Document:

EX-10.19

 Exhibit 10.19 

EXECUTION VERSION 
 TAX
RECEIVABLE AGREEMENT 
 This TAX RECEIVABLE AGREEMENT, dated as of December 13, 2017 (this “Agreement”), is by and
between Cantor Fitzgerald, L.P., a Delaware limited partnership (“Cantor”), and Newmark Group, Inc., a Delaware corporation (“Newmark”). 

WHEREAS, Cantor holds (a) shares of common stock of BGC Partners, Inc., a Delaware corporation (“BGC Partners”) and
(b) partnership interests in BGC Holdings, L.P., a Delaware limited partnership (“BGC Holdings”), 
 WHEREAS, BGC
Partners, BGC Holdings, BGC Partners, L.P., a Delaware limited partnership (“BGC U.S. Opco,” and, together with BGC Holdings and BGC Partners, the “BGC Entities”), Newmark, Newmark Holdings, L.P., a Delaware limited
partnership (“Newmark Holdings”), Newmark Partners, L.P., a Delaware limited partnership (“Newmark Opco,” and, together with Newmark and Newmark Holdings, the “Newmark Entities”) and, for the
limited purposes set forth therein, Cantor and BGC Global Holdings, L.P., a Cayman Islands exempted limited partnership, entered into that certain Separation and Distribution Agreement, dated as of December 13, 2017 (the “Separation
Agreement”), pursuant to which, among other things, the BGC Entities have agreed to separate the Transferred Business (as defined in the Separation Agreement, the “Newmark Business”) from the remainder of the businesses of
the BGC Entities (the “Separation”); 
 WHEREAS, pursuant to the Separation Agreement and as part of the Separation,
(a) BGC U.S. Opco shall effect the Opco Partnership Division (as defined herein), (b) BGC Holdings shall effect the Holdings Partnership Division (as defined herein) and (c) BGC Partners shall contribute, assign and otherwise transfer
the assets and the liabilities of the Newmark Business, including the limited partnership interests in Newmark Opco received in the Opco Partnership Division and interests in certain Subsidiaries of BGC Partners that hold assets of the Newmark
Business (including interests in Newmark GP, LLC, a Delaware limited liability company and the general partner of Newmark Holdings received in the Holdings Partnership Division) to Newmark in exchange for shares of Class A common stock, par
value $0.01 per share, of Newmark (“Newmark Class A Common Stock,”) and Class B common stock, par value $0.01 per share, of Newmark (“Newmark Class B Common Stock,” and, together with the Newmark
Class A Common Stock, “Newmark Common Stock”) (the “Contribution”); 
 WHEREAS, (a) after the
Contribution, Newmark shall offer and sell a number of shares of Newmark Class A Common Stock (the “IPO”) and (b) after the IPO, BGC Partners currently intends to effect the distribution of the shares of Newmark Common
Stock then held by BGC Partners to the shareholders of BGC Partners (the “Distribution”); 
 WHEREAS, in connection with
the Separation and pursuant to the Holdings Partnership Division, Cantor and other holders of exchangeable limited partnership interests in BGC Holdings (including Cantor) will receive, with respect to such exchangeable limited partnership
interests, exchangeable limited partnership interests in Newmark Holdings, and following the Holdings Partnership Division, Newmark Holdings may issue other exchangeable limited partnership interests in Newmark Holdings or other limited partnership
interests in Newmark Holdings may be designated as exchangeable limited partnership interests (any Newmark 

  
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Interests (as defined herein) that are exchangeable pursuant to Section 8.01 of the Newmark Holdings Limited Partnership Agreement (as defined herein) or pursuant to Section 8.01 of the
BGC Holdings Limited Partnership Agreement (as defined herein), as applicable, the “Exchangeable Interests”); 
 WHEREAS,
Exchangeable Interests shall be exchangeable with Newmark for Newmark Class B Common Stock or Newmark Class A Common Stock, as applicable (on the terms and subject to the conditions set forth in the Newmark Holdings Limited Partnership
Agreement and the Newmark Separation Agreement and subject to adjustment as set forth in the Newmark Holdings Limited Partnership Agreement (as defined herein)) (such an exchange, a “Regular Exchange”); 

WHEREAS, (a) during the period beginning after the IPO and ending at the time of the Distribution (the “Interim
Period”), Exchangeable Interests shall be exchangeable, together with exchangeable limited partnership interests in BGC Holdings, with BGC Partners for Class B common stock, par value $0.01 per share, of BGC Partners or Class A
common stock, par value of $0.01 per share, of BGC Partners, as applicable (on the terms and subject to the conditions set forth in the BGC Holdings Limited Partnership Agreement) (such an exchange, an “Interim BGC Partners
Exchange”), (b) following any Interim BGC Partners Exchange, Newmark Holdings shall redeem the Exchangeable Interests acquired by BGC Partners pursuant to such Interim BGC Partners Exchange from BGC Partners in exchange for limited
partnership interests in Newmark Opco (a “Redemption Interest”) and (c) BGC Partners shall contribute any such Redemption Interest to Newmark as part of the Contribution (the “Interim Interest Contribution”);

 WHEREAS, Regular Exchanges shall be effected pursuant to Section 8.01 of the Newmark Holdings Limited Partnership Agreement and
Interim BGC Partners Exchanges shall be effected pursuant to Section 8.01 of the BGC Holdings Limited Partnership Agreement, in each case, via the transfer by an Exchangeable Holder (as defined herein) of Exchangeable Interests to Newmark, or,
pursuant to an Interim BGC Partners Exchange, to BGC Partners, in transactions that may result in the recognition of gain or loss for Federal Income Tax (as defined herein) purposes by such Exchangeable Holder (each, a “Taxable
Exchange”), as described herein; 
 WHEREAS, each of Newmark Holdings and Newmark Opco intends to have in effect an election under
Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), for each Taxable Year (as defined herein) in which any Taxable Exchange occurs, which election may result in an adjustment to Newmark’s share (or,
in the case of an Interim BGC Partners Exchange, BGC Partners’ share) of the tax basis of the tangible and intangible assets owned by Newmark Opco as of the date of any such Taxable Exchange; 

WHEREAS, the income, gain, loss, expense and other Tax (as defined herein) items of Newmark may be affected by the Basis Adjustment (as
defined herein) and the Imputed Interest (as defined herein) and, in the case of a Basis Adjustment resulting from an Interim BGC Partners Exchange, the Interim Interest Contribution; and 

  
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 WHEREAS, to preserve the arrangements contemplated by that certain Tax Receivable Agreement,
dated as of March 31, 2008, by and among Cantor and BGC Partners, LLC, in connection with the 2017 Separation, the parties to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed
Interest on the actual liability for Covered Taxes (as defined herein) of Newmark. 
 NOW, THEREFORE, in consideration of the foregoing and
the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

ARTICLE I 

Definitions 

SECTION 1.01. Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 
 “Accounting
Firm” means, as of any time, the accounting firm that prepares the audited financial statements of Newmark. 
 “Agreed
Rate” means LIBOR plus 200 basis points. 
 “Agreement” is defined in the preamble. 

