Document:

Employment Agreement, dated as of March 31, 2008

 Exhibit 10.11 
  
 THIS DEED is dated March 31, 2008 
 BETWEEN: 
  

	(1)	BGC BROKERS L.P., a limited partnership registered in England with number LP011453 whose registered office is at One Churchill Place, Canary Wharf, London E14 5RD (the
“Employer”) and 

  

	(2)	SHAUN D. LYNN [Address Omitted] (“You”) 

 WHEREAS 
  

	(A)	The parties agree that the terms of your employment are set out below (the “Contract”) and in the attached terms and conditions (which are
incorporated by reference, the “Terms & Conditions”), together referred to as this “Agreement”. 

  

	(B)	BGC Partners, Inc., the indirect parent company of the Employer, will be merging with and into eSpeed, Inc. to create a new Combined Company (as defined in the Special Proxy
Statement dated 11 February 2008, relating to the merger between BGC Partners, Inc. and eSpeed Inc. (the “Proxy Statement”)) to be known as BGC Partners, Inc. (the “Merger”).

  

	1.	Commencement of Employment 

  

	(a)	Your employment under this Agreement will commence forthwith upon the closing of the Merger (the “Commencement Date”). 

  

	(b)	Subject to clause 6(a) of this Agreement, your employment is for an initial period of six years from the Commencement Date, (the “Initial Period”).
Thereafter (subject to the other provisions in this Agreement, including, without limitation, clause 6(a)) it shall be extended automatically for successive periods of one year (each, a “Renewal Period”), on the same
terms and conditions as contained in this Agreement, from the end of the Initial Period or the end of any subsequent Renewal Period, as appropriate, unless notice of termination is given pursuant to clause 1(c). 

  

	(c)	Either you or the Employer may give notice to the other in writing to terminate the Agreement, such notice to be given not more than 53 weeks and not less than 52 weeks prior to the
end of the Initial Period or a Renewal Period (as appropriate). The notice shall terminate your employment on the expiry of the Initial Period or the Renewal Period (as appropriate). 

  

	(d)	You acknowledge and warrant that this Agreement constitutes the entire agreement and understanding between you and the Employer. This Agreement supersedes, and is in substitution
of, any previous contract of employment between you and the Employer or any Associated Company. Your period of continuous employment with the Employer commenced on 23 May 1989. 

	2.	Job Title, Role, Duties, Place and Hours of Work 

  

	(a)	You will be employed as President of BGC Brokers, L.P. and shall also hold the position of President of BGC Partners, Inc. or such other capacity as the Employer may reasonably
require. You will report initially to the Chairman and/or CEO of BGC Partners, Inc. 

  

	(b)	Your duties shall include overseeing the active growth and management of the Business (as defined in the attached Terms and Conditions). 

  

	(c)	You shall accept (if offered) appointment as a statutory director of the Employer or any Associated Company and resign any such appointment if requested by the Board without any
claim for damages or compensation. 

  

	(d)	In the event that you shall refuse to comply with the terms of clause (c) above within a reasonable period of being requested to do so, you hereby irrevocably appoint the
Employer to be your attorney to execute and do any such instrument or thing and generally to use your name for the purpose of giving the Employer or any Associated Company or their nominee the full benefit of clause 2 (c) above.

  

	(e)	Your normal hours of work will be 7.15am to 5.30pm on Monday to Friday, subject to paragraph 2.2 of the Terms & Conditions and therefore for the avoidance of doubt you
shall work such hours and travel as may reasonably be required for the proper performance of your duties. 

  

	(f)	You will be employed to work for the Employer (or to be on secondment with an Associated Company) in the offices based in London or such other offices of the Employer or an
Associated Company as it or they may reasonably require in the UK or abroad (Europe, Asia-Pacific or the US). 

