Document:

EX-10.25

 Exhibit 10.25 

NEWMARK GROUP, INC. 

INCENTIVE BONUS COMPENSATION PLAN 

(December 13, 2017) 

1. Purpose. The purpose of this Incentive Bonus Compensation Plan of Newmark Group, Inc., a Delaware corporation, is (i) to
attract, retain and reward key employees of the Company and its subsidiaries by providing them with the opportunity to earn bonus awards that are based upon the achievement of specified performance goals; and (ii) to structure such bonus
opportunities in a way that will qualify the awards made as “performance-based” for purposes of Section 162(m) of the Code so that the Company may be entitled to a federal income tax deduction for the payment of such incentive awards
to such employees. 
 2. Definitions. As used in the Plan, the following terms shall the meanings set forth below: 

(a) “Applicable Period” shall mean, with respect to any Performance Period, a period commencing on or
before the first day of such Performance Period and ending no later than the earlier of (i) the 90th day of such Performance Period, or (ii) the date on which 25% of such Performance Period has been completed. Any action required under the
Plan to be taken within the period specified in the preceding sentence may be taken at a later date if, but only if, the regulations under Section 162(m) of the Code are hereafter amended, or interpreted by the Internal Revenue Service, to
permit such later date, in which case the term “Applicable Period” shall be deemed amended accordingly. 

(b) “Board” shall mean the Board of Directors of the Company as constituted from time to time. 

(c) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

(d) “Committee” shall mean the committee of the Board consisting solely of two or more non-employee
directors (each of whom is intended to qualify as an “outside director” within the meaning of Section 162(m) of the Code) designated by the Board as the committee responsible for administering and interpreting the Plan. 

(e) “Company” shall mean Newmark Group, Inc., a corporation organized under the laws of the State of
Delaware, and any successor thereto. 
 (f) “GAAP” shall mean United States generally accepted
accounting principles. 
 (g) “Individual Award Opportunity” shall mean the performance-based award
opportunity for a given Participant for a given Performance Period as specified by the Committee within the Applicable Period, which may be expressed in dollars or on a formula basis that is consistent with the provisions of the Plan. 

 (h) “Negative Discretion” shall mean the discretion
authorized by the Plan to be applied by the Committee to eliminate, or reduce the value of, a bonus award otherwise payable to a Participant for a given Performance Period, provided that the exercise of such discretion would not cause the
award to fail to qualify as “performance-based compensation” under Section 162(m) of the Code. By way of example and not by way of limitation, in no event shall any discretionary authority granted to the Committee by the Plan,
including, but not limited to, Negative Discretion, be used (i) to provide for an award under the Plan in excess of the value payable based on actual performance versus the applicable performance goals for the Performance Period in question, or
in excess of the individual award limit maximum value specified in Section 6(b) below, or (ii) to increase the value otherwise payable to any other Participant. 

(i) “Participant” shall mean, for any given Performance Period with respect to which the Plan is in effect,
each key employee of the Company (including any subsidiary, operating unit or division) who is designated as a Participant in the Plan for such Performance Period by the Committee pursuant to Section 4 below. 

(j) “Performance Period” shall mean any period commencing on or after the date of the completion of the
Company’s initial public offering for which performance goals are set under Section 5 and during which performance shall be measured to determine whether such goals have been met for purposes of determining whether a Participant is
entitled to payment of a bonus under the Plan. A Performance Period may be coincident with one or more fiscal years of the Company, or a portion thereof. 

(k) “Plan” shall mean the Newmark Group, Inc. Incentive Bonus Compensation Plan as set forth in this
document, and as further amended from time to time. 
 3. Administration. 

