Document:

Amended and Restated Limited Partnership Agreement of BGC Global Holdings, L.P.

 Exhibit 10.3 
 EXECUTION VERSION 
  
  
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF

 BGC GLOBAL HOLDINGS, L.P. 
 Amended and Restated March 31, 2008 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
  
 DEFINITIONS
	  	
			
	 SECTION 1.01.
	  	Definitions	  	2
	 SECTION 1.02.
	  	Other Definitional Provisions	  	7
	 SECTION 1.03.
	  	References to Schedules	  	7
		
	 ARTICLE II
  
 FORMATION, CONTINUATION AND POWERS
	  	
	 SECTION 2.01.
	  	Formation	  	8
	 SECTION 2.02.
	  	Name	  	8
	 SECTION 2.03.
	  	Purpose and Scope of Activity	  	8
	 SECTION 2.04.
	  	Principal Place of Business	  	8
	 SECTION 2.05.
	  	Registered Agent and Office	  	8
	 SECTION 2.06.
	  	Authorized Persons	  	8
	 SECTION 2.07.
	  	Term	  	9
	 SECTION 2.08.
	  	Treatment as Partnership	  	9
	 SECTION 2.09.
	  	Compliance with Law	  	9
		
	 ARTICLE III
  
 MANAGEMENT
	  	
			
	 SECTION 3.01.
	  	Management by the General Partner	  	9
	 SECTION 3.02.
	  	Role and Voting Rights of Limited Partners; Authority of Partners	  	10
		
	 ARTICLE IV
  
 PARTNERS; CLASSES OF PARTNERSHIP INTERESTS
	  	
			
	 SECTION 4.01.
	  	Partners	  	11
	 SECTION 4.02.
	  	Interests	  	11
	 SECTION 4.03.
	  	Admission and Withdrawal of Partners	  	13
	 SECTION 4.04.
	  	Liability to Third Parties; Capital Account Deficits	  	14
	 SECTION 4.05.
	  	Classes	  	14
	 SECTION 4.06.
	  	Certificates	  	14
	 SECTION 4.07.
	  	Priority Among Partners	  	15

  

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	 ARTICLE V
  
 CAPITAL AND ACCOUNTING MATTERS
	  	
			
	 SECTION 5.01.
	  	Capital	  	15
	 SECTION 5.02.
	  	Withdrawals; Return on Capital	  	15
	 SECTION 5.03.
	  	Maintenance of Capital Accounts	  	15
	 SECTION 5.04.
	  	Allocations and Tax Matters	  	16
	 SECTION 5.05.
	  	General Partner Determinations	  	17
	 SECTION 5.06.
	  	Books and Accounts	  	17
	 SECTION 5.07.
	  	Tax Matters Partner	  	18
	 SECTION 5.08.
	  	Tax Information	  	18
	 SECTION 5.09.
	  	Withholding	  	18
		
	 ARTICLE VI
  
 DISTRIBUTIONS
	  	
			
	 SECTION 6.01.
	  	Distributions in Respect of Partnership Interests	  	18
	 SECTION 6.02.
	  	Limitation on Distributions	  	19
		
	 ARTICLE VII
  
 TRANSFERS OF INTERESTS
	  	
			
	 SECTION 7.01.
	  	Transfers Generally Prohibited	  	19
	 SECTION 7.02.
	  	Permitted Transfers	  	19
	 SECTION 7.03.
	  	Admission as a Partner Upon Transfer	  	20
	 SECTION 7.04.
	  	Transfer of Units and Capital with the Transfer of an Interest	  	21
	 SECTION 7.05.
	  	Encumbrances	  	21
	 SECTION 7.06.
	  	Legend	  	21
	 SECTION 7.07.
	  	Effect of Transfer Not in Compliance with this Article	  	22
		
	 ARTICLE VIII
  
 DISSOLUTION
	  	
			
	 SECTION 8.01.
	  	Dissolution	  	22
	 SECTION 8.02.
	  	Liquidation	  	22
	 SECTION 8.03.
	  	Distributions	  	23
	 SECTION 8.04.
	  	Reconstitution	  	23
	 SECTION 8.05.
	  	Deficit Restoration	  	23
		
	 ARTICLE IX
  
 INDEMNIFICATION AND EXCULPATION
	  	
			
	 SECTION 9.01.
	  	Exculpation	  	23

  

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	 SECTION 9.02.
	  	Indemnification	  	24
	 SECTION 9.03.
	  	Insurance	  	27
	 SECTION 9.04.
	  	Subrogation	  	27
	 SECTION 9.05.
	  	No Duplication of Payments	  	27
	 SECTION 9.06.
	  	Survival	  	27
		
	 ARTICLE XI
  
 MISCELLANEOUS
	  	
			
	 SECTION 10.01.
	  	Amendments	  	28
	 SECTION 10.02.
	  	Benefits of Agreement	  	28
	 SECTION 10.03.
	  	Waiver of Notice	  	28
	 SECTION 10.04.
	  	Jurisdiction and Forum; Waiver of Jury Trial	  	28
	 SECTION 10.05.
	  	Successors and Assigns	  	29
	 SECTION 10.06.
	  	Confidentiality	  	30
	 SECTION 10.07.
	  	Notices	  	30
	 SECTION 10.08.
	  	No Waiver of Rights	  	30
	 SECTION 10.09.
	  	Power of Attorney	  	30
	 SECTION 10.10.
	  	Severability	  	31
	 SECTION 10.11.
	  	Headings	  	31
	 SECTION 10.12.
	  	Entire Agreement	  	31
	 SECTION 10.13.
	  	Governing Law	  	31
	 SECTION 10.14.
	  	Counterparts	  	31
	 SECTION 10.15.
	  	Opportunity; Fiduciary Duty	  	31
	 SECTION 10.16.
	  	Reimbursement of Expenses	  	33
	 SECTION 10.17.
	  	Effectiveness	  	33
	 SECTION 10.18.
	  	Parity of Units	  	34

  

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 This AGREEMENT OF LIMITED PARTNERSHIP (together with all exhibits, annexes and schedules hereto, this
“Agreement”) of BGC Partners Global Holdings, L.P., a Cayman Islands exempted limited partnership (the “Partnership”), dated March 31, 2008, is by and among BGC Global Holdings, GP Limited, a Cayman Islands
exempted limited company (“BGC Global Holdings GP Ltd”), as general partner; BGC Holdings, L.P., a Delaware limited partnership (“Holdings”), as a limited partner, and BGC Global Limited, a limited company
incorporated in England and Wales (“BGC Global Limited”), as a limited partner, and the Persons to be admitted as Partners (as defined below) or otherwise parties hereto as set forth herein. 
 RECITALS 
 WHEREAS, the Partnership was
formed as a limited partnership under the Cayman Islands Exempted Limited Partnership Law, as amended from time to time (the “Act”) pursuant to an Agreement of Limited Partnership, dated December 7, 2006, by and among BGC
Holdings GP Ltd, as the general partner, and Holdings and BGC Global Limited the “Original Partnership Agreement”); 
 WHEREAS, Cantor, BGC Partners, Inc., a Delaware corporation (“BGC Partners”), BGC Partners, L.P., a Delaware limited partnership (“U.S. Opco”), the Partnership, and Holdings have entered into that certain
Separation Agreement, dated March 31, 2008 (the “Separation Agreement”), pursuant to which, among other things, Cantor has agreed to separate the Inter-Dealer Brokerage Business, the Market Data Business and the Fulfillment
Business (each as defined in the Separation Agreement and together, the “BGC Businesses”) from the remainder of the businesses of Cantor by contributing the BGC Businesses to BGC Partners and its applicable Subsidiaries, including
the Partnership and Global Opco, in the manner and on the terms and conditions set forth in the Separation Agreement (the “Separation”); 
 WHEREAS, BGC Partners has entered into a deed of contribution with the Partnership in relation to the contribution to the Partnership by BGC Partners of certain businesses and entities in return for a limited
partnership interest in the Partnership and BGC Partners has transferred its right under such deed to be issued with such limited partnership interest to BGC Global Limited; 
 WHEREAS, as part of the Separation, (a) BGC Global Holdings, GP Limited will continue as the general partner of the Partnership, but will be
indirectly controlled by BGC Partners; (b) BGC Global Limited will become a limited partner of the Partnership; and (c) Holdings will continue as a limited partner of the Partnership; and 
 WHEREAS, the Partners are amending and restating the Original Partnership Agreement in order to, among other things, provide for or attest to the
foregoing transactions contemplated by the Separation Agreement, effective immediately. 
 NOW, THEREFORE, the parties hereto hereby adopt
the following as the amended and restated “partnership agreement” of the Partnership within the meaning of the Act: 

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01. Definitions. As used in this Agreement, the following terms have the
meanings set forth below: 
 “Accounting Period” means (a) in the case of the first Accounting Period, the period
commencing on the date of this Agreement and ending at the next Closing of the Books Event, and (b) in the case of each subsequent Accounting Period, the period commencing immediately after a Closing of the Books Event and ending at the next
Closing of the Books Event. 
 “Act” has the meaning set forth in the recitals to this Agreement. 
 “Action” means any action, claim, suit, litigation, proceeding (including arbitral) or investigation. 
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries,
controls, or is controlled by, or is under common control with, such first Person. 
 “Agreement” has the meaning set forth
in the preamble to this Agreement. 
 “Ancillary Agreements” means “Ancillary Agreements” as defined in the
Separation Agreement. 
 “Applicable Tax Rate” means the estimated highest aggregate marginal statutory U.S. federal, state
and local income, franchise and branch profits tax rates (determined taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes and the creditability or deductibility of foreign income taxes for U.S.
federal income tax purposes) (“Tax Rate”) applicable to any Partner on income of the same character and source as the income allocated to such Partner pursuant to Sections 5.04(a) and (b) for such fiscal year, fiscal quarter or
other period, as determined by the tax matters partner in its discretion; provided that, in the case of a Partner that is a partnership, grantor trust or other pass-through entity under U.S. federal income tax law, the Tax Rate applicable to
such Partner for purposes of determining the Applicable Tax Rate shall be the weighted average of the Tax Rates of such Partner’s members, grantor-owners or other beneficial owners (weighted in proportion to their relative economic interests in
such Partner), as determined by the tax matters partner in its discretion; provided, further, that if any such member, grantor-owner or other beneficial owner of such Partner is itself a partnership, grantor trust or other-pass through
entity, similar principles shall be applied by the tax matters partner in its discretion to determine the Tax Rate of such member, grantor-owner or other beneficial owner. 
 “BGC Businesses” has the meaning set forth in the recitals to this Agreement. 
 “BGC Global Holdings, GP Limited” has the meaning set forth in the preamble to this Agreement. 
  

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 “BGC Global Limited” has the meaning set forth in the preamble to this Agreement.

 “BGC Partners” has the meaning set forth in the recitals to this Agreement. 
 “BGC Partners Common Stock” means (1) prior to the Merger, the common units of BGC Partners (regardless of the class of such common
units); and (2) after the Merger, the common stock, par value $0.01 per share, of BGC Partners. 
 “BGC Partners Company”
means any member of the BGC Partners Group. 
 “BGC Partners Group” means BGC Partners and its Subsidiaries (other than
Holdings and its Subsidiaries, the Partnership and its Subsidiaries and Global Opco and its Subsidiaries). 
 “Business Day”
shall mean any day excluding Saturday, Sunday and any day on which banking institutions located in New York, New York are authorized or required by applicable Law or other governmental action to be closed. 
 “Cantor” has the meaning set forth in the recitals to this Agreement. 
 “Cantor Group” means Cantor and its Subsidiaries (other than any member of the Holdings Group or the BGC Partners Group). 
 “Capital” means, with respect to any Partner, such Partner’s capital in the Partnership as reflected in such Partner’s Capital
Account. 
 “Capital Account” means, with respect to any Partner, such Partner’s capital account established on the
books and records of the Partnership. 
 “Certificate of Limited Partnership” means the certificate of registration of
exempted limited partnership of the Partnership filed in the Cayman Islands on December 7, 2006. 
 “Closing of the Books
Event” means any of (a) the close of the last day of each calendar year and each calendar quarter, (b) the dissolution of the Partnership, (c) the acquisition of an additional interest in the Partnership by any new or
existing Partner in exchange for more than a de minimis amount of property, (d) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership property as consideration for an interest in the Partnership, or
(e) any other time that the General Partner determines to be appropriate for an interim closing of the Partnership’s books. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended, or any successor statute thereto. 
 “Contribution” means “Contribution” as defined in the Separation Agreement. 
  

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 “Corporate Opportunity” means any business opportunity that the Partnership is
financially able to undertake, that is, from its nature, in any of the Partnership’s lines of business, of practical advantage to the Partnership and one in which the Partnership has an interest or a reasonable expectancy, and in which, by
embracing the opportunities, the self-interest of BGC Partners, Holdings or their respective Representatives will be brought into conflict with the Partnership’s self-interest. 
 “DGCL” has the meaning set forth in Section 9.02(a). 
 “Disinterested Director” has the meaning set forth in Section 9.02(i)(i). 
 “Estimated Proportionate Quarterly Tax Distribution” means the Proportionate Quarterly Tax Distribution calculated using the Tax Matters Partner’s estimate of the aggregate amount of taxable income or gain to be
allocated to the Partners pursuant to Section 5.04(a) for the applicable period (excluding any items of income, gain, loss or deduction allocated in respect of any Special Item). 
 “Estimated Tax Due Date” means (a) in the case of a Partner that is not an individual, the 15th day of each April, June, September
and December or (b) in the case of a Partner that is an individual, the 15th day of each April, June, September and January or, in each of cases (a) and (b), if earlier with respect to any quarter, the date on which BGC Partners is
required to make an estimated tax payment. 
 “General Partner” means BGC Global Holdings, GP Limited or any Person who has
been admitted, as herein provided, as an additional or substitute general partner, and who has not ceased to be a general partner, each in its capacity as a general partner of the Partnership. 
 “General Partnership Interest” means, with respect to the General Partner, such Partner’s Unit and Capital designated as the
“General Partnership Interest” on Schedule 4.02 and Schedule 5.01 in accordance with this Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such
Partner being a General Partner and having such Unit and Capital. 
 “Global Opco” has the meaning set forth in the recitals
to this Agreement. 
 “Global Opco Units” means “Units” as defined in the Global Opco Limited Partnership
Agreement. 
 “Group” means the Holdings Group or the BGC Partners Group, as applicable. 
 “Group Transferee” has the meaning set forth in Section 7.02(a)(ii). 
 “Group Transferor” has the meaning set forth in Section 7.02(a)(ii). 
 “Holdings” has the meaning set forth in the preamble to this Agreement. 
 “Holdings Company” means any member of the Holdings Group. 
  

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 “Holdings Group” means Holdings and its Subsidiaries (other than the Partnership and its
Subsidiaries and Global Opco and its Subsidiaries). 
 “Holdings Limited Partnership Agreement” means the Amended and
Restated Limited Partnership Agreement of BGC Holdings, L.P., as amended from time to time. 
 “Holdings Units” means
“Units” as defined in the Holdings Limited Partnership Agreement. 
 “Independent Counsel” has the meaning set
forth in Section 9.02(i)(ii). 
 “Interest” means the General Partnership Interest and any Limited Partnership Interest
(including, for the avoidance of doubt, the Special Voting Limited Partnership Interest). 
 “Limited Partner” means any
Person who has acquired a Limited Partnership Interest pursuant to and in compliance with this Agreement and who shall have been admitted to the Partnership as a Limited Partner in accordance with this Agreement and shall not have ceased to be a
Limited Partner under the terms of this Agreement, each in its capacity as a limited partner of the Partnership. 
 “Limited
Partnership Interest” means, with respect to any Limited Partner, such Partner’s Units and Capital designated as a “Limited Partnership Interest” (including, for the avoidance of doubt, designation as a
“Special Voting Limited Partnership Interest”) on Schedule 4.02 and Schedule 5.01 in accordance with this Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable
law by virtue of such Partner holding such Units and having such Capital. 
 “Majority in Interest” means Limited Partner(s)
holding a majority of the Units underlying the Limited Partnership Interests outstanding as of the applicable record date; provided, however, that if the Holdings Group shall hold a Majority in Interest and the Cantor Group shall hold
a majority of the Units underlying the Exchangeable Limited Partnership Interests of Holdings, then “Majority in Interest” for purposes of this Agreement shall mean Cantor. 
 “Original Limited Partnership Agreement” has the meaning set forth in the recitals to this Agreement. 
 “Partners” means the Limited Partners (including, for the avoidance of doubt, the Special Voting Limited Partner) and the General
Partner, and “Partner” means any of the foregoing. 
 “Partnership” has the meaning set forth in the
preamble to this Agreement. 
 “Percentage Interest” means, as of the applicable calculation time, with respect to a
Partner, the ratio, expressed as a percentage, of the number of Units held by such Partner over the number of Units held by all Partners. 
  