  

	(g)	You shall devote the whole of your time and attention, endeavours and abilities to promoting the interests and reputation of the Employer and (i) you shall not engage in any
activity which may be or may become in the reasonable opinion of the Chairman of the Employer harmful to or contrary to the interests of the Employer or any Associated Company, (ii) you shall well and faithfully serve the Employer,
(iii) you shall maintain the highest standards of integrity, honesty and fair dealing in your work for the Employer. 

  

	3.	Compensation 

  

	 (a)
	 You will be paid a base salary of US$1,000,000 per annum (“Salary”) which shall be subject to annual
review by the compensation committee. Your salary shall accrue from day to day and be payable monthly in arrears on or about the 21st of each month
directly into your nominated bank or building society account. Your salary shall be inclusive of any director’s fees payable under the articles of association or equivalent of the Employer or any Associated Company. Your salary shall be
reviewed by the Compensation Committee of BGC Partners, Inc. (the “Compensation Committee”) annually. The Employer is 

  

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under no obligation to award an increase following a salary review. There will be no review of the salary after notice has been given by either party to
terminate employment under this Agreement. 

  

	(b)	Subject to the satisfactory achievement by you of such performance goals as may be established by the Compensation Committee in its absolute discretion from time to time and
Sections 9.2 and 10.3 of the attached Terms and Conditions, the Employer shall pay you a target cash bonus for each bonus year during the term of this Agreement in the amount of 300% of your base salary. In the first bonus period following the
Merger, the amount of such bonus shall be reduced by the amount of any bonus paid to you for such period prior to the Merger. You will not be entitled to any bonus if, on the date allotted for payment of the bonus, you are in fundamental breach of
any provision of this Agreement (whether or not the Employer shall have accepted such breach) other than if prior to the date of payment you have been dismissed by the Employer in circumstances that amount to a fundamental breach of contract by the
Employer as determined by a court of competent jurisdiction. 

  

	(c)	The bonus year for payments made under this Agreement is the fiscal year of the Employer or such other twelve-month period as shall be determined by the Employer in accordance with
its then current practices and accounting policies (provided that in the year 2008 the fiscal year shall end on 31 December 2008) but in each case payment of the bonus shall be made no later than 60 days after the end of the Employer’s
fiscal year. 

  

	(d)	Notwithstanding any other provision of this Agreement, a proportion of any cash bonus or other remuneration awarded in any bonus year may, as determined in the sole and absolute
discretion of the Employer, consist of (rather than cash) a contingent non-cash grant, subject to the terms of the grant document(s) under which such non-cash grant was awarded, including any vesting and cancellation provisions and restrictive
covenants contained therein, provided always that the first $1 million of any bonus to which you are entitled shall be comprised of cash. For the avoidance of doubt, any cash bonus paid in respect of the period prior to the Merger shall be
included in determining such $1 million amount. 

  

	4.	Benefits 

 In addition to your
monetary remuneration, you may be eligible to participate in the benefits schemes set out in paragraph 3 of the Terms & Conditions. 
  

	5.	Early Termination 

 You are
referred to the additional provisions in the Terms & Conditions. 
  

	6.	Change of Control 

  

	(a)	 If there is a Change of Control of the Employer (as defined below) at any time during the term of this Agreement (where relevant, as extended), the Employer or the
individual or entity which acquires control of the Employer (the “Continuing Company”) will be required within 60 days of the Change of Control to elect by 

  

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notice in writing to you either (i) to continue your employment and extend the term of your employment under this Agreement for a period of three years
from the date the Change of Control took effect (if the remaining term of this Agreement as of such date is less than three years) or (ii) to terminate your employment forthwith. 

  

	(b)	If the Continuing Company opts to extend the term of your employment under this Agreement then you shall receive within thirty (30) days of its election to extend the term an
amount equal to your aggregate compensation under this Agreement for the most recent full fiscal year (the “Aggregate Compensation Amount”) in addition to any other compensation that you may be entitled to under this Agreement. In
addition, if as of the second anniversary of the Change of Control you are still employed by the Continuing Company (or if you are not employed on such second anniversary date solely as a result of dismissal by the Continuing Company in
circumstances that amount to a fundamental breach of contract by the Continuing Company as determined by a court of competent jurisdiction) and have not materially breached this Agreement, you shall receive an additional payment of the Aggregate
Compensation Amount within thirty (30) days of such second anniversary. 

