Document:

EX-10.5

 Exhibit 10.5 

PSU (Domestic and International) 

Award Date: January 27, 2014 
  

 
 

 
 THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING 

SECURITIES THAT HAVE BEEN REGISTERED UNDER THE 

SECURITIES ACT OF 1933 
  

	Re:	Lockheed Martin Corporation 2011 Incentive Performance Award Plan: 

 Performance Stock
Unit Award (2014-2016 Performance Period)  
 Dear Awardee: 

On behalf of the Management Development and Compensation Committee (the “Committee”) of the Board of Directors of Lockheed Martin
Corporation, I am pleased to tell you that you have been granted a Performance Stock Unit Award (“PSUs”) under the Corporation’s 2011 Incentive Performance Award Plan, as amended (the “Plan”). The purpose of this letter is
to serve as the PSU Award Agreement and to set forth your Target Award as well as the terms and conditions to the payment of your Award. Additional terms and conditions are set forth in the Plan and in the Prospectus relating to the Plan of which
the Plan document and this Award Agreement are a part. Your Target Award and the Prospectus are available at http://www.benefitaccess.com. You should retain the Prospectus and the attached copy of the Plan in your records. 

Your Award is not effective or enforceable until you properly acknowledge your acceptance of the Award by completing the electronic receipt or
returning an executed copy of this Award Agreement to the Vice President of Total Rewards and Performance Management as instructed below as soon as possible but in no event later than May 31, 2014. If you do not properly acknowledge your
acceptance of this Award Agreement on or before May 31, 2014, this Award will be forfeited. 
 Assuming prompt and proper
acknowledgement of your acceptance of this Award Agreement as described above, this Award will be effective as of the Award Date. Acceptance of this Award Agreement constitutes your consent to any action taken under the Plan consistent with its
terms with respect to this Award and your agreement to be bound by the restrictions contained in Section 18 and in Exhibit A (“Post-Employment Conduct Agreement”) and Exhibit B (“Stock Ownership Requirements”), except where
prohibited by law. 
 The Corporation will comply with all applicable U.S. Tax withholding requirements applicable to the PSUs, the DDEs,
and associated Stock. Please see the prospectus for the Plan for a discussion of certain material U.S. Tax consequences of the Award. If you are a taxpayer in a country other than the U.S., you agree to make appropriate arrangements with
the Corporation or its subsidiaries for the satisfaction of all income and employment tax withholding requirements, as well as social insurance contributions applicable to the PSUs, the DDEs, and associated Stock.

 
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Please see the tax summary for your country at http://www.benefitaccess.com. If you are a taxpayer in a country other than the U.S., you represent that you will consult with your own tax
advisors in connection with this Award and that you are not relying on the Corporation for any tax advice.
 Any withholding Tax on your
Award will be satisfied by means of the Corporation reducing the number of shares of Stock (and associated DDEs) deliverable to you in respect of a vested Award, based upon the minimum rate of withholding prescribed by law. The Corporation shall
also have the right to (i) offset any other obligation of the Corporation to you (including, but not limited to withholding from your salary) by an amount sufficient to satisfy the Tax withholding obligation, or (ii) require you (or your
Beneficiary) to pay the Corporation an amount equal to the Tax withholding obligation. 
 Capitalized terms used in this Award Agreement
either shall be defined in this Award Agreement or if not defined in this Award Agreement shall have the meaning given to the term in the Plan. The term “Target Award” as used in this Award Agreement refers only to the Target Award awarded
to you under this Award Agreement and the term “Award” refers only to PSUs set forth in this Award Agreement. References to the “Corporation” include Lockheed Martin Corporation and its Subsidiaries. Appendix A contains an index
of all capitalized terms used in this Award Agreement. 
  

	Section 1.	Shares Awarded; Performance Period; Vesting Period; Payment of Award. 

 1.1
Shares Awarded. 
 (a) Target Award. Your Target Award for the Performance Period under this Award Agreement shall be the
number of whole shares of Stock identified as your Performance Stock Unit (“PSU”) Target Award in your account at http://www.benefitaccess.com. Your Target Award shall be composed of three pieces: 

 

	 	(i)	Your Total Stockholder Return Performance Award (approximately 50% of the number of shares in your Target Award) as described in Section 2.1(a); 

 

	 	(ii)	Your ROIC Performance Award (approximately 25% of the number of shares in your Target Award) as described in Section 2.1(b); 

  

	 	(iii)	Your Cash Flow Performance Award (approximately 25% of the number of shares in your Target Award) as described in Section 2.1(c). 

The Award paid to you shall be calculated in accordance with Section 2.1. The allocation of your Award among your Total Stockholder
Return Performance Award, your ROIC Performance Award, and your Cash Flow Performance Award will be made by the Corporation based on applicable accounting principles. 

(b) Maximum Award. Your Maximum Award for the Performance Period under this Award Agreement shall be the number of shares of Stock equal
to 200% of your Target Award, subject to the provisions of Section 2.1 and the caps contained therein. 
 (c) Deferred Dividend
Equivalents (“DDEs”). Your Award shall include a payment equal to the dividends that would have been paid to you had you owned the numbers of whole shares of Stock equal to your final Award from the Award Date until the end of the
Performance Period. 

 
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 1.2 Performance Period. The “Performance Period” under this Award Agreement
is the three-year performance period that runs from January 1, 2014 until December 31, 2016. 
 1.3 Vesting Period. The
“Vesting Period” under this Award Agreement is the three-year period that runs from January 27, 2014 until the later of (i) January 27, 2017, or (ii) the date on which the Committee certifies in writing (for purposes of
Section 162(m) of the Code) that an amount up to your Maximum Award has become an Award for the Performance Period. 
 1.4 Payment
of Award. Your Award will be paid to you in whole shares of Stock (either in book entry or paper form). The final number of whole shares, if any, payable to you under your Award is dependent upon the Corporation’s performance with respect
to each of the metrics described in Section 3 and Section 4, the limits described in Section 2 and your continued employment with the Corporation in accordance with Section 5. As a result of these requirements, the number of
whole shares of Stock you receive at the end of the Vesting Period will be between 0% and 200% of your Target Award (based on each factor described in Section 2.1 below) and may be smaller than your Maximum Award (or the performance factors
could result in no payment in respect of your Award). Any certificates delivered to you may contain any legend the Corporation determines is appropriate under the securities laws. If you are an Insider subject to the reporting provisions of
Section 16(a) of the Securities Exchange Act of 1934 (“Exchange Act”), delivery of Stock in payment of your Award for any reason may be delayed for six months. For example, if the delivery of the Stock would result in a nonexempt
short-swing transaction under Section 16(b) of the Exchange Act, delivery will be delayed until the earliest date upon which the delivery either would not result in a nonexempt short-swing transaction or would otherwise not result in liability
under Section 16(b) of the Exchange Act. 
  

	Section 2.	Calculation of Award Payments. 

 2.1 End of Performance Period Calculation.
Following the end of the Performance Period and prior to any shares of Stock being issued, 
 (a) The Committee will calculate the Total
Stockholder Return Performance Factor (as described in Section 3.2) based on the Corporation’s performance during the Performance Period relative to the performance of other corporations which compose the “Peer Performance Group”
as defined in Section 3.1. Approximately one-half (50%) of the number of shares in your Target Award shall be multiplied by the Total Stockholder Return Performance Factor with the resulting number of shares to be known as the Total
Stockholder Return Performance Award. Fractional shares shall be rounded up to the next whole share. If the Corporation’s Average TSR for the three-year Performance Period is negative, the maximum Total Stockholder Return Performance Factor
shall not exceed 100%. Notwithstanding the foregoing, the number of shares of Stock you 

 
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receive as your Total Stockholder Return Performance Award shall be reduced to the extent necessary so that the Fair Market Value of the shares underlying your Total Stockholder Return
Performance Award on the last day of the Performance Period does not exceed the product of (a) the Fair Market Value of a share of Stock on the Award Date, multiplied by (b) 400%, multiplied by (c) the number of shares underlying your
Total Stockholder Return Performance Award. 
 (b) The Committee will calculate the ROIC Performance Factor (as described in
Section 4.1) based on the Corporation’s ROIC during the Performance Period as compared to the projected ROIC for the Performance Period as set forth in the January 22, 2014 Committee resolution (“ROIC Target”). Approximately
one-quarter (25%) of the number of shares in your Target Award will be multiplied by the ROIC Performance Factor with the resulting number of shares to be known as the ROIC Performance Award. Fractional shares shall be rounded up to the next
whole share. Notwithstanding the foregoing, the number of shares of Stock you receive as your ROIC Performance Award shall be reduced to the extent necessary so that the Fair Market Value of the shares underlying your ROIC Performance Award on the
last day of the Performance Period does not exceed the product of (a) the Fair Market Value of a share of Stock on the Award Date, multiplied by (b) 400%, multiplied by (c) the number of shares underlying your ROIC Performance Award.

 (c) The Committee will calculate the Cash Flow Performance Factor (as described in Section 4.2) based on the Corporation’s
cumulative Cash Flow during the Performance Period as compared to the projected cumulative Cash Flow for the Performance Period as set forth the January 22, 2014 Committee resolution (“Cash Flow Target”). Approximately one-quarter
(25%) of the number of shares in your Target Award will be multiplied by the Cash Flow Performance Factor with the resulting number of shares to be known as the Cash Flow Performance Award. Fractional shares shall be rounded upto the next whole
share. Notwithstanding the foregoing, the number of shares of Stock you receive as your Cash Flow Performance Award shall be reduced to the extent necessary so that the Fair Market Value of the shares underlying your Cash Flow Performance Award on
the last day of the Performance Period does not exceed the product of (a) the Fair Market Value of a share of Stock on the Award Date, multiplied by (b) 400%, multiplied by (c) the number of shares underlying your Cash Flow
Performance Award. 
 (d) Your Total Stockholder Return Performance Award, your ROIC Performance Award, and your Cash Flow Performance Award
shall be added together to determine the total number of shares to be paid to you as your final Award. 
 You must (except as specified in
Section 5) remain employed by the Corporation through the last day of the Vesting Period to receive your Award. No portion of your Award will be payable until it is fully vested in accordance with Sections 5.1 and 5.2. 