“Audit Committee” means the audit committee of Newmark. 

“Basis Adjustment” means the increase or decrease to the tax basis of any Newmark Opco’s tangible or intangible assets
with respect to Newmark under Sections 743(b) and 754 of the Code and the comparable sections of U.S. state and local income and franchise Tax law as a result of any Taxable Exchange (regardless of whether such increase or decrease to the tax
basis with respect to Newmark arises as a direct result of such Taxable Exchange or as a result of Newmark succeeding to any such increase or decrease in tax basis with respect to BGC Partners arising upon an Interim BGC Partners Exchange as a
result of the related Interim Interest Contribution). To the extent permitted by law, any amount paid pursuant to this Agreement shall be taken into account in computing such Basis Adjustments. For the avoidance of doubt, payments under this
Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. 

“BGC Entities” is defined in the recitals. 

“BGC Holdings” is defined in the recitals. 

“BGC Holdings Limited Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of BGC Holdings,
as amended from time to time. 
 “BGC Partners” is defined in the recitals. 

  
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 “BGC Partners Group” means BGC Partners and its Subsidiaries (other than Newmark
and its Subsidiaries). 
 “BGC Partners TRA” means the Amended and Restated Tax Receivable Agreement, dated as of
December 13, 2017, by and between Cantor and BGC Partners, as may be amended following such date. 
 “BGC Partners TRA Basis
Adjustment” has the meaning ascribed to the term “Basis Adjustment” in the BGC Partners TRA, but only to the extent such adjustment relates to any tangible or intangible asset owned by Newmark OpCo. 

“BGC U.S. Opco” is defined in the recitals. 

“Business Day” means any calendar day that is not a Saturday, Sunday or other calendar day on which banks are required or
authorized to be closed in the City of New York. 
 “Cantor” is defined in the preamble. 

“Change Notice” is defined in Section 4.01 of this Agreement. 

“Code” is defined in the recitals. 

“Contribution” is defined in the recitals. 

“Covered Taxable Year” means any Taxable Year of Newmark ending after the IPO Closing Date (as defined in the Separation
Agreement) and on or before the end of the first Taxable Year ending after all Exchangeable Interests have been transferred to Newmark and in which all related Tax benefits have either been utilized or have expired. 

“Covered Tax Benefits” for any Covered Taxable Year means 85% of the Realized Tax Benefits (as defined herein). 

“Covered Tax Detriments” for any Covered Taxable Year means 85% of the Realized Tax Detriment (as defined herein). 

“Covered Taxes” means Federal Income Taxes and U.S. state and local income and franchise Taxes. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of
state or local income or franchise Tax law, as applicable; provided, however, that such term shall be deemed to include any settlement as to which Cantor has consented pursuant to Section 7.01. 

“Distribution” is defined in the recitals. 

“Early Termination Notice” is defined in Section 5.02 of this Agreement. 

“Early Termination Payment” is defined in Section 5.01 of this Agreement. 

  
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 “Escrow” is defined in Section 3.01(a) of this Agreement. 

“Escrow Agent” is defined in Section 3.01(a) of this Agreement. 

“Exchange” is defined in the recitals. 

“Exchangeable Holder” means (a) Cantor, (b) any Exchangeable Limited Partner, (c) any other Person whose
Newmark Interests are exchangeable as of immediately following the Holdings Partnership Division and (d) any other Person whose Newmark Interests become exchangeable pursuant to Section 8.01 of the Newmark Holdings Limited Partnership
Agreement. 
 “Exchangeable Interests” is defined in the recitals. 

“Exchangeable Limited Partner” has the meaning ascribed to such term in the Newmark Holdings Limited Partnership Agreement.

 “Federal Income Tax” means any tax imposed under Subtitle A of the Code or any other provision of U.S. Federal income
tax law (including, without limitation, the taxes imposed by Sections 11, 55, 59A, 881, 882, 884 and 1201(a) of the Code), and any interest, additions to tax or penalties applicable or related to such tax. 

“Governmental Entity” means any federal, state, local, provincial or foreign government or any court of competent
jurisdiction, administrative agency or commission or other governmental authority or instrumentality, whether domestic or foreign. 

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

“Hypothetical Tax Liability” means, with respect to any Covered Taxable Year, the liability for Covered Taxes of Newmark
using the same methods, elections, conventions and similar practices used on Newmark’s actual Tax Returns but without regard to any depreciation or amortization deductions attributable to any Basis Adjustment (and without regard to amounts that
effectively reduce depreciation or amortization deductions or create ordinary income by reason of a negative adjustment under Section 743) or Imputed Interest that were taken into account in computing the actual liability for Covered Taxes of
Newmark for such Covered Taxable Year. 
 “Imputed Interest” shall mean any interest imputed under Section 1272, 1274
or 483 or other provision of the Code (or any successor U.S. Federal income tax statute) and the similar section of the applicable U.S. state or local income or franchise Tax law with respect to Newmark’s payment obligations under this
Agreement. 
 “Interim BGC Partners Exchange” is defined in the recitals. 

“Interim Interest Contribution” is defined in the recitals. 

“Interim Period” is defined in the recitals. 

  
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 “IPO” is defined in the recitals. 

“IRS” means the U.S. Internal Revenue Service. 

“Joint Return” means any Tax Return of BGC Partners or of Newmark that is not a Separate Return. 

“LIBOR” means, for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per annum
reported, on the date two days prior to the first day of such month, on the data source most customarily relied upon for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 

“Newmark” is defined in the preamble. 

“Newmark Business” is defined in the recitals. 

“Newmark Class A Common Stock” is defined in the recitals. 

“Newmark Class B Common Stock” is defined in the recitals. 

“Newmark Common Stock” is defined in the recitals. 

“Newmark Entities” is defined in the recitals. 

“Newmark Group” means Newmark and its Subsidiaries. 

“Newmark Holdings” is defined in the recitals. 

“Newmark Holdings Limited Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of Newmark
Holdings, as amended from time to time. 
 “Newmark Interest” has the meaning ascribed to the term “Interest” in
the Newmark Holdings Limited Partnership Agreement. 
 “Newmark Opco” is defined in the recitals. 

