Document:

Exclusive License Agreement

 Exhibit 10.1 
 DRUG “X” EXCLUSIVE LICENSE AGREEMENT 
 THIS DRUG “X”
EXCLUSIVE LICENSE AGREEMENT (this “Agreement”) is made and entered into as of June 2, 2011 (the “Effective Date”), by and between the Licensee of Patent (as such term is defined herein), SCOLR Pharma Inc.,
a Delaware corporation and Licensee of a Patent family from Temple University (“SCOLR”), and Syntrix Biosystems, Inc., a Delaware corporation (“Syntrix”). SCOLR and Syntrix each may be referred to herein
individually as a “Party,” or collectively as the “Parties”. 
 WHEREAS, SCOLR is the successor in
interest to that certain license agreement between Temple and Nutraceutix, Inc. dated September 6, 2000, and its amendments and modifications (collectively the “Master License”), and pursuant to the Master License is the sole and
exclusive Licensee of the Patent family (Annex A) with rights to sublicense and owner of other intellectual property relating to a certain Product (as such term is defined herein); 

WHEREAS, SCOLR and Syntrix are parties to that certain bilateral confidential disclosure agreement (“Bilateral CDA”)
dated November 1, 2010; 
 WHEREAS, SCOLR and Syntrix are parties to that certain development services agreement
(“Development Agreement”) dated November 12, 2010; 
 WHEREAS, Syntrix has paid SCOLR a non-refundable,
non-recoupable fee in the amount of $18,000 in consideration (“Consideration”) as of the Effective Date; 

WHEREAS, SCOLR wishes to license to Syntrix all SCOLR’s rights in and to the Product Drug X, including all patent rights and
other intellectual property relating thereto, and Syntrix wishes to receive such license from SCOLR on the terms set forth below; and, 
 WHEREAS, the license to be granted shall be granted on an exclusive basis in the Territory, all as more fully set out below. 

NOW THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth in this Agreement, the Consideration
given, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. DEFINITIONS 
 1.1 “Affiliate” of a Party means any other
entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such first Party. For purposes of this definition only, “control” and, with correlative meanings, the
terms “controlled by” and “under common control with” will mean the possession, directly or indirectly, of the power to direct the management or policies of an entity, whether through the ownership of fifty percent or more of the
voting securities of the other organization or entity or by contract relating to voting rights or corporate governance. 

  
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Two Way Exclusive License Agreement 

 1.2 “Combination Product” shall mean a product which
comprises (a) a Product and (b) at least one other active ingredient or medical device, which, if administered or used independently of the Product, would have a clinical, diagnostic or therapeutic effect. 

1.3 “First Commercial Sale” shall mean the first commercial sale of a Product, in exchange for cash or some equivalent
to which value can be assigned, after regulatory approval has been granted by a Regulatory Authority, other than the use of the Product for testing purposes and/or a sale for experimental, promotional, compassionate named patient or test market
purposes. For the avoidance of any doubt, First Commercial Sale can only occur once worldwide, regardless of the jurisdiction in which it took place. 
 1.4 “Licensed Know-How” means all information listed in Annex B of this Agreement. 
 1.5 “Net Sales” means the amounts (cash or equivalent to which value can be assigned) actually received by Syntrix or its Affiliates or its Sublicensees in respect of the sale of a
Product by Syntrix or its Affiliates or its Sublicensees (including as part of a Combination Product), less, and following recovery of, the following items (collectively, the “Recognized Deductions”) as considered under Generally
Accepted Accounting Principles (GAAP): 
  

	 	(i)	allowances or credits granted to and taken by customers (including wholesalers) for rejections, returns (including as a result of recalls), and prompt payment and
trade, cash and volume discounts or resulting from inventory management; 

  

	 	(ii)	amounts incurred resulting from government mandated rebate programs (or any agency thereof); 

 

