Document:

2014 09 Sep 30 10-Q -Exhibit 10.2

Exhibit 10 (ii)

SUPPLEMENTAL BENEFIT PLAN

FOR EMPLOYEES OF

THE BOEING COMPANY

AS AMENDED AND RESTATED
EFFECTIVE MARCH 1, 2014

	
					
	TABLE OF CONTENTS

	ARTICLE I Introduction
	1
	

	ARTICLE II Definitions
	2
	

	 
	2.1
	Account
	2
	

	 
	2.2
	Affiliate or Subsidiary
	2
	

	 
	2.3
	Authorized Period of Absence
	2
	

	 
	2.4
	Base Salary
	2
	

	 
	2.5
	Beneficiary
	2
	

	 
	2.6
	BCERP
	2
	

	 
	2.7
	Board of Directors
	2
	

	 
	2.8
	BSS Plan
	3
	

	 
	2.9
	Code
	3
	

	 
	2.10
	Committee
	3
	

	 
	2.11
	Company
	3
	

	 
	2.12
	Company Matching Contribution
	3
	

	 
	2.13
	Compensation
	3
	

	 
	2.14
	Contribution Credit
	3
	

	 
	2.15
	DC SERP Benefit
	3
	

	 
	2.16
	Deferral Contribution
	3
	

	 
	2.17
	Deferral Election
	4
	

	 
	2.18
	Deferred Compensation Plan
	4
	

	 
	2.19
	Earnings Credits
	4
	

	 
	2.20
	Eligible Employee
	4
	

	 
	2.21
	Employee
	4
	

	 
	2.22
	Executive Company Contribution
	4
	

	 
	2.23
	Executive Incentive Pay
	4
	

	 
	2.24
	FSP
	5
	

	 
	2.25
	Layoff Period
	5
	

	 
	2.26
	Participant
	5
	

	 
	2.27
	Plan
	5
	

	 
	2.28
	Plan Year
	5
	

	 
	2.29
	PVP
	5
	

	 
	2.30
	Restoration Benefit
	5
	

	 
	2.31
	SBP Company Contribution
	5
	

	 
	2.32
	Separation from Service
	6
	

	 
	2.33
	SERP
	6
	

	 
	2.34
	Service
	6
	

	 
	2.35
	Specified Employee
	6
	

	 
	2.36
	Transition Benefit
	6
	

	 
	2.37
	Unforeseeable Emergency
	7
	

	 
	2.38
	VIP
	7
	

	ARTICLE III Restoration Benefit Eligibility and Benefits
	8
	

	 
	3.1
	Restoration Benefit Eligibility
	8
	

i

	
					
	 
	3.2
	Restoration Benefit Participation
	9
	

	 
	3.3
	Deferral Contributions
	10
	

	 
	3.4
	Company Matching Contributions
	10
	

	 
	3.5
	SBP Company Contributions
	11
	

	 
	3.6
	Vesting
	13
	

	 
	3.7
	Cancellation of Deferral Election Due to Unforeseeable Emergency
	13
	

	ARTICLE IV Executive Company Contribution Eligibility and Benefits
	14
	

	 
	4.1
	Executive Company Contribution Eligibility
	14
	

	 
	4.2
	Executive Company Contribution Participation
	14
	

	 
	4.3
	Executive Company Contribution Benefits
	15
	

	 
	4.4
	Executive Company Contribution Vesting
	16
	

	ARTICLE V DC SERP Eligibility and Benefits
	18
	

	 
	5.1
	DC SERP Eligibility
	18
	

	 
	5.2
	DC SERP Participation
	19
	

	 
	5.3
	DC SERP Benefits
	19
	

	 
	5.4
	DC SERP Vesting
	21
	

	 
	5.5
	DC SERP Forfeiture Rules
	25
	

	ARTICLE VI Distributions
	27
	

	 
	6.1
	Form and Timing of Distribution
	27
	

	 
	6.2
	Death Benefits
	31
	

	 
	6.3
	Rehires
	31
	

	ARTICLE VII Accounts
	35
	

	 
	7.1
	Participant Accounts
	35
	

	 
	7.2
	Earnings Credits
	35
	

	 
	7.3
	Investment Election Changes and Restrictions
	37
	

	 
	7.4
	Missing Participants and Improper Credits
	37
	

	ARTICLE VIII  Administration
	38
	

	 
	8.1
	Plan Administration
	38
	

	 
	8.2
	Claims Procedure
	38
	

	ARTICLE IX Amendment and Termination
	39
	

	ARTICLE X Miscellaneous
	40
	

	 
	10.1
	No Employment Rights
	40
	

	 
	10.2
	Anti-Assignment
	40
	

	 
	10.3
	Unfunded Status of Plan
	40
	

	 
	10.4
	Delays in Payment
	40
	

	 
	10.5
	Involuntary Inclusion in Income
	40
	

	 
	10.6
	Compliance With Code Section 409A
	41
	

	 
	10.7
	Construction
	41
	

	 
	10.8
	Legal Action
	41
	

	APPENDIX A Excess Benefit Plan for the BSS Retirement Plan
	42
	

	APPENDIX B Plan Provisions Prior To January 1, 1999
	50
	

	 
	B1.1
	Eligibility and Benefits for BCERP Participants
	50
	

	 
	B1.2
	Eligibility and Benefits for FSP Participants
	51
	

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ARTICLE I
Introduction

The Supplemental Benefit Plan for Employees of The Boeing Company (Plan) was originally established effective January 1, 1978 by The Boeing Company. The Plan was amended and restated effective January 1, 2008 to comply with section 409A of the Internal Revenue Code of 1986, as amended (Code). The Plan was subsequently amended and restated as of January 1, 2009 for the purpose of expanding the Restoration Benefit, and for the purpose of adding an Executive Company Contribution and a DC SERP benefit. 

The Plan provides three separate benefits: (i) the Restoration Benefit, (ii) the Executive Company Contribution, and (iii) the DC SERP Benefit. The purpose of the Restoration Benefit is to restore the benefits of certain employees under The Boeing Company Voluntary Investment Plan, to the extent that these qualified plan benefits are limited by sections 415 and 401(a)(17) of the Code. The purpose of the Executive Company Contribution is to provide an additional contribution to this Plan, equal to a percentage of the annual incentive plan payments for a select group of management or highly compensated employees, in lieu of a portion of the Company Contribution under the VIP. The purpose of the DC SERP Benefit is to provide a supplemental retirement benefit for a select group of management or highly compensated employees at level E-1 through E-3 who are hired or rehired on or after January 1, 2009, and for certain management and highly compensated employees who are hired or rehired before January 1, 2009.

For periods prior to January 1, 1999, the Plan also restored participants’ benefits under The Boeing Company Employee Retirement Plan and The Boeing Company Employee Financial Security Plan, to the extent these benefits were limited by sections 415 and 401(a)(17) of the Code.  For the period January 1, 1987 through May 31, 1987, the Plan also restored benefits reduced by the limitation on elective deferrals imposed by section 402(g)(1) of the Code.

It is intended that the Plan shall be an excess benefit plan as defined in section 3(36) of the Employee Retirement Income Security Act of 1974 (ERISA) to the extent benefits are paid in excess of the limits imposed by section 415 of the Code. To the extent any part of the Plan is not an excess benefit plan, it is intended that the Plan is an unfunded plan maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees under sections 201(2), 301(a)(3), and 401(a)(1) of ERISA.

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ARTICLE II
Definitions

2.1    Account

“Account” means the recordkeeping account established for each Participant in the Plan, for purposes of accounting for Restoration Benefits (Deferral Contributions, Company Matching Contributions, and SBP Company Contributions), Executive Company Contributions, DC SERP Benefits, and the Earnings Credits thereon.

2.2    Affiliate or Subsidiary

“Affiliate or Subsidiary” means a member of a controlled group of corporations (as defined in Code section 1563(a), determined without regard to Code sections 1563(a)(4) and (e)(3)(c)), a group of trades or businesses (whether incorporated or not) which are under common control within the meaning of Code section 414(c), or an affiliated service group (as defined in Code sections 414(m) or 414(o)) of which The Boeing Company is a part.

2.3    Authorized Period of Absence

“Authorized Period of Absence” means a leave of absence approved by the Company.

2.4    Base Salary

“Base Salary” means an Employee’s annual base rate of pay from the Company.

2.5    Beneficiary

“Beneficiary” generally means the person or persons designated by a Participant under the VIP to receive any benefit payable from the VIP upon the death of the Participant. If no designation is filed under the VIP, or if the designated beneficiary does not survive the Participant, the default rules stated in the VIP will apply. 

2.6    BCERP

“BCERP” means The Boeing Company Employee Retirement Plan, as amended.

2.7    Board of Directors

“Board of Directors” means the board of directors of The Boeing Company.

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2.8    BSS Plan

“BSS Plan” means the BSS Retirement Plan, as amended.

2.9    Code

“Code” means the Internal Revenue Code of 1986, as amended.

2.10    Committee

“Committee” means the Employee Benefit Plans Committee. 

2.11    Company

“Company” means The Boeing Company, its successors in interest, and its Affiliates and Subsidiaries.

2.12    Company Matching Contribution

“Company Matching Contribution” means the amount credited to a Participant’s Account under Section 3.4.

2.13    Compensation

“Compensation” means a Participant’s Compensation as defined under the VIP, but determined without regard to the limitation on Compensation under Code section 401(a)(17). In no event will Compensation include payments under any incentive compensation plan, without regard to whether it is included in compensation under the VIP. 

2.14    Contribution Credit 

“Contribution Credit” means the applicable percentage used to compute an eligible Participant’s DC SERP Benefit under Article V.

2.15    DC SERP Benefit

“DC SERP Benefit” means the benefit provided under Article V, and Earnings Credits thereon.

2.16    Deferral Contribution

“Deferral Contribution” means the portion of a Participant’s Compensation, if any, that he or she elects to defer on a pre-tax basis under this Plan in accordance with Section 3.3.

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2.17    Deferral Election

“Deferral Election” means the election made by an Eligible Employee to defer a portion of his or her Compensation in accordance with Section 3.3.

2.18    Deferred Compensation Plan

“Deferred Compensation Plan” means the Deferred Compensation Plan for Employees of The Boeing Company.

2.19    Earnings Credits

“Earnings Credits” means the adjustment to a Participant’s Account under Section 7.2.

2.20    Eligible Employee

“Eligible Employee” means, with respect to any Plan Year, an Employee of the Company who has satisfied the requirements of one or more of the following: Section 3.1 with regard to the Restoration Benefit, Section 4.1 with regard to the Executive Company Contribution, or Section 5.1 with regard to the DC SERP Benefit.

2.21    Employee

“Employee” means any person who is employed as a common law employee by any member of the Company.

2.22    Executive Company Contribution

“Executive Company Contribution” means the benefit provided under Article IV.

2.23    Executive Incentive Pay

“Executive Incentive Pay” means the amount awarded to the Participant under The Boeing Company Elected Officer Annual Incentive Plan or the Incentive Compensation Plan for Employees of The Boeing Company and Subsidiaries, or an award made in lieu of awards under either of the foregoing plans. Executive Incentive Pay will be counted solely to the extent attributable to performance periods beginning on or after January 1, 2009.

Executive Incentive Pay deferred by the Participant under the Deferred Compensation Plan will be deemed to have been paid as if those amounts had not been deferred, for purposes of this Plan.

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2.24    FSP

“FSP” means The Boeing Company Employee Financial Security Plan, as amended.

2.25    Layoff Period

“Layoff Period” means the period beginning on the date a Participant is laid off from employment with the Company and ending on the sixth anniversary of such layoff. 

2.26    Participant

“Participant” means an Eligible Employee who has elected to defer Compensation or receive SBP Company Contributions under the Plan in accordance with Article III, who is eligible to receive an Executive Company Contribution under Article IV, who is eligible to accrue benefits under the DC SERP under Article V, or an Employee or former Employee who has amounts credited to his or her Account.

2.27    Plan

“Plan” means this Supplemental Benefit Plan for Employees of The Boeing Company as herein set forth, together with any amendments that may be adopted.

2.28    Plan Year

“Plan Year” means the calendar year.

2.29    PVP

“PVP” means the Pension Value Plan for Employees of The Boeing Company, as amended.

2.30    Restoration Benefit

“Restoration Benefit” means the benefit provided under Article III, comprised of Deferral Contributions, Company Matching Contributions and SBP Company Contributions, as applicable, and Earnings Credits thereon.

2.31    SBP Company Contribution

“SBP Company Contribution” means the benefit provided under Section 3.5.

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2.32    Separation from Service

“Separation from Service” or “Separates from Service” means an Employee’s death, retirement or termination of employment from the Company within the meaning of Code section 409A. For purposes of determining whether a Separation from Service has occurred, Affiliates and Subsidiaries are defined by using the language “at least 80 percent” to define the controlled group under Code section 1563(a) in lieu of the 50 percent default rule stated in Treasury Regulation section 1.409A-1(h)(3).

A Separation from Service is deemed to include a reasonably anticipated permanent reduction in the level of services performed by an Employee, to less than 50 percent of the average level of services performed by the Employee during the immediately preceding 36-month period.

2.33    SERP

“SERP” means the Supplemental Executive Retirement Plan for Employees of The Boeing Company, as amended.

2.34    Service

“Service” means the Participant’s years of service with the Company, determined in the same manner as the service time calculation under the Boeing Service Awards Program procedure, in completed whole years. 

2.35    Specified Employee

“Specified Employee” means an Employee who is a “specified employee” within the meaning of Code section 409A. Specified Employee status is determined on the last day of the prior Plan Year, to take effect as of April 1 of the Plan Year for a 12-month period. Notwithstanding the foregoing, Specified Employees shall be determined by including the employees whom the Company reasonably determines to be the 75 top-paid officers of the Company rather than the 50 top-paid officers as provided under Code section 416(i)(1)(A), to the extent permitted under Code section 409A.

2.36    Transition Benefit

“Transition Benefit” means the contribution made by the Company under the VIP that is identified as a Transition Benefit (or like term as used in the VIP) under Section 4.10 of the VIP.

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2.37    Unforeseeable Emergency

“Unforeseeable Emergency” means “unforeseeable emergency” within the meaning of Code section 409A, as determined by the Committee.

2.38    VIP

“VIP” means The Boeing Company Voluntary Investment Plan, as amended.

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ARTICLE III
Restoration Benefit
Eligibility and Benefits

3.1      Restoration Benefit Eligibility

An Employee is eligible to participate in the Restoration Benefit program for a Plan Year if he or she satisfies each of the conditions described in (A)-(C) below:

		
	(A) 
	The Employee is eligible to participate in the VIP during the Plan Year.

		
	(B)
	The Employee is, during the Plan Year, a salaried Employee of the Company who is not represented by a collective bargaining agent (or represented by a collective bargaining agent where the terms of the collective bargaining agreement covering such Employee specifically provide for coverage under the Plan).

		
	(C)
	As of October 1st of the prior Plan Year, the Employee’s Base Salary for the prior Plan Year equaled or exceeded the amount calculated as follows (rounded down to the nearest $1,000 increment):

The dollar limit imposed by section 415(c) of the Code for the prior Plan Year, divided by the percentage equal to the sum of (i), (ii), (iii) and (iv), as applicable.

		
	(i)
	The maximum percentage that an Employee can elect to contribute on a pre-tax or after-tax basis under the VIP, for the prior Plan Year (or such other rate approved by the Committee by October 1st to take effect under the VIP as of the following January).

		
	(ii)
	The maximum percentage that an Employee can receive as an Employer Matching Contribution under the VIP, for the prior Plan Year (or such other rate approved by the Committee by October 1st to take effect under the VIP as of the following January).

		
	(iii)
	The maximum percentage that the Employee can receive as a Company Contribution or a Transition Benefit under the VIP, for the prior Plan Year (or such other rate approved by the Committee by October 1st to take effect under the VIP as of the following January), based on the Employee’s anticipated age at the end of the Plan Year of participation. 

		
	(iv)
	Solely with regard to an Employee who actively participates in the BSS Retirement Plan, as amended (“BSS Plan”), the percentage of 

8

Participant Contributions made under Exhibit A of the BSS Plan, for the prior Plan Year.

Effective March 22, 2003, participants in the Boeing Satellite Systems Voluntary Savings Plan (the “BSS Voluntary Savings Plan”) became eligible to participate in the VIP. Consequently, a former participant in the BSS Voluntary Savings Plan who met the eligibility requirements of this Plan as of March 22, 2003 became eligible for benefits under this Plan based upon his or her participation in the VIP.

3.2      Restoration Benefit Participation

An Eligible Employee will become a Participant in the Restoration Benefit program when he or she elects to defer Compensation for a Plan Year, by executing and delivering a timely Deferral Election in accordance with subsections (A)-(C) below. Deferral Contributions and Company Matching Contributions are described in Sections 3.3 and 3.4 below.

An Eligible Employee who receives a Company Contribution or a Transition Benefit under the VIP will also, to the extent eligible, become a Participant in the Restoration Benefit program when he or she elects to receive an SBP Company Contribution for a Plan Year, by executing and delivering a timely SBP Company Contribution Election in accordance with subsections (A)-(C) below. SBP Company Contributions are described in section 3.5 below.

(A)    Elections 

A Participant’s Deferral Election or SBP Company Contribution Election must be executed and delivered to the Company in accordance with rules established by the Committee.

(B)    Timing of Elections

In general, the Deferral Election or SBP Company Contribution Election must be filed during the election period established by the Committee. This election will become irrevocable as of the end of the election period, but in no event later than December 31 of the Plan Year in which the election is made. Each election will apply solely to the Compensation payable in the succeeding Plan Year. Participants must execute a new Deferral Election to defer Compensation payable in each succeeding Plan Year. Participants must execute a new SBP Company Contribution Election to receive an SBP Company Contribution payable in each succeeding Plan Year. 

Elections generally may not be modified during the Plan Year. Likewise, an Employee eligible for any portion of the Restoration Benefit provided 

9

under this Article III remains subject to restrictions on mid-year contribution election changes under the VIP, in accordance with the terms of the VIP.

See Section 3.7 for a limited exception to the general rule on the irrevocability of Deferral Elections, in the event of Unforeseeable Emergency.

(C)    No Mid-Year Elections

An Employee who becomes an Eligible Employee during the Plan Year (as a new hire, rehire or due to raise or promotion) will not be eligible to make Deferral Contributions or to receive SBP Company Contributions under the Restoration Benefit program during such Plan Year.

3.3      Deferral Contributions

An Eligible Employee may elect to defer a percentage of his or her Compensation otherwise payable by the Company for a Plan Year by executing and delivering a Deferral Election, as described in Section 3.2 above. This percentage is limited to the maximum percentage described in Section 3.1(C)(i), as applicable to the Eligible Employee. 

Deferrals will be made from the Participant’s Compensation only to the extent that either: (i) Compensation for the applicable Plan Year exceeds the limitation under Code section 401(a)(17), as indexed, or (ii) the Participant’s annual additions under the VIP for the applicable Plan Year reach the dollar limitation of Code section 415(c), as indexed. 

Deferred Compensation will be credited to the Participant’s Account on the date the Compensation would otherwise be payable, or as soon thereafter as administratively feasible.

3.4      Company Matching Contributions

A Participant in the Restoration Benefit program who defers Compensation for a Plan Year under Section 3.3 will be credited with a Company Matching Contribution from the Company. This Company Matching Contribution will equal a percentage of the Participant’s Deferral Contributions for the Plan Year, subject to a limit on the Participant’s Compensation from which Deferral Contributions are made under this Restoration Benefit program for the Plan Year. The relevant net percentage will be limited to the maximum rate described in Section 3.1(C)(ii), as applicable to each Participant.

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Company Matching Contributions will be credited to the Participant’s Account on the date that the underlying Deferral Contribution is credited to the Participant’s Account. 

3.5    SBP Company Contributions 

An Eligible Employee who receives a Company Contribution or a Transition Benefit under Section 4.10 of the VIP may elect to receive an SBP Company Contribution for a Plan Year, if eligible, by executing and delivering an SBP Company Contribution Election, as described in Section 3.2 above.

The SBP Company Contribution became effective as of January 1, 2009. No SBP Company Contribution will be made before January 1, 2009.

An SBP Company Contribution will be credited to the Participant’s Account on the date the underlying Compensation is payable, or as soon thereafter as administratively feasible. For purposes of computing the SBP Company Contribution, Compensation will not include payments under any incentive compensation plan, without regard to whether the incentive program is included in compensation under the VIP.

		
	(A)
	SBP Company Contribution Based on VIP Company Contribution

The SBP Company Contribution is described in this subsection (A) for an individual who is eligible to receive a Company Contribution under Section 4.10 of the VIP. For periods beginning on or after January 1, 2009 and ending on or before December 31, 2018, the Company Contribution is limited to individuals who were “hired” on or after January 1, 2009, as defined in Section 4.10 of the VIP. Effective as of January 1, 2019, it is expected that the Company Contribution will be extended to all eligible non-union employees under the VIP.

The SBP Company Contribution will equal a percentage of the eligible Participant’s Compensation during the applicable pay period, subject to the limitations described below. The applicable percentage is determined by the Participant’s age at the end of the Plan Year. This SBP Company Contribution will be made by the Company on behalf of a Participant only to the extent that either: (i) the Participant’s Compensation for the applicable Plan Year exceeds the limitation under Code section 401(a)(17), as indexed, or (ii) the Participant’s annual additions under the VIP for the applicable Plan Year reach the dollar limitation of Code section 415(c), as indexed. 

(i)    3%, for each eligible Participant under age 40,

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(ii)    4%, for each eligible Participant age 40 to 49,

(iii)    5%, for each eligible Participant age 50 and over.

		
	(B)
	SBP Company Contribution Based on VIP Transition Benefit

The SBP Company Contribution is described in this subsection (B) for an individual who is eligible to receive a Transition Benefit under Section 4.10 of the VIP. For periods beginning on or after January 1, 2016 and ending on or before December 31, 2018, it is expected that a Transition Benefit will be payable under the VIP to eligible non-union employees who were “hired” before January 1, 2009, as defined in Section 4.10 of the VIP. It is expected that this Transition Benefit will cease as of December 31, 2018.