“Newmark Payment” is defined in Section 6.01 of this Agreement. 

“Newmark Separate Return” means any Separate Return of Newmark. 

“Opco Partnership Division” has the meaning ascribed to such term in the Separation Agreement. 

“Person” means and includes any individual, firm, corporation, partnership (including, without limitation, any limited,
general or limited liability partnership), company, limited liability company, trust, joint venture, association, joint stock company, unincorporated organization or similar entity or Governmental Entity. 

“Proceeding” is defined in Section 8.08 of this Agreement. 

  
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 “Proposed Early Termination Payment” is defined in Section 5.02 of
this Agreement. 
 “Realized Tax Benefit” means, for a Covered Taxable Year, the excess, if any of the Hypothetical Tax
Liability for such Covered Taxable Year over the actual liability for Covered Taxes of Newmark for such Covered Taxable Year. To the extent permitted by law, any amount paid pursuant to this Agreement shall be taken into account in computing the
Realized Tax Benefit. 
 “Realized Tax Detriment” means, for a Covered Taxable Year, the excess, if any, of the actual
liability for Covered Taxes of Newmark for such Covered Taxable Year over the Hypothetical Tax Liability for such Covered Taxable Year. 

“Reconciliation Procedures” shall mean those procedures set forth in Section 8.09 of this Agreement. 

“Redemption Interest” is defined in the recitals. 

“Regular Exchange” is defined in the recitals. 

“Revised Schedule” is defined in Section 2.01(b). 

“Scheduled Termination Date” shall mean the date on which this Agreement would terminate in the absence of an Early
Termination Notice (or such other date mutually agreed to by the parties). 
 “Senior Obligations” is defined in
Section 6.01 of this Agreement. 
 “Separate Return” means (a) in the case of any Tax Return of Newmark
(including any consolidated, combined, unitary or similar Tax Return), any such Tax Return that does not include BGC Partners or any other member of the BGC Partners Group and (b) in the case of any Tax Return of BGC Partners (including any
consolidated, combined, unitary or similar Tax Return), any such Tax Return that does not include Newmark or any other member of the Newmark Group. 

“Separation” is defined in the recitals. 

“Separation Agreement” is defined in the recitals. 

“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. 

“Tax” or “Taxes” means all forms of taxation or duties imposed, or required to be collected or withheld,
including, without limitation, charges, together with any related interest, penalties or other additional amounts. 
 “Taxable
Exchange” is defined in the recitals. 

  
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 “Taxable Year” means a taxable year as defined in Section 441(b) of the
Code or comparable section of U.S. state or local income or franchise Tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made). 

“Tax Benefit Payment” is defined in Section 3.01(b) of this Agreement. 

“Taxing Authority” means the IRS and any other state, local, foreign or other Governmental Entity responsible for the
administration of Taxes. 
 “Tax Matters Agreement” means that certain Tax Matters Agreement entered into as of
December 13, 2017, by and among the BGC Entities and the Newmark Entities. 
 “Tax Return” means any return, filing,
report, questionnaire, information statement or other document required to be filed, including amended returns that may be filed, for any taxable period with any Taxing Authority (whether or not a payment is required to be made with respect to such
filing). 
 “Tax Schedule” is defined in Section 2.01(a) of this Agreement. 

“Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time
(including corresponding provisions of succeeding provisions) as in effect for the relevant taxable period. 
 ARTICLE II 

Determination of Realized Tax Benefit or Realized Tax Detriment 

SECTION 2.01. (a) Tax Schedule. At least 45 days prior to the due date (including extensions) for the U.S. federal income Tax
Return of Newmark for a Covered Taxable Year (or, if applicable, the U.S. federal income Tax Return of BGC Partners if Newmark is included in such Tax Return for a Covered Taxable Year and Newmark does not file a U.S. federal income Tax Return that
is a Newmark Separate Return for such Taxable Year), Newmark shall provide to Cantor a schedule (the “Tax Schedule”) showing the computation of the Covered Tax Benefit (if any), the Covered Tax Detriment (if any) and the Tax Benefit
Payment (determined in accordance with Section 3.01(b)) (if any) for such Covered Taxable Year, together with work papers providing reasonable detail regarding the computation of such items. Newmark shall allow Cantor reasonable access
to the appropriate representatives at Newmark and its Subsidiaries and the Accounting Firm in connection with its review of the Tax Schedule and workpapers. Subject to the other provisions of this Agreement, the items reflected on a Tax Schedule
shall become final 30 calendar days after delivery of such Tax Schedule to Cantor unless Cantor, during such 30-calendar day period, provides Newmark with written notice of a material objection thereto made in good faith. If the parties, negotiating
in good faith, are unable to successfully resolve the issues raised in such notice within 15 calendar days, Newmark and Cantor shall employ the Reconciliation Procedures. 

  
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 (b) Revised Schedule. Notwithstanding that the Covered Tax Benefit (if any), the Covered
Tax Detriment (if any) and the Tax Benefit Payment (if any) for a Covered Taxable Year may have become final under Section 2.01(a), such items shall be revised to the extent necessary to reflect (i) a Determination,
(ii) inaccuracies in the original computation as a result of factual information that was not previously taken into account, (iii) a change attributable to a carryback or carryforward of a loss or other tax item, (iv) a change
attributable to an amended Tax Return filed for such Covered Taxable Year (provided, however, that such a change attributable to an audit of a Tax Return by an applicable Taxing Authority relating to the deductibility of depreciation
or amortization deductions attributable to any Basis Adjustment shall not be taken into account under this Section 2.01(b) unless and until there has been a Determination with respect to such change) or (v) to comply with the
expert’s determination under the Reconciliation Procedures. The parties shall cooperate in connection with any proposed revision to the Covered Tax Benefit (if any), the Covered Tax Detriment (if any) and the Tax Benefit Payment (if any) for a
Covered Taxable Year. The party proposing a change to such an item shall provide the other party a schedule (a “Revised Schedule”) showing the computation and explanation of such revision, together with work papers providing
reasonable detail regarding the computation of such items. Subject to the other provisions of this Agreement, such revised Covered Tax Benefit (if any), revised Covered Tax Detriment (if any) and/or revised Tax Benefit Payment (if any) shall become
final 30 calendar days after delivery of such Revised Schedule unless the other party, during such 30-calendar day period, provides written notice of a material objection thereto made in good faith. If the parties, negotiating in good faith, are
unable to successfully resolve the issues raised in such notice within 15 calendar days, Newmark and Cantor shall employ the Reconciliation Procedures. 

