGL MANAGEMENT TRUST</u>** | **<u>RGL 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 (RGL Management Trust)*]

## Exhibit 99.12

**Exhibit 12**

*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**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I DEFINITIONS AND INTERPRETATION | ARTICLE I DEFINITIONS AND INTERPRETATION | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.02 | Other Definitional and Interpretative Provisions | 3 |
| ARTICLE II THE PURCHASE AND SALE | ARTICLE II THE PURCHASE AND SALE | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.01 | Purchase and Sale | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.02 | Closing | 5 |
| ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER | ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.01 | Trust Existence and Power | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.02 | Authority of Seller; Enforceability | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.03 | Non-contravention | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.04 | Title | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.05 | Absence of Litigation | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.06 | No Other Representations or Warranties | 7 |
| ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER | ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.01 | Trust Existence and Power | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.02 | Trustee Authorization | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.03 | Non-contravention | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.04 | Absence of Litigation | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.05 | Financing | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.06 | Investment Intention | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.07 | No Other Representations or Warranties | 9 |
| ARTICLE V COVENANTS OF THE PARTIES | ARTICLE V COVENANTS OF THE PARTIES | 9 |
| &nbsp;&nbsp;&nbsp;Section 5.01 | Reasonable Best Efforts. | 9 |
| &nbsp;&nbsp;&nbsp;Section 5.02 | Public Announcements | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.03 | Exclusivity | 10 |
| &nbsp;&nbsp;&nbsp;Section 5.04 | Trustee | 11 |
| ARTICLE VI CONDITIONS TO THE CLOSING | ARTICLE VI CONDITIONS TO THE CLOSING | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.01 | Conditions to the Obligations of Each Party | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.02 | Conditions to the Obligations of Buyer | 11 |
| &nbsp;&nbsp;&nbsp;Section 6.03 | Conditions to the Obligations of Seller | 12 |
| ARTICLE VII TERMINATION; SURVIVAL | ARTICLE VII TERMINATION; SURVIVAL | 12 |
| &nbsp;&nbsp;&nbsp;Section 7.01 | Termination | 12 |
| &nbsp;&nbsp;&nbsp;Section 7.02 | Effect of Termination | 13 |
| &nbsp;&nbsp;&nbsp;Section 7.03 | No Survival | 13 |
| ARTICLE VIII MISCELLANEOUS | ARTICLE VIII MISCELLANEOUS | 13 |
| &nbsp;&nbsp;&nbsp;Section 8.01 | Notices | 13 |
| &nbsp;&nbsp;&nbsp;Section 8.02 | Amendments and Waivers | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.03 | Costs and Expenses | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.04 | Binding Effect; Benefit; Assignment | 14 |
| &nbsp;&nbsp;&nbsp;Section 8.05 | Governing Law | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.06 | Jurisdiction | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.07 | Waiver of Jury Trial | 15 |
| &nbsp;&nbsp;&nbsp;Section 8.08 | Counterparts; Effectiveness | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.09 | Entire Agreement | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.10 | Severability | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.11 | Specific Performance; Remedies | 16 |

---

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

\*\*\*\*\*\*

\*\*\*\*\*\*

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>** | **<u>HOWARD W. LUTNICK REVOCABLE TRUST</u>** |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Trustee |
| **<u>CJL MANAGEMENT TRUST</u>** | **<u>CJL MANAGEMENT TRUST</u>** | **<u>CJL 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 (CJL Management Trust)*]

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Satellogic Inc.**

*(Name of Issuer)*

**Class A Common Stock, $0.0001 par value**

*(Title of Class of Securities)*

**G7823S101**

*(CUSIP Number)*

**Brandon Lutnick**<br>110 East 59th Street<br>New York NY 10022<br>212-938-5000

*(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.** | **G7823S101** |

---

| | | | |
|:--|:--|:--|:--|
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**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>**13914206.00** |
| 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>**13914206.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13914206.00** | Aggregate amount beneficially owned by each reporting person<br>**13914206.00** | |
| 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>**14.6%** | Percent of class represented by amount in Row (11)<br>**14.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **G7823S101** |

