Document:

EX-10.2

 Exhibit 10.2 

THE PARTNERSHIP INTERESTS (INCLUDING ASSOCIATED UNITS AND CAPITAL) DESCRIBED IN THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION, AND “SUCH PARTNERSHIP INTERESTS MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED,
ENCUMBERED OR OTHERWISE DISPOSED OF, IN WHOLE OR IN PART, EXCEPT (A) EITHER (1) WHILE A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE REGISTRATIONS AND QUALIFICATIONS ARE IN EFFECT OR (2) PURSUANT TO AN
AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS AND (B) IF PERMITTED BY THIS AGREEMENT, AS IT MAY BE AMENDED FROM TIME TO TIME. 

 
  

 
 AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 NEWMARK PARTNERS, L.P. 

Amended and Restated as of [●], 2017 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	 
	DEFINITIONS	 
	 Section 1.01.
	 	Definitions	  	 	2	 
	 Section 1.02.
	 	Other Definitional Provisions	  	 	10	 
	 Section 1.03.
	 	References to Schedules	  	 	11	 
	
	ARTICLE II	 
	FORMATION, CONTINUATION AND POWERS	 
			
	 Section 2.01.
	 	Formation	  	 	11	 
	 Section 2.02.
	 	Name	  	 	11	 
	 Section 2.03.
	 	Purpose and Scope of Activity	  	 	11	 
	 Section 2.04.
	 	Principal Place of Business	  	 	11	 
	 Section 2.05.
	 	Registered Agent and Office	  	 	12	 
	 Section 2.06.
	 	Authorized Persons	  	 	12	 
	 Section 2.07.
	 	Term	  	 	12	 
	 Section 2.08.
	 	Treatment as Partnership	  	 	12	 
	 Section 2.09.
	 	Compliance with Law	  	 	12	 
	
	ARTICLE III	 
	MANAGEMENT	 
			
	 Section 3.01.
	 	Management by the General Partner	  	 	12	 
	 Section 3.02.
	 	Role and Voting Rights of Limited Partners; Authority of Partners	  	 	13	 
	
	ARTICLE IV	 
	PARTNERS; CLASSES OF PARTNERSHIP INTERESTS	 
			
	 Section 4.01.
	 	Partners	  	 	14	 
	 Section 4.02.
	 	Interests	  	 	15	 
	 Section 4.03.
	 	Admission and Withdrawal of Partners	  	 	16	 
	 Section 4.04.
	 	Liability to Third Parties; Capital Account Deficits	  	 	17	 
	 Section 4.05.
	 	Classes	  	 	18	 
	 Section 4.06.
	 	Certificates	  	 	18	 
	 Section 4.07.
	 	Uniform Commercial Code Treatment of Units	  	 	18	 
	 Section 4.08.
	 	Priority Among Partners	  	 	18	 
	
	ARTICLE V	 
	CAPITAL AND ACCOUNTING MATTERS	 
			
	 Section 5.01.
	 	Capital	  	 	19	 
	 Section 5.02.
	 	Withdrawals; Return on Capital	  	 	20	 
	 Section 5.03.
	 	Maintenance of Capital Accounts	  	 	20	 

  
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	 Section 5.04.
	 	Allocations and Tax Matters	  	 	20	 
	 Section 5.05.
	 	General Partner Determinations	  	 	21	 
	 Section 5.06.
	 	Books and Accounts	  	 	22	 
	 Section 5.07.
	 	Tax Matters Partner	  	 	22	 
	 Section 5.08.
	 	Tax Information	  	 	23	 
	 Section 5.09.
	 	Withholding	  	 	23	 
	
	ARTICLE VI	 
	DISTRIBUTIONS	 
			
	Section 6.01.	 	Distributions in Respect of Partnership Interests	  	 	23	 
	Section 6.02.	 	Limitation on Distributions	  	 	23	 
	
	ARTICLE VII	 
	TRANSFERS OF INTERESTS	 
			
	 Section 7.01.
	 	Transfers Generally Prohibited	  	 	24	 
	 Section 7.02.
	 	Permitted Transfers	  	 	24	 
	 Section 7.03.
	 	Admission as a Partner upon Transfer	  	 	25	 
	 Section 7.04.
	 	Transfer of Units, Non-Participating Units and Capital with the Transfer of an Interest	  	 	25	 
	 Section 7.05.
	 	Encumbrances	  	 	25	 
	 Section 7.06.
	 	Legend	  	 	26	 
	 Section 7.07.
	 	Effect of Transfer Not in Compliance with this Article	  	 	26	 
	
	ARTICLE VIII	 
	REDEMPTION	 
			
	Section 8.01.	 	Redemption of Units Following a Redemption of Founding/Working Partner Interests or REU Interest	  	 	26	 
	Section 8.02.	 	Optional Redemption of Units in Connection with a Repurchase of Newmark Common Stock	  	 	28	 
	
	ARTICLE IX	 
	DISSOLUTION	 
			
	 Section 9.01.
	 	Dissolution	  	 	28	 
	 Section 9.02.
	 	Liquidation	  	 	28	 
	 Section 9.03.
	 	Distributions	  	 	29	 
	 Section 9.04.
	 	Reconstitution	  	 	29	 
	 Section 9.05.
	 	Deficit Restoration	  	 	29	 
	
	ARTICLE X	 
	INDEMNIFICATION AND EXCULPATION	 
			
	 Section 10.01.
	 	Exculpation	  	 	30	 
	 Section 10.02.
	 	Indemnification	  	 	30	 
	 Section 10.03.
	 	Insurance	  	 	33	 

  
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	 Section 10.04.
	 	Subrogation	  	 	33	 
	 Section 10.05.
	 	No Duplication of Payments	  	 	33	 
	 Section 10.06.
	 	Survival	  	 	33	 
	
	ARTICLE XI	 
	MISCELLANEOUS	 
			
	 Section 11.01.
	 	Amendments	  	 	34	 
	 Section 11.02.
	 	Benefits of Agreement	  	 	34	 
	 Section 11.03.
	 	Waiver of Notice	  	 	34	 
	 Section 11.04.
	 	Jurisdiction and Forum; Waiver of Jury Trial	  	 	35	 
	 Section 11.05.
	 	Successors and Assigns	  	 	36	 
	 Section 11.06.
	 	Confidentiality	  	 	36	 
	 Section 11.07.
	 	Notices	  	 	36	 
	 Section 11.08.
	 	No Waiver of Rights	  	 	36	 
	 Section 11.09.
	 	Power of Attorney	  	 	36	 
	 Section 11.10.
	 	Severability	  	 	37	 
	 Section 11.11.
	 	Headings	  	 	37	 
	 Section 11.12.
	 	Entire Agreement	  	 	37	 
	 Section 11.13.
	 	Governing Law	  	 	37	 
	 Section 11.14.
	 	Counterparts	  	 	37	 
	 Section 11.15.
	 	Opportunity; Fiduciary Duty	  	 	37	 
	 Section 11.16.
	 	Reimbursement of Expenses	  	 	41	 
	 Section 11.17.
	 	Obligations with Respect to BGC Holdings Non-Participating Units	  	 	41	 
	 Section 11.18.
	 	Effectiveness	  	 	41	 

  
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 EXHIBITS 
  

			
	Exhibit A	  	Certain Tax Related Matters

  
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 This AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (together with all exhibits, annexes
and schedules hereto, this “Agreement”) of Newmark Partners, L.P., a Delaware limited partnership (the “Partnership”), dated as of [●], 2017, is by and among Newmark Holdings, LLC, a Delaware limited liability
company (“Newmark Holdings, LLC”), as the general partner; Newmark Holdings, L.P., a Delaware limited partnership (“Newmark Holdings”), as a limited partner; Newmark Group, Inc., a Delaware corporation
(“Newmark”), as a limited partner; and the Persons to be admitted as Partners (as defined below) or otherwise parties hereto as set forth herein. 

RECITALS 
 WHEREAS, the
Partnership was formed as a limited partnership under the Delaware Revised Uniform Limited Partnership Act, Del. Code Ann. tit. 6, § 17-101, et. seq., as amended from time to time (the
“Act”), pursuant to an Agreement of Limited Partnership, dated as of September [●], 2017, by and among Newmark Holdings, LLC, as the general partner, and BGC Partners, L.P., a Delaware limited partnership (“BGC U.S.
Opco”), as the sole limited partner (the “Original Limited Partnership Agreement”); 
 WHEREAS, BGC Partners,
Inc., a Delaware corporation (“BGC Partners”), BGC Holdings, L.P., a Delaware limited partnership (“BGC Holdings”), BGC U.S. Opco (together with BGC Partners and BGC Holdings, the “BGC Entities”),
Newmark, Newmark Holdings, the Partnership and, solely for the limited purposes set forth therein, Cantor Fitzgerald, L.P., a Delaware limited partnership (“Cantor”), and BGC Global Holdings, L.P. a Cayman Island limited partnership
(“BGC Global Opco”), have entered into that certain Separation Agreement, dated as of [●], 2017 (as it may be amended from time to time, the “Separation Agreement”), pursuant to which, among other things, the
BGC Entities agreed to separate the Transferred Business from the Retained Business (as defined in the Separation Agreement) so that, as of the Closing Date (as defined in the Separation Agreement), the Transferred Business is held by members of the
Newmark Group and the Retained Business is held by members of the BGC Partners Group (the “Separation”); 
 WHEREAS, to
effect the Separation, pursuant to the terms of the Separation Agreement and in furtherance of the Separation, BGC U.S. Opco distributed certain Transferred Assets (or interests therein) to its partners, and its partners assumed certain Transferred
Liabilities (or obligations in respect thereof), and, thereafter, such partners of BGC U.S. Opco transferred such assets and such liabilities to the Partnership (together, the “Opco Partnership Division”); 

WHEREAS, immediately following the Opco Partnership Division, (a) BGC Holdings held all of the outstanding equity interests in the
General Partner (which held the Special Voting Limited Partnership Interest), and (b) members of the BGC Partners Inc. Group, taken as a whole, and members of the BGC Holdings Group, taken as a whole, held all of the outstanding Limited
Partnership Interests in the same aggregate proportions that such members of the BGC Partners Inc. Group, taken as a whole, on the one hand, and such members of the BGC Holdings Group, taken as a whole, on the other hand, held the outstanding BGC
U.S. Opco Limited Partnership Interests, with the total number of Units equal to the total number of BGC U.S. Opco Units multiplied by the Contribution Ratio; 

 WHEREAS, following the Opco Partnership Division, pursuant to the terms of the Separation
Agreement and in furtherance of the Separation, BGC Holdings transferred to Newmark Holdings (a) all of the equity interests in the General Partner (which held the Special Voting Limited Partnership Interest), (b) the Limited Partnership
Interest that BGC Holdings held following the Opco Partnership Division and (c) any other Transferred Assets or Transferred Liabilities held by it (together, the “Holdings Partnership Contribution”); and 

WHEREAS, the Partners are amending and restating the Original Limited Partnership Agreement in order to, among other things, provide for or
attest to the foregoing transactions contemplated by the Separation Agreement and set forth other agreements with respect to the Partnership as of immediately following the Separation. 

NOW, THEREFORE, the parties hereto hereby adopt the following as the amended and restated “partnership agreement” of the Partnership
within the meaning of the Act: 
 ARTICLE I 

DEFINITIONS 

Section 1.01.    Definitions. As used in this Agreement, the following terms have the meanings set forth
below: 
 “Accounting Period” means (a) in the case of the first Accounting Period, the period commencing on the date
of this Agreement and ending at the next Closing of the Books Event, and (b) in the case of each subsequent Accounting Period, the period commencing immediately after a Closing of the Books Event and ending at the next Closing of the Books
Event. 
 “Act” has the meaning set forth in the recitals to this Agreement. 

“Action” means any action, claim, suit, litigation, proceeding (including arbitral) or investigation. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, controls, or is controlled by, or is under common control with, such first Person. 
 “Agreement” has the
meaning set forth in the preamble to this Agreement. 
 “Ancillary Agreements” means “Ancillary Agreements” as
defined in the Separation Agreement. 
 “Applicable Tax Rate” means the estimated highest aggregate marginal statutory U.S.
federal, state and local income, franchise and branch profits tax rates (determined taking into account the deductibility of state and local income taxes for federal income tax purposes and the creditability or deductibility of foreign income taxes
for federal income tax purposes) (“Tax Rate”) applicable to any Partner on income of the same character and source as the income allocated to such Partner pursuant to Sections 5.04(a) and (b) for such fiscal year, fiscal
quarter or other period, as determined by the Tax Matters Partner in its discretion; provided that, in the case 

  
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of a Partner that is a partnership, grantor trust or other pass-through entity under U.S. federal income tax law, the Tax Rate applicable to such Partner for purposes of determining the
Applicable Tax Rate shall be the weighted average of the Tax Rates of such Partner’s members, grantor-owners or other beneficial owners (weighted in proportion to their relative economic interests in such Partner), as determined by the Tax
Matters Partner in its discretion; provided, further, that if any such member, grantor-owner or other beneficial owner of such Partner is itself a partnership, grantor trust or other pass-through entity, similar principles shall be
applied by the Tax Matters Partner in its discretion to determine the Tax Rate of such member, grantor-owner or other beneficial owner. 

“Available Cash” for any Accounting Period means all cash or other current funds of the Partnership available for
distribution, 
 as determined by the General Partner in its sole and absolute discretion, reduced by any amounts that the Partnership is prohibited from
distributing to the Partners pursuant to applicable law. 
 “BGC Entities” has the meaning set forth in the recitals to
this Agreement. 
 “BGC Global Opco” has the meaning set forth in the recitals to this Agreement, including any successor
to BGC Global Holdings, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “BGC
Global Opco Group” means BGC Global Opco and its Subsidiaries (other than any member of the Newmark Group). 
 “BGC
Holdings” has the meaning set forth in the recitals to this Agreement, including any successor to BGC Holdings, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 

“BGC Holdings Group” means BGC Holdings and its Subsidiaries (other than any member of the BGC U.S. Opco Group, BGC Global
Opco Group or Newmark Group). 
 “BGC Holdings Limited Partnership Agreement” means the Amended and Restated Agreement of
Limited Partnership of BGC Holdings, L.P., as amended from time to time. 
 “BGC Partners” has the meaning set forth in the
recitals to this Agreement, including any successor to BGC Partners, Inc., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 

“BGC Partners-BGC U.S. Opco Other Debt Notes” means “BGC Partners-BGC U.S. Opco Other Debt Notes” as defined in the Separation Agreement. 
 “BGC
Partners Company” means any member of the BGC Partners Group. 
 “BGC Partners Group” means BGC Partners, BGC
Holdings, BGC U.S. Opco and BGC Global Opco and each of their respective Subsidiaries (other than any member of the Newmark Group). 

  
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 “BGC Partners Inc. Group” means BGC Partners and its Subsidiaries (other than
any member of the BGC Holdings Group, BGC U.S. Opco Group, BGC Global Opco Group or Newmark Group). 
 “BGC U.S. Opco” has
the meaning set forth in the recitals to this Agreement, including any successor to BGC Partners, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 

“BGC U.S. Opco Group” means BGC U.S. Opco and its Subsidiaries (other than any member of the Newmark Group). 

“BGC U.S. Opco Limited Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of BGC U.S.
Opco, as it may be amended from time to time. 
 “BGC U.S. Opco Limited Partnership Interests” means “Limited
Partnership Interests” as defined in the BGC U.S. Opco Limited Partnership Agreement. 
 “BGC U.S. Opco Units” means
“Units” as defined in the BGC U.S. Opco Limited Partnership Agreement. 
 “Business Day” means any day
excluding Saturday, Sunday and any day on which banking institutions located in New York, New York are authorized or required by applicable law or other governmental action to be closed. 

“Cantor” has the meaning set forth in the recitals to this Agreement, including any successor to Cantor Fitzgerald, L.P.,
whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “Cantor Company” means
any member of the Cantor Group. 
 “Cantor Group” means Cantor and its Subsidiaries (other than any member of the BGC
Partners Group or Newmark Group), Howard W. Lutnick and/or any of his immediate family members as so designated by Howard W. Lutnick and any trusts or other entities controlled by Howard W. Lutnick. 

“Capital” means, with respect to any Partner, such Partner’s capital in the Partnership as reflected in such
Partner’s Capital Account. 
 “Capital Account” means, with respect to any Partner, such Partner’s capital
account established on the books and records of the Partnership. 
 “Certificate of Limited Partnership” means the
certificate of limited partnership of the Partnership filed with the office of the Secretary of State of the State of Delaware on September 27, 2017. 

“Closing of the Books Event” means any of (a) the close of the last day of each calendar year and each calendar quarter,
(b) the dissolution of the Partnership, (c) the acquisition of an additional interest in the Partnership by any new or existing Partner in exchange for more than a de minimis amount of property, (d) the distribution by the Partnership
to a Partner of more than a de minimis amount of Partnership property as consideration for an interest in the Partnership, or (e) any other time that the General Partner determines to be appropriate for an interim closing of the
Partnership’s books. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended, or any successor statute
thereto. 
 “Contribution Ratio” means a fraction equal to one divided by 2.20. 

  
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 “Corporate Opportunity” means any business opportunity that the Partnership is
financially able to undertake, that is, from its nature, in the Partnership’s lines of business, of practical advantage to the Partnership and one in which the Partnership has an interest or a reasonable expectancy, and in which, by embracing
the opportunities, the self-interest of a Newmark Company, a BGC Partners Company, a Cantor Company or a Newmark Holdings Company or any of their respective Representatives, as the case may be, will be brought into conflict with the
Partnership’s self-interest. 
 “Current Market Price” means, as of any date: (a) if shares of Newmark
Class A Common Stock are listed on an internationally recognized stock exchange, the average of the closing price per share of Newmark Class A Common Stock on each of the 10 consecutive trading days ending on such date (it being understood
that such price shall be appropriately adjusted in the event that there is a stock dividend or stock split during such 10-consecutive-trading-day period), or (b) if
shares of Newmark Class A Common Stock are not listed on an internationally recognized stock exchange, the fair value of a share of Newmark Class A Common Stock as agreed in good faith by Cantor and the Audit Committee of Newmark. 

“DGCL” has the meaning set forth in Section 10.02(a). 

“Disinterested Director” has the meaning set forth in Section 10.02(i)(i). 

“Estimated Proportionate Quarterly Tax Distribution” means the Proportionate Quarterly Tax Distribution calculated using the
Tax Matters Partner’s estimate of the aggregate amount of taxable income or gain to be allocated to the Partners pursuant to Section 5.04(a) for the applicable period. 

“Estimated Tax Due Date” means (a) in the case of a Partner that is not an individual, the 15th day of each April, June,
September and December or (b) in the case of a Partner that is an individual, the 15th day of each April, June, September and January or, in each of cases (a) and (b), if earlier with respect to any quarter, the date on which Newmark is
required to make an estimated tax payment. 
 “Exchange Ratio” has the meaning set forth in the Newmark Holdings Limited
Partnership Agreement. 
 “Founding Partner Interest” or “Working Partner Interest” means a Founding
Partner Interest or a Working Partner Interest as defined in the Newmark Holdings Limited Partnership Agreement. 
 “General
Partner” means Newmark Holdings, LLC or any Person who has been admitted, as herein provided, as an additional or substitute general partner, and who has not ceased to be a general partner, each in its capacity as a general partner of the
Partnership. 
 “General Partnership Interest” means, with respect to the General Partner, such Partner’s Non-Participating Unit and Capital designated as the “General Partnership Interest” on Schedule 4.02 and Schedule 5.01 in accordance with this Agreement
and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner being a General Partner and having such Non-Participating Unit and Capital.

  
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 “Group” means the Cantor Group, the BGC Partners Group, the BGC Partners Inc.
Group, the BGC Holdings Group, the BGC Global Opco Group, the BGC U.S. Opco Group, the Newmark Group, the Newmark Inc. Group, the Newmark Holdings Group or the Partnership Group, as applicable. 

“Group Transferee” has the meaning set forth in Section 7.02(a)(ii). 

“Group Transferor” has the meaning set forth in Section 7.02(a)(ii). 

“Holdings Partnership Contribution” has the meaning set forth in the recitals to this Agreement. 

“Independent Counsel” has the meaning set forth in Section 10.02(i)(ii). 

“Interest” means the General Partnership Interest and any Limited Partnership Interest (including, for the avoidance of
doubt, the Special Voting Limited Partnership Interest). 
 “Limited Partner” means any Person who has acquired a Limited
Partnership Interest pursuant to and in compliance with this Agreement and who shall have been admitted to the Partnership as a Limited Partner in accordance with this Agreement and shall not have ceased to be a Limited Partner under the terms of
this Agreement, each in its capacity as a limited partner of the Partnership. 
 “Limited Partnership Interest” means, with
respect to any Limited Partner, such Partner’s Units and Capital designated as a “Limited Partnership Interest” (including, for the avoidance of doubt, designation as a “Special Voting Limited Partnership Interest”) on
Schedule 4.02 and Schedule 5.01 in accordance with this Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner
holding such Units and having such Capital. 
 “Majority in Interest” means Limited Partner(s) holding a majority of the
Units underlying the Limited Partnership Interests outstanding as of the applicable record date; provided, however, that, so long as members of the Cantor Group shall hold a majority of the Exchangeable Limited Partnership Interests of
Newmark Holdings, then any action or approval by a “Majority in Interest” for purposes of this Agreement shall also require the consent of Cantor. 

“Newmark” has the meaning set forth in the preamble to this Agreement, including any successor to Newmark Group, Inc.,
whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “Newmark
Class A Common Stock” means the Class A common stock, par value $0.01 per share, of Newmark (it being understood that if the Newmark Class A Common Stock, as a class, shall be reclassified, exchanged or
converted into another security (including as a result of a merger, consolidation or otherwise) or the right to receive such security, each reference to Newmark Class A Common Stock in this Agreement shall refer to such other security into
which the Newmark Class A Common Stock was reclassified, exchanged or converted). 

  
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 “Newmark Class B Common Stock” means the Class B common
stock, par value $0.01 per share, of Newmark (it being understood that if the Newmark Class B Common Stock, as a class, shall be reclassified, exchanged or converted into another security (including as a result of a merger, consolidation or
otherwise) or the right to receive such security, each reference to Newmark Class B Common Stock in this Agreement shall refer to such other security into which the Newmark Class B Common Stock was reclassified, exchanged or converted).

 “Newmark Common Stock” means the Newmark Class A Common Stock or the Newmark Class B Common Stock, as
applicable. 
 “Newmark Company” means any member of the Newmark Inc. Group. 

“Newmark Group” means Newmark, Newmark Holdings, the Partnership and each of their respective Subsidiaries. 

“Newmark Holdings” has the meaning set forth in the preamble to this Agreement, including any successor to Newmark Holdings,
L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “Newmark Holdings
Company” means any member of the Newmark Holdings Group. 
 “Newmark Holdings Group” means Newmark Holdings and
its Subsidiaries (other than any member of the Partnership Group). 
 “Newmark Holdings Limited Partnership Agreement”
means the Amended and Restated Agreement of Limited Partnership of Newmark Holdings, L.P., as amended from time to time. 
 “Newmark
Holdings Non-Participating Units” has the meaning ascribed to “Non-Participating Units” in the Newmark Holdings Limited Partnership Agreement. 

“Newmark Holdings Ratio” means, as of any time, the number equal to (a) the aggregate number of Units held by the
Newmark Holdings Group as of such time divided by (b) the aggregate number of Newmark Holdings Units issued and outstanding as of such time. 

“Newmark Holdings Units” means “Units” as defined in the Newmark Holdings Limited Partnership Agreement. 

“Newmark Holdings, LLC” has the meaning set forth in the preamble to this Agreement, including any successor to Newmark
Holdings, LLC, whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “Newmark Inc.
Group” means Newmark Group, Inc. and its Subsidiaries (other than any member of the Newmark Holdings Group or Partnership Group). 

“Newmark Opco Debt Repayment” means the amount paid by the Partnership in satisfaction of the obligations of the Partnership
under the BGC Partners-BGC U.S. Opco Other Debt Notes. 

  
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 “Newmark Ratio” means, as of any time, the number equal to (a) the
aggregate number of Units held by the Newmark Inc. Group as of such time divided by (b) the aggregate number of shares of Newmark Common Stock issued and outstanding as of such time. 

“Newmark SAE Agreement” means the Omnibus Side Agreement, dated as of [●], 2017, by and among Newmark, Newmark
Holdings, Newmark Opco, the SAE Subsidiaries, and certain other parties thereto. 

“Non-Participating Unit” means the Unit held by the Special Voting Limited Partner in
respect of the Special Voting Limited Partnership Interest and the Unit held by the General Partner in respect of the General Partnership Interest, none of which shall entitle its holder to a share in the Partnership’s profits, losses and
operating distributions except as otherwise expressly set forth in this Agreement. 
 “Opco Partnership Contribution” means
“Opco Partnership Contribution” as defined in the Separation Agreement. 
 “Opco Partnership Distribution” means
“Opco Partnership Distribution” as defined in the Separation Agreement. 
 “Original Limited Partnership
Agreement” has the meaning set forth in the recitals to this Agreement. 
 “Partners” means the Limited Partners
(including, for the avoidance of doubt, the Special Voting Limited Partner) and the General Partner, and “Partner” means any of the foregoing. 

“Partnership” has the meaning set forth in the preamble to this Agreement, including any successor to Newmark Partners, L.P.,
whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “Partnership Group” means
the Partnership and its Subsidiaries. 
 “Percentage Interest” means, as of the applicable calculation time, with respect
to a Partner, the ratio, expressed as a percentage, of the number of Units held by such Partner over the number of Units held by all Partners. 

“Person” means any individual, firm, corporation, partnership, trust, incorporated or unincorporated association, joint
venture, joint stock company, limited liability company, governmental entity or other entity of any kind, and shall include any successor (by merger, consolidation, sale of all or substantially all of its assets or otherwise) of such entity. 

“proceeding” has the meaning set forth in Section 10.02(a). 

“Proportionate Quarterly Tax Distribution” means, for each Partner for each fiscal quarter or other applicable period, such
Partner’s Proportionate Tax Share for such fiscal quarter or other applicable period. 

  
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 “Proportionate Tax Share” means, with respect to a Partner, the product of
(a) the Tax Distribution for the fiscal year, fiscal quarter or other period, as applicable, and (b) the Percentage Interest of such Partner for such fiscal year, fiscal quarter or other period. In the event that the Percentage Interest of
a Partner changes during any fiscal year, fiscal quarter or other period, the Proportionate Tax Share of such Partner and the other Partners, as the case may be, for such fiscal year, fiscal quarter or other period shall be appropriately adjusted to
take into account the Partners’ varying interests. 
 “Publicly Traded Shares” means shares of Newmark Common Stock
(if listed on any national securities exchange or included for quotation in any quotation system in the United States (even if such shares are restricted securities under the Securities Act) and any shares of capital stock of any other entity, if
such shares are of a class that is listed on any national securities exchange or included for quotation in any quotation system in the United States (even if such shares are restricted securities under the Securities Act). 

“Representatives” means, with respect to any Person, the Affiliates, directors, managers, officers, employees, general
partners, agents, accountants, managing members, employees, counsel and other advisors and representatives of such Person. 
 “REU
Interest” means an “REU Interest” as defined in the Newmark Holdings Limited Partnership Agreement. 
 “SAE
Subsidiaries” means the entities set forth on Schedule [●]. 
 “Securities Act” means the U.S.
Securities Act of 1933, as amended. 
 “Separation” has the meaning set forth in the recitals to this Agreement. 

“Separation Agreement” has the meaning set forth in the recitals to this Agreement. 

“Separation Steps Plan” means “Separation Steps Plan” as defined in the Separation Agreement. 

“Special Voting Limited Partner” means the Limited Partner holding the Special Voting Limited Partnership Interest pursuant
to and in compliance with this Agreement and who shall have been admitted to the Partnership as a Limited Partner designated as the Special Voting Limited Partner in accordance with this Agreement and shall not have ceased to be a Limited Partner
designated as the Special Voting Limited Partner under the terms of this Agreement. 
 “Special Voting Limited Partnership
Interest” means, with respect to the Special Voting Limited Partner, such Partner’s Non-Participating Unit and Capital designated as the “Special Voting Limited Partnership Interest” on
Schedule 4.02 and Schedule 5.01 in accordance with this Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner
holding such Non-Participating Unit and having such Capital. 
 “Subsidiary” means,
as of the relevant date of determination, with respect to any Person, any corporation or other Person of which 50% or more of the voting power of the outstanding voting equity securities or 50% or more of the outstanding economic equity interest is
held, directly or indirectly, by such Person. 

  
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 “Tax Distribution” means, for any fiscal quarter or fiscal year or other period
of the Partnership during the term of the Partnership, the product of (a) the aggregate amount of taxable income or gain allocated to the Partners pursuant to Section 5.04(a) for such period and (b) the Applicable Tax Rate for such
period. 
 “Tax Matters Partner” has the meaning set forth in Section 5.07. 

“Transfer” means any transfer, sale, conveyance, assignment, gift, hypothecation, pledge or other disposition, whether
voluntary or by operation of law, of all or any part of an Interest or any right, title or interest therein. 

“Transferee” means the transferee in a Transfer or proposed Transfer. 

“Transferor” means the transferor in a Transfer or proposed Transfer. 

“Transferred Assets” has the meaning ascribed to such term in the Separation Agreement. 

“Transferred Business” has the meaning ascribed to such term in the Separation Agreement. 

“Transferred Liabilities” has the meaning ascribed to such term in the Separation Agreement. 

“UCC” has the meaning set forth in Section 4.07. 

“Unit” means, with respect to any Partner, such Partner’s partnership interest in the Partnership entitling the holder
to a share in the Partnership’s profits, losses and operating distributions as provided in this Agreement, but excluding any Non-Participating Unit. 