(c) Applicable Principles. It is the intention of the parties for Newmark to pay Cantor (subject to the escrow) 85% of the additional
Covered Taxes that Newmark would have been required to pay on Tax Returns that have actually been filed but for any depreciation or amortization deductions attributable to any Basis Adjustment (and any Imputed Interest) and this Agreement shall be
interpreted in accordance with such intention. Such amount shall be determined using a “with and without” methodology. Carryovers or carrybacks of any tax item shall be considered to be subject to the rules of the Code (or any successor
U.S. Federal income tax statute) and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise Tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant
type. If a carryover or carryback of any Tax item includes a portion that is attributable to the Basis Adjustment and another portion that is not, such portions shall be considered to be used in the order determined using such “with and
without” methodology. 
 (d) Relevant Taxes and Tax Returns. Notwithstanding anything herein to the contrary, (x) the
computation of Realized Tax Benefits and Realized Tax Detriments for any Covered Taxable Year shall be performed by taking into account only Covered Taxes (and the related Hypothetical Tax Liability) reported or required to be reported on a Newmark
Separate Return for such Covered Taxable Year, and (y) any Taxes affected by a Basis Adjustment (and the related Hypothetical Tax Liability) to the extent reported on a Joint Return for a Covered Taxable Year shall not be taken into account for
purposes of this Agreement (it being understood that the effect of a Basis Adjustment on any Taxes reported on a Joint Return and any liability to Cantor for Tax benefits realized in respect thereof shall be governed by the BGC Partners TRA).
 

  
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 ARTICLE III 

Tax Benefit Payments 

SECTION 3.01. Payments. (a)Within 3 Business Days of the Tax Schedule for any Covered Taxable Year becoming final under
Section 2.01(a), Newmark shall pay (i) to Cantor an amount equal to 80% of the Tax Benefit Payment (determined in accordance with Section 3.01(b)) and (ii) to a national bank mutually agreeable to Newmark and Cantor
as escrow agent (the “Escrow Agent”), an amount equal to 20% of such Tax Benefit Payment. The Escrow Agent shall hold each Tax Benefit Payment it receives in escrow (the “Escrow”) pursuant to a mutually agreeable
escrow agreement between Newmark and Cantor until the expiration of the applicable statute of limitations attributable to the Covered Taxable Year to which such Tax Benefit Payment relates. Each Tax Benefit Payment shall be made by wire transfer of
immediately available funds to the bank accounts of Cantor and the Escrow Agent previously designated by such parties to Newmark. 
 (b) A
“Tax Benefit Payment” shall equal, with respect to any Covered Taxable Year, the amount of Covered Tax Benefits, if any, for a Covered Taxable Year; 

increased by: 
 (i) the
interest calculated at the Agreed Rate from the due date (without extensions) for filing the Tax Return with respect to Covered Taxes for such Covered Taxable Year; and 

(ii) any increase in the Covered Tax Benefit or reduction in the Covered Tax Detriment that has become final under
Section 2.01(b); 
 and decreased, but without duplication of amount reimbursed pursuant to Section 3.02, by:

 (iii) any Covered Tax Detriment for a previous Covered Taxable Year; and 

(iv) any decrease in the Covered Tax Benefit or increase in the Covered Tax Detriment that has become final under
Section 2.01(b); 
 provided, however, that (A) the amounts described in Section 3.01(b)(ii),
(iii) and (iv) shall not be taken into account in determining a Tax Benefit Payment attributable to any Covered Taxable Year to the extent of such amounts were taken into account in determining any Tax Benefit Payment in a
preceding Covered Taxable Year and (B) the amounts described in Section 3.01(b)(iii) and (iv) shall not be taken into account in determining a Tax Benefit Payment attributable to any Covered Taxable Year to the extent
such amounts actually reduced (but not below zero) the Tax Benefit Payment actually made by Newmark for a previously Covered Taxable Year. 

  
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 SECTION 3.02. Reimbursement and Indemnification. (a)To the extent that there is a
Determination that a deduction for depreciation or amortization attributable to a Basis Adjustment taken into account in computing a Tax Benefit Payment or Imputed Interest taken into account in computing a Tax Benefit Payment is not available,
Cantor shall promptly (i) reimburse Newmark for any prior payment made to Cantor in respect of such deductions for depreciation, amortization or Imputed Interest and (ii) without duplication, indemnify Newmark and hold it harmless with
respect to any interest or penalties and any other losses in respect of the disallowance of such deductions (together with reasonable attorneys’ and accountants’ fees incurred in connection with any related Tax contest, but the indemnity
for such reasonable attorneys’ and accountants’ fees shall only apply to the extent Cantor is permitted to control such contest). For the avoidance of doubt, the parties agree and acknowledge that Cantor shall not have any payment or
reimbursement obligation to Newmark in respect of any Covered Tax Detriment, except as contemplated by this Section 3.02 and except for the reduction (but not below zero) of amounts that would otherwise be due Cantor pursuant to
Section 3.01(b). For the further avoidance of doubt and by way of example, if $20 of depreciation is claimed in Year 1 resulting in a $10 Covered Tax Benefit and Tax Benefit Payment in the same amount to Cantor in Year 2, and the Year 1
depreciation is later disallowed by the IRS, the amount of the payment from Cantor to Newmark under this Section 3.02(a) shall include an amount equal to the $10 Tax Benefit Payment paid with respect to such disallowed depreciation plus
the amount of interest and penalties, if any, paid by Newmark with respect to such disallowed depreciation plus any tax savings taken into account in computing the Tax Benefit Payment for other Covered Taxable Years that will be disallowed as a
result of such payment (e.g., Imputed Interest) plus any Tax imposed on Newmark as a result of such payment. 
 (b) Any reimbursement or
indemnification payments by Cantor pursuant to this Section 3.02 shall be satisfied first from the amounts in Escrow (to the extent funded in respect of the Covered Tax Benefit(s) to which such reimbursement or indemnification payments
relate). 
 SECTION 3.03. No Duplicative Payments. No duplicative payment of any amount (including interest) will be required
under this Agreement. 
 ARTICLE IV 

Change Notices 

SECTION 4.01. Change Notices. If Newmark, Newmark Holdings, Newmark Opco or any of their respective Subsidiaries receives a 30-day
letter, a final audit report, a statutory notice of deficiency or similar written notice from any Taxing Authority with respect to the Tax treatment of any Taxable Exchange (a “Change Notice”), which, if sustained, would result in
(i) a reduction in the amount of Realized Tax Benefit with respect to a Covered Taxable Year preceding the Taxable Year in which the Change Notice is received or (ii) a reduction in the amount of Tax Benefit Payments Newmark will be
required to pay to Cantor with respect to Covered Taxable Years after and including the Taxable Year in which the Change Notice is received, and which, if determined adversely to the recipient of the Change Notice or after the lapse of time would be
grounds for indemnification or reimbursement by Cantor under Section 3.02(a), prompt written notice shall be given to Cantor, provided, however, that failure to give such notification shall not affect the indemnification
provided under this Agreement except to the extent the indemnifying party shall have been actually prejudiced as a result of such failure. 