 
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	Section 3.	Total Stockholder Return Performance Factor.  

 3.1. Peer Performance
Group. The Total Stockholder Return Performance Factor will be based upon the relative ranking of the Corporation’s Average TSR (as defined in Section 3.2(a)) for the Performance Period to the Average TSR for such Period for each
corporation in the “Peer Performance Group.” The “Peer Performance Group” shall consist of the corporations which compose the Standard and Poor’s Aerospace and Defense Index reported under symbol S5AERO by Bloomberg L.P. The
Corporation’s Total Stockholder Return will be based on the performance of the Stock. With respect to the corporations that make up the Standard and Poor’s Aerospace and Defense Index, the Total Stockholder Return of each corporation that
is taken into account in computing the Peer Performance Group Total Stockholder Return will be based on the equity security of the relevant corporation that is used in computing the Standard and Poor’s Aerospace and Defense Index. 

3.2. Calculation of Total Stockholder Return Performance Factor. 

(a) Calculation of Average TSR. During the Performance Period, the Committee shall compute the Total Stockholder Return (as defined in
the Plan and assuming the reinvestment of any cash dividends) for the Corporation and for each other corporation in the Peer Performance Group for 36 periods during the Performance Period where each period begins on January 1, 2014 (based on
the closing price for the stock on December 31, 2013) and ends on the last day of each successive calendar month in the Performance Period on which the New York Stock Exchange is open for trading. Each such Total Stockholder Return shall be
computed from data available to the public. At the end of the Performance Period, the 36 Total Stockholder Return figures for each corporation for the Performance Period will be averaged to determine each corporation’s average Total Stockholder
Return (“Average TSR”) for the Performance Period. Each corporation’s Average TSR shall be ranked among the Average TSR for each other corporation in the Peer Performance Group on a percentile basis (using the Excel PERCENTRANK
function). 
 (b) Percentage Level of Target Award. Your Total Stockholder Return Performance Factor, expressed as a percentage, will
be determined under this Section 3.2(b) (and Section 3.2(c) to the extent interpolation is necessary) based on the Percentile Ranking (as determined under Section 3.2(a)) of the Corporation’s Average TSR for the Performance
Period under the following chart: 
  

							
	 Band
	  	Percentile Ranking	 	Total Stockholder
Return Performance
Factor	 
	 One
	  	75th - 100th	 	 	200	% 
	 Two
	  	60th	 	 	150	% 
	 Three
	  	50th	 	 	100	% 
	 Four
	  	40th	 	 	50	% 
	 Five
	  	35th	 	 	25	% 
	 Six
	  	Below 35th	 	 	0	% 

 (c) Total Stockholder Return Performance Factor Interpolation. If the Percentile Ranking as determined
under Section 3.2(a) puts the Corporation over the listed Percentile Ranking for the applicable Band (other than Band One) in Section 3.2(b), your Total Stockholder Return Performance Factor under Section 3.2(b) shall be interpolated
on a linear basis. 

 
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 If the Corporation’s Average TSR for the three-year Performance Period is negative, the
maximum Total Stockholder Return Performance Factor shall not exceed 100%. 
  

	Section 4.	ROIC Performance Factor and Cash Flow Performance Factor. 

 4.1 ROIC
Performance Factor. The ROIC Performance Factor will be determined by comparing the Corporation’s ROIC for the Performance Period to the ROIC Target and then identifying the ROIC Performance Factor based upon the factor associated with the
difference on the following table: 
  

					
	 Change from ROIC Target
	  	ROIC Performance
Factor	 
	 Target +3 160 basis points
	  	 	200	% 
	 Target + 120 basis points
	  	 	175	% 
	 Target + 80 basis points
	  	 	150	% 
	 Target + 40 basis points
	  	 	125	% 
	 Target
	  	 	100	% 
	 Target – 10 basis points
	  	 	75	% 
	 Target – 20 basis points
	  	 	50	% 
	 Target – 30 basis points
	  	 	25	% 
	 Target – 3 40 or more basis points
	  	 	0	% 

 (a) ROIC Definition. For purposes of this Award Agreement, “ROIC” means return on invested
capital for the Performance Period calculated as (A) average annual (i) net income (excluding any charge or addition to net income resulting solely from adjustment of deferred tax assets and liabilities for the effect of enactment of
corporate tax reform and related legislation that adjusts United States federal corporate income tax rates) plus (ii) interest expense times one minus the average of the highest marginal federal corporate income tax rates over the three-year
Performance Period (“Return”), divided by (B) the average of the four year-end investment balances (beginning with December 31, 2013 year-end balance) consisting of (i) debt (including current maturities of long-term debt)
plus (ii) stockholders’ equity plus the postretirement plans amounts determined at year-end as included in the Corporation’s Statement of Stockholders’ Equity. 

(b) ROIC Determination. Each component of ROIC and the calculation of any postretirement plans amounts recorded in the
Corporation’s Statement of Stockholders’ Equity shall be determined by the Committee in accordance with generally accepted accounting principles in the United States and be based upon the comparable numbers reported on the
Corporation’s audited consolidated financial statements or, if audited financial statements are not available for the date or period on which ROIC is being determined, the Committee shall make its determination in a manner consistent with the
historical practices used by the Corporation in determining the components of ROIC and postretirement plans amounts recorded in the Corporation’s Statement of Stockholders’ Equity for purposes of reporting those items on its audited
financial statements, as modified by this paragraph. Notwithstanding the foregoing, ROIC will be adjusted to exclude the impact of any change in accounting standards or adoption of any new accounting standards that is required under generally
accepted accounting 

 
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principles in the United States and that is reported in the Corporation’s filings with the Securities and Exchange Commission as having a material effect on the Corporation’s
consolidated financial statements. ROIC, as included in the 2014 Long Range Plan, and the change in ROIC for purposes of the ROIC Performance Factor will be determined in accordance with this Section 4.1(b). 

4.2 Cash Flow Performance Factor. The Cash Flow Performance Factor will be determined by comparing the Corporation’s cumulative
Cash Flow during the Performance Period to the Cash Flow Target, and then identifying the Cash Flow Performance Factor based upon the factor associated with the change from the Cash Flow Target on the following table: 

 

					
	 Change From Cash Flow Target
	  	Cash Flow Performance
Factor	 
	 Target + 3 $2.0B or more
	  	 	200	% 
	 Target + $1.5B
	  	 	175	% 
	 Target + $1.0B
	  	 	150	% 
	 Target + $0.5B
	  	 	125	% 
	 Target
	  	 	100	% 
	 Target – $0.2B
	  	 	75	% 
	 Target – $0.5B
	  	 	50	% 
	 Target – $0.7B
	  	 	25	% 
	 Target – 3 $1.0B or more
	  	 	0	% 

 (a) Cash Flow Definition. For purposes of this Award Agreement, “Cash Flow” means net cash
flow from operations but not taking into account: (i) the aggregate difference between the amount forecasted in the Corporation’s 2014 Long Range Plan to be contributed by the Corporation to the Corporation’s defined benefit pension
plans during the Performance Period and the actual amounts contributed by the Corporation during the Performance Period; or (ii) any tax payments or tax benefits during the Performance Period associated with the divestiture of business units,
other than tax payments or tax benefits that were included in the Corporation’s 2014 Long Range Plan. 
 (b) Cash Flow
Determination. Cash Flow shall be determined by the Committee based upon the comparable numbers reported on the Corporation’s audited consolidated financial statements or, if audited financial statements are not available for the period for
which Cash Flow is being determined, the Committee shall determine Cash Flow in a manner consistent with the historical practices used by the Corporation in determining net cash provided by operating activities as reported in its audited
consolidated statement of cash flows, in either case as modified by this paragraph. 
 4.3 Interpolation of ROIC and Cash Flow
Metrics. If the change in ROIC or Cash Flow falls between two numbers listed in the applicable table in Section 4.1 or 4.2, the appropriate factor will be interpolated on a linear basis. Notwithstanding the foregoing, the ROIC Performance
Factor will always be zero if the ROIC for the Performance Period falls short of the ROIC Target by 40 basis points or more and the Cash Flow Performance Factor will always be zero if the aggregate Cash Flow for the Performance Period falls short of
the Cash Flow Target by $1.0 billion or more. 

 
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	Section 5.	Payment of Award. 