The SBP Company Contribution will equal a percentage of the eligible Participant’s Compensation during the applicable pay period, subject to the limitations described below. This SBP Company Contribution will be made by the Company on behalf of a Participant only to the extent that either: (i) the Participant’s Compensation for the applicable Plan Year exceeds the limitation under Code section 401(a)(17), as indexed, or (ii) the Participant’s annual additions under the VIP for the applicable Plan Year reach the dollar limitation of Code section 415(c), as indexed. The applicable percentage is determined by the Plan Year in which the Compensation is payable, as follows:

(i)    9%, for Compensation payable in the 2016 Plan Year,

(ii)    8%, for Compensation payable in the 2017 Plan Year,

(iii)    7%, for Compensation payable in the 2018 Plan Year.

No SBP Company Contribution will be made under this subsection (B) before January 1, 2016. A Participant described in subsection (B) (i.e., receiving a Transition Benefit) will not be eligible to receive any SBP Company Contributions before January 1, 2016.

(C)    Rules Applicable to Rehires

In the event that a Participant described in subsection (B) (i.e., eligible to receive a Transition Benefit under the VIP) subsequently terminates employment and is “hired” on or after January 1, 2016, as defined in Section 4.10 of the VIP, such Participant will become eligible thereafter for the SBP Company Contribution described in subsection (A), but only to the extent the Participant otherwise satisfies the eligibility requirements 

12

for such benefit, and will no longer be eligible for the SBP Company Contribution under subsection (B).

(D)    Non-Duplication Rules

In no event will a Participant receive an SBP Company Contribution under subsection (B) if an SBP Company Contribution is payable under subsection (A) for the same payroll period. 

In no event will the SBP Company Contribution duplicate any Company Contribution or Transition Benefit made on a Participant’s behalf under the VIP. 

To the extent an Employee is eligible to accrue benefits as an active participant under the SERP based on increases in his or her salary and/or service during a Plan Year, he or she is ineligible to receive an SBP Company Contribution under this Plan for such Plan Year. This paragraph is not intended to preclude an SBP Company Contribution for an Employee whose SERP accruals are attributable solely to interest credits or indexing on the underlying PVP benefit. 

3.6      Vesting

A Participant’s interest in his or her Account attributable to Restoration Benefits generally will be 100% vested at all times. 

See Section 7.4 regarding missing participants and improper credits and Section 10.3 regarding the unfunded nature of this Plan.

3.7      Cancellation of Deferral Election Due to Unforeseeable Emergency

Notwithstanding the election procedures described in Section 3.3, a Participant in the Restoration Benefit program will be permitted to cancel an existing Deferral Election with regard to a Plan Year during that Plan Year, where the Participant incurs an Unforeseeable Emergency, as determined by the Committee.

To the extent that a Participant has elected and received a distribution due to an Unforeseeable Emergency under Section 6.1(F), the Participant will be deemed to have elected to cancel his or her Deferral Election for the remainder of the applicable Plan Year. 

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ARTICLE IV
Executive Company Contribution
Eligibility and Benefits 

4.1      Executive Company Contribution Eligibility

An Employee is eligible to receive Executive Company Contributions for a Plan Year if he or she satisfies each of the conditions described in (A)-(C) below:

		
	(A) 
	The Employee is not eligible to accrue benefits under any defined benefit plan maintained by the Company. 

For periods beginning on or after January 1, 2009 and ending on or before December 31, 2015, eligibility for the Executive Company Contribution is limited to individuals who were “hired” on or after January 1, 2009, as defined in Section 4.10 of the VIP. For periods beginning on or after January 1, 2016, eligibility for the Executive Company Contribution will be expanded to include individuals hired before January 1, 2009.

		
	(B)
	The Employee is eligible to receive a Company Contribution or a Transition Benefit under Section 4.10 of the VIP during the Plan Year.

		
	(C)
	The Employee is entitled to payment of Executive Incentive Pay during the Plan Year. Executive Incentive Pay is not counted for this purpose if paid following the Employee’s termination of employment from the Company. 

To the extent an Employee is eligible to accrue benefits as an active participant under the SERP based on increases in his or her salary and/or service during a Plan Year, he or she is ineligible to receive an Executive Company Contribution under this Plan for such Plan Year. This paragraph is not intended to preclude an Executive Company Contribution for an Employee whose SERP accruals are attributable solely to interest credits or indexing on the underlying PVP benefit. 

4.2      Executive Company Contribution Participation

An Eligible Employee will become a Participant eligible to receive Executive Company Contributions on the date the Employee satisfies the eligibility conditions in Section 4.1. 

A rehired Employee who previously participated in the Plan will become a Participant again on the date the Employee satisfies the eligibility conditions again after rehire.

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4.3      Executive Company Contribution Benefits

An Executive Company Contribution will be credited to the Participant’s Account at the time the Executive Incentive Pay otherwise would be payable, or as soon thereafter as administratively feasible. 

No Executive Company Contribution will be made before January 1, 2009.

(A)    Executive Company Contribution Based on VIP Company Contribution

The Executive Company Contribution is described in this subsection (A) for an individual who is eligible to receive a Company Contribution under Section 4.10 of the VIP. For periods beginning on or after January 1, 2009 and ending on or before December 31, 2018, the Company Contribution is limited to individuals who were “hired” on or after January 1, 2009, as defined in Section 4.10 of the VIP. Effective as of January 1, 2019, it is expected that the Company Contribution will be extended to all eligible non-union employees under the VIP.

The Executive Company Contribution will equal the applicable percentage of the eligible Participant’s Executive Incentive Pay payable during the Plan Year. Executive Incentive Pay is not counted if paid following the Employee’s termination of employment from the Company. The applicable percentage is determined by the Participant’s age at the end of the Plan Year as follows: 

(i)    3%, for each eligible Participant under age 40,

(ii)    4%, for each eligible Participant age 40 to 49,

(iii)    5%, for each eligible Participant age 50 and over.

		
	(B)
	Executive Company Contribution Based on VIP Transition Benefit

The Executive Company Contribution is described in this subsection (B) for an individual who is eligible to receive a Transition Benefit under Section 4.10 of the VIP. For periods beginning on or after January 1, 2016 and ending on or before December 31, 2018, it is expected that a Transition Benefit will be payable to individuals who were “hired” before January 1, 2009 under the VIP, as defined in Section 4.10 of the VIP. It is expected that this Transition Benefit will cease as of December 31, 2018.

The Executive Company Contribution will equal the applicable percentage of the eligible Participant’s Executive Incentive Pay payable during the Plan Year. Executive Incentive Pay is not counted if paid following the 

15

Employee’s termination of employment from the Company. The applicable percentage is determined by the Plan Year in which the Executive Incentive Pay is payable, as follows:

(i)    9%, for Executive Incentive Pay payable in the 2016 Plan Year,

(ii)    8%, for Executive Incentive Pay payable in the 2017 Plan Year,

(iii)    7%, for Executive Incentive Pay payable in the 2018 Plan Year.

No Executive Company Contribution will be made under this subsection (B) before January 1, 2016. A Participant described in subsection (B) (i.e., receiving a Transition Benefit) will not be eligible to receive any Executive Company Contributions before January 1, 2016.

(C)    Rules Applicable to Rehires

In the event that an eligible Participant described in subsection (B) (i.e., eligible to receive a Transition Benefit under the VIP) subsequently terminates employment and is “hired” on or after January 1, 2016, as defined in Section 4.10 of the VIP, such Participant will become eligible thereafter for the Executive Company Contribution described in subsection (A), but only to the extent the Participant otherwise satisfies the eligibility requirements for such benefit, and will no longer be eligible for the Executive Company Contribution under subsection (B).

(D)    Non-Duplication Rules

In no event will a Participant receive an Executive Company Contribution under subsection (B) if an Executive Company Contribution is payable under subsection (A) for the same Plan Year. 

To the extent an Employee is eligible to accrue benefits as an active participant under the SERP based on increases in his or her salary and/or service during a Plan Year, he or she is ineligible to receive an Executive Company Contribution under this Plan for such Plan Year. This paragraph is not intended to preclude an Executive Company Contribution for an Employee whose SERP accruals are attributable solely to interest credits or indexing on the underlying PVP benefit. 

4.4      Executive Company Contribution Vesting

A Participant’s interest in his or her Account attributable to Executive Company Contributions generally will be 100% vested at all times. 

16

See Section 7.4 regarding missing participants and improper credits, and Section 10.3 regarding the unfunded nature of this Plan.

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ARTICLE V
DC SERP
Eligibility and Benefits 

5.1      DC SERP Eligibility

An Employee is eligible to participate in the DC SERP for a Plan Year if he or she is on the E-Series Payroll during the Plan Year, and satisfies the conditions in either (A) or (B) below:

For purposes of determining eligibility for the DC SERP, the term “hired” is defined in Section 4.10 of the VIP, regardless of the date on which the Employee joins the E-Series Payroll. 

		
	(A) 
	Hired On or After 2009

An Employee satisfies the conditions in subsection (A) if:

		
	(i)
	The Employee is hired on or after January 1, 2009, 

		
	(ii)
	The Employee is ineligible to accrue benefits under any defined benefit plan maintained by the Company, and

		
	(iii)
	The Employee was on the E-Series Payroll with a level of E-1 through E-3 during the Plan Year. 

		
	(B)
	Hired Before 2009

Effective January 1, 2016, an Employee satisfies the conditions in subsection (B) if the Employee was hired before January 1, 2009. 

An Employee described in subsection (B) will not be eligible to participate in the DC SERP before January 1, 2016.

In the event that an Employee subsequently terminates employment and is “hired” on or after January 1, 2016, as defined in Section 4.10 of the VIP, such Participant will be reclassified as hired on or after January 1, 2009 under subsection (A) above.

To the extent an Employee is eligible to accrue benefits as an active participant under the SERP based on increases in his or her salary and/or service during a Plan Year, he or she is ineligible to receive a DC SERP Benefit under this Plan for such Plan Year. This paragraph is not intended to preclude a DC SERP Benefit for an Employee whose SERP accruals are attributable solely to interest credits or indexing on the underlying PVP benefit.

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5.2      DC SERP Participation

An Eligible Employee will become a Participant in the DC SERP on the date the Employee satisfies the eligibility conditions in Section 5.1. 

A rehired Employee who previously participated in the Plan will become a Participant again on the date the Employee satisfies the eligibility conditions again after rehire.

5.3      DC SERP Benefits

Each Participant in the DC SERP shall be entitled to benefits under this Plan as described below. No DC SERP benefit will accrue before January 1, 2009.

(A)    Annual Contributions 

Annual contributions will be credited on the date such Compensation and Executive Incentive Pay otherwise would be payable, or as soon thereafter as administratively feasible.

		
	(i)
	Hired On or After 2009

A Participant described in Section 5.1(A) (Hired On or After 2009) will receive a DC SERP contribution equal to a Contribution Credit times the sum of the Participant’s Compensation and Executive Incentive Pay, for each applicable pay period. The Contribution Credit for a pay period is determined by the Participant’s level as of this pay period as follows:

(a)    2%, for a Participant at level E-2 through E-3.

(b)    4%, for a Participant at level E-1.

For purposes of calculating the DC SERP annual contribution, a Participant’s Compensation and Executive Incentive Pay will be counted solely to the extent that the Participant is on the E-Series Payroll during the applicable pay period.

(ii)    Hired Before 2009

A Participant described in Section 5.1(B) (Hired Before 2009) will receive a DC SERP contribution equal to a Contribution Credit times the sum of the Participant’s Compensation and Executive Incentive Pay, for each applicable pay period. For purposes of 

19

calculating the DC SERP contribution, a Participant’s Compensation and Executive Incentive Pay will be counted solely to the extent that the Participant is on the E-Series Payroll during the applicable pay period.

The Contribution Credit will equal the sum of (a) and (b): 

(a)      5% 

		
	(b) 
	For a Participant who has attained age 55, 0.5% times the Participant’s years of Benefit Service (as defined under the PVP and/or BSS Plan, as applicable, and determined as of January 1, 2016), subject to the limitation herein. The supplemental percentage credited under this subsection (b) will be payable for a period not to exceed seven years. This seven-year period will commence on January 1, 2016 (or following the Participant’s attainment of age 55, or promotion to the E-Series Payroll, whichever is latest) and will be measured in the aggregate over a Participant’s lifetime (i.e., regardless of whether the Participant has multiple periods of employment with the Company).

No DC SERP contribution will be made under this subsection (ii) before January 1, 2016. A Participant described in Section 5.1(B) (Hired Before 2009) will not be eligible to receive any DC SERP contributions before January 1, 2016.

(iii)    Rules Applicable to Rehires

In the event that an eligible Participant described in subsection (A)(ii) (Hired Before 2009) subsequently terminates employment and is “hired” on or after January 1, 2016, as defined in Section 4.10 of the VIP, such Participant will become eligible thereafter for the DC SERP contribution described in subsection (A)(i), but only to the extent the Participant otherwise satisfies the eligibility requirements for such benefit, and will no longer be eligible for the DC SERP contribution under subsection (A)(ii).

(B)    One-Time Contribution

An Employee who satisfies the requirements described in Section 5.1(A) (Hired On or After 2009), and who is first promoted to a level of E-1 through E-3 (from a position at the Company below a level of E-3) during the Plan Year, will receive a one-time additional contribution equal to the product of (i), (ii) and (iii) below.

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(i)    2% 

		
	(ii)
	The sum of: 

		
	(a)
	the Participant’s Base Salary in effect immediately following the promotion, and 

		
	(b)
	his or her Executive Incentive Pay target percentage multiplied by the Base Salary, both as in effect immediately following the promotion.

		
	(iii)
	The Participant’s years of Service as of the date of first promotion to a level of E-1 through E-3 (from a position at the Company below a level of E-3); provided that, for such purpose, a Participant’s years of Service will be limited to Service earned since his or her most recent hire date.

This amount will be credited as of the date of first promotion to a level of E-1 through E-3, or as soon thereafter as administratively feasible. 

A Participant who has received a one-time contribution under this Section upon promotion to a level of E-1 through E-3 will be ineligible for any further contributions under this subsection (B).

A Participant described in Section 5.1(B) (Hired Before 2009) will not be eligible to receive a one-time DC SERP contribution under this subsection (B), unless and until reclassified upon rehire as described in Section 5.1(B).

5.4      DC SERP Vesting

No DC SERP Benefit shall be payable to a Participant or Beneficiary except to the extent such Participant is vested in the DC SERP Benefit.  

(A)    General DC SERP Vesting Rule for Participants Hired On or After 2009 

A Participant described in Section 5.1(A) (Hired On or After 2009) will vest 100% in his or her DC SERP Benefit on the date the Participant satisfies the conditions in either (i), (ii) or (iii) below.

		
	(i)
	The Participant has been on the E-Series Payroll at a level of E-1 through E-3 for a period of 36 consecutive months. (For Participants with prior periods of employment, a period of consecutive months before January 1, 2009 on the E-Series Payroll 

21

at a level of E-1 through E-3 will be counted for purposes of determining whether this 36 consecutive month requirement has been satisfied.)

		
	(ii)
	The Participant dies.

		
	(iii)
	The Participant is laid off from a position at level E-1 through E-3 and is eligible for benefits under The Boeing Company Executive Layoff Benefits Plan.

See Section 5.4(C) below for additional vesting rules for these Participants based on age and Service.

(B)    General DC SERP Vesting Rule for Participants Hired Before 2009 

A Participant described in Section 5.1(B) (Hired Before 2009) will vest 100% in his or her DC SERP Benefit on the date the Participant satisfies the conditions in either (i), (ii) or (iii) below. 

		
	(i)
	The Participant has been on the E-Series Payroll for a period of 36 consecutive months. A period of consecutive months before January 1, 2016 on the E-Series Payroll will be counted for purposes of determining whether this 36 consecutive month requirement has been satisfied. 

		
	(ii)
	The Participant is fully vested under the PVP and/or BSS Plan, as applicable, and dies before his or her DC SERP Benefit commences under this Plan. 

		
	(iii)
	The Participant is laid off from an E-Series position and is eligible for benefits under The Boeing Company Executive Layoff Benefits Plan.

(C)     Special Vesting Rules for Participants with 55/10 or 62/1

Special vesting rules apply for a Participant described in Section 5.1(A) (Hired On or After 2009) who has attained either (i) or (ii) while employed by the Company.

		
	(i) 
	Age 55 with 10 years of Service 

(ii)     Age 62 with one year of Service 

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This Participant will be 100% vested in the portion of his or her DC SERP Benefit described in Section 5.3(A) (Annual Contributions) after he or she has been on the E-Series Payroll for a period of 36 consecutive months. 

This Participant will vest ratably in the portion of his or her DC SERP Benefit described in Section 5.3(B) (One-Time Contribution), if any. Upon Separation from Service, or upon completion of 36 consecutive months on the E-Series Payroll at a level of E-1 through E-3 if earlier, the Participant’s vesting will be determined at a rate of 1/36 for each consecutive month on the E-Series Payroll at a level of E-1 through E-3. This pro rata vesting rule is not intended to preclude the acceleration of vesting under subsections (A)(ii) (death) or (iii) (layoff) above, if applicable. 

(D)    Authorized Period of Absence

For purposes of this Section, an Authorized Period of Absence from the E-Series Payroll will count as a period on the E-Series Payroll, and an Authorized Period of Absence from a position at level E-1 through E-3 will count as a period at these levels. 

If an Employee ceases to be at the applicable level for any reason other than an Authorized Period of Absence, and the Employee later returns to a position at the applicable level, these non-consecutive periods of service will not be aggregated for purposes of determining whether the 36-consecutive month requirement has been met.

(E)    Transfers to and from ULA and USA

For purposes of computing vesting for a Participant who transfers employment directly from the Company to ULA or USA, uninterrupted service at ULA or USA as an executive in a position at a comparable level will be credited toward the 36 consecutive months requirements described herein, provided that the Participant transfers directly from the E-Series Payroll (or a position at level E-1 through E-3 if applicable) at the Company to comparable executive status at ULA or USA, as applicable. ULA and USA service will not be credited toward vesting under this Plan for any period following the Participant’s removal from this executive status.  For purposes of computing vesting for a participant who transfers employment directly from ULA or USA to the Company, uninterrupted service at ULA or USA as an executive at a position comparable to the E-Series Payroll (or a position at level E-1 through E-3, if applicable) will be credited toward the 36 consecutive months requirements described herein, provided that the Participant transfers directly from this executive status at ULA or USA to a position at a comparable level at the Company.  ULA 

23

and USA service will not be credited toward vesting under this Plan for any period prior to the Participant’s attainment of this executive status at ULA or USA, as applicable.  

(F)    Impact of Separation from Service

Annual Contributions. If a Participant Separates from Service (other than a deemed Separation from Service due to an Authorized Period of Absence) before becoming 100% vested in the annual contribution portion of his or her DC SERP Benefit described in Section 5.3 (A)(i) and/or (A)(ii), as applicable, the Participant will forfeit all rights to the nonvested portion of his or her DC SERP Benefit attributable to the period prior to his or her Separation from Service. To the extent any benefit under this Plan becomes vested during an Authorized Period of Absence that constitutes a deemed Separation from Service, it will remain subject to the payment timing rules under Section 6.1. 

One-Time Contributions. If a Participant Separates from Service after becoming partially vested in the one-time contribution portion of the DC SERP Benefit, under subsection (C) above, and the Participant is subsequently rehired or returns from an Authorized Period of Absence, the DC SERP Benefit accrued after rehire or return will not be vested until the Participant satisfies the requirements of subsection (A) or (C) above following rehire or return.

Multiple DC SERP Benefits. Separate vesting requirements apply to each component of a Participant’s DC SERP Benefit described in Sections 5.3(A)(i), (A)(ii), and (B). This means that a Participant who has accrued more than one DC SERP Benefit component (such as, due to a Separation from Service and subsequent rehire or return from Authorized Period of Absence) must satisfy the vesting requirements applicable to each such component. If a Participant Separates from Service after becoming 100% vested in a particular DC SERP Benefit component, the Participant will be fully vested in any additional accruals under the same DC SERP Benefit component following rehire or return (even if the Participant fails to be at the applicable pay level for 36 consecutive months following rehire or return). The Participant will not, however, be fully vested in any amounts accrued under a different DC SERP Benefit component described in Sections 5.3(A)(i), (A)(ii), and (B), unless and until the corresponding applicable vesting requirements under this Section 5.4 otherwise have been satisfied.   

See Section 7.4 regarding missing participants and improper credits, and Section 10.3 regarding the unfunded nature of this Plan.

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5.5      DC SERP Forfeiture Rules

The Committee may determine, in its sole discretion, that a Participant will forfeit any part or all of his or her DC SERP Benefit (whether or not vested) if any of the following circumstances occur while employed by the Company or within five (5) years after termination of such employment:

		
	(A)
	The Participant is convicted of a felony involving theft, fraud, embezzlement, or other similar unlawful acts against the Company or against the Company’s interests. For purposes of this Plan, “other similar unlawful acts against the Company or against the Company’s interests” shall include any other unlawful act (i) committed against the Company, or the interests of the Company, including, but not limited to, a governmental agency or instrumentality which conducts business with the Company, or a customer of the Company, or (ii) affecting the Company or the interests of the Company, in such a manner that is determined to be detrimental to, prejudicial to or in conflict with the Company or the interests of the Company, as determined by the Committee in its sole discretion.

		
	(B)
	The Participant, directly or indirectly, engages in any activity, whether individually or as an employee, consultant or otherwise, which the Committee determines, in its sole discretion, to be an activity in which the Participant is “engaging in competition” with any significant aspect of Company business. For purposes of this Plan, “engaging in competition” shall include but is not limited to representing, providing services to, or being an employee of or associated in a business capacity, any person or entity that is engaged, directly or indirectly, in competition with any Company business or that takes a position adverse to any Company business, regardless of the position or duties the Participant takes, in such a manner that is determined to be detrimental to, prejudicial to or in conflict with the interests of the Company, all as determined by the Committee in its sole discretion.

		
	(C)
	The Participant, without the advance approval of the Company’s Senior Vice President, Human Resources and Administration, induces or attempts to induce, directly or indirectly, any of the Company’s employees, representatives or consultants to terminate, discontinue or cease working with or for the Company, or to breach any contract with the Company, in order to work with or for, or enter into a contract with, the Participant or any third party.