  

	(c)	If the Continuing Company elects to terminate your employment under clause (a) above, you will be entitled to receive within thirty (30) days of such election two times
your total aggregate compensation under this Agreement for the most recent full fiscal year in full and final settlement of all and any claims that you may have against the Employer, the Continuing Company and/or any Associated Company pursuant to
your employment under this Agreement and/or its termination. 

  

	(d)	Any payment under this Section 6 shall be made in cash and non-cash consideration in the same proportions as the Aggregate Compensation Amount, provided that to the
extent any non-cash grant or award contains vesting or any analogous provisions based on continued employment by the Continuing Company, such provisions shall not extend beyond the then remaining term of this Agreement, and provided,
further, that in the event you fail to satisfy such vesting conditions solely as a result of dismissal by the Continuing Company in circumstances that amount to a fundamental breach of contract by the Continuing Company as determined by a
court of competent jurisdiction, such non-cash grant or award shall vest immediately. 

  

	(e)	In each case you will receive full vesting of all stock options and restricted stock units of BGC Partners, Inc. (unless otherwise provided in the applicable award agreement) and
welfare benefit continuation for two years and a pro rata bonus for the year of termination. 

  

	(f)	For purposes of this Agreement, a “Change of Control of the Employer” shall occur in the event that and on the date that BGC Partners, Inc. is no longer controlled by
Cantor Fitzgerald, L.P. or a person or entity controlled by, controlling or under common control with Cantor Fitzgerald, L.P. 

  

	7.	General 

  

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	(a)	This Agreement shall be governed by and construed in accordance with English law. The parties hereby submit to the exclusive jurisdiction of the English courts as regards any claim
or matter arising out of or in connection with this Agreement. 

  

	(b)	For the definition of Associated Company, please refer to paragraph 1 of the Terms & Conditions. 

  

	(c)	This Agreement constitutes a contract between you and the Employer save that it shall not be binding and enforceable unless or until executed by the representative of the Employer
set out below. This Agreement may be executed in any number of counterparts, each of which shall be considered an original, but all of which counterparts shall be deemed to be one and the same document. Parties may execute this Agreement by
signatures obtained through facsimile or email, and those signatures may be relied upon by the other party as valid as if they were signed in the presence of the other party. 

  

	(d)	In the event of a discrepancy between the terms set out in this Contract and the Terms & Conditions and/or any employee handbook in force from time to time (the
“Employee Handbook”), the terms set out in this Contract shall prevail. 

 Please execute and return both of the enclosed
copies of this Contract and the Terms & Conditions as confirmation that you have received and accepted these terms. One copy of each will be returned to you after signature of the Contract on behalf of the Employer and the other copy of
each will be placed on your Personnel file. 
 This document has been executed as a deed and is delivered and takes effect on the date stated at the
beginning of it. 
  

 5 

 Executed as a deed by 
 [BGC BROKERS L.P.] 
 acting by its general partner 
 BGC BROKERS GP Limited 
 acting by [NAME OF DIRECTOR], a director and [NAME OF SECRETARY], the secretary OR [NAME OF DIRECTORS], two
directors 
  

					
			
	/s/ Howard W. Lutnick	 		 	/s/ Stephen M. Merkel

 [SIGNATURES OF ONE DIRECTOR AND THE COMPANY SECRETARY OR TWO DIRECTORS OF CORPORATE GENERAL PARTNER] 

 

					
			
	Signed as a deed by SHAUN D. LYNN	 		 	/s/ Shaun D. Lynn
		 		 	[SIGNATURE OF SHAUN D. LYNN]

 in the presence of [NAME OF WITNESS] 

					
			
	  	 		 	 
	[SIGNATURE OF WITNESS]	 		 	