(a) General. The Plan shall be administered by the Committee. Subject to the terms of the Plan and applicable law and regulation
(including, but not limited to, Section 162(m) of the Code), and in addition to any other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have the full power and authority, after taking into
account, in its sole and absolute discretion, the recommendations of the Company’s senior management: 
 (i) to
designate (within the Applicable Period) the Participants in the Plan and the Individual Award Opportunities and/or, if applicable, bonus pool award opportunities for such Performance Period; 

(ii) to designate (within the Applicable Period) and thereafter administer the performance goals and other award terms and
conditions that are to apply under the Plan for such Performance Period; 
 (iii) to determine and certify the bonus award
value earned for any given Performance Period, based on actual performance versus the performance goals for such Performance Period, after making any permitted Negative Discretion adjustments; 

  
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 (iv) to decide whether, under what circumstances and subject to what terms bonus
payouts are to be paid on a deferred basis, including, but not limited to, automatic deferrals at the Committee’s election as well as elective deferrals at the election of Participants, in each case after having considered the applicable
requirements of Section 409A of the Code; 
 (v) to adopt, revise, suspend, waive or repeal, when and as appropriate, in
its sole and absolute discretion, such administrative rules, guidelines and procedures for the Plan as it deems necessary or advisable to implement the terms and conditions of the Plan; 

(vi) to interpret and administer the terms and provisions of the Plan and any Individual Award Opportunity (including
reconciling any inconsistencies, correcting any defaults and addressing any omissions in the Plan or any related instrument or agreement); and 

(vii) to otherwise supervise the administration of the Plan. 

It is intended that all bonus awards payable to Participants under the Plan who are “covered employees” within the meaning of Treas.
Reg. Sec. 1.162-27(c)(2) (as amended from time to time) shall constitute “qualified performance-based compensation” within the meaning of Section 162(m) of the Code and Treas. Reg. Sec. 1.162-27(e) (as amended from time to time), and,
to the maximum extent possible, the Plan and the terms of any Individual Award Opportunity shall be so interpreted and construed. 

(b) Binding Nature of Committee Decisions. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations and other decisions made under or with respect to the Plan or any Individual Award Opportunity shall be within the sole and absolute discretion of the Committee, and shall be final, conclusive and binding on all persons, including
the Company, any Participant, and any beneficiary or other person having, or claiming, any rights under the Plan. 
 (c)
Other. No member of the Committee shall be liable for any action or determination (including, but not limited to, any decision not to act) made in good faith with respect to the Plan or any Individual Award Opportunity. If a Committee member
intended to qualify as an “outside director” under Section 162(m) of the Code does not in fact so qualify, the mere fact of such non-qualification shall not invalidate any Individual Award Opportunity or other action taken by the
Committee under the Plan which otherwise was validly taken under the Plan. 
 4. Plan Participation. 

(a) Participant Designations by the Committee. For any given Performance Period, the Committee, in its sole and absolute
discretion, shall, within the Applicable Period, designate those key employees of the Company (including its subsidiaries, operating units and divisions) who shall be Participants in the Plan for such Performance Period. 

  
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 (b) Impact of Plan Participation. An individual who is a designated Participant for
any given Performance Period shall not also participate in the Company’s general bonus plans for such Performance Period (to the extent such plans exist), if such participation would cause any Individual Award Opportunity hereunder to fail to
qualify as “performance-based” under Section 162(m). 
 5. Performance Goals. 

(a) Setting of Performance Goals. 

(i) For a given Performance Period, the Committee shall, within the Applicable Period, set one or more objective target
performance goals for each Participant and/or each group of Participants and/or each bonus pool (if any). Such goals shall be based exclusively on one or more of the following corporate-wide or subsidiary, division or operating unit financial and
strategic measures: 
 (1) pre-tax or after-tax net income, 

(2) pre-tax or after-tax operating income, 

(3) gross revenue, 

(4) profit margin, 

(5) stock price, dividends and/or total stockholder return, 

(6) cash flow(s), 

(7) market share, 

(8) pre-tax or after-tax earnings per share, 

(9) pre-tax or after-tax operating earnings per share, 

(10) expenses, 

(11) return on equity, or 

(12) strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market penetration, or geographic
business expansion goals, cost targets, and goals relating to acquisitions or divestitures, or any combination thereof (in each case before or after such objective income and expense allocations or adjustments as the Committee may specify within the
Applicable Period). 
 (ii) Each such goal may be expressed on an absolute and/or relative basis, may be based on or
otherwise employ comparisons based on current internal targets, the past performance of the Company (including, but not limited 