Section 1.02.    Other Definitional Provisions. Wherever required by the context of this Agreement, the
singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or
instrument as amended, supplemented or modified from time to time. When used herein: 
 (a)    the
word “or” is not exclusive unless the context clearly requires otherwise; 
 (b)    the
word “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, means the direct or indirect possession of the
power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise; 

(c)    the words “including,” “includes,” “included” and
“include” are deemed to be followed by the words “without limitation”; 

(d)    the terms “herein,” “hereof” and “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; and 

  
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 (e)    all section, paragraph or clause references not
attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, appendix, annex and schedule references not attributed to a particular document shall be references to such exhibits, appendixes, annexes and
schedules to this Agreement. 
 Section 1.03.    References to Schedules. The General Partner shall maintain
and revise from time to time all schedules referred to in this Agreement in accordance with this Agreement. Notwithstanding anything in Section 11.02 to the contrary, any such revision shall not be deemed an amendment to this Agreement, and
shall not require any further act, vote or approval of any Person. 
 ARTICLE II 

FORMATION, CONTINUATION AND POWERS 

Section 2.01.    Formation. On September 27, 2017, the Partnership was formed pursuant to the laws of the
State of Delaware pursuant to a Certificate of Limited Partnership. The Original Limited Partnership Agreement was entered into on [●], 2017 and, prior to the effectiveness of this Agreement, constituted the partnership agreement (as defined
in the Act) of the parties thereto. The Original Limited Partnership Agreement was amended and restated in its entirety to be this Agreement effective as of the date hereof, and this Agreement constitutes the partnership agreement (as defined in the
Act) of the parties hereto. 
 Section 2.02.    Name. The name of the Partnership is “Newmark Partners,
L.P.” 
 Section 2.03.    Purpose and Scope of Activity. The purpose of the Partnership shall be to
conduct any and all activities permitted under the Act. The Partnership shall possess and may exercise all the powers and privileges granted by the Act or by any other law or by this Agreement, together with any powers incidental thereto, that are
necessary or convenient to the conduct, promotion or attainment of the business, purposes or activities of the Partnership. 

Section 2.04.    Principal Place of Business. For purposes of the Act, the principal place of business of the
Partnership shall be located in New York, New York or at such other place as may hereafter be designated from time to time by the General Partner. The Partnership, committee and officer meetings shall take place at the Partnership’s principal
place of business unless decided otherwise for any particular meeting. 
 The Partnership may qualify to transact business in such other
states and under such assumed business names (for which all applicable assumed business name certificates or filings shall be made) as the General Partner shall determine. Each Partner shall execute, acknowledge, swear to and deliver all
certificates or other documents necessary or appropriate to qualify, continue and terminate the Partnership as a foreign limited partnership in such jurisdictions in which the Partnership may conduct or cease to conduct business, as applicable. 

  
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 Section 2.05.    Registered Agent and Office. The registered
agent for service of process is, and the mailing address of the registered office of the Partnership in the State of Delaware is in care of, Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808. At any time, the
Partnership may designate another registered agent and/or registered office. 
 Section 2.06.    Authorized
Persons. The execution and causing to be filed of the Certificate of Limited Partnership by the applicable authorized Persons on behalf of the General Partner are hereby specifically ratified, adopted and confirmed. The officers of the
Partnership and the General Partner are hereby designated as authorized Persons to act in connection with executing and causing to be filed, when approved by the appropriate governing body or bodies hereunder, any certificates required or permitted
to be filed with the Secretary of State of the State of Delaware and any certificates (and any amendments and/or restatements thereof) necessary for the Partnership to file in any jurisdiction in which the Partnership is required to make a filing.

 Section 2.07.    Term. The term of the Partnership began on the date the Certificate of Limited
Partnership of the Partnership became effective, and the Partnership shall have perpetual existence unless sooner dissolved as provided in Article IX. 

Section 2.08.    Treatment as Partnership. Except as otherwise required pursuant to a
“determination” within the meaning of Section 1313(a)(1) of the Code, the parties shall treat the Partnership as a partnership for United States federal income tax purposes and agree not to take any action or fail to take any action
which action or inaction would be inconsistent with such treatment. 
 Section 2.09.    Compliance with Law.
The Partnership shall use its best efforts to comply with any and all governmental requirements applicable to it, including the making of any and all necessary or advisable governmental registrations. 

ARTICLE III 
 MANAGEMENT 

Section 3.01.    Management by the General Partner. 

(a)    Subject to the terms and provisions of this Agreement, the management and control of the business and affairs of the
Partnership shall be vested solely in, and directed and exercised solely by, the General Partner. In furtherance of the activities of the Partnership, subject to the terms and provisions of this Agreement, the General Partner shall have all rights
and powers, statutory or otherwise, possessed by general partners of limited partnerships under the laws of the State of Delaware. 

(b)    Except as otherwise expressly provided herein, the General Partner has full and exclusive power and authority to
do, on behalf of the Partnership, all things that are deemed necessary, appropriate or desirable by the General Partner to conduct, direct and manage the business and other affairs of the Partnership and is authorized and empowered, on behalf and in
the name of the Partnership, to carry out and implement, directly or through such agents as the General Partner may appoint, such actions and execute such documents as the General Partner may deem necessary or advisable, or as may be incidental to
or necessary for the conduct of the business of the Partnership. 

  
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 (c)    The General Partner agrees to use its best efforts to meet all
requirements of the Code and currently applicable regulations, rulings and other procedures of the Internal Revenue Service to ensure that the Partnership will be classified for United States federal income tax purposes as a partnership. 

(d)    The General Partner may appoint officers, managers or agents of the Partnership and may delegate to such officers,
managers or agents all or part of the powers, authorities, duties or responsibilities possessed by or imposed on the General Partner pursuant to this Agreement (without limitation on the General Partner’s ability to exercise such powers,
authorities or responsibilities directly at any time); provided that, notwithstanding anything herein or in any other agreement to the contrary, the General Partner may remove any such officer, manager or agent, and may revoke any or all such
powers, authorities and responsibilities so delegated to any such person, in each case at any time with or without cause. The officers of the Partnership shall consist of such positions and titles that the General Partner may in its discretion
designate or create, including a Chairman, a Chief Executive Officer, a President, a Chief Financial Officer, one or more Vice Presidents, a Treasurer, one or more Assistant Treasurers, a Secretary or one or more Assistant Secretaries. A single
person may hold more than one office. Each officer shall hold office until his successor is chosen, or until his death, resignation or removal from office. 

Each of such officers shall have such powers and duties with respect to the business and other affairs of the Partnership, and shall be
subject to such restrictions and limitations, as are prescribed from time to time by the General Partner; provided, however, that each officer shall at all times be subject to the direction and control of the General Partner in the
performance of such powers and duties. 
 (e)    Notwithstanding anything to the contrary herein, without the prior
written consent of the Limited Partners (by affirmative vote of a Majority in Interest), the General Partner shall not take any action that may adversely affect Cantor’s Purchase Right (as defined in the Separation Agreement) in
Section 6.11 of the Separation Agreement. 
 Section 3.02.    Role and Voting Rights of Limited Partners;
Authority of Partners. 
 (a)    Limitation on Role of Limited Partners. No Limited Partner shall have any
right of control or management power over the business or other affairs of the Partnership as a result of its status as a Limited Partner except as otherwise provided in this Agreement. No Limited Partner shall participate in the control of the
Partnership’s business in any manner that would, under the Act, subject such Limited Partner to any liability beyond those liabilities expressly contemplated hereunder, including holding himself, herself or itself out to third parties as a
general partner of the Partnership; provided that any Limited Partner may be an employee of the Partnership or any of its Affiliates and perform such duties and do all such acts required or appropriate in such role, and no such performance or
acts shall subject such Limited Partner to any liability beyond those liabilities expressly contemplated hereunder. Without limiting the generality of the foregoing, in accordance with, and to the fullest extent permitted by the Act

  
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(including Section 17-303 thereof), Limited Partners (directly or through an Affiliate) (i) may consult with and advise the General Partner or any
other Person (including, if applicable, the general partner of the General Partner) with respect to any matter, including the business of the Partnership, (ii) may, or may cause the General Partner or any other Person (including, if applicable,
the general partner of the General Partner) to, take or to refrain from taking any action, including by proposing, approving, consenting or disapproving, by voting or otherwise, with respect to any matter, including the business of the Partnership,
subject to Section 11.15, (iii) may transact business with the General Partner (including, if applicable, the general partner of the General Partner) or the Partnership, and (iv) may be an officer, director,
partner or stockholder of the General Partner (including, if applicable, the general partner of the General Partner) or have its Representatives serve as officers or directors of the General Partner (including, if applicable, of the general partner
of the General Partner) without incurring additional liabilities to third parties. 
 (b)    No Limited Partner
Voting Rights. To the fullest extent permitted by Section 17-302(f) of the Act, the Limited Partners shall not have any voting rights under the Act, this Agreement or otherwise, and shall not be
entitled to consent to, approve or authorize any actions by the Partnership or the General Partner, except in each case as otherwise specifically provided in this Agreement. 

(c)    Authority of Partners. Except as set forth herein with respect to the General Partner, no Limited Partner
shall have any power or authority, in such Partner’s capacity as a Limited Partner, to act for or bind the Partnership except to the extent that such Limited Partner is so authorized in writing prior thereto by the General Partner. Without
limiting the generality of the foregoing, except as set forth herein with respect to the General Partner, no Limited Partner, as such, shall, except as so authorized, have any power or authority to incur any liability or execute any instrument,
agreement or other document for or on behalf of the Partnership, whether in the Partnership’s name or otherwise. Persons dealing with the Partnership are entitled to rely conclusively upon the power and authority of the General Partner. Each
Limited Partner hereby agrees that, except to the extent provided in this Agreement and except to the extent that such Limited Partner shall be the General Partner, it will not participate in the management or control of the business and other
affairs of the Partnership, will not transact any business for the Partnership and will not attempt to act for or bind the Partnership. 

ARTICLE IV 
 PARTNERS;
CLASSES OF PARTNERSHIP INTERESTS 
 Section 4.01.    Partners. The Partnership shall have (a) a General
Partner and (b) one or more Limited Partners (including, for the avoidance of doubt, the Special Voting Limited Partner). Schedule 4.01 sets forth the name and address of the Partners.
Schedule 4.01 shall be amended pursuant to Section 1.03 to reflect any change in the identity or address of the Partners in accordance with this Agreement. Each Person admitted to the Partnership as a Partner pursuant
to this Agreement shall be a partner of the Partnership until such Person ceases to be a Partner in accordance with the provisions of this Agreement. 

  
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 Section 4.02.    Interests. 

(a)    Generally. 

(i)    Classes of Interests. Interests in the Partnership shall be divided into two classes: (A) a General
Partnership Interest; and (B) Limited Partnership Interests (including, for the avoidance of doubt, the Special Voting Limited Partnership Interest). The General Partnership Interest and the Limited Partnership Interests shall consist
of, and be issued as, Units, Non-Participating Units and Capital. The General Partner shall determine the aggregate number of authorized Units. Any Units repurchased by or otherwise transferred to the
Partnership or otherwise forfeited or cancelled shall be cancelled and thereafter deemed to be authorized but unissued, and may be subsequently issued as Units for all purposes hereunder in accordance with this Agreement. 

(ii)    Issuances of Additional Units. Any authorized but unissued Units may be issued: 

 

	 	(1)	pursuant to the Separation or as otherwise contemplated by the Separation Agreement or this Agreement; 

  

	 	(2)	to members of the Newmark Inc. Group and/or Newmark Holdings Group, as the case may be, in connection with an investment in the Partnership by the members of the Newmark Inc. Group and/or Newmark Holdings Group, as the
case may be, in each case as provided in the Separation Agreement; 

  

	 	(3)	to members of the Newmark Inc. Group and/or members of the BGC Partners Inc. Group, in connection with a redemption pursuant to Article VIII of the Newmark Holdings Limited Partnership Agreement or Article VIII of the
BGC Holdings Limited Partnership Agreement; 

  

	 	(4)	as otherwise agreed by each of the General Partner and the Limited Partners (by affirmative vote of a Majority in Interest); 

  

	 	(5)	to Newmark or Newmark Holdings in connection with a grant of equity by Newmark or Newmark Holdings, respectively, pursuant to the Newmark Holdings, L.P. Participation Plan; and 

 

	 	(6)	to any Partner in connection with a conversion of an issued Unit and Interest into a different class or type of Unit and Interest in accordance with this Agreement; 

provided that each Person to be issued additional Units pursuant to clause (1), (2), (3), (4) or (5) of this sentence shall, as a condition
to such issuance, execute and deliver to the Partnership an 

  
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agreement in which such Person agrees to be admitted as a Partner with respect to such Units and bound by this Agreement and any other agreements, documents or instruments specified by the
General Partner; provided, however, that if such Person (A) is at the time of such issuance a Partner of the applicable class of Interests being issued or (B) has previously entered into an agreement pursuant to which such
Person shall have agreed to become a Partner and be bound by this Agreement with respect to the applicable class of Interests being issued (which agreement is in effect at the time of such issuance), such Person shall not be required to enter into
any such agreements unless otherwise determined by the General Partner. Upon any such issuance, any such Person not already a Partner shall be admitted as a limited partner with respect to the issued Interests. 

(b)    General Partnership Interest. The Partnership shall have one General Partnership Interest. The Non-Participating Unit issued to the General Partner in respect of such Partner’s General Partnership Interest is set forth on Schedule 4.02. Schedule 4.02 shall be amended pursuant to
Section 1.03 to reflect any change in the number or the issuance or allocation of the Non-Participating Unit in respect of such Partner’s General Partnership Interest in accordance with this
Agreement. 
 (c)    Limited Partnership Interests. 

(i)    The Partnership shall have one or more Limited Partnership Interests. The number of Units or Non-Participating Units (in the case of the Special Voting Limited Partnership Interest) issued to each Limited Partner in respect of such Partner’s Limited Partnership Interest is set forth on
Schedule 4.02. Schedule 4.02 shall be amended pursuant to Section 1.03 to reflect any change in the number or the issuance or allocation of the Units or Non-Participating Units (in
the case of the Special Voting Limited Partnership Interest) in respect of such Partner’s Limited Partnership Interest in accordance with this Agreement. 

(ii)    The Partnership shall have one Limited Partnership Interest designated as the Special Voting Limited Partnership
Interest, as provided in Section 4.03(b). There shall only be one Non-Participating Unit associated with the Special Voting Limited Partnership Interest. All other Limited Partnership Interests shall be
designated as Limited Partnership Interests. 
 (d)    No Additional Classes of Interests. There shall be no
additional classes of partnership interests in the Partnership. 
 Section 4.03.    Admission and Withdrawal of
Partners. 
 (a)    General Partner. 

(i)    The General Partner is Newmark Holdings, LLC. On the date of this Agreement, Newmark Holdings, LLC shall hold the
General Partnership Interest, which shall have the Non-Participating Unit and the Capital set forth on Schedule 4.02 and Schedule 5.01, respectively. 

(ii)    The admission of a Transferee as a General Partner, and resignation or withdrawal of any General Partner, shall
be governed by Section 7.02. 

  
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 (iii)    Effective immediately upon the Transfer of the General
Partner’s entire General Partnership Interest as provided in Section 7.02(c), such Partner shall cease to be the General Partner. 

(b)    Limited Partners. 

(i)    On the date of this Agreement, immediately following the Opco Partnership Division (and, with respect to Newmark
Holdings, the Holdings Partnership Contribution), the Limited Partners shall hold the Limited Partnership Interests (including, for the avoidance of doubt, the Special Voting Limited Partnership Interest), which shall have the Units, Non-Participating Units (in the case of the Special Voting Limited Partnership Interest) and the Capital set forth on Schedule 4.02 and Schedule 5.01, respectively. 

(ii)    The admission of a Transferee as a Limited Partner pursuant to any Transfer permitted by Section 7.02(a) or
7.02(b), as applicable, shall be governed by Section 7.02, and the admission of a Person as a Limited Partner in connection with the issuance of additional Units pursuant to Section 4.02(a)(ii) shall be governed by such applicable Section.

 (iii)    Effective immediately upon the Transfer of a Limited Partner’s entire Limited Partnership Interest as
provided in Section 7.02(a) or 7.02(b), as applicable, such Partner shall cease to have any interest in the profits, losses, assets, properties or capital of the Partnership with respect to such Limited Partnership Interest, and shall cease to
be a Limited Partner. 
 (c)    No Additional Partners. No additional Partners shall be admitted to the
Partnership except in accordance with this Article IV. 
 Section 4.04.    Liability to Third Parties;
Capital Account Deficits. 
 (a)    Except as may otherwise be expressly provided by the Act, the General Partner
shall have unlimited personal liability for the satisfaction and discharge of all debts, liabilities, contracts and other obligations of the Partnership. The General Partner shall not be personally liable for the return of any portion of the capital
contribution of any Limited Partner, the return of which shall be made solely from the Partnership’s assets. 

(b)    Except as may otherwise be expressly provided by the Act or this Agreement, no Limited Partner shall be liable for
the debts, liabilities, contracts or other obligations of the Partnership. Each Limited Partner shall be liable only to make its capital contributions as provided in this Agreement or the Separation Agreement or as otherwise agreed by such Limited
Partner and the Partnership in writing after the date of this Agreement and shall not be required, after its capital contribution shall have been paid, to make any further capital contribution to the Partnership or to lend any funds to the
Partnership except as otherwise expressly provided in this Agreement or the Separation Agreement or as otherwise agreed by such Limited Partner and the Partnership in writing after the date of this Agreement. No Limited Partner shall be required to
repay the Partnership, any Partner or any creditor of the Partnership any negative balance in such Limited Partner’s Capital Account. 

  
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 (c)    No Limited Partner shall be liable to make up any deficit in its
Capital Account; provided that nothing in this Section 4.04(c) shall relieve a Partner of any liability it may otherwise have, either pursuant to the terms of this Agreement or pursuant to the terms of any agreement to which the
Partnership or such Partner may be a party. 
 Section 4.05.    Classes. Any Person may own one or more
classes of Interests. Except as otherwise specifically provided herein, the ownership of any class of Interests shall not affect the rights or obligations of a Partner with respect to any other class of Interests. As used in this Agreement, the
General Partner and the Limited Partners (including the Special Voting Limited Partner) shall be deemed to be separate Partners even if any Partner holds more than one class of Interest. References to a certain class of Interest with respect to any
Partner shall refer solely to that class of Interest of such Partner and not to any other class of Interest, if any, held by such Partner. 

Section 4.06.    Certificates. The Partnership may, in the discretion of the General Partner, issue any or all
Units in certificated form, which certificates shall be held by the Partnership as custodian for the applicable Partners. The form of any such certificates shall be approved by the General Partner and include the legend required by
Section 7.06. If certificates are issued, a transfer of Units will require delivery of an endorsed certificate. 

Section 4.07.    Uniform Commercial Code Treatment of Units. Each Unit and
Non-Participating Unit in the Partnership shall constitute a “security” within the meaning of, and governed by, (a) Article 8 of the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware (6 Del. C. § 8-101, et. seq.) (the
“UCC”), and (b) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law
Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995. Notwithstanding any provision of this Agreement to the contrary, to the extent that any provision of
this Agreement is inconsistent with any non-waivable provision of Article 8 of the UCC, such provision of Article 8 of the UCC shall control. The Partnership shall maintain books for the purpose of
registering the Transfer of Units and Non-Participating Units. Any Transfer of Units and Non-Participating Units shall be effective as of the registration of the
Transfer of such Units and Non-Participating Units in the books and records of the Partnership. 

Section 4.08.    Priority Among Partners. No Partner shall be entitled to any priority or preference over any
other Partner either as to return of capital contributions or as to profits, losses or distributions, except to the extent that this Agreement may be deemed to establish such a priority or preference. 

  
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 ARTICLE V 

CAPITAL AND ACCOUNTING MATTERS 

Section 5.01.    Capital. 

(a)    Capital Accounts. There shall be established on the books and records of the Partnership a Capital Account
for each Partner. Schedule 5.01 sets forth the names and the Capital Accounts of the Partners as of the date of this Agreement immediately following the Opco Partnership Division (and, with respect to Newmark Holdings, the Holdings
Partnership Contribution). Schedule 5.01 shall be amended pursuant to Section 1.03 to reflect any change in the identity or Capital Accounts in accordance with this Agreement. 

(b)    Capital Contributions. 

(i)    On the date of this Agreement, contributions of assets, property and/or cash shall be or have been made by or on
behalf of the Partners listed on Schedule 4.01 in connection with the Opco Partnership Contribution, pursuant to the terms set forth in the Separation Agreement. 

(ii)    In return for such initial contributions, Interests shall be or have been issued or Transferred to the Partners
as provided on Schedule 5.01. 
 (iii)    On the date of this Agreement, pursuant to the terms as set forth
in the Separation Agreement (including the Separation Steps Plan) and the Newmark SAE Agreement, (A) pursuant to the Opco Partnership Distribution, BGC U.S. Opco (1) effected a distribution of all its assets and liabilities attributable to the
Transferred Business to certain of its partners pursuant to which (a) BGC Holdings and BGC Partners received all of the Transferred Assets held by BGC U.S. Opco, and BGC Holdings and BGC Partners assumed from BGC U.S. Opco all of its Transferred
Liabilities (not including, for the avoidance of doubt, the assets and liabilities described in clause (b)) and (b) each SAE Subsidiary (x) received BGC U.S. Opco’s (and its partners’) beneficial ownership interest in respect of the
Transferred Assets legal title to which is held by such SAE Subsidiary (including all of the beneficial ownership interests in respect of assets previously contributed (or deemed contributed) to or in respect of BGC U.S. Opco by such SAE
Subsidiary), and (y) assumed all obligations in respect of all Transferred Liabilities of such SAE Subsidiary, (2) distributed all of the outstanding equity interests in the General Partner to BGC Holdings, (3) immediately following the distribution
described in clause (1) and (2) above, effected a recapitalization of BGC U.S. Opco Units such that the number of BGC U.S. Opco Units held by each continuing partner of BGC U.S. Opco immediately after such distribution reflects the percentage
interest of each continuing partner of BGC U.S. Opco, as adjusted, in accordance with the agreement of such partners, to give effect to such distribution, and (B) pursuant to the Opco Partnership Contribution, the partners of BGC U.S. Opco that
received Transferred Assets (or a beneficial interest in or in respect of Transferred Assets) in the Opco Partnership Distribution contributed such Transferred Assets (or beneficial interest in Transferred Assets), other than the Limited Partnership
Interests and equity interests in the General Partner, to or in respect of the Partnership in exchange for Limited Partnership Interests, and the Partnership accepted and assumed the Transferred Liabilities (or obligations in respect of Transferred
Liabilities) that were accepted and assumed by such partners of BGC U.S. Opco pursuant to the Opco Partnership Distribution. 

(iv)    The parties shall treat the transactions described in Section 5.01(b)(iii), taken together, as a division
under the “assets-up form” of BGC U.S. Opco pursuant to Treasury Regulations Section 1.708-1(d)(3)(ii) in which no gain or loss, other than any gain
required to be recognized by any partner of BGC U.S. Opco or BGC Holdings, pursuant to 

  
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Sections 704(c)(1)(B) or Section 737 of the Code or with respect to any cash received or deemed received (other than the Newmark Opco Debt Repayment), is recognized to any extent,
except as otherwise required pursuant to a “determination” within the meaning of Section 1313(a)(1) of the Code. 

(v)    Except as otherwise provided in Section 5.01(b)(i), no capital contributions shall be required
(A) unless otherwise determined by the General Partner and agreed to by the contributing Partner, or (B) unless otherwise determined by the General Partner in connection with the admission of a new Partner or the issuance of additional
Interests to a Partner. 
 (vi)    The Partnership may invest or cause to be invested all amounts received by the
Partnership as capital contributions in its sole and absolute discretion. 
 Section 5.02.    Withdrawals;
Return on Capital. No Partner shall be entitled to withdraw or otherwise receive any distributions in respect of any Interest (including the associated Units, Non-Participating Units or Capital), except as
provided in Section 6.01 or Section 8.02. The Partners shall not be entitled to any return on their Capital. 

Section 5.03.    Maintenance of Capital Accounts. As of the end of each Accounting Period, the balance in each
Partner’s Capital Account shall be adjusted by (a) increasing such balance by (i) such Partner’s allocable share of each item of the Partnership’s income and gain for such Accounting Period (allocated in accordance with
Section 5.04(a)) and (ii) the amount of cash or the fair market value of other property (determined in accordance with Section 5.05) contributed to the Partnership by such Partner in respect of such Partner’s related Interest
during such Accounting Period, net of liabilities assumed by the Partnership with respect to such other property, and (b) decreasing such balance by (i) the amount of cash or the fair market value of other property (determined in
accordance with Section 5.05) distributed to such Partner in respect of such class of Interest associated with such Capital Account pursuant to this Agreement, net of liabilities (if any) assumed by such Partner with respect to such other
property, and (ii) such Partner’s allocable share of each item of the Partnership’s deduction and loss for such Accounting Period (allocated in accordance with Section 5.04(a)). The balances in each Partner’s Capital Account shall be
adjusted at the time and in the manner permitted by the capital accounting rules of the Treasury Regulation section 1.704-1(b)(2)(iv)(f). The foregoing and the other provisions of this Agreement relating
to the maintenance of Capital Accounts are intended to comply with Treasury Regulation section 1.704-1(b), and shall be interpreted and applied in a manner consistent therewith. 

Section 5.04.    Allocations and Tax Matters. 

(a)    Book Allocations. After giving effect to the allocations set forth in Section 2 of Exhibit A
hereto and Section 5.04(c), for purposes of computing Capital Accounts and allocating any items of income, gain, loss or deduction thereto, with respect to each Accounting Period, all remaining items of income, gain, loss or deduction of the
Partnership (calculated in the manner contemplated by the capital accounting rules of the Treasury Regulations promulgated under Section 704(b) of the Code, and regardless of whether the Partnership has net income) shall be allocated among the
Capital Accounts of the Interests in 

  
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proportion to their Percentage Interest as of the end of such Accounting Period; provided, however, that upon any Closing of the Books Event (other than an event described in clause
(a) of such definition), the value of each asset on the books of the Partnership shall be adjusted to equal its gross fair market value (as reasonably determined by the General Partner) at such time, and the amount of such adjustment shall be
taken into account as gain (if such adjustment is positive) or loss (if such adjustment is negative) from the disposition of such asset for purposes of this Section 5.04(a). 

(b)    Tax Allocations. Except as otherwise required under Section 704(c) of the Code and the Treasury
Regulations promulgated thereunder, the Partnership shall cause each item of income, gain, loss or deduction recognized by the Partnership to be allocated among the Partners for U.S. federal, state and local income and, where relevant, non-U.S. tax purposes in the same manner that each such item is allocated to the Partners’ Capital Accounts or as otherwise provided herein. In the event the value of any Partnership assets is adjusted pursuant
to the proviso of Section 5.04(a), subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for U.S. federal income tax purposes and its
adjusted value in the same manner as under Section 704(c) of the Code and the Regulations thereunder. Allocations required by Section 704(c) of the Code shall be made using the “traditional method” described in Treasury
Regulation Section 1.704-3(b). 
 (c)    Separation Allocations. Any
allocations with respect to the transactions contemplated by the Separation Agreement and/or the Ancillary Agreements shall be made in a manner consistent therewith and, except to the extent otherwise required by applicable law, (x) any item of
loss or deduction in respect of any indemnification payment or obligation of the Partnership in respect of any loss attributable to a Partner shall be allocated to such Partner (or otherwise charged to the Capital Account of such Partner) and
(y) any item of income or gain in respect of any indemnification payment accrued or received by the Partnership in respect of any loss incurred by a Partner shall be allocated to such Partner (or otherwise credited to the Capital Account of
such Partner). In the event that any item of income, gain, loss or deduction is specially allocated to the Capital Account of a Partner pursuant to the immediately preceding sentence, the General Partner may make such other adjustments in respect of
the Capital Accounts of the Partners (including in connection with any transfer of Limited Partnership Interests pursuant to Article VIII of the Newmark Holdings Limited Partnership Agreement or Article VIII of the BGC Holdings Limited Partnership
Agreement in connection with a redemption of an Exchange Right Interest (as defined in the Newmark Holdings Limited Partnership Agreement) and related Exchange Right Units (as defined in the Newmark Holdings Limited Partnership Agreement)) as may be
necessary or appropriate (as determined by the General Partner) to carry out the intent of this Section 5.04(c) and the Separation Agreement and/or the Ancillary Agreements. 

Section 5.05.    General Partner Determinations. All determinations, valuations and other matters of judgment
required to be made for purposes of this Article V, including with respect to allocations to Capital Accounts and accounting procedures and tax matters not expressly provided for by the terms of this Agreement, or for determining the value of
any type or form of proceeds, contribution or distributions hereunder shall be made by the General Partner in good faith. In the event that an additional Partner is admitted to the Partnership and 

  
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contributes property to the Partnership, or an existing Partner contributes additional property to the Partnership, pursuant to this Agreement, the value of such contributed property shall be the
fair market value of such property as reasonably determined by the General Partner. 
 Section 5.06.    Books
and Accounts. 
 (a)    The Partnership shall at all times keep or cause to be kept true and complete records and
books of account, which records and books shall be maintained in accordance with U.S. generally accepted accounting principles. Such records and books of account shall be kept at the principal place of business of the Partnership by the General
Partner. The Limited Partners shall have the right to gain access to all such records and books of account (including schedules thereto) for inspection and view (at such reasonable times as the General Partner shall determine) for any purpose
reasonably related to their Interests. The Partnership’s accounts shall be maintained in U.S. dollars. 