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 “Person” means any individual, firm, corporation, partnership, trust, incorporated or
unincorporated association, joint venture, joint stock company, limited liability company, governmental entity or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 
 “proceeding” has the meaning set forth in Section 9.02(a). 
 “Proportionate Quarterly Tax Distribution” means, for each Partner for each fiscal quarter or other applicable period, such
Partner’s Proportionate Tax Share for such fiscal quarter or other applicable period. 
 “Proportionate Tax Share”
means, with respect to a Partner, the product of (a) the Tax Distribution for the fiscal year, fiscal quarter or other period, as applicable, and (b) the Percentage Interest of such Partner for such fiscal year, fiscal quarter or other
period. In the event that the Percentage Interest of a Partner changes during any fiscal year, fiscal quarter or other period, the Proportionate Tax Share of such Partner and the other Partners, as the case may be, for such fiscal year, fiscal
quarter or other period shall be appropriately adjusted to take into account the Partners’ varying interests. 
 “Representatives” means, with respect to any Person, the Affiliates, directors, officers, employees, general partners, agents, accountants, managing member, employees, counsel and other advisors and representatives of such
Person. 
 “Separation” has the meaning set forth in the recitals to this Agreement. 
 “Separation Agreement” has the meaning set forth in the recitals to this Agreement. 
 “Special Item” means the matters set forth on Schedule A. 
 “Special Voting Limited Partner” means the Limited Partner holding the Special Voting Limited Partnership Interest pursuant to and in
compliance with this Agreement and who shall have been admitted to the Partnership as a Limited Partner designated as the Special Voting Limited Partner in accordance with this Agreement and shall not have ceased to be a Limited Partner designated
as the Special Voting Limited Partner under the terms of this Agreement. 
 “Special Voting Limited Partnership Interest”
means, with respect to the Special Voting Limited Partner, such Partner’s Unit and Capital designated as the “Special Voting Limited Partnership Interest” on Schedule 4.02 and Schedule 5.01 in accordance with this
Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner holding such Units and having such Capital. 
 “Subsidiary” means, as of the relevant date of determination, with respect to any Person, any corporation or other Person of which 50%
or more of the voting power of the outstanding voting equity securities or 50% or more of the outstanding economic equity interest is held, directly or indirectly, by such Person. 
  

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 “Tax Distribution” means, for any fiscal quarter or fiscal year or other period of the
Partnership during the term of the Partnership, the product of (a) the aggregate amount of taxable income or gain allocated to the Partners pursuant to Section 5.04(a) for such period (excluding any item of income, gain, loss or deduction
allocated in respect of any Special Item) and (b) the Applicable Tax Rate for such period. 
 “Transfer” means any
transfer, sale, conveyance, assignment, gift, hypothecation, pledge or other disposition, whether voluntary or by operation of law, of all or any part of an Interest or any right, title or interest therein. 
 “Transferee” means the transferee in a Transfer or proposed Transfer. 
 “Transferor” means the transferor in a Transfer or proposed Transfer. 
 “Unit” means, with respect to any Partner, such Partner’s partnership interest in the Partnership entitling the holder to a share
in the Partnership’s profits, losses and operating distributions as provided in this Agreement. 
 SECTION 1.02. Other Definitional
Provisions. Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement,
document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. When used herein: 
 (a) the word “or” is not exclusive unless the context clearly requires otherwise; 
 (b) the word “control” (including, with correlative meanings, the terms “controlled by” and
“under common control with”), as used with respect to any Person, means the direct or indirect possession of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of
voting securities, by contract or otherwise; 
 (c) the words “including,”
“includes,” “included” and “include” are deemed to be followed by the words “without limitation”; 
 (d) the terms “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; and 
 (e) all section,
paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, appendix, annex and schedule references not attributed to a particular document shall be references to such
exhibits, appendixes, annexes and schedules to this Agreement. 
 SECTION 1.03. References to Schedules. The General Partner shall
maintain and revise from time to time all schedules referred to in this Agreement in accordance with this Agreement. Notwithstanding anything in Section 10.01 to the contrary, any such revision shall not be deemed an amendment to this
Agreement, and shall not require any further act, vote or approval of any Person. 
  

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 ARTICLE II 
 FORMATION, CONTINUATION AND POWERS 
 SECTION 2.01. Formation. On December 7, 2006, the
Partnership was formed pursuant to the laws of the Cayman Islands pursuant to the original Limited Partnership Agreement and constitutes the partnership agreement (as defined in the Act) of the parties thereto. The Original Limited Partnership
Agreement shall be amended and restated in its entirety to be this Agreement effective immediately prior to the closing of the Contribution pursuant to the Separation Agreement, and this Agreement shall thereafter constitute the partnership
agreement (as defined in the Act) of the parties hereto. 
 SECTION 2.02. Name. The name of the Partnership is “BGC Partners
Global Holdings, L.P.” 
 SECTION 2.03. Purpose and Scope of Activity. The purpose of the Partnership shall be to conduct any and
all activities permitted under the Act. The Partnership shall possess and may exercise all the powers and privileges granted by the Act or by any other law or by this Agreement, together with any powers incidental thereto, that are necessary or
convenient to the conduct, promotion or attainment of the business, purposes or activities of the Partnership. 
 SECTION 2.04. Principal
Place of Business. For purposes of the Act, the principal place of business of the Partnership shall be located in the Cayman Islands or at such other place as may hereafter be designated from time to time by the General Partner. The
Partnership, committee and officer meetings shall take place at the Partnership’s principal place of business unless decided otherwise for any particular meeting. 
 The Partnership may qualify to transact business in such other states and under such assumed business names (for which all applicable assumed business name certificates or filings shall be made) as the General Partner
shall determine. Each Partner shall execute, acknowledge, swear to and deliver all certificates or other documents necessary or appropriate to qualify, continue and terminate the Partnership as a foreign limited partnership in such jurisdictions in
which the Partnership may conduct or cease to conduct business, as applicable. 
 SECTION 2.05. Registered Agent and Office. The
registered agent for service of process is, and the mailing address of the registered office of the Partnership in the Cayman Islands is in care of, Stuarts Corporate Services Ltd PO Box 2510 Grand Cayman KY1-1104 Cayman Islands. At any time, the
Partnership may designate another registered agent and/or registered office. 
 SECTION 2.06. Authorized Persons. The execution and
causing to be filed of the Section 9 Statement by the applicable authorized Persons are hereby specifically ratified, adopted and confirmed. The directors of the General Partner are hereby designated as authorized Persons, within the meaning of
the Act, to act in connection with executing and causing to be filed, when approved by the appropriate governing body or bodies hereunder, any 

  

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certificates required or permitted to be filed with the Registrar of Exempted Limited Partnerships of the Cayman Islands and any certificates (and any
amendments and/or restatements thereof) necessary for the Partnership to file in any jurisdiction in which the Partnership is required to make a filing. 
 SECTION 2.07. Term. The term of the Partnership began on the date the Section 9 Statement of the Partnership was filed, and the Partnership shall have perpetual existence unless sooner dissolved as
provided in Article VIII. 
 SECTION 2.08. Treatment as Partnership. Except as otherwise required pursuant to a determination within
the meaning of Section 1313(a)(1) of the Code, the parties shall treat the Partnership as a partnership for United States federal income tax purposes and agree not to take any action or fail to take any action which action or inaction would be
inconsistent with such treatment. 
 SECTION 2.09. Compliance with Law. The Partnership shall use its best efforts to comply with any
and all governmental requirements applicable to it, including the making of any and all necessary or advisable governmental registrations. 
 ARTICLE III 
 MANAGEMENT 
 SECTION 3.01. Management by the General Partner. (a) Subject to the terms and provisions of this Agreement, the management and control of the business and affairs of the Partnership shall be vested solely in, and directed and
exercised solely by, the General Partner. In furtherance of the activities of the Partnership, subject to the terms and provisions of this Agreement, the General Partner shall have all rights and powers, statutory or otherwise, possessed by general
partners of limited partnerships under the laws of the Cayman Islands. 
 (b) Except as otherwise expressly provided herein,
the General Partner has full and exclusive power and authority to do, on behalf of the Partnership, all things that are deemed necessary, appropriate or desirable by the General Partner to conduct, direct and manage the business and other affairs of
the Partnership and is authorized and empowered, on behalf and in the name of the Partnership, to carry out and implement, directly or through such agents as the General Partner may appoint, such actions and execute such documents as the General
Partner may deem necessary or advisable, or as may be incidental to or necessary for the conduct of the business of the Partnership. 
 (c) The General Partner agrees to use its best efforts to meet all requirements of the Code and currently applicable regulations, rulings and other procedures of the U.S. Internal Revenue Service to ensure that the Partnership will be
classified for United States federal income tax purposes as a partnership. 
 (d) The General Partner may appoint officers,
managers or agents of the Partnership and may delegate to such officers, managers or agents all or part of the powers, authorities, duties or responsibilities possessed by or imposed on the General Partner pursuant to this Agreement (without
limitation on the General Partner’s ability to exercise 

  

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such powers, authorities or responsibilities directly at any time); provided that, notwithstanding anything herein or in any other agreement to the
contrary, the General Partner may remove any such officer, manager or agent, and may revoke any or all such powers, authorities and responsibilities so delegated to any such person, in each case at any time with or without cause. The General Partner
agrees that the officers of the Partnership shall consist of such positions and titles that the General Partner may in its discretion designate or create, including a Chairman, a Chief Executive Officer, a President, a Chief Financial Officer, one
or more Vice Presidents, a Treasurer, one or more Assistant Treasurers, a Secretary or one or more Assistant Secretaries. The General Partner agrees that a single person may hold more than one office. The General Partner agrees that each officer
shall hold office until his successor is chosen, or until his death, resignation or removal from office. 
 Each of such
officers shall have such powers and duties with respect to the business and other affairs of the Partnership, and shall be subject to such restrictions and limitations, as are prescribed from time to time by the General Partner; provided,
however, that each officer shall at all times be subject to the direction and control of the General Partner in the performance of such powers and duties. 
 (e) Notwithstanding anything to the contrary herein, without the prior written consent of the Limited Partners (by affirmative vote of a
Majority in Interest), the General Partner shall not take any action that may adversely affect Cantor’s Purchase Right (as defined in the Separation Agreement) in Section 4.11 of the Separation Agreement. 
 SECTION 3.02. Role and Voting Rights of Limited Partners; Authority of Partners. (a) Limitation on Role of Limited Partners. No
Limited Partner shall have any right of control or management power over the business or other affairs of the Partnership as a result of its status as a Limited Partner except as otherwise provided in this Agreement. No Limited Partner shall
participate in the control of the Partnership’s business in any manner that would, under the Act, subject such Limited Partner to any liability beyond those liabilities expressly contemplated hereunder, including holding himself, herself or
itself out to third parties as a general partner of the Partnership; provided that any Limited Partner may be an employee of the Partnership or any of its Affiliates and perform such duties and do all such acts required or appropriate in such
role, and no such performance or acts shall subject such Limited Partner to any liability beyond those liabilities expressly contemplated hereunder. Without limiting the generality of the foregoing, in accordance with, and to the fullest extent
permitted by the Act, Limited Partners (directly or through an Affiliate) (i) may consult with and advise the General Partner or any other Person (including, if applicable, the general partner of the General Partner) with respect to any matter,
including the business of the Partnership, (ii) may, or may cause the General Partner or any other Person (including, if applicable, the general partner of the General Partner) to, take or to refrain from taking any action, including by
proposing, approving, consenting or disapproving, by voting or otherwise, with respect to any matter, including the business of the Partnership, (iii) may transact business with the General Partner (including, if applicable, the general partner
of the General Partner) or the Partnership, and (iv) may be an officer, director, partner or stockholder of the General Partner (including, if applicable, the general partner of the General Partner) or have its Representatives serve as officers
or directors 
  

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 of the General Partner (including, if applicable, of the general partner of the General Partner) without incurring
additional liabilities to third parties. 
 (b) No Limited Partner Voting Rights. To the fullest extent permitted by
the Act, the Limited Partners shall not have any voting rights under the Act, this Agreement or otherwise, and shall not be entitled to consent to, approve or authorize any actions by the Partnership or the General Partner, except in each case as
otherwise specifically provided in this Agreement. 
 (c) Authority of Partners. Except as set forth herein with
respect to the General Partner, no Limited Partner shall have any power or authority, in such Partner’s capacity as a Limited Partner, to act for or bind the Partnership except to the extent that such Limited Partner is so authorized in writing
prior thereto by the General Partner. Without limiting the generality of the foregoing, except as set forth herein with respect to the General Partner, no Limited Partner, as such, shall, except as so authorized, have any power or authority to incur
any liability or execute any instrument, agreement or other document for or on behalf of the Partnership, whether in the Partnership’s name or otherwise. Persons dealing with the Partnership are entitled to rely conclusively upon the power and
authority of the General Partner. Each Limited Partner hereby agrees that, except to the extent provided in this Agreement and except to the extent that such Limited Partner shall be the General Partner, it will not participate in the management or
control of the business and other affairs of the Partnership, will not transact any business for the Partnership and will not attempt to act for or bind the Partnership. 
 ARTICLE IV 
 PARTNERS; CLASSES OF PARTNERSHIP INTERESTS 
 SECTION 4.01. Partners. The Partnership shall have (a) a General Partner and, (b) one or more Limited Partners (including, for the
avoidance of doubt, the Special Voting Limited Partner). Schedule 4.01 sets forth the name and address of the Partners. Schedule 4.01 shall be amended pursuant to Section 1.03 to reflect any change in the identity or address of
the Partners in accordance with this Agreement. Each Person admitted to the Partnership as a Partner pursuant to this Agreement shall be a partner of the Partnership until such Person ceases to be a Partner in accordance with the provisions of this
Agreement. 
 SECTION 4.02. Interests. (a) Generally. (i) Classes of Interests. Interests in the Partnership
shall be divided into two classes: (A) a General Partnership Interest; and (B) Limited Partnership Interests (including, for the avoidance of doubt, the Special Voting Limited Partnership Interest). The General Partnership Interest and the
Limited Partnership Interests shall consist of, and be issued as, Units and Capital. The aggregate number of authorized Units is 600,000,000. The aggregate number of authorized Units shall not be changed, modified or adjusted from that set forth in
the immediately preceding sentence; provided that, in the event that the total number of authorized shares of BGC Partners Common Stock under the certificate of incorporation of BGC Partners shall be increased or decreased after the date of
this Agreement, then the total number of authorized Units shall be correspondingly increased or decreased by the same number so that the number of the authorized Units equals the 

  

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number of authorized shares of BGC Partners Common Stock. Any Units repurchased by or otherwise transferred to the Partnership or otherwise forfeited or
cancelled shall be cancelled and thereafter deemed to be authorized but unissued, and may be subsequently issued as Units for all purposes hereunder in accordance with this Agreement. 
 (ii) Issuances of Additional Units. Any authorized but unissued Units may be issued: 
  

	 	(1)	pursuant to the Contribution and Schedule 2.03 of the Separation Agreement; 

  

	 	(2)	(A) to members of the BGC Partners Group and/or Holdings Group, as the case may be, in connection with an investment in the Partnership by the members of the BGC Partners Group
and/or Holdings Group, as the case may be, in each case as provided in Section 4.11 of the Separation Agreement; 

  

	 	(3)	to members of the Holdings Group, in connection with a redemption pursuant to Section 12.03 of the Holdings Limited Partnership Agreement; 

  

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

  

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

  

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

 provided that each Person to be issued additional Units pursuant to clause (1), (2), (3), (4) or (5) of this
sentence shall, as a condition to such issuance, execute and deliver to the Partnership an agreement in which such Person agrees to be admitted as a Partner with respect to such Units and bound by this Agreement and any other agreements, documents
or instruments specified by the General Partner; provided, however, that if such Person (A) is at the time of such issuance a Partner of the applicable class of Interests being issued or (B) has previously entered into an
agreement pursuant to which such Person shall have agreed to become a Partner and be bound by this Agreement with respect to the applicable class of Interests being issued (which agreement is in effect at the time of such issuance), such Person
shall not be required to enter into any such agreements unless otherwise determined by the General Partner. Upon any such issuance, any such Person not already a Partner shall be admitted as a limited partner with respect to the issued Interests.