  
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to, the performance of one or more subsidiaries, divisions and/or operating units) and/or the past or current performance of other companies, and in the case of earnings-based measures, may use
or employ comparisons relating to capital (including, but limited to, the cost of capital), stockholders’ equity and/or shares outstanding, or to assets or net assets. In all cases, the performance goals shall be such that they satisfy any
applicable requirements under Treas. Reg. Sec. 1.162-27(e)(2) (as amended from time to time) that the achievement of such goals be “substantially uncertain” at the time that they are established, and that the Individual Award Opportunity
be defined in such a way that a third party with knowledge of the relevant facts could determine whether and to what extent the performance goal has been met, and, subject to the Committee’s right to apply Negative Discretion, the value of the
bonus award payable as a result of such performance. 
 (b) Impact of Extraordinary Items or Changes in Accounting. To the
extent applicable, the measures used in setting performance goals set under the Plan for any given Performance Period shall be determined in accordance with GAAP in a manner consistent with the methods used in the Company’s audited financial
statements, without regard to (i) extraordinary items as determined by the Company’s independent registered public accounting firm in accordance with GAAP, (ii) changes in accounting, unless, in each case, the Committee decides
otherwise within the Applicable Period or (iii) non-recurring acquisition expenses and restructuring charges. Notwithstanding the foregoing, in calculating operating earnings or operating income (including on a per share basis), the Committee
may, within the Applicable Period for a given Performance Period, provide that such calculation shall be made on the same basis as reflected in a release of the Company’s earnings for a previously completed period as specified by the
Committee. 
 6. Individual Award Opportunities and Bonus Awards. 

(a) Setting of Individual Award Opportunities. At the time that annual performance goals are set for Participants for a given
Performance Period (within the Applicable Period), the Committee shall also establish each Individual Award Opportunity for such Performance Period, which shall be based on the achievement of stated target performance goals, and may be stated in
dollars or on a formula basis (including, but not limited to, a designated share of a bonus pool or a multiple of annual base salary), provided: 

(i) that the designated shares of any bonus pool shall not exceed 100% of such pool; and 

(ii) that the Committee, in all cases, shall have the sole and absolute discretion, based on such factors as it deems
appropriate, to apply Negative Discretion to reduce (but not increase) the value of the actual bonus awards that would otherwise actually be payable to any Participant on the basis of the achievement of the applicable performance goals. 

  
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 (b) Maximum Individual Bonus Award. Notwithstanding any other provision of this
Plan, the maximum value of the bonus award payable under the Plan to any one individual in respect of any one calendar year shall be $25 million. 

(c) Bonus Award Payments. Subject to the following, bonus awards determined under the Plan in respect of any given Performance
Period shall be paid to Participants, in whole or in part, either in cash or in any form of award granted pursuant to the Company’s Long Term Incentive Plan (the “Equity Plan”) or the Newmark Holdings, L.P. (the
“Partnership”) Participation Plan, including, but not limited to, bonus stock, other stock-based awards, and bonus units of the Partnership, in each case valued by reference to the Fair Market Value of a share of Stock (as such
terms are defined in the Equity Plan) on the date of grant, provided: 
 (i) that no such payment shall be made unless
and until the Committee has certified (in the manner prescribed under applicable regulations) the extent to which the applicable performance goals for such Performance Period have been satisfied, and has made its decisions regarding the extent of
any Negative Discretion adjustment of bonus awards (to the extent permitted under the Plan); 
 (ii) that the Committee may
specify that a portion of the actual bonus award for any given Performance Period shall be paid on a deferred basis, based on such award payment rules as the Committee may establish and announce for such Performance Period, after having considered
the applicable requirements of Section 409A of the Code; 
 (iii) that the Committee may require (if established and
announced within the Applicable Period), as a condition of bonus eligibility (and subject to such exceptions as the Committee may specify within the Applicable Period) that Participants for such Performance Period must still be employed as of end of
such Performance Period and/or as of such later date as determined by the Committee; and 
 (iv) that the Committee may adopt
such forfeiture, pro-ration or other rules as it deems appropriate, in its sole and absolute discretion, regarding the impact on bonus award rights in the event of a Participant’s termination of employment. 