(b)    The Partnership’s fiscal year shall begin on January 1 and end on December 31 of each year, or shall be such
other period designated by the General Partner (subject to compliance with the terms of the Separation Agreement). At the end of each fiscal year, the Partnership’s accounts shall be prepared, presented to the General Partner and submitted to
the Partnership’s auditors for examination. 
 (c)    The Partnership’s auditors shall be an independent
accounting firm of international reputation to be appointed from time to time by the General Partner (subject to compliance with the terms of the Separation Agreement). The Partnership’s auditors shall be entitled to receive promptly such
information, accounts and explanations from the General Partner and each Partner that they deem reasonably necessary to carry out their duties. The Partners shall provide such financial, tax and other information to the Partnership as may be
reasonably necessary and appropriate to carry out the purposes of the Partnership. 
 Section 5.07.    Tax
Matters Partner. The General Partner is hereby designated as the “tax matters partner” of the Partnership within the meaning of Section 6231(a)(7) of the Code prior to amendment by the Bipartisan Budget Act of 2015 and any similar
provisions under any other state or local or non-U.S. tax laws and the “partnership representative” within the meaning of Section 6223(a) of the Code and any similar provisions under any other
state or local or non-U.S. tax laws (the tax matters partner or partnership representative, as applicable, the “Tax Matters Partner”). The Tax Matters Partner shall have all requisite power and authority to carry out the
responsibilities of the Tax Matters Partner described in the Code and shall represent the Partnership (at the Partnership’s expense) in connection with all examinations of the Partnership’s affairs by tax authorities, including resulting
judicial and administrative proceedings. The Partnership shall bear all costs and expenses incurred by the Tax Matters Partner in connection with the performance of its duties hereunder or otherwise acting in such capacity (including taking any
action contemplated by this Section 5.07 and engaging an independent accounting firm or other tax professional(s) in connection therewith). The General Partner shall have the authority, in its sole and absolute discretion, to (a) make an
election under Section 754 of the Code on behalf of the Partnership, and each Partner agrees to provide such information and documentation as the General Partner may reasonably request in connection with any such election, (b) determine
the manner in which “excess nonrecourse liabilities” 

  
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(within the meaning of Treasury Regulation Section 1.752-3(a)(3)) are allocated among the Partners and (c) make any other election or
determination with respect to taxes (including with respect to depreciation, amortization and accounting methods). 

Section 5.08.    Tax Information. The Partnership shall use commercially reasonable efforts to prepare and
mail as soon as reasonably practicable after the end of each taxable year of the Partnership, to each Partner (and each other Person that was such a Partner during such taxable year or its legal representatives), U.S. Internal Revenue Service Schedule K-1, “Partner’s Share of Income, Credits, Deductions, Etc.,” or any successor schedule or form, for such Person. 

Section 5.09.    Withholding. Notwithstanding anything herein to the contrary, the Partnership is authorized
to withhold from distributions and allocations to the Partners, and to pay over to any federal, state, local or foreign governmental authority any amounts believed in good faith to be required to be so withheld or paid over pursuant to the Code or
any provision of any other federal, state, local or foreign law and, for all purposes under this Agreement, shall treat such amounts (together with any amounts that are withheld from payments to the Partnership or any of its Subsidiaries
attributable to a direct or indirect Partner of the Partnership) as distributed to those Partners with respect to which such amounts were withheld. If the Partnership is obligated to pay any amount to a taxing authority on behalf of (or in respect
of an obligation of) a Partner (including, federal, state and local or other withholding taxes), then such Partner shall indemnify the Partnership in full for the entire amount of any Tax (but not any interest, penalties and expenses associated with
such payment). 
 ARTICLE VI 

DISTRIBUTIONS 

Section 6.01.    Distributions in Respect of Partnership Interests. Subject to the remaining sentence of this
Section 6.01, the Partnership shall distribute to each Partner from such Partner’s Capital Account (a) on or prior to each Estimated Tax Due Date such Partner’s Estimated Proportionate Quarterly Tax Distribution for such fiscal
quarter, and (b) as promptly as practicable after the end of each fiscal quarter of the Partnership (or on such other date and time as determined by the General Partner) an amount equal to all amounts allocated to such Partner’s Capital
Account with respect to such quarter (reduced, but not below zero, by the amount of any prior distributions to such Partner pursuant to this Section 6.01 or any amounts treated as distributed pursuant to Section 5.09), with such
distribution to occur on such date and time as determined by the General Partner; provided that (i) in no event shall such distributions exceed the Available Cash; and (ii) with the prior written consent of the holders of a Majority
in Interest, the Partnership may decrease the amount distributed from such Partners’ Capital Accounts. No distributions shall be made by the Partnership except as expressly contemplated by this Section 6.01 and Section 9.03. 

Section 6.02.    Limitation on Distributions. Notwithstanding any provision to the contrary contained in this
Agreement, the Partnership and the General Partner, on behalf of the Partnership, shall not be required to make a distribution to a Partner on account of its interest in the Partnership if such distribution would violate the Act or any other
applicable law. 

  
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 ARTICLE VII 

TRANSFERS OF INTERESTS 

Section 7.01.    Transfers Generally Prohibited. No Partner may Transfer or agree or otherwise commit to
Transfer all or any portion of, or any of rights, title and interest in and to, its Interest, except as permitted by the terms and conditions set forth in this Article VII. The Schedules shall be revised pursuant to Section 1.03 from time
to time to reflect any change in the Partners or Interests to reflect any Transfer permitted by this Article VII. 

Section 7.02.    Permitted Transfers. 

(a)    Limited Partnership Interests. No Limited Partner (other than the Special Voting Limited Partner, which shall
be governed by Section 7.02(b)) may Transfer or agree or otherwise commit to Transfer all or any portion of, or any right, title and interest in and to, its Limited Partnership Interest (other than the Special Voting Limited Partner, which
shall be governed by Section 7.02(b)), except any such Transfer (i) pursuant to Section 4.02(a)(ii) or the Separation; (ii) if such Limited Partner shall be a member of the Newmark Inc. Group or the
Newmark Holdings Group (the “Group Transferor”), to any member of the Newmark Inc. Group or the Newmark Holdings Group (the “Group Transferee”), including in connection with the exchange of Newmark Holdings Units
for Newmark Common Stock pursuant to the Newmark Holdings Limited Partnership Agreement or the BGC Holdings Limited Partnership Agreement; or (iii) for which the General Partner and the Limited Partners (with such consent to require the
affirmative vote of a Majority in Interest) shall have provided their respective prior written consent (which consent shall not be unreasonably withheld or delayed; provided that if such Transfer could reasonably be expected to result in the
Partnership being classified or treated as a publicly traded partnership for U.S. federal income tax purposes, the withholding of consent to such Transfer shall not be deemed unreasonable) (including any Transfer to the Partnership). 

(b)    Special Voting Limited Partnership Interest. The Special Voting Limited Partner may not Transfer or agree or
otherwise commit to Transfer all or any portion of, or any right, title and interest in and to, its Special Voting Limited Partnership Interest, except any such Transfer (i) to a wholly owned Subsidiary of Newmark Holdings; provided
that, in the event that such transferee shall cease to be a wholly owned Subsidiary of Newmark Holdings, the Special Voting Limited Partnership Interest shall automatically be Transferred to Newmark Holdings, without the requirement of any further
action on the part of the Partnership, Newmark Holdings or any other Person; or (ii) in connection with the Separation. Upon removal of any Special Voting Limited Partner, notwithstanding anything herein to the contrary, the Special
Voting Limited Partnership Interest shall be transferred to the Person being admitted as the new Special Voting Limited Partner, simultaneously with admission and without the requirement of any action on the part of the Special Voting Limited
Partner being removed or any other Person. 
 (c)    General Partnership Interest. The General Partner may not
Transfer or agree or otherwise commit to Transfer all or any portion of, or any right, title and interest in and to, its General Partnership Interest, except any such Transfer (i) to a new General Partner in accordance with this
Section 7.02, (ii) with the prior written consent (not to be unreasonably withheld or delayed) of the Special Voting Limited Partner, to any other Person or (iii) in

  
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connection with the Separation. Any General Partner may be removed at any time, with or without cause, by the Special Voting Limited Partner in its sole and absolute discretion, and the General
Partner may resign from the Partnership for any reason or for no reason whatsoever; provided, however, that, as a condition to any such removal or resignation, (A) the Special Voting Limited Partner shall first appoint another
Person as the new General Partner; (B) such Person shall be admitted to the Partnership as the new General Partner (upon the execution and delivery of an agreement to be bound by the terms of this Agreement and such other agreements,
documents or instruments requested by the resigning General Partner); and (C) such resigning or removed General Partner shall Transfer its entire General Partnership Interest to the new General Partner. The admission of the new General
Partner shall be deemed effective immediately prior to the effectiveness of the resignation of the resigning General Partner, and shall otherwise have the effects set forth in Section 4.03(a)(iii). Upon removal of any General Partner,
notwithstanding anything herein to the contrary, the General Partnership Interest shall be transferred to the Person being admitted as the new General Partner, simultaneously with admission and without the requirement of any action on the part of
the General Partner being removed or any other Person. 
 Section 7.03.    Admission as a Partner upon
Transfer. Notwithstanding anything to the contrary set forth herein, a Transferee who has otherwise satisfied the requirements of Section 7.02 shall become a Partner, and shall be listed as a “Limited Partner,” “Special
Voting Limited Partner” or “General Partner” as applicable, on Schedule 4.01, and shall be deemed to receive the Interest being Transferred, in each case only at such time as such Transferee executes and
delivers to the Partnership an agreement in which the Transferee agrees to be admitted as a Partner and bound by this Agreement and any other agreements, documents or instruments specified by the General Partner and such agreements (when applicable)
shall have been duly executed by the General Partner; provided, however, that if such Transferee (a) is at the time of such Transfer a Partner of the applicable class of Interests being Transferred or (b) has previously
entered into an agreement pursuant to which the Transferee shall have agreed to become a Partner and be bound by this Agreement (which agreement is in effect at the time of such Transfer), such Transferee shall not be required to enter into any such
agreements unless otherwise determined by the General Partner; provided, further, that the Transfers, admissions to and withdrawals from the Partnership as Partners in connection with the Separation shall not require the execution or
delivery of any further agreements or other documentation hereunder. 
 Section 7.04.    Transfer of Units, Non-Participating Units and Capital with the Transfer of an Interest. Notwithstanding anything herein to the contrary but subject to Article VIII of the Newmark Holdings Limited Partnership Agreement and Article
VIII of the BGC Holdings Limited Partnership Agreement, each Partner who Transfers an Interest shall be deemed to have Transferred the entire Interest, including the associated Units, Non-Participating Units
and Capital with respect to such Interest, or, if a portion of an Interest is being Transferred, each Partner who Transfers a portion of an Interest shall specify the number of Units being so Transferred and such Transfer shall include a
proportionate amount of Capital with respect to such Interest, to the Transferee. 

Section 7.05.    Encumbrances. No Partner may charge or encumber its Interest or otherwise subject its
Interest to a lien, pledge, security interest, right of first refusal, option or other similar limitation except in each case for those created by this Agreement. 

  
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 Section 7.06.    Legend. Each Partner agrees that any certificate
issued to it to evidence its Interests shall have inscribed conspicuously on its front or back the following legend: 
 THE PARTNERSHIP
INTEREST IN NEWMARK PARTNERS, L.P. REPRESENTED BY THIS CERTIFICATE (INCLUDING ASSOCIATED UNITS AND CAPITAL) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR REGISTERED OR QUALIFIED
UNDER THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION, AND THIS PARTNERSHIP INTEREST MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED, ENCUMBERED OR OTHERWISE DISPOSED OF, IN WHOLE OR IN PART, EXCEPT (A) EITHER
(1) WHILE A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE REGISTRATIONS AND QUALIFICATIONS ARE IN EFFECT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (INCLUDING, IF
APPLICABLE, REGULATION S THEREUNDER) AND SUCH OTHER APPLICABLE LAWS AND (B) IF PERMITTED BY THE AGREEMENT OF LIMITED PARTNERSHIP OF NEWMARK PARTNERS, L.P., AS IT MAY BE AMENDED FROM TIME TO TIME, WHICH CONTAINS STRICT PROHIBITIONS ON TRANSFERS,
SALES, ASSIGNMENTS, PLEDGES, HYPOTHECATIONS, ENCUMBRANCES OR OTHER DISPOSITIONS OF THIS PARTNERSHIP INTEREST OR ANY INTEREST THEREIN (INCLUDING ASSOCIATED UNITS AND CAPITAL). 

Section 7.07.    Effect of Transfer Not in Compliance with this Article. Any purported Transfer of all or any
part of a Partner’s Interest, or any interest therein, that is not in compliance with this Article VII, or that would cause the Partnership to be a “publicly traded partnership” (within the meaning of Section 7704 of the
Code), shall, to the fullest extent permitted by law, be void ab initio and shall be of no effect. 
 ARTICLE VIII 

REDEMPTION 

Section 8.01.    Redemption of Units Following a Redemption of Founding/Working Partner Interests or REU
Interest. 
 (a)    Founding Partner Interests. Upon any redemption or purchase by Newmark Holdings of any
Founding Partner Interest pursuant to Section 12.03 or 12.04 of the Newmark Holdings Limited Partnership Agreement, Newmark Holdings shall cause the Partnership to redeem and purchase from Newmark Holdings a number of Units (and the
associated Capital) equal to (A) the number of Newmark Holdings Units underlying the redeemed or purchased Founding Partner Interest, multiplied by (B) the Newmark Holdings Ratio as of immediately prior to the
redemption or purchase of such Founding Partner Interest. The aggregate purchase price that the Partnership shall pay to Newmark Holdings in such redemption shall be an amount of cash equal to (x) the number of Units so redeemed
multiplied  

  
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by (y) the Current Market Price multiplied by (z) the Exchange Ratio; provided that, upon mutual agreement of the general partner of Newmark Holdings and the
General Partner, the Partnership may, in lieu of cash, pay all or a portion of this amount in Publicly Traded Shares, valued at the average of the closing prices of such shares (as reported by the Nasdaq Global Select Market or any other national
securities exchange or quotation system on which such shares are then listed or quoted) during the 10-trading-day period immediately preceding each payment (or by such
other fair and reasonable pricing method as they may agree), or other property, valued at its then-fair market value, as determined by them. 

(b)    Working Partner Interests. Upon any redemption or purchase by Newmark Holdings of any Working Partner
Interest pursuant to Section 12.03 or 12.04 of the Newmark Holdings Limited Partnership Agreement, Newmark Holdings shall cause the Partnership to redeem and purchase from Newmark Holdings a number Units (and the associated Capital) equal to
(A) the number of Newmark Holdings Units underlying the redeemed or purchased Working Partner Interest, multiplied by (B) the Newmark Holdings Ratio as of immediately prior to the redemption or purchase of such Working Partner
Interest. The aggregate purchase price that the Partnership shall pay to Newmark Holdings in such redemption shall be an amount of cash equal to the amount required by Newmark Holdings to redeem or purchase such Working Partner Interest;
provided that, upon mutual agreement of the general partner of Newmark Holdings and the General Partner, the Partnership may, in lieu of cash, pay all or a portion of this amount in Publicly Traded Shares, valued at the average of the closing
prices of such shares (as reported by the Nasdaq Global Select Market or any other national securities exchange or quotation system on which such shares are then listed or quoted) during the 10-trading-day period immediately preceding each payment (or by such other fair and reasonable pricing method as they may agree), or other property valued at its then-fair market value, as determined by them.

 (c)    REU Interests. Upon any redemption or purchase by Newmark Holdings of any REU Interest pursuant to
Section 12.03 or 12.04 of the Newmark Holdings Limited Partnership Agreement, Newmark Holdings shall cause the Partnership to redeem and purchase from Newmark Holdings a number of Units (and the associated Capital) equal to (A) the number
of Newmark Holdings Units underlying the redeemed or purchased REU Interest, multiplied by (B) the Newmark Holdings Ratio as of immediately prior to the redemption or purchase of such REU Interest. The aggregate purchase price that the
Partnership shall pay to Newmark Holdings in such redemption shall be an amount of cash equal to the amount required by Newmark Holdings to redeem or purchase such REU Interest (including the REU Post-Termination Payment (as defined in the Newmark
Holdings Limited Partnership Agreement), if any); provided that, upon mutual agreement of the general partner of Newmark Holdings and the General Partner, the Partnership may, in lieu of cash, pay all or a portion of this amount in Publicly
Traded Shares, valued at the average of the closing prices of such shares (as reported by the Nasdaq Global Select Market or any other national securities exchange or quotation system on which such shares are then listed or quoted) during the 10-trading-day period immediately preceding each payment (or by such other fair and reasonable pricing method as they may agree), or other property valued at its then-fair
market value, as determined by them. 

  
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 Section 8.02.    Optional Redemption of Units in Connection with a
Repurchase of Newmark Common Stock. At the election of Newmark, in connection with a repurchase by Newmark of its Class A Common Stock or a similar action, the Partnership, directly or indirectly through its Subsidiaries, shall redeem and
purchase from Newmark a number of Units (and the associated Capital) equal to (a) the number of shares of Newmark Common Stock repurchased or expected to be repurchased multiplied by (b) the Newmark Ratio as of immediately prior to
the such repurchase or expected repurchase or similar action. The aggregate purchase price that the Partnership shall pay to Newmark in such redemption shall be an amount of cash equal to the gross amount paid or expected to be paid by Newmark to
repurchase its stock or take similar action, including any commissions paid. 
 ARTICLE IX 

DISSOLUTION 

Section 9.01.    Dissolution. The Partnership shall be dissolved and its affairs wound up upon the first to
occur of the following: 
 (a)    an election to dissolve the Partnership made by the General Partner; provided
that such dissolution shall require the prior approval of the Limited Partners (by affirmative vote of a Majority in Interest); 

(b)    at any time there are no limited partners of the Partnership, unless the business of the Partnership is continued
in accordance with the Act; 
 (c)    any event that results in the General Partner ceasing to be a general partner of
the Partnership under the Act; provided that the Partnership shall not be dissolved and required to be wound up in connection with any such event if (i) at the time of the occurrence of such event there is at least one remaining
general partner of the Partnership who is hereby authorized to and does carry on the business of the Partnership, or (ii) within 90 days after the occurrence of such event, a majority of the Limited Partners agree in writing or vote to continue
the business of the Partnership and to the appointment, effective as of the date of such event, if required, of one or more additional general partners of the Partnership; or 

(d)    the entry of a decree of judicial dissolution under Section 17-802 of
the Act. 
 To the fullest extent permitted by law, none of the Partners shall have any right to terminate, dissolve or have redeemed their class of
Interests or, except for the General Partner in accordance with this Section 9.01, to terminate, windup or dissolve the Partnership. Each Partner shall use its reasonable best efforts to prevent the dissolution of the
Partnership, except in the case of a dissolution pursuant to this Section 9.01. 

Section 9.02.    Liquidation. Upon a dissolution pursuant to Section 9.01, the Partnership’s
business and assets shall be wound up promptly in an orderly manner. The General Partner shall be the liquidator to wind up the affairs of the Partnership. In performing its duties, the General Partner is authorized to sell, exchange or otherwise
dispose of the Partnership’s business and assets in accordance with the Act in any reasonable manner that the General Partner determines to be in the best interests of the Partners. Upon completion of the
winding-up of the Partnership, the General Partner shall prepare and submit to each Limited Partner a final statement with respect thereto. 

  
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 Section 9.03.    Distributions. 

(a)    In the event of a dissolution of the Partnership pursuant to Section 9.01, the Partnership shall apply
and distribute the proceeds of the dissolution as provided below: 
 (i)    first, to the creditors of the
Partnership, including Partners that are creditors of the Partnership to the extent permitted by law, in satisfaction of the liabilities of the Partnership (by payment or by the making of reasonable provision for payment thereof, including the
setting up of any reserves which the General Partner determines, in its sole and absolute discretion, are necessary therefor); 

(ii)    second, to the repayment of any loans or advances that may have been made by any of the Partners to the
Partnership; 
 (iii)    third, to the Partners in proportion to (and to the extent of) the positive balances in
their respective Capital Accounts; and 
 (iv)    thereafter, to the Partners in proportion to their respective
Percentage Interests. 
 (b)    Cancellation of Certificate of Limited Partnership. Upon completion of a
liquidation and distribution pursuant to Section 9.03(a) following a dissolution of the Partnership pursuant to Section 9.01, the General Partner shall execute, acknowledge and cause to be filed a certificate of cancellation of the
Certificate of Limited Partnership of the Partnership in the office of the Secretary of State of the State of Delaware. The Partnership’s existence as a separate legal entity shall continue until cancellation of the Certificate of Limited
Partnership as provided in the Act. 
 Section 9.04.    Reconstitution. Nothing contained in this Agreement
shall impair, restrict or limit the rights and powers of the Partners under the laws of the State of Delaware and any other jurisdiction in which the Partnership is doing business to reform and reconstitute themselves as a limited partnership
following dissolution of the Partnership either under provisions identical to those set forth herein or any others which they may deem appropriate. 

Section 9.05.    Deficit Restoration. Upon the termination of the Partnership, no Limited Partner shall be
required to restore any negative balance in his, her or its Capital Account to the Partnership. The General Partner shall be required to contribute to the Partnership an amount equal to its deficit Capital Account balance within the period
prescribed by Treasury Regulation section 1.704-1(b)(2)(ii)(c). 

  
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 ARTICLE X 

INDEMNIFICATION AND EXCULPATION 

Section 10.01.    Exculpation. Neither a General Partner nor any Affiliate or director or officer of a General
Partner or any such Affiliate shall be personally liable to the Partnership or the Limited Partners for a breach of this Agreement or any fiduciary duty as a General Partner or as an Affiliate or director or officer of a General Partner or any such
Affiliate, except to the extent such exemption from liability or limitation thereof is not permitted under the Act as the same exists or may hereafter be amended. Any repeal or modification of the immediately preceding sentence shall not adversely
affect any right or protection of such Person existing hereunder with respect to any act or omission occurring prior to such repeal or modification. A General Partner may consult with legal counsel, accountants, appraisers, management consultants,
investment bankers and other consultants and advisors selected by it and the opinion of any such Person as to matters which the General Partner reasonably believes to be within such Person’s professional or expert competence shall be full and
complete authorization and protection in respect of any action taken or suffered or omitted by the General Partner in good faith and in accordance with such opinion. A General Partner may exercise any of the powers granted to it by this Agreement
and perform any of the obligations imposed on it hereunder either directly or by or through one or more agents, and the General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by the General
Partner with due care. 
 Section 10.02.    Indemnification. 

(a)    Each Person who was or is made a party or is threatened to be made a party to or is involved in any action, suit, or
proceeding, whether civil, criminal, administrative or investigative (hereinafter a “proceeding”), by reason of the fact that he or she, or a Person of whom he or she is the legal representative, is or was a or has agreed to become
a General Partner, or any director or officer of the General Partner or of the Partnership, or is or was serving at the request of the Partnership as a director, officer, employee or agent of another corporation or of a partnership, joint venture,
trust or other enterprise, including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity while surviving as
a director, officer, employee or agent, shall be indemnified and held harmless by the Partnership to the fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”) as the same exists or may
hereafter be amended (but, in the case of any such amendment, to the fullest extent permitted by law, only to the extent that such amendment permits the Partnership to provide broader indemnification rights than the DGCL permitted the Partnership to
provide prior to such amendment), as if the Partnership were a corporation organized under the DGCL, against all expense, liability and loss (including attorneys’ fees and expenses, judgments, fines, amounts paid or to be paid in settlement,
and excise taxes or penalties arising under the Employee Retirement Income Security Act of 1974) reasonably incurred or suffered by such Person in connection therewith and such indemnification shall continue as to a Person who has ceased to be a
director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that except as provided in Section 10.02(c), the Partnership shall indemnify any such Person
seeking 

  
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indemnification in connection with a proceeding (or part thereof) initiated by such Person only if such proceeding (or part thereof) was authorized by the General Partner. The right to
indemnification conferred in this Section 10.02 shall be a contract right and shall include the right to be paid by the Partnership the expenses, including attorneys’ fees and expenses, incurred in defending any such proceeding in
advance of its financial disposition; provided, however, that if the applicable law requires that the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other
capacity in which service was or is rendered by such Person while a director or officer, including service to an employee benefit plan) in advance of the final disposition of a proceeding shall be made only upon delivery to the Partnership of an
undertaking by or on behalf of such director or officer to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified under this Section 10.02 or otherwise, then
such advancement of expenses shall be conditioned upon the delivery of such an undertaking by such director or officer to the Partnership. 

(b)    To obtain indemnification under this Section 10.02, a claimant shall submit to the Partnership a written request,
including therein or therewith such documentation and information as is reasonably available to the claimant and is reasonably necessary to determine whether and to what extent the claimant is entitled to indemnification. Upon written request by a
claimant for indemnification pursuant to the first sentence of this Section 10.02(b), a determination, if required by applicable law, with respect to the claimant’s entitlement thereto shall be made as follows: (i) if requested by the claimant,
by Independent Counsel (as hereinafter defined), or (ii) if no request is made by the claimant for a determination by Independent Counsel, (x) by the Board of Directors of Newmark by a majority vote of a quorum consisting of Disinterested Directors
(as hereinafter defined) or (y) if a quorum of the Board of Directors of Newmark consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written
opinion to the Board of Directors of Newmark, a copy of which shall be delivered to the claimant, or (z) if a quorum of Disinterested Directors so directs, by the affirmative vote of a Majority in Interest. In the event that the determination
of entitlement to indemnification is to be made by Independent Counsel at the request of the claimant, the Independent Counsel shall be selected by the Board of Directors of Newmark unless there shall have occurred within two years prior to the date
of the commencement of the action, suit or proceeding for which indemnification is claimed a “Change of Control” as defined in the Newmark Group, Inc. Long-Term Incentive Plan, in which case the Independent Counsel shall be selected by the
claimant unless the claimant shall request that such selection be made by the Board of Directors of Newmark. If it is so determined that the claimant is entitled to indemnification, payment to the claimant shall be made within ten (10) days after
such determination. 
 (c)    If a claim under Section 10.02(a) is not paid in full by the Partnership within
thirty (30) days after a written claim pursuant to Section 10.02(b) has been received by the Partnership, the claimant may at any time thereafter bring suit against the Partnership to recover the unpaid amount of the claim
and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in
defending any proceeding in advance of its final disposition where the undertaking required by Section 10.02, if any, has been tendered to the Partnership) that the claimant has not met the

  
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standards of conduct which make it permissible under the DGCL as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment
permits the Partnership to provide broader indemnification rights than it permitted the Partnership to provide prior to such amendment) for the Partnership to indemnify the claimant for the amount claimed if the Partnership were a corporation
organized under the DGCL, but the burden of proving such defense shall be on the Partnership. Neither the failure of the Partnership (including the Board of Directors of Newmark, Independent Counsel or a Majority in Interest) to have made a
determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the
Partnership (including the Board of Directors of Newmark, Independent Counsel or a Majority in Interest) that the claimant has not met such applicable standard of conduct, shall be a defense to such action or create a presumption that the claimant
has not met the applicable standard of conduct. 
 (d)    If a determination shall have been made pursuant to
Section 10.02(b) that the claimant is entitled to indemnification, the Partnership shall be bound by such determination in any judicial proceeding commenced pursuant to Section 10.02(c). 

(e)    The Partnership shall be precluded from asserting in any judicial proceeding commenced pursuant to
Section 10.02(c) that the procedures and presumptions of this Section 10.02 are not valid, binding and enforceable and shall stipulate in such proceeding that the Partnership is bound by all the provisions of this
Section 10.02. 
 (f)    The right to indemnification and the payment of expenses incurred in defending a
proceeding in advance of its final disposition conferred in this Section 10.02 shall not be exclusive of any other right that any Person may have or hereafter acquire under any statute, provision of this Agreement, agreement, vote of the
Limited Partners (by affirmative vote of a Majority in Interest) or Disinterested Directors or otherwise. No amendment or other modification of this Section 10.02 shall in any way diminish or adversely affect the rights of a General
Partner, a Limited Partner or any directors, officers, employees or agents of the General Partner in respect of any occurrence or matter arising prior to any such amendment or other modification. 

(g)    The Partnership may, to the extent authorized from time to time by the General Partner, grant rights to
indemnification, and rights to be paid by the Partnership the expenses incurred in defending any proceeding in advance of its final disposition, to any employee or agent of the Partnership to the fullest extent of the provisions of this
Section 10.02 with respect to the indemnification and advancement of expenses of a General Partner, or any director or officer of the General Partner or of the Partnership.  

(h)    If any provision or provisions of this Section 10.02 shall be held to be invalid, illegal or unenforceable for
any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Section 10.02 (including 

  
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each portion of this Section 10.02 containing any such provision held to be invalid, illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in
any way be affected or impaired thereby; and (ii) to the fullest extent possible, the provisions of this Section 10.02 (including each such portion of this Section 10.02 containing any such provision held to be
invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 

(i)    For purposes of this Article X: 

(i)    “Disinterested Director” means a director of Newmark who is not and was not a party
to the matter in respect of which indemnification is sought by the claimant. 

(ii)    “Independent Counsel” means a law firm, a member of a law firm, or an independent
practitioner, that is experienced in matters of corporation law and shall include any Person who, under the applicable standards of professional conduct then prevailing, would not have a conflict of interest in representing either the Partnership or
the claimant in an action to determine the claimant’s rights under this Section 10.02. 
 (j)    Any notice,
request or other communication required or permitted to be given to the Partnership under this Section 10.02 shall be in writing and either delivered in person or sent by facsimile, overnight mail or courier service, or certified or registered
mail, postage prepaid, return receipt requested, to the General Partner and shall be effective only upon receipt by the General Partner. 