 (b) General Partnership Interest. The Partnership shall have one General Partnership Interest. The Unit issued to
the General Partner in respect of such Partner’s General Partnership Interest is set forth on Schedule 4.02. Schedule 4.02 shall be amended 

  

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pursuant to Section 1.03 to reflect any change in the number or the issuance or allocation of the Unit in respect of such Partner’s General
Partnership Interest in accordance with this Agreement. 
 (c) Limited Partnership Interests. (i) The Partnership
shall have one or more Limited Partnership Interests. The number of Units issued to each Limited Partner in respect of such Partner’s Limited Partnership Interest is set forth on Schedule 4.02. Schedule 4.02 shall be amended pursuant to
Section 1.03 to reflect any change in the number or the issuance or allocation of the Units in respect of such Partner’s Limited Partnership Interest in accordance with this Agreement. 
 (ii) The Partnership shall have one Limited Partnership Interest designated as the Special Voting Limited Partnership Interest, as
provided in Section 4.03(b). There shall only be one (1) Unit associated with the Special Voting Limited Partnership Interest. All other Limited Partnership Interests shall be designated as Limited Partnership Interests. 
 (d) No Additional Classes of Interests. There shall be no additional classes of partnership interests in the Partnership.

 SECTION 4.03. Admission and Withdrawal of Partners. (a) General Partner. (i) The initial General Partner is BGC
Global Holdings, GP Limited. On the date of this Agreement, immediately following the Separation, BGC Global Holdings, GP Limited shall have the General Partnership Interest, which shall have the Unit and the Capital set forth on Schedule
4.02 and Schedule 5.01, respectively. 
 (ii) The admission of a Transferee as a General Partner, and resignation
or withdrawal of any General Partner, shall be governed by Section 7.02. 
 (iii) Effective immediately upon the Transfer
of the General Partner’s entire General Partnership Interest as provided in Section 7.02(c), such Partner shall cease to have any interest in the profits, losses, assets, properties or capital of the Partnership with respect to such
General Partnership Interest and shall cease to be the General Partner. 
 (b) Limited Partners. (i) The initial
Limited Partners are Holdings and BGC Global Limited, and the initial Special Voting Limited Partner is BGC Global Holdings, GP Limited. On the date of this Agreement, immediately following the Separation, the Limited Partners shall have the Limited
Partnership Interests (including, for the avoidance of doubt, the Special Voting Limited Partnership Interest), which shall have the Units and the Capital set forth on Schedule 4.02 and Schedule 5.01, respectively. 
 (ii) The admission of a Transferee as a Limited Partner pursuant to any Transfer permitted by Section 7.02(a) or 7.02(b), as
applicable, shall be governed by Section 7.02, and the admission of a Person as a Limited Partner in connection with the issuance of additional Units pursuant to Section 4.02(a)(ii) shall be governed by such applicable Section. 

 

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 (iii) Effective immediately upon the Transfer of a Limited Partner’s entire Limited
Partnership Interest as provided in Section 7.02(a) or 7.02(b), as applicable, such Partner shall cease to have any interest in the profits, losses, assets, properties or capital of the Partnership with respect to such Limited Partnership
Interest, and shall cease to be a Limited Partner. 
 (c) No Additional Partners. No additional Partners shall be
admitted to the Partnership except in accordance with this Article IV. 
 SECTION 4.04. Liability to Third Parties; Capital Account
Deficits. (a) Except as may otherwise be expressly provided by the Act, the General Partner shall have unlimited personal liability for the satisfaction and discharge of all debts, liabilities, contracts and other obligations of the
Partnership. The General Partner shall not be personally liable for the return of any portion of the capital contribution of any Limited Partner, the return of which shall be made solely from the Partnership’s assets. 
 (b) Except as may otherwise be expressly provided by the Act or this Agreement, no Limited Partner shall be liable for the debts,
liabilities, contracts or other obligations of the Partnership. Each Limited Partner shall be liable only to make its capital contributions as provided in this Agreement or the Separation Agreement or as otherwise agreed by such Limited Partner and
the Partnership in writing after the date of this Agreement and shall not be required, after its capital contribution shall have been paid, to make any further capital contribution to the Partnership or to lend any funds to the Partnership except as
otherwise expressly provided in this Agreement or the Separation Agreement or as otherwise agreed by such Limited Partner and the Partnership in writing after the date of this Agreement. No Limited Partner shall be required to repay the Partnership,
any Partner or any creditor of the Partnership any negative balance in such Limited Partner’s Capital Account. 
 (c) No
Limited Partner shall be liable to make up any deficit in its Capital Account; provided that nothing in this Section 4.04(c) shall relieve a Partner of any liability it may otherwise have, either pursuant to the terms of this Agreement
or pursuant to the terms of any agreement to which the Partnership or such Partner may be a party. 
 SECTION 4.05. Classes. Any
Person may own one or more classes of Interests. Except as otherwise specifically provided herein, the ownership of other classes of Interests shall not affect the rights or obligations of a Partner with respect to other classes of Interests. As
used in this Agreement, the General Partner and the Limited Partners (including the Special Voting Limited Partner) shall be deemed to be separate Partners even if any Partner holds more than one class of Interest. References to a certain class of
Interest with respect to any Partner shall refer solely to that class of Interest of such Partner and not to any other class of Interest, if any, held by such Partner. 
 SECTION 4.06. Certificates. The Partnership may, in the discretion of the General Partner, issue any or all Units in certificated form, which certificates shall be held by the Partnership as custodian for the
applicable Partners. The form of any such certificates shall be approved by the General Partner and include the legend required by Section 7.06. If certificates are issued, a transfer of Units will require delivery of an endorsed certificate.

  

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 SECTION 4.07. Priority Among Partners. No Partner shall be entitled to any priority or preference
over any other Partner either as to return of capital contributions or as to profits, losses or distributions, except to the extent that this Agreement may be deemed to establish such a priority or preference. 
 ARTICLE V 
 CAPITAL AND ACCOUNTING MATTERS

 SECTION 5.01. Capital. (a) Capital Accounts. There shall be established on the books and records of the Partnership a
Capital Account for each Partner. Schedule 5.01 sets forth the names and the Capital Account of the Partners as of the date of this Agreement. Schedule 5.01 shall be amended pursuant to Section 1.03 to reflect any change in the
identity or Capital Accounts in accordance with this Agreement. 
 (b) Capital Contributions. (i) On the date of
this Agreement, contributions of assets, property and/or cash shall be made by or on behalf of the Partners listed on Schedule 4.01 in connection with the Contribution, pursuant to the terms set forth in the Separation Agreement. 

(ii) In return for such initial contributions, Interests shall be issued or Transferred to the Partners as provided on Schedule
5.01. 
 (iii) The parties shall treat the contributions described in this Section 5.01(b) as contributions pursuant
to Section 721 of the Code in which no gain or loss is recognized to any extent, except as otherwise required pursuant to a determination within the meaning of Section 1313(a)(1) of the Code. 
 (iv) Except as otherwise provided in Section 5.01(b)(i), no capital contributions shall be required (A) unless otherwise
determined by the General Partner and agreed to by the contributing Partner, or (B) unless otherwise determined by the General Partner in connection with the admission of a new Partner or the issuance of additional Interests to a Partner.

 (v) The Partnership may invest or cause to be invested all amounts received by the Partnership as capital contributions in
its sole and absolute discretion. 
 SECTION 5.02. Withdrawals; Return on Capital. No Partner shall be entitled to withdraw or
otherwise receive any distributions in respect of any Interest (including the associated Units or Capital), except as provided in Section 6.01 or Section 8.03. The Partners shall not be entitled to any return on their Capital. 

SECTION 5.03. Maintenance of Capital Accounts. As of the end of each Accounting Period, the balance in each Partner’s Capital Account
shall be adjusted by (a) increasing such balance by (i) such Partner’s allocable share of each item of the Partnership’s 

  

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income and gain for such Accounting Period (allocated in accordance with Section 5.04(a)) and (ii) the amount of cash or the fair market value of
other property (determined in accordance with Section 5.05) contributed to the Partnership by such Partner in respect of such Partner’s related Interest during such Accounting Period, net of liabilities assumed by the Partnership with
respect to such other property, and (b) decreasing such balance by (i) the amount of cash or the fair market value of other property (determined in accordance with Section 5.05) distributed to such Partner in respect of such class of
Interest associated with such Capital Account pursuant to this Agreement, net of liabilities (if any) assumed by such Partner with respect to such other property, and (ii) such Partner’s allocable share of each item of the
Partnership’s deduction and loss for such Accounting Period (allocated in accordance with Section 5.04(a)). The balances in each Partners’ Capital Account shall also be adjusted at the time and in the manner permitted by the capital
accounting rules of the Treasury Regulation section 1.704-1(b)(2)(iv)(f). The foregoing and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulation section 1.704-1(b),
and shall be interpreted and applied in a manner consistent therewith. 
 SECTION 5.04. Allocations and Tax Matters. (a) Book
Allocations. After giving effect to the allocations set forth in Section 2 of Exhibit A hereto, for purposes of computing Capital Accounts and allocating any items of income, gain, loss or deduction thereto, with respect to each
Accounting Period, all remaining items of income, gain, loss or deduction of the Partnership (calculated in the manner contemplated by the capital accounting rules of the Treasury Regulations promulgated under Section 704(b) of the Code, and
regardless of whether the Partnership has net income) shall be allocated among the Capital Accounts of the Interests in proportion to their Percentage Interest as of the end of such Accounting Period; provided, however, that upon any
Closing of the Books Event (other than an event described in clauses (a) of such definition), the value of each asset on the books of the Partnership shall be adjusted to equal its gross fair market value (as reasonably determined by the
General Partner) at such time, and the amount of such adjustment shall be taken into account as gain (if such adjustment is positive) or loss (if such adjustment is negative) from the disposition of such asset for purposes of this
Section 5.04(a); provided, further, that any and all items of income, gain, loss or deduction to the extent resulting from a Special Item will be allocated entirely to the Capital Accounts of the Limited Partnership Interests
(other than the Special Voting Limited Partnership Interest) held by Partners who are members of the Holdings Group, pro rata in proportion to the number of Units (other than the Units underlying the Special Voting Limited Partnership
Interest) held by such Partners. If, after any allocation of items of income, gain, loss or deduction resulting from a Special Item, there is an exchange of an Exchangeable Limited Partnership Interest (as defined in the Holdings Limited Partnership
Agreement) or a Founding Partner Interest (as defined in the Holdings Limited Partnership Agreement) with BGC Partners for BGC Partners Common Stock, then (A) the Capital Account of the Limited Partnership Interests provided to BGC Partners in
connection with such exchange pursuant to Section 8.07 of the Holdings Limited Partnership Agreement shall be equal to (1) the total Capital for all issued and outstanding Interests, divided by (2) the total number of issued
and outstanding Units, multiplied by (3) the number of Units underlying such Limited Partnership Interest (as appropriately adjusted to reflect the impact of any Special Item and the intention of the Parties for Holdings (and not
BGC Partners) to realize the economic benefits and burdens of such Special Item); and (B) any increase or decrease in the remaining Capital for all issued and outstanding Interests as a result of clause (A) of this sentence shall be
allocated to the Capital 

  

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Accounts of the Limited Partnership Interests (other than the Special Voting Limited Partnership Interest) held by Partners who are members of the Holdings
Group, pro rata in proportion to the number of Units (other than the Units underlying the Special Voting Limited Partnership Interest) held by such Partners. 
 (b) Tax Allocations. Except as otherwise required under Section 704(c) of the Code and the Treasury Regulations promulgated
thereunder, the Partnership shall cause each item of income, gain, loss or deduction recognized by the Partnership to be allocated among the Partners for U.S. federal, state and local income and, where relevant, non-U.S. tax purposes in the same
manner that each such item is allocated to the Partners’ Capital Accounts or as otherwise provided herein. In the event the value of any Partnership assets is adjusted pursuant to the first proviso of Section 5.04(a), subsequent
allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for United States federal income tax purposes and its adjusted value in the same manner as under
Section 704(c) of the Code and the Regulations thereunder. Allocations required by Section 704(c) of the Code shall be made using the “traditional method” described in Treasury Regulation section 1.704-3(b). 
 SECTION 5.05. General Partner Determinations. All determinations, valuations and other matters of judgment required to be made for purposes of
this Article V, including with respect to allocations to Capital Accounts and accounting procedures and tax matters not expressly provided for by the terms of this Agreement, or for determining the value of any type or form of proceeds, contribution
or distributions hereunder shall be made by the General Partner in good faith. In the event that an additional Partner is admitted to the Partnership and contributes property to the Partnership, or an existing Partner contributes additional property
to the Partnership, pursuant to this Agreement, the value of such contributed property shall be the fair market value of such property as reasonably determined by the General Partner. 
 SECTION 5.06. Books and Accounts. (a) The Partnership shall at all times keep or cause to be kept true and complete records and books of
account, which records and books shall be maintained in accordance with U.S. generally accepted accounting principles. Such records and books of account shall be kept at the principal place of business of the Partnership by the General Partner. The
Limited Partners shall have the right to gain access to all such records and books of account (including schedules thereto) for inspection and view (at such reasonable times as the General Partner shall determine) for any purpose reasonably related
to their Interests. The Partnership’s accounts shall be maintained in U.S. dollars. 
 (b) The Partnership’s fiscal
year shall begin on the first day of January and end on the thirty-first day of December of each year, or shall be such other period designated by the General Partner. At the end of each fiscal year, the Partnership’s accounts shall be
prepared, presented to the General Partner and submitted to the Partnership’s auditors for examination. 
 (c) The
Partnership’s auditors shall be an independent accounting firm of international reputation to be appointed from time to time by the General Partner. The Partnership’s auditors shall be entitled to receive promptly such information,
accounts and explanations from the General Partner and each Partner that they deem reasonably 

  

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necessary to carry out their duties. The Partners shall provide such financial, tax and other information to the Partnership as may be reasonably necessary
and appropriate to carry out the purposes of the Partnership. 
 SECTION 5.07. Tax Matters Partner. The General Partner is hereby
designated as the tax matters partner of the Partnership, in accordance with the Treasury Regulations promulgated pursuant to Section 6231 of the Code and any similar provisions under any other state or local or non-U.S. tax laws. The General
Partner shall have the authority, in its sole and absolute discretion, to (a) make an election under Section 754 of the Code on behalf of the Partnership, and each Partner agrees to provide such information and documentation as the General
Partner may reasonably request in connection with any such election, (b) determine the manner in which “excess nonrecourse liabilities” (within the meaning of Treasury Regulation section 1.752-3(a)(3)) are allocated among the
Partners and (c) make any other election or determination with respect to taxes (including with respect to depreciation, amortization and accounting methods). 
 SECTION 5.08. Tax Information. The Partnership shall use commercially reasonable efforts to prepare and mail as soon as reasonably practicable after the end of each taxable year of the Partnership, to each
Partner (and each other Person that was such a Partner during such taxable year or its legal representatives), U.S. Internal Revenue Service Schedule K-1, “Partner’s Share of Income, Credits, Deductions, Etc.,” or any successor
schedule or form, for such Person. 
 SECTION 5.09. Withholding. Notwithstanding anything herein to the contrary, the Partnership is
authorized to withhold from distributions and allocations to the Partners, and to pay over to any federal, state, local or foreign governmental authority any amounts believed in good faith to be required to be so withheld pursuant to the Code or any
provision of any other federal, state, local or foreign law and, for all purposes under this Agreement, shall treat such amounts (together with any amounts that are withheld from payments to the Partnership or any of its Subsidiaries attributable to
a direct or indirect Partner of the Partnership) as distributed to those Partners with respect to which such amounts were withheld. If the Partnership is obligated to pay any amount to a taxing authority on behalf of (or in respect of an obligation
of) a Partner (including, federal, state and local or other withholding taxes), then such Partner shall indemnify the Partnership in full for the entire amount of any Tax (but not any interest, penalties or other expenses associated with such
payment). 
 ARTICLE VI 
 DISTRIBUTIONS 
 SECTION 6.01. Distributions in Respect of Partnership Interests. Subject to the remaining sentences of this
Section 6.01, the Partnership shall distribute to each Partner from such Partner’s Capital Account (a) on or prior to each Estimated Tax Due Date (i) such Partner’s Estimated Proportionate Quarterly Tax Distribution for such
fiscal quarter, plus (ii) with respect to Partners who are members of the Holdings Group, an amount (positive or negative) calculated using the methodology contemplated by the definition “Estimated Proportionate Quarterly Tax
Distribution” (taking into account for this purpose items of income, gain, loss or deduction 

  