 5.1. Employment Requirement. 

(a) General Rule. In order to be eligible to receive payment of your Award as determined under Section 2.1(d), you must accept this
Award Agreement and remain employed by the Corporation through the last day of the Vesting Period. Except as provided below or where prohibited by law, if your employment as an Employee terminates during the Vesting Period, you shall forfeit your
right to receive all or any part of your Award. If you are on Corporation-approved leave of absence at any point during the Vesting Period, for purposes of this Award Agreement, you will be considered to still be in the employ of the Corporation,
unless otherwise provided in an agreement between you and the Corporation. 
 (b) Exceptions. Notwithstanding Section 5.1(a), if
the Committee determines 
 (1) that your employment as an Employee terminated, as a result of your death, Divestiture, Total Disability or
Retirement (each as defined in Section 5.1(c)) or 
 (2) that the Corporation terminated your employment involuntarily after
July 27, 2014 as a result of a layoff, including through a voluntary layoff program that constitutes a window program under Section 409A of the Code, 

you shall be eligible to receivea fraction of your Award and the DDEs with respect to such fraction. The numerator of such fraction shall equal
the number of days in the Vesting Period before your employment as an Employee terminated, and the denominator shall equal the total number of days in the Vesting Period. The Committee shall have complete and absolute discretion to make the
determinations called for under this Section 5.1(b), and all such determinations shall be binding on you and on any person who claims all or any part of your Award on your behalf as well as on the Corporation. If you terminate employment during
the Vesting Period but are eligible to receive a portion of your Award as a result of an exception under this Section 5.1(b), payment of such portion of your Award and DDEs shall be in full satisfaction of all rights you have under this Award
Agreement. 
 (c) Special Definitions. For purposes of this Award Agreement: 

(1) Your employment as an Employee shall be treated as terminating because of a “Total Disability” on the date you commence
receiving a benefit under the Corporation’s long-term disability plan in which you participate, or if you are not enrolled in the Corporation’s long-term disability plan, the date on which long-term disability benefits would commence under
the plan under which you would have been covered, had you enrolled, using the standards set forth in that plan; 
 (2) Your employment as an
Employee shall be treated as terminating as a result of Divestiture if the Corporation divests all or substantially 

 
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all of a business operation of the Corporation and such divestiture results in the termination of your employment with the Corporation and a transfer of such employment to the other party in the
Divestiture. A “Divestiture” shall mean a transaction which results in the transfer of control of the business operation to any person, corporation, association, partnership, joint venture, limited liability company or other business
entity of which less than 50% of the voting stock or other equity interests are owned or controlled by the Corporation; and 
 (3) Your
employment as an Employee shall be treated as terminating because of “Retirement” if the effective date of your termination of employment is after July 27, 2014 and (i) you reach age 65 with six months of service in the Vesting
Period, or (ii) you reach age 55 and have (at the time of your termination) completed at least ten years of service with the Corporation. The effective date of your termination is the first of the month following the date you terminate services
with the Corporation. 
 5.2. Payment Rules. 
  

	 	(a)	Vesting. If you are eligible to receive an Award under Section 5.1(a) or a fraction of an Award under Section 5.1(b), your Award shall vest on the last day of the Vesting Period. 

 

	 	(b)	Method of Payment. Your Award shall be paid in whole shares of Stock. DDEs on the shares underlying your Award, if any, shall be paid in cash. In the event of your death, your payment will be made to your estate
if you do not have a properly completed Beneficiary designation form on file with the Vice President of Total Rewards and Performance Management. 

  

	 	(c)	Timing of Payment. You shall have the right to receive your Award plus DDEs as soon as administratively practicable following the Vesting Period, but no later than 60 days after the date on which the Committee
certifies in writing (for purposes of Section 162(m) of the Code) that your Target Award has become an Award for the Performance Period (for taxpayers in Canada or as otherwise required by local country law, no later than December 31st of the year in which your Award is certified). 

 5.3. Cutback. Any
payment called for under Section 5.2 will be reduced to the extent that such payment together with payments attributable to any other Share-Based Awards that are granted during 2014 as Performance-Based Awards exceeds 1,000,000 shares of Stock.
Amounts in excess of 1,000,000 shares shall be forfeited. Any DDEs on forfeited shares shall also be forfeited. 
  

	Section 6.	No Assignment – General Creditor Status.  

 You shall have no right to
assign any interest you might have in all or any part of the Target Award or Award which has been granted to you under this Award Agreement and any attempt to do so shall be null and void and shall have no force or effect whatsoever. Furthermore,
all payments called for under this Award Agreement shall be 

 
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made from the Corporation’s general assets, and your right to payment from the Corporation’s general assets shall be the same as the right of a general and unsecured creditor of the
Corporation. Until a share of Stock is delivered to you, you generally will not have the rights and privileges of a stockholder. In particular, you will not have the right to vote your PSUs on any matter put to the stockholders of the Corporation;
you may not sell, transfer, assign, pledge, use as collateral or otherwise dispose of or encumber PSUs; and you will not have the right to receive any dividends paid to stockholders or dividend equivalents on the PSUs. 

 

	Section 7.	Plan.  

 This Award Agreement shall be subject to all of the terms and
conditions set forth in the Plan. 
  

	Section 8.	Change in Control. 

 8.1. Change in Control during the Performance Period.

 (a) In the event of a consummation of a Change in Control during the Performance Period, your Target Award (and DDEs) will become vested
(i) on the effective date of the Change in Control if the PSUs are not assumed, continued, or equivalent restricted securities are not substituted for your PSUs by the Corporation or its successor, or (ii) if the PSUs are assumed,
continued or substituted by the Corporation or its successor, on the effective date of your involuntary termination other than for Cause (not including death or Total Disability) or your voluntary termination with Good Reason, in either case, within
the 24-month period following the consummation of the Change in Control; provided that any such termination is also a “separation from service” under Code section 409A. 

(b) In the event the PSUs vest in accordance with this Section 8.1 (whether immediately following the Change in Control or following your
termination), the shares of Stock or equivalent substituted securities in which you have become vested and DDEs shall be delivered to you within 14 days of the date on which you become vested. 

8.2. Change in Control during the Vesting Period. 

(a) In the event of a consummation of a Change in Control after the end of the Performance Period but during the Vesting Period, you will vest
in your Target Award (and DDEs) (i) on the effective date of the Change in Control if the PSUs are not assumed or continued or equivalent restricted securities are not substituted for your PSUs by the Corporation or its successor, or
(ii) on the on the earlier of the end of the Vesting Period or the effective date of your termination if the PSUs are assumed, continued or substituted for, upon your involuntary termination other than for Cause (not including death or Total
Disability) or your voluntary termination with Good Reason, in either case, prior to the end of the Vesting Period. 
 (b) In the event the
PSUs vest in accordance with this Section 8.2 (whether immediately following the Change in Control or following your termination), the 

 
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shares of Stock or equivalent substituted securities in which you have become vested and DDEs shall be delivered to you within 14 days of the date on which you become vested. 

8.3 Special Definitions. For purposes of this Award Agreement: 

 

	 	(a)	“Cause” shall mean either of the following: 

 (i) Conviction for an act of fraud,
embezzlement, theft or other act constituting a felony (other than traffic-related offenses or as a result of vicarious liability); or 

(ii) Willful misconduct that is materially injurious to the Corporation’s financial position, operating results or reputation; provided,
however that no act or failure to act shall be considered “willful” unless done, or omitted to be done, by you (a) in bad faith; (b) for the purpose of receiving an actual improper personal benefit in the form of money, property
or services; or (c) in circumstances where you had reasonable cause to believe that the act or failure to act was unlawful. 
  

	 	(b)	“Good Reason” shall mean, without your express written consent, the occurrence of any one or more of the following: 

(i) A material and substantial reduction in the nature or status or your authority or responsibilities; 

(ii) A material reduction in your annualized rate of base salary; 

(iii) A material reduction in the aggregate value of your level of participation in any short or long term incentive cash compensation plan,
employee benefit or retirement plan or compensation practices, arrangements, or policies; 
 (iv) A material reduction in the aggregate level
of participation in equity-based incentive compensation plans; or 
 (v) Your principal place of employment is relocated to a location that
is greater than 50 miles from your principal place of employment on the date the Change in Control is consummated. 
 Your
continued employment following an event that would constitute a basis for voluntary termination with Good Reason shall not constitute Good Reason if you consent to, or waive your rights with respect to any circumstances constituting Good Reason. In
addition, the occurrence of an event described in (i) through (v) shall constitute the basis for voluntary termination for Good Reason only if you provide written notice of your intent to terminate employment within 90 days of the first
occurrence of such event and the Corporation has had at least 30 days from the date on which such notice is provided to cure such occurrence. If you do not terminate employment for Good Reason within 180 days after the first occurrence of the
applicable grounds, then you will be deemed to have waived your right to terminate for Good Reason with respect to such grounds. 

 
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 8.4. Special Rule. Notwithstanding Section 8.1 or 8.2, if a payment in accordance
with those provisions would result in a nonexempt short-swing transaction under Section 16(b) of the Exchange Act, then the date of distribution to you shall be delayed until the earliest date upon which the distribution either would not result
in a nonexempt short-swing transaction or would otherwise not result in liability under Section 16(b) of the Exchange Act. 
  

	Section 9.	Amendment and Termination.  

 As provided in Section 9 of the Plan,
the Board of Directors may at any time amend, suspend or discontinue the Plan and the Committee may at any time amend this Award Agreement. Notwithstanding the foregoing, no such action by the Board of Directors or the Committee shall amend Sections
1, 2, 3, 4, or 5 in a manner adverse to you or reduce the amount payable hereunder in a material manner without your written consent. For this purpose, a change in the amount payable hereunder that occurs solely by reason of a change in the date or
form of payment due to Section 409A of the Code or Section 16 of the Exchange Act shall in no case be treated as a reduction prohibited by this Section 9. Thus, for example, if an amount payable by reason of Section 8 is delayed
by an amendment to this Award Agreement or other action undertaken to comply with Section 409A of the Code and the amount payable is reduced solely by reason of a corresponding delay in the date of valuation of a share of Stock, such a change
shall not be treated as a reduction prohibited by this Section 9. This Section 9 shall be construed and applied so as to permit the Committee to amend this Award Agreement at any time in any manner reasonably necessary or appropriate in
order to comply with the requirements of Section 16 of the Exchange Act and of Section 409A of the Code, including amendments regarding the timing and form of payments hereunder. 