Section 10.03.    Insurance. The Partnership may maintain insurance, at its expense, to protect itself and any
director, officer, employee or agent of the Partnership or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Partnership would have the power to indemnify such
Person against such expense, liability or loss under the DGCL if the Partnership were a corporation organized under the DGCL. To the extent that the Partnership maintains any policy or policies providing such insurance, each such director or
officer, and each such agent or employee to which rights of indemnification have been granted as provided in Section 10.02 shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage
thereunder for any such director, officer, employee or agent. 
 Section 10.04.    Subrogation. In the event
of payment of indemnification to a Person described in Section 10.02, the Partnership shall be subrogated to the extent of such payment to any right of recovery such person may have and such person, as a condition of receiving indemnification
from the Partnership, shall execute all documents and do all things that the Partnership may deem necessary or desirable to perfect such right of recovery, including the execution of such documents necessary to enable the Partnership effectively to
enforce any such recovery. 
 Section 10.05.    No Duplication of Payments. The Partnership shall not be
liable under this Article X to make any payment in connection with any claim made against a Person described in Section 10.02 to the extent such Person has otherwise received payment (under any insurance policy or otherwise) of the amounts
otherwise payable as indemnity hereunder. 
 Section 10.06.    Survival. This Article X shall survive
any termination of this Agreement. 

  
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 ARTICLE XI 

MISCELLANEOUS 

Section 11.01.    Amendments. Except as provided in Section 1.03 with respect to this Agreement, the
Certificate of Limited Partnership and this Agreement may not be amended except with (and any such amendment shall be authorized upon obtaining) the approval of each of the General Partner and the Limited Partners (by the affirmative vote of a
Majority in Interest); provided that this Agreement shall not be amended to (i) amend any provisions which require the consent of a specified percentage in interest of the Limited Partners without the consent of that specified percentage
in interest of the Limited Partners; (ii) alter the interest of any Partner in the amount or timing of distributions or the allocation of profits, losses or credits (other than any such alteration caused by the acquisition of additional Units
by any Partner or the issuance of additional Units to any Person pursuant to this Agreement or as otherwise expressly provided herein), if such alteration would either (A) materially adversely affect the economic interest of a Partner in the
Partnership or (B) materially adversely affect the value of Interests, in each case without the consent of (x) the Partners holding at least two-thirds of all Units in the case of an amendment
applying in a substantially similar manner to all classes of Interests or (y) two-thirds in interest of the affected class or classes of the Partners in the case of any other amendment; or
(iii) amend this Agreement to alter the Special Voting Limited Partner’s ability to remove a General Partner; provided, however, that the General Partner may authorize, without further approval of any other Person or group,
(1) any amendment to this Agreement to correct any technicality, incorrect statement or error apparent on the face hereof in order to further the intent of the parties hereto or (2) correction of any formality or error apparent on the face
hereof or incorrect statement or defect in the execution hereof. Any merger or consolidation of the Partnership with any third party that shall amend or otherwise modify the terms of this Agreement shall require the approval of the Persons referred
to above to the extent the approval of such Persons would have been required had such amendment or modification been effected by an amendment to this Agreement. 

Section 11.02.    Benefits of Agreement. None of the provisions of this Agreement shall be for the benefit of
or enforceable by any creditor of the Partnership or by any creditor of any of the Partners. Except as provided in Article X with respect to Persons entitled to indemnification pursuant to such Article and except for any consent right provided
to Cantor as set forth in this Agreement, nothing in this Agreement shall be deemed to create any right in any Person not a party hereto, and this instrument shall not be construed in any respect to be a contract in whole or in part for the benefit
of any third person. 
 Section 11.03.    Waiver of Notice. Whenever any notice is required to be given to
any Partner or other Person under the provisions of the Act or this Agreement, a waiver thereof in writing, signed by the Person or Persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the
giving of such notice. Neither the business to be transacted at, nor the purpose of, any meeting of the Partners (if any shall be called) or the General Partner need be specified in any waiver of notice of such meeting. 

  
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 Section 11.04.    Jurisdiction and Forum; Waiver of Jury Trial.

 (a)    Each of the Partners agrees, to the fullest extent permitted by law, that all Actions arising out of or in
connection with this Agreement, the Partnership’s affairs, the rights or interests of the Partners or the estate of any deceased Partner (to the extent that they are related to any of the foregoing), or for recognition and enforcement of any
judgment arising out of or in connection with this Agreement or any breach or termination or alleged breach or termination of this Agreement, shall be tried and determined exclusively in the state or federal courts in the State of Delaware, and each
of the Partners hereby irrevocably submits with regard to any such Action for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Partners hereby expressly waives,
to the fullest extent permitted by law, any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such Action: (i) any claim that it is not subject to personal
jurisdiction in the aforesaid courts for any reason; (ii) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; (iii) that (A) any of
the aforesaid courts is an inconvenient or inappropriate forum for such Action, or (B) venue is not proper in any of the aforesaid courts; and (iv) this Agreement, or the subject matter hereof or thereof, may not be enforced
in or by any of the aforesaid courts. With respect to any action arising out of or relating to this Agreement or any obligation hereunder, each Partner irrevocably and unconditionally, to the fullest extent permitted by law, (x) agrees
to appoint promptly upon request from the Partnership authorized agents for the purpose of receiving service of process in any suit, action or proceeding in Wilmington, Delaware; (y) consents to service of process in any suit, action or
proceeding in such jurisdictions; and (z) consents to service of process by mailing a copy thereof to the address of the Partner determined under Section 11.07 by U.S. registered or certified mail, by the closest foreign
equivalent of registered or certified mail, by a recognized overnight delivery service, by service upon any agent specified pursuant to clause (x) above, or by any other manner permitted by applicable law. 

(b)    EACH PARTNER WAIVES ANY RIGHT TO REQUEST OR OBTAIN A TRIAL BY JURY IN ANY JUDICIAL PROCEEDING GOVERNED BY THE TERMS
OF THIS AGREEMENT OR PERTAINING TO THE MATTERS GOVERNED BY THIS AGREEMENT. “MATTERS GOVERNED BY THIS AGREEMENT” SHALL INCLUDE ANY AND ALL MATTERS AND AGREEMENTS REFERRED TO IN THIS AGREEMENT AND ANY DISPUTES ARISING WITH RESPECT TO ANY
SUCH MATTERS AND AGREEMENTS. 
 (c)    The Partners acknowledge and agree that irreparable damage would occur in the
event that any of the provisions of this Agreement was not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the Partnership shall be entitled to an injunction or injunctions or other equitable
relief to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof and thereof, this being in addition to any other remedy to which the Partnership may be entitled by law or equity.
Each Partner agrees not to oppose the granting of such relief and agrees to waive any requirement for the securing or posting of any bond in connection with such remedy. 

  
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 Section 11.05.    Successors and Assigns. This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto, their respective estates, heirs, legal representatives, successors and permitted assigns, any additional Partner admitted in accordance with the provisions hereof and any successor
to a trustee of a trust that is or becomes a party hereto. 
 Section 11.06.    Confidentiality. In addition
to any other obligations set forth in this Agreement, each Partner recognizes that confidential information has been and will be disclosed to such Partner by the Partnership and its Subsidiaries. Each Partner (other than the Cantor Group, the BGC
Partners Group and the Newmark Group) expressly agrees, whether or not at the time a Partner of the Partnership or providing services to the Partnership and/or any of its Subsidiaries, to (a) maintain the confidentiality of, and not disclose to
any Person without the prior written consent of the Partnership, any financial, legal or other advisor to the Partnership, any information relating to the business, clients, affairs or financial structure, position or results of the Partnership or
its affiliates (including any Affiliate) or any dispute that shall not be generally known to the public or the securities industry and (b) not to use such confidential information other than for the purpose of evaluating such Partner’s
investment in the Partnership or in connection with the discharge of any duties to the Partnership or its affiliates such Partner may have in such Partner’s capacity as an officer, director, employee or agent of the Partnership or its
affiliates. Notwithstanding Section 11.04 or any other provision herein to the contrary, each Partner agrees that money damages would not be a sufficient remedy for any breach of this Section 11.06 by such Partner, and that in addition to
all other remedies, the Partnership shall be entitled to injunctive or other equitable relief to prevent or cure breaches of this Section 11.06 and to enforce specifically the terms and provisions of this Section 11.06, this being in
addition to any other remedy to which the Partnership may be entitled by law or equity. Each Partner agrees not to oppose the granting of such relief and agrees to waive any requirement for the securing or posting of any bond in connection with such
remedy. 
 Section 11.07.    Notices. All notices and other communications required or permitted by this
Agreement shall be made in writing and any such notice or communication shall be deemed delivered when delivered in Person, properly transmitted by facsimile, e-mail or any other electronic communication or
posting or one (1) Business Day after it has been sent by an internationally recognized overnight courier to the address for notices shown in the Partnership’s records (or any other address provided to the Partnership in writing for this
purpose) or, if given to the Partnership, to the principal place of business of the Partnership. Each Partner may from time to time change its address for notices under this Section 11.07 by giving at least five (5) days’ prior
written notice of such changed address to the Partnership. 
 Section 11.08.    No Waiver of Rights. No
failure or delay on the part of any Partner in the exercise of any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or of
any other right or power. The waiver by any Partner of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other or subsequent breach hereunder. All rights and remedies existing under this Agreement are
cumulative and are not exclusive of any rights or remedies otherwise available. 
 Section 11.09.    Power of
Attorney. Each Partner agrees that, by its execution of this Agreement, such Partner irrevocably constitutes and appoints the General Partner as its true and 

  
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lawful attorney-in-fact coupled with an interest, with full power and authority, in its name, place and stead to
make, execute, acknowledge and record (a) all certificates, instruments or documents, including fictitious name or assumed name certificates, as may be required by, or may be appropriate under, the laws of any state or jurisdiction in which the
Partnership is doing or intends to do business and (b) all agreements, documents, certificates or other instruments amending this Agreement or the Certificate of Limited Partnership that may be necessary or appropriate to reflect or accomplish
(i) a change in the name or location of the principal place of business of the Partnership or a change of name or address of a Partner, (ii) the disposal or increase by a Partner of his Interest in the Partnership or any part thereof,
(iii) a distribution and reduction of the capital contribution of a Partner or any other changes in the capital of the Partnership, (iv) the dissolution or termination of the Partnership, (v) the addition or substitution of a Person
becoming a Partner of the Partnership and (vi) any amendment to this Agreement, in each case only to the extent expressly authorized and conducted in accordance with the other sections of this Agreement. The power granted hereby is coupled with
an interest and shall survive the subsequent disability or incapacity of the principal. 

Section 11.10.    Severability. If any one or more of the provisions contained in this Agreement shall be
invalid, illegal or unenforceable in any respect under any applicable law, such provision shall be modified to the minimum extent necessary to cause it to be enforceable, and the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired. 
 Section 11.11.    Headings. The section
and article headings contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. All references to Sections, Articles, Schedules or Exhibits contained herein mean
Sections, Articles, Schedules or Exhibits of this Agreement unless otherwise stated. 
 Section 11.12.    Entire
Agreement. This Agreement amends and restates in its entirety the Original Limited Partnership Agreement. This Agreement, including the exhibits, annexes and schedules hereto, the Separation Agreement, the Ancillary Agreements and any other
instruments and agreements referenced herein, constitute the entire agreement among the parties hereto and supersede all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof and
thereof. 
 Section 11.13.    Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to its conflicts of law principles. 

Section 11.14.    Counterparts. This Agreement may be executed in one or more counterparts, all of which shall
be considered one and the same agreement. 
 Section 11.15.    Opportunity; Fiduciary Duty. To the greatest
extent permitted by law and except as otherwise set forth in this Agreement, but notwithstanding any duty otherwise existing at law or in equity: 

(a)    None of any Newmark Company, any BGC Partners Company, any Cantor Company or Newmark Holdings Company or any of
their respective Representatives 

  
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shall, in its capacity as a holder of Interests or Affiliate of the Partnership, owe or be liable for breach of any fiduciary duty to the Partnership or any holders of Interests. In taking any
action, making any decision or exercising any discretion with respect to the Partnership, each Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company and their respective Representatives shall, in its capacity as a holder of
Interests or Affiliate of the Partnership, be entitled to consider such interests and factors as it desires, including its own interests and those of its Representatives, and shall have no duty or obligation to give any consideration to the
interests of or factors affecting the Partnership, the holders of Interests or any other Person. Each Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company and their respective Representatives shall have no duty or
obligation to abstain from participating in any vote or other action of the Partnership, or any board, committee or similar body of any of the foregoing. None of any Newmark Company, any BGC Partners Company, any Cantor Company or any Newmark
Holdings Company or any of their respective Representatives shall violate a duty or obligation to the Partnership or the holders of Interests merely because such Person’s conduct furthers such Person’s own interest. Any Newmark Company,
BGC Partners Company, Cantor Company, any Newmark Holdings Company or any of their respective Representatives may lend money to, and transact other business with, the Partnership and its Representatives. The rights and obligations of any such Person
who lends money to, contracts with, borrows from or transacts business with the Partnership or any of its Representatives are the same as those of a Person who is not involved with the Partnership or any of its Representatives, subject to other
applicable law. No contract, agreement, arrangement or transaction between any Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company or any of their respective Representatives, on the one hand, and the Partnership or any of
its Representatives, on the other hand, shall be void or voidable solely because any Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company or any of their respective Representatives has a direct or indirect interest in such
contract, agreement, arrangement or transaction, and any Newmark Company, any BGC Partners Company, any Cantor Company, any Newmark Holdings Company or any of their respective Representatives (i) shall have fully satisfied and fulfilled its
duties and obligations to the Partnership and the holders of Interests with respect thereto; and (ii) shall not be liable to the Partnership or the holders of Interests for any breach of any duty or obligation by reason of the entering
into, performance or consummation of any such contract, agreement, arrangement or transaction, if: 

(1)    such contract, agreement, arrangement or transaction is approved by the Board of Directors of
Newmark or any committee thereof by the affirmative vote of a majority of the disinterested directors, even if the disinterested directors constitute less than a quorum; or 

(2)    such contract, agreement, arrangement or transaction, judged according to the circumstances at the
time of the commitment, is fair to the Partnership; 
 it being understood that, although each of (1) and (2) above shall be sufficient to show that
any Newmark Company, BGC Partners Company, Cantor Company or any Newmark Holdings Company or any of their respective Representatives (i) shall have fully satisfied and fulfilled its duties and obligations to the Partnership and the holders of
Interests with respect thereto; and (ii) 

  
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shall not be liable to the Partnership or the holders of Interests for any breach of any duty or obligation by reason of the entering into, performance or consummation of any such contract,
agreement, arrangement or transaction, none of (1) or (2) above shall be required to be satisfied for such showing. 
 All directors of Newmark may be
counted in determining the presence of a quorum at a meeting of the Board of Directors of Newmark or of a committee thereof that authorizes such contract, agreement, arrangement or transaction. 

Directors of the General Partner who are also directors or officers of any Newmark Company, any BGC Partners Company, any Cantor Company or any Newmark
Holdings Company or any of their respective Representatives shall not owe or be liable for breach of any fiduciary duty to the Partnership or any of holders of Interests for any action taken by any Newmark Company, any BGC Partners Company, any
Cantor Company or any Newmark Holdings Company or their respective Representatives, in their capacity as a holder of Interests or Affiliate of the Partnership. 

Nothing herein contained shall prevent any Newmark Company, any BGC Partners Company, any Cantor Company, any Newmark Holdings Company or any of their
respective Representatives from conducting any other business, including serving as an officer, director, employee, or stockholder of any corporation, partnership or limited liability company, a trustee of any trust, an executor or administrator of
any estate, or an administrative official of any other business or not-for-profit entity, or from receiving any compensation in connection therewith. 

(b)    None of any Newmark Company, BGC Partners Company, Cantor Company, any Newmark Holdings Company or any of their
respective Representatives shall owe any duty to refrain from (i) engaging in the same or similar activities or lines of business as the Partnership and its Representatives or (ii) doing business with any of the Partnership’s or its
Representatives’ clients or customers, in each case regardless of whether such Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company or Representative is also a Representative of the Partnership. In the event that any
Newmark Company, any BGC Partners Company, any Cantor Company, any Newmark Holdings Company or any of their respective Representatives acquires knowledge of a potential transaction or matter that may be a Corporate Opportunity for any Newmark
Company, any BGC Partners Company, any Cantor Company, any Newmark Holdings Company or any of their respective Representatives, on the one hand, and the Partnership or any of its Representatives, on the other hand, such Newmark Company, BGC Partners
Company, Cantor Company, Newmark Holdings Company or Representatives, as the case may be, shall have no duty to communicate or offer such Corporate Opportunity to the Partnership or its Representatives, regardless of whether such Newmark Company,
BGC Partners Company, Cantor Company, Newmark Holdings Company or Representative is also a Representative of the Partnership, subject to Section 11.15(c). None of any Newmark Company, any BGC Partners Company, any Cantor Company, any Newmark
Holdings Company or any of their respective Representatives shall be liable to the Partnership, the holders of Interests or any of the Partnership’s Representatives for breach of any fiduciary duty by reason of the fact that any Newmark
Company, any BGC Partners Company, any Cantor Company, any Newmark Holdings Company or any of their respective Representatives pursues or acquires such Corporate Opportunity for itself, directs such 

  
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Corporate Opportunity to another Person or does not present such Corporate Opportunity to the Partnership or any of its Representatives, regardless of whether such Newmark Company, BGC Partners
Company, Cantor Company, Newmark Holdings Company or Representative is also a Representative of the Partnership, subject to Section 11.15(c). 

(c)    If a third party presents a Corporate Opportunity to a person who is both a Representative of the Partnership and a
Representative of a Newmark Company, BGC Partners Company, Cantor Company and/or a Newmark Holdings Company, expressly and solely in such Person’s capacity as a Representative of the Partnership, and such Person acts in good faith in a manner
consistent with the policy that such Corporate Opportunity belongs to the Partnership, then such Person (i) shall be deemed to have fully satisfied and fulfilled any fiduciary duty that such Person has to the Partnership as a Representative of
the Partnership with respect to such Corporate Opportunity, (ii) shall not be liable to the Partnership, the holders of Interests or any of the Partnership’s Representatives for breach of fiduciary duty by reason of such
Person’s action or inaction with respect to such Corporate Opportunity, (iii) shall be deemed to have acted in good faith and in a manner that such Person reasonably believed to be in, and not opposed to, the Partnership’s best
interests, and (iv) shall be deemed not to have breached such Person’s duty of loyalty to the Partnership and the holders of Interests and not to have derived an improper personal benefit therefrom; provided that any Newmark
Company, any BGC Partners Company, any Cantor Company, and/or any Newmark Holdings Company or any of their respective Representatives may pursue such Corporate Opportunity if the Partnership shall decide not to pursue such Corporate Opportunity. If
a Corporate Opportunity is either (1) presented to a Person who is not both a Representative of the Partnership and a Representative of a Newmark Company, BGC Partners Company, Cantor Company and/or a Newmark Holdings Company, or
(2) presented to such person not expressly and solely in such Person’s capacity as a Representative of the Partnership, then, in each case, such Person shall not be obligated to present such Corporate Opportunity to the Partnership
or to act as if such Corporate Opportunity belongs to the Partnership, and such Person (i) shall be deemed to have fully satisfied and fulfilled any fiduciary duty that such Person has to the Partnership as a Representative of the
Partnership with respect to such Corporate Opportunity, (ii) shall not be liable to the Partnership, any of the holders of Interests or any of the Partnership’s Representatives for breach of fiduciary duty by reason of such
Person’s action or inaction with respect to such Corporate Opportunity, (iii) shall be deemed to have acted in good faith and in a manner that such person reasonably believed to be in, and not opposed to, the Partnership’s best
interests, and (iv) shall be deemed not to have breached such Person’s duty of loyalty to the Partnership and the holders of Interests and not to have derived an improper personal benefit therefrom. 

(d)    Any Person purchasing or otherwise acquiring any Interest shall be deemed to have notice of and consented to the
provisions of this Section 11.15. 
 (e)    Except to the extent otherwise modified herein, each officer of the
Partnership shall have fiduciary duties identical to those of officers of business corporations organized under the DGCL. The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) of a
director, officer or other Person otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties of such Person. 

  
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 (f)    Neither the alteration, amendment, termination, expiration or repeal
of this Section 11.15 nor the adoption of any provision of this Agreement inconsistent with this Section 11.15 shall eliminate or reduce the effect of this Section 11.15 in respect of any matter occurring, or any cause
of Action that, but for this Section 11.15, would accrue or arise, prior to such alteration, amendment, termination, expiration, repeal or adoption. 

Section 11.16.    Reimbursement of Expenses. All costs and expenses incurred in connection with the ongoing
operation or management of the business of the Partnership or its Subsidiaries shall be borne by the Partnership or its Subsidiaries, as the case may be. 

Section 11.17.    Obligations with Respect to BGC Holdings
Non-Participating Units. The Partnership shall indemnify and reimburse Newmark Holdings for any payment made by Newmark Holdings in respect of any BGC Holdings
Non-Participating Unit. 
 Section 11.18.    Effectiveness. The
Original Limited Partnership Agreement was effective for all financial and accounting purposes as of [●], 2017. This Agreement shall be effective as of the date hereof. 

[signature page follows] 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed by the general partner and the limited
partners as of the day and year first written above. 
  

			
	 NEWMARK HOLDINGS, LLC, as general
partner

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 
			
	
	 NEWMARK HOLDINGS, L.P., as a limited
partner

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 
			
	
	 NEWMARK GROUP, INC., as a limited
partner

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 [Signature Page to the Amended and Restated Agreement of 

Limited Partnership of Newmark Partners, L.P., dated as of [●]] 

 EXHIBIT A 

Certain Tax Related Matters 

Section 1. Definitions Relating to Allocations and Capital Account Maintenance. 

(a)    “Adjusted Capital Account Deficit” shall mean, with respect to any Partner, the deficit balance, if
any, in such Partner’s Capital Account as of the end of the relevant fiscal year, after giving effect to the following adjustments: 

(i)    Credit to such Capital Account any amounts that such Partner is deemed to be obligated to restore pursuant to the
penultimate sentences in Treasury Regulation sections 1.704-2(g)(1) and 1.704-2(i)(5), and 

(ii)    Debit to such Capital Account the items described in Treasury Regulation
sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). 

The foregoing definition of “Adjusted Capital Account Deficit” is intended to comply with the “alternate test of economic
effect” provisions of Treasury Regulation section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(b)    “Partnership Minimum Gain” shall have the meaning attributed to the term “partnership minimum
gain” set forth in Treasury Regulation sections 1.704-2(b)(2) and 1.704-2(d). 

(c)    “Partner Nonrecourse Debt” has the meaning attributed to the term “partner nonrecourse
debt” in Treasury Regulation section 1.704-2(b)(4). 

(d)    “Partner Nonrecourse Debt Minimum Gain” shall mean an amount, with respect to each Partner
Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulation
section 1.704-2(i)(3). 
 (e)    “Partner Nonrecourse
Deductions” has the meaning attributed to the term “partner nonrecourse deductions” in Treasury Regulation sections 1.704-2(i)(1) and
1.704-2(i)(2). 
 (f)    “Nonrecourse Deductions” has the
meaning set forth in Treasury Regulation section 1.704-2(b)(1). 

(g)    “Nonrecourse Liability” has the meaning set forth in Treasury Regulation section 1.704-2(b)(3). 
 (h)    “Regulatory Allocations” has
the meaning set forth in Section 2(h) of this Exhibit A. 
 (i)    “Treasury
Regulations” shall mean the Income Tax Regulations, including temporary regulations, promulgated under the Code, as such regulations may be amended, modified or supplemented from time to time (including corresponding provisions of
succeeding regulations). 

 Section 2. Special Allocations. 

The following special allocations shall be made in the following order, prior to the allocations specified in Section 5.04(a) of this
Agreement: 
 (a)    Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulation
section 1.704-2(f), notwithstanding any other provision of this Agreement, if there is a net decrease in Partnership Minimum Gain during any fiscal year, each Partner shall be specially allocated items of Partnership income and gain for such
fiscal year (and, if necessary, subsequent fiscal years) in an amount equal to such Partner’s share of the net decrease in Partnership Minimum Gain, determined in accordance with Treasury Regulation section
1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be
determined in accordance with Treasury Regulation sections 1.704-2(f)(6) and 1.704-2(j)(2). This provision is intended to comply with the minimum gain chargeback
requirement in Treasury Regulation section 1.704-2(f) and shall be interpreted consistently therewith. 

(b)    Partner Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulation section 1.704-2(i)(4), notwithstanding any other provision of this Agreement, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain attributable to a Partner Nonrecourse Debt during any fiscal
year, each Partner who has a share of the Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Treasury Regulation
section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such fiscal year (and, if necessary, subsequent fiscal years) in an amount equal to such Partner’s
share of the net decrease in Partner Nonrecourse Debt, determined in accordance with Treasury Regulation section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to
the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulation sections 1.704-2(i)(4) and 1.704-2(j)(2). This provision is intended to comply with the minimum gain chargeback requirement in Treasury Regulation section 1.704-2(i)(4) and shall be
interpreted consistently therewith. 
 (c)    Qualified Income Offset. In the event any Partner unexpectedly
receives any adjustments, allocations, or distributions described in Treasury Regulation section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d)(6), items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the
Adjusted Capital Account Deficit of the Partner as promptly as possible; provided, that, an allocation pursuant to this provision shall be made only if and to the extent that the Partner would have an Adjusted Capital Account Deficit after all other
allocations provided for in this Agreement have been tentatively made as if this provision were not in the Agreement. 

 (d)    Gross Income Allocation. In the event any Partner has a deficit
Capital Account at the end of any fiscal year that is in excess of the sum of (i) the amount such Partner is obligated to restore pursuant to the penultimate sentences of Treasury Regulation sections
1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess, as promptly as
possible; provided, that, an allocation pursuant to this provision shall be made only if and to the extent that such Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Agreement have
been made as if Section 2(c) and this Section 2(d) of this Exhibit A were not in the Agreement. 

(e)    Nonrecourse Deductions. Nonrecourse Deductions for any fiscal year shall be specially allocated among the
Partners in proportion to their respective Percentage Interests. 
 (f)    Partner Nonrecourse Deductions. Any
Partner Nonrecourse Deductions for any fiscal year shall be specially allocated to the Partner that bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in
accordance with Treasury Regulation section 1.704-2(i)(1). 

(g)    Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Partnership
asset, pursuant to Section 734(b) of the Code or Section 743(b) of the Code is required, pursuant to Treasury Regulation section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Partner in complete liquidation of such Partner’s Interest in the Partnership, the amount
of such adjustment to Capital Accounts shall be treated as an item of gain or loss and such gain or loss shall be specially allocated to the Partners in accordance with their Percentage Interests in the event Treasury Regulation section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Partner to whom such distribution was made in the event Treasury Regulation section 1.704-1(b)(2)(iv)(m)(4) applies. 

(h)    Curative Allocations. The allocations set forth in Sections 2(a) through 2(h) of this
Exhibit A and Section 3 of this Exhibit A (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Partners that, to the
extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction. Therefore, notwithstanding any other provision of this
Agreement (other than the Regulatory Allocations), the Tax Matters Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting
allocations are made, each Partner’s Capital Account balance (and the amount distributable to each Partner pursuant to Section 6.01 of this Agreement) is, to the extent possible, equal to the Capital Account balance such Partner would have
had (and the amount that would have been distributable to such Partner pursuant to Section 6.01 of this Agreement) if the Regulatory Allocations were not part of the Agreement and all Partnership items were allocated pursuant to
Section 5.04(a) of this Agreement. In exercising discretion with respect to such offsetting special allocations, the Tax Matters Partner shall take into account future Regulatory Allocations under Section 2(a) and 2(b) of this
Exhibit A that, although not yet made, are likely to offset other Regulatory Allocations previously made under Sections 2(e) and 2(f) of this Exhibit A. 

 Section 3. Limitation on Loss Allocation to Partners Based on Adjusted Capital Accounts. 

Losses allocated pursuant to Section 5.04(a) of this Agreement shall not exceed the maximum amount of losses that can be allocated without
causing any Partner to have an Adjusted Capital Account Deficit at the end of any fiscal year (or increase any existing Adjusted Capital Account Deficit). In the event some but not all of the Partners would have Adjusted Capital Account Deficits as
a consequence of an allocation of losses pursuant to Section 5.04(a) of this Agreement, the limitation set forth in this Section 3 of this Exhibit A shall be applied on a
Partner-by-Partner basis and losses not allocable to any Partner as a result of such limitation shall be allocated to the other Partners in accordance with the positive
balances in such Partner’s Capital Accounts so as to allocate the maximum permissible losses to each Partner under Treasury Regulation section 1.704-1(b)(2)(ii)(d).EX-10.5

 Exhibit 10.5 

TAX MATTERS AGREEMENT 
 by
and among 
 BGC PARTNERS, INC., 

BGC HOLDINGS, L.P., 

BGC PARTNERS, L.P., 

NEWMARK GROUP, INC., 

NEWMARK HOLDINGS, L.P. and 

NEWMARK PARTNERS, L.P. 