	 	(iii)	rebates, charge backs and discounts paid or credited; and 

 Syntrix shall provide SCOLR an accounting of all such deductions with each report delivered under Article 5. 
 Notwithstanding the foregoing, for the purposes of this definition, the transfer of a Product by Syntrix or one of its Affiliates to another Affiliate of Syntrix or to a sublicensee for resale is not a
sale and in such cases, Net Sales will be determined based on the amount received by Syntrix or such Affiliate in respect of the Product or “Combination Product” (subject to the adjustments set forth below) as sold by the Affiliate or
sublicensee to independent third-parties, less the Recognized Deductions. 
 For Net Sales of a Product sold or supplied as a
“Combination Product”, the Net Sales of such a Combination Product will be determined by multiplying the Net Sales of such Combination Product by the fraction of A/(A+B), where A is the average unit selling price during the period in
respect of which Net Sales are being calculated of the Product sold separately and B is the total average unit selling price during the period in respect of which Net Sales are being calculated of the other product or device included in the
Combination Product, when sold separately. If neither the Product nor the other product or device included in the Combination Product are sold separately during the period in respect of which Net Sales are being calculated, then the Parties shall in
good faith negotiate the value of the other product or device included in the Combination Product that are to be deducted from the Net Sales of the Combination Product in determining the Net Sales of the Product contained in the Combination Product.
If the Parties are unable to agree as to the proportion of such Combination Product to be attributed to the Product, the Parties shall use 50% and Syntrix shall pay SCOLR accordingly. 

  
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Two Way Exclusive License Agreement 

 1.6 “Patents” shall mean the Patent family listed in Annex A to this
Agreement, as well as (a) any substitutions, divisions, continuations, continuations-in-part (but only to the extent that they cover the same invention claimed in the foregoing), reissues, renewals, registrations, confirmations,
re-examinations, extensions, supplementary protection certificates and the like, and any provisional applications, of any such patents or patent applications, and (b) any foreign or international equivalent of any of the foregoing. 

1.7 “Product” shall mean all extended release and all other tablet formulations containing Active
Ingredient X (i.e., “Drug X”), the identity of which is provided in confidential Annex C, and that infringe one or more valid claims of the Patents. Notwithstanding the foregoing, and for the sake of clarity, Product does not
include (1) any dietary supplement (as defined in the 1994 Dietary Supplement and Health Education Act (“Supplement”), or (2) any drug that can, as of the Effective Date hereof, be purchased by the general public in the United
States without prescription (“OTC Drug”). If any item that is classified on the Effective Date of this Agreement as a Supplement or OTC Drug is subsequently reclassified otherwise, such item nevertheless remains a Supplement or an OTC Drug
for all purposes under this Agreement. 
 1.8 “Regulatory Approval” means approval by the US FDA of an
NDA (New Drug Application), or the equivalent application for marketing approval, and satisfaction of any related applicable FDA registration and notification requirements (if any). 

1.9 “Regulatory Authority” means any applicable government entity regulating or otherwise exercising authority with
respect to the development and commercialization of a Product. 
 1.10 “Regulatory Documentation” means
all applications, registrations, licenses, authorizations and approvals (including all Regulatory Approvals), all correspondence submitted to or received from Regulatory Authorities (including minutes and official contact reports relating to any
communications with any Regulatory Authority), all supporting documents and all clinical studies and tests, including the manufacturing batch records for Products, relating to a Product, and all data contained in any of the foregoing, including all
regulatory drug lists, advertising and promotion documents, adverse event files and complaint files. 
 1.11
“Royalty Term” shall mean the period commencing on the date of the First Commercial Sale and ending on the earlier of (i) July 19, 2017, and (iii) Syntrix’s aggregate payment of the maximum cap
amount of US $20 million. 
 1.12 “Sublicense” means a sublicense from Syntrix to a third party under the
License granted pursuant to this Agreement and the term “Sublicensee” shall be construed accordingly. Any Sublicense may include the right to grant further Sublicenses. All Sublicenses shall include provisions for the benefit of
SCOLR corresponding to those contained herein, mutatis mutandis. A breach of the terms of a Sublicense, to the extent that same would constitute a breach of the terms hereof by Syntrix, shall be considered a breach of Syntrix’s
obligations under this Agreement. Syntrix shall, upon request, provide SCOLR with redacted copies of each Sublicense granted under this Agreement, subject to SCOLR undertaking to maintain same in confidence in accordance with the terms hereof.