7. General Provisions. 

(a) Plan Amendment or Termination. The Board may at any time amend or terminate the Plan, provided that (i) without the
Participant’s written consent, no such amendment or termination shall adversely affect the bonus award rights (if any) of any already designated Participant for a given Performance Period once the Participant designations and performance goals
for such Performance Period have been announced, (ii) the Board shall be authorized to make any amendments necessary to comply with applicable regulatory requirements (including, but not limited to, Section 162(m) of the Code), and
(iii) the Board shall submit any Plan amendment to the Company’s stockholders for their approval if and to the  

  
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extent such approval is required under Section 162(m) of the Code, or other applicable laws or regulation. Nothing herein shall be considered as preventing the Committee from making
adjustments to the performance goals or to an Individual Award Opportunity to reflect unusual or non-recurring events, to the extent that such adjustment will not adversely affect the bonus award from qualifying as performance-based compensation
under Section 162(m) of the Code. 
 (b) Applicable Law. All issues arising under the Plan shall be governed by, and
construed in accordance with, the laws of the State of Delaware, applied without regard to conflict of law principles. 
 (c)
Tax Withholding. The Company and its subsidiaries shall have right to make such provisions and take such action as it may deem necessary or appropriate for the withholding of any and all federal, state and local taxes that the Company or any
of its subsidiaries may be required to withhold. 
 (d) No Employment Right Conferred. Participation in the Plan shall
not confer on any Participant the right to remain employed by the Company or any of its subsidiaries, and the Company and its subsidiaries specifically reserve the right to terminate any Participant’s employment at any time with or without
cause or notice. 
 (e) Impact of Plan Awards on Other Plans. Neither the adoption of the Plan nor the submission of the
Plan to the Company’s stockholders for their approval shall be construed as limiting the power of the Board or the Committee to adopt such other incentive arrangements as it may otherwise deem appropriate. 

8. Plan Term; Stockholder Approval. 

No bonuses shall be paid under this Plan unless and until the Company’s stockholders shall have approved this Plan. This Plan shall be
effective as of the date it is adopted by the Board; provided however that it has been approved or is thereafter approved by the stockholders of the Company. This Plan shall remain effective until terminated by the Board; provided, however, that the
continued effectiveness of this Plan shall be subject to the approval of the Company’s stockholders at such times and in such manner as may be required pursuant to Section 162(m) of the Code. 

  
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 Exhibit 10.26 

NEWMARK HOLDINGS, L.P. PARTICIPATION PLAN 
  

	 	1.	Purpose of the Plan 

 The purpose of this Newmark Holdings, L.P. Participation Plan (the
“Plan”) is to advance the interests of Newmark Group, Inc. (“Newmark”) by providing a tax-efficient means, through the grant of Bonus Awards, Discount Purchase Awards, and Purchase Awards enabling
Participants to acquire Partnership Interests, to (a) attract, retain, incentivize, and reward present and prospective officers, employees and consultants of and service providers to Newmark and its Affiliates, and (b) enable such persons
to acquire or increase a proprietary interest in the Partnership in order to promote a closer identity of interests between such persons and Newmark and its stockholders. 
  

	 	2.	Definitions 

 Capitalized terms used in the Plan and not defined elsewhere in the Plan
shall have the meanings set forth in this Section. 
 2.1 “Affiliate” means any domestic or foreign corporation,
partnership, limited liability company, or other entity that directly or indirectly is controlled by Newmark. 
 2.2 “Award”
means a compensatory award granted under the Plan, pursuant to which a Participant acquires, or has the right or opportunity to acquire, Partnership Interests, and includes Bonus Awards, Discount Purchase Awards, and Purchase Awards. 

2.3 “Award Agreement” means a written document prescribed by the Committee and provided to a Participant evidencing the grant
of an Award. 
 2.4 “Beneficiary” means the person(s) or trust(s) entitled by will or the laws of descent and distribution
to receive any rights or benefits with respect to an Award that survive a Participant’s death; provided, however, that, if at the time of the Participant’s death, the Participant had on file with the Committee a written
designation of a person(s) or trust(s) to receive such rights or benefits, then such person(s) (if still living at the time of the Participant’s death) or trust(s) shall be the “Beneficiary” for purposes of the Award. 