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allocated in respect of any Special Item and disregarding all other items) for such fiscal quarter in respect of any items of income, gain, loss or deduction
allocated in respect of any Special Item, and (b) as promptly as practicable after the end of each fiscal quarter of the Partnership (as determined by the General Partner) an amount equal to the excess (if any) of (x) the net positive
cumulative amount allocated to such Partner’s Capital Account pursuant to Section 5.04(a) or Exhibit A hereto after the date of this Agreement over (y) the amount of any prior distributions to such Partner pursuant to this
Section 6.01; provided that in each case appropriate adjustments shall be made to reflect any amounts treated as distributed pursuant to Section 5.09; provided, however, that with the prior written consent of the
holders of a Majority in Interest of the Limited Partnership Interests, the Partnership may decrease the total amount distributed by the Partnership pursuant to Section 6.01(b). Notwithstanding anything to the contrary set forth in this
Section 6.01, in the event the Partnership is unable to make the distributions contemplated by the foregoing as a result of any Special Item, then the Partnership shall use reasonable best efforts to borrow such amounts as are necessary to make
distributions that would have been received by the BGC Partners Group in the absence of any such Special Item and to make the Estimated Proportionate Quarterly Tax Distributions to the Cantor Group, and the costs of any such costs borrowing shall be
treated as a Special Item. No distributions shall be made by the Partnership except as expressly contemplated by Sections 6.01(a), 6.01(b) and 8.03(a). 
 SECTION 6.02. Limitation on Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Partnership and the General Partner, on behalf of the Partnership, shall not be required
to make a distribution to a Partner on account of its interest in the Partnership if such distribution would violate the Act or any other applicable law. 
 ARTICLE VII 
 TRANSFERS OF INTERESTS 
 SECTION 7.01. Transfers Generally Prohibited. No Partner may Transfer or agree or otherwise commit to Transfer all or any portion of, or any of
rights, title and interest in and to, its Interest, except as permitted by the terms and conditions set forth in this Article VII. The Schedules shall be revised pursuant to Section 1.03 from time to time to reflect any change in the
Partners or Interests to reflect any Transfer permitted by this Article VII. 
 SECTION 7.02. Permitted Transfers. (a) Limited
Partnership Interests. No Limited Partner (other than the Special Voting Limited Partner, which shall be governed by Section 7.02(b)) may Transfer or agree or otherwise commit to Transfer all or any portion of, or any right, title and
interest in and to, its Limited Partnership Interest (other than the Special Voting Limited Partner, which shall be governed by Section 7.02(b)), except any such Transfer (i) pursuant to Section 4.02(a)(ii), 4.03(b)(i) in connection
with the Contribution and the Separation or Section 7.02(b); (ii) if such Limited Partner shall be a member of the BGC Partners Group or the Holdings Group (the “Group Transferor”), to any member of the BGC Partners Group
or the Holdings Group (the “Group Transferee”), including in connection with the exchange of Holdings Units for BGC Partners Common Stock pursuant to the Holdings Limited Partnership Agreement; or (iii) for which the General
Partner and the Limited Partners (with such consent to require the affirmative vote of a Majority in Interest) shall have provided their respective prior written consent (which consent shall not be unreasonably withheld or delayed, 

  

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provided that if such Transfer could reasonably be expected to result in the Partnership being classified or treated as a publicly traded partnership
for U.S. federal income tax purposes, the withholding of consent to such Transfer shall not be deemed unreasonable) (including any Transfer to the Partnership). 
 (b) Special Voting Limited Partnership Interest. The Special Voting Limited Partner may not Transfer or agree or otherwise commit
to Transfer all or any portion of, or any right, title and interest in and to, its Special Voting Limited Partnership Interest, except any such Transfer (i) to a wholly owned Subsidiary of Holdings; provided that, in the event that such
other Person shall cease to be a wholly owned Subsidiary of Holdings, the Special Voting Limited Partnership Interest shall automatically be Transferred to Holdings, without the requirement of any further action on the part of the Partnership,
Holdings or any other Person; or (ii) pursuant to Section 4.03(b)(i) in connection with the Contribution and the Separation. Upon removal of any Special Voting Limited Partner, notwithstanding anything herein to the contrary, the Special
Voting Limited Partnership Interest shall be transferred to the Person being admitted as the new Special Voting Limited Partner, simultaneously with admission and without the requirement of any action on the part of the Special Voting Limited
Partner being removed or any other Person. 
 (c) General Partnership Interest. The General Partner may not Transfer or
agree or otherwise commit to Transfer all or any portion of, or any right, title and interest in and to, its General Partnership Interest, except any such Transfer (i) to a new General Partner in accordance with this Section, (ii) with the
prior written consent (not to be unreasonably withheld or delayed) of the Special Voting Limited Partner, to any other Person, or (iii) pursuant to Section 4.03(a)(i) in connection with the Contribution and the Separation. Any General
Partner may be removed at any time, with or without cause, by the Special Voting Limited Partner in its sole and absolute discretion, and the General Partner may resign from the Partnership for any reason or for no reason whatsoever;
provided, however, that, as a condition to any such removal or resignation, (A) the Special Voting Limited Partner shall first appoint another Person as the new General Partner; (B) such Person shall be admitted to the
Partnership as the new General Partner (upon the execution and delivery of an agreement to be bound by the terms of this Agreement and such other agreements, documents or instruments requested by the resigning General Partner); and (C) such
resigning or removed General Partner shall Transfer its entire General Partnership Interest to the new General Partner. The admission of the new General Partner shall be deemed effective immediately prior to the effectiveness of the resignation of
the resigning General Partner, and shall otherwise have the effects set forth in Section 4.03(a)(iii). Upon removal of any General Partner, notwithstanding anything herein to the contrary, the General Partnership Interest shall be transferred
to the Person being admitted as the new General Partner, simultaneously with admission and without the requirement of any action on the part of the General Partner being removed or any other Person. 
 SECTION 7.03. Admission as a Partner Upon Transfer. Notwithstanding anything to the contrary set forth herein, a Transferee who has otherwise
satisfied the requirements of Section 7.02 shall become a Partner, and shall be listed as a “Limited Partner,” “Special Voting Limited Partner” or “General Partner” as applicable, on
Schedule 4.01, and shall 

  

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be deemed to receive the Interest being Transferred, in each case only at such time as such Transferee executes and delivers to the Partnership an agreement
in which the Transferee agrees to be admitted as a Partner and bound by this Agreement and any other agreements, documents or instruments specified by the General Partner and such agreements (when applicable) shall have been duly executed by the
General Partner; provided, however, that if such Transferee (a) is at the time of such Transfer a Partner of the applicable class of Interests being Transferred or (b) has previously entered into an agreement pursuant to
which the Transferee shall have agreed to become a Partner and be bound by this Agreement (which agreement is in effect at the time of such Transfer), such Transferee shall not be required to enter into any such agreements unless otherwise
determined by the General Partner; provided, further, that the Transfers, admissions to and withdrawals from the Partnership as Partners, contemplated by Sections 4.03(a)(i) or 4.03(b)(i) shall not require the execution or delivery of
any further agreements or other documentation hereunder. 
 SECTION 7.04. Transfer of Units and Capital with the Transfer of an
Interest. Notwithstanding anything herein to the contrary, each Partner who Transfers an Interest shall be deemed to have Transferred the entire Interest, including the associated Units and Capital of such Interest, or, if a portion of an
Interest is being Transferred, each Partner who Transfers a portion of an Interest shall specify the number of Units being so Transferred and such Transfer shall include a proportionate amount of Capital of such Interest, to the Transferee.

 SECTION 7.05. Encumbrances. No Partner may charge or encumber its Interest or otherwise subject its Interest to a lien, pledge,
security interest, right of first refusal, option or other similar limitation except in each case for those created by this Agreement. 
 SECTION 7.06. Legend. Each Partner agrees that any certificate issued to it to evidence its Interests shall have inscribed conspicuously on its front or back the following legend: 
 THE PARTNERSHIP INTEREST IN BGC PARTNERS GLOBAL HOLDINGS, L.P. REPRESENTED BY THIS CERTIFICATE (INCLUDING ASSOCIATED UNITS AND CAPITAL) HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION, AND THIS PARTNERSHIP INTEREST MAY NOT BE TRANSFERRED,
SOLD, ASSIGNED, PLEDGED, HYPOTHECATED, ENCUMBERED OR OTHERWISE DISPOSED OF, IN WHOLE OR IN PART, EXCEPT (A) EITHER (1) WHILE A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE REGISTRATIONS AND QUALIFICATIONS ARE
IN EFFECT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (INCLUDING, IF APPLICABLE, REGULATION S THEREUNDER) AND SUCH OTHER APPLICABLE LAWS AND (B) IF PERMITTED BY THE LIMITED PARTNERSHIP AGREEMENT OF
BGC PARTNERS GLOBAL HOLDINGS, L.P., AS IT MAY BE AMENDED FROM TIME TO TIME, WHICH CONTAINS STRICT PROHIBITIONS ON TRANSFERS, SALES, 

  

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ASSIGNMENTS, PLEDGES, HYPOTHECATIONS, ENCUMBRANCES OR OTHER DISPOSITIONS OF THIS PARTNERSHIP INTEREST OR ANY INTEREST THEREIN (INCLUDING ASSOCIATED UNITS AND
CAPITAL). 
 SECTION 7.07. Effect of Transfer Not in Compliance with this Article. Any purported Transfer of all or any part of a
Partner’s Interest, or any interest therein, that is not in compliance with this Article VII shall, to the fullest extent permitted by law, be void ab initio and shall be of no effect. 
 ARTICLE VIII 
 DISSOLUTION 
 SECTION 8.01. Dissolution. The Partnership shall be dissolved and its affairs wound up upon the first to occur of the following: 
 (a) an election to dissolve the Partnership made by the General Partner; provided that such dissolution shall require the prior
approval of (x) a majority vote of a quorum consisting of Disinterested Directors and (y) the Limited Partners (by affirmative vote of a Majority in Interest); 
 (b) at any time there are no limited partners of the Partnership, unless the business of the Partnership is continued in accordance with
the Act; 
 (c) any event that results in the General Partner ceasing to be a general partner of the Partnership under the
Act, provided that the Partnership shall not be dissolved and required to be wound up in connection with any such event if (A) at the time of the occurrence of such event there is at least one remaining general partner of the Partnership who is
hereby authorized to and does carry on the business of the Partnership, or (B) within 90 days after the occurrence of such event, a majority of the Limited Partners agree in writing or vote to continue the business of the Partnership and to the
appointment, effective as of the date of such event, if required, of one or more additional general partners of the Partnership; or 
 (d) otherwise pursuant to the Act. 
 None of the Partners shall have any right to terminate, dissolve or have redeemed their class of Interests or,
except for the General Partner and otherwise to the fullest extent permitted by law, to terminate, windup or dissolve the Partnership. Absent the approval of a majority vote of a quorum consisting of Disinterested Directors, each Partner shall use
its reasonable best efforts to prevent the dissolution of the Partnership. 
 SECTION 8.02. Liquidation. Upon a dissolution pursuant
to Section 8.01, the Partnership’s business and assets shall be wound up promptly in an orderly manner. The General Partner shall be the liquidator to wind up the affairs of the Partnership. In performing its duties, the General Partner is
authorized to sell, exchange or otherwise dispose of the Partnership’s business and assets in accordance with the Act in any reasonable manner that the General Partner determines to be in the best interests of the Partners. Upon completion of
the winding-up of the Partnership, the General Partner shall prepare and submit to each Limited Partner a final statement with respect thereto. 
  

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 SECTION 8.03. Distributions. (a) In the event of a dissolution of the Partnership pursuant to
Section 8.01, the Partnership shall apply and distribute the proceeds of the dissolution as provided below: 
 (i)
first, to the creditors of the Partnership, including Partners that are creditors of the Partnership to the extent permitted by law, in satisfaction of the liabilities of the Partnership (by payment or by the making of reasonable provision
for payment thereof, including the setting up of any reserves which the General Partner determines, in its sole and absolute discretion, are necessary therefor); 
 (ii) second, to the repayment of any loans or advances that may have been made by any of the Partners to the Partnership;

 (iii) third, to the Partners in proportion to (and to the extent of) the positive balances in their respective
Capital Accounts; and 
 (iv) thereafter, to the Partners in proportion to their respective Percentage Interests.

 (b) Cancellation of Certificate of Limited Partnership. Upon completion of a liquidation and distribution pursuant
to Section 8.03(a) following a dissolution of the Partnership pursuant to Section 8.01, the General Partner shall execute, acknowledge and cause to be filed a Section 10 Statement with the Registrar of Exempted Limited Partnerships in
the Cayman Islands. 
 SECTION 8.04. Reconstitution. Nothing contained in this Agreement shall impair, restrict or limit the rights
and powers of the Partners under the laws of the State of Delaware and any other jurisdiction in which the Partnership is doing business to reform and reconstitute themselves as a limited partnership following dissolution of the Partnership either
under provisions identical to those set forth herein or any others which they may deem appropriate. 
 SECTION 8.05. Deficit
Restoration. Upon the termination of the Partnership, no Limited Partner shall be required to restore any negative balance in his, her or its Capital Account to the Partnership. The General Partner shall be required to contribute to the
Partnership an amount equal to its respective deficit Capital Account balances within the period prescribed by Treasury Regulation section 1.704-1(b)(2)(ii)(c). 
 ARTICLE IX 
 INDEMNIFICATION AND EXCULPATION 
 SECTION 9.01. Exculpation. Neither a General Partner nor any Affiliate or director or officer of a General Partner or any such Affiliate shall be
personally liable to the Partnership or the Limited Partners for a breach of this Agreement or any fiduciary duty as a 

  

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General Partner or as an Affiliate or director or officer of a General Partner or any such Affiliate, except to the extent such exemption from liability or
limitation thereof is not permitted under the Act as the same exists or may hereafter be amended. Any repeal or modification of the immediately preceding sentence shall not adversely affect any right or protection of such Person existing hereunder
with respect to any act or omission occurring prior to such repeal or modification. A General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisors selected by
it and the opinion of any such Person as to matters which the General Partner reasonably believes to be within such Person’s professional or expert competence shall be full and complete authorization and protection in respect of any action
taken or suffered or omitted by the General Partner in good faith and in accordance with such opinion. A General Partner may exercise any of the powers granted to it by this Agreement and perform any of the obligations imposed on it hereunder either
directly or by or through one or more agents, and the General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by the General Partner with due care. 
 SECTION 9.02. Indemnification. (a) Each Person who was or is made a party or is threatened to be made a party to or is involved in any
action, suit, or proceeding, whether civil, criminal, administrative or investigative (hereinafter a “proceeding”), by reason of the fact that he or she, or a Person of whom he or she is the legal representative, is or was a or has
agreed to become a General Partner, or any director or officer of the General Partner or of the Partnership, or is or was serving at the request of the Partnership as a director, officer, employee or agent of another corporation or of a partnership,
joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity
while surviving as a director, officer, employee or agent, shall be indemnified and held harmless by the Partnership to the fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”) as the same
exists or may hereafter be amended (but, in the case of any such amendment, to the fullest extent permitted by law, only to the extent that such amendment permits the Partnership to provide broader indemnification rights than said law permitted the
Partnership to provide prior to such amendment), as if the Company were a corporation organized under the DGCL, against all expense, liability and loss (including attorneys’ fees and expenses, judgments, fines, amounts paid or to be paid in
settlement, and excise taxes or penalties arising under the Employee Retirement Income Security Act of 1974) reasonably incurred or suffered by such Person in connection therewith and such indemnification shall continue as to a Person who has ceased
to be a director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that except as provided in Section 9.02(c), the Partnership shall indemnify any such
Person seeking indemnification in connection with a proceeding (or part thereof) initiated by such Person only if such proceeding (or part thereof) was authorized by the General Partner. The right to indemnification conferred in this
Section 9.02 shall be a contract right and shall include the right to be paid by the Partnership the expenses, including attorneys’ fees and expenses, incurred in defending any such proceeding in advance of its financial disposition;
provided, however, that if the applicable law requires that the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is
rendered by such Person while a director or officer, including, service to an employee benefit plan) in advance of the final disposition of a proceeding shall be made only upon delivery to the 

  