  
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 ARTICLE V 

Termination 

SECTION 5.01. Early Termination of Agreement. Newmark may terminate this Agreement with the approval by a majority of the
independent directors of Newmark by paying to Cantor an agreed value of payments remaining to be made under this Agreement (the “Early Termination Payment”) as of the date of the Early Termination Notice (as defined herein). Upon
payment of the Early Termination Payment by Newmark, Newmark shall have no further payment obligations under this Agreement, other than for any (a) Tax Benefit Payment agreed to by Newmark and Cantor as due and payable but unpaid as of the
Early Termination Notice and (b) any Tax Benefit Payment due for the Covered Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (a) or (b) is
included in the Early Termination Payment). 
 SECTION 5.02. Early Termination Notice. If Newmark chooses to request early
termination under Section 5.01 above, Newmark shall deliver to Cantor a notice (the “Early Termination Notice”) specifying Newmark’s intention to request early termination and showing in reasonable detail its
calculation of the Early Termination Payment (the “Proposed Early Termination Payment”). At the time Newmark delivers the Early Termination Notice to Cantor, Newmark shall (a) deliver to Cantor schedules and work papers
providing reasonable detail regarding the calculation of the Proposed Early Termination Payment and a letter from a nationally recognized accounting firm supporting such calculation and (b) allow Cantor reasonable access to the appropriate
representatives at Newmark and its Subsidiaries and such accounting firm (and the Accounting Firm) in connection with its review of such calculation. Within 30 days after receiving such calculation, Cantor shall notify Newmark whether it agrees to
or objects to the Proposed Early Termination Payment. The Proposed Early Termination Payment shall only become final and binding on the parties if Cantor agrees in writing to the value of the Proposed Early Termination Payment within such 30 day
period (or such shorter period as may be mutually agreed in writing by the parties). If Cantor and Newmark cannot agree upon the value of the Early Termination Payment, this Agreement will remain in full force and effect. For the avoidance of doubt,
Newmark shall have no obligation to request early termination under Section 5.01. 
 SECTION 5.03. Payment upon Early
Termination. Within 3 calendar days of an agreement between Cantor and Newmark as to the value of the Early Termination Payment, Newmark shall pay to Cantor an amount equal to the Early Termination Payment. Such payment shall be made by wire
transfer of immediately available funds to a bank account designated by Cantor. 

  
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 ARTICLE VI 

Subordination and Late Payments 

SECTION 6.01. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or
Early Termination Payment required to be made by Newmark to Cantor under this Agreement (a “Newmark Payment”) shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in
respect of any debt of Newmark (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of Newmark that are not Senior Obligations. 

SECTION 6.02. Late Payments by Newmark. The amount of all or any portion of a Newmark Payment not made to Cantor when due under the
terms of this Agreement shall be payable together with any interest thereon, computed at the Agreed Rate and commencing from the date on which such Newmark Payment was due and payable. 

ARTICLE VII 
 No
Disputes; Consistency; Cooperation 
 SECTION 7.01. Cantor Participation in Newmark Tax Matters. Except as otherwise
provided herein and the Tax Matters Agreement, Newmark shall have full responsibility for, and sole discretion over, all Tax matters concerning Newmark, Newmark Holdings, Newmark Opco and their respective Subsidiaries, including, without limitation,
the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, Newmark shall notify Cantor of, and keep Cantor reasonably informed with respect to, and Cantor
shall have the right to participate in and monitor (but, for the avoidance of doubt, not to control) the portion of any audit of Newmark, Newmark Holdings, Newmark Opco and their respective Subsidiaries, as applicable, by a Taxing Authority the
outcome of which is reasonably expected to affect Cantor’s rights under this Agreement or the BGC Partners TRA (if any). Newmark shall provide to Cantor reasonable opportunity to provide information and other input to Newmark and its advisors
concerning the conduct of any such portion of such audits. None of Newmark, Newmark Holdings, Newmark Opco or their respective Subsidiaries, as applicable, shall settle or otherwise resolve any audit or other challenge by a Taxing Authority relating
to the Basis Adjustment or the BGC Partners TRA Basis Adjustment (if any) without the consent of the Audit Committee and Cantor, which consent Cantor shall not unreasonably withhold, condition or delay. 

SECTION 7.02. Tax Positions. Newmark shall determine after consultation with Cantor the extent to which it is permitted to claim
any depreciation or amortization deductions attributable to the Basis Adjustments, and the amount and deductibility of any Imputed Interest, and such deduction shall be taken into account in computing the Realized Tax Benefits so long as the
Accounting Firm agrees that it is at least more likely than not that such deduction is available. For purposes of this Agreement, a tax position shall not be considered permitted by law unless the Accounting Firm is at a “more likely than
not” or higher level of comfort with respect to such tax position. 

  
 -13- 

 SECTION 7.03. Cooperation. Cantor shall (and shall cause its affiliates to)
(a) furnish to Newmark in a timely manner such information, documents and other materials as Newmark may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax
Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make its employees available to Newmark and its representatives to provide explanations of documents and materials and such other information
as Newmark or its representative may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter. 

ARTICLE VIII 

General Provisions 

SECTION 8.01. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or
(b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth in Schedule A, or pursuant to such other instructions as may be
designated in writing by the party to receive such notice. Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

SECTION 8.02. Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. 

SECTION 8.03. Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all
prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and
permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

SECTION 8.04. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware without giving effect to applicable principles of conflict of laws. 
 SECTION 8.05. Severability. If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the
greatest extent possible. 