2.5 “Board” means the Board of Directors of Newmark. 

2.6 “Bonus Award” means any Award for which the Participant pays no consideration (other than the performance of services).

 2.7 “Code” means the Internal Revenue Code of 1986, as amended, including regulations thereunder and successor provisions
and regulations thereto. 
 2.8 “Committee” means the compensation committee of the Board; the Board, where the Board is
acting as the Committee pursuant to Section 3.1; and such senior executive(s) of Newmark as may be delegated any of the Committee’s powers and duties under the Plan pursuant to Section 3.3. 

 2.9 “Discount Purchase Award” means any Award that requires the Participant to
pay consideration (in cash, foregone cash compensation, Partnership Interests, other Awards, or other consideration (other than the performance of services)), the Fair Market Value of which is less than the Fair Market Value of the Partnership
Interests subject thereto as determined on the date of grant of the Award. 
 2.10 “Fair Market Value” means, with respect
to Partnership Interests, other Awards, or other consideration (other than the performance of services), the fair market value determined by the Committee using a reasonable valuation method consistent with applicable provisions of the Code,
applicable accounting principles, and other applicable law and regulation. 
 2.11 “Newmark” means Newmark Group, Inc., a
Delaware corporation, and any successor thereto, as the sole member of the general partner of the Partnership. 
 2.12 “Newmark
LTIP” means the Newmark Group, Inc. Long Term Incentive Plan, as the same may from time to time be amended and/or restated. 
 2.13
“Participant” means any eligible person who has been granted an Award. 
 2.14 “Partnership” means Newmark
Holdings, L.P., a limited partnership organized under the laws of the State of Delaware, and any successor thereto as provided in Section 6. 

2.15 “Partnership Agreement” means the Amended and Restated Limited Partnership Agreement of the Partnership, Amended and
Restated as of December 13, 2017, as the same may from time to time be further amended and restated. 
 2.16 “Partnership
Interests” means limited partnership interests of the Partnership issued pursuant to the Partnership Agreement, and such other securities as may be substituted or resubstituted for Partnership Interests pursuant to Section 6. 

2.17 “Purchase Award” means any Award that requires the Participant to pay consideration (in cash, foregone cash consideration,
Partnership Interests, other Awards, or other consideration (other than the performance of services)), the Fair Market Value of which is equal to or greater than the Fair Market Value of the Partnership Interests subject thereto as determined on the
date of grant of the Award. 
  

	 	3.	Administration 

 3.1 The Committee. The Committee shall administer the Plan. To
the extent permitted by applicable law and regulation, the Board may perform any function of the Committee under the Plan. In addition, the Board, Newmark, and the general partner of the Partnership shall have the respective authority and
responsibility specifically reserved to them under the Plan, the Partnership Agreement, the Partnership’s general partner’s organic documents, Newmark’s Certificate of Incorporation and By-laws, and applicable law and regulation. 

  
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 3.2 Powers and Duties of the Committee. In addition to the powers and duties specified
elsewhere in the Plan, the Committee shall have the authority and responsibility to: 
 (a) adopt, amend, suspend, and
rescind such rules and regulations and appoint such agents as the Committee may deem necessary or advisable to administer the Plan; 

(b) correct any defect or supply any omission or reconcile any inconsistency in the Plan and to construe and interpret the Plan
and any rules and regulations, Award Agreement, or other instrument hereunder; 
 (c) make determinations relating to
eligibility for and entitlements in respect of Awards, and to make all factual findings related thereto; and 
 (d) make all
other decisions and determinations as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration of the Plan. 

All decisions and determinations of the Committee may be made in its sole and absolute discretion and shall be final and binding upon all Participants,
Beneficiaries, and other persons claiming any rights under the Plan, any Award, or any Award Agreement. 
 3.3 Delegation by the
Committee. To the extent permitted by applicable law and regulation, the Committee may delegate, on such terms and conditions as it determines, to one or more senior executives of Newmark (i) the power to grant Awards to Participants other
than officers of Newmark and (ii) other administrative duties under the Plan with respect thereto. Any such delegation may be revoked by the Committee at any time. 