 1.13 “Sublicense Sales Royalties” means sales royalties actually received by Syntrix from third party
distributors and/or Sublicensees in respect to the sublicense of the Patents and of sales of the Product effected by such distributors and/or Sublicensees (and/or any further Sublicensees thereof) and shall be considered as sales as of the quarter
when Syntrix receives the Sublicense Sales Royalties. 
 1.14 “Territory” shall mean worldwide. 

  
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Two Way Exclusive License Agreement 

 LICENSE GRANT 
 2.1 Scope of License. SCOLR hereby grants to Syntrix an exclusive (including as to SCOLR itself), perpetual (subject to the rights of termination set forth herein) royalty bearing, assignable
license in the Territory under the Patents and the Licensed Know-How for the sole purpose of developing, manufacturing, commercializing, making, having made, using, selling, offering for sale and importing Products (the “License”).
Nothing in this Agreement shall limit SCOLR’s right to make use of the Licensed Know-How for purposes other than the Product or products competing with the Product. 
 2.2 Sublicenses. The License granted to Syntrix is Sublicensable (and further Sublicensable) in whole or in part, to third parties (including Syntrix’s Affiliates) in arms length transactions.
Such third parties shall be called “Sublicensees” herein. For the avoidance of doubt, Syntrix, its Affiliates and Sublicensees shall be entitled to conduct or to perform any activity in respect of the Products by means of any third party
sub-contractor, and such conduct shall not be considered to be a grant of a Sublicense hereunder. 
 2.3 Registration.
SCOLR agrees that Syntrix shall have the right, on its own account and at its own expense, to register as the exclusive licensee of the rights in and to the Patents and the Licensed Know How as needed to develop, manufacture, commercialize, make,
have made, use, sell, offer for sale and import Products. SCOLR shall, execute all documentation reasonably requested by Syntrix and otherwise cooperate with Syntrix in order to ensure such registration. 

2.4 Limitations on Other Licenses. During the term of this Agreement, SCOLR shall not, without Syntrix’s, its Affiliates and
Sublicensees prior written consent, grant any rights or licenses to any Patents or Licensed Know-How, or transfer any data or know-how to any third party that conflict with the rights granted to Syntrix, its Affiliates and Sublicensees under this
Agreement. 
 2.5 Marking. Syntrix will mark, and require all Sublicensees to mark, all Products sold or otherwise
disposed of under the license granted in Section 2.1 with the word “Patent” or “Patents” and the number or numbers of the Patents applicable thereto. This section 2.5 shall immediately expire immediately upon expiration of
the Patent. 
 3. DATA AND PRODUCT TRANSFER 
 3.1 Know-How. Within thirty (30) days following the Effective Date, unless it has already done so, SCOLR will provide Syntrix with access to the Licensed Know-How and all information relating
thereto and to the Patents, and copies of external service and other contracts and documentation and correspondence relating to the manufacture of Product, all as reasonably required for Syntrix to exercise the rights granted by this Agreement.
Following the Effective Date, SCOLR will provide Syntrix with reasonable assistance in replying to inquiries by Syntrix in respect of the information and data provided and exercise of the License. 

3.2 Assistance. SCOLR agrees to assist Syntrix or Sublicensees in a technical transfer of Know-How to a contract manufacturing
organization chosen by Syntrix. In consideration for technical transfer activities that require travel, SCOLR will be compensated according to a rate and travel expenses budget to be pre-approved (in writing) by Syntrix. 

  
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 4. DILIGENCE 
 No Warranty. For the avoidance of doubt, nothing contained in this Agreement shall be construed as a warranty by Syntrix that any development or any commercialization to be carried out by it in
connection with this Agreement will actually achieve its aims or any other results and Syntrix makes no warranties whatsoever as to any results to be achieved in consequence of the carrying out of any such development. Furthermore, Syntrix makes no
representation to the effect that the commercialization of the Products, or any part thereof, will succeed, or that it or its Sublicensees shall be able to sell the Products in any quantity. 
 5. REPORTS 
 5.1 Until the end of the Royalty Term, Syntrix agrees as
follows: 
 5.1.1 Development Reports. Upon Notice by SCOLR, such Notice not to be provided more frequently than every 12
months, Syntrix shall inform SCOLR with respect to activities and progress regarding the development, commercialization, sublicensing, and government approvals of Product(s). 
 5.1.2 First Commercial Sale Report. To report to SCOLR the date of the First Commercial Sale, together with the name of the country in which such First Commercial Sale occurred. 