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Partnership of an undertaking by or on behalf of such director for officer, to repay all amounts so advanced if it shall ultimately be determined that such
director or officer is not entitled to be indemnified under this Section 9.02 or otherwise. The Partnership may, by action of the General Partner, provide indemnification to employees and agents of the Partnership with the same scope and effect
as the foregoing indemnification of directors and officers. 
 (b) To obtain indemnification under this Section 9.02, a
claimant shall submit to the Partnership a written request, including therein or therewith such documentation and information as is reasonably available to the claimant and is reasonably necessary to determine whether and to what extent the claimant
is entitled to indemnification. Upon written request by a claimant for indemnification pursuant to the first sentence of this Section 9.02(b), a determination, if required by applicable law, with respect to the claimant’s entitlement
thereto shall be made as follows: (i) if requested by the claimant, by Independent Counsel (as hereinafter defined), or (ii) if no request is made by the claimant for a determination by Independent Counsel, (x) by the board of
directors of BGC Partners by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (y) if a quorum of the board of directors of BGC Partners consisting of Disinterested Directors is not obtainable or,
even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the board of directors of BGC Partners, a copy of which shall be delivered to the claimant, or (z) if a quorum of
Disinterested Directors so directs, by the affirmative vote of a Majority in Interest. In the event the determination of entitlement to indemnification is to be made by Independent Counsel at the request of the claimant, the Independent Counsel
shall be selected by the board of directors of BGC Partners unless there shall have occurred within two years prior to the date of the commencement of the action, suit or proceeding for which indemnification is claimed a “Change of
Control” as defined in the 1999 Long-Term Incentive Plan of eSpeed, as amended in 2003, in which case the Independent Counsel shall be selected by the claimant unless the claimant shall request that such selection be made by the board of
directors of BGC Partners. If it is so determined that the claimant is entitled to indemnification, payment to the claimant shall be made within ten (10) days after such determination. 
 (c) If a claim under Section 9.02(a) is not paid in full by the Partnership within thirty (30) days after a written claim
pursuant to Section 9.02(b) has been received by the Partnership, the claimant may at any time thereafter bring suit against the Partnership to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be
entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the
required undertaking, if any is required, has been tendered to the Partnership) that the claimant has not met the standards of conduct which make it permissible under the DGCL as the same exists or may hereafter be amended (but, in the case of any
such amendment, only to the extent that such amendment permits the Partnership to provide broader indemnification rights than it permitted the Partnership to provide prior to such amendment) for the Partnership to indemnify the claimant for the
amount claimed if the Partnership were a corporation organized under the DGCL, but the burden of proving such defense shall be on the Partnership. Neither the failure of the Partnership (including the board of directors of BGC 

  

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Partners, independent legal counsel or its holders of Interests) to have made a determination prior to the commencement of such action that indemnification
of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Partnership (including the board of directors of BGC Partners or independent legal
counsel or its holders of Interests) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct. 
 (d) If a determination shall have been made pursuant to Section 9.02(b) that the claimant is entitled to indemnification, the
Partnership shall be bound by such determination in any judicial proceeding commenced pursuant to Section 9.02(c). 
 (e)
The Partnership shall be precluded from asserting in any judicial proceeding commenced pursuant to Section 9.02(c) that the procedures and presumptions of this Section 9.02 are not valid, binding and enforceable and shall stipulate in such
proceeding that the Partnership is bound by all the provisions of this Section 9.02. 
 (f) The right to indemnification
and the payment of expenses incurred in defending a proceeding in advance of its final disposition conferred in this Section 9.02 shall not be exclusive of any other right that any Person may have or hereafter acquire under any statute,
provision of this Agreement, agreement, vote of the Limited Partners (by affirmative vote of a Majority in Interest) or Disinterested Directors or otherwise. No amendment or other modification of this Section 9.02 shall in any way diminish or
adversely affect the rights of a General Partner, a Limited Partner or any directors, officers, employees or agents of the General Partner in respect of any occurrence or matter arising prior to any such repeal or modification. 
 (g) The Partnership may, to the extent authorized from time to time by the General Partner, grant rights to indemnification, and rights to
be paid by the Partnership the expenses incurred in defending any proceeding in advance of its final disposition, to any employee or agent of the Partnership to the fullest extent of the provisions of this Section 9.02 with respect to the
indemnification and advancement of expenses of a General Partner, a Limited Partner or any directors and officers of the General Partner. 
 (h) If any provision or provisions of this Section 9.02 shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining
provisions of this Section 9.02 (including each portion of this Section 9.02 containing any such provision held to be invalid, illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any way
be affected or impaired thereby; and (ii) to the fullest extent possible, the provisions of this Section 9.02 (including each such portion of this Section 9.02 containing any such provision held to be invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 
  

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 (i) For purposes of this Article IX: 
 (i) “Disinterested Director” means a director of BGC Partners who is not and was not a party to the matter in respect of
which indemnification is sought by the claimant. 
 (ii) “Independent Counsel” means a law firm, a member of
a law firm, or an independent practitioner, that is experienced in matters of corporation law and shall include any Person who, under the applicable standards of professional conduct then prevailing, would not have a conflict of interest in
representing either the Partnership or the claimant in an action to determine the claimant’s rights under this Section 9.02. 
 (j) Any notice, request or other communication required or permitted to be given to the Partnership under this Section 9.02 shall be in writing and either delivered in person or sent by telecopy, telex, telegram,
overnight mail or courier service, or certified or registered mail, postage prepaid, return receipt requested, to the General Partner and shall be effective only upon receipt by the General Partner. 
 SECTION 9.03. Insurance. The Partnership may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of
the Partnership or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Partnership would have the power to indemnify such Person against such expense, liability or
loss under the Act if the Partnership were a corporation organized under the DGCL. To the extent that the Partnership maintains any policy or policies providing such insurance, each such director or officer, and each such agent or employee to which
rights of indemnification have been granted as provided in Section 9.02 shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage thereunder for any such director, officer, employee
or agent. 
 SECTION 9.04. Subrogation. In the event of payment of indemnification to a Person described in Section 9.02, the
Partnership shall be subrogated to the extent of such payment to any right of recovery such person may have and such person, as a condition of receiving indemnification from the Partnership, shall execute all documents and do all things that the
Partnership may deem necessary or desirable to perfect such right of recovery, including the execution of such documents necessary to enable the Partnership effectively to enforce any such recovery. 
 SECTION 9.05. No Duplication of Payments. The Partnership shall not be liable under this Article IX to make any payment in connection with any
claim made against a person described in Section 9.02 to the extent such Person has otherwise received payment (under any insurance policy or otherwise) of the amounts otherwise payable as indemnity hereunder. 
 SECTION 9.06. Survival. This Article IX shall survive any termination of this Agreement. 
  

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 ARTICLE X 
 MISCELLANEOUS 
 SECTION 10.01. Amendments. Except as provided in Section 1.03 with respect to
this Agreement or Section 2.01 and this Agreement may not be amended except with (and any such amendment shall be authorized upon obtaining) the approval of each of the General Partner and the Limited Partners (by the affirmative vote of a
Majority in Interest); provided that this Agreement shall not be amended to (i) amend any provisions which require the consent of a specified percentage in interest of the Limited Partners without the consent of that specified percentage
in interest of the Limited Partners; (ii) alter the interest of any Partner in the amount or timing of distributions or the allocation of profits, losses or credits (other than any such alteration caused by the acquisition of additional Units
by any Partner or the issuance of additional Units to any Person pursuant to this Agreement or as otherwise expressly provided herein), if such alteration would either (A) materially adversely affect the economic interest of a Partner in the
Partnership or (B) materially adversely affect the value of Interests, without the consent of (x) the Partners holding at least two-thirds of all Units in the case of an amendment applying in a substantially similar manner to all classes
of Interests or (y) two-thirds in interest of the affected class or classes of the Partners in the case of any other amendment; or (iii) amend this Agreement to alter the Special Voting Limited Partner’s ability to remove a General
Partner; provided, however, that the General Partner may authorize, without further approval of any other Person or group, (1) any amendment to this Agreement to correct any technicality, incorrect statement or error apparent on
the face hereof in order to further the intent of the parties hereto or (2) correction of any formality or error apparent on the face hereof or incorrect statement or defect in the execution hereof. Any merger or consolidation of the
Partnership with any third party that shall amend or otherwise modify the terms of this Agreement shall require the approval of the Persons referred to above to the extent the approval of such Persons would have been required had such amendment or
modification been effected by an amendment to this Agreement. 
 SECTION 10.02. Benefits of Agreement. None of the provisions of this
Agreement shall be for the benefit of or enforceable by any creditor of the Partnership or by any creditor of any of the Partners. Except as provided in Article IX with respect to Persons entitled to indemnification pursuant to such Article, nothing
in this Agreement shall be deemed to create any right in any Person not a party hereto, and this instrument shall not be construed in any respect to be a contract in whole or in part for the benefit of any third person. 
 SECTION 10.03. Waiver of Notice. Whenever any notice is required to be given to any Partner or other Person under the provisions of the Act or
this Agreement, a waiver thereof in writing, signed by the Person or Persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at,
nor the purpose of, any meeting of the Partners (if any shall be called) or the General Partner need be specified in any waiver of notice of such meeting. 
 SECTION 10.04. Jurisdiction and Forum; Waiver of Jury Trial. (a) Each of the Partners agrees, to the fullest extent permitted by law, that all Actions arising out of or in connection with this Agreement,
the Partnership’s affairs, the rights or interests of the Partners or 

  

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the estate of any deceased Partner (to the extent that they are related to any of the foregoing), or for recognition and enforcement of any judgment arising
out of or in connection with this Agreement or any breach or termination or alleged breach or termination of this Agreement, shall be tried and determined exclusively in the state or federal courts in the State of Delaware, and each of the Partners
hereby irrevocably submits with regard to any such Action for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Partners hereby expressly waives, to the fullest
extent permitted by law, any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such Action: (i) any claim that it is not subject to personal jurisdiction in the aforesaid
courts for any reason; (ii) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; (iii) that (A) any of the aforesaid courts is an inconvenient or
inappropriate forum for such Action, (B) venue is not proper in any of the aforesaid courts; and (iv) this Agreement, or the subject matter hereof or thereof, may not be enforced in or by any of the aforesaid courts. With respect to any
action arising out of or relating to this agreement or any obligation hereunder, each Partner irrevocably and unconditionally, to the fullest extent permitted by law, (x) agrees to appoint promptly upon request from the Partnership authorized
agents for the purpose of receiving service of process in any suit, action or proceeding in Wilmington, Delaware; (y) consents to service of process in any suit, action or proceeding in such jurisdictions; and (z) consents to service of
process by mailing a copy thereof to the address of the Partner determined under Section 10.07 by U.S. registered or certified mail, by the closest foreign equivalent of registered or certified mail, by a recognized overnight delivery service,
by service upon any agent specified pursuant to clause (x) above, or by any other manner permitted by applicable law, 
 (b) EACH PARTNER WAIVES ANY RIGHT TO REQUEST OR OBTAIN A TRIAL BY JURY IN ANY JUDICIAL PROCEEDING GOVERNED BY THE TERMS OF THIS AGREEMENT OR PERTAINING TO THE MATTERS GOVERNED BY THIS AGREEMENT. “MATTERS GOVERNED BY THIS
AGREEMENT” SHALL INCLUDE, BUT ARE NOT LIMITED TO, ANY AND ALL MATTERS AND AGREEMENTS REFERRED TO IN THIS AGREEMENT AND ANY DISPUTES ARISING WITH RESPECT TO ANY SUCH MATTERS AND AGREEMENTS. 
 (c) The Partners acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement was
not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the Partnership shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to
enforce specifically the terms and provisions hereof and thereof, this being in addition to any other remedy to which they may be entitled by law or equity. 
 SECTION 10.05. Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective estates, heirs, legal representatives, successors and permitted
assigns, any additional Partner admitted in accordance with the provisions hereof and any successor to a trustee of a trust that is or becomes a party hereto. 
  

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 SECTION 10.06. Confidentiality. Each Partner recognizes that confidential information has been and
will be disclosed to such Partner by the Partnership and its Subsidiaries. Each Partner expressly agrees, whether or not at the time a Partner of the Partnership or providing services to the Partnership and/or any of its Subsidiaries, to
(i) maintain the confidentiality of, and not disclose to any Person without the prior written consent of the Partnership, any financial, legal or other advisor to the Partnership, any information relating to the business, clients, affairs or
financial structure, position or results of the Partnership or its affiliates (including any Affiliate) or any dispute that shall not be generally known to the public or the securities industry and (ii) not to use such confidential information
other than for the purpose of evaluating such Partner’s investment in the Partnership or in connection with the discharge of any duties to the Partnership or its affiliates such Partner may have in such Partner’s capacity as an officer,
director, employee or agent of the Partnership or its affiliates. Notwithstanding Section 10.04 or any other provision herein to the contrary, each Partner agrees that money damages would not be a sufficient remedy for any breach of this
Section 10.06 by such Partner, and that in addition to all other remedies, the Partnership shall be entitled to injunctive or other equitable relief as a remedy for any such breach. Each Partner agrees not to oppose the granting of such relief
and agrees to waive any requirement for the securing or posting of any bond in connection with such remedy. 
 SECTION 10.07. Notices.
All notices and other communications required or permitted by this Agreement shall be made in writing and any such notice or communication shall be deemed delivered when delivered in Person, properly transmitted by telecopier or one
(1) Business Day after it has been sent by an internationally recognized overnight courier to the address for notices shown in the Partnership’s records (or any other address provided to the Partnership in writing for this purpose) or, if
given to the Partnership, to the principal place of business of the Partnership in New York, New York. Communications by telecopier also shall be sent concurrently by overnight courier, but shall in any event be effective as stated above. Each
Partner may from time to time change its address for notices under this Section 10.07 by giving at least five (5) days’ prior written notice of such changed address to the Partnership. 
 SECTION 10.08. No Waiver of Rights. No failure or delay on the part of any Partner in the exercise of any power or right hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or of any other right or power. The waiver by any Partner of a breach of any provision of this Agreement shall
not operate or be construed as a waiver of any other or subsequent breach hereunder. All rights and remedies existing under this Agreement are cumulative and are not exclusive of any rights or remedies otherwise available. 
 SECTION 10.09. Power of Attorney. Each Partner agrees that, by its execution of this Agreement, such Partner irrevocably constitutes and appoints
the General Partner as its true and lawful attorney-in-fact coupled with an interest, with full power and authority, in its name, place and stead to make, execute, acknowledge and record (a) all certificates, instruments or documents, including
fictitious name or assumed name certificates, as may be required by, or may be appropriate under, the laws of any state or jurisdiction in which the Partnership is doing or intends to do business and (b) all agreements, documents, certificates
or other instruments amending this Agreement or the Certificate of Limited Partnership that may be necessary or appropriate to reflect or accomplish (i) a change in the name or location of the principal place of 

  

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business of the Partnership or a change of name or address of a Partner, (ii) the disposal or increase by a Partner of his Interest in the Partnership
or any part thereof, (iii) a distribution and reduction of the capital contribution of a Partner or any other changes in the capital of the Partnership, (iv) the dissolution or termination of the Partnership, (v) the addition or
substitution of a Person becoming a Partner of the Partnership and (vi) any amendment to this Agreement, in each case only to the extent expressly authorized and conducted in accordance with the preceding sections of this Agreement. The power
granted hereby is coupled with an interest and shall survive the subsequent disability or incapacity of the principal. 
 SECTION 10.10.
Severability. If any one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect under any applicable law, such provision shall be modified to the minimum extent necessary to cause it to
be enforceable, and the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired. 
 SECTION 10.11. Headings. The section and article headings contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. All
references to Sections or Articles contained herein mean Sections or Articles of this Agreement unless otherwise stated. 
 SECTION 10.12.
Entire Agreement. This Agreement amends and restates in its entirety the Original Limited Partnership Agreement. This Agreement, including the exhibits, annexes and schedules hereto and the Ancillary Agreements, constitute the entire
agreement among the parties hereto and supersede all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof and thereof. 
 SECTION 10.13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands, without regard
to its conflicts of law principles. 
 SECTION 10.14. Counterparts. This Agreement may be executed in one or more counterparts, all of
which shall be considered one and the same agreement. 
 SECTION 10.15. Opportunity; Fiduciary Duty. To the greatest extent permitted
by law and except as otherwise set forth in this Agreement, but notwithstanding any duty otherwise existing at law or in equity: 
 (a) None of any Holdings Company or BGC Partners Company or any of their respective Representatives shall owe any fiduciary duty to, nor shall any Holdings Company or BGC Partners Company or any of their respective Representatives be liable
for breach of fiduciary duty to, the Partnership or the holders of Interests. In taking any action, making any decision or exercising any discretion with respect to the Partnership, each Holdings Company and BGC Partners Company and their respective
Representatives shall be entitled to consider such interests and factors as it desires, including its own interests and those of its Representatives, and shall have no duty or obligation (i) to give any consideration to the interests of or
factors affecting the Partnership, the holders of Interests or any other Person, or (ii) to abstain from participating in any vote or other action of the 

  