 [NAME, ADDRESS [AND OCCUPATION] OF WITNESS] 
 [Signature page to Employment Agreement, dated March 31, 2008, between BGC Brokers, L.P. and Shaun D. Lynn] 
  

 6Change in Control Agreement by & between Howard W. Lutnick and BGC Partners, LLC

 Exhibit 10.12 
 BGC PARTNERS, LLC 
 199 WATER STREET 
 NEW YORK, NEW YORK 10038 
 March 31, 2008 
 Re: Change in Control Agreement for Howard W. Lutnick 
 Dear Mr. Lutnick: 
 We understand that a takeover proposal may create uncertainty for highly valued employees such as
yourself. In order to encourage you to remain in the employ of BGC Partners, LLC (the “Company”) and to provide additional incentive for you to promote the success of the business of the Company, the Company has provided you with
this agreement (the “Agreement”), which provides for certain payments and benefits in the event of a Change in Control. This Agreement will be effective immediately prior to the Closing Date. If the Closing Date does not occur, this
Agreement will be void ab initio and of no further force or effect. Capitalized terms used but not otherwise defined in this Agreement are defined in Exhibit A to this Agreement. 
 If a Change in Control occurs and you elect to terminate your employment upon the Change in Control pursuant to a written notice of your resignation
provided to the Company at any time prior to the Change in Control: (1) the Company shall pay to you, in a lump sum in cash, upon the Change in Control, an amount equal to the product of (A) two and (B) the sum of (x) your annual
base salary and (y) the annual bonus paid or payable by the Company and its Subsidiaries, including any bonus or portion thereof that has been earned but deferred for the most recently completed fiscal year (the “Bonus
Amount”); and (2) you shall receive the Medical Benefits. If a Change in Control occurs and you do not so elect, the Company shall pay to you, in a lump sum in cash, upon the Change in Control, an amount equal to the product of
(1) one and (2) the sum of (A) your annual base salary and (B) the Bonus Amount, provided, that, in the event that, during the three-year period following the Change in Control, your employment is terminated by the Company
for any reason (other than by reason of your death or Disability), (1) the Company shall pay to you, in a lump sum in cash, within 30 days of your date of termination of employment, an amount equal to the product of (A) one and
(B) the sum of (x) your annual base salary and (y) the Bonus Amount; and (2) you shall receive the Medical Benefits. Notwithstanding the foregoing provisions of this paragraph, in the event that you are a “specified
employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the date of termination), amounts that would otherwise be payable pursuant to the proviso
of the immediately preceding sentence during the six-month period immediately following your termination of employment shall instead be paid, with interest on any delayed payment at the applicable federal rate provided for in Section 

 Howard W. Lutnick 
 BGC
Partners, Inc. Change in Control Agreement 
 Page -2- 
  

 
7872(f)(2)(A) of the Code (“Interest”), on the first business day after the date that is six months following your “separation from
service” within the meaning of Section 409A of the Code. Upon a Change in Control, unless otherwise provided in an applicable award agreement, all stock options and restricted stock units based on shares of the Company’s common stock
shall vest in full and become immediately exercisable. 
 Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit
your continuing or future participation in any plan, program, policy or practice provided by the Company or the Affiliated Companies and for which you may qualify, nor shall anything herein limit or otherwise affect such rights as you may have under
any other contract or agreement with the Company or the Affiliated Companies. Amounts that are vested benefits or that you are otherwise entitled to receive under any plan, policy, practice or program of or any other contract or agreement with the
Company or the Affiliated Companies at or subsequent to your termination (“Other Benefits”) shall be payable in accordance with such plan, policy, practice or program or contract or agreement, except as explicitly modified by this
Agreement. Notwithstanding the foregoing, if you receive payments and benefits pursuant to this Agreement, you shall not be entitled to any severance pay or benefits under any other severance plan, program or policy of the Company and the Affiliated
Companies, unless otherwise specifically provided therein by a specific reference to this Agreement. 
 No Set-Off; No Duty to Mitigate. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off,
counterclaim, recoupment, defense or other claim, right or action which the Company may have against you or others. In no event shall you be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to
you under any of the provisions of this Agreement. The Company agrees to pay as incurred (within 10 days following the Company’s receipt of an invoice from you), at any time from the Change in Control through your remaining lifetime (or, if
longer, through the 20th anniversary of the Change in Control) to the full extent permitted by law, all legal fees and expenses that you may
reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, you or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof
(including as a result of any contest by you about the amount of any payment pursuant to this Agreement), plus, in each case, Interest. In order to comply with Section 409A of the Code, in no event shall the payments by the Company under this
paragraph be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred, provided, that you shall have submitted an invoice for such fees and expenses at least 10 days before
the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company is obligated to pay in any given calendar year shall not affect the legal fees
and expenses that the Company is obligated to pay in any other calendar year, and your right to have the Company pay such legal fees and expenses may not be liquidated or exchanged for any other benefit. 
 Additional Payment. Anything in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined
that any Payment would be sub- 