5.1.3 Royalty Reports. With respect to each Royalty payment pursuant to Section 6.3 below, following the First Commercial
Sale to deliver to SCOLR reports including the following with respect to the period covered by the Royalty payment on a calendar quarterly basis within thirty (30) days following the end of each March, June, September, and December. 

5.1.3.1 The amount of Net Sales received by Syntrix or its Affiliates from Products, and the amount of Sublicense Sales Royalties
received by Syntrix, including the Recognized Deductions applicable in computing Net Sales and the deductions applicable in computing Sublicense Sales Royalties, and the total Royalties due to SCOLR based on Net Sales and Sublicense Sales Royalties.

 5.1.3.2 Name and address of all Sublicensees. 
 5.2 Any and all information, data or reports supplied by Syntrix pursuant to the provisions of this Article 5 shall be treated as Syntrix’s Confidential Information. 

5.3 If this Agreement is terminated for any reason during the Royalty Term, Syntrix shall deliver a final report and associated Royalty
payment to SCOLR within sixty (60) days after such termination or sell-off period, as applicable. Except as provided above, following termination, Syntrix shall have no further reporting obligations under this Article 5. 

6. FINANCIAL PROVISIONS 

6.1 Royalty Payments. Unless Section 14.3.2 herein is invoked, until the expiry of the Royalty Term, Syntrix will pay SCOLR a
royalty of ***% of Net Sales and ***% of Sublicense Sales Royalties actually received by Syntrix. (“Royalties”). 
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
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Two Way Exclusive License Agreement 

 6.2 Due Dates for Payment. All payments due pursuant to the provisions of
Section 6.1 above shall be due and payable to SCOLR within thirty (30) days after the close of each calendar quarter, delivered with the Royalty Reports. Should Syntrix fail to effect payment of the payment as aforesaid within sixty
(60) days following the due date, and following a subsequent ninety (90) day cure period, SCOLR shall be entitled to terminate the License pursuant to Section 14.2. 

6.5 Payment Method. All amounts due to SCOLR under this Agreement will be paid in U.S. dollars, by wire transfer in immediately
available funds to an account designated in writing by SCOLR. Any payment not delivered on time shall accrue interest from the date due until paid in full at the rate of the lower of 1.0% per month or the highest rate allowed under applicable
laws. 
 6.6 Maximum Cap Amount. The total aggregated payments made by Syntrix pursuant to this Agreement shall not
exceed a maximum cap amount of US $20 million (the “Cap Amount”). Once Syntrix pays SCOLR the Cap Amount, it shall have no further obligation to pay in respect to the rights granted under this Agreement. 

6.7 Currency; Foreign Payments. If any currency conversion will be required in connection with the calculation of any payment
hereunder, such conversion will be made by using the exchange rate for the purchase of U.S. dollars as published in The Wall Street Journal, Eastern Edition, on the date of the payment. If at any time legal restrictions prevent the prompt
remittance of any payments in any jurisdiction, Syntrix may notify SCOLR and, at SCOLR’s option, make such payments by depositing the amount thereof in local currency in a bank account or other depository in such country in the name of SCOLR or
its designee, and Syntrix will have no further obligations under this Agreement with respect to such payment. 
 6.8
Taxes. Syntrix shall pay all taxes required to be paid by applicable law for or due on account of any taxes or similar governmental charge imposed by any jurisdiction based on such payments to SCOLR without deduction of any kind from the
Royalties due under this Agreement. Syntrix will provide SCOLR a certificate evidencing payment of any Withholding Taxes. 
 6.9
Continuing Right. Following the expiration of the Royalty Term, Syntrix shall be entitled to continue to exploit the License in the Territory with respect to the Product(s) without having to pay any further Royalties in respect of the
exercise of the rights granted under the License. 
 7. RECORDS RETENTION AND AUDIT 