3.4 Limitation of Liability. Each member of the Committee shall be entitled, in good faith, to rely or act upon any report or other
information furnished to him or her by any officer or other employee of Newmark or any of its Affiliates, Newmark’s independent registered public accounting firm, or any executive compensation consultant, legal counsel, or other professional
retained by Newmark to assist in the administration of the Plan. No member of the Committee, nor any officer or employee of Newmark acting on behalf of the Committee, shall be personally liable for any action, decision, or determination taken or
made in good faith with respect to the Plan, any Award, or any Award Agreement, and all members of the Committee and any officer or employee of Newmark or any of its Affiliates acting on behalf of the Committee shall, to the extent permitted by
applicable law and regulation, be fully indemnified and protected by Newmark and its Affiliates with respect to any such action, decision, or determination. 
  

	 	4.	Awards 

 4.1 Eligibility. The Committee shall select Participants from among
present and prospective officers, employees and consultants of and service providers to Newmark and its Affiliates. 

  
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 4.2 Types of Awards. The Committee shall determine the types of Awards to be granted under
the Plan, which shall include Bonus Awards, Discount Purchase Awards, and Purchase Awards. The Committee is authorized to grant Awards in lieu of obligations of Newmark or any of its Affiliates to pay cash or grant other awards under other plans or
compensatory arrangements, to the extent permitted by such other plans or arrangements. Partnership Interests issued pursuant to an Award that includes a purchase right shall be purchased for such consideration, paid for at such times, by such
methods, in such amounts, and in such forms, including cash, foregone cash consideration, Partnership Interests, other Awards, or other consideration (other than the performance of services), as the Committee shall determine. 

4.3 Terms and Conditions of Awards. The Committee shall determine all of the terms and conditions of each Award, including, but not
limited to, the number of Partnership Interests subject to the Award and any purchase price, any restrictions or conditions relating to transferability, forfeiture, exercisability, or settlement, and any schedule or performance conditions for the
lapse of such restrictions or conditions, and any accelerations or modifications thereof, based in each case upon such considerations as the Committee shall determine. The Committee shall determine whether, to what extent, and under what
circumstances an Award may be settled, or may be canceled, forfeited, or surrendered. The right of a Participant to receive, exercise, or settle an Award, and the timing thereof, may be subject to such performance conditions as may be specified by
the Committee. The Committee may use such business criteria and measures of performance as it may deem appropriate in establishing performance conditions, and may reduce or increase the amounts payable under any Award subject to performance
conditions. 
 4.4 Stand-Alone, Additional, Tandem, and Substitute Awards. Awards may be granted either alone or in addition to, in
tandem with, or in substitution or exchange for any other Award or any award granted under another plan of Newmark or any of its Affiliates, or any business entity to be acquired by Newmark or any of its Affiliates, or any other right of a
Participant to receive payment from Newmark or any of its Affiliates. In granting a new Award that includes a purchase right, the Committee may determine that the Fair Market Value of any surrendered Award or other award may be applied, at either
the time of grant or exercise, to reduce or pay the purchase price of the new Award. 
 4.5 Awards Involving Exchangeable Partnership
Interests. If and to the extent that any Partnership Interest subject to an Award is exchangeable for or otherwise represents a right to acquire shares of Class A Common Stock of Newmark, such shares shall be issued by Newmark pursuant to
an Other Stock-Based Award granted under Section 6(h) of the Newmark LTIP, subject to all of the terms and provisions of such Newmark LTIP, and such right shall be subject to adjustment as provided in Section 8.06 of the Partnership
Agreement and Section 4(c) of the Newmark LTIP. 
  