  
 -14- 

 SECTION 8.06. Successors; Assignment; Amendments. Cantor may not assign this
Agreement to any person without the prior written consent of Newmark and the Audit Committee, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, Cantor may pledge some or all of its rights,
interests or entitlements under this Agreement to any U.S. money center bank in connection with a bona fide loan or other indebtedness; provided further, however, that Cantor may assign its rights to a wholly-owned Subsidiary of
Cantor without the prior written consent of Newmark. Newmark may not assign any of their rights, interests or entitlements under this Agreement without the consent of Cantor, not to be unreasonably withheld or delayed; provided,
however, that Newmark may assign its rights to a wholly-owned subsidiary of Newmark without the prior written consent of Cantor; provided, further, however, that no such assignment shall relieve Cantor or Newmark of any
of its obligations hereunder. Subject to each of the two immediately preceding sentences, this Agreement will be binding upon, inure to the benefit of and be enforceable by, the parties and their respective successors and assigns including any
acquirer of all or substantially all of the assets of Newmark. Any amendment to this Agreement will be subject to approval by a majority of the independent directors of Newmark. 

SECTION 8.07. Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference
only and are not to be considered in construing this Agreement. 
 SECTION 8.08. Submission to Jurisdiction; Waivers. With
respect to any suit, action or proceeding relating to this Agreement (collectively, a “Proceeding”), each party to this Agreement irrevocably (a) consents and submits to the exclusive jurisdiction of the courts of the States of
New York and Delaware and any court of the U.S. located in the Borough of Manhattan in New York City or the State of Delaware; (b) waives any objection which such party may have at any time to the laying of venue of any Proceeding
brought in any such court, waives any claim that such Proceeding has been brought in an inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does not have jurisdiction over such party;
(c) consents to the service of process at the address set forth for notices in Schedule A; provided, however, that such manner of service of process shall not preclude the service of process in any other manner permitted
under applicable law; and (d) waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Proceeding. 

SECTION 8.09. Reconciliation. In the event that Newmark and Cantor are unable to resolve a disagreement within the relevant period
designated in this Agreement, the matter shall be submitted for determination to a nationally recognized expert in the particular area of disagreement employed by a nationally recognized accounting firm or a law firm (other than the Accounting
Firm), which expert is mutually acceptable to all parties and the Audit Committee. If the matter is not resolved before any payment that is the subject of a disagreement is due or any Tax Return reflecting the subject of a disagreement is due, such
payment shall be made on the date prescribed by this Agreement in the amount proposed by Newmark and such Tax Return shall be filed as prepared by Newmark, subject to adjustment or amendment upon resolution. The determinations of the expert pursuant
to this Section 8.09 shall be binding on Newmark and its Subsidiaries, Newmark Holdings, Newmark Opco and Cantor absent manifest error. 

  
 -15- 

 SECTION 8.10. Withholding. Newmark and the Escrow Agent shall be entitled to deduct
and withhold from any payment payable pursuant to this Agreement such amounts as Newmark and the Escrow Agent are required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign
tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by Newmark or the Escrow Agent, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to Cantor. 

[Signature pages follow] 

  
 -16- 

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

			
	NEWMARK GROUP, INC.
		
	By	 	 /s/ James R. Ficarro

		 	Name: James R. Ficarro
		 	Title: Chief Operating Officer
	
	CF GROUP MANAGEMENT, INC.
		
	By	 	 /s/ Howard W. Lutnick

		 	Name: Howard W. Lutnick
		 	Title: Chairman and Chief Executive Officer
	
	CANTOR FITZGERALD, L.P.
		
	By:	 	    CF Group Management, Inc.
		 	    its Managing General Partner
		
	By	 	 /s/ Howard W. Lutnick

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

 [Signature Page to the Tax Receivable Agreement, dated as of December 13, 2017, by and between
Newmark Group, Inc. and Cantor Fitzgerald, L.P.] 

 Schedule A 

Pursuant to Section 8.01 of this Agreement, all notices under this Agreement shall be delivered as set forth below: 

if to Newmark: 

Newmark Group, Inc. 

125 Park Avenue New York, 

New York 10017 Attention: 

General Counsel Fax No.: (212) 610-2200 

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 

Telecopy: (212) 403-1306 

Attention: Joshua M. Holmes, Esq. 

Tijana J. Dvornic, Esq.EX-10.20

 Exhibit 10.20 

EXECUTION VERSION 

LETTER AGREEMENT 

NEWMARK GROUP, INC. 
 125
PARK AVENUE 
 NEW YORK, NEW YORK 10017 

December 13, 2017 
  

	 	Re:	Change in Control Agreement 

 Dear Mr. Lutnick: 

We understand that a takeover proposal may create uncertainty for highly valued employees such as yourself. In order to encourage you to
remain in the employ of Newmark Group, Inc. and/or its subsidiaries (collectively, the “Company”) and to provide additional incentive for you to promote the success of the business of the Company, the Company has provided you with
this agreement (this “Agreement”), which provides for certain payments and benefits in the event of a Change in Control. Capitalized terms used but not otherwise defined in this Agreement are defined in Exhibit A to this Agreement.

 If a Change in Control occurs and you elect to terminate your employment with the Company upon the Change in Control pursuant to a
written notice of your resignation provided to the Company at any time prior to the Change in Control: (1) the Company shall pay to you, in a lump sum in cash, upon the Change in Control, an amount equal to the product of (A) two and
(B) the sum of (x) your annual base salary and (y) your prior year’s annual bonus (the “Bonus Amount”); and (2) you shall receive the Medical Benefits. 

If a Change in Control occurs and you do not so elect: (1) the Company shall pay to you, in a lump sum in cash, upon the Change in
Control, an amount equal to the product of (A) one and (B) the sum of (x) your annual base salary and (y) the Bonus Amount; and (2) you shall receive the Medical Benefits. 

In addition, in the event that, during the three-year period following the Change in Control, your employment is terminated by the Company
without Cause (other than by reason of your death or Disability): (1) the Company shall pay to you, in a lump sum in cash, within 30 days after your date of termination of employment, an amount equal to the product of (A) one and
(B) the sum of (x) your annual base salary and (y) the Bonus Amount; and (2) you shall receive the Medical Benefits upon termination, even if you have received the Medical Benefits during all or a portion of such three-year
period. Notwithstanding the foregoing provisions of this paragraph, in the event that you are a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (as
determined in accordance with the methodology established by the Company as in effect on the date of termination), amounts that would otherwise be payable pursuant to the immediately preceding sentence during the six-month period immediately
following your termination of employment by the Company without Cause shall instead be paid, with interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code (“Interest”), on
the first business day after the date that is six months following your “separation from service” within the meaning of Section 409A of the Code. 

 Immediately prior to a Change in Control, unless otherwise provided in an applicable award
agreement, all stock options, restricted stock units, and other awards based on shares of the Company’s Class A Common Stock shall vest in full and become immediately exercisable, and all partnership units in Newmark Holdings, L.P.,
including without limitation REUs, PSUs, PSIs and any other units you may hold, shall, if applicable, vest in full and be granted immediately exchangeable exchange rights for shares of the Company’s Class A Common Stock (to the extent the
terms of such units permit such units to be made exchangeable into shares of the Company’s Class A Common Stock) or cash. 

Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit your continuing or future participation in any plan,
program, policy or practice provided by the Company or the Affiliated Companies and for which you may qualify, nor shall anything herein limit or otherwise affect such rights as you may have under any other contract or agreement with the Company or
the Affiliated Companies. Amounts that are vested benefits or that you are otherwise entitled to receive under any plan, policy, practice or program of or any other contract or agreement with the Company or the Affiliated Companies at or subsequent
to your termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement, except as explicitly modified by this Agreement. Notwithstanding the foregoing, if you receive Payments pursuant to this
Agreement, you shall not be entitled to any severance pay or benefits under any other severance plan, program or policy of the Company, unless otherwise specifically provided therein by a specific reference to this Agreement. 

No Set-Off; No Duty to Mitigate. The Company’s obligation to make the Payments and otherwise to perform its obligations hereunder
shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against you or others except as expressly provided in this Agreement. In no event shall you be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable to you under any of the provisions of this Agreement. The Company agrees to pay as incurred (within 10 days following the Company’s receipt of an invoice from you),
at any time from the Change in Control through your remaining lifetime (or, if longer, through the 20th anniversary of the Change in Control) to the full extent permitted by law, all legal fees and expenses that you may reasonably incur as a result
of any contest (regardless of the outcome thereof) by the Company, you or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest
by you about the amount of any Payment pursuant to this Agreement), plus, in each case, Interest. In order to comply with Section 409A of the Code, in no event shall the amounts payable by the Company under this paragraph be made later than the
end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, however, that you shall have submitted an invoice for such fees and expenses at least 10 days before the end of the
calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such fees and expenses that the Company is obligated to pay in any given calendar year shall not affect the fees and expenses that the
Company is obligated to pay in any other calendar year, and your right to have the Company pay such fees and expenses may not be liquidated or exchanged for any other benefit. 

  
 -2- 

 Additional Payment. Anything in this Agreement to the contrary notwithstanding and except
as set forth below, in the event it shall be determined that any Payment would be subject to the Excise Tax, then you shall be entitled to receive an additional payment (the “Gross-Up Payment”) in an amount such that, after payment
by you of all taxes (and any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment,
but excluding any income taxes and penalties imposed pursuant to Section 409A of the Code, you retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this
paragraph, if it shall be determined that you are entitled to the Gross-Up Payment, but that the Parachute Value of all Payments does not exceed 110% of the Safe Harbor Amount, then no Gross-Up Payment shall be made to you, and the Payments shall be
reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of the Payments, if applicable, shall be made by reducing the cash payment first and then the Medical Benefits. For purposes of
reducing the Payments to the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. If the reduction of the Payments would not result in a reduction of the Parachute Value of all Payments to the Safe
Harbor Amount, no Payments shall be reduced pursuant to this Agreement. The Company’s obligation to make Gross-Up Payments under this Agreement shall not be conditioned upon your termination of employment. 

Subject to the provisions of the following paragraphs, all determinations required to be made under the immediately preceding “Additional
Payment” paragraph, including whether and when a Gross-Up Payment is required, the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized certified public
accounting firm designated by you (the “Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations both to the Company and you within 15 business days after the receipt of notice from you that there has
been a Payment or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, you may appoint another nationally
recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any
determination by the Accounting Firm shall be binding upon the Company and you. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is
possible that Gross-Up Payments that will not have been made by the Company should have been made (the “Underpayment”), consistent with the calculations required to be made hereunder. In the event the Company exhausts its remedies
pursuant to this paragraph and you thereafter are required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to
or for your benefit. 
 You shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would
require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable, but no later than 10 business days after you are informed in writing of such claim. You shall apprise the Company of the nature of
such claim and the date on which such claim is requested to be paid. You shall not pay such claim prior to the expiration of the 30-day period following the date on which you give such notice to the 

  
 -3- 

 
Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies you in writing prior to the expiration of such period that
the Company desires to contest such claim, you shall: 
 (i) give the Company any information reasonably requested by the
Company relating to such claim; 
 (ii) take such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company; 

(iii) cooperate with the Company in good faith in order effectively to contest such claim; and 

(iv) permit the Company to participate in any proceedings relating to such claim; 

provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in
connection with such contest, and shall indemnify and hold you harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties) imposed as a result of such representation and payment of costs and expenses. Without
limitation on the foregoing provisions of this paragraph, the Company shall control all proceedings taken in connection with such contest, and, at its sole discretion, may pursue or forgo any and all administrative appeals, proceedings, hearings and
conferences with the applicable taxing authority in respect of such claim and may, at its sole discretion, either pay the tax claimed to the appropriate taxing authority on your behalf and direct you to sue for a refund or contest the claim in any
permissible manner, and you agree to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided,
however, that, if the Company pays such claim and directs you to sue for a refund, the Company shall indemnify and hold you harmless, on an after-tax basis, from any Excise Tax or income tax (including interest and penalties) imposed with
respect to such payment or with respect to any imputed income in connection with such payment; and provided, further, that any extension of the statute of limitations relating to payment of taxes for your taxable year with respect to
which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which the Gross-Up Payment would be payable hereunder, and
you shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 

If, after the receipt by you of a Gross-Up Payment or payment by the Company of an amount on your behalf pursuant to the immediately preceding
paragraph, you become entitled to receive any refund with respect to the Excise Tax to which such Gross-Up Payment relates or with respect to such claim, you shall (subject to the Company’s complying with the requirements of the immediately
preceding paragraph, if applicable) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). 