7.1 Record Retention. Until the expiry of the Royalty Term, Syntrix will maintain (and will ensure that its Affiliates maintain)
complete and accurate books, records and accounts that fairly reflect Net Sales and Sublicense Sales Royalties, in sufficient detail to confirm the accuracy of any payments required hereunder, which books, records and accounts will be retained for
two (2) years after the end of the Royalty Term. 
 7.2 Audit. SCOLR will have the right, at its own cost, to have
an independent certified public accounting firm of nationally recognized standing, reasonably acceptable to Syntrix and who agrees to be bound by a customary undertaking of confidentiality, have access during normal business hours, and upon
reasonable prior written notice, to Syntrix’s records as may be reasonably necessary to verify Syntrix’s compliance with the terms of this Agreement, including 

  
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without limitation the accuracy of Net Sales and Sublicense Sales Royalties, as applicable, for any period ending not more than 36 months prior to the date of such request; provided,
however, that SCOLR will not have the right to conduct more than one such audit in any calendar year or more than one such audit covering any given time period. Any such audit shall be made during Syntrix’s normal business hours and shall
not unreasonably interfere with the business of Syntrix and shall be completed within a reasonable time. Without derogating from the forgoing, SCOLR’s audit rights shall be conducted no later than 2 years following the Royalty Term. In the
event that the audit reveals a shortfall of more than 10% in the amount of Royalties paid to SCOLR, the audit costs and all related travel costs up to a maximum cap of US $50,000 will be paid to SCOLR by Syntrix within thirty (30) days of
billing. 
 7.3 Payment of Additional Amounts. If, based on the results of such audit, additional payments are owed by
Syntrix under this Agreement, Syntrix shall, within 30 days after the completion of the audit, either (a) pay such amounts, plus interest at the rate of 2% per annum (i.e. ‘Interest’ for the purpose of this
Section 7.3 only) from the date originally due or (b) at its own cost and option, conduct an additional (second) audit using an independent certified public accounting firm of nationally recognized standing to verify SCOLR’s audit
results. Upon completion of the second audit, Syntrix shall provide SCOLR a copy of the auditors written audit report and pay SCOLR the amount of any additional payments found due under the second audit plus interest from the date such payments were
originally due; pay SCOLR the amount of any additional payments found due under the second audit plus interest from the date such payments were originally due. If SCOLR disagrees with the results of the second audit, the Parties shall, within 45
days after the completion of the second audit, conduct a third and final audit the result of which shall be applied by the Parties. The Parties shall equally share the costs of the third audit to be conducted, unless the third audit substantially
confirms the results of either party’s individual audit in which case the cost of such audit shall be paid by the other party hereto up to a maximum cap of US $50,000. 
 7.4 Confidentiality. SCOLR will treat all information subject to review under this Article 7 in accordance with the confidentiality provisions of Article 11 below. 

8. REPRESENTATIONS AND WARRANTIES 
 8.1 By Each Party. Each Party hereby represents, warrants and covenants to the other Party as of the Effective Date as follows: 

8.1.1 Corporate Authority. Such Party (a) has the power and authority and the legal right to enter into this Agreement and
perform its obligations hereunder, and (b) has taken all necessary action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder. This Agreement has been duly executed and
delivered on behalf of such Party and constitutes a legal, valid and binding obligation of such Party and is enforceable against it in accordance with its terms subject to the effects of bankruptcy, insolvency or other laws of general application
affecting the enforcement of creditor rights and judicial principles affecting the availability of specific performance and general principles of equity, whether enforceability is considered a proceeding at law or equity. 

8.1.2 Consents, Approvals, etc. Such Party has obtained all necessary consents, approvals and authorizations of all governmental
authorities and other parties required to be obtained by such Party in connection with the execution and delivery of this Agreement and the performance of its obligations hereunder have been obtained. 

  
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 8.1.3 Conflicts. The execution and delivery of this Agreement and the performance of
such Party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable law or any provision of the articles of incorporation, bylaws or any similar instrument of such Party, as applicable, in any material way,
and (b) do not conflict with, violate, or breach or constitute a default or require any consent not already obtained under, any contractual obligation or court or administrative order by which such Party is bound. 