 Howard W. Lutnick 
 BGC
Partners, Inc. Change in Control Agreement 
 Page -3- 
  

 
ject to the Excise Tax, then you shall be entitled to receive an additional payment (the “Gross-Up Payment”) in an amount such that, after
payment by you of all taxes (and any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up
Payment, but excluding any income taxes and penalties imposed pursuant to Section 409A of the Code, you retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this
paragraph, if it shall be determined that you are entitled to the Gross-Up Payment, but that the Parachute Value of all Payments does not exceed 110% of the Safe Harbor Amount, then no Gross-Up Payment shall be made to you and the amounts payable
under this Agreement shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the cash payment first and
then the Medical Benefits. For purposes of reducing the Payments to the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. If the reduction of the amount payable under this Agreement would not
result in a reduction of the Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable under the Agreement shall be reduced pursuant to this Agreement. The Company’s obligation to make Gross-Up Payments under this Agreement
shall not be conditioned upon your termination of employment. 
 Subject to the provisions of the following paragraph, all determinations
required to be made under this “Additional Payment” section, including whether and when a Gross-Up Payment is required, the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made
by a nationally recognized certified public accounting firm designated by you (the “Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations both to the Company and you within 15 business days of the
receipt of notice from you that there has been a Payment or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change in
Control, you may appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm
shall be borne solely by the Company. Any determination by the Accounting Firm shall be binding upon the Company and you. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by
the Accounting Firm hereunder, it is possible that Gross-Up Payments that will not have been made by the Company should have been made (the “Underpayment”), consistent with the calculations required to be made hereunder. In the
event the Company exhausts its remedies pursuant to this paragraph and you thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment
shall be promptly paid by the Company to or for your benefit. 
 You shall notify the Company in writing of any claim by the Internal Revenue
Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable, but no later than 10 business days after you are informed in writing of such claim. You shall
apprise the Company of the nature of 

 Howard W. Lutnick 
 BGC
Partners, Inc. Change in Control Agreement 
 Page -4- 
  

 
such claim and the date on which such claim is requested to be paid. You shall not pay such claim prior to the expiration of the 
 30-day period following the date on which you give such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect
to such claim is due). If the Company notifies you in writing prior to the expiration of such period that the Company desires to contest such claim, you shall: 
 (i) give the Company any information reasonably requested by the Company relating to such claim; 
 (ii) take
such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by
the Company; 
 (iii) cooperate with the Company in good faith in order effectively to contest such claim; and 
 (iv) permit the Company to participate in any proceedings relating to such claim; 
 provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest, and shall indemnify and hold
you harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this paragraph,
the Company shall control all proceedings taken in connection with such contest, and, at its sole discretion, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the applicable taxing authority in
respect of such claim and may, at its sole discretion, either pay the tax claimed to the appropriate taxing authority your behalf and direct you to sue for a refund or contest the claim in any permissible manner, and you agree to prosecute such
contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that, if the Company pays such claim and directs
you to sue for a refund, the Company shall indemnify and hold you harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties) imposed with respect to such payment or with respect to any imputed income in
connection with such payment; and provided, further, that any extension of the statute of limitations relating to payment of taxes for your taxable year with respect to which such contested amount is claimed to be due is limited solely
to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which the Gross-Up Payment would be payable hereunder, and you shall be entitled to settle or contest, as the case may be,
any other issue raised by the Internal Revenue Service or any other taxing authority. 
 If, after the receipt by you of a Gross-Up Payment
or payment by the Company of an amount on your behalf pursuant to the immediately preceding paragraph, you become entitled to receive any refund with respect to the Excise Tax to which such Gross-Up Payment relates or with respect to such claim, you
shall (subject to the Company’s complying with the requirements 