		
	(D)
	The Participant disparages or otherwise makes any statements about the Company, its products, or its employees that could be in any way viewed as negative or critical.  Nothing in this paragraph will apply to legally protected statements to government agencies or statements made in the 

25

course of sworn testimony in administrative, judicial, or arbitral proceedings. 

To the extent the Participant has already received or commenced payment of his or her DC SERP benefit, the Committee will be entitled to pursue any and all legal and equitable relief against the Participant to enforce the forfeiture of and recover such DC SERP benefit. The forfeiture provisions will continue to apply unless and to the extent modified by a court of competent jurisdiction. However, if any portion of these forfeiture provisions is held by such a court to be unenforceable, these provisions shall be deemed amended to limit their scope to the broadest scope that such authority determines is enforceable, and as so amended shall continue in effect. 

In addition, the Committee will, in all appropriate circumstances, require reimbursement of any DC SERP Benefit attributable to an incentive award that the Company seeks to recover under the Clawback Policy provision of any plan providing Executive Incentive Pay. 

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ARTICLE VI
Distributions

6.1      Form and Timing of Distribution

		
	(A)
	General Rule 

A Participant may elect the form and timing of distribution with regard to his or her Restoration Benefit (including future Deferral Contributions, Company Matching Contributions, SBP Company Contributions, and Earnings Credits thereon) as described below, subject to the cashout rule in subsection (B) below. This distribution election must be made at the same time the Participant makes his or her Deferral Election (or SBP Company Contribution Election, if earlier). Any election made as to the form and timing of distribution will apply to the Participant’s entire Restoration Benefit (including Deferral Contributions, Company Matching Contributions, any SBP Company Contributions, and Earnings Credits thereon).

No elections are required with regard to a Participant’s Executive Company Contribution or DC SERP Benefit. The form and timing of distribution with regard to these benefits is described in the deemed election rules below. 

Distribution elections and deemed elections made with regard to a Participant’s entire Account may be changed solely to the extent permitted under subsection (C) below.

		
	 (i)
	Lump Sum Distribution

The lump sum distribution option is a single lump sum payable in January of any Plan Year following the Participant’s Separation from Service. The amount of such distribution will be based on the value of the Participant’s Account determined as of the date of payment.

Payment of the Participant’s Restoration Benefit in the form of a lump sum will be made the later of: (i) January of the first Plan Year following Separation from Service, or (ii) January of the first Plan Year following the Participant’s attainment of a specified age (subject to (D) below), as elected by the Participant under this Section 6.1.

A Participant will be deemed to have elected to receive his or her Executive Company Contribution and DC SERP Benefit in a lump 

27

sum, in January of the first Plan Year following Separation from Service, subject to any changes made by the Participant in Section 6.1(C). 

		
	(ii)
	Installment Payment

The installment payment option is a series of annual installment payments for a period between 2 and 15 years.  The amount payable to the Participant each year generally shall be computed by multiplying the balance in the Account (or the applicable portion of the Account) by a fraction, the numerator of which is one and the denominator of which is the number of years remaining in the distribution period on the first day of January of such year. See Section 6.1(B) below for application of the cashout rule to installment payments.  

Annual installment payments of the Restoration Benefit, if elected, will begin the later of: (i) January of the first Plan Year following Separation from Service, or (ii) January of the first Plan Year following the Participant’s attainment of a specified age (subject to (D) below), as elected by the Participant under this Section 6.1.  Payments will continue until the full balance of the Participant’s Restoration Benefit has been paid.

The Plan will respect previous distribution elections made by certain Participants who are former participants in the Excess Benefit Plan for the BSS Retirement Plan, as amended (“BSS Excess Plan”). For these Participants, any distribution election made prior to April 4, 2003 under section 3(b)(5) of the BSS Excess Plan will apply, unless the Participant elects otherwise under this Article V.

In the event that no distribution option is elected with regard to the Restoration Benefit, the Participant will be deemed to have elected to receive a single lump sum payable in January of the first Plan Year following the Participant’s Separation from Service.

		
	(B)  
	Cashouts 

Notwithstanding the foregoing, the following rules shall apply, subject to the six-month delay in payment for Specified Employees under (E):

		
	(i)
	If the balance in the Participant’s Account is $10,000 or less in January of the first Plan Year following Separation from Service, the entire balance will be paid in the form of a single lump sum at that time. 

28

		
	(ii)
	If a Participant has elected to receive installments and his or her remaining Account balance is $10,000 or less upon any scheduled payment date, the entire remaining balance will be paid in the form of a single lump sum at that time. This paragraph (ii) will not apply to any Participant whose installment payments commenced prior to January 1, 2008. 

		
	(C)
	Changes to Distribution Election or Deemed Election 

Effective January 1, 2008, a Participant may change a distribution election (or deemed election) with regard to his or her entire Restoration Benefit only once after the initial distribution election is made, in accordance with the conditions stated below. Effective January 1, 2009, a Participant also may change his or her deemed distribution election once with regard to his or her combined DC SERP Benefit and Executive Company Contributions (if any), in accordance with the conditions stated below. To the extent any such changes would defer commencement of any portion of the Participant’s Account beyond both age 701⁄2 and Separation from Service, the changes will not be effective with respect to such portion. 

		
	(i)
	A new distribution election must be submitted to the Committee at least 12 months before the existing scheduled distribution date, and during the annual election period established by the Committee.

		
	(ii)
	The revised distribution election must not take effect for at least 12 months after it is made. 

		
	(iii)
	The new distribution election must provide for an additional deferral period of at least 5 years beyond the original distribution date. 

In no event can installment payments be revoked once they have begun.

Prior to January 1, 2008, a Participant may change a distribution election with regard to his or her entire Account, in accordance with procedures established by the Committee, without the restrictions stated in (i)-(iii) above. Any changes made under this paragraph will be invalid to the extent they affect distributions scheduled for the Plan Year in which the change is made.

Limited Exception for 2008. In allowable circumstances (as determined by the Company's Senior Vice President, Human Resources and Administration), a Participant will have a limited ability during the 2008 Plan Year to change his or her distribution election without the restrictions stated in (i)-(iii) above, subject to approval by the Company's Senior Vice 

29

President, Human Resources and Administration, in his or her sole discretion. In no event will an election under this paragraph cause an amount to be paid during the 2008 Plan Year, if it would otherwise be payable in a later Plan Year. Nor will an election under this paragraph defer a payment beyond the 2008 Plan Year, if it would otherwise be payable during the 2008 Plan Year.

		
	(D)  
	Distributions At Age 701⁄2 

Payment of benefits under this Plan will begin not later than the first January following the calendar year in which the Participant both attains (or would have attained) age 701⁄2 and is Separated from Service. Payment of benefits for Participants actively employed beyond age 70 1⁄2 will begin no later than the first January following the calendar year in which the Participant Separates from Service. In the event that no distribution option is elected under (A) above, the Participant will be deemed to have elected to receive a single lump sum distribution. 

		
	(E)
	Specified Employees 

Notwithstanding anything to the contrary under this Article VI, a Specified Employee will not receive any distribution under this Plan during the six-month period immediately following his or her Separation from Service. 

The Account of a Specified Employee will be distributed in the form elected under subsection (A) above. This distribution will commence as of the later of: 

(i)         the time elected under subsection (A), 

		
	(ii) 
	the first day of the month following completion of the six-month waiting period (for Specified Employees who Separate from Service between July 1 and December 31), and

		
	(iii)
	January of the first Plan Year following Separation from Service (for Specified Employees who Separate from Service between January 1 and June 30).

If a Participant has elected installments under (A) above, subsequent installment payments will be made in January of each successive year until the Account is exhausted. 

In the event of a Specified Employee’s death during the six-month waiting period, the waiting period will cease to apply. The Specified Employee’s 

30

benefits will be distributed in accordance with Section 6.2 (Death Benefits) below. 

		
	(F)
	Distribution Due to Unforeseeable Emergency

A Participant or Beneficiary may elect to receive a distribution of all or a portion of his or her Restoration Benefit and his or her Executive Company Contribution benefit immediately, regardless of whether benefit payments have commenced, to the extent that the Participant or Beneficiary incurs an Unforeseeable Emergency. A Participant or Beneficiary may not receive a distribution of his or her DC SERP Benefit solely in the event of an Unforeseeable Emergency, even if fully vested. 

The amount of the distribution will be limited to the amount reasonably necessary to satisfy the emergency need, including any taxes or penalties reasonably anticipated to result from the distribution, as determined by the Committee. 

6.2      Death Benefits

If a Participant dies before his or her entire Restoration Benefit has been distributed, the remaining Restoration Benefit will be distributed to his or her Beneficiary in accordance with the Participant’s election as to form and timing filed with the Committee with regard to the Restoration Benefit. Distributions to the Beneficiary will be made at the same time and in the same form as the payment that otherwise would have been made to the Participant. To the extent no distribution election has been filed with regard to the Restoration Benefit, the remaining Restoration Benefit will be paid to the Beneficiary in a single sum in January of the calendar year following the Participant’s death.

If a Participant dies before his or her entire Executive Company Contribution benefit and his or her entire DC SERP Benefit have been distributed, the remaining benefits will be paid to his or her Beneficiary in accordance with any change to the form and timing of payment elected by the Participant under Section 6.1(C) with regard to the Executive Company Contribution and the DC SERP Benefit. If no change has been elected, the remaining benefits will be distributed to the Participant’s Beneficiary in a single sum in January of the calendar year following the Participant’s death. 

6.3      Rehires

This Section 6.3 addresses the form and timing of payment for a Participant who rehires to the Company following a Separation from Service. For purposes of this Section 6.3, a rehire includes a Participant who returns to the Company following a Separation from Service that is deemed to occur under Code section 409A due to an Authorized Period of 

31

Absence or a period of a reduced level of services. 

In the event that a Participant forfeits a nonvested DC SERP Benefit upon a Separation from Service, this benefit will not be restored upon rehire. This rule applies regardless of whether the Participant satisfies the vesting criteria under Section 5.4 following rehire. 

(A)    Participants Rehired After Commencing Benefits

This subsection (A) applies to a rehired Participant who has received or begun receiving benefits under the Plan because he or she has experienced a Separation from Service and has attained the specified age (if applicable).

Old Benefits. Installment payments that commenced prior to the Participant’s rehire with respect to Deferral Contributions made and contributions received before the Participant’s Separation from Service (“Old Benefits”) will not be suspended by reason of the Participant’s rehire. These Old Benefits will continue to be paid until exhausted, without regard to the period of rehire. 

Interim Benefits. To the extent a Participant made additional Deferral Contributions or received additional contributions while on an Authorized Period of Absence or during a period of a reduced level of services that constituted a deemed Separation from Service under Code section 409A, such Deferral Contributions made and contributions received (to the extent vested) will be distributed in January of the first Plan Year following the year in which they are made, in accordance with the Participant’s earlier distribution election or deemed election. This is because the Participant has already satisfied the conditions for payment under Section 6.1(A); namely, he or she has attained the specified age and has experienced a Separation from Service attributable to such Deferral Contributions made and contributions received.

The same rule will apply where the portion of a Participant’s DC SERP Benefit attributable to one-time contributions vests ratably during an Authorized Period of Absence, under Sections 5.4(C) and (D). Such newly vested benefits will be distributed in January of the first Plan Year following the year in which they vest, in accordance with the Participant’s earlier distribution election or deemed election.

New Benefits. Deferral Contributions made and contributions received attributable to periods after the date of rehire (“New Benefits”) will remain subject to the Participant’s earlier distribution election or deemed election as to the timing and form of payment under Section 6.1(A) 

32

(subject to the change rules in Section 6.1(C)), without regard to any Separation from Service that occurred prior to rehire. As a result, New Benefits (to the extent vested) will be distributed in January following the Participant’s Separation from Service after rehire, in the form selected under the original distribution election or deemed election. This is because the Participant already has attained the specified age under Section 6.1(A) but has not yet experienced a Separation from Service attributable to the New Benefits.

(B)    Participants Rehired Before Commencing Benefits

This subsection (B) applies to a rehired Participant who has not begun receiving benefits under the Plan because he or she has not attained the specified age under Section 6.1(A).

Old and Interim Benefits. The rehired Participant’s Old Benefits (and any Deferral Contributions made or contributions received during an Authorized Period of Absence or a period of a reduced level of services, and any DC SERP one-time contributions vested during such period), to the extent vested, will be distributed in accordance with the Participant’s earlier distribution election or deemed election as to the timing and form of payment under Section 6.1(A) (subject to the change rules in Section 6.1(C)). This means that, for example, if the Participant’s original distribution election selected benefits in the form of a lump sum (or installments) payable in January following attainment of a specified age under Section 6.1(A), then the Participant’s Old Benefits (and any Deferral Contributions made and contributions received during an Authorized Period of Absence or a period of a reduced level of services, and any DC SERP one-time contributions vested during such period), to the extent vested, will be payable as a lump sum (or installments, if so elected) in January following the year in which he or she attains the specified age, even if the Participant has not had a subsequent Separation from Service after rehire. This result will not change in the event that the Participant attains the specified age after the initial Separation from Service (or while on Authorized Period of Absence or during a period of a reduced level of services), but is rehired before benefits actually begin. 

New Benefits. The Participant’s New Benefits will remain subject to the Participant’s earlier distribution election or deemed election as to the timing and form of payment under Section 6.1(A) (subject to the change rules in Section 6.1(C)), without regard to any Separation from Service that occurred prior to rehire, as described in Section 6.3(A) above. As a result, New Benefits (to the extent vested) will be distributed either (i) in January following the Participant’s Separation from Service after rehire, or (ii) in January following both the Participant’s Separation from Service 

33

after rehire and after attainment of the specified age, in accordance with the original distribution election or deemed election. This is because the Participant has not yet experienced a Separation from Service attributable to the New Benefits.

34

ARTICLE VII  
Accounts

7.1      Participant Accounts 

The Committee will establish and maintain an Account for each Participant, for each period of employment. Solely for this purpose, a period of employment will be treated as commencing upon a Participant’s eligibility for the Plan (following hire or rehire as applicable) and ending with his or her Separation from Service. 

Each Account will be credited with Deferral Contributions and Company Matching Contributions, SBP Company Contributions, Executive Company Contributions, and DC SERP Benefits, as applicable for the relevant period of employment, as well as Earnings Credits described in Section 7.2 below. Each Account will be reduced as payments are made.

For Heritage BSS Participants, the Accounts shall also include any account as of April 3, 2003 under the BSS Excess Plan, as adjusted after April 3, 2003 for earnings, losses and expenses. As of April 4, 2003, all accounts of Heritage BSS Participants under the BSS Excess Plan were transferred to this Plan. For purposes of this Section, “Heritage BSS Participant” means any Participant in this Plan having a prior benefit under the BSS Excess Plan based on his or her participation in the BSS Voluntary Savings Plan.

7.2      Earnings Credits

For periods prior to January 1, 2009, a Participant’s Accounts will be credited with earnings under the Interest Fund Method described in (A) below.

For periods on or after January 1, 2009, a Participant’s Accounts will be credited, at the Participant’s election, with earnings under either: (i) the Interest Fund Method, (ii) the Boeing Stock Fund method, or (iii) the Other Investment Funds method, each as described below. In the absence of an election the Interest Fund method will be used. A Participant may elect a different earnings method as to each Account.

(A)    Interest Fund Method 

Under the Interest Fund Method for periods prior to January 1, 2009, a Participant’s Accounts will be adjusted each month in accordance with changes in the unit value of the Accounts to reflect interest, as of the first business day of that month. Interest will be calculated based on the value of the Accounts as of the last day of the preceding month. 

35

For periods on or after January 1, 2009, a Participant’s Accounts will be adjusted daily in accordance with changes in the unit value of the Accounts to reflect interest, based on the Participant’s Account balance. 

Interest will be calculated for each Plan Year as the mean between the high and low (during the first eleven months of the preceding Plan Year) of yields on AA-rated industrial bonds as reported by Moody’s Investors Service, Inc., rounded to the nearest 1⁄4th of one percent. The Company will notify Participants annually of the established interest rate.
		
	(B)
	Boeing Stock Fund Method 

For periods on or after January 1, 2009, under the Boeing Stock Fund method, a Participant's Boeing Stock Fund Account shall be credited with the number of shares of the Company's common stock that could be purchased with the amount credited to such account, based on the Fair Market Value of the Company's common stock on the day the account is so credited (or on the next business day on which the New York Stock Exchange (the "Exchange") is open, if the Exchange is closed on the day the account is credited) excluding commissions, taxes, and other charges. Such number shall be recorded as stock units in the Participant's account, for bookkeeping purposes only.  For purposes of the Plan, "Fair Market Value" means the mean of the high and low per share trading prices for the common stock of the Company as reported for the "New York Stock Exchange - Composite Transactions" for a single trading day.  The number of stock units in an account shall be appropriately adjusted to reflect stock splits, stock dividends, and other like adjustments in the Company's common stock.

Each Participant's Boeing Stock Fund Account periodically shall be credited with the number of shares of the Company's common stock that could be purchased, as set forth in the preceding paragraph, with an amount equal to the cash dividends that would be payable on the number of shares of the Company's common stock that equals the number of stock units in a Participant's Boeing Stock Fund Account.  The Company will notify Participants annually of the number of stock units, and the dividend equivalents, credited to their Boeing Stock Fund Account. 

36

		
	(C)
	Other Investment Funds Method 

For periods on or after January 1, 2009, in addition to the Interest Fund method and Boeing Stock Fund method of allocating earnings, a Participant may choose to diversify each of his or her Accounts by electing that it be credited (or charged) with the expenses, income, gains and losses on investment funds similar to those offered under the VIP (excluding the Boeing Stock Fund and Stable Value Fund offered thereunder) as designated by the Committee from time to time, pursuant to an election by the Participant to have the Participant’s Account credited as though the Participant had elected to invest in such funds in such increments as the Participant will direct in accordance with rules to be established by the Committee or its delegates; provided that the Committee may disregard such elections in its discretion.

7.3      Investment Election Changes and Restrictions

For periods on or after January 1, 2009, a Participant may change how future additions to his or her Accounts are invested anytime during the Plan Year. The Participant may also transfer any portion of his or her Accounts from one fund to another on a daily basis, provided that a Participant may not transfer funds from one investment fund to another and back on the same day.

In addition, transfers cannot be made into the Boeing Stock Fund for 30 calendar days after transferring funds out of the Boeing Stock Fund.  This restriction applies regardless of the number of units or the dollar value of the transfer.  However, the Participant may continue to direct future additions into the Boeing Stock Fund and make transfers out of this fund at any time, subject to insider trading rules.  

7.4      Missing Participants and Improper Credits 

A Participant’s Account may be forfeited or reduced in the event of one of the following events, even if 100% vested:

		
	(A)
	The Committee is unable to locate a Participant or Beneficiary to distribute amounts from his or her Account (a “missing participant”).

		
	(B)
	The Committee recaptures amounts improperly credited to a Participant’s Account.

See Section 10.3 regarding the unfunded nature of this Plan.

37

ARTICLE VIII 
Administration

8.1    Plan Administration

The Plan shall be administered by the Committee.  The Committee shall make such rules, interpretations, determinations of fact and computations as it may deem appropriate.  Any decision of the Committee with respect to the Plan, including (without limitation) any determination of eligibility to participate in the Plan and any calculation of plan benefits, shall be conclusive and binding on all persons.  The Committee shall submit to the Compensation Committee of the Board of Directors periodic reports covering the operation of the Plan.

8.2      Claims Procedure

The procedures for making claims for benefits under the Plan and for having the denial of a benefits claim reviewed shall be the same as those procedures set forth in the VIP.

38

ARTICLE IX 
Amendment and Termination

The Board of Directors of The Boeing Company shall have the authority to amend or terminate the Plan at any time.  The Board of Directors may delegate its authority to amend the Plan at any time, in its sole discretion.  In the event of Plan amendment or termination, a Participant's benefits under the Plan shall not be less than the Plan benefits to which the Participant would be entitled if the Participant had terminated employment immediately prior to such amendment or termination of the Plan.

In general, upon the termination of the Plan with respect to any Participant, the affected Participants will not be entitled to receive a distribution until the time specified in Article VI. Notwithstanding the foregoing, The Boeing Company may, in its discretion, terminate the entire Plan and pay each Participant a single lump-sum distribution of his or her entire accrued benefit to the extent permitted under conditions set forth in Code section 409A and any IRS or Treasury guidance thereunder.

39

ARTICLE X 
Miscellaneous

10.1    No Employment Rights

Nothing in the Plan shall be deemed to give any person any right to remain in the employ of the Company or affect any right of the Company to terminate a person's employment with or without cause.

10.2    Anti-Assignment

No benefit under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, execution, attachment, garnishment, or any other legal process. Any attempt to take such action shall be void and shall authorize the Committee, in its sole and absolute discretion, to forfeit all further right and interest in any benefit under this Plan. In addition, a Participant’s Account may be reduced by the amount of any tax obligation paid by the Company on behalf of a Participant or surviving spouse, if the Participant or surviving spouse fails to reimburse the Company for such obligation.

10.3    Unfunded Status of Plan 
No funds shall be segregated or earmarked for any current or former participant, Beneficiary or other person under the Plan.  However, the Company may establish one or more trusts to assist in meeting its obligations under the Plan, the assets of which shall be subject to the claims of the Company’s general creditors.  No current or former Participant, Beneficiary or other person, individually or as a member of a group, shall have any right, title or interest in any account, fund, grantor trust, or any asset that may be acquired by the Company in respect of its obligations under the Plan (other than as a general creditor of the Company with an unsecured claim against its general assets).

10.4    Delays in Payment

Payment of benefits under this Plan may be delayed to the extent permitted by Code section 409A, as determined by the Committee.

10.5    Involuntary Inclusion in Income

If a determination is made that the Account of any Participant (or his or her Beneficiary) is subject to current income taxation under Code section 409A, then the taxable portion of such Account will be immediately distributed to the Participant (or his or her Beneficiary), notwithstanding the general timing rules described in Article V above.  

40

10.6    Compliance With Code Section 409A

It is intended that amounts deferred under this Plan will not be taxable under section 409A of the Code with respect to any individual. All provisions of this Plan shall be construed in a manner consistent with this intent. 

10.7    Construction 

The validity of the Plan or any of its provisions will be determined under and will be construed according to federal law and, to the extent permissible, according to the internal laws of the state of Illinois. If any provision of the Plan is held illegal or invalid for any reason, such determination will not affect the remaining provisions of the Plan and the Plan will be construed and enforced as if said illegal or invalid provision had never been included.