8.2 By SCOLR. SCOLR hereby further represents, warrants, and covenants to Syntrix as of the Effective Date as follows: 

8.2.1 IP Ownership. SCOLR has the sole legal and/or beneficial right to license the Patents (and represents and warrants that the
Licensed Know-How has not been misappropriated and is, to SCOLR’s knowledge, non-infringing) as is necessary to fulfill its obligations under this Agreement and to grant the License to Syntrix pursuant to this Agreement, and the Patents and the
Licensed Know-How are free and clear of any liens, encumbrances or third party rights (including without limitation, the right to receive royalties or other compensation). 
 8.2.2 No Conflicting Grants. SCOLR has not and during the term of this Agreement, and, provided that this Agreement expires due to the expiration of the Royalty Term, thereafter, shall not grant
any rights to the Patents or the Licensed Know-How that conflict with the rights granted to Syntrix hereunder. 
 8.2.3 Third
Party Actions. To SCOLR’s knowledge, (a) the exercise by Syntrix of the License granted under the Patents and the Licensed Know-How to make, have made, use, sell, commercialize, offer for sale, and import the Products will not
by itself infringe upon the patent or other intellectual property rights of any third party, and (b) no actions, suits, claims, disputes, or proceedings concerning the Patents or the Licensed Know-How currently pending or have been threatened,
that could have an adverse effect on the Product or could impair SCOLR’s ability to perform its obligations under this Agreement. Furthermore, there are no legal suits or proceedings by a third party against SCOLR (including without limitation
employees or former employees of SCOLR) contesting the ownership or validity of the Patents, the Licensed Know-How or the Product or any part thereof.  
 8.2.4 Limitation and Indemnification. SCOLR has no liability in respect of the manufacture, sale or use of the Product and Syntrix shall indemnify, defend, and hold SCOLR harmless from any and all
liability, losses, damages, suits, attorneys’ fees and costs, investigations, claims, and or demands by a third party to the extent arising from the manufacture, sale or use of the Product and any Combination Product. 

8.2.5 Disclaimer of Warranties. THE WARRANTIES GIVEN BY SCOLR IN THIS SECTION 8.2 ARE EXCLUSIVE AND IN LIEU OF ALL OTHER
WARRANTIES. EXCEPT FOR SUCH EXPRESS WARRANTIES, SCOLR MAKES NO OTHER WARRANTIES OF ANY KIND AND HEREBY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE OR NONINFRINGEMENT, OR WARRANTIES ARISING FROM COURSE OF DEALING OR USE OF TRADE. 

  
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 9. LIMITATION OF LIABILITY. 

Except in the case of a willful or fraudulent misrepresentation under Article 8, and except in the case of indemnification for payments to
third parties under Article 13, in no event shall either Party be liable to the other or any of its Affiliates for any consequential, incidental, indirect, special, punitive or exemplary damages (including, without limitation, lost profits, business
or goodwill) suffered or incurred by such other Party or its Affiliates, whether based upon a claim or action of contract, warranty, negligence or tort, or otherwise, arising out of this Agreement. 

10. PATENTS 
 10.1
Patent Prosecution and Maintenance 
 Prosecution by SCOLR. SCOLR undertakes to continue to prosecute, including
re-examinations of the Patents, and maintain the Patents listed in Annex A. 
 10.2 Patent Enforcement 

10.2.1 Infringement Notice. If SCOLR or Syntrix determines that any claim to a Patent is being infringed by a third party’s
activities and includes Drug X, and that such infringement could affect the exercise of the License under this Agreement, it will promptly notify the other Party in writing. In addition, if SCOLR or Syntrix determines that any Licensed Know-How is
being misappropriated by a third party’s activities and that such misappropriation could affect the exercise of the License under this Agreement, it will promptly notify the other Party in writing 