Dated as of [•] 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Section 1.
	 	 Definition of Terms
	  	 	2	 
			
	 Section 2.
	 	 Allocation of Tax Liabilities
	  	 	15	 
			
	 Section 2.01
	 	 General Rule
	  	 	15	 
	 Section 2.02
	 	 Allocation of United States Federal Income Tax and Federal Other Tax
	  	 	15	 
	 Section 2.03
	 	 Allocation of State Income and State Other Taxes
	  	 	16	 
	 Section 2.04
	 	 Allocation of Foreign Taxes
	  	 	18	 
	 Section 2.05
	 	 Certain Transaction and Other Taxes
	  	 	19	 
			
	 Section 3.
	 	 Attribution of Taxes; Proration of Taxes for Straddle Periods
	  	 	20	 
			
	 Section 4.
	 	 Preparation and Filing of Tax Returns
	  	 	22	 
			
	 Section 4.01
	 	 General
	  	 	22	 
	 Section 4.02
	 	 BGC Responsibility
	  	 	22	 
	 Section 4.03
	 	 Newmark’s Responsibility
	  	 	22	 
	 Section 4.04
	 	 Tax Accounting Practices
	  	 	23	 
	 Section 4.05
	 	 Consolidated or Combined Tax Returns
	  	 	24	 
	 Section 4.06
	 	 Right to Review Tax Returns
	  	 	24	 
	 Section 4.07
	 	 Newmark Carrybacks and Claims for Refund
	  	 	25	 
	 Section 4.08
	 	 Apportionment of Earnings and Profits and Tax Attributes
	  	 	25	 
			
	 Section 5.
	 	 Tax Payments
	  	 	26	 
			
	 Section 5.01
	 	 Payment of Taxes With Respect to Joint Returns and Mixed Returns
	  	 	26	 
	 Section 5.02
	 	 Payment of Separate Single Business Company Taxes
	  	 	26	 
	 Section 5.03
	 	 Indemnification Payments
	  	 	27	 
			
	 Section 6.
	 	 Tax Benefits
	  	 	27	 
			
	 Section 6.01
	 	 Tax Benefits
	  	 	27	 
	 Section 6.02
	 	 BGC Partners and Newmark Income Tax Deductions in Respect of Certain Equity Awards and
Incentive Compensation
	  	 	29	 
	 Section 6.03
	 	 Payment Obligations Under BGC Partners TRA
	  	 	29	 
			
	 Section 7.
	 	 Tax-Free Status
	  	 	30	 
			
	 Section 7.01
	 	 Representations
	  	 	30	 
	 Section 7.02
	 	 Restrictions on Newmark
	  	 	30	 
	 Section 7.03
	 	 Restrictions on BGC Partners
	  	 	32	 
	 Section 7.04
	 	 Procedures Regarding Opinions and Rulings
	  	 	33	 
	 Section 7.05
	 	 Liability for Tax-Related Losses
	  	 	34	 
	 Section 7.06
	 	 Section 336(e) Election
	  	 	35	 

  
 - i - 

							
			
	 Section 8.
	 	 Assistance and Cooperation
	  	 	36	 
			
	 Section 8.01
	 	 Assistance and Cooperation
	  	 	36	 
	 Section 8.02
	 	 Income Tax Return Information
	  	 	36	 
	 Section 8.03
	 	 Reliance by BGC Partners
	  	 	37	 
	 Section 8.04
	 	 Reliance by Newmark
	  	 	37	 
			
	 Section 9.
	 	 Tax Records
	  	 	37	 
			
	 Section 9.01
	 	 Retention of Tax Records
	  	 	37	 
	 Section 9.02
	 	 Access to Tax Records
	  	 	38	 
			
	 Section 10.
	 	 Tax Contests
	  	 	38	 
			
	 Section 10.01
	 	 Notice
	  	 	38	 
	 Section 10.02
	 	 Control of Tax Contests
	  	 	38	 
			
	 Section 11.
	 	 Effective Date; Termination of Prior Intercompany Tax Allocation Agreements
	  	 	40	 
			
	 Section 12.
	 	 Survival of Obligations
	  	 	40	 
			
	 Section 13.
	 	 Treatment of Payments; Tax Gross Up
	  	 	40	 
			
	 Section 13.01
	 	 Treatment of Tax Indemnity Payments
	  	 	40	 
	 Section 13.02
	 	 Tax Gross Up
	  	 	41	 
	 Section 13.03
	 	 Interest
	  	 	41	 
			
	 Section 14.
	 	 Disagreements
	  	 	41	 
			
	 Section 15.
	 	 Expenses
	  	 	42	 
			
	 Section 16.
	 	 General Provisions
	  	 	42	 
			
	 Section 16.01
	 	 Entire Agreement
	  	 	42	 
	 Section 16.02
	 	 Addresses and Notices
	  	 	42	 
	 Section 16.03
	 	 Further Action
	  	 	43	 
	 Section 16.04
	 	 Headings
	  	 	43	 
	 Section 16.05
	 	 No Double Recovery
	  	 	44	 
	 Section 16.06
	 	 Counterparts
	  	 	44	 
	 Section 16.07
	 	 Governing Law, Consent to Jurisdiction
	  	 	44	 
	 Section 16.08
	 	 Amendment and Modification
	  	 	44	 
	 Section 16.09
	 	 Newmark Subsidiaries
	  	 	44	 
	 Section 16.10
	 	 Successors
	  	 	44	 
	 Section 16.11
	 	 Injunctions
	  	 	45	 

  
 - ii - 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”) is entered into as of [•], 2017, by and among BGC Partners, Inc., a
Delaware corporation (“BGC Partners”), BGC Holdings, L.P., a Delaware limited partnership (“BGC Holdings”), BGC Partners, L.P., a Delaware limited partnership (“BGC U.S. Opco” and together with BGC
Partners and BGC Holdings, the “BGC Entities”), Newmark Group, Inc., a Delaware corporation (“Newmark” and collectively with BGC Partners, the “Companies” and each a “Company”),
Newmark Holdings, L.P., a Delaware limited partnership (“Newmark Holdings”), Newmark Partners, L.P., a Delaware limited partnership (“Newmark Opco” and together with Newmark and Newmark Holdings, the
“Newmark Entities”). 
 RECITALS 

WHEREAS, the BGC Entities and the Newmark Entities and the other parties thereto have entered into a Separation and Distribution Agreement,
dated as of [•] (including the Separation Steps Plan set forth on Schedule 2.05 thereto), the “Separation and Distribution Agreement”), providing for the separation of the BGC Business from the Newmark Business (the
“Separation”); 
 WHEREAS, to effect the Separation, pursuant to the terms of the Separation and Distribution Agreement,
and in furtherance of the Separation, BGC U.S. Opco shall transfer certain Newmark Assets (or interests therein) to its partners, and its partners shall assume certain Newmark Liabilities (or obligations in respect thereof) (the “Opco
Partnership Distribution”), and, thereafter, such partners of BGC U.S. Opco shall transfer such assets and liabilities to Newmark Opco (the “Opco Partnership Contribution,” and, together with the Opco Partnership
Distribution, the “Opco Partnership Division”), and, immediately following the Opco Partnership Contribution, members of the BGC Group shall hold, directly or indirectly, all of the outstanding equity interests in Newmark Opco; 

WHEREAS, following the Opco Partnership Division, pursuant to the Separation and Distribution Agreement and in furtherance of the Separation,
BGC Holdings shall transfer to Newmark Holdings (a) all of the equity interests in the Newmark Opco General Partner, (b) the Newmark Opco Limited Partnership Interest that BGC Holdings held following the Opco Partnership Division and (c) any other
Newmark Assets or Newmark Liabilities held by it (together, the “Holdings Partnership Contribution”); 
 WHEREAS,
immediately following the Holdings Partnership Contribution, BGC Holdings shall hold all of the outstanding equity interests in the Newmark Holdings General Partner and all of the outstanding Newmark Holdings Limited Partnership Interests; 

WHEREAS, following the Holdings Partnership Contribution and pursuant to the Separation and Distribution Agreement, BGC Holdings shall effect
the Holdings Partnership Distribution (together with the Holdings Partnership Contribution, the “Holdings Partnership Division”); 

WHEREAS, following the Holdings Partnership Division and pursuant to the Separation and Distribution Agreement, BGC Partners shall contribute,
assign and otherwise transfer to Newmark the Newmark Assets held by BGC Partners (including all of its equity interests in Newmark Opco) in actual or constructive exchange for shares of Newmark Class A Common Stock and Newmark Class B
Common Stock and the assumption by Newmark of any Newmark Liabilities (including the Term Loan) for which BGC Partners is liable (the “Contribution”); 

 WHEREAS, following the Contribution, Newmark shall offer and sell a number of shares of Newmark
Class A Common Stock in accordance with the Separation and Distribution Agreement (the “IPO”); 
 WHEREAS, following
the IPO, BGC Partners currently intends to distribute its shares of Newmark Class A Common Stock and Newmark Class B Common Stock to the shareholders of BGC Partners pursuant to the Distribution; 

WHEREAS, for Federal Income Tax purposes, it is intended that the Opco Partnership Division be treated as a division under the “assets-up form” of BGC U.S. Opco under Treasury Regulations Section 1.708-1(d)(3)(ii); 

WHEREAS, for Federal Income Tax purposes, it is intended that the Holdings Partnership Division be treated as a “division under the
assets-over form” of BGC Holdings under Treasury Regulations Section 1.708-1(d)(3)(i); 

WHEREAS, for Federal Income Tax purposes, it is intended that the Contribution and, if effected, the Distribution, taken together, shall
qualify as a transaction that is generally described in Sections 355(a) and 368(a)(1)(D) of the Code; 
 WHEREAS, as of the date
hereof, BGC Partners is the common parent of an affiliated group (as defined in Section 1504 of the Code) of corporations, including Newmark, which has elected to file consolidated Federal Income Tax Returns; 

WHEREAS, as a result of either the IPO or the Distribution, Newmark and its subsidiaries will cease to be members of the affiliated group (as
defined in Section 1504 of the Code) of which BGC Partners is the common parent (the “Deconsolidation”); 
 WHEREAS,
the parties desire to provide for and agree upon the allocation between the parties of liabilities for Taxes arising prior to, as a result of, and subsequent to the IPO and the Distribution (if any), and to provide for and agree upon other matters
relating to Taxes; 
 NOW THEREFORE, in consideration of the mutual agreements contained herein, the parties hereby agree as follows: 

Section 1. Definition of Terms. For purposes of this Agreement (including the recitals hereof), the following terms have the
following meanings, and capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Separation and Distribution Agreement: 

“Accounting Cutoff Date” means, with respect to Newmark, any date as of the end of which there is a closing of the financial
accounting records for such entity. 

  
 2 

 “Actually Realized” or “Actually Realizes” means, for purposes
of determining the timing of the incurrence of any Tax Liability, Distribution Tax-Related Losses, or the realization of a Refund or other Tax Benefit (or any related Tax cost or benefit), whether by receipt
or as a credit or other offset to Taxes payable, by a Person in respect of any payment, transaction, occurrence or event, the time at which the amount of Taxes paid (or Refund realized) by such Person is increased above (or reduced below) the amount
of Taxes that such Person would have been required to pay (or Refund that such Person would have realized) but for such payment, transaction, occurrence or event. 

“Adjustment Request” means any formal or informal claim or request filed with any Tax Authority, or with any administrative
agency or court, for the adjustment, refund, or credit of Taxes, including (a) any amended Tax Return claiming adjustment to the Taxes as reported on the Tax Return or, if applicable, as previously adjusted, (b) any claim for equitable
recoupment or other offset, and (c) any claim for refund or credit of Taxes previously paid. 
 “Affiliate”
means any entity that is directly or indirectly “controlled” by either the Person in question or an Affiliate of such Person. “Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. The term Affiliate shall refer to Affiliates of a Person as would be determined immediately after the IPO.
Notwithstanding the foregoing, for purposes of this Agreement, as of and after the IPO, (i) no member of the Cantor Group shall be deemed to be an Affiliate of a member of the BGC Group or the Newmark Group as a result of the control
relationship between such members; (ii) no member of the BGC Group shall be deemed to be an Affiliate of a member of the Cantor Group or the Newmark Group as a result of the control relationship between such members; and (iii) no member of
the Newmark Group shall be deemed to be an Affiliate of a member of the Cantor Group or the BGC Group as a result of the control relationship between such members. 

“Agreement” has the meaning set forth in the preamble. 

“Ancillary Agreements” has the meaning ascribed to such term in the Separation and Distribution Agreement. 

“BGC Active Trade or Business” means the active conduct (as defined in Section 355(b)(2) of the Code and the regulations
thereunder) by BGC Partners (including (x) its “separate affiliated group” (as defined in Section 355(b)(3)(B) of the Code) and (y) BGC U.S. Opco (and any other partnership for U.S. federal income tax purposes the business
of which is attributed to BGC Partners pursuant to Revenue Ruling 2007-42, 2007-2 C.B. 44)) of the BGC Business as conducted immediately prior to the Distribution. 

“BGC Adjustment” means any adjustment pursuant to a Final Determination of any Tax Item for a
Pre-2017 Period attributable to any member of the BGC Group or the BGC Business. 
 “BGC
Adjustment Tax Benefit” means any Tax Benefit Actually Realized with respect to any Joint Return or Mixed Business Return for a Pre-2017 Period that is attributable to a BGC Adjustment. 

“BGC Adjustment Taxes” means any additional Taxes (or reduction in Refund) Actually Realized with respect to any Joint Return
or Mixed Business Return for a Pre-2017 Period that is attributable to a BGC Adjustment. 

  
 3 

 “BGC Affiliated Group” has the meaning set forth in the definition of “BGC
Federal Consolidated Income Tax Return.” 
 “BGC Business” has the meaning ascribed to the term “Retained
Business” in the Separation and Distribution Agreement. 
 “BGC Employee” has the meaning ascribed to such term in the
Separation and Distribution Agreement. 
 “BGC Entities” has the meaning set forth in the preamble. 

“BGC Equity Awards” has the meaning ascribed to such term in the Separation and Distribution Agreement. 

“BGC Federal Consolidated Income Tax Return” means any Federal Income Tax Return for the affiliated group (as defined in
Section 1504 of the Code and the regulations thereunder) of which BGC Partners is the common parent (the “BGC Affiliated Group”). 

“BGC Foreign Combined Income Tax Return” means a consolidated, combined or unitary or other similar Foreign Income Tax Return
or any Foreign Income Tax Return with respect to any profit and/or loss sharing group, group payment or similar group or fiscal unity that actually includes, by election or otherwise, one or more members of the BGC Group together with one or more
members of the Newmark Group. 
 “BGC Global Opco” means BGC Global Holdings, L.P. a Cayman Islands limited partnership.

 “BGC Group” means BGC Partners, BGC Holdings, BGC U.S. Opco and BGC Global Opco and each of their respective
Subsidiaries (other than any member of the Newmark Group). 
 “BGC Holdings” has the meaning set forth in the preamble.

 “BGC Partners” has the meaning set forth in the preamble. 

“BGC Partners-BGC U.S. Opco Other Debt Notes” has the meaning ascribed to such term
in the Separation and Distribution Agreement. 
 “BGC Partners Class A Common Stock” has the meaning
ascribed to such term in the Separation and Distribution Agreement. 
 “BGC Partners Class B Common
Stock” has the meaning ascribed to such term in the Separation and Distribution Agreement. 
 “BGC Partners TRA”
means the Amended and Restated Tax Receivable Agreement, dated as of [•], by and between Cantor and BGC Partners, as may be amended following such date. 

  
 4 

 “BGC Separate Return” means any Separate Return of BGC Partners or any
member of the BGC Group. 
 “BGC Single Business Return” means any Single Business Return that relates to assets or
activities of only the BGC Business. 
 “BGC State Combined Income Tax Return” means a consolidated, combined or unitary
State Income Tax Return that actually includes, by election or otherwise, one or more members of the BGC Group and one or more members of the Newmark Group. 

“BGC U.S. Opco” has the meaning set forth in the preamble. 

“Business Day” has the meaning ascribed to such term in the Separation and Distribution Agreement. 

“Cantor” means Cantor Fitzgerald, L.P., a Delaware limited partnership. 

“Cantor Group” means Cantor and its Subsidiaries (other than any member of the BGC Group or any member of the Newmark
Group). 
 “CFO Certificate” has the meaning set forth in Section 7.02(d) of this Agreement. 

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

“Company” and “Companies” have the meaning set forth in the preamble. 

“Compensatory Equity Interests” has the meaning set forth in Section 6.02(a) of this Agreement.

 “Contribution” has the meaning ascribed to such term in the recitals of this Agreement. 

“Covered Tax Benefit” has the meaning ascribed to such term in the BGC Partners TRA. 

“Deconsolidation” has the meaning set forth in the recitals of this Agreement. 

“Deconsolidation Date” means the last date on which Newmark qualifies as a member of the affiliated group (as defined in
Section 1504 of the Code) of which BGC Partners is the common parent. 
 “DGCL” means the Delaware General Corporation
Law. 
 “Distribution” means the pro rata distribution by BGC Partners of all the common stock of Newmark
held by BGC Partners, pursuant to which shares of Newmark Class A Common Stock held by BGC Partners are distributed to the holders of shares of BGC Partners Class A Common Stock and shares of Newmark Class B Common Stock are
distributed to holders of BGC Partners Class B Common Stock. 
 “Distribution Date” means the date on which the
Distribution is consummated. 

  
 5 

 “Distribution-Related Tax Contest” means any Tax Contest in which the IRS,
another Tax Authority or any other party asserts a position that could reasonably be expected to adversely affect the Tax-Free Status of the Contribution or the Distribution, or the Partnership Division
Treatment of any of the Partnership Divisions. 
 “Distribution Ruling” has the meaning set forth in
Section 7.02(c) of this Agreement. 
 “Distribution Tax-Related
Losses” means (i) all federal, state, local and foreign Taxes (including, for the absence of doubt, interest and penalties thereon) imposed pursuant to any settlement, Final Determination, judgment or otherwise; (ii) all
accounting, legal and other professional fees, and court costs incurred in connection with such Taxes; and (iii) all costs, expenses and damages associated with stockholder litigation or controversies and any amount paid by BGC Partners (or any
Affiliate of BGC Partners) or Newmark (or any Affiliate of Newmark) in respect of the liability of shareholders, whether paid to shareholders or to the IRS or any other Tax Authority, in each case, resulting from the failure of (a) the
Contribution and the Distribution to have Tax-Free Status or (b) any of the Partnership Divisions to have the Partnership Division Treatment. 

“Federal Income Tax” means any Tax imposed by Subtitle A of the Code (and, for the absence of doubt, any interest, penalties,
additions to tax, or additional amounts in respect of the foregoing). 
 “Federal Other Tax” means any Tax imposed by the
federal government of the United States of America other than any Federal Income Taxes (and, for the absence of doubt, any interest, penalties, additions to tax, or additional amounts in respect of the foregoing). 

“Fifty-Percent or Greater Interest” has the meaning ascribed to such term for purposes of Sections 355(d) and
(e) of the Code. 
 “Filing Date” has the meaning set forth in Section 7.05(d) of this
Agreement. 
 “Final Determination” means the final resolution of liability for any Tax, which resolution may be for a
specific issue or adjustment or for a taxable period, (a) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form
under the Laws of a State, local, or foreign taxing jurisdiction, except that a Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its
terms or by operation of law) the right of the taxpayer to file a claim for refund or the right of the Tax Authority to assert a further deficiency in respect of such issue or adjustment or for such taxable period (as the case may be); (b) by a
decision, judgment, decree, or other order by a court of competent jurisdiction, which has become final and unappealable; (c) by a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable
agreement under the Laws of a State, local, or foreign taxing jurisdiction; (d) by any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund may be recovered
(including by way of offset) by the jurisdiction imposing such Tax; or (e) by any other final disposition, including by reason of the expiration of the applicable statute of limitations or by mutual agreement of the parties. 

  
 6 

 “Foreign Income Tax” means any Tax imposed by any foreign country or any
possession of the United States, or by any political subdivision of any foreign country or possession of the United States, which is an income tax as defined in Treasury Regulation Section 1.901-2 (and,
for the absence of doubt, any interest, penalties, additions to tax, or additional amounts in respect of the foregoing). 
 “Foreign
Other Tax” means any Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign country or possession of the United States, other than any Foreign Income Taxes (and, for the
absence of doubt, any interest, penalties, additions to tax, or additional amounts in respect of the foregoing). 
 “Foreign
Tax” means any Foreign Income Taxes or Foreign Other Taxes. 
 “Group” means the BGC Group or the Newmark Group,
or both, as the context requires. 
 “High-Level Dispute” means any dispute or disagreement (a) relating to liability
under Section 7.05 of this Agreement or (b) in which the amount of liability in dispute exceeds $2,000,000. 

“Holdings Partnership Contribution” has the meaning set forth in the recitals to this Agreement. 

“Holdings Partnership Distribution” has the meaning ascribed to such term in the Separation and Distribution Agreement. 

“Holdings Partnership Division” has the meaning set forth in the recitals to this Agreement. 

“Hypothetical Newmark Refund” has the meaning set forth in Section 3.02(f) of this Agreement. 

“Income Tax” means any Federal Income Tax, State Income Tax or Foreign Income Tax. 

“Indemnitee” has the meaning set forth in Section 13.03 of this Agreement. 

“Indemnitor” has the meaning set forth in Section 13.03 of this Agreement. 

“Interim Exchange” has the meaning ascribed to such term in the BGC Partners TRA. 

“IPO” has the meaning set forth in the recitals to this Agreement. 

“IPO Closing Date” has the meaning ascribed to such term in the Separation and Distribution Agreement. 

“IRS” means the United States Internal Revenue Service. 

“Joint Income Tax Return” means any Joint Return with respect to Income Taxes. 

  
 7 

 “Joint Return” means any Tax Return of a member of the BGC Group or the Newmark
Group that is not a Separate Return. 
 “Law” has the meaning ascribed to such term in the Separation and Distribution
Agreement. 
 “Mixed Business Return” means any Separate Return (including any consolidated, combined, unitary or
other similar Return) that relates to at least one asset or activity that is part of the BGC Business, on the one hand, and at least one asset or activity that is part of the Newmark Business, on the other hand. 

“Newmark” has the meaning set forth in the preamble. 

“Newmark Active Trade or Business” means the active conduct (as defined in Section 355(b)(2) of the Code and the
regulations thereunder) by Newmark (including (x) its “separate affiliated group” (as defined in Section 355(b)(3)(B) of the Code) and (y) Newmark Opco (and any other partnership for U.S. federal income tax purposes the
business of which is attributed to Newmark pursuant to Revenue Ruling 2007-42, 2007-2 C.B. 44)) of the Newmark Business as conducted immediately prior to the
Distribution. 
 “Newmark Adjustment” means any adjustment pursuant to a Final Determination of any Tax Item for a Pre-2017 Period attributable to any member of the Newmark Group or the Newmark Business. 

“Newmark Adjustment Tax Benefit” means any Tax Benefit Actually Realized with respect to any Joint Return or Mixed
Business Return for a Pre-2017 Period and attributable to a Newmark Adjustment. 
 “Newmark
Adjustment Taxes” means any additional Taxes (or reduction in Refund) Actually Realized with respect to any Joint Return or Mixed Business Return for a Pre-2017 Period and attributable to a Newmark
Adjustment. 
 “Newmark Assets” has the meaning ascribed to the term “Transferred Assets” in the Separation and
Distribution Agreement. 
 “Newmark Business” has the meaning ascribed to the term “Transferred Business” in the
Separation and Distribution Agreement. 
 “Newmark Capital Stock” means all classes or series of capital stock of Newmark,
including (i) the Newmark Common Stock, (ii) all options, warrants and other rights to acquire such capital stock and (iii) all instruments properly treated as stock in Newmark for U.S. federal income tax purposes. 

“Newmark Carryback” means the carryback permitted under the Code or other applicable Tax Law of any net operating
loss, net capital loss, excess tax credit, or other similar Tax Attribute of any member of the Newmark Group from a Post-Deconsolidation Period to a Pre-Deconsolidation Period during which such member of the
Newmark Group was included in a Joint Return filed for such Pre-Deconsolidation Period. 

  
 8 

 “Newmark Class A Common Stock” has the meaning
ascribed to such term in the Separation and Distribution Agreement. 
 “Newmark Class B Common Stock”
has the meaning ascribed to such term in the Separation and Distribution Agreement. 
 “Newmark Common Stock”
has the meaning ascribed to such term in the Separation and Distribution Agreement. 
 “Newmark Employee” has the
meaning ascribed to such term in the Separation and Distribution Agreement. 
 “Newmark Entities” has the meaning set forth
in the preamble. 
 “Newmark Equity Awards” has the meaning ascribed to such term in the Separation and Distribution
Agreement. 
 “Newmark Federal Consolidated Income Tax Return” means any Federal Income Tax Return for the affiliated group
(as defined in Section 1504 of the Code) of which Newmark is the common parent. 
 “Newmark Group” means Newmark,
Newmark Holdings, Newmark Opco and each of their respective Subsidiaries. 
 “Newmark Holdings” has the meaning set forth
in the preamble. 
 “Newmark Liabilities” has the meaning ascribed to the term “Transferred Liabilities” in the
Separation and Distribution Agreement. 
 “Newmark Opco” has the meaning set forth in the preamble. 

“Newmark Opco Debt Repayment” means the amount paid by Newmark Opco in satisfaction of the obligations of Newmark Opco under
the BGC Partners-BGC U.S. Opco Other Debt Notes. 
 “Newmark SAE Agreement” has the
meaning ascribed to such term in the Newmark Opco Limited Partnership Agreement. 
 “Newmark Separate Return” means
any Separate Return of Newmark or any member of the Newmark Group. 
 “Newmark Single Business Return” means any
Single Business Return that relates to assets or activities of only the Newmark Business. 
 “Newmark TRA Tax Benefit” has
the meaning set forth in Section 6.03 of this Agreement. 
 “New York City Unincorporated Business
Tax” means the provisions of Title 11, Chapter 5 of the New York City Administrative Code (or any successor statute or provision). 

“Notified Action” shall have the meaning set forth in Section 7.04(a) of this Agreement. 

  
 9 

 “Opco Partnership Contribution” has the meaning set forth in the recitals of
this Agreement. 
 “Opco Partnership Distribution” has the meaning ascribed to such term in the recitals of this Agreement.

 “Opco Partnership Division” has the meaning set forth in the recitals of this Agreement. 

“Other Tax” means any Federal Other Tax, State Other Tax, or Foreign Other Tax. 

“Partnership Division Treatment” means (a) the qualification of the Opco Partnership Division (including the
transactions contemplated by the Newmark SAE Agreement) as a division under the “assets-up form” of BGC U.S. Opco under Treasury Regulations
Section 1.708-1(d)(3)(ii), (b) the qualification of the Holdings Partnership Division as a division under the “assets-over form” of BGC Holdings under Treasury Regulations Section 1.708-1(d)(3)(i), (c) the qualification of each of the Opco Partnership Contribution and Holdings Partnership Contribution as a transaction described in Section 721(a) of the Code and
(d) the qualification of each of the Opco Partnership Distribution and the Holdings Partnership Distribution as a transaction described in Section 731(a) of the Code, in each case, in which no gain or income is recognized by BGC U.S. Opco
or Newmark Opco and BGC Holdings or Newmark Holdings, respectively, or any of their respective partners, other than any gain or income required to be recognized by any partner of BGC U.S. Opco or BGC Holdings, pursuant to Sections 704(c)(1)(B)
or Section 737 of the Code or with respect to any cash received or deemed received (other than the Newmark Opco Debt Repayment). 

“Past Practices” has the meaning set forth in Section 4.04(a) of this Agreement. 

“Payment Date” means (i) with respect to any BGC Federal Consolidated Income Tax Return, the due date for any required
installment of estimated taxes determined under Section 6655 of the Code, the due date (determined without regard to extensions) for filing the return determined under Section 6072 of the Code, and the date the return is filed, and
(ii) with respect to any other Tax Return, the corresponding dates determined under the applicable Tax Law. 
 “Payor”
has the meaning set forth in Section 5.03(a) of this Agreement. 
 “Person” means any
individual, partnership, corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without regard
to whether any entity is treated as disregarded for Federal Income Tax purposes. 
 “Post-2016 Period” means any Tax Period
beginning after December 31, 2016, and, in the case of any Straddle Period, the portion of such Straddle Period beginning on and including January 1, 2017. 

“Post-Deconsolidation Period” means any Tax Period beginning after the Deconsolidation Date, and, in the case of any Straddle
Period, the portion of such Straddle Period beginning on the day after the Deconsolidation Date. For the avoidance of doubt, if the IPO results in Deconsolidation, the “Post-Deconsolidation Period” and the
“Post-IPO Period” shall have the same meaning. 

  
 10 

 “Post-IPO Period” means any Tax
Period beginning after the IPO Closing Date, and, in the case of any Straddle Period, the portion of such Straddle Period beginning on the day after the IPO Closing Date. For the avoidance of doubt, if the IPO results in Deconsolidation, the
“Post-Deconsolidation Period” and the “Post-IPO Period” shall have the same meaning. 

“Pre-2017 Period” means any Tax Period ending on or before December 31, 2016,
and, in the case of any Straddle Period, the portion of such Straddle Period ending on and including December 31, 2016. 
 “Pre-Deconsolidation Period” means any Tax Period ending on or before the Deconsolidation Date, and, in the case of any Straddle Period, the portion of such Straddle Period ending on and including the
Deconsolidation Date. For the avoidance of doubt, if the IPO results in Deconsolidation, the “Pre-Deconsolidation Period” and the “Pre-IPO Period”
shall have the same meaning. 
 “Pre-IPO Period” means any Tax Period ending on or
before the IPO Closing Date, and, in the case of any Straddle Period, the portion of such Straddle Period ending on and including the IPO Closing Date. For the avoidance of doubt, if the IPO results in Deconsolidation, the “Pre-Deconsolidation Period” and the “Pre-IPO Period” shall have the same meaning. 

“Privilege” means any privilege that may be asserted under applicable Law, including, any privilege arising under or
relating to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating to internal evaluation processes. 

“Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding or
arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of
transactions), whether such transaction is supported by Newmark management or shareholders, is a hostile acquisition, or otherwise, as a result of which Newmark would merge or consolidate with any other Person or as a result of which any Person or
Persons would (directly or indirectly) acquire, or have the right to acquire, from Newmark and/or one or more holders of outstanding shares of Newmark Capital Stock, a number of shares of Newmark Capital Stock that would, when combined with any
other changes in ownership of Newmark Capital Stock pertinent for purposes of Section 355(e) of the Code, comprise 40% or more of (A) the value of all outstanding shares of stock of Newmark as of the date of such transaction, or in the
case of a series of transactions, the date of the last transaction of such series, or (B) the total combined voting power of all outstanding shares of voting stock of Newmark as of the date of such transaction, or in the case of a series of
transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A) the adoption by Newmark of a shareholder rights plan or (B) issuances by Newmark that
satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation
Section 1.355-7(d). For purposes of 

  
 11 

 
determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an
indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and shall be
interpreted accordingly. Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated into this definition and its interpretation. 