10.8    Legal Action

No legal action may be brought in court on a claim for benefits under the Plan after 180 days following the decision on appeal (or 180 days following the expiration of the time to make an appeal if no appeal is made).

41

APPENDIX A 
Excess Benefit Plan 
for the BSS Retirement Plan

I.    PURPOSE.

In July 1998, Hughes Space and Communications Company, Hughes Electron Dynamics, Inc. and Spectrolab, Inc. (“Hughes”) adopted a special appendix (the “Hughes Appendix”) to the Hughes Excess Plan. Individuals affected by the Hughes Appendix are referred to in this Special Appendix as “Hughes Participants”.

That Hughes Appendix was adopted to provide certain Hughes Participants whose benefits from the Hughes Retirement Plan were initially miscalculated an election to receive alternative benefits. These benefits are referred to as the “Substitute Benefit”. 

The initial miscalculation for these Hughes Participants was the subject of a filing with the Internal Revenue Service under the Voluntary Compliance Resolution (“VCR”) program on August 22, 1997. On January 28, 1998, the Internal Revenue Service issued a compliance statement concerning the VCR application. Under the compliance statement, Hughes corrected the miscalculation by reducing the benefits payable to the affected Hughes Participants under the Hughes Retirement Plan from the initially calculated amount. Under the correction approved by the IRS in the VCR application, payments under the Hughes Retirement Plan would continue at the monthly amount originally scheduled under the initial calculation. When the actuarial equivalent value of a Hughes Participant’s benefits paid under the Hughes Retirement Plan reaches the maximum limit imposed by section 415 of the Code, then the remaining payments to the Hughes Participant will be made under the Hughes Excess Plan. The benefits which were originally scheduled for payment under the Hughes Retirement Plan under the initial calculation, but which will instead be paid pursuant to the Hughes Excess Plan after the maximum limit of section 415 has been reached, are referred to in this Appendix as the “Reclassified Payments.” Benefits paid under the Hughes Retirement Plan are not considered Reclassified Payments, even if the payments exceeded the limits of section 415 of the Code and therefore are not afforded the tax treatment (including the ability to elect a rollover) afforded to qualified plan payments.

As a result of the initial miscalculation, some benefit payments from the Hughes Retirement Plan which Hughes Participants rolled over into their individual retirement accounts were withdrawn to avoid or minimize excise taxes (“Required IRA Withdrawals”). Hughes Participants who made Required IRA Withdrawals were entitled to elect the Substitute Benefit.

42

Furthermore, certain Hughes Participants received payments from the Hughes Retirement Plan in 1998 which were in excess of the maximum benefit allowed by Code section 415 under the method of calculating the maximum benefit as described in the VCR application (“1998 Excess Payments”). Such Hughes Participants were entitled to elect the Substitute Benefit.

In addition, under their original benefit elections, certain Hughes Participants were scheduled to have received Reclassified Payments which were not yet paid as of July 31, 1999. Such Hughes Participants were entitled to elect the Substitute Benefit.

Under the Hughes Appendix, each affected Hughes Participant was given an election to be paid the Substitute Benefit. In order to elect the Substitute Benefit, a Hughes Participant must have signed and delivered to Hughes a written release in the form and manner acceptable to Hughes. The Substitute Benefit was provided in consideration for the Hughes Participant’s agreement, made pursuant to the release, to forego legal action against Hughes and the other persons specified in the release. 

This Special Appendix is intended to provide the unpaid balance of the Substitute Benefit to Hughes Participants who are Acquired Hughes Participants. Only Acquired Hughes Participants are affected by this Special Appendix to the Plan. 

Effective as of April 4, 2003, this Appendix A was transferred in its entirety from the Excess Benefit Plan for the BSS Retirement Plan, as amended to the Plan. 

II.    ELECTION AND CALCULATION OF SUBSTITUTE BENEFIT.

		
	A.2.1
	Election of Substitute Benefit. 

The following Hughes Participants were provided an opportunity to elect the Substitute Benefit: (1) Hughes Participants for whom Reclassified Payments were to be made on or after August 1, 1998, (2) Hughes Participants who received 1998 Excess Payments, and (3) Hughes Participants who made Required IRA Withdrawals. The election of the Substitute Benefit was made in the time and manner prescribed by Hughes. The election must have specified the date on which the Hughes Participant elected to commence payment of the Substitute Benefit, which must have been a date which was the first through fifteenth anniversary of the Hughes Participant’s “Deferral Start Date.” The Deferral Start Date for a Hughes Participant is the later of (x) August 1, 1998, or (y) the day as of which the initial Reclassified Payment would have been scheduled for payment to the Hughes Participant, but for the election to receive the Substitute Benefit. The election must have specified whether the Hughes Participant elected payment in a single installment, two substantially equal 

43

annual installments, or five substantially equal annual installments. The election must have been accompanied by a properly executed release acceptable to Hughes. If a Hughes Participant did not effectively elect the Substitute Benefit, then the Hughes Participant’s remaining Reclassified Payments (if any) would be made to the Hughes Participant pursuant to the general provisions in the Hughes Excess Plan applicable to payments attributable to the Hughes Retirement Plan, as contemplated in the VCR application.

Any election described above by an Acquired Hughes Participant will continue to apply under this Special Appendix. Any Acquired Hughes Participant who did not make an effective election will continue to have his or her remaining Reclassified Payments (if any) made pursuant to the general provisions in the Plan (as successor to the Hughes Excess Plan) applicable to payments attributable to the Retirement Plan (as successor to the Hughes Retirement Plan), as contemplated in the VCR application.

A.2.2    Calculation of Substitute Benefit. 

If a Hughes Participant elected the Substitute Benefit, then in lieu of payment from the generally applicable provisions of the Hughes Excess Plan of the Hughes Participant’s remaining Reclassified Payments (if any), the Substitute Benefit became payable. The Substitute Benefit was the amount credited to the Hughes Participant’s Hughes Account, calculated as described in Section A.2.4(a) of this Appendix.

A.2.3    Definitions.

a.    Suspended Payments. 

Certain Hughes Participants elected a short-term deferral of Reclassified Payments which, but for such election, would have been paid between January 1, 1998 and July 1, 1998. Under this Appendix, the term “Suspended Payments” refers to the Reclassified Payments which were subject to the short-term deferral described in the preceding sentence.

b.    Proximate Reclassified Payments. 

The term “Proximate Reclassified Payments” refers to those Reclassified Payments (other than Suspended Payments) which, in the absence of an election of the Substitute Benefit, would have been scheduled for payment under the Hughes Excess Plan on or prior to July 1, 1999.

44

c.    Distant Reclassified Payments. 

The term “Distant Reclassified Payments” refers to Reclassified Payments which, in the absence of an election of the Substitute Benefit, would have been scheduled for payment under the Hughes Excess Plan after July 1, 1999. Distant Reclassified Payments may be recalculated to reflect how the Retirement Plan implemented the repeal of section 415(e) of the Code. 

d.    Settlement Credit. 

The term “Settlement Credit” refers to an amount calculated for each Hughes Participant which is the greater of (i) or (ii) below:

		
	(i)
	The amount under this item (i) equals ten percent (10%) of the sum of (aa) the Hughes Participant’s Suspended Payments (if any), plus (bb) the Hughes Participant’s Proximate Reclassified Payments (if any).

		
	(ii)
	The amount under this item (ii) equals (aa) the sum of (x) the Hughes Participant’s Required IRA Withdrawals (if any) and (y) the Hughes Participant’s 1998 Excess Payments (if any), times (bb) a percentage not to exceed fifty-five percent (55%), determined according to the date elected by the Hughes Participant for payment of the Substitute Benefit. For each of the first five full years after August 1, 1998 that payment is deferred, the percentage will increase by five percent (5%), and for each of the next ten additional full years that payment is deferred, the percentage will increase by three percent (3%). Thus, for a Hughes Participant who elected payment of the Substitute Benefit on July 31, 2013 (a total deferral of 15 years), the percentage is fifty-five percent (55%).

e.    Acquired Hughes Participant.

The term “Acquired Hughes Participant” means any person who became a Participant or a Former Participant under the terms of the Employee Matters Agreement between The Boeing Company and Hughes Electronics Corporation.

f.    Hughes Retirement Plan.

The term “Hughes Retirement Plan” means the Hughes Non-Bargaining Retirement Plan.

45

A.2.4    BSS Account. 

		
	a.
	Hughes Account

Hughes established an account, for bookkeeping purposes only, for each Hughes Participant who elected the Substitute Benefit (the “Hughes Account”). The Hughes Account was to be credited as follows:

		
	(i)
	The Hughes Account of a Hughes Participant who elected the Substitute Benefit was initially credited, as of August 1, 1998, by (aa) the sum of the Hughes Participant’s Suspended Payments (if any), plus (bb) interest on the Hughes Participant’s Suspended Payments (if any) at the rate of one-half percent (0.5%) per month from the date each payment would have been made but for the suspension through July 31, 1998, plus (cc) the Hughes Participant’s Settlement Credit (if any).

		
	(ii)
	As of the date that each Proximate Reclassified Payment and Distant Reclassified Payment would have been made (but for the Hughes Participant’s election of the Substitute Benefit), commencing with the Reclassified Payment which would have been made August 1, 1998, the Hughes Account was credited with the amount of such Reclassified Payment. In addition, if Reclassified Payments were made to a Hughes Participant in January through March, 1998, then the Hughes Participant who elected the Substitute Benefit was allowed to elect that his regularly-scheduled payments from the Hughes Excess Plan be credited to the Hughes Account as of the date such payments would otherwise have been made. The amount of the regularly-scheduled payments to be credited to the Hughes Account must not exceed the amount by which such Reclassified Payments increased his taxable income for 1998, as determined by Hughes.

		
	(iii)
	As of the last day of each month, through the month specified below, the unpaid amount of the Hughes Account is increased by interest at a monthly rate of 0.7591% (approximately an equivalent annual rate of 9-1/2% compounded monthly). The duration of interest credits depends upon the payout election made by the Hughes Participant pursuant to Section A.2.1 of the Appendix. 

46

Interest is credited though the last day of the month immediately preceding the month for which the final payment of the Substitute Benefit is made for any Hughes Participant who (aa) elected payment in a single sum, (bb) elected payment in two substantially equal installments, or (cc) elected payment in five installments commencing on or before the eleventh anniversary of the Hughes Participant’s Deferral Start Date. Interest is to be credited through the last day of the month immediately preceding the month for which the initial installment payment of the Substitute Benefit is made for any Hughes Participant who elected payment in five installments commencing on or after the twelfth anniversary of the Hughes Participant’s Deferral Start Date, and no interest may be credited for such Hughes Participant on or after the date installments commence.

		
	b.
	Continuation as BSS Account

On the Closing Date, the Company shall establish an account, for bookkeeping purposes only, for each Acquired Hughes Participant who elected the Substitute Benefit (the “BSS Account”). The BSS Account shall be credited as follows:

		
	(i)
	The BSS Account shall be initially credited with the unpaid amount of the Acquired Hughes Participant’s Hughes Account under the Hughes Excess Plan as of the Closing Date.

		
	(ii)
	As of the date that each Distant Reclassified Payment would have been made (but for the Hughes Participant’s election of the Substitute Benefit), commencing with the first Distant Reclassified Payment payable after the Closing Date, the BSS Account will be credited with the amount of such Distant Reclassified Payment.

		
	(iii)
	As of the last day of each month, through the month specified below, the unpaid amount of the BSS Account is increased by interest at a monthly rate of 0.7591% (approximately an equivalent annual rate of 9-1/2% compounded monthly). (If the month specified below occurred prior to the Closing Date, then no interest credits will be made to the BSS Account). The duration of interest credits depends upon the payout election made by the Acquired Hughes Participant pursuant to Section A.2.1 of the Appendix. Interest is credited though the last day of the 

47

month immediately preceding the month for which the final payment of the Substitute Benefit is made for any Acquired Hughes Participant who (aa) elected payment in a single sum, (bb) elected payment in two substantially equal installments, or (cc) elected payment in five installments commencing on or before the eleventh anniversary of the Hughes Participant’s Deferral Start Date. Interest is to be credited though the last day of the month immediately preceding the month for which the initial installment payment of the Substitute Benefit is made for any Acquired Hughes Participant who elected payment in five installments commencing on or after the twelfth anniversary of the Acquired Hughes Participant’s Deferral Start Date, and no interest may be credited for such Acquired Hughes Participant on or after the date installments commence.

III.    PAYMENTS.

A.3.1    Payment During Hughes Participant’s Life. 

The BSS Account will be paid to the Acquired Hughes Participant as specified in the election described in Section A.2.1 of this Appendix.

A.3.2    Payment Following Hughes Participant’s Death. 

The unpaid balance of the BSS Account will be paid to the Acquired Hughes Participant’s Beneficiary as follows.

Unless the Hughes Participant elected otherwise, one-half of the unpaid balance of the BSS Account shall be paid as soon as feasible following the Acquired Hughes Participant’s death and the remaining one-half shall be paid in January of the following year. 

Each Hughes Participant was entitled to elect, at the time of the Hughes Participant’s election under Section A.2.1 of this Appendix, that the benefit payable to the Beneficiary following the death of the Hughes Participant shall be made at the time and in the manner payment would have been made to the Hughes Participant during the Hughes Participant’s life. This election will continue to apply to Acquired Hughes Participants.

If Reclassified Payments remain unpaid following payment of the BSS Account to the Beneficiary, then the Reclassified Payments shall be paid to the Beneficiary at the time the Reclassified Payments would have been paid but for the election of the Substitute Benefit. Unless an Acquired 

48

Hughes Participant elects otherwise, the Beneficiary for purposes of this Appendix shall be the Beneficiary otherwise designated under the Retirement Plan. The Acquired Hughes Participant shall be entitled to name a different Beneficiary for purposes of this Appendix.

IV.    MISCELLANEOUS PROVISIONS.

A.4.1    General. 

This Appendix is incorporated by reference into the Plan as if set forth fully therein. Any capitalized terms used in this Appendix which are not defined in this Appendix shall have the meanings specified in the Plan.

A.4.2    Elections Irrevocable. 

Elections by a Hughes Participant under this Appendix are irrevocable.

A.4.3    Defense Retirees. 

In 1997, the Hughes’ defense businesses were acquired by Raytheon Company. As part of that transaction, the Hughes and Raytheon Company agreed that the liabilities of the Plan and the assets and liabilities of the Retirement Plan attributable to defense employees and retirees will be transferred to plans sponsored by Raytheon Company. Accordingly, the provisions of this Appendix apply only to non-defense retirees, and no benefit is created under this Appendix for defense retirees.

A.4.4    Section 415 Changes. 

Code section 415(e) was repealed effective for limitation years beginning on or after January 1, 2000. The repeal may increase the limitation on benefits payable from the Retirement Plan to some or all Acquired Hughes Participants who elected the Substitute Benefit. The Company reserves the right to pay the Substitute Benefit from the Retirement Plan in lieu of the benefits payable hereunder to the extent permitted by law.

49

APPENDIX B 
Plan Provisions Prior To January 1, 1999

B1.1    Eligibility and Benefits for BCERP Participants
Prior to January 1, 1999, this Plan offered certain benefits to participants in the BCERP whose benefits were affected by the limitations on benefits or contributions imposed by section 415 and 401(a)(17) of the Code.  Effective January 1, 1999, certain of those participants were transferred to the SERP and ceased to be eligible for benefits under this Plan based upon their participation in the BCERP.  To the extent any participant eligible for benefits under this Plan based upon his or her participation in the BCERP was not transferred to the SERP, such participant shall remain eligible to participate in this Plan and to receive such benefits. Effective January 1, 2008, all such benefits remaining under this Plan have commenced and are not subject to the deferral and distribution rules under Articles IV & V of the 2008 restatement. 

With respect to the BCERP, the benefits under this Plan represent the difference between the actual benefits of a Participant under the BCERP and the benefits that would have been payable under that plan except for the limitations on benefits imposed by sections 415 and 401(a)(17) of the Code.  The benefits payable under this Plan with respect to the BCERP were payable to the Participant or to any other person who is receiving or entitled to receive benefits with respect to the Participant under the BCERP, and were paid in the same form, at the same times and for the same period as benefits were paid with respect to the Participant under the BCERP.

Notwithstanding the foregoing, if the Actuarial Equivalent of the benefit payable under this Plan with respect to the BCERP was $10,000 or less, the Actuarial Equivalent value of the benefit was paid in the form of an automatic lump sum at the same time as benefits began or were paid under the BCERP. Actuarial Equivalent is defined in the BCERP.  This paragraph applies to Participants who retire or begin receiving termination benefits under the BCERP on or after February 1, 1997, and for this purpose the Actuarial Equivalent shall be determined as of the Participant’s Retirement Date under the Employee Retirement Plan.  This paragraph shall also apply to Participants who are receiving benefits under this Plan as of February 1, 1997, and for this purpose the Actuarial Equivalent shall be determined with respect to each participant’s remaining benefits payable under this Plan determined as of February 1, 1997.

Effective January 1, 1999, any Employee who is eligible to participate in the SERP shall no longer be entitled to any benefit under this Appendix B1.1.  To the extent any such Employee is determined to be entitled to a benefit under this Appendix B1.1 of the Plan, such benefit shall be offset by any benefits received under the SERP.  Any Employee who was a Participant in this Plan as of December 31, 1998 and eligible for a benefit under this Appendix B1.1 shall remain eligible for such benefit unless and until such Employee 

50

becomes eligible to participate in the SERP. The Plan will respect beneficiary designations made by a Participant at the time of commencement of the benefit under this Section B.1.1, notwithstanding any contrary definition of Beneficiary under the Plan. 

B1.2    Eligibility and Benefits for FSP Participants
Prior to January 1, 1999, salaried employees who were not represented by a collective bargaining agent were eligible to participate in the FSP. Accordingly, participants in the FSP were eligible to participate in this Plan prior to that date, to the extent that their FSP benefits were limited by Code sections 415 and 401(a)(17).

The benefits under this Plan with respect to a particular year were the additional benefits that would have been payable under the FSP if the reduction on contributions and other additions had not been made.  All amounts deferred under this Plan were credited to the Accounts of Participants at the time such amounts would otherwise have been credited to their accounts under the FSP.  

For periods before January 1, 2009, a Participant’s Account is credited with interest in accordance with the Interest Fund method under Section 7.2 (Earnings Credits). 

For periods on or after January 1, 2009, a Participant’s Account is credited with earnings in accordance with the method elected by the Participant under Section 7.2 (Earnings Credits).

The benefits payable under this Plan with respect to the FSP will be payable to the Participant in accordance with the distribution rules under Article VI.

51EX-10.1

 Exhibit 10.1 

Morgan Stanley Senior Funding, Inc. 

1585 Broadway 
 New York, New York
10036 
 October 21, 2014 
 BGC Partners,
Inc. 
 499 Park Avenue 
 New York, New York 10022 

Attention: Graham Sadler, Chief Financial Officer 

Project Gates 
 $350,000,000
364-Day Senior Unsecured Bridge Facility 
 Commitment Letter 

Ladies and Gentlemen: 
 You
(“you” or the “Borrower”) have advised Morgan Stanley Senior Funding, Inc. (“MSSF”, and together with each party that becomes a party to this Commitment Letter as an additional “Commitment
Party” pursuant to Section 2 hereof, collectively, the “Commitment Parties”, “we” or “us”) that you intend to consummate the acquisition of GFI Group Inc. (the “Target”,
and together with its subsidiaries, the “Acquired Business”) pursuant to either (i) a tender offer (as such tender offer may be amended, supplemented or otherwise modified from time to time, the “Tender Offer”)
for all of the issued and outstanding shares of common stock of the Target (collectively, the “Shares”), including any Shares that may become outstanding upon the exercise of options or other rights to acquire Shares after the
commencement of the Tender Offer but before the consummation of the Tender Offer, for a purchase price consisting of cash consideration set forth in the initial offer to purchase, to be dated October 22, 2014 (the “Launch
Date”), pursuant to which the Tender Offer is made (the “Initial Offer to Purchase”) and all material documents entered into by you or your subsidiaries in connection with the Tender Offer, such documents, including all
exhibits thereto, as they may be amended, supplemented or otherwise modified from time to time, are collectively referred to herein as the “Tender Offer Documents”), which if sufficient Shares are purchased to consummate a follow-on
merger, will be followed by a merger of a wholly-owned domestic subsidiary of the Borrower (“MergerSub”) with the Target in the manner contemplated by the Tender Offer Documents, or (ii) an agreement and plan of merger (or
similarly styled agreement) to be entered into among the Borrower, MergerSub and the Target (the “Acquisition Agreement”), which Acquisition will be consummated either (a) pursuant to a one-step merger (a “One-Step
Merger”) in which MergerSub will be merged with the Target (a “One-Step Merger Transaction”), or (b) pursuant to a two-step transaction (a “Two-Step Merger Transaction”) consisting of (x) a first
step tender offer (a “First Step Tender Offer”) for all outstanding Shares (other than any Shares held by the Borrower or one of its subsidiaries) for cash consideration as set forth in the Acquisition Agreement followed by
(y) a second step merger (the “Second Step Merger”) in which MergerSub will be merged with the Target. If the Acquisition (as defined below) occurs pursuant to an Acquisition Agreement in a Two-Step Merger Transaction, then the
term “Tender Offer” will refer to the First Step Tender Offer and the term “Merger” will refer to the Second Step Merger. If the Acquisition occurs pursuant to a Tender Offer followed by a Merger then, after giving effect to
consummation of the Tender Offer, the Target will be a majority-owned subsidiary of the Borrower and, after giving effect to the Merger, the Target will be a wholly-owned subsidiary of the Borrower. Alternatively, if the Acquisition occurs pursuant
to a One-Step Merger Transaction, then upon consummation of the One-Step Merger the Target will be a wholly-owned 

 
subsidiary of the Borrower. The term “Acquisition” will refer to the consummation of the acquisition of the Acquired Business pursuant to an Acquisition Agreement or a Tender
Offer followed by the Merger, as applicable. The term “Tendered Share Purchase” will refer to the purchase of the Shares tendered pursuant to the Tender Offer resulting in the Target becoming a majority-owned subsidiary of the
Borrower. 
 In that connection, you have advised us that in order to finance the Transactions and to pay the fees and expenses incurred in
connection therewith you intend to use a combination of (a) cash on the balance sheet, (b) the issuance by the Borrower of equity securities, equity-linked securities, debt securities and/or bank loans (the foregoing, the
“Permanent Financing”) in an aggregate principal amount not to exceed $350,000,000, and/or (c) to the extent less than $350,000,000 is issued or incurred or borrowed by the Borrower under the Permanent Financing on or prior to
the Closing Date (as defined below), the borrowing by the Borrower of loans under a 364-day senior unsecured bridge term loan facility (the “Facility”) in an aggregate principal amount not to exceed $350,000,000 (as such amount may
be reduced pursuant to the section titled “Mandatory Prepayments and Commitment Reductions” in Exhibit A hereto). The Acquisition, Tendered Share Purchase, the issuance or incurrence or borrowing of the Permanent Financing, the arrangement
and consummation of the Facility and the transactions contemplated by or related to the foregoing are collectively referred to herein as the “Transactions”. The date of the Tendered Share Purchase or, if earlier, the date of the
consummation of the One-Step Merger Transaction, and on which loans become available to be drawn under the Facility is referred to herein as the “Closing Date”. 