	 	5.	Limitations on Awards 

 The maximum aggregate number of Partnership Interests that may be
issued pursuant to all Awards granted under the Plan shall be determined from time to time by the Board; provided, however, that an Award that, in accordance with Section 4.5, involves a

  
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Partnership Interest which is exchangeable for or otherwise represents a right to acquire shares of Class A Common Stock of Newmark may only be granted if and to the extent that such shares
are available for issuance pursuant to an Other Stock-Based Award under the terms and provisions of the Newmark LTIP, including, but not limited to, Sections 4 and 8 thereof. Any Partnership Interests subject to an Award that is cancelled or
forfeited, lapses, or is otherwise terminated without the issuance of such Partnership Interests shall no longer be counted against any maximum aggregate limitation established from time to time by the Board and may again be made subject to Awards.

  

	 	6.	Adjustments 

 In the event of any change in the terms, number, or value of outstanding
Partnership Interests by reason of any dividend, split or reverse split, any reorganization, recapitalization, merger, amalgamation, consolidation, spin-off, combination or exchange, any repurchase, liquidation or dissolution, any large, special and
non-recurring distribution, or any other similar extraordinary transaction, the Committee shall make such adjustment as it deems to be equitable in order to preserve, without enlarging, the rights of Participants, as to (i) the number and kind
of Partnership Interests which may be issued under the Plan, (ii) the number and kind of Partnership Interests related to then-outstanding Awards, and (iii) the purchase price relating to any Award. In addition, the Committee is authorized
to make adjustments in the terms and conditions of, and the criteria included in then-outstanding Awards (including, but not limited to, cancellation of Awards in exchange for the intrinsic value, if any, of the vested portion thereof, substitution
of Awards using securities or other obligations of a successor entity, acceleration of the exercise or expiration date of Awards, or adjustment to performance goals in respect of Awards) in recognition of unusual or nonrecurring events (including,
but not limited to, events described in the preceding sentence, as well as acquisitions and dispositions of businesses and assets) affecting the Partnership, any of its Affiliates, or any of their respective business units, or the financial
statements of the Partnership, but not limited to any of its Affiliates, or any of their respective business units, or in response to changes in applicable accounting principles or other law or regulation. Notwithstanding the foregoing, if any such
event will result in the acquisition of all or substantially all of the Partnership’s outstanding Partnership Interests or assets, then, if the document governing such acquisition (e.g., merger agreement) specifies the treatment of outstanding
Awards under this Section 6, such treatment shall govern without the need for any action by the Committee. 
  

	 	7.	General Provisions 

 7.1 Compliance with Applicable Law, Regulation, and Other
Obligations. The Partnership shall not be obligated to issue Partnership Interests in connection with any Award or take any other action under the Plan or the Partnership Agreement, including, but not limited to, permitting the exchange or other
exercise of a right to acquire shares of Class A Common Stock of Newmark pursuant to a Partnership Interest that is or was subject to an Award in accordance with Section 4.5, in a transaction subject to the registration or other
requirements of any applicable securities law or any other law, regulation, or other obligation of the Partnership, until the Partnership is satisfied that such laws, regulations, and other obligations have been complied with in full. 

  
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 7.2 Limitations on Transferability. Awards and other rights or benefits under the Plan
shall not be transferable by a Participant except to a Beneficiary in the event of the Participant’s death (to the extent any such Award, by its terms, survives the Participant’s death), and, if exercisable, shall be exercisable during the
lifetime of a Participant only by such Participant or his guardian or legal representative; provided, however, that such Awards and other rights or benefits may be transferred during the lifetime of the Participant, for purposes of the
Participant’s estate planning or other purposes consistent with the purposes of the Plan (as determined by the Committee), and may be exercised by such transferees in accordance with the terms of such Award, in each case only if and to the
extent permitted by the Committee. Awards and other rights or benefits under the Plan may not be pledged, mortgaged, hypothecated, or otherwise encumbered, and shall not be subject to the claims of creditors. A Beneficiary, transferee, or other
person claiming any rights or benefits under the Plan, any Award, or any Award Agreement shall be subject to all of the terms and conditions of the Plan and any Award Agreement applicable to the relevant Participant and Award, except as otherwise
determined by the Committee, and to any additional terms and conditions deemed necessary or advisable by the Committee, whether imposed at or subsequent to the grant or transfer of the Award. 