“Refund” means any refund (or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be
refunded or, alternatively, applied to or against other Taxes payable), including any interest paid on or with respect to such refund (or credit or overpayment); provided, however, that for purposes of this Agreement, the amount of any
Refund required to be paid to another Party shall be reduced by the net amount of any Income Taxes imposed on, related to, or attributable to, the receipt or accrual of such Refund. 

“Representation Letters” means the representation letters and any other materials delivered by, or on behalf of, BGC
Partners, Newmark or others to a Tax Advisor in connection with the issuance by such Tax Advisor of a Tax Opinion. 
 “Required
Party” has the meaning set forth in Section 5.03(a) of this Agreement. 
 “Responsible
Company” means, with respect to any Tax Return, the Company having responsibility for preparing and filing such Tax Return under this Agreement. 

“Restriction Period” means the period beginning on the date hereof and ending on the twenty-five (25) month anniversary
of the Distribution Date. 
 “Retention Date” has the meaning set forth in Section 9.01 of this
Agreement. 
 “Section 336(e) Election” has the meaning set forth in
Section 7.06 of this Agreement. 
 “Section 368(c) Control” means
“control” as defined in Section 368(c) of the Code (or in any successor statute or provision), as such definition may be amended from time to time. 

“Section 7.02(d) Acquisition Transaction” means any transaction or series of transactions that is not a
Proposed Acquisition Transaction but would be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 25% instead of 40%. 

“Separate Return” means (a) in the case of any Tax Return of any member of the Newmark Group (including any
consolidated, combined, unitary or other similar Return), any such Tax Return that does not include any member of the BGC Group and (b) in the case of any Tax Return of any member of the BGC Group (including any consolidated, combined, unitary
or other similar Return), any such Tax Return that does not include any member of the Newmark Group. 
 “Separation” has
the meaning set forth in the recitals of this Agreement. 

  
 12 

 “Separation and Distribution Agreement” has the meaning set forth in the
recitals of this Agreement. 
 “Separation Transactions” means the Contribution, the Distribution, the Opco
Partnership Division, the Holdings Partnership Division and the other transactions contemplated by the Separation and Distribution Agreement and the Newmark SAE Agreement. 

“Single Business Return” means any Separate Return (including any consolidated, combined, unitary or other similar
Return) that relates to assets or activities of only the BGC Business, on the one hand, or the Newmark Business, on the other hand (but not both). 

“State Income Tax” means any Tax imposed by any State of the United States (or by any political subdivision of any such
State) or the District of Columbia, or any city or municipality located therein, which is imposed on or measured by net income, including state and local franchise or similar Taxes measured by net income (and, for the absence of doubt, any interest,
penalties, additions to tax, or additional amounts in respect of the foregoing). 
 “State Income Tax Return” means any Tax
Return with respect to State Income Taxes. 
 “State Other Tax” means any Tax imposed by any State of the United States (or
by any political subdivision of any such State) or the District of Columbia, or any city or municipality located therein, other than any State Income Taxes (and, for the absence of doubt, any interest, penalties, additions to tax, or additional
amounts in respect of the foregoing). 
 “State Tax” means any State Income Taxes or State Other Taxes. 

“Straddle Period” means any Tax Period that begins on or before and ends after the IPO Closing Date, December 31, 2016
or the Deconsolidation Date, as applicable. 
 “Tax” or “Taxes” means any income, gross income, gross
receipts, profits, capital stock, franchise, withholding, payroll, social security, workers’ compensation, unemployment, disability, property, ad valorem, stamp, excise, severance, occupation, service, sales, use, license, lease,
transfer, import, export, value added, alternative minimum, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax) imposed by any governmental entity or political subdivision thereof (and, for
the absence of doubt, any interest, penalties, additions to tax, or additional amounts in respect of the foregoing). 
 “Tax
Advisor” means a United States tax counsel or accountant of recognized national standing. 
 “Tax Advisor
Dispute” has the meaning set forth in Section 14 of this Agreement. 
 “Tax
Attribute” means a net operating loss, net capital loss, unused investment credit, unused foreign tax credit, excess charitable contribution, general business credit or any other Tax Item that could reduce a Tax. 

  
 13 

 “Tax Authority” means, with respect to any Tax, the governmental entity or
political subdivision thereof that imposes such Tax, and the agency (if any) charged with the collection of such Tax for such entity or subdivision. 

“Tax Benefit” means any Refund, credit, or other reduction in Taxes paid or payable. 

“Tax Contest” means an audit, review, examination, or any other administrative or judicial proceeding with the purpose or
effect of redetermining Taxes (including any administrative or judicial review of any claim for Refund). 
 “Tax-Free Status” means, with respect to the Contribution and the Distribution, taken together, the qualification thereof (a) as a transaction described in Section 368(a)(1)(D) and
Section 355(a) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified property” for purposes of Sections 355(c)(2), 355(d), 355(e) and 361(c)(2) of the Code and (c) as a transaction in
which BGC Partners, Newmark, the members of their respective Groups and the shareholders of BGC Partners recognize no income or gain for U.S. federal income tax purposes pursuant to Sections 355, 361 and 1032 of the Code, other than
(1) gain recognized pursuant to Section 361(b) of the Code with respect to any “other property or money” within the meaning of Section 361(b) of the Code received by BGC Partners from Newmark as part of the Contribution (if
any) that is not transferred to creditors or shareholders of BGC Partners in connection with the Contribution and the Distribution, or (2) intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations
promulgated pursuant to Section 1502 of the Code. 
 “Tax Item” means, with respect to any Income Tax, any item of
income, gain, loss, deduction, credit, or any other item which increases or decreases Taxes paid or payable. 
 “Tax Law”
means the Law of any governmental entity or political subdivision thereof relating to any Tax. 
 “Tax Opinion” means an
opinion of a Tax Advisor delivered to BGC Partners in connection with, and regarding the Federal Income Tax treatment of, the Contribution and the Distribution. 

“Tax Period” means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or other
applicable Tax Law. 
 “Tax Records” means any Tax Returns, Tax Return workpapers, documentation relating to any Tax
Contests, and any other books of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not stored on electronic or any other medium) required to be maintained under the Code or other
applicable Tax Laws or under any record retention agreement with any Tax Authority. 
 “Tax Return” or
“Return” means any report of Taxes due, any claim for refund of Taxes paid, any information return with respect to Taxes, or any other similar report, statement, declaration, or document filed or required to be filed under
the Code or other Tax Law, including any attachments, exhibits, or other materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing. 

  
 14 

 “Term Loan” has the meaning ascribed to such term in the Separation and
Distribution Agreement. 
 “TRA Tax Benefit Payment” has the meaning ascribed to such term in the BGC Partners TRA.

 “Treasury Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant
Tax Period. 
 “Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor (which Tax
Advisor is acceptable to BGC Partners) on which BGC Partners may rely to the effect that a transaction will not affect the Tax-Free Status of the Contribution or the Distribution. Any such opinion must assume
that the Contribution and Distribution, taken together, would have qualified for Tax-Free Status if the transaction in question did not occur. 

“Waiver” has the meaning set forth in Section 7.02(c) of this Agreement. 

Section 2. Allocation of Tax Liabilities. 

Section 2.01 General Rule. 

(a) BGC Liability. The BGC Entities shall be liable for, and shall indemnify and hold harmless the Newmark Group from and against any
liability for, Taxes which are allocated to the BGC Entities under this Section 2. 
 (b) Newmark Liability.
The Newmark Entities shall be liable for, and shall indemnify and hold harmless the BGC Group from and against any liability for, Taxes which are allocated to the Newmark Entities under this Section 2. 

Section 2.02 Allocation of United States Federal Income Tax and Federal Other Tax. Except as otherwise provided in
Section 2.05, Federal Income Tax and Federal Other Tax shall be allocated as follows: 
 (a) Allocation
of Tax Relating to BGC Federal Consolidated Income Tax Returns. With respect to any Federal Income Taxes due with respect to, or required to be reported on, a BGC Federal Consolidated Income Tax Return (including any increase in such Tax (or a
reduction in Refund) as a result of a Final Determination): 
 (i) Pre-2017
Periods. The BGC Entities shall be responsible for any such Federal Income Taxes for a Pre-2017 Period; provided, that the Newmark Entities shall be responsible for any such Federal Income Taxes
that are Newmark Adjustment Taxes. 
 (ii) Post-2016 Periods. 

(A) The Newmark Entities shall be responsible for any such Federal Income Taxes for a Post-2016 Period that are attributable to
the Newmark Business (as determined pursuant to Section 3.02). 

  
 15 

 (B) The BGC Entities shall be responsible for any such Federal Income Taxes for a
Post-2016 Period other than Taxes for which the Newmark Entities are responsible pursuant to Section 2.02(a)(ii)(A). 

(b) Allocation of Tax Relating to Federal Separate Income Tax Returns. With respect to any Federal Income Taxes due with respect to, or
required to be reported on, a Separate Return (including any increase in such Tax (or a reduction in Refund) as a result of a Final Determination): 

(i) The BGC Entities shall be responsible for any such Federal Income Taxes due with respect to, or required to be reported on,
any BGC Separate Return. 
 (ii) The Newmark Entities shall be responsible for any and all Federal Income Taxes due with
respect to, or required to be reported on, any Newmark Separate Return. 
 (c) Allocation of Federal Other Tax. With respect to any
Federal Other Taxes (including any increase in such Tax (or a reduction in Refund) as a result of a Final Determination): 

(i) The BGC Entities shall be responsible for any such Federal Other Taxes that are attributable to the BGC Business (as
determined pursuant to Section 3.03). 
 (ii) The Newmark Entities shall be responsible for any
such Federal Other Taxes that are attributable to the Newmark Business (as determined pursuant to Section 3.03). 

Section 2.03 Allocation of State Income and State Other Taxes. Except as otherwise provided in Section 2.05,
State Income Tax and State Other Tax shall be allocated as follows: 
 (a) Allocation of Tax Relating to BGC State Combined Income Tax
Returns. With respect to any State Income Taxes due with respect to, or required to be reported on, a BGC State Combined Income Tax Return or other Joint Return (including any increase in such Tax (or a reduction in Refund) as a result of a
Final Determination): 
 (i) Pre-2017 Periods. The BGC Entities shall be
responsible for any such State Income Taxes for a Pre-2017 Period; provided, that the Newmark Entities shall be responsible for any such State Income Taxes that are Newmark Adjustment Taxes. 

(ii) Post-2016 Periods. 

(A) The Newmark Entities shall be responsible for any such State Income Taxes for a Post-2016 Period that are attributable to
the Newmark Business (as determined pursuant to Section 3.02). 

  
 16 

 (B) The BGC Entities shall be responsible for any such State Income Taxes for a
Post-2016 Period other than Taxes for which the Newmark Entities are responsible pursuant to Section 2.03(a)(ii)(A). 

(b) Allocation of Tax Relating to State Separate Income Tax Returns. With respect to any State Income Taxes due with respect to, or
required to be reported on, a Separate Return (including any increase in such Tax (or a reduction in Refund) as a result of a Final Determination): 

(i) Mixed Business Returns. In the case of any such State Income Taxes due with respect to, or required to be reported
on, a Mixed Business Return: 
 (A) If such Mixed Business Return is a BGC Separate Return, the BGC Entities shall be
responsible for any such State Income Taxes; provided, that the Newmark Entities shall be responsible for any such State Income Taxes that are Newmark Adjustment Taxes. 

(B) If such Mixed Business Return is a Newmark Separate Return, the Newmark Entities shall be responsible for any such State
Income Taxes; provided, that the BGC Entities shall be responsible for any such State Income Taxes that are BGC Adjustment Taxes. 

(ii) Single Business Returns. In the case of any such State Income Taxes due with respect to, or required to be
reported, on a Single Business Return: 
 (A) The BGC Entities shall be responsible for any such State Income Taxes due with
respect to, or required to be reported on, any BGC Single Business Return. 
 (B) The Newmark Entities shall be responsible
for any such State Income Taxes due with respect to, or required to be reported on, any Newmark Single Business Return. 
 (c) Allocation
of State Other Tax. With respect to any State Other Taxes (including any increase in such Tax (or a reduction in Refund) as a result of a Final Determination): 

(i) The BGC Entities shall be responsible for any such State Other Taxes that are attributable to the BGC Business (as
determined pursuant to Section 3.03). 
 (ii) The Newmark Entities shall be responsible for any
such State Other Taxes that are attributable to the Newmark Business (as determined pursuant to Section 3.03). 

  
 17 

 Section 2.04 Allocation of Foreign Taxes. Except as otherwise provided in
Section 2.05, Foreign Income Tax and Foreign Other Tax shall be allocated as follows: 
 (a) Allocation
of Tax Relating to Foreign Combined Income Tax Returns. With respect to any Foreign Income Taxes due with respect to, or required to be reported on, a Foreign Combined Income Tax Return or other Joint Return (including any increase in such Tax
(or reduction in Refund) as a result of a Final Determination): 
 (i) Pre-2017
Periods. The BGC Entities shall be responsible for any such Foreign Income Taxes for a Pre-2017 Period; provided, that the Newmark Entities shall be responsible for any such Foreign Income Taxes
that are Newmark Adjustment Taxes. 
 (ii) Post-2016 Periods. 

(A) The Newmark Entities shall be responsible for any such Foreign Income Taxes for a Post-2016 Period that are attributable to
the Newmark Business (as determined pursuant to Section 3.02). 
 (B) The BGC Entities shall be
responsible for any such Foreign Income Taxes for a Post-2016 Period other than Taxes for which the Newmark Entities are responsible pursuant to Section 2.04(a)(ii)(A). 

(b) Allocation of Tax Relating to Foreign Separate Income Tax Returns. With respect to any Foreign Income Taxes due with respect to, or
required to be reported on, a Separate Return (including any increase in such Tax (or a reduction in Refund) as a result of a Final Determination): 

(i) Mixed Business Returns. In the case of any such Foreign Income Taxes due with respect to, or required to be reported
on, a Mixed Business Return: 
 (A) If such Mixed Business Return is a BGC Separate Return, the BGC Entities shall be
responsible for any such Foreign Income Taxes; provided, that the Newmark Entities shall be responsible for any such Foreign Income Taxes that are Newmark Adjustment Taxes. 

(B) If such Mixed Business Return is a Newmark Separate Return, the Newmark Entities shall be responsible for any such Foreign
Income Taxes; provided, that the BGC Entities shall be responsible for any such Foreign Income Taxes that are BGC Adjustment Taxes. 

(ii) Single Business Returns. In the case of any such Foreign Income Taxes due with respect to, or required to be
reported on, a Single Business Return: 
 (A) The BGC Entities shall be responsible for any such Foreign Income Taxes due
with respect to, or required to be reported on, any BGC Single Business Return. 
 (B) The Newmark Entities shall be
responsible for any such Foreign Income Taxes due with respect to, or required to be reported on, any Newmark Single Business Return. 

  
 18 

 (c) Allocation of Foreign Other Tax. With respect to any Foreign Other Taxes (including
any increase in such Tax (or a reduction in Refund) as a result of a Final Determination): 
 (i) The BGC Entities shall be
responsible for any such Foreign Other Taxes that are attributable to the BGC Business (as determined pursuant to Section 3.03). 

(ii) The Newmark Entities shall be responsible for any such Foreign Other Taxes that are attributable to the Newmark Business
(as determined pursuant to Section 3.03). 
 Section 2.05 Certain Transaction and Other Taxes. 

(a) Newmark Liability. The Newmark Entities shall be liable for, and shall indemnify and hold harmless the BGC Group from and against
any liability for: 
 (i) Any stamp, sales and use, gross receipts, value-added or other transfer Taxes imposed by any Tax
Authority on any member of the Newmark Group (if such member is primarily liable for such Tax) on the transfers occurring pursuant to the Separation Transactions; 

(ii) any Tax resulting from a breach by the Newmark Entities of any representation or covenant in this Agreement, the
Separation and Distribution Agreement or any Ancillary Agreement; and 
 (iii) any Distribution Tax-Related Losses for which the Newmark Entities are responsible pursuant to Section 7.05 of this Agreement. 

The amounts for which the Newmark Entities are liable pursuant to Section 2.05(a)(i) and (ii) shall include all
accounting, legal and other professional fees, and court costs incurred in connection with the relevant Taxes. 
 (b) BGC Partners
Liability. The BGC Entities shall be liable for, and shall indemnify and hold harmless the Newmark Group from and against any liability for: 

(i) Any stamp, sales and use, gross receipts, value-added or other transfer Taxes imposed by any Tax Authority on any member of
the BGC Group (if such member is primarily liable for such Tax) on the transfers occurring pursuant to the Separation Transactions; 

(ii) any Tax resulting from a breach by the BGC Entities of any representation or covenant in this Agreement, the Separation
and Distribution Agreement or any Ancillary Agreement; and 
 (iii) any Distribution
Tax-Related Losses for which the BGC Entities are responsible pursuant to Section 7.05 of this Agreement. 

  
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 The amounts for which the BGC Entities are liable pursuant to Section 2.05(b)(i) and
(ii) shall include all accounting, legal and other professional fees, and court costs incurred in connection with the relevant Taxes. 

Section 3. Attribution of Taxes; Proration of Taxes for Straddle Periods. 

Section 3.01 Income Taxes in Respect of Joint Returns and Mixed Business Returns for
Pre-2017 Periods. For purposes of this Agreement, in the case of any Final Determination with respect to any Income Tax Return for any Pre-2017 Period that is a
Joint Return or Mixed Business Return, the existence and amount of any Newmark Adjustment Taxes, BGC Adjustment Taxes, Newmark Adjustment Tax Benefit or BGC Adjustment Tax Benefit shall be determined on a “with and without” basis by
reference solely to such Final Determination and the Tax Periods affected thereby, which determination shall be made by BGC Partners in its sole good faith discretion. 

Section 3.02 Income Taxes in Respect of Joint Returns for Post-2017,
Pre-Deconsolidation Periods. For purposes of this Agreement, with respect to any Joint Income Tax Return for any Post-2016 Period that ends on or before the Deconsolidation Date, Income Taxes that are
attributable to the Newmark Business shall be the hypothetical stand-alone Tax Liability of the Newmark Group (and/or any of its members) for such Tax Period with respect to a pro forma Tax Return of members of the Newmark Group that takes into
account only the relevant operations, assets and liabilities (and relevant Tax Items (including, for the avoidance of doubt, deductions pursuant to the New York City Unincorporated Business Tax) attributable to or arising out of such relevant
operations, assets and liabilities) of the Newmark Business and prepared on the following basis, as determined by BGC Partners in its sole good faith discretion: 

(a) the Separation (including the Partnership Divisions and the Contribution) shall be assumed to have occurred immediately before
January 1, 2017, such that all of the operations, assets and liabilities of the Newmark Business held by members of the Newmark Group as of immediately before the IPO are deemed to have been held by such members of the Newmark Group (and that
all such members of the Newmark Group had been in existence) during the period beginning on (and including) January 1, 2017 and ending at the IPO; 

(b) to the extent that members of the Newmark Group would be (or would have been (x) but for their inclusion in a Joint Return or
(y) had they been in existence) entitled to file the relevant Tax Return on a consolidated, combined, unitary or similar basis, as applicable, solely with other members of the Newmark Group, such Tax Liability shall be determined as though such
members of the Newmark Group filed on a consolidated, combined, unitary or similar basis, as applicable, solely with such other members of the Newmark Group; 

(c) except as provided in Section 3.02(d), the same elections, accounting methods and conventions used on the
relevant Joint Income Tax Return, to the extent applicable, shall be used; 
 (d) taxable income of the Newmark Group and/or any of its
members shall be calculated by taking into account losses, credits, and other Tax Attributes of Newmark and the relevant members of the Newmark Group, in each case, solely to the extent arising after

  
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December 31, 2016 and on or before the Deconsolidation Date, and treating all such Tax Attributes as being subject to the limitations under applicable Tax Law (including limitations on
carrybacks and carryforwards) that would apply if the relevant members of the Newmark Group had filed Tax Returns on the basis set forth in this Section 3.02 for all Tax Periods (or portions thereof) relevant to the
computation; provided, that the Newmark Group and/or its members shall be deemed to have relinquished, waived or otherwise foregone any carrybacks to any taxable period (or portion thereof) beginning prior to January 1, 2017, and if any
such Tax Attribute would, under applicable Tax Law be required to be carried back to such a period (or portion thereof), such Tax Attribute shall be deemed to be available to the Newmark Group on a carryforward basis (subject to the limitations
under applicable Tax Law on such carryforwards). For the avoidance of doubt, for purposes of calculating any available carryforward or carryback of Tax Attributes pursuant to this clause (d), the utilization of any such Tax Attributes by members of
the BGC Group shall be disregarded; 
 (e) any Income Tax deductions in respect of Compensatory Equity Interests shall be allocated in
accordance with the principles set forth in Section 6.02(a); and 
 (f) calculations pursuant to the foregoing
provisions of this Section 3.02 shall not be deemed to result in a Refund to the Newmark Group (and/or any of its members) unless the Newmark Group or the Newmark Business generates a Tax Attribute for a Post-2016 Period
determined under the principles of this Section 3.02 and a member of the BGC Group Actually Realizes a Tax Benefit as a result of the utilization of such Tax Attribute, as determined by BGC Partners in its sole good faith
discretion (any Refund to the Newmark Group (and/or any of its members) determined pursuant to this Section 3.02 (after application of the limitations set forth in this Section 3.02(f)), a
“Hypothetical Newmark Refund”). For the avoidance of doubt, the BGC Entities shall not be required to pay any amounts to Newmark or any member of the Newmark Group except as required under Section 6. 

Section 3.03 Attribution of Other Taxes in Respect of Joint Returns and Mixed Returns. For purposes of this
Agreement, with respect to any Other Tax Return that is a Joint Return or Mixed Business Return, Other Taxes that are attributable to the Newmark Business or the BGC Business, as applicable, shall be determined by reference to all relevant facts and
circumstances (e.g., in the case of a property Tax imposed on shared real estate, such Tax may be apportioned between the Newmark Business and the BGC Business by reference to the portion of such shared real estate that is used by the Newmark
Business relative to the BGC Business), which determination shall be made by BGC Partners in its sole good faith discretion. 

Section 3.04 General Method of Proration for Straddle Periods. In the case of any Straddle Period, Tax Items shall
be apportioned between Pre-Deconsolidation Periods and Post-Deconsolidation Periods (and, to the extent relevant, Pre-2017 Periods and Post-2016 Periods or Pre-IPO Periods and Post-IPO Periods, as applicable) in accordance with the principles of Treasury Regulation Section 1.1502-76(b)
and any other applicable Tax Law as reasonably interpreted and applied by BGC Partners. With respect to the BGC Federal Consolidated Income Tax Return for the taxable year that includes the Deconsolidation, no election shall be made under Treasury
Regulation Section 1.1502-76(b)(2)(ii). If the Deconsolidation Date is not an Accounting Cutoff Date, the provisions of Treasury Regulation
Section 1.1502-76(b)(2)(iii) will be applied to ratably allocate the items (other than extraordinary items) for the month which includes the Deconsolidation Date. 

  
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 Section 3.05 Transactions Treated as Extraordinary Item. In determining
the apportionment of Tax Items between Pre-Deconsolidation Periods and Post-Deconsolidation Periods, any Tax Items relating to the Separation Transactions shall be treated as extraordinary items described in
Treasury Regulation Section 1.1502-76(b)(2)(ii)(C) and shall (to the extent occurring on or prior to the Deconsolidation Date) be allocated to Pre-Deconsolidation
Periods, and any Taxes related to such items shall be treated under Treasury Regulation Section 1.1502-76(b)(2)(iv) as relating to such extraordinary item and shall (to the extent occurring on or prior to
the Deconsolidation Date) be allocated to Pre-Deconsolidation Periods. To the extent relevant for purposes of this Agreement, similar principles shall apply for purposes of apportioning Tax Items between Pre-2016 Periods and Post-2017 Periods and Pre-IPO Periods and Post-IPO Periods, as applicable. 

Section 4. Preparation and Filing of Tax Returns. 

Section 4.01 General. Except as otherwise provided in this Section 4, Tax Returns shall be prepared and
filed when due (taking into account extensions) by the Person obligated to file such Tax Returns under the Code or applicable Tax Law. The Companies shall provide, and shall cause their Affiliates to provide, assistance and cooperation to one
another in accordance with Section 8 with respect to the preparation and filing of Tax Returns, including by providing information required to be provided pursuant to Section 8. 

Section 4.02 BGC Partners Responsibility. BGC Partners has the exclusive obligation and right to prepare and file, or to
cause to be prepared and filed: 
 (a) BGC Federal Consolidated Income Tax Returns, BGC State Combined Income Tax Returns, BGC Foreign
Combined Income Tax Returns and any other Joint Returns which BGC Partners reasonably determines are required to be filed (or which BGC Partners chooses to be filed) by the Companies or any of their Affiliates; 

(b) BGC Separate Returns; 
 (c)
Newmark Separate Returns that are Mixed Business Returns and Newmark Separate Returns that are BGC Single Business Returns, in each case, which BGC Partners reasonably determines are required to be filed by the Companies or any of their Affiliates
(limited, in the case of Newmark Separate Returns, to such Returns as BGC Partners reasonably determines are required to be filed for Tax Periods beginning before the Deconsolidation Date). 

Section 4.03 Newmark Responsibility. Newmark shall prepare and file, or shall cause to be prepared and filed, all Tax Returns
required to be filed by or with respect to members of the Newmark Group other than those Tax Returns which BGC Partners is required or entitled to prepare and file under Section 4.02 (it being agreed and understood that
Newmark shall not file, or cause to be filed, any Tax Return if the filing of such Tax Return would be inconsistent with any Tax Return that BGC Partners files or chooses to file pursuant to Section 4.02 (such as, for
example, the filing of any Newmark Separate Return for a Tax Period (or portion thereof) in a 

  
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jurisdiction and for a type of Tax where BGC Partners files a Joint Return for the same Tax Period (or portion thereof))). The Tax Returns required to be prepared and filed by Newmark under this
Section 4.03 shall include (a) any Newmark Federal Consolidated Income Tax Return for Tax Periods ending after the Deconsolidation Date and (b) Newmark Separate Returns that are Newmark Single Business Returns.

 Section 4.04 Tax Accounting Practices. 

(a) General Rule. Except as otherwise provided in Section 4.04(b), (i) with respect to any Tax Return
that Newmark has the obligation and right to prepare and file, or cause to be prepared and filed, under Section 4.03, for any Tax Period ending on or before the Deconsolidation Date or any Straddle Period that includes the
Deconsolidation Date (or any Tax Period beginning after the Deconsolidation Date to the extent Tax Items reported on such Tax Return could reasonably be expected to affect Tax Items reported on any Tax Return that BGC Partners has the obligation or
right to prepare and file, or cause to be prepared and filed, for any taxable period ending on or before the Deconsolidation Date or any Straddle Period that includes the Deconsolidation Date), such Tax Return shall be prepared in accordance with
past practices, accounting methods, elections and conventions (“Past Practices”) used with respect to the Tax Returns in question (unless there is no reasonable basis for the use of such Past Practices or unless there is no adverse
effect to BGC Partners or any of its Affiliates), and to the extent any such Tax Items are not covered by Past Practices (or in the event that there is no reasonable basis for the use of such Past Practices or there is no adverse effect to BGC
Partners or any of its Affiliates), in accordance with reasonable Tax accounting practices selected by Newmark and reasonably acceptable to BGC Partners, and (ii) notwithstanding anything to the contrary in clause (i), Newmark shall not, and
shall not permit or cause any member of the Newmark Group to, take any position with respect to any Tax Item on a Tax Return, or otherwise treat a Tax Item, in a manner that is inconsistent with the manner in which such Tax Item (or related Tax
Items) is (or are) reported on a Tax Return which BGC Partners has the obligation and right to prepare and file, or cause to be prepared and filed, under Section 4.02 (unless there is no reasonable basis for such
reporting). Except as otherwise provided in Section 4.04(b), with respect to any Tax Return that BGC Partners has the obligation and right to prepare and file, or cause to be prepared and filed, under
Section 4.02, such Tax Return shall be prepared in accordance with reasonable Tax accounting practices selected by BGC Partners. 

(b) Reporting of Transactions. Except to the extent otherwise required by a change in applicable Tax Law or as a result of a Final
Determination, neither BGC Partners nor Newmark shall, and shall not permit or cause any member of its respective Group to, take any position that is inconsistent with the treatment of (i) the Contribution and Distribution, taken together, as
having Tax-Free Status (or analogous status under state, local or foreign Law), (ii) any of the Partnership Divisions as having Partnership Division Treatment (or analogous treatment under state, local or
foreign Law), or (iii) any Separation Transaction in the relevant Tax Opinion(s) (to the extent still valid and in effect); provided, that in any case or with respect to any item where there is no relevant Tax Opinion, the Tax treatment
of the Separation Transactions shall be as determined by BGC Partners in its sole good faith discretion.  