1. Commitment. MSSF is pleased to commit to provide 100% of the aggregate principal amount of the Facility, on the terms and
subject to the conditions set forth in this letter and in the Summary of Terms and Conditions attached hereto as Exhibit A (including the Annex attached thereto) and the Conditions Precedent to Availability of the Loans attached hereto as Exhibit B
(the “Conditions Precedent Exhibit” and collectively with Exhibit A, the “Term Sheet” and collectively with this letter, this “Commitment Letter”); provided that, the amount of the Facility
and the aggregate commitment of the Commitment Parties hereunder for the Facility shall be automatically reduced at any time on or after the date hereof as set forth in the section titled “Mandatory Prepayments and Commitment Reductions”
in Exhibit A hereto. It is understood that MSSF shall act as sole lead arranger and sole bookrunner (in such capacity, the “Arranger”) and sole administrative agent for the Facility. You agree that, as a condition to the
commitments, agreements and undertakings set forth herein, no other agents, co-agents, arrangers or bookrunners will be appointed, no other titles will be awarded and no compensation will be paid in connection with the Facility, unless you and we
shall agree; provided that, at any time following your execution and delivery of this Commitment Letter, you may appoint additional agents and co-agents (but not additional arrangers or bookrunners) for the Facility reasonably satisfactory to
the Arranger. It is further agreed MSSF will have “upper left” placement in all documentation used in connection with the Facility and shall have all roles and responsibilities customarily associated with such placement. 

Notwithstanding anything in this Commitment Letter, the Fee Letter, the Credit Documentation (as defined below) or any other letter agreement
or other undertaking concerning the financing of the Transactions to the contrary, (a) the only conditions to closing and availability of our commitments hereunder on the Closing Date shall be (i) the Borrower having engaged (on or before
the Borrower’s execution of this Commitment Letter) one or more investment and/or commercial banks satisfactory to the Arranger on terms and conditions satisfactory to the Arranger to arrange permanent financing or refinancing for the
Acquisition or Tendered Share Purchase, as applicable and (ii) the conditions set forth in the Conditions Precedent Exhibit, (b) the only representations the accuracy of which shall be a condition to the availability of the Facility on the
Closing Date shall be (i) to the extent the Acquisition is consummated pursuant to an Acquisition Agreement, the Acquisition Agreement 

  
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Representations (as defined in the Conditions Precedent Exhibit) and (ii) the Specified Representations (as defined in the Conditions Precedent Exhibit) and (c) the terms of the Credit
Documentation will be such that they do not impair the availability of the Facility on the Closing Date if the conditions set forth herein and in the Conditions Precedent Exhibit are satisfied. 

2. Syndication. The Arranger reserves the right, prior to or after execution of the definitive documentation for the Facility
(the “Credit Documentation”), in consultation with you, to syndicate all or a part of our commitment to one or more financial institutions and/or lenders (collectively, the “Lenders”) in accordance with the terms
hereof, which syndication shall be managed by the Arranger in consultation with the Borrower; provided, however, that, notwithstanding anything else to the contrary contained herein, (a) until the earlier of (i) the date that
is 30 days after the Launch Date and (ii) the Closing Date (such date, the “Specified Date”), the selection of Lenders by the Arranger shall be subject to the Borrower’s approval (it being understood and agreed that such
approval shall not be required with respect to any Lender that is identified in writing as an approved Lender by the Borrower and the Arranger prior to the date hereof), (b) following the Specified Date, if and for so long as a Successful
Syndication (as defined in the Fee Letter) has not been achieved, the selection of Lenders by the Arranger shall be in consultation with the Borrower (it being understood and agreed that such Lenders selected by the Arranger pursuant to this clause
(b) shall be limited (unless otherwise consented to by the Borrower) to commercial and investment banks, in each case, whose senior, unsecured, long-term indebtedness has an “investment grade” rating by both Standard &
Poor’s Financial Services LLC (“S&P”) and Moody’s Investor Services, Inc. (“Moody’s”) and, in each case, with total assets of at least $75 billion (such banks, “Investment Grade
Lenders”)) and (c) following the achievement of a Successful Syndication, the Borrower shall have the applicable consent rights with respect to assignments of commitments and loans under the Facility as set forth in the Term Sheet;
provided, further, that we agree not to syndicate our commitments to (i) any competitors of the Borrower and its subsidiaries and certain other persons or entities, in each case, identified as such in writing by the Borrower to
the Arranger prior to the date hereof (and any known affiliates of any such persons or entities that are reasonably identifiable by a shared name) or (ii) any entity affiliated with broker-dealers or real estate brokers (other than
broker-dealers and/or real estate brokers affiliated with a commercial bank, investment bank or a bank holding company having capital in excess of $1.0 billion) (each such person a “Disqualified Institution”). The commitment of MSSF
hereunder with respect to the Facility shall be reduced dollar-for-dollar as and when commitments for the Facility are received from Lenders but only to the extent that each such Lender (i) is approved by you or, in the case of any assignment
after the Specified Date, is then an Investment Grade Lender and (ii) becomes (x) party to this Commitment Letter as an additional “Commitment Party” pursuant to a joinder agreement or other documentation reasonably satisfactory
to the Arranger and you or (y) party to the applicable Credit Documentation as a “Lender” thereunder. 
 The Arranger intends
to commence syndication efforts promptly following the execution of this Commitment Letter by the parties hereto, and you agree to use your commercially reasonable efforts to actively assist the Arranger until the earlier of (a) 60 days after
the Closing Date and (b) the achievement of a Successful Syndication. Such assistance shall include, without limitation, (a) your using commercially reasonable efforts to ensure that the Arranger’s syndication efforts benefit
materially from your existing lending and investment banking relationships, (b) direct contact between senior management and advisors of the Borrower, on the one hand, and the proposed Lenders, on the other hand, (c) your assistance in the
preparation of a confidential information memorandum in form customary for financings of the type described herein and other customary marketing materials (other than materials the disclosure of which would violate a confidentiality agreement or
waive attorney-client privilege) to be used in connection with the syndication and (d) the hosting, with the Arranger, of a reasonable number of meetings or conference calls with prospective Lenders, at times and locations to be mutually agreed
upon. Until the earlier of (a) 60 days after the Closing Date and (b) the achievement of a Successful Syndication, you agree that there shall be no competing offering, placement or arrangement of any

  
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commercial bank or other credit facility or any debt securities by or on behalf of the Borrower or any of its subsidiaries (other than (i) the Permanent Financing and (ii) Excluded Debt
referred to in clauses (ii) through (x) of the definition thereof as set forth in Exhibit A) without the consent of the Arranger, in each case, if such offering, placement or arrangement could reasonably be expected to interfere with the
syndication of the Facility as reasonably determined by the Arranger. In addition, you agree to use commercially reasonable efforts to obtain ratings giving effect to the Transactions at least 10 business days prior to the Closing Date from S&P
and Fitch Ratings Ltd. (“Fitch”) with respect to the senior, unsecured, non-credit enhanced, long-term debt for borrowed money of the Borrower; provided that, for the avoidance of doubt, neither the receipt of any ratings nor
the achievement of any specific rating shall constitute a condition to the availability or funding of the Facility on the Closing Date. The Arranger will manage all aspects of the syndication in consultation with you, including, without limitation,
decisions as to the selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate and the allocations of the commitments among the Lenders and the amount and
distribution of fees among the Lenders. In acting as the Arranger, MSSF will have no responsibility other than to arrange the syndication and perform the other duties as set forth herein and shall in no event be subject to any fiduciary or other
implied duties. To assist the Arranger in its syndication efforts, you agree promptly to (and in the case of the Acquired Business, consistent with the terms of the Acquisition Agreement or any non-disclosure agreement between you and Target, to use
commercially reasonable efforts to) promptly provide to us all information available to you with respect to the Borrower and, to the extent reasonably practicable and subject to the limitations and compliance with the terms of the Acquisition
Agreement or such non-disclosure agreement, if applicable, the Acquired Business, and each of their respective subsidiaries and the Transactions, including, without limitation, all financial information and projections (the
“Projections”) available to you, as the Arranger may reasonably request in connection with the arrangement and syndication of the Facility; provided, that each of the foregoing to the extent relating to the Acquired Business
may only be required (x) if and to the extent consistent with, and subject to the limitations and compliance with the terms of, the Acquisition Agreement and/or such non-disclosure agreement or (y) are otherwise available, or may be
derived from information available, to you. 
 You agree that the Arranger may make available any Information (as defined below) and
Projections (collectively, the “Company Materials”) to potential Lenders by posting the Company Materials on IntraLinks, DebtDomain or another similar electronic system (the “Platform”). You further agree to assist,
at the reasonable request of the Arranger, in the preparation of a version of a confidential information memorandum and other customary marketing materials and presentations to be used in connection with the syndication of the Facility to potential
Lenders who do not wish to receive material non-public information (within the meaning of the United States federal securities laws) with respect to the Borrower, the Target or their respective subsidiaries (any such Lender, a “Public
Lender”), consisting exclusively of information or documentation that is either (a) publicly available (or contained in the prospectus or other offering memorandum for any securities to be issued by the Borrower in connection with the
Transactions) or (b) not material with respect to the Borrower, the Target or their respective subsidiaries or any of their respective securities for purposes of foreign (if applicable), United States federal and state securities laws (all such
information and documentation being “Public Lender Information”). Any information and documentation that is not Public Lender Information is referred to herein as “Private Lender Information.” You further agree, at
our reasonable request, to identify any document to be disseminated by the Arranger to any Public Lender by marking the same as “PUBLIC”. You acknowledge and agree that the following documents may be distributed to all Lenders (including
Public Lenders) (unless you, having been given a reasonable opportunity to review such documents prior to such distribution, promptly notify the Arranger in writing prior to such distribution that any such document contains material non-public
information with respect to the Borrower, the Acquired Business or its or their respective affiliates or securities): (i) drafts and final Credit Documentation; (ii) administrative materials prepared by the Arranger for potential Lenders
(e.g. a lender meeting invitation, allocations and/or funding and closing memoranda), in each case to the extent submitted to the Borrower for review prior to distribution; and (iii) notification of changes in the terms of the Facility. 

  
 4 

 3. Information. You hereby represent and covenant (but with respect to Information
(as defined below) and Projections in each case relating to the Acquired Business, to the best of your knowledge) that (a) all written information (other than the Projections and information of a general economic or industry nature) (the
“Information”) that has been or will be made available to us or any of our affiliates or any Lender or potential Lender by you or on behalf of you by any of your representatives in connection with the transactions contemplated
hereby is or will be, when taken as a whole, complete and correct in all material respects and does not or will not, when furnished and taken as a whole, contain any untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements contained therein, when taken as a whole, not materially misleading in light of the circumstances under which such statements are or were made and (b) the Projections that have been or will be made available to us
or any of our affiliates or any Lender or potential Lender by you or on behalf of you by any of your representatives in connection with the transactions contemplated hereby have been or will be prepared in good faith based upon assumptions believed
by you to be reasonable at the time made and furnished (it being understood that such Projections have been prepared at the request of the Arranger in connection with the syndication, are not utilized by the Borrower in the ordinary course of its
business, are not to be viewed as facts, are subject to significant uncertainties and contingencies, any of which are beyond your control, that actual results during the period or periods covered by such Projections may differ significantly from the
projected results and such differences may be material, and that no assurance can be given that any particular Projection will be realized). You agree to supplement the Information and Projections from time to time until (i) if a Successful
Syndication has been achieved by the Closing Date, the Closing Date or (ii) if a Successful Syndication has not been achieved by the Closing Date, the earlier of (x) the achievement of a Successful Syndication and (y) 60 days after
the Closing Date, if you become aware that any of the representations in the previous sentence would be incorrect if such Information and/or Projections were being furnished at such time so that the representations and covenants in the immediately
preceding sentence remain correct. You acknowledge that we will be entitled to use and rely on the Information and Projections without independent verification thereof. 

We reserve the right to employ the services of one or more of our affiliates in providing services contemplated by this Commitment Letter and
to allocate, in whole or in part, to such affiliates certain fees payable to us in such manner as we and our affiliates may agree. You acknowledge that, subject to Section 8 below, we may share with any of our affiliates, and such affiliates
may share with us, any information related to the Transactions, you and your subsidiaries or the Acquired Business or any of the matters contemplated hereby in connection with the Transactions. 

4. Fees. As consideration for our commitment hereunder and the Arranger’s agreement to perform the services described
herein, you agree to pay the non-refundable fees set forth in the Term Sheet and in the Fee Letter delivered herewith from MSSF to you relating to the Facility and dated the date hereof (the “Fee Letter”). 

5. Indemnity and Expenses; Other Activities. You agree (a) to indemnify and hold harmless each Commitment Party and its
affiliates and each officer, director, employee, advisor and agent of each Commitment Party or its affiliates (each, an “Indemnified Person”) from and against any and all losses, claims, damages and liabilities to which any such
Indemnified Person may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Facility, the use of the proceeds thereof or the Transactions or any claim, litigation, investigation or proceeding relating to
any of the foregoing, regardless of whether any Indemnified Person is a party thereto and regardless of whether brought by a third party or by the Borrower or any of its affiliates (any of the foregoing, a “Proceeding”),

  
 5 

 
and to reimburse each Indemnified Person upon demand for any reasonable and documented out of pocket expenses incurred in connection with investigating, defending, preparing to defend or
participating in any such Proceeding (but limited in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and other charges of (i) a single counsel selected by the Arranger for all such Indemnified Persons,
taken as a whole, and (ii) solely in the case of a potential or actual conflict of interest, one additional counsel to all affected Indemnified Persons, taken as a whole (and, if reasonably necessary, one local counsel for each relevant
jurisdiction for all such Indemnified Persons, taken as a whole, as the Arranger may deem appropriate in its good faith judgment)), provided that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims,
damages, liabilities or related expenses to the extent (i) they are found by a final, non-appealable judgment of a court of competent jurisdiction to result from the willful misconduct, bad faith or gross negligence of such Indemnified Person
(or such Indemnified Person’s affiliates or any officers, directors, employees, advisors, agents of such Indemnified Person or any of its affiliates) (ii) they result from such Indemnified Person’s (or such Indemnified Person’s
affiliates or any officers, directors, employees, advisors, agents of such Indemnified Person or any of its affiliates) material breach of its obligations under this Commitment Letter or the Fee Letter or (iii) they relate to disputes solely
among Indemnified Persons that are not arising out of any act or omission by you or any of your affiliates, other than claims against any agent, arranger, bookrunner or other similar role under the Facility in its capacity as such, and (b) to
reimburse each Commitment Party and its affiliates upon demand for all reasonable and documented out-of-pocket expenses (but, limited in the case of legal fees and expenses, to the reasonable fees, charges and disbursements and other charges of
(i) a single counsel selected by the Arranger for all such Indemnified Persons, taken as a whole, and (ii) solely in the case of a potential or actual conflict of interest, one additional counsel to all affected Indemnified Persons, taken
as a whole (and, if reasonably necessary, one local counsel for each relevant jurisdiction for all such Indemnified Persons, taken as a whole, as the Arranger may deem appropriate in their good faith judgment)) incurred in connection with the
Facility and any related documentation (including, without limitation, this Commitment Letter, the Fee Letter and the Credit Documentation) or the administration, amendment, modification or waiver thereof or the enforcement of any rights or remedies
hereunder. Notwithstanding any other provision of this Commitment Letter, (i) no Indemnified Person shall be liable for any damages arising from the use by unintended recipients of Information or other materials obtained through electronic,
telecommunications or other information transmission systems; except to the extent any such damages are found by a final, non-appealable judgment of a court of competent jurisdiction to result from the gross negligence, bad faith or willful
misconduct of, or material breach of this Commitment Letter or the Fee Letter by, such Indemnified Person (or such Indemnified Person’s affiliates or any officers, directors, employees, advisors, agents of such Indemnified Person or any of its
affiliates), or (ii) no party hereto shall be liable for any special, indirect, consequential or punitive damages in connection with the Commitment Letter, the Fee Letter, the Facility, the use of the proceeds thereof, the Transactions or any
related transaction; provided, that nothing contained in this sentence shall limit your indemnification obligations to the extent set forth hereinabove to the extent such special, indirect, consequential or punitive damages are included in
any third party claim in connection with which such Indemnified Person is entitled to indemnification hereunder. 
 Notwithstanding anything
to the contrary contained herein, you shall not be liable for any settlement of any Proceeding effectuated without your prior written consent (such consent not to be unreasonably withheld or delayed), but, if settled with your written consent, or if
there is a final judgment by a court of competent jurisdiction against an Indemnified Person in any such Proceeding for which you are required to indemnify such Indemnified Person pursuant to the preceding paragraph, you agree to indemnify and hold
harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the preceding paragraph. You will not, without the prior written consent of
the Indemnified Person (such consent not to be unreasonably withheld or delayed), settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any Proceeding in respect of which indemnification may be

  
 6 

 
sought hereunder (whether or not any Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination (i) includes an unconditional release of each
Indemnified Person from all liability arising out of such Proceeding and (ii) does not include a statement as to, or an admission of, fault, culpability, or a failure to act by or on behalf of such Indemnified Person. 

You acknowledge that each Commitment Party and its affiliates (the term “Commitment Party” as used below in this paragraph
being understood to include such affiliates) may be providing debt financing, equity capital or other services (including, without limitation, financial advisory services) to other companies in respect of which you may have conflicting interests or
a commercial or competitive relationship with and otherwise. No Commitment Party will use confidential information obtained from you by virtue of the transactions contemplated hereby or other relationships with you in connection with the performance
by the Commitment Parties of services for other companies, and no Commitment Party will furnish any such information to other companies or their advisors. You also acknowledge that no Commitment Party has any obligation to use in connection with the
transactions contemplated hereby, or to furnish to you, confidential information obtained from other companies. You acknowledge that each Commitment Party is acting pursuant to a contractual relationship on an arm’s length basis, and the
parties hereto do not intend that any Commitment Party or its affiliates act or be responsible as a fiduciary to the Borrower, its management, stockholders, creditors or any other person. The Borrower hereby expressly disclaims any fiduciary
relationship and agrees that it is responsible for making its own independent judgments with respect to any transactions (including the Transactions) entered into between it and the Commitment Parties. The Borrower also acknowledges that no
Commitment Party has advised and none is advising the Borrower as to any legal, accounting, regulatory or tax matters, and that the Borrower is consulting its own advisors concerning such matters to the extent it deems appropriate. 

6. Governing Law, etc. This Commitment Letter shall be governed by, and construed in accordance with, the law of the State of
New York; provided, that (a) the laws of the State of Delaware shall govern in determining (i) the interpretation of an Acquired Business Material Adverse Effect (as defined in the Conditions Precedent Exhibit) and whether an
Acquired Business Material Adverse Effect has occurred; provided that in each case, if the determination of Acquired Business Material Adverse Effect is determined by reference to clause (i) of the definition thereof, the Approved
Acquisition Agreement is governed by the laws of the State of Delaware, (ii) the accuracy of any Acquisition Agreement Representation and whether as a result of any inaccuracy thereof you (or a subsidiary) have the right to terminate your (or
its) obligations to consummate the Acquisition under the Acquisition Agreement as a result of a breach of such representations in the Acquisition Agreement and (iii) whether the One-Step Merger Transaction has been consummated in accordance
with the terms and conditions of the Acquisition Agreement and (b) the federal securities laws of the United States shall govern in determining whether the Tender Offer has been consummated in accordance with the terms and conditions of the
Initial Offer to Purchase. The parties hereto hereby waive any right they may have to a trial by jury with respect to any claim, action, suit or proceeding arising out of or contemplated by this Commitment Letter. The parties hereto submit to the
exclusive jurisdiction of the federal and New York State courts located in the County of New York, Borough of Manhattan in connection with any dispute related to, contemplated by, or arising out of this Commitment Letter and agree that any service
of process, summons, notice or document by registered mail addressed to such party shall be effective service of process for any suit, action or proceeding relating to any such dispute. The parties hereto irrevocably and unconditionally waive any
objection to the laying of venue of any such suit, action or proceeding brought in any such court and agree that any final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and may be enforced in other
jurisdictions by suit upon the judgment or in any other manner provided by law. 

  
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 7. PATRIOT Act. We hereby notify you that pursuant to the requirements of the USA
PATRIOT Act (Title III of Pub. L. 107-56 (October 26, 2001), as amended) (the “PATRIOT Act”), the Commitment Parties and the other Lenders may be required to obtain, verify and record information that identifies you
and each Guarantor, which information includes your and each such Guarantor’s name and address, and other information that will allow the Commitment Parties and the other Lenders to identify you and each such Guarantor in accordance with the
PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act and is effective for each Commitment Party and the other Lenders. 