  
 -4- 

 
If, after the payment by the Company of an amount on your behalf pursuant to the immediately preceding paragraph, a determination is made that you shall not be entitled to any refund with respect
to such claim and the Company does not notify you in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then the amount of such payment shall offset, to the extent thereof, the amount
of Gross-Up Payment required to be paid. 
 Any Gross-Up Payment shall be paid by the Company to you within five days after the receipt of
the Accounting Firm’s determination; provided, however, that, the Gross-Up Payment shall in all events be paid no later than the end of your taxable year next following your taxable year in which the Excise Tax (and any income or
other related taxes or interest or penalties thereon) on a Payment are remitted to the Internal Revenue Service or any other applicable taxing authority or, in the case of amounts relating to a claim described above that does not result in the
remittance of any federal, state, local and foreign income, excise, social security and other taxes, the calendar year in which the claim is finally settled or otherwise resolved. Notwithstanding any other provision of the foregoing “Additional
Payment” paragraphs, the Company may, in its sole discretion, withhold and pay over to the Internal Revenue Service or any other applicable taxing authority, for the benefit of you, all or any portion of any Gross-Up Payment, and you hereby
consent to such withholding. 
 Assumption. This letter shall be binding upon any successor of the Company or its business or assets
(whether direct or indirect, by purchase, merger, consolidation or otherwise), in the same manner and to the same extent that the Company would be obligated under this Agreement if no succession had taken place. In the case of any transaction in
which a successor would not by the foregoing provision or by operation of law be bound by this Agreement, the Company shall require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this
Agreement, in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. The term “Company,” as used in this Agreement, shall mean the Company as hereinbefore defined and any
successor or assignee to the business or assets which by reason hereof becomes bound by this Agreement. 
 Term. The term of
this Agreement shall commence upon the date set forth above. At any time on or after the tenth anniversary of the completion of the Company’s initial public offering, the Company may terminate this Agreement upon two years’ advance written
notice to you. 
 Miscellaneous. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware, without reference to its conflict of law rules. All Payments hereunder are subject to withholding for applicable income and payroll taxes or otherwise as required by law. You and the Company acknowledge that, except as may otherwise be
provided under any other written agreement between you and the Company, your employment by the Company is “at will” and, prior to a Change in Control, your employment may be terminated by either you or the Company, in which case you shall
have no further rights under this Agreement. 
 [Signature Page Follows; Remainder of Page Intentionally Left Blank]

  
 -5- 

 
			
	NEWMARK GROUP, INC.
		
	By:	 	 /s/ James Ficcaro

		 	Name: James Ficarro
		 	Title: Chief Operating Officer

  

			
		 	Accepted and Agreed:
		
		 	 /s/ Howard W. Lutnick

		 	Howard W. Lutnick
		
		 	Dated: December 13, 2017

 [Signature Page to Howard W. Lutnick Change in Control Agreement] 

 EXHIBIT A 

The following terms shall have the meaning set forth below when used in the attached Agreement: 

“Affiliated Company” means any company controlled by, controlling or under common control with the Company. 

“Applicable Board” means the Board, or if the Company is not the ultimate Parent entity of the Affiliated Companies and is
not publicly-traded, the board of directors or similar body of the ultimate Parent entity of the Company. 
 “Board” means
the Board of Directors of the Company. 
 “Cause” means 

(i) your willful and continued failure to perform substantially your duties with the Company (other than any such failure
resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to you by the Applicable Board or the Chairman of the Company that specifically identifies the manner in which the
Applicable Board or the Chairman of the Company believes that you have not substantially performed your duties, or 
 (ii)
the willful engaging by you in illegal conduct or gross misconduct that is materially and demonstrably injurious to the Company. 
 For
purposes of the Agreement, no act, or failure to act, on your part shall be considered “willful” unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your action or omission was in the best
interests of the Company. Any act, or failure to act, based upon authority (A) given pursuant to a resolution duly adopted by the Applicable Board, (B) based upon the instructions of the Chief Executive Officer of the Company or a senior
officer of the Company or (C) based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of the Company. The cessation of your employment
shall not be deemed to be for Cause unless and until there shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Applicable Board (excluding you,
if you are a member of the Applicable Board) at a meeting of the Applicable Board called and held for such purpose (after reasonable notice is provided to you and you are given an opportunity, together with your counsel, to be heard before the
Applicable Board), finding that, in the good faith opinion of the Applicable Board, you are guilty of the conduct described in clause (i) or (ii) above, and specifying the particulars thereof in detail. 

“Change in Control” means such date as Cantor Fitzgerald, L.P. or one of its Affiliates ceases to have a “Controlling
Interest” in the Company. For purposes of this definition, “Affiliate” means any person that directly, or through one or more intermediaries, controls or is controlled by or is under common control with Cantor Fitzgerald, L.P., and
“Controlling Interest” means (x) beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of equity securities representing more than 50%
of the voting power of the outstanding equity securities of the Company or (y) voting control of more than 50% of the voting power of the Company. 

 “Disability” means your absence from the performance of your duties with the
Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness that is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to you or
your legal representative. 
 “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together
with any interest or penalties imposed with respect to such excise tax. 
 “Medical Benefits” means, for two years after
your termination of employment and for two years following a Change in Control in which you do not elect to terminate your employment with the Company (the “Benefit Continuation Period”), the Company shall provide health care and life
insurance benefits to you and/or your family substantially similar to, and at the same after-tax cost to you and/or your family, as those that would have been provided in accordance with the plans, programs, practices and policies providing health
care and life insurance benefits and at the benefit level provided immediately prior to the Change in Control or, if more favorable, as in effect generally at any time thereafter with respect to other peer executives of the Company and their
families; provided, however, that the health care benefits provided during the Benefit Continuation Period shall be provided in such a manner that such benefits (and the costs and premiums thereof) are excluded from your income for
federal income tax purposes and, if the Company reasonably determines that providing continued coverage under one or more of its health care benefit plans contemplated herein could be taxable to you, the Company shall provide such benefits at the
level required hereby through the purchase of individual insurance coverage; provided, however, that, if you become re-employed with another employer and are eligible to receive health care and life insurance benefits under another
employer-provided plan, the health care and life insurance benefits provided hereunder shall be secondary to those provided under such other plan during such applicable period of eligibility. Following the end of the Benefit Continuation Period, you
will be eligible for continued health coverage as required by Section 4980B of the Code or other applicable law (“COBRA Coverage”), if your employment with the Company had terminated as of the end of such period, and the
Company shall take such actions as are necessary to cause such COBRA Coverage not to be offset by the provision of benefits under this paragraph and to cause the period of COBRA Coverage to commence at the end of the Benefit Continuation Period.

 “Parachute Value” of a Payment shall mean the present value as of the date of the Change in Control for purposes of
Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to what extent the Excise Tax
will apply to such Payment. 
 “Parent” means any “person” (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act) that controls the Company, either directly or indirectly through one or more intermediaries. 

  
 A-2 

 A “Payment” shall mean any payment or distribution in the nature of compensation
(within the meaning of Section 280G(b)(2) of the Code) to or for your benefit, whether paid or payable pursuant to this Agreement or otherwise including, without limitation, the Gross-Up Payment. 

The “Safe Harbor Amount” means 2.99 times your “base amount,” within the meaning of Section 280G(b)(3) of the
Code. 

  
 A-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}]]