 

	Section 10.	Data Privacy Consent For Employees Located Outside Of The United States. 

 You
hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Award Agreement by and among the Corporation for the exclusive purpose of implementing,
administering and managing your participation in the Plan. 
 You understand that the Corporation holds certain personal information about
you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares or directorships held in the Corporation, details of
all awards or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the purpose of implementing, administering and managing the Plan (“Data”). You understand that Data may be
transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy
laws and protections than your country. You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the recipients to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be

 
Award Date: January 27, 2014 
  Page
 13
 
  

 
required to a broker or other third party with whom the Corporation may elect to administer the settlement of any award. You understand that Data will be held only as long as is necessary to
implement, administer and manage your participation in the Plan. You understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan. For
more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative. 
  

	Section 11.	No Assurance of Employment; No Right to an Award; Value of Award.  

Nothing contained in the Plan or in this Award Agreement shall confer upon you any right to continue in the employ or other service of the
Corporation or constitute any contract (of employment or otherwise) or limit in any way the right of the Corporation to change your compensation or other benefits or to terminate your employment with or without cause. You acknowledge and agree as
follows: 
 (a) the Plan is discretionary in nature and that the Board of Directors may amend, suspend, or terminate it at any time; 

(b) the grant of the PSUs are voluntary and occasional and does not create any contractual or other right to receive future grants of any
PSUs, or benefits in lieu of any PSUs even if PSUs have been granted repeatedly in the past; 
 (c) all determinations with respect to such
future PSUs, if any, including but not limited to the times when PSUs shall be granted or when PSUs shall vest, will be at the sole discretion of the Committee; 

(d) your participation in the Plan is voluntary; 

(e) the value of the PSUs are an extraordinary item of compensation, which is outside the scope of your employment contract (if any), except
as may otherwise be explicitly provided in your employment contract; 
 (f) the PSUs are not part of normal or expected compensation or
salary for any purpose, including, but not limited to, calculating termination, severance, resignation, redundancy, end of service, or similar payments, or bonuses, long-service awards, pension or retirement benefits; 

(g) the PSUs shall expire upon termination of your employment for any reason except as may otherwise be explicitly provided in the Plan and
this Award Agreement; 
 (h) the future value of the shares is unknown and cannot be predicted with certainty; and 

(i) no claim or entitlement to compensation or damages arises from the termination of the PSUs or diminution in value of the PSUs or Stock and
you irrevocably release the Corporation from any such claim that may arise. 

 
Award Date: January 27, 2014 
  Page
 14
 
  

	 	Section 12.	Conflict.  

 In the event of a conflict between this Award Agreement and
the Plan, the Plan document shall control. 
  

	Section 13.	Compliance with Section 409A of the Code. 

 It is the intent of the Company
that your Award not be subject to taxation under Section 409A(a)(1) of the Code. Nevertheless, in the event that your Award is or could be subject to Section 409A of the Code, as determined by the Senior Vice President, Human Resources and
Communications, in consultation with the General Tax Counsel or his or her delegate, the following rules apply: (i) the Award will be interpreted and administered to meet the requirements of Sections 409A(a)(2), (3) and (4) of the
Code and thus to be exempt from taxation under Section 409A(a)(1) of the Code; (ii) no Award payment will be made on account of your termination of employment unless the termination of employment constitutes a “separation from
service” under Code section 409A(a)(2)(a)(i); and (iii) if you are a “specified employee” within the meaning of Code section 409A, any payment in respect of this Award made on account of a termination of employment will be
delayed for six (6) months following such termination of employment, and then made at the earliest date permitted by Section 409A of the Code. 
  

	Section 14.	Post-Employment Covenants & Stock Ownership Requirements. 

 Except where
prohibited by law, by accepting this Award Agreement through the procedure described above, you agree to the terms of the Post-Employment Covenants contained in Exhibit A to this Award Agreement and you acknowledge receipt of the Stock Ownership
Requirements (“Ownership Requirements”) attached as Exhibit B to this Award Agreement and agree to comply with such Ownership Requirements. If you are not a Vice President (or above) on January 27, 2014, but you are promoted to Vice
President (or above) prior to January 27, 2017, the Ownership Requirements shall become applicable to you on the date of your promotion to Vice President (or above). 
  

	Section 15.	English Language. 

 You have received the terms and conditions of this Award
Agreement and any other related communications, and you consent to having received these documents, in English. If you have received this Award Agreement or any other documents related to the Plan translated into a language other than English, and
if the translated version is different from the English version, the English version will control. 
  

	Section 16.	Currency Exchange Risk. 

 If your functional currency is not the U.S. dollar, you
agree and acknowledge that you will bear any and all risk associated with the exchange or fluctuation of currency associated with the Award (the “Currency Exchange Risk”). You waive and release the Corporation and its subsidiaries from any
potential claims arising out of the Currency Exchange Risk. 
  

	Section 17.	Exchange Control Requirements. 

 You agree and acknowledge that you will comply
with any and all exchange control requirements applicable to the Award and any resulting funds including, without limitation, reporting or repatriation requirements. 

 
Award Date: January 27, 2014 
  Page
 15
 
  

	Section 18.	Execution; Electronic Delivery. 

 By executing this Award Agreement, you consent
to receive copies of the Prospectus applicable to this Award from this internet site (http://www.benefitaccess.com) as well as to electronic delivery of the Corporation’s annual report on Form 10-K, annual proxy and quarterly reports on
Form 10-Q. This consent can only be withdrawn by written notice to the Vice President of Total Rewards and Performance Management at the address noted below. The Company may, in its sole discretion, decide to deliver any documents related to the
Award under the Plan or future Awards that may be awarded under the Plan by electronic means or request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to
participate in the Plan through any on-line or electronic system established and maintained by the Corporation or another third party designated by the Corporation. 

No Award is enforceable until you properly acknowledge your acceptance by completing the electronic receipt or returning an executed copy of
this Award Agreement to the Vice President of Total Rewards and Performance Management as soon as possible but in no event later than May 31, 2014. Acceptance of this Award Agreement must be made only by you personally or by a person acting
pursuant to a power of attorney in the event of your inability to acknowledge your acceptance due to your disability or deployment in the Armed Forces (and not by your estate, your spouse or any other person) and constitutes your consent to any
action taken under the Plan consistent with its terms with respect to this Award. The Committee has authorized electronic means for the delivery and acceptance of this Award Agreement. If you desire to accept this Award, you must acknowledge your
acceptance and receipt of this Award Agreement, either electronically or by signing and returning a copy of this letter on or before May 31, 2014 as follows: 
  

	 	•	 	Electronic Acceptance: Go to http://www.benefitaccess.com 

  

	 	•	 	By Mail: Ms. Robin LaChapelle, Vice President of Total Rewards and Performance Management, Lockheed Martin Corporation, Mail Point 126, 6801 Rockledge Drive, Bethesda MD 20817 

 
Award Date: January 27, 2014 
  Page
 16
 
  

 Assuming prompt and proper acknowledgment of this Award Agreement as described, this Award
will be effective as of the Award Date. 
  

	
	Sincerely,
	
	Robin L. LaChapelle
	Vice President
	Total Rewards and Performance Management

 (For written acceptance, please complete, sign and return by mail.) 

 

					
	Acknowledged by:	 		  	
			
	  
	 		  	  

	Signature	 		  	Date
			
	  
	 		  	  

	Print Name	 		  	Employee ID

 
Award Date: January 27, 2014 
  Page
 17
 
  

 Appendix A 

Capitalized Terms 
  

			
	Average TSR	  	§ 3.2(a)
	Award	  	6th ¶
	Award Date	  	Header
	Cash Flow	  	§ 4.2(a)
	Cash Flow Performance Award	  	§ 2.1(c)
	 Cash Flow Performance Factor
 Cash Flow
Target
	  	 §4.2
 § 2.1(c)

	Cause	  	§ 8.3(a)
	Change in Control	  	Plan
	Code	  	Plan
	Committee	  	1st ¶
	Corporation	  	6th ¶
	DDE	  	§ 1.1(c)
	Divestiture	  	§ 5.1(c)(2)
	Employee	  	Plan
	Exchange Act	  	Plan
	Fair Market Value	  	Plan
	Good Reason	  	§ 8.3(b)
	Insider	  	Plan
	Maximum Award	  	§ 1.1(b)
	Peer Performance Group	  	§3.1
	Performance-Based Award	  	Plan
	Performance Period	  	§1.2
	Plan	  	1st ¶
	PSU	  	§ 1.1(a)
	Retirement	  	§ 5.1(c)(3)
	Return	  	§ 4.1(a)
	ROIC	  	§ 4.1(a)
	ROIC Performance Award	  	§ 2.1(b)
	 ROIC Performance Factor
 ROIC Target

Share-Based Awards
	  	 §4.1
 § 2.1(b)

Plan

	Stock	  	Plan
	Target Award	  	6th ¶§ 1.1(a)
	Total Disability	  	§ 5.1(c)(1)
	Total Stockholder Return	  	Plan; § 3.2(a)
	Total Stockholder Return Performance Award	  	§ 2.1(a)
	Total Stockholder Return Performance Factor	  	§3.1; § 3.2
	Vesting Period	  	§1.3

 
Award Date: January 27, 2014 
  Page
 18
 
  

 Exhibit A 

Post Employment Conduct Agreement 

(PSU Grant) 
 This Post
Employment Conduct Agreement (this “PECA”) attached as Exhibit A to the Award Agreement with an Award Date of January 27, 2014 (the “Award Agreement”) is entered into in consideration of, among other things, the grant of
performance restricted stock units to me under the Award Agreement (the “PSUs”) pursuant to the Lockheed Martin Corporation 2011 Incentive Performance Award Plan (the “Plan”). References to the “Corporation” shall
include Lockheed Martin Corporation and its Subsidiaries. By accepting the PSUs, I agree as follows: 
 1. Restrictions Following
Termination of Employment. 
 (a) Covenant Not To Compete - Without the express written consent of the “Required
Approver” (as defined in Section 6), during the one-year period (or two-year period for Elected Officers) following the date of my termination of employment (the “Termination Date”) with the Corporation, I will not, directly or
indirectly, be employed by, provide services to, or advise a “Restricted Company” (as defined in Section 6), whether as an employee, advisor, director, officer, partner or consultant, or in any other position, function or role that,
in any such case, 
  

	 	(i)	oversees, controls or affects the design, operation, research, manufacture, marketing, sale or distribution of “Competitive Products or Services” (as defined in Section 6) of or by the Restricted Company,
or 

  

	 	(ii)	would involve a substantial risk that the “Confidential or Proprietary Information” (as defined in Section 1(c)) of the Corporation (including but not limited to technical information or intellectual
property, strategic plans, information relating to pricing offered to the Corporation by vendors or suppliers or to prices charged or pricing contemplated to be charged by the Corporation, information relating to employee performance, promotions or
identification for promotion, or information relating to the Corporation’s cost base) could be used to the disadvantage of the Corporation. 