 Howard W. Lutnick 
 BGC
Partners, Inc. Change in Control Agreement 
 Page -5- 
  

 
of the immediately preceding paragraph, if applicable) promptly pay to the Company the amount of such refund (together with any interest paid or credited
thereon after taxes applicable thereto). If, after payment by the Company of an amount on your behalf pursuant to the immediately preceding paragraph, a determination is made that you shall not be entitled to any refund with respect to such claim
and the Company does not notify you in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then the amount of such payment shall offset, to the extent thereof, the amount of Gross-Up
Payment required to be paid. 
 Any Gross-Up Payment shall be paid by the Company to you within five days of the receipt of the Accounting
Firm’s determination; provided that, the Gross-Up Payment shall in all events be paid no later than the end of your taxable year next following your taxable year in which the Excise Tax (and any income or other related taxes or interest
or penalties thereon) on a Payment are remitted to the Internal Revenue Service or any other applicable taxing authority or, in the case of amounts relating to a claim described above that does not result in the remittance of any federal, state,
local and foreign income, excise, social security and other taxes, the calendar year in which the claim is finally settled or otherwise resolved. Notwithstanding any other provision of this “Additional Payment” section, the Company may, in
its sole discretion, withhold and pay over to the Internal Revenue Service or any other applicable taxing authority, for the benefit of you, all or any portion of any Gross-Up Payment, and you hereby consent to such withholding. 
 Assumption. This letter shall be binding upon any successor of the Company or its businesses (whether direct or indirect, by purchase, merger,
consolidation or otherwise), in the same manner and to the same extent that the Company would be obligated under this Agreement if no succession had taken place. In the case of any transaction in which a successor would not by the foregoing
provision or by operation of law be bound by this Agreement, the Company shall require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this Agreement, in the same manner and to the
same extent that the Company would be required to perform if no such succession had taken place. The term “Company,” as used in this Agreement, shall mean the Company as hereinbefore defined and any successor or assignee to the business or
assets which by reason hereof becomes bound by this Agreement. Without limiting the generality of the foregoing, upon the Closing Date, this Agreement shall be assumed by eSpeed and all references to the Company shall mean eSpeed. 
 Term. The term of this Agreement shall commence upon the closing of the merger of the Company with and into eSpeed, Inc. (the
“Merger”) pursuant to the Agreement and Plan of Merger, dated as of May 29, 2007, as amended as of November 5, 2007 and February 1, 2008, by and among the Company, Cantor Fitzgerald, L.P., eSpeed, Inc., BGC
Partners, L.P., BGC Global Holdigns, L.P. and BGC Holdings, L.P. At any time on or after the tenth anniversary of the closing of the Merger, the Company may terminate this Agreement upon two years’ advance written notice to you. 

 Howard W. Lutnick 
 BGC
Partners, Inc. Change in Control Agreement 
 Page -6- 
  

 Miscellaneous. This letter agreement shall be governed by, and construed in accordance with,
the laws of the State of New York, without reference to its conflict of law rules. All payments hereunder are subject to withholding for applicable income and payroll taxes or otherwise as required by law. You and the Company acknowledge that,
except as may otherwise be provided under any other written agreement between you and the Company, your employment by the Company is “at will” and, prior to a Change in Control, your employment may be terminated by either you or the
Company, in which case you shall have no further rights under this Agreement. From and after the Effective Date, except as specifically provided herein, this Agreement shall supersede any other agreement between the parties with respect to the
subject matter hereof. 
  