---

| | | | |
|:--|:--|:--|:--|
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**13914206.00** |
| 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>**13914206.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13914206.00** | Aggregate amount beneficially owned by each reporting person<br>**13914206.00** | |
| 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>**14.6%** | Percent of class represented by amount in Row (11)<br>**14.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **G7823S101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**CFAC Holdings V, LLC** | Name of reporting person<br>**CFAC Holdings V, LLC** | |
| 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>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 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>**11022071.00** |
| 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>**11022071.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**11022071.00** | Aggregate amount beneficially owned by each reporting person<br>**11022071.00** | |
| 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>**12.1%** | Percent of class represented by amount in Row (11)<br>**12.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **G7823S101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**CANTOR FITZGERALD & CO.** | Name of reporting person<br>**CANTOR FITZGERALD & CO.** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**2078064.00** |
| 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>**2078064.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2078064.00** | Aggregate amount beneficially owned by each reporting person<br>**2078064.00** | |
| 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>**2.2%** | Percent of class represented by amount in Row (11)<br>**2.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **G7823S101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**CANTOR FITZGERALD SECURITIES** | Name of reporting person<br>**CANTOR FITZGERALD SECURITIES** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**2892135.00** |
| 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>**2892135.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2892135.00** | Aggregate amount beneficially owned by each reporting person<br>**2892135.00** | |
| 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>**3.0%** | Percent of class represented by amount in Row (11)<br>**3.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **G7823S101** |

---

| | | | |
|:--|:--|:--|:--|
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13914206.00** |
| 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>**13914206.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13914206.00** | Aggregate amount beneficially owned by each reporting person<br>**13914206.00** | |
| 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>**14.6%** | Percent of class represented by amount in Row (11)<br>**14.6%** | |
| 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, $0.0001 par value

**(b) Name of Issuer:**
Satellogic Inc.

**(c) Address of Issuer's Principal Executive Offices:**
210 Delburg Street, Davidson, NC, 28036

This Amendment No. 4A (this "Amendment") amends and supplements the Schedule 13D filed with the United States Securities and Exchange Commission (the "SEC") on February 4, 2022 (the "Original Schedule 13D"), as amended by Amendment No. 1 to the Original Schedule 13D filed with the SEC on May 17, 2022 ("Amendment No. 1"), Amendment No. 2 to the Original Schedule 13D filed with the SEC on November 21, 2024 ("Amendment No. 2") and Amendment No. 3 to the Original Schedule 13D filed with the SEC on November 27, 2024 ("Amendment No. 3" and, together with the Original Schedule 13D, Amendment No. 1 and Amendment No. 2, the "Prior Schedule 13D"), by Cantor Fitzgerald, L.P., a Delaware limited partnership ("Cantor"), CF Group Management, Inc., a New York corporation ("CFGM"), CFAC Holdings V, LLC, a Delaware limited liability company ("CFAC"), Cantor Fitzgerald & Co., a New York general partnership ("CF&Co."), Cantor Fitzgerald Securities, a New York general partnership ("CFS"), and Howard W. Lutnick. This Amendment is being filed by CFAC, CF&Co., CFS, Cantor, CFGM and Mr. Brandon G. Lutnick (collectively, the "Reporting Persons") relating to their beneficial ownership of shares of Class A common stock, par value $0.0001 per share (the "Class A Common Stock"), of Satellogic Inc. (the "Issuer"). Capitalized terms used but not defined in this Amendment have the respective meanings set forth in the Prior Schedule 13D.

**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, has completed his previously announced divestiture of his holdings in Cantor and CFGM 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 Issuer, and the Reporting Persons understand that he will file Amendment No. 4B as his final amendment to the Original Schedule 13D to reflect his zero ownership.

Acquisition of CFGM Voting Shares by Trusts Controlled by Mr. Brandon G. Lutnick

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 Cantor. 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.

Following the closing of the transactions described above, Brandon G. Lutnick may be deemed to have beneficial ownership of the shares of Class A Common Stock owned by CFAC, CF&Co. and CFS, 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 Issuer and reserve the right to develop such plans or proposals.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) is hereby amended and restated as follows:

The aggregate number and percentage of shares of Class A Common Stock beneficially owned by each of the Reporting Persons is on the basis of a total of 94,985,681 shares of Class A Common Stock outstanding as of August 1, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 12, 2025. As of the date hereof, (i) CFAC directly owns 10,488,738 shares of Class A Common Stock (including up to 1,863,696 shares of Class A Common Stock that are subject to forfeiture based on vesting and earn-out targets as further described in Item 4 of the Prior Schedule 13D) and 533,333 shares of Class A Common Stock underlying an equal number of warrants to purchase shares of Class A Common Stock held by CFAC which are exercisable within 60 days, (ii) CF&Co. directly owns 2,078,064 shares of Class A Common Stock, and (iii) CFS directly owns 814,071 shares of Class A Common Stock. None of the other Reporting Persons directly own any shares of Class A Common Stock.