  
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 Section 4.05 Consolidated or Combined Tax Returns. BGC Partners shall determine in
its sole discretion whether to file a Tax Return for any Tax Period as a Joint Return and the entities to be included in any Joint Return, and BGC Partners shall (and shall be entitled to), in its sole discretion, make or revoke any Tax elections,
adopt or change any Tax accounting methods, and determine any other position taken on or in respect of any Joint Return. Newmark shall elect to join (and take any other action necessary to give effect to such election), and shall cause its
respective Affiliates to elect to join (and take any other action necessary to give effect to such election), in filing any BGC Federal Consolidated Income Tax Returns, BGC State Combined Income Tax Returns, BGC Foreign Combined Income Tax Returns
and any other Joint Returns that BGC Partners determines are required to be filed or that BGC Partners chooses to file pursuant to Section 4.02. With respect to any Newmark Separate Returns relating to any Tax Period (or
portion thereof) ending on or prior to the Deconsolidation Date, Newmark shall elect to join, and shall cause its respective Affiliates to elect to join, in filing consolidated, unitary, combined, or other similar joint Tax Returns, to the extent
each entity is eligible to join in such Tax Returns, if BGC Partners reasonably determines that the filing of such Tax Returns is consistent with past reporting practices, or, in the absence of applicable past practices, will result in the
minimization of the net present value of the aggregate Tax to the entities eligible to join in such Tax Returns. 
 Section 4.06
Right to Review Tax Returns. 
 (a) General. The Responsible Company with respect to any Tax Return shall make such Tax Return (or
the relevant portions thereof) and related workpapers and other supporting documents available for review by the other Company, if requested, to the extent (i) such Tax Return relates to Taxes for which such other Company (or any of its
Affiliates) is or would reasonably be expected to be liable, (ii) such other Company (or any of its Affiliates) is or would reasonably be expected to be liable in whole or in part for any additional Taxes owing as a result of adjustments to the
amount of such Taxes reported on such Tax Return, (iii) such Tax Return relates to Taxes for which such other Company would reasonably be expected to have a claim for Refunds or other Tax Benefits under this Agreement, or (iv) reasonably
necessary for the other Company to confirm compliance with the terms of this Agreement. The Responsible Company shall use reasonable efforts to make such Tax Return, workpapers and other supporting documents available for review as required under
this paragraph sufficiently in advance of the due date for filing of such Tax Return to provide the other Company with a meaningful opportunity to review and comment on such Tax Return. The Companies shall attempt in good faith to resolve any
disagreement arising out of the review of such Tax Return and, failing such resolution, any disagreement shall be resolved in accordance with the disagreement resolution provisions of Section 14 as promptly as practicable.

 (b) Execution of Returns Prepared by Other Party. In the case of any Tax Return which is required to be prepared and filed by one
Company under this Agreement and which is required by law to be signed by the other Company (or by its authorized representative), the Company which is legally required to sign such Tax Return shall not be required to sign such Tax Return under this
Agreement unless there is at least a reasonable basis (or comparable standard under state, local or foreign Law) for the Tax treatment of each material item reported on the Tax Return. 

  
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 Section 4.07 Newmark Carrybacks and Claims for Refund. Unless BGC Partners
consents in writing, Newmark shall (i) not file any Adjustment Request with respect to any Joint Return, Mixed Business Return or BGC Single Business Return, (ii) make any and all available elections to waive the right to claim any Newmark
Carryback, and (iii) not claim or make any affirmative election to claim any Newmark Carryback. 
 Section 4.08 Apportionment
of Earnings and Profits and Tax Attributes. 
 (a) If the BGC Affiliated Group has a Tax Attribute, the portion, if any, of such Tax
Attribute apportioned to Newmark or the members of the Newmark Group and treated as a carryover to the first Post-Deconsolidation Taxable Period of Newmark (or such member) shall be determined by BGC Partners in accordance with Treasury Regulation
Sections 1.1502-21, 1.1502-21T, 1.1502-22, 1.1502-79 and, if applicable, 1.1502-79A. 
 (b) No Tax Attribute with respect to consolidated Federal Income Tax of the BGC Affiliated
Group, other than those described in Section 4.08(a), and no Tax Attribute with respect to consolidated, combined, unitary or similar state, local, or foreign Income Tax, in each case, arising in respect of a Joint Return
shall be apportioned to Newmark or any member of the Newmark Group, except as BGC Partners (or such member of the BGC Group as BGC Partners shall designate) determines is otherwise required under applicable Tax Law. 

(c) BGC Partners (or its designee) shall determine the portion, if any, of any Tax Attribute which must (absent a Final Determination to the
contrary) be apportioned to Newmark or any member of the Newmark Group in accordance with this Section 4.08 and applicable Tax Law and the amount of tax basis and earnings and profits to be apportioned to Newmark or any
member of the Newmark Group in accordance with this Section 4.08 and applicable Tax Law, and shall provide written notice of the calculation thereof to Newmark as soon as reasonably practicable after the information
necessary to make such calculation becomes available to BGC Partners. For the absence of doubt, BGC Partners shall not be liable to Newmark or any member of the Newmark Group for any failure of any determination under this
Section 4.08 to be accurate under applicable Tax Law. 
 (d) The written notice delivered by BGC Partners pursuant
to Section 4.08(c) shall be binding on Newmark and each member of the Newmark Group and shall not be subject to dispute resolution. Except to the extent otherwise required by a change in applicable Tax Law or pursuant to a
Final Determination, Newmark shall not take any position (whether on a Tax Return or otherwise) that is inconsistent with the information contained in such written notice. 

(e) Notwithstanding any of the above, the foregoing provisions of this Section 4.08 shall not be construed as
obligating BGC Partners to undertake any determination described therein. In the event that Newmark requests that BGC Partners undertakes any such determination and BGC Partners determines, in its sole and absolute discretion, not to undertake such
determination and so advises Newmark, Newmark shall be permitted to undertake such determination at its own cost and expense and shall notify BGC Partners of its determination (which determination shall not be binding on BGC Partners). 

  
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 Section 5. Tax Payments. 

Section 5.01 Payment of Taxes with Respect to Joint Returns and Mixed Returns. In the case of any Joint Return, Mixed Business
Return or any other Tax Return reflecting Taxes for which the Company that is not the Responsible Company is responsible under Section 2: 

(a) Computation and Payment of Tax Due. The Responsible Company shall pay any Tax with respect to any such Tax Return required to be
paid to the applicable Tax Authority on or before the relevant Payment Date (and provide notice and proof of payment to the other Company). 

(b) Computation and Payment of Liability With Respect to Tax Due. The Responsible Company shall compute the amount of Taxes with respect
to such Tax Return for which the other Company is liable (or deemed liable) under the provisions of Section 2 and shall provide written notice and demand for payment of such amount, accompanied by a statement detailing the
Taxes paid and the calculation of the amount payable by the other Company and describing in reasonable detail the particulars relating thereto, to the other Company. The other Company shall pay to the Responsible Company the amount of Taxes with
respect to such Tax Return for which the other Company is liable under the provisions of Section 2 within twenty (20) Business Days of the date of receipt of such written notice and demand from the Responsible Company;
provided, that no such payment shall be required to be made any earlier than five (5) Business Days prior to the relevant Payment Date. 

(c) Adjustments Resulting in Underpayments. In the case of any adjustment pursuant to a Final Determination with respect to any such Tax
Return, the Responsible Company shall pay to the applicable Tax Authority when due any additional Tax due with respect to such Tax Return required to be paid as a result of such adjustment. The Responsible Company shall compute the amount of Taxes
with respect to such Final Determination for which the other Company is liable (or deemed liable) under the provisions of Section 2 and shall provide written notice and demand for payment of such amount, accompanied by a
statement detailing the Taxes paid and the calculation of the amount payable by the other Company and describing in reasonable detail the particulars relating thereto, to the other Company. The other Company shall pay to the Responsible Company the
amount for which the other Company is liable with respect to such adjustment under the provisions of Section 2 within twenty (20) Business Days of the date of receipt of such written notice and demand from the
Responsible Company; provided, that no such payment shall be required to be made any earlier than five (5) Business Days prior to the date the additional Tax is required to be paid to the applicable Tax Authority. 

Section 5.02 Payment of Single Business Taxes. Each Company shall pay, or shall cause to be paid, to the applicable Tax Authority
when due all Taxes owed by such Company or a member of such Company’s Group with respect to such Company’s Single Business Return. 

  
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 Section 5.03 Indemnification Payments. 

(a) If any Company (the “Payor”) is required to pay to a Tax Authority or other party any amounts in respect of Taxes that
another Company (the “Required Party”) is liable for under this Agreement, the Required Party shall reimburse the Payor (and/or pay any other amounts payable by the Required Party in respect of such Taxes under
Section 2) within ten (10) Business Days of the of delivery by the Payor to the Required Party of a written notice and demand for payment of such amount, accompanied by evidence of payment and a statement detailing the
Taxes paid and the calculation of the amount payable by the Required Party and describing in reasonable detail the particulars relating thereto. 

(b) All indemnification payments under this Agreement shall be made by BGC U.S. Opco directly to Newmark Opco and by Newmark Opco directly to
BGC U.S. Opco (whether the indemnification payment in question is being made on behalf of the payor or another member of its Group and whether the indemnification payment is for the benefit of the payee or another member of its Group);
provided, however, that if the Companies mutually agree with respect to any such indemnification payment, any member of the BGC Group, on the one hand, may make such indemnification payment to any member of the Newmark Group, on the
other hand, and vice versa. 
 Section 6. Tax Benefits. 

Section 6.01 Tax Benefits. 

(a) Except as set forth below, the BGC Entities shall be entitled to, without duplication, (i) any Refund of Income Taxes and Other Taxes
for which the BGC Entities are liable hereunder, (ii) any Refund of Income Taxes with respect to any Joint Return for a Post-2016 Period, (iii) any Refund or other Tax Benefit to the extent such Refund or other Tax Benefit is, or is
attributable to, a BGC Adjustment Tax Benefit. The Newmark Entities shall be entitled to, without duplication, (i) any Refund of Income Taxes and Other Taxes for which the Newmark Entities are liable hereunder, (ii) any Refund or other Tax
Benefit to the extent such Refund or Tax Benefit is, or is attributable to, a Newmark Adjustment Tax Benefit (other than, in the case of each of clauses (i) and (ii), (x) any Refund or other Tax Benefit to the extent such Refund or other Tax
Benefit is, or is attributable to, a BGC Adjustment Tax Benefit and (y) any Refund of Income Taxes with respect to any Joint Return for a Post-2016 Period) and (iii) any Refund received or other Tax Benefit Actually Realized by the BGC
Group to the extent attributable to, or in respect, of a Hypothetical Newmark Refund (determined in accordance with Section 3.02). A Company receiving a Refund or Actually Realizing any Tax Benefit to which another Company
is entitled pursuant to the this Section 6.01(a) in whole or in part shall pay over the amount of such Refund or other Tax Benefit (or portion thereof) to such other Company within ten (10) Business Days after such
Refund is received or such other Tax Benefit is Actually Realized. To the extent that any Refund or other Tax Benefit (or portion thereof) in respect of which any amounts were paid over by a Company to the other Company pursuant to the foregoing
provisions of this Section 6.01(a) is subsequently disallowed or otherwise reversed by the applicable Tax Authority, the Company that received such amounts shall promptly repay such amounts (together with any penalties,
interest or other charges imposed by the relevant Tax Authority) to the other Company. Any payment of a Hypothetical Newmark Refund made by the BGC Entities to Newmark pursuant to this Section 6.01(a) shall be recalculated
as appropriate in light of any Final Determination (or any other facts that may arise or come to light after such payment is made) that would affect the amount to which Newmark is entitled, and an appropriate adjusting payment shall be made by the
Newmark Entities to the BGC Entities or by the BGC Entities to the Newmark Entities, as applicable, such that the aggregate amount paid pursuant to this Section 6.01(a) equals such recalculated amount. 

  
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 (b) Without duplication of any Tax Items or amounts governed by or taken into account pursuant to
Section 6.01(a), (c) or (d), Section 2 or Section 3.02, if a member of the Newmark Group Actually Realizes any Tax Benefit as a result of any indemnification
obligation hereunder of a member of the BGC Group (or an adjustment giving rise to such indemnification obligation), and such Tax Benefit would not, but for the indemnification obligation (or the adjustment giving rise to such indemnification
obligation), be allowable, or if a member of the BGC Group Actually Realizes any Tax Benefit as a result of any indemnification obligation hereunder of a member of the Newmark Group (or an adjustment giving rise to such indemnification obligation),
and such Tax Benefit would not, but for the indemnification obligation (or the adjustment giving rise to such indemnification obligation), be allowable, Newmark or BGC Partners, as the case may be, shall make a payment to the other Company in an
amount equal to such Tax Benefit Actually Realized (including any Tax Benefit Actually Realized as a result of the payment), no later than ten (10) Business Days after such Tax Benefit is Actually Realized. 

(c) No later than ten (10) Business Days after a Tax Benefit described in Section 6.01(a) or (b) is
Actually Realized by a member of the BGC Group or a member of the Newmark Group, BGC Partners (if a member of the BGC Group Actually Realizes such Tax Benefit) or Newmark (if a member of the Newmark Group Actually Realizes such Tax Benefit) shall
provide the other Company with a written calculation of the amount payable to such other Company pursuant to this Section 6. In the event that BGC Partners or Newmark disagrees with any such calculation described in this
Section 6.01(c), BGC Partners or Newmark shall so notify the other Company in writing within thirty (30) days of receiving the written calculation set forth above in this Section 6.01(c). BGC
Partners and Newmark shall endeavor in good faith to resolve such disagreement, and, failing that, the amount payable under this Section 6 shall be determined in accordance with the disagreement resolution provisions of
Section 14 as promptly as practicable. 
 (d) Newmark shall be entitled to any Refund Actually Realized by a member
of the BGC Group that is attributable to, and would not have arisen but for, a Newmark Carryback that is required under applicable Tax Law and is not effected in violation of Section 4.07; provided, however,
that Newmark shall indemnify and hold the members of the BGC Group harmless from and against any and all collateral Tax consequences resulting from, attributable to or caused by any such Newmark Carryback, including (but not limited to) the loss or
postponement of any benefit from the use of Tax Attributes generated by a member of the BGC Group or an Affiliate thereof if (x) such Tax Attributes expire unutilized, but would have been utilized but for such Newmark Carryback, or (y) the
use of such Tax Attributes is postponed to a later taxable period than the taxable period in which such Tax Attributes would have been utilized but for such Newmark Carryback. Any such payment of such Refund made by the BGC Entities to Newmark
pursuant to this Section 6.01(d) shall be recalculated as appropriate in light of any Final Determination (or any other facts that may arise or come to light after such payment is made, such as a carryback of a Tax
Attribute of the BGC Group to a Tax Period in respect of which such Refund is received) that would affect the amount to which Newmark is entitled, and an appropriate adjusting payment shall be made by Newmark to the BGC Entities such that the
aggregate amount paid pursuant to this Section 6.01(d) equals such recalculated amount. 

  
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 (e) Any determinations with respect to any Refund or other Tax Benefit to which a member of a
Group may be entitled pursuant to any of the foregoing provisions of Section 6.01 shall be made without duplication of any Refund, Tax Benefit or Tax Item governed by or already taken into account in determining any
entitlement to any amounts pursuant to any other provision of this Section 6.01 or any Liability for Taxes pursuant to Section 2. 

Section 6.02 BGC Partners and Newmark Income Tax Deductions in Respect of Certain Equity Awards and Incentive Compensation. 

(a) Allocation of Deductions. To the extent permitted by applicable Tax Law, Income Tax deductions arising by reason of the settlement,
exercise or vesting of any BGC Equity Awards or Newmark Equity Awards with respect to BGC Partners stock or Newmark stock, grant of exchangeability, redemption or exchange for BGC Partners stock or Newmark stock of any equity interests in BGC
Holdings or Newmark Holdings, or any other compensatory equity or equity-based award, in each case, following the Deconsolidation (such equity or equity-based awards, collectively, “Compensatory Equity Interests”) held by any Person
shall be claimed (i) in the case of an active or former BGC Employee, solely by the BGC Group, (ii) in the case of an active or former Newmark Employee, solely by the Newmark Group, and (iii) in the case of a non-employee director, by the Company for which the director serves a director following the Effective Time; provided, that in the case of any executive officer or director who is to be assigned to both BGC
Partners and Newmark, each Company and the members of its Group shall be entitled only to the deductions arising in respect of the stock, equity interests or equity awards of such Company or members of its Group.

(b) Withholding and Reporting. Tax reporting and withholding with respect to Compensatory Equity Interests shall be governed by
Section 9.06 (Payroll Taxes) of the Separation and Distribution Agreement. 
 Section 6.03 Payment Obligations Under BGC
Partners TRA. The Newmark Entities shall be liable for, and shall indemnify and hold harmless the BGC Group from and against any liability for, any payments required to be made by BGC Partners pursuant to the BGC Partners TRA, to the extent such
payments relate to Covered Tax Benefits attributable to any adjustment to the tax basis of Newmark Opco’s tangible or intangible assets with respect to BGC Partners and/or Newmark, as applicable, under Sections 743(b) and 754 of the Code
and the comparable sections of U.S. state and local income and franchise Tax law as a result of any Interim Exchange, as determined by BGC Partners in good faith (such benefits, “Newmark TRA Tax Benefits”). If Newmark has made a
payment pursuant to the immediately preceding sentence that relates to a Newmark TRA Tax Benefit and a Tax Benefit Payment of BGC Partners is decreased pursuant to Section 3.01(b)(iii) or (iv) of the BGC Partners TRA or BGC Partners
receives a reimbursement or indemnification payment pursuant to Section 3.02 of the BGC Partners TRA, in each case, in respect of such Newmark TRA Tax Benefit, BGC shall promptly pay over to Newmark the amount of such reimbursement,
indemnification or decrease. 

  
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 Section 7. Tax-Free Status. 

Section 7.01 Representations. 

(a) Each of BGC Partners and Newmark hereby represents and warrants that (i) it has reviewed the Representation Letters and (ii) all
information, representations and covenants contained in such Representation Letters that relate to such Company or any member of its Group are true, correct and complete. 

(b) Newmark hereby represents and warrants that it has no plan or intention of taking any action, or failing to take any action (or causing or
permitting any member of its Group to take or fail to take any action), or knows of any circumstance that would or could reasonably be expected to (i) cause any representation or factual statement made in this Agreement, the Separation
and Distribution Agreement, any of the Representation Letters or any of the Ancillary Agreements to be untrue or (ii) adversely affect, jeopardize or prevent the Tax-Free Status of the Contribution and
Distribution or the Partnership Division Treatment of the Partnership Divisions. 
 (c) Newmark hereby represents and warrants that, during
the two-year period ending on the Distribution Date, there was no (and there will not be any) “agreement, understanding, arrangement, substantial negotiations or discussions” (as such terms are
defined in Treasury Regulation Section 1.355-7(h)) by any one or more officers or directors of any member of the Newmark Group or by any other person or persons with the implicit or explicit permission of
one or more of such officers or directors regarding an acquisition of all or a significant portion of the Newmark Capital Stock (or any predecessor); provided, however, that no representation is made regarding any “agreement,
understanding, arrangement, substantial negotiations or discussions” (as such terms are defined in Treasury Regulation 1.355-7(h)) by any one or more officers or directors of BGC Partners. 

Section 7.02 Restrictions on Newmark.  

(a) Inconsistent Actions. Newmark shall not take or fail to take, or cause or permit any of its Affiliates to take or fail to take, any
action where such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or representation in this Agreement, the Separation and Distribution Agreement, any of the Ancillary Agreements or any
Representation Letter. Newmark shall not take or fail to take, or cause or permit any of its Affiliates to take or fail to take, any action if such action or failure to act would or could reasonably be expected to adversely affect, jeopardize or
prevent the Tax-Free Status of the Contribution and Distribution or the Partnership Division Treatment of the Partnership Divisions. 

(b) Active Trade or Business. From the date hereof until the first day after the Restriction Period, Newmark shall (i) maintain its
status as a company engaged in the Newmark Active Trade or Business for purposes of Section 355(b)(2) of the Code and (ii) not engage in any transaction that would result in it ceasing to be a company engaged in the Newmark Active Trade or
Business for purposes of Section 355(b)(2) of the Code. 

  
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 (c) Additional Newmark Restrictions. From the date hereof until the first day after the
Restriction Period, Newmark shall not: 
 (i) enter into any Proposed Acquisition Transaction or, to the extent Newmark has
the right to prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur (whether by (A) redeeming rights under a shareholder rights plan, (B) finding a tender offer to be a “permitted
offer” under any such plan or otherwise causing any such plan to be inapplicable or neutralized with respect to any Proposed Acquisition Transaction, or (C) approving any Proposed Acquisition Transaction, whether for purposes of
Section 203 of the DGCL or any similar corporate statute, any “fair price” or other provision of Newmark’s charter or bylaws or otherwise), 

(ii) merge or consolidate with any other Person or liquidate or partially liquidate (including any transaction treated as a
liquidation or partial liquidation for U.S. federal income tax purposes), 
 (iii) in a single transaction or series of
transactions (A) sell or transfer (other than sales or transfers of inventory in the ordinary course of business) all or substantially all of (x) the assets that were transferred to Newmark pursuant to the Contribution or (y) the
assets that were transferred to Newmark Opco pursuant to the Opco Partnership Contribution, (B) sell or transfer, directly or indirectly, 50% or more of the gross assets of the Newmark Active Trade or Business or (C) sell or transfer,
directly or indirectly, 30% or more of the consolidated gross assets of Newmark and its Affiliates (in each case, (x) such percentages to be measured based on fair market value as of the Distribution Date and (y) for this purpose, a sale
or transfer of assets includes any transaction treated as a sale or transfer of such assets for U.S. federal income tax purposes), 

(iv) redeem or otherwise repurchase (directly or through an Affiliate of Newmark) any Newmark stock, or rights to acquire
stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment by Revenue Procedure
2003-48), 
 (v) amend its certificate of incorporation (or other organizational
documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of Newmark Capital Stock (including, without limitation, through the conversion of one class of Newmark Capital Stock into another
class of Newmark Capital Stock), or 
 (vi) take any other action or actions (including any action or transaction that would
be reasonably likely to be inconsistent with any representation or covenant made in the Representation Letters) which in the aggregate (and taking into account any other transactions described in this Section 7.02(c)) would
or be reasonably likely to have the effect of causing or permitting one or more Persons to acquire, directly or indirectly, stock representing a Fifty-Percent or Greater Interest in Newmark or otherwise jeopardize the
Tax-Free Status of the Contribution or the Distribution, 

  
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 unless, in each case, prior to taking any such action set forth in the foregoing clauses (i) through (vi),
(A) Newmark shall have requested that BGC Partners obtain a private letter ruling (or, if applicable, a supplemental private letter ruling) from the IRS and/or any other applicable Tax Authority in accordance with
Section 7.04(b) and (d) of this Agreement (a “Distribution Ruling”) to the effect that such transaction will not affect the Tax-Free Status of the
Contribution and Distribution and BGC Partners shall have received such a Distribution Ruling in form and substance satisfactory to BGC Partners in its sole and absolute discretion (and in determining whether a Distribution Ruling is satisfactory,
BGC Partners may consider, among other factors, the appropriateness of any underlying assumptions and management’s representations made in connection with such Distribution Ruling), or (B) Newmark shall have provided BGC Partners with an
Unqualified Tax Opinion in form and substance satisfactory to BGC Partners in its sole and absolute discretion (and in determining whether an opinion is satisfactory, BGC Partners may consider, among other factors, the appropriateness of any
underlying assumptions and management’s representations if used as a basis for the opinion) or (C) BGC Partners shall have waived the requirement to obtain such a Distribution Ruling or Unqualified Tax Opinion (a
“Waiver”). 
 (d) Certain Issuances of Newmark Capital Stock. If Newmark proposes to enter into any
Section 7.02(d) Acquisition Transaction or, to the extent Newmark has the right to prohibit any Section 7.02(d) Acquisition Transaction, proposes to permit any Section 7.02(d) Acquisition Transaction to occur, in each case, during the
period from the date hereof until the first day after the Restriction Period, Newmark shall provide BGC Partners, no later than ten (10) days following the signing of any written agreement with respect to the Section 7.02(d) Acquisition
Transaction, with a written description of such transaction (including the type and amount of Newmark Capital Stock to be issued in such transaction) and a certificate of the Chief Financial Officer of Newmark to the effect that the
Section 7.02(d) Acquisition Transaction is not a Proposed Acquisition Transaction or any other transaction to which the requirements of this Section 7.02(d) apply (a “CFO Certificate”). 

(e) Pre-Distribution Period. Notwithstanding the foregoing, During the period from the date
hereof until the completion of the Distribution, (i) Newmark shall not, and shall cause its Affiliates not to, take any action (including the issuance of Newmark Capital Stock) or fail to take any action if such action or failure to act would
or could result in (x) BGC Partners ceasing to have Section 368(c) Control of Newmark or (y) Deconsolidation, provided, however, that this clause (y) shall not apply if the IPO results in Deconsolidation,
(ii) Newmark shall, and shall cause its Affiliates to, take any action requested by BGC Partners in furtherance of, or in order to consummate, the Distribution, (iii) Newmark shall not, and shall cause its Affiliates not to, take any
action or fail to take any action which action or failure to act could reasonably be expected to adversely affect, jeopardize or prevent the consummation of the Distribution or the Tax-Free Status of the
Contribution and Distribution or the Partnership Division Treatment of the Partnership Divisions and (iv) Newmark shall not take any action set forth in clauses (i) through (vi) of Section 7.02(c) without the
prior consent of BGC Partners (which BGC Partners may withhold in its sole and absolute discretion). 
 Section 7.03 Restrictions on
BGC Partners. BGC Partners agrees that it will not take or fail to take, or cause or permit any member of the BGC Group to take or fail to take, any action where such action or failure to act would be inconsistent with or cause to be untrue any
statement, information, covenant or representation in this Agreement, the Separation and Distribution Agreement, any of the Ancillary Agreements or any Representation Letters. BGC 

  
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Partners agrees that it will not take or fail to take, or cause or permit any member of the BGC Group to take or fail to take, any action if such action or failure to act would or could
reasonably be expected to adversely affect, jeopardize or prevent the Tax-Free Status of the Contribution and Distribution or the Partnership Division Treatment of the Partnership Divisions. 

Section 7.04 Procedures Regarding Opinions and Rulings. 

(a) Notified Actions. If Newmark notifies BGC Partners that it desires to take one of the actions described in clauses (i) through
(vi) of Section 7.02(c) (a “Notified Action”), BGC Partners and Newmark shall reasonably cooperate to attempt to obtain the Distribution Ruling or Unqualified Tax Opinion referred to in
Section 7.02(c), unless BGC Partners shall have waived the requirement to obtain such Distribution Ruling or Unqualified Tax Opinion. 

(b) Rulings or Unqualified Tax Opinions at Newmark’s Request. Unless BGC Partners shall have waived the requirement
to obtain such Distribution Ruling or Unqualified Tax Opinion, upon the reasonable request of Newmark pursuant to Section 7.02(c), BGC Partners shall cooperate with Newmark and use its commercially reasonable efforts to
seek to obtain, as expeditiously as possible, a Distribution Ruling or an Unqualified Tax Opinion for the purpose of permitting Newmark to take the Notified Action. Notwithstanding the foregoing, in no event shall BGC Partners be required to file or
cooperate in the filing of any request for a Distribution Ruling under this Section 7.04(b) unless Newmark represents that (A) it has reviewed the request for such Distribution Ruling, and (B) all statements,
information and representations, if any, relating to any member of the Newmark Group, contained in such request and related private letter ruling documents are (subject to any qualifications therein) true, correct and complete. Newmark shall
reimburse BGC Partners for all reasonable costs and expenses incurred by the BGC Group in obtaining a Distribution Ruling or Unqualified Tax Opinion requested by Newmark within ten (10) Business Days after receiving an invoice from BGC Partners
therefor. 
 (c) Rulings or Unqualified Tax Opinions at BGC Partners’ Request. BGC Partners shall have the right to obtain a
Distribution Ruling or an Unqualified Tax Opinion at any time in its sole and absolute discretion. If BGC Partners determines to obtain a Distribution Ruling or an Unqualified Tax Opinion, Newmark shall (and shall cause its Affiliates to) cooperate
with BGC Partners and take any and all actions reasonably requested by BGC Partners in connection with obtaining the Distribution Ruling or Unqualified Tax Opinion (including, without limitation, by making any representation or covenant or providing
any materials or information requested by the IRS, any other applicable Tax Authority or a Tax Advisor; provided, that Newmark shall not be required to make (or cause any of its Affiliate to make) any representation or covenant that is
inconsistent with historical facts or as to future matters or events over which it has no control). BGC Partners and Newmark shall each bear its own costs and expenses in obtaining a Distribution Ruling or an Unqualified Tax Opinion requested by BGC
Partners. 
 (d) Ruling Process Control. BGC Partners shall have sole and exclusive control over the process of obtaining any
Distribution Ruling, and only BGC Partners shall be permitted to apply for a Distribution Ruling. In connection with obtaining a Distribution Ruling pursuant to Section 7.04(b), (A) BGC Partners shall keep Newmark
informed in a timely manner 

  
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of all material actions taken or proposed to be taken by BGC Partners in connection therewith; (B) BGC Partners shall (1) reasonably in advance of the submission of any related private
letter ruling documents provide Newmark with a draft copy thereof, (2) reasonably consider Newmark’s comments on such draft copy, and (3) provide Newmark with a final copy; and (C) BGC Partners shall provide Newmark with notice
reasonably in advance of, and Newmark shall have the right to attend, any formally scheduled meetings with the IRS or other applicable Tax Authority (subject to the approval of the IRS or such Tax Authority) that relate to such Distribution Ruling.
Neither Newmark nor any of its Affiliates shall seek any guidance from the IRS or any other Tax Authority (whether written, verbal or otherwise) at any time concerning the Contribution and the Distribution, the Partnership Divisions or any of the
other Separation Transactions (including the impact of any transaction on any of the foregoing). 
 Section 7.05 Liability for
Distribution Tax-Related Losses. 
 (a) Newmark Liability for Distribution Tax-Related Losses.
Notwithstanding anything in this Agreement or the Separation and Distribution Agreement to the contrary, subject to Section 7.05(c), and in each case regardless of whether a Distribution Ruling, Unqualified Tax Opinion
or a Waiver described in Section 7.02(c) or a CFO Certificate described in Section 7.02(d) may have been obtained or provided, Newmark shall be responsible for, and shall indemnify and hold
harmless BGC Partners and its Affiliates from and against, any Distribution Tax-Related Losses that are attributable to or result from any one or more of the following: (i) the acquisition (other than
pursuant to the Contribution or the Distribution or the IPO) of all or a portion of Newmark’s Capital Stock or all or of a portion of Newmark’s and/or its Affiliates’ stock and/or assets by any means whatsoever by any Person,
(ii) any “agreement, understanding, arrangement, substantial negotiations or discussions” (as such terms are defined in Treasury Regulation Section 1.355-7(h)) by Newmark, any of its
Affiliates, or any one or more officers or directors of Newmark or any other member of the Newmark Group or by any other person or persons with the implicit or explicit permission of one or more of such officers or directors regarding transactions
or events (including, without limitation, stock issuances (pursuant to the exercise of stock options, exchanges of equity interests of Newmark Holdings or otherwise), grants of options, equity interests of Newmark Holdings or other compensatory
interests, capital contributions or acquisitions, or a series of any transactions or events) that cause the Distribution to be treated as part of a plan pursuant to which one or more Persons acquire, directly or indirectly, a Fifty-Percent or
Greater Interest in Newmark (or any successor thereof), (iii) any action or failure to act by Newmark or any of its Affiliates after the Distribution (including, without limitation, any amendment to Newmark’s certificate of incorporation
(or other organizational documents), whether through a stockholder vote or otherwise) affecting the voting rights of Newmark stock (including, without limitation, through the conversion of one class of Newmark Capital Stock into another class of
Newmark Capital Stock), (iv) any act or failure to act by Newmark or any of its Affiliates described in Section 7.02 (regardless whether such act or failure to act is covered by a Distribution Ruling, Unqualified Tax
Opinion or Waiver described in Section 7.02(c), or a CFO Certificate described in Section 7.02(d)) or (v) any breach by Newmark of its agreement and representations set forth in
Section 7.01. 