8. Confidentiality. This Commitment Letter is delivered to you on the understanding that neither this Commitment Letter nor the
Fee Letter nor any of their terms or substance shall be disclosed, directly or indirectly, to any other person except (a) to your officers, directors, employees, stockholders, partners, members, accountants, attorneys, agents and advisors who
are directly involved in the consideration of this matter on a confidential and need-to-know basis, (b) the extent required by law or regulation or by any subpoena or similar legal, judicial or administrative proceeding, (c) to the extent
required or requested by a governmental authority (in which case you agree to the extent permitted under applicable law to inform us promptly thereof), (d) in connection with the exercise of any remedies hereunder or any suit, action or
proceeding relating to this Commitment Letter, the Fee Letter, or the transactions contemplated thereby or enforcement hereof and thereof, (e) (i) this Commitment Letter (including the Term Sheet), (ii) to the extent redacted in a
customary manner, the Fee Letter, and (iii) a generic description of the sources and uses (in a manner that does not disclose the amount of any individual fees paid in connection with the Transactions), in each case, may be disclosed to the
Target and its officers, directors, employees, accountants, attorneys, agents and advisors who are directly involved in the consideration of this matter on a confidential and need-to-know basis, (f) with respect to the Commitment Letter only,
to rating agencies, (g) you may disclose the existence of the Fee Letter and a generic description of the sources and uses (in a manner that does not disclose the amount of any individual fees paid in connection with the Transactions) in
connection with the Transactions as part of any projections or pro forma information in customary marketing materials, (h) after your acceptance of this Commitment Letter and the Fee Letter, you may disclose this Commitment Letter (but not the
Fee Letter) and the existence of the Fee Letter and the types of provisions (but not the economic terms contained in such Fee Letter and not the amount of any individual fees paid in connection with the Transactions (other than a generic description
of the sources and uses)) contained therein in filings with the SEC and other applicable regulatory authorities and stock exchanges or (i) to the extent such confidential information becomes publicly available (x) other than as a result of
a breach of this provision or (y) from a source, other than the Arranger on a non-confidential basis, which it has no reason to believe has any confidentiality or fiduciary obligation to the Arranger with respect to such information;
provided, that the foregoing restrictions shall cease to apply in respect of the existence and contents of this Commitment Letter (but not in respect of the Fee Letter and its contents) on the date that is two years from the date hereof. 

Each Commitment Party will treat as confidential all confidential information provided to it by or on behalf of the Borrower hereunder;
provided, that nothing herein shall prevent such person from disclosing any such information (i) to any Lenders or participants or prospective Lenders or participants and any direct or indirect contractual counterparties to any swap or
derivative transaction relating to the Borrower or its obligations under the Facility, in each case, who have agreed to be bound by the confidentiality obligations of this Commitment Letter or otherwise acknowledge and accept that such information
is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and the Arranger, including, without limitation, as agreed in any confidential information
memorandum or other marketing or offering materials) in accordance with the standard syndication processes of the Arranger or customary market standards for dissemination of such type of information, which shall in any event require
“click-through” or other 

  
 8 

 
affirmative actions on the part of recipient to access such information (collectively, “Specified Counterparties”), (ii) to its officers, directors, employees, stockholders,
partners, members, accountants, attorneys, agents and advisors directly involved in the Transactions on a confidential basis, (iii) as may be compelled in legal, judicial or administrative proceeding or as otherwise required by law or requested
by a governmental authority (in which case such person agrees to the extent permitted under applicable law to inform you promptly thereof), (iv) to any rating agency on a confidential basis, (v) as requested by any state, federal or
foreign authority or examiner regulating banks or banking, (vi) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Commitment Letter, the Fee Letter, or the transaction contemplated
thereby or enforcement hereof and thereof, (vii) to any of its affiliates directly involved in the Transactions on a confidential basis and (viii) to the extent such confidential information becomes publicly available (x) other than
as a result of a breach of this provision or (y) to it from a source, other than the Borrower on a non-confidential basis, which it has no reason to believe has any confidentiality or fiduciary obligation to the Borrower with respect to such
information; provided, that the disclosure of any such information to any Lenders or prospective Lenders or participants or prospective participants or Specified Counterparties referred to above shall be made subject to the acknowledgment and
acceptance by such Lender or prospective Lender or participant or prospective participant or Specified Counterparty that such information is being disseminated on a confidential basis in accordance with the standard syndication process of the
Arranger or customary market standards for dissemination of such types of information; provided, further, that the foregoing obligations of the Commitment Parties shall remain in effect until the earlier of (i) two years from the
date hereof, and (ii) the execution and delivery of the Credit Documentation by the parties thereto, at which time any confidentiality undertaking in the Credit Documentation shall supersede the provisions in this paragraph. 

9. Miscellaneous. This Commitment Letter shall not be assignable by you without our prior written consent (and any purported
assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and
the Indemnified Persons. We may assign our commitments and agreements hereunder, in whole or in part, to any of our respective affiliates and, subject to the applicable requirements set forth in Section 2 above, to any proposed Lender prior to
the Closing Date. This Commitment Letter may not be amended or waived except by an instrument in writing signed by you and us. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original, and all of
which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment Letter by electronic transmission shall be effective as delivery of a manually executed counterpart hereof. This Commitment Letter
and the Fee Letter are the only agreements that have been entered into among us with respect to the Facility and set forth the entire understanding of the parties with respect thereto. No individual has been authorized by any Commitment Party or its
affiliates to make any oral or written statements that are inconsistent with this Commitment Letter or the Fee Letter. 
 Each of the
parties hereto agrees that this Commitment Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights
generally and general principles of equity) with respect to the subject matter contained herein, including an agreement to negotiate in good faith the Credit Documentation by the parties hereto in a manner consistent with this Commitment Letter, it
being acknowledged and agreed that the funding of the Facility is subject to the conditions precedent set forth in the Conditions Precedent Exhibit. 

The compensation, reimbursement, indemnification and confidentiality, contained herein and in the Fee Letter shall remain in full force and
effect regardless of whether Credit Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or our 

  
 9 

 
commitments hereunder, and the syndication and clear market provisions shall survive the termination of the Commitment Letter or our commitments hereunder only in the event that such termination
is a result of the execution and delivery of the Credit Documentation; provided that your obligations under this Commitment Letter pursuant to such sections, other than those pursuant to syndication, clear market and confidentiality (which
shall terminate in accordance with Section 8 hereof), shall automatically terminate and be superseded by the Credit Documentation (to the extent covered thereby) upon the execution of the Credit Documentation, and (to the extent so covered) you
shall be released from all liability in connection therewith at such time. You may terminate our commitments hereunder at any time subject to the provisions of the immediately preceding sentence. 

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms hereof and the Fee Letter by returning to us
executed counterparts hereof and of the Fee Letter, together with a copy of the Initial Offer to Purchase in the form to be filed with the SEC, prior to the earlier of (i) 11:59 p.m. (New York City time), October 22, 2014 and
(ii) substantially simultaneously with the filing of the Initial Offer to Purchase with the SEC. If the Commitment Letter and Fee Letter have not been executed and returned, together with a copy of the Initial Offer to Purchase in the form to
be filed with the SEC, as described in the preceding sentence by such earlier time, then the Commitment Parties’ offer hereunder shall terminate at such earlier time. After your execution and delivery to us of this Commitment Letter and the Fee
Letter, our outstanding commitments with respect to the Facility in this Commitment Letter shall automatically terminate upon the earliest to occur of (i) the execution and delivery of the Credit Documentation for the Facility by all parties
thereto, (ii) February 22, 2015 (the “Commitment Termination Date”), (iii) the closing of the Acquisition or the Tendered Share Purchase occurs, in each case without the use of the Facility, (iv) the date of your
termination of your obligations, or the public announcement by you of your abandonment of, (as applicable) (A) the Acquisition Agreement to consummate the Acquisition or (B) the Tender Offer, in each case in accordance with its terms and
(v) your termination hereof by written notice to us. 
 [Signature Pages Follow] 

  
 10 

 We are pleased to have been given the opportunity to assist you in connection with this important
financing. 
  

					
	Very truly yours,
	
	MORGAN STANLEY SENIOR FUNDING, INC.
		
	By:	 	 /s/ Subhalakshmi Ghosh-Kohli

		 	Name:	 	Subhalakshmi Ghosh-Kohli
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Commitment Letter] 

					
	Accepted and agreed to as of the date first written above by:
	
	BGC PARTNERS, INC.
		
	By:	 	 /s/ Stephen M. Merkel

		 	Name:	 	Stephen M. Merkel
		 	Title:	 	Executive Vice President, General Counsel and Secretary

  
 [Signature Page to
Commitment Letter] 

 Exhibit A 

BGC PARTNERS, INC. 
 364-DAY SENIOR
UNSECURED BRIDGE TERM LOAN FACILITY 
 Summary of Terms and Conditions 

Capitalized terms not otherwise defined herein shall have the same meaning as specified with respect thereto in the Commitment Letter to which this Exhibit
A is attached. 
  

					
	I.	 	PARTIES
			
		 	Borrower:	  	BGC Partners, Inc., a Delaware corporation (the “Borrower”).
			
		 	Guarantors:	  	 Each of the Borrower’s current and future direct and indirect wholly-owned domestic subsidiaries, except for Excluded Subsidiaries and
certain additional exceptions to be agreed.
  
 For purposes hereof, “Excluded
Subsidiary” means (i) any subsidiary of the Borrower that is (a) registered as a securities broker-dealer with the SEC, (b) registered as a futures commission merchant with the CFTC or (c) a swap execution facility registered with the SEC
and/or the CFTC, (ii) direct or indirect domestic subsidiaries substantially all of whose assets consist (directly or indirectly through disregarded entities) of the capital stock or debt of foreign subsidiaries that are controlled foreign
corporations, (iii) any direct or indirect domestic subsidiary that is a subsidiary of a foreign subsidiary that is a controlled foreign corporation, (iv) any subsidiary that is prohibited, but only so long as such subsidiary would be prohibited, by
applicable law, rule or regulation or by any contractual obligation existing on (but not incurred in anticipation of) the Closing Date or on the date such subsidiary becomes a wholly-owned subsidiary or is organized (as long as, in the case of an
acquisition of a subsidiary, such prohibition did not arise in anticipation of such acquisition) from guaranteeing the Facility or that would require governmental or regulatory consent, approval, license or authorization to provide a guarantee
unless such consent, approval, license or authorization has been received, (v) captive insurance companies, (vi) not-for-profit subsidiaries and (vii) immaterial subsidiaries (to be defined to be any subsidiary with, individually, less than 2.5% of
consolidated total assets and 2.5% of annual consolidated revenues, and in the aggregate, 5% of consolidated total assets and 5% of annual consolidated revenues).
  

In the event that the Target becomes a wholly-owned direct or indirect subsidiary of the Borrower, the Target shall (and shall cause each of its subsidiaries
(except for Excluded Subsidiaries and certain additional exceptions to be agreed) that provides a

  
 A-1 

					
		 		  	 guarantee of the Target’s 8.375% Senior Notes due 2018 or any other material indebtedness for borrowed money of the Target to) as
promptly as practicable after such time (and in any event, within 30 days) guarantee the Facility (the “Guarantee Delivery Period”); provided, that no subsidiary of the Target shall be required to guarantee the Facility if it
would only be required to guarantee the Facility as a result of this paragraph (and not as a result of the first two paragraphs under the heading “Guarantors”) if the indebtedness of the Target that has caused such subsidiary to be
required to be a guarantor pursuant to this paragraph is subject to redemption or has been satisfied and discharged.
  

Each such guarantor of the Facility is referred to herein as a “Guarantor”).

			
		 	Sole Lead Arranger and Sole Bookrunner:	  	Morgan Stanley Senior Funding, Inc. (“MSSF”) will act as sole lead arranger and sole bookrunner for the Facility (in such capacities, the “Arranger”).
			
		 	Administrative Agent:	  	MSSF will act as the sole and exclusive administrative agent for the Facility (in such capacity, the “Administrative Agent”).
			
		 	Lenders:	  	A syndicate of banks, financial institutions and other entities, including MSSF and/or any of its affiliates, arranged by the Arranger (collectively, the “Lenders”).
			
	II.	 	THE FACILITY	  	
			
		 	Type and Amount of Facility:	  	364-day senior unsecured bridge term loan facility in the amount of $350,000,000 (the “Facility”).
			
		 	Availability:	  	The loans (the “Loans”) shall be made in a single borrowing on the Closing Date and any undrawn commitments under the Facility (the “Commitments”) after giving effect to such borrowing shall
automatically be terminated upon such borrowing on the Closing Date.
			
		 	Maturity:	  	The Loans shall mature and be payable in full on the date that is 364 days after the Closing Date.
			
		 	Purpose:	  	The proceeds of the Loans shall be used to finance the Transactions, the provision of funds to the Acquired Business to directly or indirectly repay indebtedness of the Acquired Business, any subsequent purchase of equity of the
Target (whether by way of share purchase, merger or otherwise; it being understood that the Borrower shall be entitled on the Closing Date to draw the Loans for the purpose of funding such subsequent purchase) and fees and expenses in connection
therewith.

  
 A-2 

							
	III.	 	CERTAIN PAYMENT PROVISIONS
			
		 	Fees and Interest Rates:	 	As set forth on Annex I to this Exhibit A.
			
		 	Optional Prepayments:	 	The commitments may be reduced and the Loans may be prepaid by the Borrower without premium or penalty (other than the payment of customary LIBO Rate breakage amounts) in minimum amounts to be agreed upon. Any optional
prepayment of the Loans may not be reborrowed.
			
		 	Mandatory Prepayments and Commitment Reductions:	 	The following amounts shall be applied to prepay the Loans within 3 business days of receipt thereof (and, prior to the Closing Date, the Commitments, pursuant to the Commitment Letter and Credit Documentation, shall be
automatically and permanently reduced by such amounts (and the Borrower shall as promptly as practicable after such receipt deliver written notice setting forth such amounts to the Arranger or Administrative Agent, as applicable)):
				
		 		 	(a)	  	100% of the Net Cash Proceeds actually received from any sale or issuance of (i) debt securities or incurrence of other debt for borrowed money (other than Excluded Debt (as defined below)) and (ii) equity securities or
equity-linked securities (other than (A)(i) upon conversion of shares of the Borrower’s Class B common stock, (ii) upon vesting, exercise, exchange or conversion of RSUs, options or other rights to acquire shares of common stock issued
pursuant to the Borrower’s Fourth Amended and Restated Long Term Incentive Plan (the “LTIP”), (iii) upon exercise of outstanding warrants or conversion of convertible securities described in the Borrower’s documents filed
with the Securities and Exchange Commission, (iv) upon exchange, redemption or purchase of limited partnership interests, or payment of post-termination amounts associated therewith, in BGC Holdings, L.P. (“BGC Holdings”), (v)
pursuant to any controlled equity offering by the Borrower (I) provided that the proceeds thereof are used in connection with any exchange, redemption or purchase described in preceding clause (iv) or clause (B)(ii) below or in connection with the
repurchase of shares of the Borrower’s Class A common stock from current or former partners, executive officers or other employees (in each case, other than any exchange, redemption or purchase by Cantor Fitzgerald L.P. or any of its
affiliates); or (II) otherwise, in a maximum amount not to exceed $10 million, (vi) pursuant to the Borrower’s Dividend Reinvestment and Stock Purchase Plan and (vii) as consideration for acquisitions and/or investments, (B) the issuance of
rights to acquire shares of Class A common stock (i)

  
 A-3 

							
		  		  		  	pursuant to the LTIP, (ii) in connection with issuances of exchangeable limited partnership interests in BGC Holdings or (iii) as consideration for acquisitions and/or investments or (C) other issuances pursuant to employee stock
plans) by the Borrower or any of its subsidiaries (including, without limitation, any Permanent Financing), in each case on or after the date of the Commitment Letter;
				
		  		  	(b)	  	100% of the committed amount of or (without duplication) 100% of the Net Cash Proceeds of loans actually received by the Borrower or any of its subsidiaries under any term loan facility or term bank debt (other than Excluded Debt)
entered into after the date of the Commitment Letter for the purpose of financing the Transactions which the Borrower or any of its subsidiaries is the borrower in which the conditions precedent to the availability of the full amount of such
facility on the Closing Date are, in the reasonable determination of the Borrower not less favorable to the Borrower than such conditions in the Facility (a “Term Loan Financing”); and
				
		  		  	(c)	  	100% of the Net Cash Proceeds actually received by (in the case of clause (x) below) the Borrower or any of its domestic subsidiaries, or (in the case of clause (y) below) the Borrower or any of its subsidiaries (to the
extent not reinvested or committed to be reinvested within six months following receipt) of any (x) asset sale or other disposition by the Borrower or any of its domestic subsidiaries outside the ordinary course of business (other than
(i) the sale of inventory, receivables or other assets in the ordinary course of business, (ii) intercompany transactions among the Borrower and its subsidiaries, (iii) the sale or disposition of cash or cash equivalents,
(iv) dispositions pursuant to securities, commodities and other financial products financed under repurchase agreements in the ordinary course of business, (v) any sale or disposition that individually results in Net Cash Proceeds to the
Borrower or its domestic subsidiaries of $2,000,000 or less and (vi) Net Cash Proceeds from any sales or dispositions which in the aggregate are less than $25,000,000) and (y) any Securities Lending Transaction, in each case on or after
the date of the Commitment Letter.
			
		  		  	 For purposes hereof, “Net Cash Proceeds” means:

 
 (a) with respect to an asset sale or other disposition of property of the Borrower or any
of its domestic subsidiaries, the excess, if any, of (i) the cash received in connection therewith (including

  
 A-4 

					
		  		  	 any cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so
received) over (ii) the sum of (A) payments made to retire any debt that is secured by such asset and that is required to be repaid in connection with the sale thereof (other than the Loans), (B) the reasonable expenses incurred by the Borrower or
any of its domestic subsidiaries in connection therewith, (C) taxes reasonably estimated to be payable in connection with such transaction (including amounts representing tax payable by the Borrower, its subsidiaries or direct or indirect partners
of the Borrower), and (D) the amount of reserves established by the Borrower or any of its domestic subsidiaries in good faith and pursuant to commercially reasonable practices for adjustment in respect of the sale price of such asset or assets in
accordance with applicable generally accepted accounting principles, provided that if the amount of such reserves exceeds the amounts charged against such reserve, then such excess, upon the determination thereof, shall then constitute Net
Cash Proceeds and (E) all distributions and other payments required to be made to minority interest holders in subsidiaries or joint ventures as a result of such asset sale, or to any other person (other than the Borrower and its subsidiaries)
owning a beneficial interest in the assets disposed of in such asset sale; and
  
 (b)
with respect to the sale or issuance of debt securities, the incurrence of other debt, or the issuance of equity or equity-linked securities, the excess, if any, of (i) cash received by the Borrower or any of its subsidiaries in connection with such
sale, incurrence or issuance, over (ii) the underwriting discounts and commissions and other reasonable expenses incurred by the Borrower or any of its subsidiaries in connection with such sale, issuance or incurrence.

			
		  		  	For the purpose hereof, “Excluded Debt” means (i) intercompany debt among the Borrower and/or its subsidiaries, (ii) ordinary course foreign credit lines having maturities of one year or less,
(iii) commercial paper issuances, (iv) any Permanent Financing (as defined below), (v) any trade payables, customer related financings and similar obligations incurred in the ordinary course of business, in each case, having
maturities of one year or less, (vi) the Facility, (vii) ordinary course purchase money and equipment financings, (viii) debt incurred in the ordinary course in connection with the Borrower’s and its subsidiaries’ securities
business (including borrowings by subsidiaries to finance the settlement of purchases of securities for customers prior to receipt of payment from such customers) and indebtedness under repurchase agreements and reverse repurchase agreements entered
into in the ordinary course of business, in each case, having maturities of one year or less, (ix) debt incurred to refinance, repurchase, repay, redeem or defease

  
 A-5 

					
		 		  	 the Borrower’s 8.75% Convertible Notes due 2015, (x) any obligations in respect of any Securities Lending Transaction and (xi) other
debt (other than the Permanent Financing) in an aggregate principal amount up to $25,000,000.
  

Any mandatory prepayment of the Loans may not be reborrowed.

		
	IV.	 	CERTAIN CONDITIONS
			
		 	Conditions to Availability of Loans:	  	The Facility shall be available on the Closing Date, subject only to the satisfaction (or waiver) of the conditions precedent set forth in the Conditions Precedent Exhibit.
		
	V.	 	CERTAIN DOCUMENTATION MATTERS
			
		 		  	 The Credit Documentation will be based on a bank credit facility to be mutually agreed between the Borrower and the Arranger (which facility
shall be from a borrower with substantially similar credit ratings on then prevailing market terms), as modified to (i) reflect the capital structure and credit profile of the Borrower and its subsidiaries, (ii) reflect (x) the Borrower’s and
its subsidiaries’ mixed partnership/corporate structure, business model, operational requirements and business practices, including, the payment of dividends and partnership distributions, the issuance of shares of Class A common stock of the
Borrower and limited partnership units, the redemption and exchangeability of limited partnership units, and transactions with affiliates, (y) the Transactions and (z) the operational requirements of the Borrower and its subsidiaries and the
Acquired Business and its subsidiaries in light of their respective sizes, industries, businesses and business practices, (iii) reflect the terms and conditions set forth herein, in the annexes hereto and in the Commitment Letter (as modified by the
“flex” provisions of the Fee Letter), (iv) take account of differences related to the operational requirements of the Borrower, the Acquired Business and their respective subsidiaries in light of their respective sizes, industries,
businesses, business practices (after giving effect to the Transaction), (v) reflect then prevailing market conditions and practices at the time of syndication of the Facility and the policies and requirements of Lenders participating in the
syndication and (vi) take account of operational and administrative changes reasonably required by the Administrative Agent, the definitive terms of which will be negotiated in good faith (the “Documentation Principles”).

 
 Notwithstanding the foregoing, the Credit Documentation will contain (x) only those
mandatory prepayments, representations, warranties, covenants and events of default expressly set forth in this Term Sheet and (y) only those conditions to borrowing to fund the Transactions set forth in the second paragraph of Section 1 of the
Commitment Letter and the Conditions Precedent Exhibit.

  
 A-6 

					
			
		 		  	 The representations and warranties and affirmative covenants in the Credit Documentation will be subject to qualifiers and exceptions
consistent with Documentation Principles and the negative covenants in the Credit Documentation will be subject to carveouts and baskets consistent with Documentation Principles, in each case to be mutually agreed and subject to the qualifiers,
exceptions and baskets below.
  