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Partnership or any Affiliate thereof, or any board, committee or similar body of any of the foregoing. None of any BGC Partners Company, Holdings Company or
any of their respective Representatives shall violate a duty or obligation to the Partnership merely because such Person’s conduct furthers such Person’s own interest, except as specifically set forth in Section 10.15(c). Any BGC
Partners Company, Holdings Company or any of their respective Representatives may lend money to, and transact other business with, the Partnership and its Representatives. The rights and obligations of any such Person who lends money to, contracts
with, borrows from or transacts business with the Partnership or any of its Representatives are the same as those of a Person who is not involved with the Partnership or any of its Representatives, subject to other applicable law. No transaction
between any BGC Partners Company, Holdings Company or any of their respective Representatives, on the one hand, with the Partnership or any of its Representatives, on the other hand, shall be voidable solely because any BGC Partners Company,
Holdings Company or any of their respective Representatives has a direct or indirect interest in the transaction. Nothing herein contained shall prevent any BGC Partners Company, Holdings Company or any of their respective Representatives from
conducting any other business, including serving as an officer, director, employee, or stockholder of any corporation, partnership or limited liability company, a trustee of any trust, an executor or administrator of any estate, or an administrative
official of any other business or not-for-profit entity, or from receiving any compensation in connection therewith. 
 (b)
None of any BGC Partners Company, Holdings Company or any of their respective Representatives shall owe any duty to refrain from (i) engaging in the same or similar activities or lines of business as the Partnership and its Representatives, or
(ii) doing business with any of the Partnership’s or its Representatives’ clients or customers. In the event that any BGC Partners Company, Holdings Company or any of their respective Representatives acquires knowledge of a potential
transaction or matter that may be a Corporate Opportunity for any BGC Partners Company, Holdings Company or any of their respective Representatives, on the one hand, and the Partnership or its Subsidiaries, on the other hand, such BGC Partners
Company, Holdings Company or any of its Subsidiaries, as the case may be, shall have no duty to communicate or offer such Corporate Opportunity to the Partnership or its Representatives. None of any BGC Partners Company, Holdings Company or any of
their respective Representatives shall be liable to the Partnership, the holders of Interests or its Representatives for breach of any fiduciary duty by reason of the fact that any BGC Partners Company, Holdings Company or any of their respective
Representatives pursues or acquires such Corporate Opportunity for itself, directs such Corporate Opportunity to another Person or does not present such Corporate Opportunity to the Partnership or any of its Representatives. 
 (c) If a third party presents a Corporate Opportunity to a person who is both a Representative of a BGC Partners Company and/or a Holdings
Company, expressly and solely in such Person’s capacity as a Representative of the Partnership, and such Person acts in good faith in a manner consistent with the policy that such Corporate Opportunity belongs to the Partnership, then such
Person (i) shall be deemed to have fully satisfied and fulfilled any fiduciary duty that such Person has to the Partnership as a Representative of the Partnership with respect to such Corporate Opportunity, (ii) shall not be liable to the
Partnership, the holders of Interests or any of its Representatives for breach of fiduciary 

  

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duty by reason of such Person’s action or inaction with respect to such Corporate Opportunity, (iii) shall be deemed to have acted in good faith
and in a manner that such Person reasonably believed to be in, and not opposed to, the Partnership’s best interests, and (iv) shall be deemed not to have breached such Person’s duty of loyalty to the Partnership and the holders of
Interests and not have derived an improper personal benefit therefrom; provided that a BGC Partners Company and/or Holdings Company may pursue such Corporate Opportunity if the Partnership shall decide not to pursue such Corporate
Opportunity. If a Corporate Opportunity is not presented to a Person who is both a Representative of the Partnership and a Representative of a BGC Partners Company and/or a Holdings Company, expressly and solely in such Person’s capacity as a
Representative of the Partnership, such Person shall not be obligated to present such Corporate Opportunity to the Partnership or to act as if such Corporate Opportunity belongs to the Partnership, and such Person shall (A) be deemed to have
fully satisfied and fulfilled any fiduciary duty that such Person has to the Partnership as a Representative of the Partnership with respect to such Corporate Opportunity, (B) shall not be liable to the Partnership, any of the holders of
Interests or any of its Representatives for breach of fiduciary duty by reason of such Person’s action or inaction with respect to such Corporate Opportunity, (C) shall be deemed to have acted in good faith and in a manner that such person
reasonably believed to be in, and not opposed to, the Partnership’s best interests, and (iv) shall be deemed not to have breached such Person’s duty of loyalty to the Partnership and the holders of Interests and not have derived an
improper personal benefit therefrom. 
 (d) Any Person purchasing or otherwise acquiring any Interest shall be deemed to have
notice of and to have consented to the provisions of this Section 10.15. 
 (e) Except to the extent otherwise modified
herein, each officer of the Partnership shall have fiduciary duties identical to those of officers of business corporations organized under the DGCL. The provisions of this Agreement, to the extent that they restrict or eliminate the duties
(including fiduciary duties) of a director, officer or other Person otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties of such Person. 
 (f) Neither the alteration, amendment, termination, expiration or repeal of this Section 10.15 nor the adoption of any provision of
this Agreement inconsistent with this Section 10.15 shall eliminate or reduce the effect of this Section 10.15 in respect of any matter occurring, or any cause of Action that, but for this Section 10.15, would accrue or arise, prior
to such alteration, amendment, termination, expiration, repeal or adoption. 
 SECTION 10.16. Reimbursement of Expenses. All costs and
expenses incurred in connection with the ongoing operation or management of the business of the Partnership or its Subsidiaries shall be borne by the Partnership or its Subsidiaries, as the case may be. 
 SECTION 10.17. Effectiveness. The Original Limited Partnership Agreement was effective for all financial and accounting purposes as of
December 7, 2006. This Agreement shall be effective immediately prior to the Closing (as defined in the Separation Agreement). 
  

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 SECTION 10.18. Parity of Units. It is the non-binding intention of each of the Partners, Global
Opco and the Partnership that the number of outstanding Units shall at all times equal the number of outstanding Global Opco Units. Accordingly, in the event of any issuance or repurchase by Global Opco of Global Opco Units, it is the non-binding
intention of each of the Partners, Global Opco and the Partnership that there be a parallel issuance or repurchase transaction by the Partnership so that the number of outstanding Units shall at all times equal the number of outstanding Global Opco
Units, and the parties to this Agreement agree to cooperate to effect the intent of this Section 10.18. 
  

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

			
	 BGC GLOBAL HOLDINGS, GP
 LIMITED, as
general partner

		
	By:	 	 /s/ Stephen M. Merkel

	Name:	 	Stephen M. Merkel
	Title:	 	Executive Managing Director
	
	BGC HOLDINGS, L.P., as a limited partner
	
	Witnessed
		
	By:	 	 /s/ Stephen M. Merkel

	Name:	 	Stephen M. Merkel
	Title:	 	Executive Managing Director
	
	Witnessed
	
	BGC Holdings GLOBAL Inc., as a limited partner
		
	By:	 	 /s/ Stephen M. Merkel

	Name:	 	Stephen M. Merkel
	Title:	 	Executive Managing Director
	
	Witnessed

 [Signature Page to the Agreement of Limited Partnership of BGC Global Holdings, L.P., 

 dated as of March 31, 2008, by and among BGC Global Holdings GP Ltd, Holdings and BGC 
 Holdings Global and the Persons to be admitted as Partners or otherwise parties hereto]Registration Rights Agreement

 Exhibit 10.4 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT, dated as of March 31, 2008 (this “Agreement”), is made by and between BGC Partners, LLC, a Delaware
limited liability company (“BGC Partners”), and Cantor Fitzgerald, L.P., a Delaware limited partnership (“Cantor”). 
 W I T N E S S E T H: 
 WHEREAS, Cantor and BGC Partners have entered into the Separation Agreement, dated as
of March 31, 2008 (as amended from time to time, the “Separation Agreement”), with BGC Partners, L.P., a Delaware limited partnership (“U.S. Opco”), BGC Global Holdings, L.P., a Cayman Islands limited
partnership (“Global Opco”), and BGC Holdings, L.P., a Delaware limited partnership (“Holdings”), to effect the Contribution (as defined in the Separation Agreement). 
 WHEREAS, as part of the Contribution, Cantor received or is entitled to receive BGC Partners Common Stock (as defined below) in conjunction with the
Contribution and upon exchange of Holdings Exchangeable Limited Partnership Interests (as defined below). 
 WHEREAS, Cantor and BGC Partners
desire to enter into this Agreement to set forth the terms and conditions of the registration rights and obligations of the Cantor and BGC Partners and their respective Affiliates and certain transferees of Securities to be held by Cantor or its
Affiliates; 
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, it is agreed as follows: 

ARTICLE I 
 DEFINITIONS 
 SECTION 1.1 Definitions. As used in this Agreement, the following capitalized terms shall have the meanings ascribed to them below:

 “Affiliate” means, with respect to any Person, any other Person that directly, or through one or more intermediaries,
controls or is controlled by or is under common control with such Person. For the purposes of this definition, “control” with respect to any Person means, the direct or indirect possession of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by Contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “Article III Notice” has the meaning set forth in Section 3.1. 

 “BGC Partners” has the meaning set forth in the preamble (it being understood that,
after the Merger Effective Time, each reference to BGC Partners in this Agreement shall refer to the Surviving Company). 
 “BGC
Partners Free Writing Prospectus” means each Free Writing Prospectus prepared by or on behalf of BGC Partners other than a Cantor Free Writing Prospectus. 
 “Business Day” means any day other than a Saturday, Sunday or a day on which banks are authorized or required to be closed for business in New York City, New York, United States of America.

 “BGC Partners Class A Common Stock” means the Class A common stock, par value $0.01 per share, of BGC Partners.

 “BGC Partners Class B Common Stock” means the Class B common stock, par value $0.01 per share, of BGC Partners.

 “BGC Partners Common Stock” means the BGC Partners Class A Common Stock and the BGC Partners Class B Common Stock,
as applicable. 
 “BGC Partners Person” has the meaning set forth in Section 6.2. 
 “Cantor” has the meaning set forth in the preamble. 
 “Cantor Free Writing Prospectus” means each Free Writing Prospectus prepared by or on behalf of (unless prepared by BGC Partners or on behalf of BGC Partners) the relevant member of the Cantor Group
and used or referred to by such member of the Cantor Group in connection with the offering of Registrable Securities. 
 “Cantor
Group” means “Cantor Group” as defined in the Separation Agreement. 
 “Closing” means
“Closing” as defined in the Separation Agreement. 
 “Damages” has the meaning set forth in Section 6.1.

 “Demand Request” has the meaning set forth in Section 2.1. 
 “Demand Registration” has the meaning set forth in Section 2.1. 
 “Disclosure Package” means, with respect to any offering of securities, (i) the preliminary Prospectus, (ii) each BGC Partners
Free Writing Prospectus (if any) and (iii) all other information prepared by or on behalf of BGC Partners, in each case, that is deemed under Rule 159 promulgated under the Securities Act to have been conveyed to purchasers of securities at the
time of sale of such securities (including a contract of sale). 
 “Exchange Act” means the U.S. Securities Exchange Act of
1934, as from time to time amended, and the rules and regulations of the SEC promulgated thereunder. 
  

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 “Free Writing Prospectus” means any “free writing prospectus” as defined in
Rule 405 promulgated under the Securities Act. 
 “Global Opco” has the meaning set forth in the recitals hereto.

 “Holder” shall mean Cantor and any Affiliate of Cantor holding Registrable Securities, in each case so long as such
Holder holds Registrable Securities. 
 “Holder Covered Persons” has the meaning set forth in Section 6.1. 

“Holdings” has the meaning set forth in the recitals hereto. 
 “Holdings Exchangeable Limited Partnership Interest” means an “Exchangeable Limited Partnership Interest” as defined in the
New Holdings Limited Partnership Agreement. 
 “Indemnified Party” has the meaning set forth in Section 6.3.

 “Indemnifying Party” has the meaning set forth in Section 6.3. 
 “Merger” means the merger of BGC Partners and eSpeed set forth in the Merger Agreement. 
 “Merger Agreement” means the Agreement and Plan of Merger, dated as of May 29, 2007, among BGC Partners, Holdings, eSpeed, Inc., a
Delaware corporation, U.S. Opco and Global Opco. 
 “Merger Effective Time” means “Effective Time” as defined in
the Merger Agreement. 
 “New Holdings Limited Partnership Agreement” means the Amended and Restated Limited Partnership
Agreement of BGC Holdings, L.P., as amended from time to time. 
 “Person” means any individual, firm, corporation,
partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, limited liability company, Governmental Entity or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity.

 “Piggy-back Registration” has the meaning set forth in Section 3.1. 
 “Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement with
respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement or any other amendments and supplements to such prospectus, including without limitation any preliminary prospectus, any
pre-effective or post-effective amendment and all material incorporated by reference in any prospectus. 
 “Public Offering”
has the meaning set forth in Section 3.1. 
 “Registrable Securities” means shares of BGC Partners Common Stock which
are issued or transferred or issued to any Holder pursuant to and in accordance with the New Holdings 

  

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Limited Partnership Agreement, and any shares of BGC Partners Common Stock issued or issuable in respect of or in exchange for any such shares of BGC
Partners Common Stock. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities when (i) a Registration Statement with respect to the sale of such securities shall have become effective
under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (ii) such securities shall have been sold to the public pursuant to Rule 144 (or any successor provision) under the
Securities Act, (iii) such securities shall have ceased to be outstanding, or (iv) such securities may be sold in the public market of the United States, in unlimited amounts, under Rule 144(k), without registration under the Securities
Act. For any calculations relating to Registrable Securities herein, the Holdings Exchangeable Limited Partnership Interests are counted as the number of shares of BGC Partners Common Stock issuable in respect of such Holdings Exchangeable Limited
Partnership Interests (whether or not issued), in accordance with the New Holdings Limited Partnership Agreement. 
 “Registration
Expenses” has the meaning set forth in Section 5.1. 
 “Registration Statement” means any registration
statement of BGC Partners which covers Registrable Securities pursuant to the provisions of this Agreement, all amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material
incorporated by reference in such registration statement. 
 “Rule 144” has the meaning set forth in Section 7.1.

 “SEC” means the U.S. Securities and Exchange Commission. 
 “Securities Act” means the U.S. Securities Act of 1933, as from time to time amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Separation Agreement” has the meaning set forth in the recitals hereto. 
 “Surviving Company” means the surviving entity in the Merger. 
 “U.S. Opco” has the meaning set forth in the recitals hereto. 
 ARTICLE II 
 DEMAND REGISTRATIONS 
 SECTION 2.1 Requests for Registration. Subject to the provisions of this Article II, any Holder or group of Holders may at any time make a
written request (a “Demand Request”) for registration under the Securities Act of a number of shares of Registrable Securities that (1) represents at least 10% of the shares of BGC Class A Common Stock outstanding on the
date of the Demand Request or (2) has an aggregate market value on the date of the Demand Request of greater than $20 million (such written Request, a “Demand Registration”). Such Demand Requests shall specify the amount of
Registrable Securities to be registered and the intended method or methods of disposition. BGC Partners shall, subject to the provisions of this Article II and to the Holders’ compliance with their obligations under the provisions of this
Agreement, as promptly as practicable register under the Securities Act all Registrable Securities included in such Demand Request, for disposition in accordance with the intended method or methods set 

  

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forth therein; provided that if the managing underwriter(s) for a Demand Registration in which Registrable Securities are proposed to be included
pursuant to this Article II that involves an underwritten offering shall advise BGC Partners that in its reasonable opinion, the number of Registrable Securities to be sold is greater than the amount that can be offered without adversely affecting
the success of the offering (taking into consideration the interests of BGC Partners and the Holders), then BGC Partners will be entitled to reduce the number of Registrable Securities included in such registration to the number that, in the opinion
of the managing underwriter(s), can be sold without having the adverse effect referred to above. The number of Registrable Securities that may be registered shall be allocated in the following priority: first, pro rata among the Holders
participating in the Demand Registration, based on the number of Registrable Securities included by such Holder in the Demand Request; second, all shares of BGC Partners Common Stock proposed to be registered for offer and sale by BGC
Partners; and third, to shares of BGC Partners Common Stock proposed to be registered pursuant to any piggy-back registration rights of third parties. As promptly as practicable thereafter, but subject to Section 2.3 hereof, BGC Partners
shall use its reasonable best efforts to file with the SEC a Registration Statement, registering all Registrable Securities that any Holders have requested to register, for disposition in accordance with the intended method or methods set forth in
their notices to BGC Partners. BGC Partners shall use its reasonable best efforts to cause such Registration Statement to be declared effective as soon as practicable after filing and to remain effective until the earlier of (i) 90 days
following the date on which it was declared effective and (ii) the date on which all of the Registrable Securities covered thereby are disposed of in accordance with the method or methods of disposition stated therein. Each Demand Request shall
be irrevocable except as otherwise expressly provided herein (including Section 2.4). 
 Notwithstanding anything to the contrary in
this Article II, no Holder shall have the right to require BGC Partners to register any Registrable Securities pursuant to this Article II during any period (not to exceed 180 days) following the closing of the completion of a distribution of
securities offered by BGC Partners that would cause BGC Partners to breach a lock-up provision contained in the underwriting agreement for such distribution. 
 SECTION 2.2 Number and Timing of Registrations. Notwithstanding anything in this Article II to the contrary: (a) the Holders shall be entitled to make no more than four Demand Registrations hereunder
(and no more than one Demand Registration during any twelve-month period), and (b) BGC Partners shall not be obligated to make a Demand Registration in the event that a Piggy-back Registration had been available to any Holder within the 180
days preceding the date of the Demand Request. 
 SECTION 2.3 Suspension of Registration. Notwithstanding the foregoing, if in
the good faith judgment of the Board of Directors of BGC Partners it would be materially detrimental to BGC Partners and its stockholders for any Registration Statement to be filed or for any Registration Statement or Prospectus to be amended or
supplemented because such filing, amendment or supplement would (i) require disclosure of material non-public information, the disclosure of which would be reasonably likely to materially and adversely affect BGC Partners and its subsidiaries
(if any) taken as a whole, or (ii) materially interfere with any existing or prospective business situation, transaction or negotiation involving BGC Partners, BGC Partners shall have the right to suspend the use of the applicable Registration
Statement or delay delivery or filing, but not the preparation, of the applicable Registration Statement or Prospectus or any 