  
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 (b) BGC Partners Liability for Distribution
Tax-Related Losses. Notwithstanding anything in this Agreement or the Separation and Distribution Agreement to the contrary, subject to Section 7.05(c), BGC Partners shall be
responsible for, and shall indemnify and hold harmless Newmark and its Affiliates from and against any Distribution Tax-Related Losses that are attributable to, or result from any one or more of the following:
(i) the acquisition (other than pursuant to the Contribution or the Distribution or the IPO) of all or a portion of BGC Partners’ stock or all or a portion of BGC Partners’ and/or its or its subsidiaries’ stock and/or assets by
any means whatsoever by any Person, (ii) any “agreement, understanding, arrangement, substantial negotiations or discussions” (as such terms are defined in Treasury Regulation
Section 1.355-7(h)) by BGC Partners, any of its Affiliates, or any one or more officers or directors of any member of the BGC Partners or any other member of the BGC Partners’ Group or by any other
person or persons with the implicit or explicit permission of one or more of such officers or directors regarding transactions or events (including, without limitation, stock issuances (pursuant to the exercise of stock options, exchanges of equity
interests of BGC Holdings or otherwise), grants of options, equity interests of BGC Holdings or other compensatory interests, capital contributions or acquisitions, or a series of any transactions or events) that cause the Distribution to be treated
as part of a plan pursuant to which one or more Persons acquire, directly or indirectly, a Fifty-Percent or Greater Interest in BGC Partners (or any successor thereof), (iii) any action or failure to act by BGC Partners or any of its Affiliates
described in Section 7.03 or (iv) any breach by BGC Partners of its agreement and representations set forth in Section 7.01(a). 

(c) Shared Liability for Distribution Tax-Related Losses. To the extent that any Distribution Tax-Related Loss is subject to indemnity under both Section 7.05(a) and (b), responsibility for such Distribution Tax-Related Loss shall be
shared by BGC Partners and Newmark according to relative fault as determined by BGC Partners in good faith. 
 (d) Payment of Distribution
Tax-Related Losses Owed. Newmark shall pay BGC Partners the amount of any Distribution Tax-Related Losses for which Newmark is responsible under this
Section 7.05: (i) in the case of Distribution Tax-Related Losses described in clause (i) of the definition of Distribution
Tax-Related Losses no later than two (2) Business Days prior to the date BGC Partners files, or causes to be filed, the applicable Tax Return (the “Filing Date”), or, if such Distribution
Tax-Related Losses arise pursuant to a Final Determination described in clause (a), (b) or (c) of the definition of “Final Determination,” no later than two (2) Business Days prior to the
due date for making payment with respect to such Final Determination and (ii) in the case of Distribution Tax-Related Losses described in clause (ii) or (iii) of the definition of Distribution Tax-Related Losses, no later than two (2) Business Days after the date BGC Partners pays such Distribution Tax-Related Losses. BGC Partners shall pay Newmark the amount
of any Distribution Tax-Related Losses described in clause (ii) or (iii) of the definition of Tax-Related Losses for which BGC Partners is responsible under this
Section 7.05 no later than two (2) Business Days after the date Newmark pays such Distribution Tax-Related Losses. Each Company shall have the right to review the calculation of
Distribution Tax-Related Losses prepared by the other Company, including any related workpapers and other supporting documentation. 

Section 7.06 Section 336(e) Election. If BGC Partners determines, in its sole discretion, that a protective election under
Section 336(e) of the Code (a “Section 336(e) Election”) shall be made with respect to the Distribution, Newmark shall (and shall cause the relevant member of the Newmark Group to) join with BGC Partners or
the relevant member of the BGC Group in the making of such election and shall take any action reasonably requested by BGC Partners or that 

  
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is otherwise necessary to give effect to such election (including making any other related election). If a Section 336(e) Election is made with respect to the Distribution, then this
Agreement shall be amended in such a manner as is determined by BGC Partners in good faith to take into account such Section 336(e) Election (including by requiring that, in the event the Contribution and Distribution fail to have Tax-Free Status and BGC Partners is not entitled to indemnification for the Distribution Tax-Related Losses arising from such failure, Newmark shall pay over to BGC Partners
any Tax Benefits Actually Realized by the Newmark Group or any member of the Newmark Group arising from the step-up in Tax basis resulting from the Section 336(e) Election). 

Section 8. Assistance and Cooperation. 

Section 8.01 Assistance and Cooperation. 

(a) Each of the Companies shall provide (and cause its Affiliates to provide) the other and its agents, including accounting firms and legal
counsel, with such cooperation or information as such other Company reasonably requests in connection with (i) preparing and filing Tax Returns, (ii) determining the liability for and amount of any Taxes due (including estimated Taxes) or
the right to and amount of any refund of Taxes, (iii) examinations of Tax Returns, and (iv) any administrative or judicial proceeding in respect of Taxes assessed or proposed to be assessed. Such cooperation shall include making available,
upon reasonable notice, all information and documents in their possession relating to the other Company and its Affiliates as provided in Section 9. Each of the Companies shall also make available to the other, as
reasonably requested and available, personnel (including employees and agents of the Companies or their respective Affiliates) responsible for preparing, maintaining, and interpreting information and documents relevant to Taxes. 

(b) Any information or documents provided under this Section 8 or Section 9 shall be kept
confidential by the Company receiving the information or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or judicial proceedings relating to Taxes. Notwithstanding
any other provision of this Agreement or any other agreement, in no event shall either of the Companies or any of its respective Affiliates be required to provide the other Company or any of its respective Affiliates or any other Person access to or
copies of any information if such action could reasonably be expected to result in the waiver of any Privilege. In addition, in the event that either Company determines that the provision of any information to the other Company or its Affiliates
could be commercially detrimental, violate any Law or agreement or waive any Privilege, the parties shall use reasonable best efforts to permit compliance with their obligations under this Section 8 or
Section 9 in a manner that avoids any such harm or consequence. 
 Section 8.02 Income Tax Return
Information. Newmark and BGC Partners acknowledge that time is of the essence in relation to any request for information, assistance or cooperation made by BGC Partners or Newmark pursuant to Section 8.01 or this
Section 8.02. Newmark and BGC Partners acknowledge that failure to conform to the deadlines set forth herein or reasonable deadlines otherwise set by BGC Partners or Newmark could cause irreparable harm. Each Company shall
provide to the other Company information and documents relating to its Group required by the other Company to prepare Tax Returns. Any information or documents the Responsible Company requires to prepare such Tax Returns shall be provided in such
form as the Responsible Company reasonably requests and in sufficient time for the Responsible Company to file such Tax Returns on a timely basis. 

  
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 Section 8.03 Reliance by BGC Partners. If any member of the Newmark Group supplies
information to a member of the BGC Group in connection with a Tax liability and an officer of a member of the BGC Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the
written request of such member of the BGC Group identifying the information being so relied upon, the Chief Financial Officer of Newmark (or any officer of Newmark as designated by the Chief Financial Officer of Newmark) shall certify in writing
that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. Newmark agrees to indemnify and hold harmless each member of the BGC Group and its directors, officers and
employees from and against any fine, penalty, or other cost or expense of any kind attributable to a member of the Newmark Group having supplied, pursuant to this Section 8, a member of the BGC Group with inaccurate or
incomplete information in connection with a Tax liability. 
 Section 8.04 Reliance by Newmark. If any member of the BGC Group
supplies information to a member of the Newmark Group in connection with a Tax liability and an officer of a member of the Newmark Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such
information, then upon the written request of such member of the Newmark Group identifying the information being so relied upon, the Chief Financial Officer of BGC Partners (or any officer of BGC Partners as designated by the Chief Financial Officer
of BGC Partners) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. BGC Partners agrees to indemnify and hold harmless each member of the
Newmark Group and its directors, officers and employees from and against any fine, penalty, or other cost or expense of any kind attributable to a member of the BGC Group having supplied, pursuant to this Section 8, a
member of the Newmark Group with inaccurate or incomplete information in connection with a Tax liability. 
 Section 9. Tax Records.

 Section 9.01 Retention of Tax Records. Each Company shall preserve and keep all Tax Records in its possession relating to
the assets and activities of the Group for Pre-Deconsolidation Periods or Taxes or Tax matters that are the subject of this Agreement, in each case, for so long as the contents thereof may become material in
the administration of any matter under the Code or other applicable Tax Law, but in any event until the later of (i) the expiration of any applicable statutes of limitations, or (ii) eight years after the Deconsolidation Date (such later
date, the “Retention Date”). After the Retention Date, each Company may dispose of such Tax Records upon 90 days’ prior written notice to the other Company. If, prior to the Retention Date, a Company reasonably determines that
any Tax Records which it would otherwise be required to preserve and keep under this Section 9 are no longer material in the administration of any matter under the Code or other applicable Tax Law and the other Company
agrees, then such first Company may dispose of such Tax Records upon 90 days’ prior notice to the other Company. Any notice of an intent to dispose given pursuant to this Section 9.01 shall include a list of the Tax
Records to be disposed of describing in reasonable detail each file, book, or other record accumulation being disposed. The notified Company shall have the opportunity, at its cost and expense, to copy or remove, within such 90-day period, all or any part of such Tax Records.     

  
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 Section 9.02 Access to Tax Records. The Companies and their respective
Affiliates shall make available to each other for inspection and copying during normal business hours upon reasonable notice all Tax Records to the extent reasonably required by the other Company in connection with the preparation of financial
accounting statements, audits, litigation, or the resolution of items under this Agreement. 
 Section 10. Tax Contests. 

Section 10.01 Notice. 

(a) In General. Each of the Companies shall provide prompt notice to the other Company of any written communication from a Tax Authority
regarding any pending or threatened Tax audit, assessment or proceeding or other Tax Contest relating to Taxes, Refunds or Tax Benefits for which it may be entitled to indemnification by the other Company hereunder. Such notice shall include copies
of the pertinent portion of any written communication from a Tax Authority and contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail. The failure of one Company to notify the other of such
communication in accordance with the immediately preceding sentences shall not relieve such other Company of any liability or obligation to pay such Tax or make indemnification payments under this Agreement, except to the extent that the failure
timely to provide such notification actually prejudices the ability of such other Company to contest such Tax liability or increases the amount of such Tax liability. 

(b) Newmark Change Notices. If any member of the Newmark Group receives a Change Notice described in Section 4.01 of the BGC
Partners TRA, Newmark shall promptly notify BGC Partners of such Change Notice in such manner as would allow BGC Partners to comply with its obligations under Section 4.01 of the BGC Partners TRA. Newmark shall (and shall cause its Affiliates
to) cooperate with BGC Partners and take any such actions as may be necessary to permit BGC Partners to comply with its obligations under Section 7.01 of the BGC Partners TRA. 

Section 10.02 Control of Tax Contests. 

(a) Separate Company Taxes. 

(i) In the case of any Tax Contest with respect to any BGC Separate Return, BGC Partners shall have exclusive control over such
Tax Contest, including exclusive authority with respect to any settlement of such Tax Contest, subject to Section 10.02(c) and Section 10.02(e) below. 

(ii) In the case of any Tax Contest with respect to any Newmark Separate Return, Newmark shall have exclusive control over such
Tax Contest, including exclusive authority with respect to any settlement of such Tax Contest, subject to Section 10.02(d) and Section 10.02(e) below. 

  
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 (b) Joint Returns and Certain Other Returns. In the case of any Tax Contest with respect
to any Joint Return, BGC Partners shall have exclusive control over such Tax Contest, including exclusive authority with respect to any settlement of such Tax Contest, subject to Section 10.02(c) and
Section 10.02(e) below. 
 (c) Newmark Rights. In the case of any Tax Contest described in
Section 10.02(a)(i) or Section 10.02(b) (other than, in each case, any Tax Contest described in Section 10.02(e)), if, as a result of such Tax Contest, Newmark could
reasonably be expected to become liable to make any indemnification payment to BGC Partners hereunder in excess of $1 million, then, (1) BGC Partners shall keep Newmark reasonably informed in a timely manner of all significant developments
in respect of such Tax Contest and all significant actions taken or proposed to be taken by BGC Partners with respect to such Tax Contest, (2) BGC Partners shall timely provide Newmark with copies of any written materials prepared, furnished or
received in connection with such Tax Contest, (3) BGC Partners shall consult with Newmark reasonably in advance of taking any significant action in connection with such Tax Contest, (4) BGC Partners shall consult with Newmark and offer
Newmark a reasonable opportunity to comment before submitting any written materials prepared or furnished in connection with such Tax Contest, (5) BGC Partners shall defend such Tax Contest diligently and in good faith as if it were the only
party in interest in connection with such Tax Contest. 
 (d) BGC Partners Rights. In the case of any Tax Contest described in
Section 10.02(a)(ii) (other than any Tax Contest described in Section 10.02(e)), if, as a result of such Tax Contest, BGC Partners could reasonably be expected to become liable to make any
indemnification payment to Newmark hereunder in excess of $1 million, then (1) Newmark shall keep BGC Partners reasonably informed in a timely manner of all significant developments in respect of such Tax Contest and all significant
actions taken or proposed to be taken by Newmark with respect to such Tax Contest, (2) Newmark shall timely provide BGC Partners with copies of any written materials prepared, furnished or received in connection with such Tax Contest,
(3) Newmark shall consult with BGC Partners reasonably in advance of taking any significant action in connection with such Tax Contest, (4) Newmark shall consult with BGC Partners and offer BGC Partners a reasonable opportunity to comment
before submitting any written materials prepared or furnished in connection with such Tax Contest, (5) Newmark shall defend such Tax Contest diligently and in good faith as if it were the only party in interest in connection with such Tax
Contest, (6) BGC Partners shall be entitled to participate in such Tax Contest, and (7) Newmark shall not settle, compromise or abandon any such Tax Contest without obtaining the prior written consent of BGC Partners, which consent shall
not be unreasonably withheld, conditioned or delayed. 
 (e) Distribution-Related Tax Contests. BGC Partners shall have
exclusive control over any Distribution-Related Tax Contest, including exclusive authority with respect to any settlement of such Tax Contest, subject to the following provisions of this Section 10.02(e). In the event of
any Distribution-Related Tax Contest as a result of which Newmark could reasonably be expected to become liable for any Distribution Tax-Related Losses, (1) BGC Partners shall keep Newmark reasonably
informed in a timely manner of all significant developments in respect of such Tax Contest and all significant actions taken or proposed to be taken by BGC Partners with respect to such Tax Contest, (2) BGC Partners shall timely provide Newmark
with copies of any written materials prepared, furnished or received in connection with 

  
 39 

 
such Tax Contest, (3) BGC Partners shall consult with Newmark reasonably in advance of taking any significant action in connection with such Tax Contest, and (4) BGC Partners shall
offer Newmark a reasonable opportunity to comment before submitting any written materials prepared or furnished in connection with such Tax Contest. Notwithstanding anything in the preceding sentence to the contrary, the final determination of the
positions taken, including with respect to settlement or other disposition, in any Distribution-Related Tax Contest shall be made in the sole discretion of BGC Partners and shall be final and not subject to the dispute resolution provisions of
Section 14 of this Agreement or Section 8.07 (Direct Claims) of the Separation and Distribution Agreement. 

(f) Power of Attorney. Each member of the Newmark Group shall execute and deliver to BGC Partners (or such member of the BGC Group as
BGC Partners shall designate) any power of attorney or other similar document reasonably requested by BGC Partners (or such designee) in connection with any Tax Contest controlled by BGC Partners described in this
Section 10. Each member of the BGC Group shall execute and deliver to Newmark (or such member of the Newmark Group as Newmark shall designate) any power of attorney or other similar document reasonably requested by Newmark
(or such designee) in connection with any Tax Contest controlled by Newmark described in this Section 10. 

Section 11. Effective Date; Termination of Prior Intercompany Tax Allocation Agreements. This Agreement shall
be effective as of the Effective Time. As of the Effective Time, (i) all prior intercompany Tax allocation agreements or arrangements solely between or among BGC Partners and/or any of its Subsidiaries shall be terminated, and (ii) amounts
due under such agreements as of the date on which the Effective Time occurs shall be settled. Upon such termination and settlement, no further payments by or to the BGC Group, or by or to the Newmark Group, with respect to such agreements shall be
made, and all other rights and obligations resulting from such agreements between the Companies and their Affiliates shall cease at such time. Any payments pursuant to such agreements shall be disregarded for purposes of computing amounts due under
this Agreement; provided, that to the extent appropriate, as determined by BGC Partners, payments made pursuant to such agreements shall be credited to the Newmark Entities or the BGC Entities, respectively, in computing their respective
obligations pursuant to this Agreement, in the event that such payments relate to a Tax liability that is the subject matter of this Agreement for a Tax Period that is the subject matter of this Agreement. 

Section 12. Survival of Obligations. The representations, warranties, covenants and agreements set forth in this Agreement shall
be unconditional and absolute and shall remain in effect without limitation as to time. 
 Section 13. Treatment of Payments; Tax
Gross Up. 
 Section 13.01 Treatment of Tax Indemnity Payments. In the absence of any change in Tax treatment under the Code
or other applicable Tax Law, for all Income Tax purposes, the Companies agree to treat, and to cause their respective Affiliates to treat, (a) any indemnity payment required by this Agreement as, as applicable, (i) a distribution by BGC
U.S. Opco to its partners pursuant to the Opco Partnership Distribution, followed by a contribution by such partners to Newmark Opco pursuant to the Opco Partnership Contribution, (ii) a contribution by 

  
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BGC Holdings to Newmark Holdings, (iii) a contribution by BGC Partners to Newmark, (iv) a distribution by Newmark Opco to the partners of BGC U.S. Opco, followed by a contribution by
such partners to BGC U.S. Opco, (v) a distribution by Newmark Holdings to BGC Holdings, (vi) a distribution by Newmark to BGC Partners, as the case may be, in each case to the extent such payment is made after the Opco Partnership
Contribution, the Holdings Partnership Distribution or the Distribution, as applicable, and such payment shall be treated as occurring immediately prior to the Opco Partnership Contribution, the Holdings Partnership Distribution or the Distribution,
as applicable, or (vii) a payment of an assumed or retained liability; and (b) any payment of interest as taxable or deductible, as the case may be, to the party entitled under this Agreement to retain such payment or required under this
Agreement to make such payment. 
 Section 13.02 Tax Gross Up. If notwithstanding the manner in which payments described in
Section 13.01(a) of this Agreement or Section 6.16 (Treatment of Payments for Tax Purposes) of the Separation and Distribution Agreement were reported, there is an adjustment to the Tax liability of a Company or a
member of its Group as a result of its receipt of a payment pursuant to this Agreement or the Separation and Distribution Agreement, such payment shall be appropriately adjusted so that the amount of such payment, reduced by the amount of all Income
Taxes payable with respect to the receipt thereof (but taking into account all correlative Tax Benefits resulting from the payment of such Income Taxes), shall equal the amount of the payment which the Company receiving such payment would otherwise
be entitled to receive. 
 Section 13.03 Interest. Anything herein to the contrary notwithstanding, to the extent one Company
(“Indemnitor”) makes a payment of interest to another Company (“Indemnitee”) under this Agreement with respect to the period from the date that the Indemnitee made a payment of Tax to a Tax Authority to the date
that the Indemnitor reimbursed the Indemnitee for such Tax payment, the interest payment shall be treated as interest expense to the Indemnitor (deductible to the extent provided by law) and as interest income by the Indemnitee (includible in income
to the extent provided by law). The amount of the payment shall not be adjusted to take into account any associated Tax Benefit to the Indemnitor or increase in Tax to the Indemnitee. 

Section 14. Disagreements. The Companies desire that collaboration will continue between them. Accordingly, they will try,
and they will cause their respective Group members to try, to resolve in good faith all disagreements regarding their respective rights and obligations under this Agreement, including any amendments hereto. In furtherance thereof, in the event of
any dispute or disagreement (other than a High-Level Dispute) (a “Tax Advisor Dispute”) between any member of the BGC Group and any member of the Newmark Group as to the interpretation of any provision of this Agreement or the
performance of obligations hereunder, the Tax departments of the Companies shall negotiate in good faith to resolve such Tax Advisor Dispute. If such good faith negotiations do not resolve such Tax Advisor Dispute, then the matter will be referred
to a Tax Advisor acceptable to each of BGC Partners and Newmark. The Tax Advisor may, in its discretion, obtain the services of any third-party appraiser, accounting firm or consultant that the Tax Advisor deems necessary to assist it in resolving
such disagreement. The Tax Advisor shall furnish written notice to BGC Partners and Newmark of its resolution of any such Tax Advisor Dispute as soon as practical, but in any event no later than forty-five (45) days after its acceptance of the
matter for resolution. Any such resolution by the Tax Advisor will be conclusive and binding on the Companies. Following receipt of the Tax 

  
 41 

 
Advisor’s written notice to the Companies of its resolution of the Tax Advisor Dispute, the Companies shall each take or cause to be taken any action necessary to implement such resolution
of the Tax Advisor. In accordance with Section 15 (and except as provided in the immediately following sentence), each Company shall pay its own fees and expenses (including the fees and expenses of its representatives)
incurred in connection with the referral of the matter to the Tax Advisor. All fees and expenses of the Tax Advisor in connection with such referral shall be shared equally by the Companies. Any High-Level Dispute shall be resolved pursuant to the
procedures set forth in Section 8.07 (Direct Claims) of the Separation and Distribution Agreement. Nothing in this Section 14 will prevent either Company from seeking injunctive relief if any delay resulting from the
efforts to resolve the Tax Advisor Dispute through the Tax Advisor or any delay resulting from the efforts to resolve any High-Level Dispute through the procedures set forth in Section 8.07 (Direct Claims) of the Separation and Distribution
Agreement could result in serious and irreparable injury to either Company. Notwithstanding anything to the contrary in this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement, each of BGC Partners and Newmark is the
only member of its respective Group entitled to commence a dispute resolution procedure under this Agreement, and each of BGC Partners and Newmark will cause its respective Group members not to commence any dispute resolution procedure other than
through such party as provided in this Section 14. 
 Section 15. Expenses. Except as otherwise
provided in this Agreement, each party and its Affiliates shall bear their own expenses incurred in connection with the preparation of Tax Returns, Tax Contests, and other matters related to Taxes under the provisions of this Agreement. 

Section 16. General Provisions. 

Section 16.01 Entire Agreement. This Agreement, together with the Separation and Distribution Agreement, shall constitute the
entire agreement among the parties hereto with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. In the event of any inconsistency between this Agreement
and the Separation and Distribution Agreement, or any other agreements relating to the transactions contemplated by the Separation and Distribution Agreement, with respect to matters addressed herein, the provisions of this Agreement shall control.

 Section 16.02 Addresses and Notices. All notices and other communications to be given to any Company hereunder shall be
sufficiently given for all purposes hereunder if in writing and delivered by hand, courier, overnight delivery service or mailed by certified or registered mail, return receipt requested, with appropriate postage prepaid, or when received in the
form of a facsimile and shall be directed to the address set forth below (or at such other address or facsimile number as such Company shall designate by like notice): 

1. If to BGC Partners, BGC Holdings or BGC U.S. Opco, to: 

BGC Partners, Inc. 
 499 Park
Avenue 
 New York, New York 10022 

Attention: General Counsel 
 Fax
No: (212) 829-4708 

  
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 and, if prior to the Effective Time, with a copy to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
New York 10019 
 Attention: David K. Lam, Esq. 

Fax No: (212) 403-2000 

2. If to Newmark, Newmark Holdings or Newmark Opco, to: 

Newmark Group, Inc. 
 125 Park
Avenue 
 New York, New York 10017 

Attention: General Counsel 
 Fax
No: (312) 276-8715 
 and, if prior to the Effective Time, with a copy to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
New York 10019 
 Attention: David K. Lam, Esq. 

Fax No: (212) 403-2000 

All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand; when delivered by courier
or overnight delivery service; five (5) Business Days after being deposited in the certified or registered mail, return receipt requested, with appropriate postage prepaid; and when receipt is acknowledged or confirmed, if delivered by
facsimile. 
 Section 16.03 Further Action. The parties shall execute and deliver all documents, provide all information,
and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other parties and their Affiliates and representatives of such powers of attorney or
other authorizing documentation as is reasonably necessary or appropriate in connection with Tax Contests (or portions thereof) under the control of such other parties in accordance with Section 10. 

Section 16.04 Headings. The article, section and paragraph headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. 

  
 43 

 Section 16.05 No Double Recovery. No provision of this Agreement shall be construed
to provide an indemnity or other recovery for any costs, damages, or other amounts for which the damaged party has been fully compensated under any other provision of this Agreement or under any other agreement or action at law or equity. Unless
expressly required in this Agreement, a party shall not be required to exhaust all remedies available under other agreements or at law or equity before recovering under the remedies provided in this Agreement. 

Section 16.06 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
 Section 16.07 Governing Law, Consent to Jurisdiction.

 (a) This Agreement shall be governed by and construed in accordance with the internal Laws of the State of Delaware, without regard to
the conflicts-of-law principles of such State. 
 (b) Each of
the Companies irrevocably and unconditionally submits to the exclusive jurisdiction of the Delaware Court of Chancery (and if the Delaware Court of Chancery shall be unavailable, any Delaware State court and the Federal court of the United States of
America sitting in the State of Delaware) for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby (and agrees that no such action, suit or proceeding relating to this Agreement
shall be brought by it or any member of its Group except in such courts). Each of the Companies further agrees that, to the fullest extent permitted by applicable Law, service of any process, summons, notice or document by U.S. registered mail to
such Person’s respective address set forth in Section 16.02 shall be effective service of process for any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as
set forth above in the immediately preceding sentence. Each of the Companies irrevocably and unconditionally waives (and agrees not to plead or claim) any objection to the laying of venue of any action, suit or proceeding arising out of this
Agreement in the Delaware Court of Chancery (and if the Delaware Court of Chancery shall be unavailable, in any Delaware State court or the Federal court of the United States of America sitting in the State of Delaware) or that any such action, suit
or proceeding brought in any such court has been brought in an inconvenient forum. 
 Section 16.08 Amendment and Modification.
This Agreement may be amended, modified or supplemented only by a written agreement signed by all of the Companies. 
 Section 16.09
Newmark Subsidiaries. If, at any time, Newmark acquires or creates one or more subsidiaries that are includable in the Newmark Group, they shall be subject to this Agreement and all references to the Newmark Group herein shall thereafter include
a reference to such subsidiaries. 
 Section 16.10 Successors. This Agreement shall be binding upon and inure to the benefit of
any successor by merger, consolidation, sale of all or substantially all assets, or otherwise, to any of the parties hereto (including but not limited to any successor of BGC Partners or Newmark succeeding to the Tax Attributes of either under
Section 381 of the Code), to the same extent as if such successor had been an original party to this Agreement. 

  
 44 

 Section 16.11 Injunctions. The parties acknowledge that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or were otherwise breached. The parties hereto shall be entitled to an injunction or injunctions to prevent breaches of the
provisions of this Agreement and to enforce specifically the terms and provisions hereof in any court having jurisdiction, such remedy being in addition to any other remedy to which they may be entitled at law or in equity. 

[Remainder of page left intentionally blank] 

  
 45 

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first written
above. 
  

			
	BGC PARTNERS, INC.
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:
	
	BGC HOLDINGS, L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	BGC PARTNERS, L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NEWMARK GROUP, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NEWMARK HOLDINGS, L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NEWMARK PARTNERS, L.P.
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature page to the Tax Matters Agreement by and among BGC Partners, Inc., BGC 

Holdings, L.P., BGC Partners, L.P., Newmark Group, Inc., Newmark Holdings, L.P., and 

Newmark Partners, L.P.]

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