 In addition, for purposes of the Credit Documentation
and hereof, until at least one of the following conditions is satisfied with respect to the Target, in no event will the Target or any of its subsidiaries be subject as a subsidiary of the Borrower to the representations (other than solvency and, if
the Acquisition occurs pursuant to an Acquisition Agreement, any Acquisition Agreement Representations), covenants or defaults contained in the Credit Documentation to the extent applicable to subsidiaries of the Borrower: (1) a majority of the
members of the board of directors of the Target is comprised of designees of the Borrower or (2) the Target’s financial results have been consolidated with those of the Borrower and its consolidated subsidiaries in accordance with
GAAP.

			
		 	Representations and Warranties:	  	Financial statements (including, without limitation, pro forma financial statements); absence of undisclosed liabilities; no material adverse change of the Borrower and its subsidiaries taken as a whole; absence of litigation that
would reasonably be expected to have a material adverse effect; corporate existence; corporate power and authority; enforceability of Credit Documentation; governmental approvals with respect to the execution, delivery, performance or enforceability
of the Credit Documentation (subject to an exception for any approvals the failure of which to be obtained would not reasonably be expected to have a material adverse effect on the rights or remedies of the Lenders or the Administrative Agent under
the Credit Documentation); governmental/regulatory authority and licensing (subject to a material adverse effect qualifier); compliance with law (including, without limitation, environmental laws), except to the extent noncompliance would not
reasonably be expected to have a material adverse effect; ERISA (subject to a material adverse effect qualifier for certain types of events to be agreed); margin regulations; OFAC, FCPA and anti-money laundering laws (as set forth on Annex I to the
Commitment Letter); payment of taxes (except (x) those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside in accordance with GAAP or (y) to the extent that failure to
pay would not reasonably be expected to result in a material adverse effect); the Transactions do not conflict with law, except to the

  
 A-7 

					
		 		  	extent such conflicts would not reasonably be expected to have a material adverse effect; the Transactions do not conflict with contractual obligations, except to the extent such conflicts would not reasonably be expected to have a
material adverse effect; inapplicability of Investment Company Act; subsidiaries (to be subject to the ability to update schedule describing such subsidiaries on the date of borrowing under the Facility); solvency (to be consistent with the language
contained in the certificate attached as Exhibit C hereto); accuracy of disclosure (to be based on the representation in the Commitment Letter, provided that such representation shall not include the ability for the Borrower to
supplement and/or update such Information to correct any inaccuracy in such representation); and use of proceeds; each to be made on the date of the Credit Documentation and each borrowing under the Facility (it being understood that in no event
shall the accuracy of such representations (other than the Specified Representations) be a condition precedent to the obligations of the Lenders to make the Loans on the Closing Date).
			
		 	Affirmative Covenants:	  	Delivery of audited annual consolidated financial statements, unaudited quarterly consolidated financial statements, other reports, compliance certificates and other information reasonably requested by the Lenders; notices of (i)
defaults, (ii) litigation, (iii) ERISA events and (iv) other material events (in the case of clauses (ii) through (iv), subject to a material adverse effect qualifier); maintenance of existence and rights (except (x) to the extent, other than in the
case of the existence of the Borrower and the Guarantors, failure to do so would not reasonably be expected to have a material adverse effect or (y) as otherwise not prohibited by the mergers, consolidations, liquidations and dissolutions covenant);
compliance with laws and contractual obligations except to the extent noncompliance would not reasonably be expected to have a material adverse effect; OFAC, FCPA and anti-money laundering laws (as set forth on Annex I to the Commitment Letter);
notice of formation/acquisition of Guarantor subsidiaries; maintenance of property (as set forth on Annex I to the Commitment Letter); maintenance of insurance (as set forth on Annex I to the Commitment Letter); maintenance/inspection of books and
records (as set forth on Annex I to the Commitment Letter); payment of taxes (except (x) those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside in accordance with GAAP
or (y) to the extent that failure to pay would not reasonably be expected to result in a material adverse effect); use of proceeds (including compliance with margin regulations); and also: unless the Acquisition occurs pursuant to a One-Step Merger,
consummation of the Merger as promptly as practical following the date on which all of the following conditions have been, and continue to be, satisfied: (i) a majority of the members of the board of directors of the Target

  
 A-8 

									
		 		 	is comprised of designees of the Borrower, (ii) the Shares owned by Jersey Partners Inc. (“JPI”) are no longer subject to the terms of that certain Support Agreement, dated as of July 30, 2014,
among CME Group Inc., JPI, New JPI Inc. and each direct or indirect stockholder of GFI Brokers Holdco Ltd. and (iii) (x) the Borrower acquires the Shares owned by JPI or (y) the Borrower and the owner of such shares have entered into a written
agreement pursuant to which such shares would be voted in favor of the Merger.
			
		 	Financial Covenants:	 	The following financial covenants will be tested as of the end of each fiscal quarter on a consolidated basis for the Borrower and its subsidiaries (with Consolidated EBITDA (as defined below) measured on a trailing four
quarter basis on the last day of the most recent fiscal quarter for which financial statements are required to have been delivered pursuant to the terms of the Credit Documentation), commencing with the last day of the first full fiscal quarter
ended after the Closing Date:
			
		 		 	(1) Minimum Interest Coverage Ratio: minimum ratio of Consolidated EBITDA to consolidated interest expense of the Borrower and its subsidiaries of 5.00 to 1.00, with the definition of consolidated interest expense
to be agreed.
			
		 		 	(2) Maximum Leverage Ratio: maximum ratio of consolidated funded debt of the Borrower and its subsidiaries to Consolidated EBITDA of:

  

			
	 Test Date
	  	Maximum Leverage Ratio
	 Last day of the first full fiscal quarter ended after the Closing Date
	  	3.25 to 1.00
	 Last day of the second full fiscal quarter ended after the Closing Date
	  	3.00 to 1.00
	 Thereafter
	  	2.75 to 1.00

  

									
		 		 	For purposes hereof, “Consolidated EBITDA” means, with reference to any trailing four quarter period, consolidated income of the Borrower and its subsidiaries from continuing operations before income
taxes for such period plus the sum of (a) interest expense (b) depreciation, amortization and impairment charges, (c) noncash charges relating to grants of exchangeability to limited partnership interests, redemption of units or the issuance of
restricted shares, (d) non-recurring noncash charges for such period as reasonably determined by the Borrower and (e) non-recurring cash charges for such period in an aggregate amount not to exceed $10,000,000.

  
 A-9 

									
		 		 	The financial covenants and related definitions shall contain customary pro forma adjustments for material acquisitions and dispositions.
			
		 	Negative Covenants:	 	Limitations on:
					
		 		 		 	(a)	  	indebtedness of subsidiaries (other than Guarantors), with (i) an exception for Excluded Debt (other than the debt referred to in clause (ix) of the definition thereof), (ii) an exception for indebtedness of the Target and its
subsidiaries existing on the date that the Target becomes subject to the covenants in the Credit Documentation to the extent not otherwise permitted by the other carveouts and exceptions to the debt covenant (but only to the extent that (x) the
Target is not a directly or indirectly wholly-owned subsidiary of the Borrower or during any Guarantee Delivery Period, (y) such indebtedness was not incurred after the Closing Date and (z) the aggregate amount subject to this exception shall be
reduced by the amount of the Facility drawn on the Closing Date to repay indebtedness of the Target or its subsidiaries); provided, with respect to this clause (ii), that indebtedness in respect of the Target’s existing 8.375% Senior
Notes due 2018 shall be in an aggregate principal amount not to exceed $240 million and (iii) a general basket in an amount equal the greater of a fixed amount to be agreed and a percentage of consolidated net tangible assets to be agreed;
					
		 		 		 	(b)	  	liens, with (i) an exception for pledges of securities (including any common stock of NASDAQ OMX Group Inc.) in connection with customary securities lending arrangements generating cash proceeds for the Borrower or its subsidiaries
in an amount consistent with prevailing market terms for such transaction (any such securities lending arrangement, a “Securities Lending Transaction”), (ii) an exception for liens securing (a) Excluded Debt (other than Excluded
Debt of the type described in clauses (ii), (vi), (ix) and (xi) of the definition thereof) and (b) any other obligations under repurchase agreements, clearing arrangements or similar arrangements in the ordinary course of business and consistent
with past practice, (iii) an exception for liens on assets of the Target and its subsidiaries existing on the date that the Target becomes subject to the covenants in the Credit Documentation to the extent the obligations securing such liens (x) do
not to exceed $25 million in the aggregate or (y) are permitted by clause (a)(ii) above (provided, with respect to this clause (y), that such

  
 A-10 

									
		 		 		 		  	obligations have been secured prior to the Closing Date) and (iv) a general basket for liens securing obligations in an aggregate principal amount equal to the greater of a fixed amount to be agreed and a percentage of consolidated
net tangible assets to be agreed;
					
		 		 	(c)	 		  	sale-leasebacks;
					
		 		 	(d)	 		  	mergers, consolidations, liquidations and dissolutions;
					
		 		 	(e)	 		  	asset sales, with an unlimited basket subject to (i) no event of default, (ii) pro forma compliance with the Minimum Interest Coverage Ratio and (iii) pro forma compliance with a Maximum Leverage Ratio of (A) 2.75 to 1.00 or (B) for
any such asset sale completed prior to the second full fiscal quarter ending after the Closing Date, pro forma compliance with the Maximum Leverage Ratio set forth in the grid above in the section entitled “Financial Covenants” adjacent to
the applicable test date, provided that the Borrower maintains Debt Ratings (as defined below) of at least BBB- by S&P and at least BBB- by Fitch on a pro forma basis for such asset sale;
					
		 		 	(f)	 		  	restricted payments, with an unlimited basket subject to (i) no event of default, (ii) pro forma compliance with the Minimum Interest Coverage Ratio and (iii) pro forma compliance with a Maximum Leverage Ratio of (A) 2.75 to 1.00 or
(B) for any such restricted payment completed prior to the second full fiscal quarter ending after the Closing Date, pro forma compliance with the Maximum Leverage Ratio set forth in the grid above in the section entitled “Financial
Covenants” adjacent to the applicable test date, provided that the Borrower maintains Debt Ratings of at least BBB- by S&P and at least BBB- by Fitch on a pro forma basis for such restricted payment;
					
		 		 	(g)	 		  	transactions with affiliates, with exceptions for (i) de minimus transactions that involves aggregate consideration of less than an amount to be agreed, (ii) transactions undertaken on prices, terms and conditions not materially
less favorable to the Borrower and its subsidiaries than would be obtained in similar transactions on an arm’s length basis between persons not affiliated with each other, (iii) intercompany transactions among the Borrower and any of its
subsidiaries that are consolidated with the Borrower under GAAP, (iv) transactions approved by the Borrower’s audit committee and (v) certain additional exceptions to be agreed;

  
 A-11 

									
					
		 		 	(h)	 		  	changes in fiscal year;
					
		 		 	(i)	 		  	negative pledge clauses and other restrictive agreements with customary exceptions for pre-existing restrictions and under certain financing agreements; and
					
		 		 		 	(j)	  	changes in lines of business (as set forth on Annex I to the Commitment Letter).
			
		 	Events of Default:	 	 Nonpayment of principal when due; nonpayment of interest, fees or other amounts after a grace period to be agreed upon; material
inaccuracy of representations and warranties when made; violation of covenants (subject to certain grace periods to be agreed upon); matured cross-default or cross-acceleration; bankruptcy events; certain ERISA events; material judgments; actual or
asserted invalidity of the Credit Documentation or the Guarantors’ guarantee; and a change of control (the definition of which is to be agreed and shall include a carveout for Permitted Holders (as defined below)), in each case subject to
customary materiality thresholds and other exceptions to be agreed.
  
 “Permitted
Holders” shall mean Howard W. Lutnick, any person controlled by him or any trust established for Mr. Lutnick’s benefit or for the benefit of his spouse, any of his descendants or any of his relatives, in each case, so long as he is
alive and, upon his death or incapacity, any person who shall, as a result of Mr. Lutnick’s death or incapacity, become a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of the Company’s capital stock by
operation of a trust, by will or the laws of descent and distribution or by operation of law).

			
		 	Voting:	 	 Amendments and waivers with respect to the Credit Documentation shall require the approval of Lenders holding not less than a
majority of the aggregate amount of the Loans, except that (a) the consent of each Lender directly affected thereby shall be required with respect to (i) reductions in the amount or extensions of the scheduled date of final maturity of any
Loan, (ii) reductions in the rate of interest or any fee or extensions of any due date thereof, (iii) increases in the amount or extensions of the expiry date of any Lender’s commitment and (iv) modifications to the pro rata
provisions of the Credit Documentation and (b) the consent of 100% of the Lenders shall be required with respect to modifications to any of the voting percentages.
  

The Credit Documentation shall contain customary provisions for replacing non-consenting Lenders in connection with amendments and waivers thereof requiring
the consent of all Lenders or of all Lenders directly affected thereby so long as Lenders holding not less than a majority of the aggregate amount of the Loans and unused commitments shall have consented to such amendment or
waiver.

  
 A-12 

									
			
		 	Defaulting Lender:	 	The Credit Documentation shall contain customary “Defaulting Lender” provisions consistent with Documentation Principles.
			
		 	Assignments and Participations:	 	The Lenders shall be permitted to assign (other than to the Borrower or its affiliates or any Disqualified Institution) all or a portion of their Loans and Commitments with the consent, not to be unreasonably withheld or
delayed, of (a) the Borrower, unless (i) the assignee is a Lender, an affiliate of a Lender or an approved fund, (ii) (x) prior to the Closing Date, an event of default under the Credit Documentation for non-payment or bankruptcy has
occurred and is continuing or (y) on or after the Closing Date, an event of default under the Credit Documentation has occurred and is continuing or (iii) such consent is not required pursuant to the syndication provisions of the Commitment Letter,
and (b) the Administrative Agent, unless a Loan is being assigned to an existing Lender, an affiliate thereof or an approved fund. Prior to the Closing Date, no assignments of undrawn commitments under the Facility may be made to any person
that is not an Investment Grade Lender. In the case of partial assignments (other than to another Lender or to an affiliate of a Lender), the minimum assignment amount shall be $5,000,000, unless otherwise agreed by the Borrower (unless an event of
default under the Credit Documentation has occurred and is continuing) and the Administrative Agent. If the consent of the Borrower is required in connection with any assignment, it shall be deemed to have provided such consent unless it has
notified the Administrative Agent of its refusal to give such consent within ten (10) business days of receiving written request for its consent to such assignment.
			
		 		 	The Lenders shall also be permitted to sell participations in their Loans. Participants shall have the same (but no greater) benefits as the Lenders with respect to yield protection and increased cost provisions. Voting
rights of participants shall be limited to those matters with respect to which the affirmative vote of the specific Lender from which it purchased its participation would be required as described under “Voting” above.
			
		 		 	Pledges of Loans in accordance with applicable law shall be permitted without restriction. Promissory notes shall be issued under the Facility only upon request.
			
		 	Yield Protection:	 	The Credit Documentation shall contain customary provisions consistent with Documentation Principles (a) protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, tax,
capital adequacy, liquidity and other requirements of law (provided, that for the purposes of determining a change in law, the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III, and
all

  
 A-13 

									
		 		 	 requests, rules, guidelines or directives promulgated under, or issued in connection with, either of the foregoing, shall be
deemed to have been introduced or adopted after the date of the Credit Documentation, regardless of the date enacted, adopted or issued; provided, further, that the applicable Lender is generally seeking, or intending to generally
seek, comparable compensation from similarly situated borrowers under similar credit facilities (to the extent such Lender has the right under such similar credit facilities to do so)) and from changes in withholding or other taxes (other than
franchise or income taxes or any branch profits or similar taxes) and (b) indemnifying the Lenders for “breakage costs” incurred in connection with, among other things, any payment or prepayment of a LIBOR Loan (as defined in
Annex I) on a day other than the last day of an interest period with respect thereto or any failure to borrow a LIBOR Loan on the date specified in the applicable borrowing notice.

 
 The Credit Documentation shall contain a customary “yank-a-bank” provision
relating to Defaulting Lenders, non-consenting lenders and Lenders claiming yield protection.

			
		 	Expenses and Indemnification:	 	The Borrower shall pay (a) all reasonable and documented out-of-pocket expenses of the Administrative Agent and the Arranger and their affiliates associated with the syndication of the Facility and the preparation,
execution, delivery and administration of the Credit Documentation and any amendment or waiver with respect thereto (including, without limitation, the reasonable and documented fees, disbursements and other charges of a single counsel selected by
the Administrative Agent for all such persons, taken as a whole (and, if reasonably necessary, one local counsel for each relevant jurisdiction for all such persons, taken as a whole, as the Administrative Agent may deem appropriate in its good
faith judgment) and (b) all reasonable and documented out-of-pocket expenses of the Administrative Agent and the Lenders (including, without limitation, the reasonable and documented fees, disbursements and other charges of (i) a single counsel
selected by the Administrative Agent for all such persons, taken as a whole, and (ii) solely in the case of a potential or actual conflict of interest, one additional counsel to all affected persons, taken as a whole (and, if reasonably necessary,
one local counsel for each relevant jurisdiction for all such persons, taken as a whole, as the Administrative Agent may deem appropriate in its good faith judgment) in connection with the enforcement of the Credit Documentation.
			
		 		 	The Administrative Agent, the Arranger and the Lenders (and their affiliates and their respective officers, directors, employees, advisors and agents) will have no liability for, and will be indemnified and held harmless
against, any and all losses,

  
 A-14 

									
		 		 	claims, damages and liabilities incurred in respect of the financing contemplated hereby or the use or the proposed use of proceeds thereof (except to the extent (i) they are found by a final, non-appealable judgment of
a court of competent jurisdiction to result from the willful misconduct, bad faith or gross negligence of such indemnified person (or such Indemnified Person’s affiliates or any officers, directors, employees, advisors, agents of such
indemnified person or any of its affiliates) (ii) they result from such indemnified person’s (or such indemnified person’s affiliates or any officers, directors, employees, advisors, agents of such indemnified person or any of its
affiliates) material breach of its obligations under the Credit Documentation or (iii) they relate to disputes solely among indemnified persons that are not arising out of any act or omission by the Borrower or any of its affiliates, other than
claims against any agent, arranger, bookrunner or other similar role under the Facility in its capacity as such); provided that in connection therewith the Borrower shall only be responsible for the reasonable and documented fees, charges and
disbursements of (i) a single counsel selected by the Administrative Agent for all such indemnified persons, taken as a whole, and (ii) solely in the case of a potential or actual conflict of interest, one additional counsel to all affected
indemnified persons, taken as a whole (and, if reasonably necessary, one local counsel for each relevant jurisdiction for all such indemnified persons, taken as a whole, as the Administrative Agent may deem appropriate in its good faith
judgment).
			
		 	Federal Margin Rules:	 	To the extent an exemption is not available under the applicable federal margin rules, each Lender shall represent to the Borrower, the Administrative Agent and the other Lenders that such Lender in good faith is not
relying upon any “margin stock” (as defined in Regulation U of the Federal Reserve Board) as collateral for the extension or maintenance of the credit provided for under the Credit Documentation or, that if such Lender is so relying, that
the amount of credit extended to the Borrower does not exceed the maximum loan value of the collateral which indirectly secures such credit, as determined by such Lender in accordance with the requirements of Regulation U.
			
		 	Governing Law and Forum:	 	New York law. Each party to the Credit Documentation will waive the right to trial by jury and will consent to the exclusive jurisdiction of the federal and New York State courts located in the City of New York, the
Borough of Manhattan.
			
		 	Counsel to the Administrative Agent and the Arranger:	 	Weil, Gotshal & Manges LLP.

  
 A-15 

 Annex I 

to Exhibit A 
 Interest
and Certain Fees 
  

							
	Interest Rate Options:	 	The Borrower may elect that the Loans bear interest at a rate per annum equal to:
				
		 		 	(i)	  	the ABR plus the Applicable Margin; or
				
		 		 	(ii)	  	the Adjusted LIBO Rate plus the Applicable Margin.
		
		 	As used herein:
		
		 	“ABR” means, for any day, a fluctuating rate per annum equal to the highest of (i) the federal funds effective rate from time to time plus 0.50%, (ii) the rate of interest per annum from time to
time published in the “Money Rates” section of The Wall Street Journal as being the “Prime Lending Rate” or, if more than one rate is published as the Prime Lending Rate, then the highest of such rates (the “Prime
Rate”) (each change in the Prime Rate to be effective as of the date of publication in The Wall Street Journal of a “Prime Lending Rate” that is different from that published on the preceding domestic business day);
provided, that in the event that The Wall Street Journal shall, for any reason, fail or cease to publish the Prime Lending Rate, the Administrative Agent shall choose a reasonably comparable index or source to use as the basis for the Prime
Lending Rate (it being understood that such selection shall be made in a manner consistent with general market practice and the manner in which the Administrative Agent is making such selections for credit it extends to other similarly situated
borrowers) and (iii) the one month Adjusted LIBO Rate plus 1.00%. Each change in any interest rate provided for herein based upon the ABR resulting from a change in the Prime Lending Rate, the federal funds effective rate or the Adjusted LIBO Rate
shall take effect at the time of such change in the Prime Lending Rate, the federal funds effective rate, or the Adjusted LIBO Rate, respectively.
		
		 	“Adjusted LIBO Rate” means the LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities (if any).
		
		 	“Applicable Margin” means a percentage based upon the Borrower’s Debt Ratings as set forth in the pricing grid attached hereto as Annex
I-A.

							
		 	“Debt Ratings” means, for any rating agency at any time, the rating then in effect from such rating agency applicable to the Borrower’s senior, unsecured, non-credit enhanced long-term debt for
borrowed money.
		
		 	“LIBO Rate” means the rate for eurodollar deposits in the London interbank market for a period of one, two, three or six months, in each case as selected by the Borrower, appearing on Page LIBOR01 of the
Reuters screen (or any successor or substitute page of such page).
		
	Interest Payment Dates:	 	In the case of Loans bearing interest based upon the ABR (“ABR Loans”), quarterly in arrears on the last business day of each March, June, September and December.
		
		 	In the case of Loans bearing interest based upon the Adjusted LIBO Rate (“LIBOR Loans”), on the last day of each relevant interest period and, in the case of any interest period longer than three months,
on each successive date three months after the first day of such interest period.
		