  

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document incorporated therein by reference, in each case for a reasonable period of time; provided, however, that BGC Partners shall not be
able to exercise such suspension right more than twice in each 12-month period aggregating not more than 150 days in such 12-month period. In the event that the ability of the Holders to sell shall be suspended for any reason, the period of such
suspension shall not count towards compliance with the 90-day period referred to under clause (i), of Section 2.1 of this Agreement. 
 SECTION 2.4 Interrupted Registration. A registration requested pursuant to this Article II shall not be deemed to have been requested by the Holders of Registrable Securities for purposes of Section 2.2: (i) unless it
has been declared effective by the SEC; (ii) if after it has become effective, such registration is interfered with by any stop order, injunction or other order or requirement of the SEC for any reason other than misrepresentation or an
omission by the requesting Holders such that the Registration Statement shall not be effective until the earlier of (A) 60 days following the date on which it was declared effective (treating any suspension or interruption of registration as
provided in Section 2.3) and (B) the date on which all of the Registrable Securities covered thereby are disposed of in accordance with the method or methods of disposition stated therein; (iii) if the conditions to closing specified
in the underwriting agreement, if any, entered into in connection with such registration are not satisfied other than by reason of some wrongful act or omission, or act or omission in bad faith, by such Holders and are not otherwise waived; or
(iv) if such request has been withdrawn by the requesting Holders and such Holders shall have elected to pay all Registration Expenses of BGC Partners in connection with such withdrawn request. 
 ARTICLE III 
 PIGGY-BACK REGISTRATIONS

 SECTION 3.1 Right to Include Registrable Securities. If at any time following the Merger Effective Time, BGC Partners proposes
to register (including for this purpose a registration effected by BGC Partners for security holders of BGC Partners other than any Holder) any Registrable Securities and to file a Registration Statement with respect thereto under the Securities
Act, whether or not for sale for its own account (other than pursuant to (i) Section 2.1, (ii) a registration statement on Form S-4, Form S-8 or any successor or similar forms, or (iii) a registration statement for the sales of
Registrable Securities issuable or issued upon exchange, conversion or sale of any Holdings Exchangeable Limited Partnership Interests held by any member of the Cantor Group), in a manner that would permit registration of Registrable Securities for
sale to the public under the Securities Act (a “Public Offering”), BGC Partners will each such time promptly give written notice to the Holders (i) of its intention to do so, (ii) of the form of registration statement of
the SEC that has been selected by BGC Partners and (iii) of rights of Holders under this Article III (the “Article III Notice”). BGC Partners will include in the case of a proposed Public Offering all Registrable Securities
that BGC Partners is requested in writing, within 15 days after the Article III Notice is given, to register by the Holders thereof (each, a “Piggy-back Registration”); provided, however, that (x) if, at any time
after giving written notice of its intention to register any Registrable Securities and prior to the effective date of the Registration Statement filed in connection with such registration, BGC Partners shall determine that none of such Registrable
Shares shall be registered, BGC Partners may, at its election, give written notice of such determination to all Holders who so requested registration and, thereupon, shall be relieved of its obligation to register any Registrable Securities in

  

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connection with such abandoned registration, without prejudice, however, to the rights of Holders under Article II hereof, and (y) in case of a
determination by BGC Partners to delay registration of the Registrable Securities, BGC Partners shall be permitted to delay the registration of such Registrable Securities pursuant to this Article III for the same period as the delay in registering
such other Registrable Securities by BGC Partners, as the case may be or may abandon the registration of Registrable Securities, in the sole discretion of BGC Partners. No registration effected under this Article III shall relieve BGC Partners of
its obligations to effect registrations upon request under Article II. 
 SECTION 3.2 Priority; Registration Form. If the
managing underwriter(s) for a registration in which Registrable Securities are proposed to be included pursuant to this Article III that involves an underwritten offering shall advise BGC Partners in good faith that in its opinion, the number of
shares of BGC Partners Common Stock to be sold for the account of persons other than BGC Partners (collectively, “Selling Stockholders” is greater than the amount that can be offered without adversely affecting the success of the
offering (taking into consideration the interests of BGC Partners and the Holders), then the number of shares of BGC Partners Common Stock to be sold for the account of Selling Stockholders (including Holders of Registrable Securities) may be
reduced to a number that, in the reasonable opinion of the managing underwriter(s), may reasonably be sold without having the adverse effect referred to above. The reduced number of shares of BGC Partners Common Stock that may be registered shall be
allocated in the case of a Public Offering, in the following priority: first, to shares of BGC Partners Common Stock proposed to be registered for offer and sale by BGC Partners; second, to shares of BGC Partners Common Stock proposed
to be registered pursuant to any demand registration rights of third parties; and, third, to Registrable Securities proposed to be registered by Holders as a Piggy-back Registration. The reduced number of Registrable Securities that may be
registered pursuant to this Section 3.2 shall be allocated pro rata among the Holders participating in the Piggy-back Registration, based on the number of Registrable Securities beneficially owned by the respective Holders. If, as a result of
the proration provisions of this Section 3.2, any Holder shall not be entitled to include all Registrable Securities in a registration pursuant to this Article III that such Holder has requested be included, such Holder may elect to withdraw
its Registrable Securities from the registration. 
 ARTICLE IV 
 REGISTRATION PROCEDURES 
 SECTION 4.1 Use Reasonable Best Efforts. In connection with BGC
Partners’ registration obligations pursuant to Article II and Article III hereof, BGC Partners shall use its reasonable best efforts to effect such registrations to permit the sale of such Registrable Securities in accordance with the intended
method or methods of disposition thereof and pursuant thereto BGC Partners shall as expeditiously as reasonably practicable: 
 (a) prepare and file with the SEC a Registration Statement or Registration Statements relating to the registration on any appropriate form under the Securities Act, and to cause such Registration Statement to become effective as soon
as reasonably practicable and to remain continuously effective for the time period required by this Agreement to the extent permitted under the Securities Act; 
  

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 (b) prepare and file with the SEC such amendments and post-effective amendments to each Registration
Statement as may be necessary to keep such Registration Statement effective for the applicable period set forth in Section 2.1; and to cause the Registration Statement and the related Prospectus to be supplemented by any required Prospectus
supplement, and as so supplemented to be filed in accordance with the Securities Act and any rules and regulations promulgated thereunder; and otherwise to comply with the provisions of the Securities Act as may be necessary to facilitate the
disposition of all Registrable Securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of disposition by the selling Holders thereof set forth in such Registration Statement or
such Prospectus or Prospectus supplement; 
 (c) notify the selling Holders and the managing underwriter(s), if any, promptly if at any
time (i) any Prospectus, Registration Statement or amendment or supplement thereto is filed, (ii) any Registration Statement, or any post-effective amendment thereto, becomes effective, (iii) the SEC or any other federal or state
governmental authority requests any amendment or supplement to, or any additional information in respect of, any Registration Statement or Prospectus, (iv) the SEC or any other federal or state governmental authority issues any stop order
suspending the effectiveness of a Registration Statement or initiates any proceedings for that purpose, (v) BGC Partners receives any notice that the qualification of any Registrable Securities for sale in any jurisdiction has been suspended or
that any proceeding has been initiated for the purpose of suspending such qualification (vi) upon the discovery of any event which requires that any changes be made in such Registration Statement or any related Prospectus so that such
Registration Statement or Prospectus will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, in light of the circumstances
under which they were made; provided, however, that in the case of this subclause (vi), such notice need only state that an event of such nature has occurred, without describing such event, or (vii) of the determination by counsel
of BGC Partners that a post-effective amendment to a Restriction Statement is advisable. BGC Partners hereby agrees to promptly reimburse any selling Holders for any reasonable out-of-pocket losses and expenses incurred in connection with any
uncompleted sale of any Registrable Securities in the event that BGC Partners fails to timely notify such Holder that the Registration Statement then on file with the SEC is no longer effective; 
 (d) to make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the
qualification of any Registrable Securities for sale in any jurisdiction, at the earliest reasonably practicable moment; 
 (e) if
requested by the managing underwriter(s) or any Holder of Registrable Securities being sold in connection with an underwritten offering, to incorporate into a Prospectus supplement or a post-effective amendment to the Registration Statement any
information which the managing underwriter(s), such Holder and BGC Partners reasonably agree is required to be included therein relating to such sale of Registrable Securities; and to file such supplement or post-effective amendment as soon as
practicable in accordance with the Securities Act and the rules and regulations promulgated thereunder; 
  

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 (f) to furnish to each selling Holder and each managing underwriter, if any, one signed copy of the
Registration Statement or Registration Statements, any Company Free Writing Prospectus, and any post-effective amendment thereto, including all financial statements and schedules thereto, all documents incorporated therein by reference and all
exhibits thereto (including exhibits incorporated by reference) as promptly as practicable after filing such documents with the SEC; 
 (g) to deliver to each selling Holder and each underwriter, if any, as many copies of the Prospectus or Prospectuses (including each preliminary Prospectus) and any amendment, supplement or exhibit thereto as such Persons may
reasonably request; and to consent to the use of such Prospectus or any amendment, supplement or exhibit thereto by each such selling Holder and underwriter, if any, in connection with the offering and sale of the Registrable Securities covered by
such Prospectus, amendment, supplement or exhibit in each case in accordance with the intended method or methods of disposition thereof; 
 (h) prior to any public offering of Registrable Securities, to register or qualify, or to cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration or qualification
of, such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions as may be requested by the Holders of a majority of the Registrable Securities included in such Registration Statement; to keep each such
registration or qualification effective during the period set forth in Section 2.1 that the applicable Registration Statement is required to be kept effective; and to do any and all other acts or things necessary to enable the disposition in
such jurisdictions of the Registrable Securities covered by such Registration Statement; provided, however, that BGC Partners will not be required to qualify generally to do business in any jurisdiction where it is not then so
qualified or to take any action which would subject it to general service of process in any jurisdiction where it is not then so subject; 
 (i) to furnish to counsel selected by the Holders, prior to the filing of a Registration Statement or Prospectus or any supplement or post-effective amendment or any Company Free Writing Prospectus thereto with the SEC, copies of such
documents and with a reasonable and appropriate opportunity to review and comment on such documents, subject to such documents being under BGC Partner’s control; 
 (j) to cooperate with the selling Holders and the underwriter(s), if any, in the preparation and delivery of certificates representing the Registrable Securities to be sold, such certificates to be in such
denominations and registered in such names as such selling Holders or managing underwriter(s) may request at least five (5) Business Days prior to any sale of Registrable Securities represented by such certificates; 
 (k) subject to Section 4.3 hereof, upon the occurrence of any event described in clause (vi) of Section 4.1(c) above, to promptly
prepare and file a supplement or post-effective amendment to the applicable Registration Statement or Prospectus or any document incorporated therein by reference, and any other required documents, so that such Registration Statement and Prospectus
will not thereafter contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading, in light of the 

  

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circumstances under which they were made, and to cause such supplement or post-effective amendment to become effective as soon as practicable; 
 (l) to take all other actions in connection therewith as are reasonably necessary or desirable in order to expedite or facilitate the disposition of
the Registrable Securities included in such Registration Statement and, in the case of an underwritten offering: (i) to enter into an underwriting agreement in customary form with the managing underwriter(s) (such agreement to contain standard
and customary indemnities, representations, warranties and other agreements of or from BGC Partners, as the case may be); (ii) to obtain opinions of counsel to BGC Partners (which (if reasonably acceptable to the underwriter(s)) may be BGC
Partners’ inside counsel) addressed to the underwriter(s), such opinions to be in customary form; and (iii) to obtain “comfort” letters from the Issuer’s or BGC Partners’ independent certified public accountants
addressed to the underwriter(s), such letters to be in customary form; 
 (m) with respect to each BGC Partners Free Writing Prospectus
or other materials to be included in the Disclosure Package, ensure that no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such BGC Partners Free Writing Prospectus or other
materials without Cantor having first been provided with a reasonable opportunity to review and comment on such documents; 
 (n) within
the deadlines specified by the Securities Act, make all required filings of all Prospectuses and BGC Partners Free Writing Prospectuses with the SEC; 
 (o) to make available for inspection by any selling Holder of Registrable Securities, any underwriter(s) participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or
other agent retained by any such selling Holder or underwriter(s) all reasonably requested financial and other records, pertinent corporate documents and properties of BGC Partners and to cause BGC Partners’ officers, directors, employees,
attorneys and independent accountants to supply all information reasonably requested by any such selling Holders, underwriter(s), attorneys, accountants or agents in connection with such Registration Statement (Each selling Holder of Registrable
Securities agrees, on its own behalf and on behalf of all its underwriter(s), accountants, attorneys and agents, that the information obtained by it as a result of such inspections shall be kept confidential by it and, except as required by law, not
disclosed by it, in each case unless and until such information is made generally available to the public other than by such selling Holder; and each selling Holder of Registrable Securities further agrees, on its own behalf and on behalf of all its
underwriter(s), accountants, attorneys and agents, that it will, upon learning that disclosure of such information is sought in a court of competent jurisdiction, promptly give notice to BGC Partners and allow BGC Partners at its expense, to
undertake appropriate action to prevent disclosure of the information deemed confidential); 
 (p) to consider in good faith any
reasonable request of the selling Holders and underwriters for the participation of management of BGC Partners in “road shows” and similar sales events; and 
 (q) reasonably cooperate with the selling Holders and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel, 

  

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in connection with any filings required to be made by the National Association of Securities Dealers. 
 SECTION 4.2 Holders’ Obligation to Furnish Information. BGC Partners may require each Holder of Registrable Securities as to which any
registration is being effected to furnish to BGC Partners such information regarding the distribution of such Registrable Securities as BGC Partners may from time to time reasonably request in writing. 
 SECTION 4.3 Suspension of Sales Pending Amendment of Prospectus. Each Holder shall, upon receipt of any notice from BGC Partners of the
happening of any event of the kind described in clauses (iii)-(vi) of Section 4.1(c) above, suspend the disposition of any Registrable Securities covered by such Registration Statement or Prospectus until such Holder’s receipt of the
copies of a supplemented or amended Prospectus or until it is advised in writing by BGC Partners that the use of the applicable Prospectus may be resumed, and, if so directed by BGC Partners such Holder will deliver to BGC Partners all copies, other
than permanent file copies, then in such Holder’s possession of any Prospectus covering such Registrable Securities. If BGC Partners shall have given any such notice during a period when a Demand Registration is in effect, the 90-day period
described in Section 2.1 shall be extended by the number of days of such suspension period. 
 ARTICLE V 
 REGISTRATION EXPENSES 
 SECTION
5.1 Registration Expenses. Except as otherwise expressly provided herein to the contrary, all reasonable and documented expenses incident to BGC Partners’ performance of or compliance with its obligations under this Agreement,
including without limitation all (i) registration and filing fees, (ii) fees and expenses of compliance with securities or blue sky laws, (iii) printing expenses, (iv) fees and disbursements of its counsel and its independent
certified public accountants (including the expenses of any special audit or “comfort” letters required by or incident to such performance or compliance), (v) securities acts liability insurance (if BGC Partners elects to obtain such
insurance) and (vi) the expenses and fees for listing securities to be registered on each securities exchange on which Securities are then listed, shall be borne by BGC Partners otherwise (all such expenses being herein referred to as
“Registration Expenses”); provided, however, that Registration Expenses shall not include any underwriting discounts, or commissions or transfer taxes, which underwriting discounts, commissions and transfer taxes shall
in all cases be borne solely by the Holders. 
 ARTICLE VI 
 INDEMNIFICATION 
 SECTION 6.1 Indemnification by BGC Partners. In the event of any registration
of any securities of BGC Partners under the Securities Act pursuant to Article II or Article III hereof, BGC Partners will, and hereby does, indemnify and hold harmless each selling Holder of any Registrable Securities covered by such Registration
Statement, its directors, officers and agents and each other Person, if any, who controls such selling Holder within the meaning of Section 15 of the Securities Act (each such selling Holder and such other Persons, collectively, “Holder
Covered Persons”), against any and all out-of-pocket losses, claims, damages, liabilities and 