Section 1(a)(i) and (ii) shall not apply to residents of California. 

To the extent permitted by applicable law, including but not limited to any applicable rules governing attorney conduct (such as the ABA Model Rules of
Professional Conduct and state versions thereof), Sections 1(a)(i) and (ii) and Section 1(b) relating to non-solicitation, shall apply to individuals who are employed by the Corporation in an attorney position and whose occupation during
the one-year (or two-year, for Elected Officers) period following employment with the Corporation does not include practicing law. 

 
Award Date: January 27, 2014 
  Page
 19
 
  

 In lieu of Section 1(a)(i) and (ii), as well as Section 1(b) relating to non-solicitation, the
following Section 1(a)(iii) shall apply to individuals who are employed by the Corporation in an attorney position, and whose occupation during the one-year (or two-year, for Elected Officers) period following employment with the Corporation
includes practicing law. 
  

	 	(iii)	Post-employment Activity As a Lawyer - I acknowledge that as counsel to the Corporation, I owe ethical and fiduciary obligations to the Corporation and that at least some of these obligations will continue even
after the date of my termination of employment (“Termination Date”) with the Corporation. I agree that after my Termination Date I will comply fully with all applicable ethical and fiduciary obligations that I owe to the Corporation. To
the extent permitted by applicable law, including but not limited to any applicable rules governing attorney conduct, I agree that I will not: 

  

	 	(a)	Represent any client in the same or a substantially related matter in which I represented the Corporation where the client’s interests are materially adverse to the Corporation; or 

 

	 	(b)	Disclose confidential information relating to my representation of the Corporation, including the disclosure of information that is to the disadvantage of the Corporation, except for information that is or becomes
generally known. 

 The Corporation’s Senior Vice President, General Counsel, and Corporate Secretary or the General Tax Counsel, as
applicable, will determine in his or her discretion whether an individual is employed by the Corporation in an attorney position. 
 (b)
Non-Solicit - Without the express written consent of the Required Approver, during the one-year period (two-year period for Elected Officers) following the Termination Date, I will not (i) interfere with any contractual relationship
between the Corporation and any customer, supplier, distributor or manufacturer of or to the Corporation to the detriment of the Corporation or (ii) induce or attempt to induce any person who is an employee of the Corporation to perform work or
services for any entity other than the Corporation. 
 (c) Protection of Proprietary Information - Except to the extent required by
law, following my Termination Date, I will have a continuing obligation to comply with the terms of any non-disclosure or similar agreements that I signed while employed by the Corporation committing to hold confidential the “Confidential or
Proprietary Information” (as defined below) of the Corporation or any of its affiliates, subsidiaries, related companies, joint ventures, partnerships, customers, suppliers, partners, contractors or agents, in each case in accordance with the
terms of such agreements. I will not use or disclose or allow the use or disclosure by others to any person or entity of Confidential or Proprietary Information of the Corporation or others to which I had access or that I was responsible for
creating or overseeing during my employment with the Corporation. In the event I become legally compelled (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or otherwise) to disclose any proprietary or
confidential information, I will immediately notify the Corporation’s Senior Vice President, General Counsel and Corporate Secretary as to 

 
Award Date: January 27, 2014 
  Page
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the existence of the obligation and will cooperate with any reasonable request by the Corporation for assistance in seeking to protect the information. All materials to which I have had access,
or which were furnished or otherwise made available to me in connection with my employment with the Corporation shall be and remain the property of the Corporation. For purposes of this PECA, “Confidential or Proprietary Information” means
Proprietary Information within the meaning of CPS 710 (a copy of which has been made available to me), including but not limited to information that a person or entity desires to protect from unauthorized disclosure to third parties that can provide
the person or entity with a business, technological, or economic advantage over its competitors, or which, if known or used by third parties or if used by the person’s or entity’s employees or agents in an unauthorized manner, might be
detrimental to the person’s or entity’s interests. Confidential or Proprietary Information may include, but is not limited to: 
  

	 	(i)	existing and contemplated business, marketing and financial business information such as business plans and methods, marketing information, cost estimates, forecasts, financial data, cost or pricing data, bid and
proposal information, customer identification, sources of supply, contemplated product lines, proposed business alliances, and information about customers or competitors, or 

 

	 	(ii)	existing or contemplated technical information and documentation pertaining to technology, know how, equipment, machines, devices and systems, computer hardware and software, compositions, formulas, products, processes,
methods, designs, specifications, mask works, testing or evaluation procedures, manufacturing processes, or production processes. 

(d) No disparagement - Following the Termination Date, I will not make any statements, whether verbal or written, that disparage or
reasonably may be interpreted to disparage the Corporation or its stockholders, directors, officers, employees, agents, attorneys, representatives, technology, products or services with respect to any matter whatsoever. 

(e) Cooperation in Litigation and Investigations - Following the Termination Date, I will, to the extent reasonably requested,
cooperate with the Corporation in any pending or future litigation (including alternative dispute resolution proceedings) or investigations in which the Corporation or any of its subsidiaries or affiliates is a party or is required or requested to
provide testimony and regarding which, as a result of my employment with the Corporation, I reasonably could be expected to have knowledge or information relevant to the litigation or investigation. Notwithstanding any other provision of this PECA,
nothing in this PECA shall affect my obligation to cooperate with any governmental inquiry or investigation or to give truthful testimony in court. 

 
Award Date: January 27, 2014 
  Page
 21
 
  

 2. Consideration and Acknowledgement. I acknowledge and agree that the benefits and
compensation opportunities being made available to me under the Award Agreement are in addition to the benefits and compensation opportunities that otherwise are or would be available to me in connection with my employment by the Corporation and
that the grant of the PSUs is expressly made contingent upon my agreements with the Corporation set forth in this PECA. I acknowledge that the scope and duration of the restrictions in Section 1 are necessary to be effective and are fair and
reasonable in light of the value of the benefits and compensation opportunities being made available to me under the Award Agreement. I further acknowledge and agree that as a result of the high level executive and management positions I hold with
the Corporation and the access to and extensive knowledge of the Corporation’s Confidential or Proprietary Information, employees, suppliers and customers, these restrictions are reasonably required for the protection of the Corporation’s
legitimate business interests. 
 3. Remedies For Breach of Section 1; Additional Remedies of Clawback and Recoupment. 

(a) If I become (or currently am) an Insider (as defined in the Plan) or receive a PSU Award, I agree, upon demand by the Corporation, to
forfeit, return or repay to the Corporation the “Benefits and Proceeds” (as defined below) in the event any of the following occur: 
  

	 	(i)	I breach any of the covenants or agreements in Section 1; 

  

	 	(ii)	The Corporation determines that either (a) my intentional misconduct or gross negligence, or (b) my failure to report another person’s intentional misconduct or gross negligence of which I had knowledge
during the period I was employed by the Corporation, contributed to the Corporation having to restate all or a portion of its financial statements filed for any period with the Securities and Exchange Commission; 

 

	 	(iii)	The Corporation determines that I engaged in fraud, bribery or any other illegal act or that my intentional misconduct or gross negligence (including the failure to report the acts of another person of which I had
knowledge during the period I was employed by the Corporation) contributed to another person’s fraud, bribery or other illegal act, which in any such case adversely affected the Corporation’s financial position or reputation; or

  

	 	(iv)	Under such other circumstances specified by final regulation issued by the Securities and Exchange Commission entitling the Corporation to recapture or clawback “Benefits and Proceeds” (as defined below).

 
Award Date: January 27, 2014 
  Page
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 (b) The remedy provided in Section 3(a) shall not be the exclusive remedy available to
the Corporation for any of the conduct described in Section 3(a) and shall not limit the Corporation from seeking damages or injunctive relief. 