	Commitment Fees:	 	The Borrower shall pay, or cause to be paid, commitment fees (the “Commitment Fees”) to each Lender under the Facility calculated at a rate per annum equal to 0.25% on the daily average undrawn
Commitments of such Lender, accruing during the period commencing on the later of (i) the date that is 60 days following the date of the Commitment Letter and (ii) the date of execution of the Credit Documentation, payable quarterly in arrears and
upon repayment or termination of the Facility.
		
	Duration Fees:	 	The Borrower shall pay, or cause to be paid, duration fees (the “Duration Fees”) for the account of each Lender in amounts equal to the applicable percentage as determined in accordance with the grid
below, of the principal amount of the Loan of such Lender outstanding at the close of business, New York City time, on each date set forth in the grid below, payable on each such date:

 

											
	 Duration Fee
	 
	 90 days after the
Closing Date
	 	 	 180 days after the
Closing Date
	 	 	 270 days after the
Closing Date
	 
	 	0.50	% 	 	 	1.00	% 	 	 	1.50	% 

  

							
	Default Rate:	 	At any time when a payment default under the Credit Documentation has occurred and is continuing, the overdue amount shall accrue interest at a rate per annum equal to (i) in the case of principal of any Loan, 2% above
the rate otherwise applicable thereto or (ii) in the case of any other amount, 2% above the rate applicable to ABR Loans, with such interest being payable on demand.

							
		
	Rate and Fee Basis:	 	All per annum rates shall be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans the interest rate payable on which is then based on the Prime Rate) for actual days elapsed.

 Annex I-A 

to Exhibit A 
 Pricing
Grid 
  

																																	
	 Debt Rating (S&P and Fitch)
	  	Applicable Margin	 
	  	Closing Date through
89 days after Closing
Date	 	  	90 days after Closing
Date through 179
days after Closing
Date	 	  	180 days after
Closing Date through
269 days after
Closing Date	 	  	270 days after
Closing Date and
thereafter	 
	  	ABR
Loans	 	  	LIBOR
Loans	 	  	ABR
Loans	 	  	LIBOR
Loans	 	  	ABR
Loans	 	  	LIBOR
Loans	 	  	ABR
Loans	 	  	LIBOR
Loans	 
	 Rating Level 1:  ̈ BBB/BBB
	  	 	75 bps	  	  	 	175 bps	  	  	 	125 bps	  	  	 	225 bps	  	  	 	175 bps	  	  	 	275 bps	  	  	 	225 bps	  	  	 	325 bps	  
	 Rating Level 2:  ̈ BBB-/BBB-
	  	 	100 bps	  	  	 	200 bps	  	  	 	150 bps	  	  	 	250 bps	  	  	 	200 bps	  	  	 	300 bps	  	  	 	250 bps	  	  	 	350 bps	  
	 Rating Level 3:  ̈ BB+/BB+
	  	 	150 bps	  	  	 	250 bps	  	  	 	200 bps	  	  	 	300 bps	  	  	 	250 bps	  	  	 	350 bps	  	  	 	300 bps	  	  	 	400 bps	  
	 Rating Level 4: £ BB/BB
	  	 	200 bps	  	  	 	300 bps	  	  	 	250 bps	  	  	 	350 bps	  	  	 	300 bps	  	  	 	400 bps	  	  	 	350 bps	  	  	 	450 bps	  

 If only one of S&P and Fitch shall have in effect ratings, the pricing shall be determined based on Rating Level 4. In the
event of a split rating, the higher rating shall apply, except that in the event of a split rating of more than one level, the applicable rating shall be one level above the lower rating. In the event that ratings are not obtained, the pricing will
be determined based on Rating Level 4. 

 Exhibit B 

BGC PARTNERS, INC. 
 364-DAY SENIOR
UNSECURED BRIDGE TERM LOAN FACILITY 
 Conditions Precedent to Availability of Loans 

The Commitments of the Lenders and the availability of the Loans on the Closing Date shall be conditioned upon satisfaction of the following
conditions precedent on or before the Commitment Termination Date: 
 1. The Borrower and each Guarantor shall have executed and delivered
the Credit Documentation. 
 2. Prior to or substantially concurrently with the borrowing under the Facility, either (i) unless the
Acquisition is consummated pursuant to a One-Step Merger Transaction, the Tender Offer shall have been consummated in accordance with the terms and conditions of the Initial Offer to Purchase (which shall be in form and substance reasonably
satisfactory to the Commitment Parties; provided that it is understood (i) the draft Initial Offer to Purchase marked “RR Donnelley ProFile 20-Oct-2014 16:31 EST” and (ii) the letter (in file number “LEGAL-#77516-v6-gates bgc
comments on commencement letter.docx”) addressed to the board of directors of the Target which will be included in the Initial Offer to Purchase, in each case, provided by the Borrower to the Commitment Parties prior to the Commitment
Parties’ execution of the Commitment Letter are satisfactory to the Commitment Parties) and no provision (including, without limitation, the Regulatory Condition (as defined in the Initial Offer to Purchase) or the conditions set forth in
Section 14(i) or 14(ii) of the Initial Offer to Purchase) of the Initial Offer to Purchase shall have been amended, supplemented or otherwise modified or waived by the Borrower in each case in a manner which is materially adverse to the
interests of the Commitment Parties without the Arranger’s prior written consent or (ii) if the Acquisition is consummated pursuant to a One-Step Merger Transaction, such One-Step Merger Transaction shall be consummated in accordance with
the terms and conditions of the Acquisition Agreement (which shall be in form and substance reasonably satisfactory to the Arranger (any such satisfactory acquisition agreement in connection with a One-Step Merger Transaction or a Two-Step Merger
Transaction, the “Approved Acquisition Agreement”)) and no provision of the Approved Acquisition Agreement, shall have been amended, supplemented or otherwise modified, and no consent or waiver by the Borrower or any of its
subsidiaries shall have been provided thereunder, in each case in a manner which is materially adverse to the interests of the Commitment Parties without the Arranger’s prior written consent. Without limiting the foregoing, it is understood
that (w) any change in the purchase price set forth in the Tender Offer Documents of the Specified Percentage (as defined in the Fee Letter) or less shall not be considered materially adverse to the interests of the Commitment Parties,
(x) any amendment to the Initial Offer to Purchase in connection with the entry of an Approved Acquisition Agreement in order to facilitate a Two-Step Merger Transaction pursuant to such Approved Acquisition Agreement and such Initial Offer to
Purchase, as so amended, shall not be considered materially adverse to the interests of the Commitment Parties and (y) subject to the foregoing clause (x), any amendment, supplement, modification or waiver of the Minimum Tender Condition (as
defined in the Initial Offer to Purchase, including any reduction thereof) or the Board Condition (as defined in the Initial Offer to Purchase) shall be considered materially adverse to the interests of the Commitment Parties. 

3. The Arranger shall have received (i) audited consolidated financial conditions, statements of operations and statements of cash flows
of the Borrower and its subsidiaries for the last three full fiscal years ended at least 60 days prior to the Closing Date, and unaudited consolidated financial conditions, statements of operations and statements of cash flows of the Borrower and
its subsidiaries for each subsequent fiscal quarterly interim period (other than, for the avoidance of doubt, the fourth fiscal quarter) or periods ended at least 40 days prior to the Closing Date (and the corresponding period(s) of the

  
 B-1 

 
prior fiscal year), which shall have been reviewed by the independent accountants for the Borrower as provided in Statement of Auditing Standards No. 100; (ii) solely if and to the
extent as would be required by Rule 3-05 and Article 11 of Regulation S-X for an offering of debt securities by the Borrower registered on Form S-1 under the Securities Act, audited consolidated annual financial statements of the Acquired Business
for the last three full fiscal years ended at least 75 days prior to the Closing Date, as well as unaudited interim consolidated financial statements for each subsequent fiscal quarterly interim period or periods (other than, for the avoidance of
doubt, the fourth fiscal quarter) ended at least 40 days prior to the Closing Date (which shall have been reviewed by the independent accountants for the Acquired Business as provided in Statement on Auditing Standards No. 100) prepared in
accordance with U.S. GAAP; provided that if an Acquisition Agreement has not be signed prior to the Closing Date, the financial statements referred to in this clause (ii) shall only be required to be delivered to the extent publicly
available; and (iii) customary pro forma financial statements, which meet the requirements of Regulation S-X under the Securities Act of 1933, as amended, and all other accounting rules and regulations of the SEC promulgated thereunder;
provided, that if an Acquisition Agreement has not been signed prior to the Closing Date, the pro forma financial statements referred to in this clause (iii) may be prepared based on publicly available information of the Acquired
Business and may not comply with all of the requirements of Article 11 of Regulation S-X; and provided, further, that if such information in clause (i) or (ii) above is filed with the SEC and publicly available, such
information shall be deemed to have been delivered to the Arranger. 
 4. The Lenders, the Administrative Agent, the Commitment Parties and
the Arranger shall have received all fees required to be paid and due on the Closing Date, and all expenses for which invoices have been presented at least 2 business days prior to the Closing Date, on or before the Closing Date. 

5. The Lenders shall have received: (A) (i) such legal opinions from such counsel to the Borrower as may be reasonably required by
the Administrative Agent, (ii) corporate organizational documents, good standing certificates and officer certificates (including, without limitation, a customary certificate that the conditions precedent contained herein have been satisfied as
of the Closing Date and a certificate from the chief financial officer of the Borrower as to the solvency (on consolidated basis) of the Borrower and its subsidiaries as of the Closing Date substantially in the form of Exhibit C to this Commitment
Letter on a pro forma basis for the Transactions, provided, that, with respect to the Acquired Business, unless the Acquisition is consummated pursuant to an Acquisition Agreement, such certificate shall be based solely on the financial
statements of the Target that are publicly available), (iii) resolutions with respect to the Borrower and Guarantors and (iv) a borrowing notice, each of the items specified in clauses (A)(i) through (A)(iv) as is customary for
transactions of this type and reasonably satisfactory to the Administrative Agent; and (B) at least 2 business days prior to the Closing Date, all documentation and other information required by bank regulatory authorities under applicable
“know-your-customer” and anti-money laundering rules and regulations, including the PATRIOT Act, as reasonably requested by any of the Administrative Agent, the Arranger and the Lenders at least 10 business days prior to the Closing Date.

 6. There shall exist no default or event of default under the Credit Documentation with respect to (a) non-payment of principal and
interest, (b) bankruptcy, (c) cross-default with respect to debt of the Borrower exceeding a principal amount of $25,000,000, (d) actual or asserted invalidity of any Guarantor’s guarantee or (e) breach of the covenants with
respect to (i) maintenance of corporate existence of the Borrower, (ii) indebtedness, (iii) liens, (iv) restricted payments and (v) asset sales, at the time of or immediately after giving effect to the extensions of credit
under the Facility on the Closing Date. 

  
 B-2 

 7. (i) To the extent the Acquisition is consummated pursuant to an Acquisition Agreement, each of
the Acquisition Agreement Representations shall be true and correct and (ii) each of the Specified Representations shall be true and correct in all material respects (except any Specified Representations that are qualified by materiality, which
shall be true and correct), in each case at the time of, and after giving effect to, the making of such Loans on the Closing Date (it being understood that the Commitments of the Lenders and the making of Loans thereunder on the Closing Date shall
not be conditioned on the accuracy or correctness of any representation or warranty other than as set forth in this paragraph 7). For purposes hereof, (x) “Acquisition Agreement Representations” means the representations made
by or on behalf of the Acquired Business in the Acquisition Agreement, but only to the extent that the Borrower (or a subsidiary) has the right to terminate its obligations to consummate the Acquisition under the Acquisition Agreement as a result of
a breach of such representations in the Acquisition Agreement and (y) “Specified Representations” means the representations and warranties contained in the Credit Documentation relating to (a) corporate existence, power
and authority, (b) the authorization, execution, delivery and enforceability of the Credit Documentation, (c) no conflicts of the Credit Documentation with (i) organizational documents, (ii) any agreements of the Borrower
governing indebtedness in excess of $25 million or (iii) any applicable law or order of any court or governmental authority to the extent with respect to this subclause (iii) a conflict is or would reasonably be expected to have a material
adverse effect on the rights or remedies of the Lenders or the Administrative Agent under the Credit Documentation, (d) accuracy and completeness of the Borrower’s historical financial information in accordance with generally accepted
accounting principles in all material respects, (e) governmental authorization with respect to the Facility, (f) solvency, (g) Federal Reserve margin regulations, (h) the Investment Company Act and (i) OFAC, FCPA and other
anti-corruptions laws, and anti-money laundering laws (as set forth on Annex I hereto). 
 8. (a) Unless the Acquisition is consummated
pursuant to a One-Step Merger Transaction or a Two-Step Merger Transaction in respect of which an Acquisition Agreement has been entered, from and after December 31, 2013, no change occurs, or has occurred, or is threatened (or any development
occurs, or has occurred, or is threatened involving a prospective change) in the business, assets, liabilities, financial condition, capitalization, operations, results of operations or prospects of the Target and its subsidiaries, taken as a whole,
that is or may be expected to be materially adverse to the Target and its subsidiaries, taken as a whole (a “Tender MAE”) or (b) if the Acquisition is consummated pursuant to a One-Step Merger Transaction or a Two-Step Merger
Transaction in respect of which an Acquisition Agreement has been entered, there not occurring since December 31, 2013 (or such later date as may be specified in the material adverse effect representation or condition in the Approved
Acquisition Agreement) any event, development or circumstance that, individually or in the aggregate, constitutes a Target Material Adverse Effect (as defined below). For purposes hereof, (x) “Target Material Adverse Effect”
shall have the meaning given to such term (or its equivalent) in the Approved Acquisition Agreement as of the date of the initial execution thereof by the Borrower and the Target and (y) “Acquired Business Material Adverse
Effect” means (i) if the Acquisition is consummated pursuant to a One-Step Merger Transaction, a Target Material Adverse Effect or (ii) otherwise, a Tender MAE. 

  
 B-3 

 Exhibit C 

BGC PARTNERS, INC. 
 364-DAY SENIOR
UNSECURED BRIDGE TERM LOAN FACILITY 
 Form of Solvency Certificate 

[—][—],
 20[—] 
 This Solvency Certificate is being executed and delivered
pursuant to Section [—] of that certain [—]1 (as
amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined; provided, that for purposes
hereof, all references to “subsidiaries” shall exclude the Acquired Business unless the Target’s financial results would be required to be consolidated with those of the Borrower and its consolidated subsidiaries in accordance with
GAAP on or prior to the date hereof).2 
 I, A. Graham Sadler, the Chief Financial
Officer of the Borrower, in such capacity and not in an individual capacity, hereby certify as follows: 
  

	1.	I am generally familiar with the businesses and assets of the Borrower and its subsidiaries, taken as a whole, and am duly authorized to execute this Solvency Certificate on behalf of the Borrower pursuant to the Credit
Agreement; and 

  

	2.	As of the date hereof and after giving effect to the Transactions and the incurrence of the indebtedness and obligations being incurred in connection with the Credit Agreement and the Transactions, that, (i) the
sum of the debt (including contingent liabilities) of the Borrower and its subsidiaries, taken as a whole, does not exceed the fair value of the present assets of the Borrower and its subsidiaries, taken as a whole; (ii) the present fair
saleable value of the assets of the Borrower and its subsidiaries, taken as a whole, is not less than the amount that will be required to pay the probable liabilities (including contingent liabilities) of the Borrower and its subsidiaries, taken as
a whole, on their debts as they become absolute and matured; (iii) the capital of the Borrower and its subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Borrower or its subsidiaries, taken as a whole,
contemplated as of the date hereof; and (iv) the Borrower and its subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their ability to
pay such debts as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability. 

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	1 	Describe relevant Credit Agreement. 

	2 	Unless the Acquisition is consummated pursuant to an Acquisition Agreement, this certificate shall be amended to reflect that representations relating to the Acquired Business shall be based solely on the financial
statements of the Target that are publicly available at the time of the delivery of this certificate. 

  
 C-1 

 IN WITNESS WHEREOF, I have executed this Solvency Certificate on the date first written above. 

 

			
	By:	 	  

	Name:	 	A. Graham Sadler
	Title:	 	Chief Financial Officer

  
 C-2 

 Annex I 

BGC PARTNERS, INC. 
 364-DAY SENIOR
UNSECURED BRIDGE TERM LOAN FACILITY 
 Representations and Warranties Referenced in the Commitment Letter 

For purposes of the below representations and warranties, the Borrower, together with its subsidiaries, shall be referred to collectively, as the
“Company”: 
 OFAC: (a) The Borrower represents that neither the Company, nor, to the Company’s knowledge after reasonable
inquiry, any director, officer, employee, agent or representative of the Company (to the extent that any such individual is acting in such capacity in connection with the business of the Company) is an individual or entity
(“Person”) that is, or is owned or controlled by a Person that is: (i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the United Nations
Security Council, the European Union or Her Majesty’s Treasury (“HMT”), (collectively, “Sanctions”), nor (ii) organized or resident in a country or territory that is the subject of comprehensive Sanctions
(specifically, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria). 
 (b) The Borrower represents that it will not, directly or indirectly, use the
proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (i) to fund or facilitate any activities or business of or with any Person or in any country or
territory that, at the time of such funding or facilitation, is the subject of Sanctions; or (ii) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as
underwriter, advisor, investor or otherwise). 
 Anti-Corruption Laws: (a) The Borrower represents that neither the Company, nor, to the
Company’s knowledge after reasonable inquiry, any director, officer, employee, agent or representative of the Company (to the extent that any such individual is acting in such capacity in connection with the business of the Company), has taken
or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official”
(including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or
party official or candidate for political office) to corruptly influence official action or otherwise secure an improper advantage; and the Company has conducted its businesses in compliance with the U.S. Foreign Corrupt Practices Act of 1977, as
amended, and the rules and regulations thereunder (the “FCPA”), the U.K. Bribery Act 2010, and all other applicable anti-corruption laws (collectively, the “Anti-Corruption Laws”), and has instituted and maintains
and will continue to maintain policies and procedures designed to promote and achieve compliance with such laws. 
 (b) The Borrower further represents that
it will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, to fund or facilitate any activities or business of any
kind that would constitute or result in a violation the Anti-Corruption Laws. 
 Anti-Money Laundering Laws/Patriot Act: (a) The Borrower
represents that the operations of the Company are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes, 

  
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rules and regulations of jurisdictions where the Company conducts business (collectively, the “Anti-Money Laundering Laws”), and, to the best knowledge of the Company, no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Anti-Money Laundering Laws is pending or threatened. 

(b) The Borrower further represents that it will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other Person, to fund or facilitate any activities or business of any kind that would constitute or result in a violation the Anti-Money Laundering Laws. 

Covenants Referenced in the Commitment Letter 

Anti-Corruption Laws: The Borrower covenants that the Company and its subsidiaries (i) have conducted and will continue to conduct their
businesses operations in compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), the U.K. Bribery Act 2010, and all other applicable anti-corruption laws
(collectively, the “Anti-Corruption Laws”); (ii) have instituted and maintained and will continue to institute and maintain policies and procedures designed to promote and achieve compliance with applicable Anti-Corruption
Laws; and (iii) will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, to fund or facilitate any activities or
business of any kind that would constitute or result in a violation the Anti-Corruption Laws. 
 Anti-Money Laundering Laws/Patriot Act: The Borrower
covenants that the Company and its subsidiaries (i) have conducted and will continue to conduct their business operations in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank
Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes, rules and
regulations of jurisdictions where the Company conducts business (collectively, the “Anti-Money Laundering Laws”); (ii) have instituted and maintained and will continue to institute and maintain policies and procedures designed
to promote and achieve compliance with applicable Anti-Money Laundering Laws; and (iii) will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other Person, to fund or facilitate any activities or business of any kind that would constitute or result in a violation the Anti-Money Laundering Laws. 

OFAC: The Borrower covenants that the Company and its subsidiaries shall not directly or indirectly use the proceeds of any Borrowing (i) to fund
any activities of or business with any individual or entity that, at the time of such funding, is (A) the subject of Sanctions or (B) in any Designated Jurisdiction (as defined below), in each case in violation of any Sanctions; or
(ii) in any other manner that will result in a violation by any individual or entity (including any individual or entity participating in the financing transaction contemplated by the Credit Documentation, whether as Lender, Arranger,
Administrative Agent or otherwise) of Sanctions. For purposes hereof, “Designated Jurisdiction” means a jurisdiction in or with which transactions are prohibited or restricted by any Sanctions. 

Maintenance of Properties. The Borrower will, and will cause its Subsidiaries to, keep and maintain all of their property that are used or useful in
the conduct of its or their business in good working order and condition, ordinary wear and tear excepted, all as in the judgment of the Borrower may be necessary so that the business carried on in connection therewith may be properly and
advantageously conducted at all times, except, in each case, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

  
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 Insurance. The Borrower will, and will cause each Subsidiary to, maintain with financially sound and
reputable insurance companies or through self-insurance, (a) insurance or self-insurance in such amounts (with no greater risk retention) and against such risks as is considered adequate by the Borrower, in its good faith judgment, and
(b) all other insurance as may be required by law, in each case except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

Books and Records; Inspection Rights. The Borrower will, and will cause each Subsidiary to, (a) keep proper books of record and account in which
full, true and correct entries are made in all material respects of all dealings and transactions in relation to its business and activities sufficient to permit the preparation of financial statements in accordance with GAAP and (b) in the
case of the Borrower and each Guarantor, permit any representatives designated by the Administrative Agent or any Lender (including employees of the Administrative Agent, any Lender or any consultants, accountants, lawyers and appraisers retained by
the Administrative Agent or any Lender), upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records and to discuss its affairs, finances and condition with its officers, all at such
reasonable times during normal business hours and as often as reasonably requested (but no more frequently than annually unless an Event of Default exists) and all with a representative of the Borrower present. The Borrower acknowledges that the
Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain reports pertaining to the Loan Parties’ and their respective Subsidiaries’ assets for internal use by the Administrative
Agent and the Lenders. 
 Change in Nature of Business. The Borrower shall not make any material change in the nature of the business of the Borrower
and its Subsidiaries, taken as a whole, as carried on at the date of the Credit Documents; it being understood that this covenant shall not prohibit the Borrower and its Subsidiaries from conducting any business or business activities incidental or
related to the business of the Borrower and its Subsidiaries as carried on at the date of this agreement or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or
ancillary thereto. 

  
 3

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