7.3 No Right to Continued Employment or Service; Leaves of Absence; Sales of Affiliates. None of the Plan, the grant of any Award, or
any other action taken hereunder shall be construed as giving any employee, officer, consultant, service provider or other person the right to be retained in the employ or service of Newmark or any of its Affiliates (for the vesting period or any
other period of time), nor shall it interfere in any way with the right of Newmark or any of its Affiliates to terminate any person’s employment or service at any time. Unless otherwise specified in the applicable Award Agreement or determined
by the Committee at the time of the event, (i) an approved leave of absence shall not be considered a termination of employment or service for purposes of an Award, and (ii) any Participant who is employed by or provides services to an
Affiliate shall be considered to have terminated employment or service for purposes of an Award if such Affiliate is sold or no longer qualifies as an Affiliate, unless such Participant remains employed by or continues to provide services to Newmark
or another of its Affiliates. 
 7.4 Taxes. Newmark and any of its Affiliates are authorized to withhold from any Partnership
Interests issued under the Plan, any distribution or other payment relating to a Partnership Interest, or any payroll or other payment to a Participant, amounts of withholding and other taxes due or potentially payable in connection with any
transaction involving an Award, and to take such other action as the Committee may deem necessary or advisable to enable Newmark, its Affiliates, and Participants to satisfy their obligations for the payment of withholding taxes and other tax
obligations relating to any Award. This authority shall include authority to withhold or repurchase Partnership Interests or other payments and to make cash payments to applicable taxing authorities in respect thereof in satisfaction of withholding
tax obligations. 
 7.5 Changes to the Plan and Awards. The Board may amend, suspend, discontinue, or terminate the Plan or the
Committee’s authority to grant Awards without the consent of Participants; provided, however, that, without the consent of an affected Participant, no such action may materially impair the rights of such Participant under any
then-outstanding Award. The Committee may amend, suspend, discontinue, or terminate any then-outstanding 

  
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Award and any Award Agreement relating thereto; provided, however, that, without the consent of an affected Participant, no such action may materially impair the rights of such Participant under
such Award. Any action with respect to a then-outstanding Award taken by the Committee pursuant to a specific authorization set forth in another Section of the Plan shall not be treated as an action described in this Section 7.5. 

7.6 No Right to Awards; No Partner Rights. No Participant or other person shall have any claim to be granted any Award, and there is no
obligation for uniformity of treatment among Participants, officers, employees, consultants and service providers. No Award shall confer upon any Participant any of the rights of a partner of the Partnership unless and until Partnership Interests
are duly issued to the Participant in accordance with the terms of the Award. 
 7.7 Unfunded Status of Awards; Creation of Trusts.
The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any Partnership Interests not yet issued to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall
give any such Participant any rights that are greater than those of a general creditor of the Partnership; provided, however, that the Committee may authorize the creation of trusts or make other arrangements to meet the
Partnership’s obligations under the Plan to issue Partnership Interests pursuant to any Award, which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines.

 7.8 Nonexclusivity of the Plan. The adoption of the Plan shall not be construed as creating any limitations on the power of the
Board, Newmark, or any of its Affiliates, including, but not limited to, the Partnership, to adopt such other compensatory or other arrangements as it may deem necessary or desirable, including the granting of awards otherwise than under the Plan,
and such arrangements may be either applicable generally or only in specific cases. 
 7.9 Governing Law and Regulation. The Plan and
all Award Agreements shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other
jurisdiction), and applicable federal and other law and regulation. 
 7.10 Severability of Provisions. If any provision of the Plan
or of any Award Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof or thereof, and the Plan and the Award Agreement shall be construed and enforced as if such provisions
had not been included. 
 7.11 Termination of Authority To Grant Awards. Unless earlier terminated by the Board, the Committee’s
authority to grant Awards shall terminate on the day before the tenth anniversary of the effective date of the Partnership’s adoption of the Plan. Upon any such termination of the Plan, no new grants of Awards may be made, but then-outstanding
Awards shall remain outstanding in accordance with their terms, and the Committee otherwise shall retain its full powers and duties under the Plan with respect to such Awards. 

  
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