(c) For purposes of this Section 3, “Benefits and Proceeds” means (i) to the extent I own Stock issued in respect of
vested PSUs, such Stock; (ii) to the extent I no longer own the shares of Stock of the Corporation issued in respect of the PSUs, cash in an amount equal to the greater of (x) the value of such Stock on the date the associated PSUs vested
(which, unless otherwise determined by the Management Development and Compensation Committee of the Board of Directors of the Corporation, shall be equal to the closing price of the shares of Common as finally reported by the New York Stock Exchange
on such date), and (y) the proceeds received in connection with the disposition of such Stock; and (ii) to the extent I have not earned the PSUs fully, all of my remaining rights, title or interest in my Award and any accrued dividend
equivalents with respect thereto. 
 4. Injunctive Relief. I acknowledge that the Corporation’s remedies at law may be
inadequate to protect the Corporation against any actual or threatened breach of the provisions of Section 1 or the conduct described in Section 3(a), and, therefore, without prejudice to any other rights and remedies otherwise available
to the Corporation at law or in equity (including but not limited to, an action under Section 3(a)), the Corporation shall be entitled to injunctive relief in its favor and to specific performance without proof of actual damages and without the
requirement of the posting of any bond or similar security. 
 5. Invalidity; Unenforceability. It is the desire and intent of the
parties that the provisions of this PECA shall be enforced to the fullest extent permissible. Accordingly, if any particular provision of this PECA is adjudicated to be invalid or unenforceable, this PECA shall be deemed amended to delete the
portion adjudicated to be invalid or unenforceable, such deletion to apply only with respect to the operation of this provision in the particular jurisdiction in which such adjudication is made. 

6. Definitions. Capitalized terms not defined in this PECA have the meaning given to them in the Plan, as applicable. For purposes of
this PECA, the following terms have the meanings given below: 
 (a) “Restricted Company” means The Boeing Company, General
Dynamics Corporation, Northrop Grumman Corporation, the Raytheon Company, United Technologies Corporation, Honeywell International Inc., BAE Systems Inc., L-3 Communications Corporation, the Harris Corporation, Thales, EADS North America and
(i) any entity directly or indirectly controlling, controlled by, or under common control with any of the foregoing, and (ii) any successor to all or part of the business of any of the foregoing as a result of a merger, reorganization,
consolidation, spin-off, split-up, acquisition, divestiture, or similar transaction. 

 
Award Date: January 27, 2014 
  Page
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 (b) “Competitive Products or Services” means products or services that compete
with, or are an alternative or potential alternative to, products sold or services provided by a subsidiary, business area, division or operating unit or business of the Corporation as of the Termination Date and at any time within the two-year
period ending on the Termination Date; provided, that, (i) if I had direct responsibility for the business of, or function with respect to, a subsidiary, or for a business area, division or operating unit or business of the Corporation at any
time within the two-year period ending on the Termination Date, Competitive Products or Services includes the products so sold or the services so provided during that two-year period by the subsidiary, business area, division or operating unit of
the Corporation for which I had responsibility, and (ii) if I did not have direct responsibility for the business of, or function with respect to, a subsidiary, or for a business area, division or operating unit or business of the Corporation
at any time within the two-year period ending on the Termination Date, Competitive Products or Services includes the products so sold or the services so provided by a subsidiary, business area, division or operating unit of the Corporation for which
I had access (or was required or permitted such access in the performance of my duties or responsibilities with the Corporation) to Confidential or Proprietary Information of the Corporation at any time during the two-year period ending on the
Termination Date. 
 (c) “Required Approver” means: 
  

	 	(i)	with respect to the Chairman, President and Chief Executive Officer, the Management and Development Committee of the Corporation’s Board of Directors; 

 

	 	(ii)	with respect to an Elected Officer, the Corporation’s Chairman, President and Chief Executive Officer; or 

  

	 	(iii)	with respect to all other employees, the Senior Vice President, Human Resources of the Corporation. 

 (d)
“Elected Officer” means an officer of the Corporation who was elected to his or her position by the Corporation’s Board of Directors. 

7. Miscellaneous. 
 (a)
The Plan, the Award Agreement (with Exhibit B) and this PECA constitute the entire agreement governing the terms of the award of the PSUs to me. 

(b) This PECA shall be governed by Maryland law, without regard to its provisions governing conflicts of law. Any enforcement of, or
challenge to, this PECA may only be brought in the Circuit Court of Maryland or the United States District Court for the District of Maryland. Both parties consent to the proper jurisdiction and venue of the Circuit Court of Maryland and the
United States District Court for the District of Maryland for the purpose of enforcing or challenging this PECA. 
 (c) This PECA shall
inure to the benefit of the Corporation’s successors and assigns and may be assigned by the Corporation without my consent. 

 
Award Date: January 27, 2014 
  Page
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 (d) This PECA provides for certain obligations on my part following the Termination Date and
shall not, by implication or otherwise, affect in any way my obligations to the Corporation during the term of my employment by the Corporation, whether pursuant to written agreements between the Corporation and me, the provisions of applicable
Corporate policies that may be adopted from time to time or applicable law or regulation. 
 This PECA is effective as of
the acceptance by me of the award of PSU under the Award Agreement and is not contingent on the vesting of my PSU Award. 

 
Award Date: January 27, 2014 
  Page
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 Exhibit B 

Stock Ownership Requirements 
 Lockheed
Martin’s Stock Ownership Requirements for Key Employees apply to all senior level positions of Vice President and above. This reflects the expectations of our major stockholders that management demonstrate its confidence in Lockheed Martin
through a reasonable level of personal share ownership. This practice is consistent with other major U.S. corporations which link some portion of personal financial interests of key employees with those of shareholders. 

Stock Ownership Requirements 
  

			
	 Title
	  	Annual Base Pay Multiple
	 Chairman, President and Chief Executive Officer
	  	6 times
	 Chief Operating Officer
	  	5 times
	 Chief Financial Officer
	  	4 times
	 Executive Vice Presidents
	  	3 times
	 Senior Vice Presidents
	  	2 times
	 Other Elected Officers
	  	2 times
	 Other Vice Presidents
	  	1 times

 Satisfaction of Requirements 

Covered employees may satisfy their ownership requirements with common stock in these categories: 

 

	 	•	 	Shares owned directly. 

  

	 	•	 	Shares owned by a spouse or a trust. 

  

	 	•	 	Shares represented by monies invested in 401(k) Company Common Stock Funds or comparable plans. 

  

	 	•	 	Share equivalents as represented by income deferred to the Company Stock Investment Option of the Deferred Management Incentive Compensation Plan (DMICP). 

 

	 	•	 	Unvested Restricted Stock Units and Performance Stock Units (based on the Target Award). 

 Key employees will
be required to achieve the appropriate ownership level within 5 years and are expected to make continuous progress toward their target. Appointment to a new level will reset the five year requirement. Unexercised options prior to vesting are not
counted toward meeting the guidelines. 
 Holding Period 

Covered employees must retain net vested Restricted Stock Units and Performance Stock Units and the net shares resulting from any exercise of stock options if
the ownership requirements are not yet satisfied. 
 Covered employees are asked to report annually on their progress toward attainment of their share
ownership goals.EX-10.1

 Exhibit 10.1 

THIS DEED is made the 22nd day of January, 2014 

BETWEEN: 
  

	(1)	BGC SERVICES (HOLDINGS) LLP, (the “Partnership”), of One Churchill Place London E14 5RD; and 

  

	(2)	SEAN WINDEATT, (the “FURTHER MEMBER”), 

 and in favour of each Member of the Partnership and the
Partnership for itself. 
 BACKGROUND: 
  

	(A)	By a Limited Liability Partnership Deed, the Partnership was established on 21 December 2011, the Members (as defined therein) agreed to regulate their relations as Members of the Partnership. 

 

	(B)	On 21 December 2012 the Members amended and restated the Limited Liability Partnership Deed (“Partnership Deed”) in contemplation of Further Members (as defined therein) joining the Partnership in the
capacity of Individual Members subject at all times to the Board’s (as defined in the Partnership Deed) absolute discretion. 

 IT IS
HEREBY AGREED as follows: 
  

	1	Interpretation 

  

	1.1	Save where the context otherwise requires, the words and expressions used in this Deed (and annexed Schedule) shall have the meanings respectively assigned to them in the Partnership Deed. 

 

	2	Adherence to Partnership 

  

	2.1	The Further Member covenants with the Members for the time being and the Partnership to observe, perform, remain subject to and provide all consents under the terms and conditions of the Partnership Deed with effect
from 31 December 2012 (the “Date of Admission”) and shall from such date, subject at all times to the Board’s absolute discretion, be designated as an Individual Member. The Further Member confirms that he has read and fully
understood the terms and conditions of the Partnership Deed and how they apply to him as an Individual Member. 

  

	2.2	The Further Member shall be entitled to the following number of votes at any Members’ meeting:- 

one 
 subject always to
the provisions of the Partnership Deed. 
  

	2.3	From and after the Date of Admission the provisions of Schedule 1 to this Deed of Adherence set out the Individual Member’s entitlement to profits under clause 8 of the Partnership Deed and the individual terms and
conditions which apply to the Individual Member’s membership of the Partnership in his capacity as an Individual Member. Schedule 1 may be amended from time to time by the agreement of the Partnership (acting through the Board) and the
Individual Member in accordance with this Deed and the Partnership Deed. 

	2.4	This Deed shall be supplemental to and read together with the Partnership Deed. In the case of a conflict between any of the provisions of this Deed of Adherence and the Partnership Deed, this Deed of Adherence shall
take precedence as between the Partnership and the Individual Member. 

 IN WITNESS WHEREOF the parties have executed this Deed the day
and year first above written. 
  