					
	BGC PARTNERS, LLC
		
	By:	 	/s/ Stephen M. Merkel
		 	Name:	 	Stephen M. Merkel
		 	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Accepted and Acknowledged:
	
	/s/ Howard W. Lutnick

 Dated: March 31, 2008 
 [Signature page to Change in Control Agreement, dated March 31, 2008, between BGC Partners, LLC and Howard W. Lutnick] 
  

 EXHIBIT A 
 The following terms shall have the meaning set forth below when used in the attached letter Agreement: 
 “Affiliated
Company” means any company controlled by, controlling or under common control with the Company. 
 “Applicable Board” means the
Board, or if the Company is not the ultimate parent corporation of the Affiliated Companies and is not publicly-traded, the board of directors of the ultimate parent of the Company. 
 “Board” means the Board of Directors of the Company. 
 “Change in Control” means such date
as Cantor Fitzgerald, L.P. or one of its Affiliates ceases to have a “Controlling Interest” in the Company. For purposes of this definition, “Affiliate” means any person that directly, or through one or more intermediaries,
controls or is controlled by or is under common control with Cantor Fitzgerald, L.P, and “Controlling Interest” means (x) beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as
amended) of equity securities representing more than 50% of the voting power of the outstanding equity securities of the Company or (y) voting control of more than 50% of the voting power of the Company. 
 “Disability” means the your absence from the performance of your duties with the Company on a full-time basis for 180 consecutive business days as a
result of incapacity due to mental or physical illness that is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to you or your legal representative. 
 “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such
excise tax. 
 “Medical Benefits” means, for two years after your termination of employment (the “Benefit Continuation
Period”), the Company shall provide health care and life insurance benefits to you and/or your family substantially similar to, and at the same after-tax cost to you and/or your family, as those that would have been provided to them in
accordance with the plans, programs, practices and policies providing health care and life insurance benefits and at the benefit level provided to you immediately prior to the Change in Control or, if more favorable to you, as in effect generally at
any time thereafter with respect to other peer executives of the Company and their families; provided, however, that, the health care benefits provided during the Benefit Continuation Period shall be provided in such a manner that such
benefits (and the costs and premiums thereof) are excluded from your income for federal income tax purposes and, if the Company reasonably determines that providing continued coverage under one or more of its health care benefit plans contemplated
herein could be taxable to you, the Company shall provide such 

 
benefits at the level required hereby through the purchase of individual insurance coverage; provided, however, that if you become re-employed with
another employer and are eligible to receive health care and life insurance benefits under another employer-provided plan, the health care and life benefits provided hereunder shall be secondary to those provided under such other plan during such
applicable period of eligibility. Following the end of the Benefit Continuation Period, you will be eligible for continued health coverage as required by Section 4980B of the Code or other applicable law (“COBRA Coverage”), as if your
employment with the Company had terminated as of the end of such period, and the Company shall take such actions as are necessary to cause such COBRA Coverage not to be offset by the provision of benefits under this paragraph and to cause the period
of COBRA Coverage to commence at the end of the Benefit Continuation Period. 
 “Parachute Value” of a Payment shall mean the present value
as of the date of the Change in Control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting Firm for purposes of
determining whether and to what extent the Excise Tax will apply to such Payment. 
 “Parent” means any “person” (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) that controls the Company, either directly or indirectly through one or more intermediaries. 
 A “Payment” shall mean any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for your benefit, whether paid or payable pursuant to this Agreement or
otherwise. 
 The “Safe Harbor Amount” means 2.99 times your “base amount,” within the meaning of Section 280G(b)(3) of the
Code.

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