  

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expenses (including reasonable attorneys’ fees and expenses) actually incurred by such Holder Covered Person under the Securities Act, common law or
otherwise (collectively, “Damages”), to the extent that such Damages (or actions or proceedings in respect thereof) arise out of or result from (i) any untrue statement or alleged untrue statement of a material fact contained
in the Disclosure Package, any Registration Statement, the Prospectus, or in any amendment or supplement thereto, under which such securities were registered under the Securities Act or the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or (ii) any untrue statement or alleged untrue statement of a material fact contained in
any preliminary Prospectus, together with the documents incorporated by reference therein (as amended or supplemented if BGC Partners shall have filed with the SEC any amendment thereof or supplement thereto), if used prior to the effective date of
such Registration Statement, or contained in the Prospectus, together with the documents incorporated by reference therein (as amended or supplemented if BGC Partners shall have filed with the SEC any amendment thereof or supplement thereto), or the
omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided,
however, that BGC Partners shall not be liable to any Holder Covered Person in any such case to the extent that any such Damage (or action or proceeding in respect thereof) arises out of or relates to any untrue statement or alleged untrue
statement or omission or alleged omission made in such Registration Statement or amendment thereof or supplement thereto or in any such preliminary, final or summary Prospectus in reliance upon and in conformity with written information furnished to
BGC Partners by or on behalf of any such Holder Covered Person for use in the preparation thereof. 
 SECTION 6.2 Indemnification by
the Selling Holders. In consideration of BGC Partners’ including any Registrable Securities in any Registration Statement filed in accordance with Article II or Article III hereof, Cantor and each other Holder selling Registrable Securities
under such Registration Statement shall be deemed to have agreed to indemnify and hold harmless, jointly and severally (in the same manner and to the same extent as set forth in Section 6.1 hereof) BGC Partners, its directors, officers,
managing directors and agents and each Person controlling BGC Partners within the meaning of Section 15 of the Securities Act (each, a “BGC Partners Person”) against any and all Damages, to the extent that such Damages (or
actions or proceedings in respect thereof) arise out of or are related to any statement or alleged statement in or omission or alleged omission from the Disclosure Package, such Registration Statement, any preliminary, final or summary Prospectus
contained therein, the Cantor Free Writing Prospectus or any amendment or supplement thereto, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to
BGC Partners or its representatives by or on behalf of Cantor or any selling Holder for use in the preparation of such Disclosure Package document, such Registration Statement, such preliminary, final or summary Prospectus, such Cantor Free Writing
Prospectus or amendment or supplement thereto. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of BGC Partners or any of its directors, officers or controlling Persons. BGC Partners may
require as a condition to its including Registrable Securities in any Registration Statement filed hereunder that Cantor and each such selling Holder acknowledge its agreement to be bound by the provisions of this Agreement (including Article VI)
applicable to it. 
  

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 SECTION 6.3 Notices of Claims. Promptly after receipt by a Holder Covered Person or a BGC
Partners Covered Person (each, an “Indemnified Party”) of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Article VI, such Indemnified
Party will, if a claim in respect thereof is to be made against, respectively, BGC Partners, on the one hand, or Cantor or any selling Holder, on the other hand (such Person or Persons, the “Indemnifying Party”), give written notice
to the latter of the commencement of such action; provided, however, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its or their obligations under this Article
VI, except to the extent that the Indemnifying Party is actually materially prejudiced by such failure to give notice, and in no event shall such failure relieve the Indemnifying Party from any other liability which it may have to such Indemnified
Party. If any such claim or action shall be brought against an Indemnified Party, and it shall notify the Indemnifying Party thereof, the Indemnifying Party shall be entitled to participate therein, and, to the extent that it wishes, to assume the
defense thereof with counsel reasonably satisfactory to the Indemnified Party, and after notice from the Indemnifying Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party shall not be liable to such
Indemnified Party under this Article VI for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof, other than reasonable cost of investigation; provided, further, that if, in
the Indemnified Party’s reasonable judgment, a conflict of interest between the Indemnified Party and the Indemnifying Party exists in respect of such claim, then such Indemnified Party shall have the right to participate in the defense of such
claim and to employ one firm of attorneys at the Indemnifying Party’s expense to represent such Indemnified Party. No Indemnified Party will consent to entry of any judgment or enter into any settlement without the Indemnifying Party’s
written consent to such judgment or settlement, which shall not be unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of any judgment or enter into any settlement in
respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability
arising out of such claim or proceeding. 
 SECTION 6.4 Contribution. If the indemnification provided for in this Article VI is
unavailable or insufficient to hold harmless an Indemnified Party under this Article VI, then each Indemnifying Party shall have a joint and several obligation to contribute to the amount paid or payable by such Indemnified Party as a result of the
Damages referred to in this Article VI in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnified Party on the other hand in connection with the offering which resulted in such
Damages, as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether an untrue or alleged untrue statement of a material fact or an omission or alleged omission to state
a material fact relates to information supplied by the Indemnifying Party or the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statements or omission. BGC
Partners and the Holders (in consideration of BGC Partners’ including any Registrable Securities in any Registration Statement filed in accordance with Article II or Article III hereof) shall be deemed to have agreed, that it would not be just
and equitable if contributions pursuant to this Section 6.4 were to be determined by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations referred to in the first 

  

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sentence of this Section 6.4. The amount paid by an Indemnified Party as a result of the Damages referred to in the first sentence of this
Section 6.4 shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any action or claim (which shall be limited as provided in Section 6.3 if the
Indemnifying Party has assumed the defense of any such action in accordance with the provisions thereof) which is the subject of this Section 6.4. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Promptly after receipt by an Indemnified Party under this Section 6.4 of notice of the commencement of any action against
such party in respect of which a claim for contribution has been made against an Indemnifying Party under this Section 6.4, such Indemnified Party shall notify the Indemnifying Party in writing of the commencement thereof if the notice
specified in Section 6.3 has not been given with respect to such action; provided, however, that the omission so to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which it may have to any
Indemnified Party otherwise under this Section 6.4, except to the extent that the Indemnifying Party is actually materially prejudiced by such failure to give notice, and in no event shall such failure relieve the Indemnifying Party from any
other liability which it may have to such Indemnified Party. 
 ARTICLE VII 
 RULE 144 
 SECTION 7.1 Rule 144. BGC Partners shall file the reports
required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder, so long as it is subject to such reporting requirements, all to the extent required from time to time to enable the
Holders to sell Registrable Securities without registration under the Securities Act within the limits of the exemptions provided by Rule 144 of the Securities Act (“Rule 144”). Upon the request of Cantor, BGC Partners shall deliver
to such Holder a written statement stating whether it has complied with such requirements, and will take such further action as Cantor may reasonably request, all to the extent required from time to time to enable Cantor to sell Registrable
Securities without registration under the Securities Act within the limitation of the exceptions provided by Rule 144. 
 ARTICLE VIII

 UNDERWRITTEN REGISTRATIONS 
 SECTION 8.1 Selection of Underwriter(s). In each registration under Article II or Article III of this Agreement, the underwriter or underwriters and managing underwriter or managing underwriters that will administer the offering
shall be selected by BGC Partners, as the case may be, provided, however, that in the case of a registration under Article II of this Agreement, such underwriter(s) and managing underwriter(s) shall be subject to the approval of the
Holders of a majority in aggregate amount of Registrable Securities included in such offering, which approval shall not be unreasonably withheld or delayed. 
 SECTION 8.2 Agreements of Selling Holders. No Holder shall sell any of its Registrable Securities in any underwritten offering pursuant to a registration hereunder unless such Holder (i) agrees to
sell such Registrable Securities on a basis provided in any underwriting agreement 

  

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in customary form, including the making of customary representations, warranties and indemnities and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting agreements or as reasonably requested by BGC Partners (whether or not such offering is underwritten). 
 ARTICLE IX 
 HOLDBACK AGREEMENTS 
 SECTION 9.1 Restrictions on Public Sales by Holders. To the extent not inconsistent with applicable law, each Holder that is timely notified
in writing by the managing underwriter(s) or underwriter(s) shall not effect any public sale or distribution (including a sale pursuant to Rule 144) of any securities of the same class or issue being registered in an underwritten offering (other
than pursuant to an employee stock option, stock purchase, stock bonus or similar plan, pursuant to a merger, an exchange offer or a transaction of the type specified in Rule 145(a) under the Securities Act) or any securities of BGC Partners
convertible into or exchangeable or exercisable for securities of the same class or issue, during the 7-day period prior to the effective date of the applicable Registration Statement, if such date is known, or during the period beginning on such
effective date and ending either (i) 60 days after such effective date or (ii) any such earlier date as may be requested by the managing underwriter(s) or underwriter(s) of such registration, except as part of such registration.

 ARTICLE X 
 REPRESENTATIONS AND
WARRANTIES 
 SECTION 10.1 Representations and Warranties of the Parties. BGC Partners hereby represents and warrants to Cantor,
and Cantor hereby represents and warrants to BGC Partners, as follows: 
 (a) The execution, delivery and performance by the representing
party of this Agreement and the consummation by the representing party of the transactions contemplated by this Agreement are within its corporate powers and have been duly authorized by all necessary corporate action on its part. This Agreement
constitutes a legal, valid and binding agreement of the representing party enforceable against it in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws
of general applicability relating to or affecting creditor’s rights and to general equity principles (it being understood that such exception shall not in itself be construed to mean that the Agreement is not enforceable in accordance with its
terms). 
 (b) The execution, delivery or performance of this Agreement by the representing party and the consummation by it of the
transactions contemplated hereby do not and will not contravene or conflict with the representing party’s certificate of incorporation, bylaws or similar governing documents or conflict with, result in a breach or constitute a default under any
statute, loan agreement, mortgage, indenture, deed or other agreement to which it is a party or to which any of its properties is subject, except in each case as would not reasonably be expected to have a material adverse effect on such representing
party. 
  

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 ARTICLE XI 
 EFFECTIVENESS AND TERMINATION 
 SECTION 11.1 Effectiveness. This Agreement shall take effect on
the date hereof and shall remain in effect until it is terminated pursuant to Section 11.2 hereof. 
 SECTION
11.2 Termination. Other than the termination provisions applicable to particular Sections of this Agreement that are specifically provided elsewhere in this Agreement, this Agreement shall terminate upon the earliest to occur of the
following (a) the mutual written agreement of the parties hereto at any time to terminate this Agreement, and (b) the date on which no Registrable Securities shall remain outstanding. 
 ARTICLE XII 
 MISCELLANEOUS 
 SECTION 12.1 Interpretation. Article, Section, paragraph or clause references not attributed to a particular document shall be reference to
such parts of this Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. All references to instruments, documents, contracts,
and agreements are references to such instruments, documents, contracts, and agreements as the same may be amended, supplemented, and otherwise modified from time to time. The word “or” is not exclusive unless the context clearly
requires otherwise. The words “including,” “includes,” “included” and “include” are deemed to be followed by the words “without limitation.” Definitions in this
Agreement apply equally to both the singular and plural forms of the defined terms. References to the masculine gender include the feminine gender. The section, paragraph, clause and article headings contained in this Agreement are inserted for
convenience of reference only and will not affect the meaning or interpretation of this Agreement. The terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular article, section, paragraph or subdivision. 
 SECTION 12.2 Amendments and
Waivers. This Agreement may be amended, and waivers or consents to departures from the provisions hereof may be given, only by a written instrument duly executed, in the case of an amendment, by all of the parties hereto, or in the case of a
waiver or consent, by the party against whom the waiver or consent, as the case may be, is to be effective. 
 SECTION
12.3 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of BGC Partners and the Holders and their respective successors, assigns and transferees; provided that this Agreement or any rights
or obligations hereunder may not be assigned or transferred without the written consent of the other party hereto. 
 SECTION
12.4 Integration. This Agreement and the documents referred to herein or delivered pursuant hereto that form a part hereof contain the entire understanding of BGC Partners and Cantor with respect to its subject matter. There are no
restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement supersedes all prior agreements and understandings
between BGC Partners and the Holders with respect to its subject matter. 
  

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 SECTION 12.5 Notices. All notices and other communications to be given to any Party hereunder
shall be sufficiently given for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service or three days after being mailed by certified or registered mail, return receipt requested, with appropriate postage
prepaid, or when received in the form of a telegram or facsimile and shall be directed to the address set forth below (or at such other address or facsimile number as such Party shall designate by like notice): 
  

					
	If to Cantor:
		
		 	Cantor Fitzgerald, L.P.
		 	110 East 59th Street
		 	New York, New York 10022
		 	Attention:	 	General Counsel
		 	Fax No:	 	(212) 829-4708
		
		 	With a copy to:
		
		 	Wachtell, Lipton, Rosen & Katz
		 	51 West 52nd Street
		 	New York, New York 10019
		 	Attention:	 	Craig M. Wasserman, Esq.
		 		 	Gavin D. Solotar, Esq.
		 	Fax No:	 	(212) 403-2000
	
	If to BGC Partners:
		
		 	BGC Partners, LLC
		 	499 Park Avenue
		 	New York, New York 10022
		 	Attention:	 	General Counsel
		 	Fax No:	 	(212) 829-4708
		
		 	With a copy to:
		
		 	Debevoise & Plimpton LLP
		 	919 Third Avenue
		 	New York, New York 10022
		 	Attention:	 	William D. Regner, Esq.
		 	Fax No:	 	(212) 909-6836

 All such notices, demands and other communications shall be deemed to have been duly given when
delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically
acknowledged, if telecopied. Any Party 
  

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 may by notice given in accordance with this Section 8.05 designate another address or Person for receipt of notices
hereunder. 
 SECTION 12.6 Survival. The representations and warranties made herein shall survive through the term of this
Agreement 
 SECTION 12.7 Severability. In the event that any one or more of the provisions hereof is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, in every other respect and of the remaining provisions hereof shall not be in any way impaired, it being intended that all rights, powers
and privileges of BGC Partners and Cantor shall be enforceable to the fullest extent permitted by law. 
 SECTION 12.8 Entire
Agreement. This Agreement constitutes the entire agreement of the parties hereto and supersede all prior agreements and undertakings, both written and oral, among the parties hereto, or any of them, with respect to the subject matter hereof.

 SECTION 12.9 No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their permitted
assigns, and nothing herein expressed or implied shall give or be construed to give to any Person, other than the parties hereto and such assigns, any legal or equitable rights hereunder. 
 SECTION 12.10 Governing Law. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. Each of BGC Partners and Cantor agrees that all actions or proceedings arising out of or in connection with this Agreement, or for recognition and enforcement of any
judgment arising out of or in connection with this Agreement, shall be tried and determined exclusively in the state or federal courts in the State of New York, and each of BGC Partners and Cantor hereby irrevocably submits with regard to any such
action or proceeding for itself and with respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of BGC Partners and Cantor hereby expressly waives any right it may have to assert, and
agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the aforesaid courts for any reason; (b) that it or its
property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; and (c) that (i) any of the aforesaid courts is an inconvenient or inappropriate forum for such action or proceeding,
(ii) venue is not proper in any of the aforesaid courts, and (iii) this Agreement, or the subject matter hereof, may not be enforced in or by any of the aforesaid courts. 
 SECTION 12.11 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 [Remainder of page left intentionally blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date set forth
above. 
  

			
	BGC PARTNERS, LLC
		
	By:	 	 /s/ Stephen M. Merkel

	Name:	 	Stephen M. Merkel
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	CANTOR FITZGERALD, L.P.
		
	By:	 	 /s/ Howard W. Lutnick

	Name:	 	Howard W. Lutnick
	Title:	 	Chairman, Chief Executive Officer and President

 [Signature Page to Registration Rights Agreement, dated as of March 31, 2008, 

 by and between BGC Partners, LLC and Cantor Fitzgerald]

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