					
	SIGNED and DELIVERED as a	 		 	)
	DEED by BGC SERVICES	 		 	)
	(HOLDINGS) LLP acting by:	 		 	):
		 		 	 /s/ Shaun Lynn

		 		 	Shaun Lynn
			
	SIGNED and DELIVERED as a	 		 	)
	DEED by SEAN WINDEATT	 		 	)
	acting by:	 		 	):
		 		 	 /s/ Sean Windeatt

		 		 	Sean Windeatt

 [Deed of Adherence between BGC Services (Holdings), LLP and Sean Windeatt, 

dated as of 22 January, 2014] 

  
 2 

 SCHEDULE 1: INDIVIDUAL MEMBER’S TERMS AND CONDITIONS 

NAME OF INDIVIDUAL MEMBER: SEAN WINDEATT 
 DATE OF ADMISSION AS
MEMBER: 
 ROLE: CHIEF EXECUTIVE OFFICER 
  

	1.	DURATION OF MEMBERSHIP: 

  

	1.1.	Membership is for a minimum initial period of up to and including 31 December 2018 unless terminated earlier in accordance with this Deed or the provisions of the Partnership Deed (the “Initial Period”).
Thereafter (subject to the other provisions in this Deed and the Partnership Deed) it shall be extended automatically for successive periods of one (1) year (the “Renewal Period”), on the same terms and conditions as contained in this
Deed and the Partnership Deed, from the end of the Initial Period or the end of any subsequent Renewal Period, as appropriate, unless terminated earlier in accordance with this Deed or the provisions of the Partnership Deed or otherwise agreed to in
writing by the parties. 

  

	2.	WORKING REQUIREMENTS: 

  

	2.1	Normal hours of business are 8.00 am to 6.00 pm, on Monday to Friday. 

  

	2.2	The Individual Member will carry out the business of the Partnership (or as required for one of its Affiliates) in the office at One Churchill Place, Canary Wharf, London, E14 5RD or such other offices of the
Partnership or its Affiliates as they may reasonably require. 

  

	2.3	In addition to the Individual Member’s role as described above, the Individual Member shall also hold the positions of Chief Operating Officer of BGC Partners, Inc. (“BGCP”). and Chief Executive Officer
of BGC Brokers L.P. At all times the Individual Member agrees that he may also be engaged in any capacity that the Chairman and/or President may reasonably require and shall not engage in any activity which may be or may become in the reasonable
opinion of the Chairman and/or President harmful to or contrary to the interests of the Partnership and/or Affiliates. The Individual Member shall report directly to the President. For the purposes of this clause 2.3, “Chairman” shall mean
the Chairman and/or Chief Executive Officer of BGCP or his designate and “President” shall mean the President of BGCP or his designate. 

  

	2.4	The Individual Member shall accept (if offered) appointment as a statutory Director of the Partnership or any Affiliate and resign any such appointment if requested by the Board without any claim for damages or
compensation. 

  

	2.5	In the event that the Individual Member refuses to comply with the terms of clause 2.4 within a reasonable period of being requested to do so, he hereby irrevocably appoints the Partnership to be his attorney to execute
and do any such instrument or thing and generally to use his name for the purposes of giving the Partnership or an Affiliate or their nominee the full benefit of clause 2.4. 

 

	3.	PROFIT ALLOCATION AND ADVANCE DRAWINGS: 

 Advance Drawings 

 

	3.1.	Subject to clause 3.3, the Individual Member’s Allocated Monthly Advance Drawings will be: £31,250. The Individual Member’s Allocated Monthly Advance Drawings will be payable monthly in arrears on or
about the 21st day of each month directly into his nominated bank account or building society account. The Individual Member’s Allocated Monthly Advance 

[Schedule 1 to the Deed of Adherence between BGC Services (Holdings), LLP and Sean Windeatt, 

dated as of 22 January, 2014] 

 
Drawings will be inclusive of any directors’ fees payable under the articles of association of the Partnership or any Affiliate. The Individual Member’s Allocated Monthly Advance
Drawings shall be reviewed by the BGCP Compensation Committee annually. The BGCP Compensation Committee shall be under no obligation to increase the Individual Member’s Allocated Monthly Advance Drawings following such review. There will be no
review of the Individual Member’s Allocated Monthly Advance Drawings after notice has been given by either party to terminate the Individual Member’s Membership pursuant to the terms of this Deed or the Partnership Deed. 

In accordance with the Partnership Deed, the Partnership will retain from Allocated Monthly Advance Drawings amounts on account of income tax
and national insurance contributions. 
 Profit Allocation 
  

	3.2.	The Individual Member will be entitled to his annualised Allocated Monthly Advance Drawings under clause 8.3 of the Partnership Deed per Financial Period of the Partnership and such further allocation of profit as BGCP
Compensation Committee, through the Board, may determine in accordance with subparagraph 3.3 below (“Profit Allocation”). All payments of Profit Allocation shall be made in accordance with the Partnership Deed and subject to the
availability of sufficient Partnership profits. No payment made under subparagraph 3.3 in any year shall give rise to any entitlement or expectation of a future payment or be an indication of the level of such payment which may be made in the future
(if any). Any such payment under subparagraph 3.3 will be made in accordance with the Partnership’s policy from time to time. No such payments shall be made to the extent that as at the date of payment the Individual Member: 

 

	 	3.2.1	given or received notice of termination of Membership or otherwise attempted to procure his release from this Deed of Adherence or otherwise become an Outgoing Member; 

 

	 	3.2.2	has failed to comply with the Partnership’s (and its Affiliates’): current Membership Handbook; other Handbooks; Compliance Manual; Anti-Bribery and Fraud Policies and Procedures; and other rules or procedures
of the Partnership (and its Affiliates) from time to time in force as well as all express or implied obligations owed to the Partnership or its Affiliates; and other rules, codes or procedures of any relevant regulatory or tax authority (including
but not limited to the Financial Services Authority or any replacement body). 

  

	3.3.	Subject always to 3.2, the Individual Member may be entitled to such further allocation of profit by way of profit share as the BGCP Compensation Committee, through the Board, may in its sole and absolute discretion
determine. 

  

	3.4	The relevant period for allocations under this Deed is the Financial Period of the Partnership or such other twelve month period as shall be determined by the Partnership in accordance with its then current practices
and accounting policies but in each case any allocation of profit made pursuant to clause 3.3 shall be made no later than 60 days after the end of the Partnership’s Financial Period. 

  
 2 

[Schedule 1 to the Deed of Adherence between BGC Services (Holdings), LLP and Sean Windeatt, 

dated as of 22 January, 2014] 

	4	TERMINATION: 

 Notice 

 

	4.1.	Either party must give notice to the other in writing to terminate the Individual Member’s Membership, such notice to be given at least three (3) months prior to the expiry of the Initial Period or subsequent
Renewal Period. The notice will terminate the Individual Member’s Membership upon the expiry of the Initial Period or subsequent Renewal Period (as appropriate), following which the Individual Member shall become an Outgoing Member and shall
cease to be an Individual Member save to the extent set out in the Partnership Deed. 

  

	4.2	In the event that the Individual Member either (A) is not, in the reasonable opinion of the Partnership, physically or mentally fit to perform his duties, or (B) cannot work or perform his duties because he is
ill or injured for six (6) consecutive months in any period of twelve (12) months, then the Partnership may terminate Individual Member’s Membership upon one month’s notice in writing or a payment in lieu of one month’s
notice; provided however, if Individual Member has an application for permanent health insurance that has been submitted to the insurer and accepted, or not yet rejected, by the insurer as of the time notice could otherwise be given
hereunder, the Individual Member may continue to be a Member of the Partnership only in so far as is necessary for the application to be considered by the insurer or for him to receive benefits under such insurance scheme, and all other rights under
this Agreement and/or the Partnership Deed (including, but not limited to, any right to any payment or remuneration or to provide any services hereunder) shall cease immediately upon the commencement of payment of benefits by the insurer of such
scheme. Before taking action under Section 4.2(A) above, the Partnership will consult with the Individual Member, and the Individual Member hereby consents to the Partnership obtaining an independent medical opinion if necessary.

  

	5.	BENEFITS: 

 The Partnership may provide benefits such as health insurance and permanent
health insurance. The provision of such benefits is subject to the terms and rules of such benefit schemes prevailing from time to time. In particular (but without limitation) the Individual Member must provide full co-operation in connection with
any claim made on his/her behalf under such benefits and is at all times responsible for providing any medical evidence that may be required by the insurers. Should the insurers refuse a claim, the Partnership will be under no further obligation to
pay any remuneration or provide other benefits to the relevant Individual Member and the Individual Member expressly waives any express or implied term to the contrary. The Partnership reserves the right to vary, and/or replace any health insurance
and/or permanent health insurance benefits from time to time at its absolute discretion. 
  

	6.	PENSIONS: 

 There is no pension offered by the Partnership. 

  
 3 

[Schedule 1 to the Deed of Adherence between BGC Services (Holdings), LLP and Sean Windeatt, 

dated as of 22 January, 2014] 

	7.	AGREED AND AMENDED TO THE PARTNERSHIP DEED IN RESPECT OF THE INDIVIDUAL MEMBER’S MEMBERSHIP: 

  

	7.1	Clause 14.4 and 14.6 of the Partnership Deed shall not apply to the Individual Member and are to be superseded in their entirety with the following: 

“14.4 Suspension 
 In circumstances
where the Board considers it reasonable (including but not limited to investigating any disciplinary matter against the Individual Member) it reserves the right at its sole discretion, to require the Individual Member to remain at home
(“Suspension”) for no more than three (3) months in aggregate or assign to him such other duties consistent with his abilities to or instead of the duties contained in this Deed of Adherence and the Partnership Deed. During any period
of Suspension, the Individual Member shall continue to receive his Allocated Monthly Advance Drawings.” 
 “14.6 Consequences of Removal

 In the event that an Individual Member gives notice to withdraw from Membership or (in accordance with his Deed of Adherence) not to
renew Membership or otherwise seeks to leave the Partnership the Board may in its discretion at any time require an Individual Member to remain at home or assign other duties as set out in clause 14.4 above (“Garden Leave”). The terms
applicable to the Individual Member during any period of Garden Leave shall include the provisions of clause 14.5 of the Deed. 
 For the
avoidance of doubt, during any period of Garden Leave an Individual Member shall continue to receive his Allocated Monthly Advance Drawings. “ 
  

	7.2	Clause 16.1 (A), (D), and (M) of the Partnership Deed shall not apply to the Individual Member and are to be superseded in their entirety with the following: 

“16.1 
  

	 	(A)	The Individual Member covenants to use his best endeavours to promote and develop the Business and to act in the best interests of the Partnership and its Affiliates at all times. 