**(b)**
Item 5(b) is hereby amended and restated as follows:

As of the date hereof:

(i) CFAC directly owns, is the beneficial owner of, and has shared voting and dispositive power with respect to, 10,488,738 shares of Class A Common Stock (including up to 1,863,696 shares of Class A Common Stock that are subject to forfeiture based on vesting and earn-out targets as further described in Item 4 of the Prior Schedule 13D) and 533,333 shares of Class A Common Stock underlying an equal number of warrants to purchase shares of Class A Common Stock held by CFAC which are exercisable within 60 days, which represent approximately 14.6% of the issued and outstanding shares of Class A Common Stock based on 94,985,681 shares of Class A Common Stock outstanding as of August 1, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 12, 2025.

(ii) CF&Co. directly owns, is the beneficial owner of, and has shared voting and dispositive power with respect to, 2,078,064 shares of Class A Common Stock, which represent approximately 2.2% of the issued and outstanding shares of Class A Common Stock based on 94,985,681 shares of Class A Common Stock outstanding as of August 1, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 12, 2025.

(iii) CFS directly owns, is the beneficial owner of, and has shared voting and dispositive power with respect to, 814,071 shares of Class A Common Stock and may be deemed the beneficial owner of, and have shared voting and dispositive power with respect to, 2,0178,064 shares of Class A Common Stock directly owned by CF&Co., which represent approximately 3.0% of the issued and outstanding shares of Class A Common Stock based on 94,985,681 shares of Class A Common Stock outstanding as of August 1, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 12, 2025. CFS disclaims any ownership of the shares of Class A Common Stock directly owed by CF&Co. other than to the extent of any pecuniary interest it may have therein, directly or indirectly.

(iv) Cantor, as the sole member of CFAC and the indirect holder of a majority of the equity interests of CF&Co. and CFS, controls each of CFAC, CF&Co. and CFS and may be deemed to beneficially own, and have shared voting and dispositive power with respect to, all shares of Class A Common Stock directly owned by CFAC, CF&Co. and CFS, which represent approximately 14.6% of the issued and outstanding shares of Class A Common Stock based on 94,985,681 shares of Class A Common Stock outstanding as of August 1, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 12, 2025. Cantor disclaims any ownership of such shares of Class A Common Stock other than to the extent of any pecuniary interest it may have therein, directly or indirectly.

(v) CFGM, as the managing general partner of Cantor, controls Cantor and may be deemed to beneficially own, and have shared voting and dispositive power with respect to, all shares of Class A Common Stock directly owned by CFAC, CF&Co. and CFS, which represent approximately 14.6% of the issued and outstanding shares of Class A Common Stock based on 94,985,681 shares of Class A Common Stock outstanding as of August 1, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 12, 2025. CFGM disclaims any ownership of such shares of Class A Common Stock other than to the extent of any pecuniary interest it may have therein, directly or indirectly.

(vi) Brandon G. Lutnick, the Chairman and Chief Executive Officer of CFAC, Cantor and CFGM and the controlling trustee of the trusts owning all of the voting shares of CFGM, may be deemed to beneficially own, and have shared voting and dispositive power with respect to, all shares of Class A Common Stock directly owned by CFAC, CF&Co. and CFS, which represent approximately 14.6% of the issued and outstanding shares of Class A Common Stock based on 94,985,681 shares of Class A Common Stock outstanding as of August 1, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 12, 2025. Brandon G. Lutnick disclaims any ownership of such shares of Class A Common Stock other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

**(c)**
See Item 4 of this Amendment, which is incorporated by reference herein.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is hereby amended and supplemented with the information contained in Item 4 and Item 5 responsive hereto, which is incorporated by reference herein.

### 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 Lutnick

**Name/Title:** Brandon 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 Lutnick

**Name/Title:** Brandon 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:** CFAC Holdings V, LLC

**Signature:** /s/ Brandon Lutnick

**Name/Title:** Brandon 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:** CANTOR FITZGERALD & CO.

**Signature:** /s/ Danny Salinas

**Name/Title:** Danny Salinas /Chief Financial 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:** CANTOR FITZGERALD SECURITIES

**Signature:** /s/ Danny Salinas

**Name/Title:** Danny Salinas /Chief Financial 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

**Date:** 10/06/2025