 

	 	(D)	The Individual Member covenants to devote the whole of his working time to the Business of the Partnership or its Affiliates, except during holiday leave and absence due to sickness (each as provided for in this clause
16). Notwithstanding the Individual Member’s interest in an Affiliate, he further covenants not to have an interest in any other entity, business, or enterprise (whether as an employee, contractor, partner, consultant, agent or otherwise)
without the written consent of the Chairman, save for investment purposes of only 1% or less of outstanding securities of any corporation listed on a recognised stock exchange or traded in the over the counter markets. 

 

	 	(M)	If at any time the Individual Member is invited or approached to take up employment with, partnership or another business relationship with a competitor of the Partnership (or its Affiliates), the Individual Member
undertakes to disclose that fact as soon as practicable in writing to the Chairman (or his designee). If at any time the Individual member decides to accept such an offer, before accepting such an offer he must: (i) provide details of the terms
of his Deed of Adherence (obscuring the remuneration) and clause 16.3 of the Partnership Deed to the competitor and (ii) give notice of that fact as soon as reasonably practicable in writing to the person designated by the Partnership for this
purpose. If at any time the Individual Member becomes aware that any Member or another employee of the Partnership or its Affiliates with whom the Individual Member has material dealings and who works in the same business unit as the Individual
Member has been invited or approached to take up employment or partnership with, a competitor of the Partnership or any Affiliate, the Individual Member covenants to inform the Chairman (or his designee) of this fact as soon as reasonably
practicable.” 

  
 4 

[Schedule 1 to the Deed of Adherence between BGC Services (Holdings), LLP and Sean Windeatt, 

dated as of 22 January, 2014] 

 Clauses 16.1 (J), (K) and (L) of the Partnership Deed shall not apply to the Individual
Member. 
  

	7.3	Clause 16.3(A) and 16.3(B) of the Partnership Deed shall not apply to the Individual Member and are to be superseded in their entirety with the following: 

“16.3 
  

	 	(A)	Provided that the Partnership provides the Individual Member during such period his Allocated Monthly Advance Drawings (pro-rated) as of his Succession Date, the Individual Member undertakes that without the written
prior consent of the Board and whether alone or with others, directly or indirectly for his own benefit or the benefit of any person or organisation, that he will not during the period of his Membership or for a period of eighteen (18) months
after its termination): 

  

	 	(1)	solicit or entice away any client or counterparty of the Partnership or any Affiliate (whether a company or an individual) with which or whom the Individual Member has had material and/or regular dealings in the course
of the Individual Member’s duties or, where this provision would apply after the Individual Member’s membership ends, any time during the twelve (12) months prior to its termination; 

 

	 	(2)	in competition with the Restricted Business, seek to procure orders from, deal or carry on business with, or transact business with, any client or counterparty of the Partnership or any Affiliate (whether a company or
an individual) with which or whom the Individual Member has had material and/or regular dealings in the course of the Individual Member’s duties or, where this provision would apply after the Individual Member’s membership ends, any time
during the twelve (12) months prior to its termination; or 

  

	 	(3)	engage the services of, render services to, or become interested in (as owner, stockholder, partner, lender or other investor, director, officer, employee, consultant or otherwise) any business activity that is in
competition with the Restricted Business. 

 “Restricted Business” shall mean the business or any part of the
business and which in either or both case(s): 
  

	 	(i)	is carried on by the Partnership or any of its Affiliates at the Succession Date; 

  

	 	(ii)	was carried on by the Partnership or any of its Affiliates at any time during the Individual Member’s Membership or, where the relevant provision would apply after the Succession Date, any time during the twelve
(12) months immediately preceding the Succession Date; or 

  

	 	(iii)	is to the Individual Member’s knowledge to be carried on by Partnership or any of its Affiliates at any time during the twelve (12) months immediately following the Succession Date. 

  
 5 

[Schedule 1 to the Deed of Adherence between BGC Services (Holdings), LLP and Sean Windeatt, 

dated as of 22 January, 2014] 

 and which the Individual Member was materially concerned with/worked for or had management
responsibility for (or had substantial confidential information regarding) in either case at any time during his Membership or, where the relevant provision would apply after the Succession Date, any time during the period of twelve (12) months
immediately prior to the date of its termination. 
  

	 	(B)	The Individual Member covenants to the Partnership that without the written prior consent of the Board and whether alone or with others, directly or indirectly for his own benefit or the benefit of any person or
organization he shall not, during the term of Membership, and for a period of forty-eight (48) months after its termination, offer to employ or enter into partnership, induce or attempt to induce any individual to whom this paragraph applies to
cease Membership, leave the employment of or to discontinue the supply of his/her services to the Partnership or any Affiliate without the Partnership’s prior written consent (whether or not such action would result in a breach of contract by
such individual) nor shall he/she encourage, counsel or procure that individual to do so. This clause shall apply to any individual employed by (or provided services to the Partnership) whom the Individual Member has managed or with whom he has or
had material and/or regular dealings during the twelve (12) months prior to the Succession Date and who is employed by or has provided services to the Partnership or any Affiliate in a senior or managerial capacity or in any technical, IT,
sales or broking, marketing or business development role, provided that this restriction shall not apply to non-management (clerical or administrative or manual staff).” 

 

	7.4	Clause 16.10 of the Partnership Deed shall not apply to the Individual Member. 

  

	7.5	The Individual Member shall be entitled to 25 days holiday per calendar year which, for the purposes of clause 17(A)(5) of the Partnership Deed, shall be deemed to accrue at a rate of 2.083 days per month. The relevant
provisions of clause 17(A)(1), 17(A)(3) and 17(A)(5) are hereby amended accordingly. 

  

	7.6	Clause 14.2(13) of the Partnership Deed shall not apply to the Individual Member. 

  

	8.	CHANGE OF CONTROL: 

  

	8.1	If there is a Change of Control of the Partnership at any time during the Initial Period (or Renewal Period as applicable), the Partnership or the individual or entity which acquires control of the Partnership (the
“Continuing Company”) will be required within 60 days of the Change of Control to elect by notice in writing to the Individual Member either (i) to continue his Membership and extend the term of his Membership under this Deed for a
period of three years from the date the Change of Control took effect (if the remaining term of this Deed as of such date is less than three years) or (ii) to terminate his Membership forthwith. 

 

	8.2	If the Continuing Company opts to extend the term of the Individual Member’s Membership under this Agreement then he shall receive within thirty (30) days of its election to extend the term an amount equal to
his aggregate Profit Allocation under this Agreement for the most recent full Financial Period (the “Aggregate Profit Allocation Amount”) in addition to any other profit allocation that he may be entitled to under this Deed. In addition,
if as of the second anniversary of the Change of Control the Individual Member is still engaged by the Continuing Company (or if the Individual Member is not engaged on such second anniversary date solely as a result of termination 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 has not materially breached this Agreement, he shall receive an additional payment of the
Aggregate Profit Allocation Amount within thirty (30) days of such second anniversary. 

  
 6 

[Schedule 1 to the Deed of Adherence between BGC Services (Holdings), LLP and Sean Windeatt, 

dated as of 22 January, 2014] 

	8.3	If the Continuing Company elects to terminate the Individual Member’s membership under clause 8.1 above, he will be entitled to receive within thirty (30) days of such election two times his Aggregate Profit
Allocation Amount under this Deed for the most recent full Financial Period in full and final settlement of all and any claims that he may have against the Partnership, the Continuing Company and/or any Affiliate pursuant to his Membership under
this Deed and/or its termination. 

  

	8.4	Any payment under this clause 8 shall be made in cash and non-cash consideration in the same proportions as the Aggregate Profit Allocation Amount, provided that to the extent any non-cash grant or award contains
vesting or any analogous provisions based on continued engagement by the Continuing Company, such provisions shall not extend beyond the then remaining term of this Deed, and provided, further, that in the event the Individual Member fails to
satisfy such vesting conditions solely as a result of termination 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. 

  

	8.5	In each case, unless otherwise provided in the applicable award agreement, all of the Individual Member’s stock options, restricted stock units, and other awards based on shares of BGC Partners, Inc.’s
Class A Common Stock (but excluding any that are granted solely for the purpose of participation in BGC Holdings, L.P. quarterly distributions and will be redeemed for zero (e.g., those granted effective July 1, 2013)) held by the
Individual Member at the time of the Change of Control shall vest in full and become immediately exercisable, and all partnership units in BGC Holdings, L.P., including LPUs and any other units he may hold at the time of the Change of Control,
shall, if applicable, vest in full and be granted immediately exchangeable exchange rights for shares of BGC Partners, Inc.’s Class A Common Stock (“Shares”) or cash to the extent such Units, such as Preferred LPUs, cannot be
exchanged into Shares. The Individual Member will also continue to receive the benefits he is entitled to on the date his membership terminates for two years from such date and a pro rata Profit Allocation for the year of termination.

  

	8.6	For purposes of this Agreement, a “Change of Control of the Partnership” shall occur in the event that and on the date that BGCP 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. 

 END OF SCHEDULE 

  
 7 

[Schedule 1 to the Deed of Adherence between BGC Services (Holdings), LLP and Sean Windeatt, 

dated as of 22 January, 2014]

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