10.2.2 Subject to the limitation in Section 10.3.3, Syntrix will have the sole, exclusive and first right, but not the obligation,
to enforce the licensed rights hereunder against such infringement and/or misappropriation and to control all litigation to enforce the licensed rights hereunder against such infringement and/or misappropriation, all as Syntrix shall deem
appropriate and in its sole discretion. Syntrix shall provide SCOLR with information regarding any such litigation in the same manner as required by SCOLR under Section 10.2.3 and shall, subject to recovery under Section 10.2.5, be solely
responsible for all costs and expenses of such litigation. In addition, Syntrix shall indemnify, defend and hold SCOLR harmless from all loss, claim or damage, including reasonable attorney’s fees and costs, awarded against SCOLR in connection
with such litigation, provided however, that SCOLR’s activities are directly a part of this Agreement. Syntrix agrees to inform SCOLR promptly if Syntrix decides not to take infringement or misappropriation action in order for SCOLR to assume
responsibility of infringement or misappropriation action to be taken as per SCOLR’s discretion. 
 In the event SCOLR
does, at its discretion, undertake any enforcement of infringement or misappropriation, SCOLR will provide Syntrix with copies of all relevant documentation. SCOLR shall be solely responsible for all costs and expenses of such litigation. In
addition, SCOLR shall indemnify, defend and hold Syntrix harmless from all loss, claim or damage, including reasonable attorney’s fees and costs, awarded against Syntrix in connection with such litigation, provided however, that Syntrix’s
activities are directly a part of this Agreement. 

  
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 10.2.3 Co-operation. The Parties will provide reasonable assistance to each other,
including providing access to relevant documents and other evidence, making its employees available at reasonable business hours, and joining the action to the extent necessary to allow the prosecuting Party to maintain the action. 

10.2.4 Recovery. Any amounts recovered in connection with or as a result of any action contemplated by Sections 10.2.2, whether by
settlement or judgment, will be used to reimburse the Parties for their reasonable costs and expenses in making such recovery (which amounts will be allocated pro rata if insufficient to cover the totality of such expenses), and any remainder
received by Syntrix in excess of the reasonable costs and expenses in making such recovery will be treated as Net Sales (without deduction of Recognized Deductions) and payments will be due in respect of same pursuant to this Agreement. Payments
made to SCOLR in compliance with this Section 10.2.4 shall be applied to the ‘total aggregated payments’ made by Syntrix pursuant to this Agreement for the purpose of determining whether the total aggregated payments exceed the Cap
Amount (see Maximum Cap Amount in Section 6.6). 
 10.3 Patent License 

10.3.1 Claim - Rights and Procedures. In the event that either SCOLR or Syntrix, or both of them, are sued by a third party
alleging that the commercialization of a Product infringes upon any intellectual property rights of such third party, the Party being so sued shall immediately give the other Party Notice of same and the Parties shall thereafter proceed as provided
in Article 13. 
 10.3.2 Neither Party shall, without the consent of the other Party, enter into any settlement or compromise or
consent to any judgment in respect of any claim related to rights licensed to Syntrix under this Agreement, unless such settlement, compromise or consent includes an unconditional release of the other Party from all liability arising out of the
claim and does not otherwise limit or impair the other Party’s rights. 
 11. CONFIDENTIALITY 

11.1 Disclosure and Use Restriction. 
 11.1.1 Disclosure of Identity of Active Ingredient X Restricted. The identity of Active Ingredient X or Drug X shall not be disclosed by SCOLR to the public, including in any financial disclosures
related to public SEC filings. Any public disclosures of this Agreement shall have Annex C redacted. 
 11.1.2 Disclosure and
Use of Confidential Information Restricted. Each Party will keep confidential and will not publish, submit for publication or otherwise disclose, and will not use for any purpose except for the purposes contemplated by this Agreement, any
Confidential Information (as such term is defined below) received from the other Party. 
 11.2 Confidential Information.
“Confidential Information” shall mean all information and know-how and any tangible embodiments thereof provided by or on behalf of one Party to the other Party either in connection with the discussions and negotiations pertaining
to this Agreement or in the course of performing this Agreement, which may include data; knowledge; practices; processes; ideas; chemical identity of an active ingredient, research plans; engineering designs and drawings; research data;
manufacturing processes and techniques; scientific, manufacturing, marketing and business plans; and financial and personnel matters relating to the disclosing Party or to its present or future products, sales, suppliers, customers,

  
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employees, investors or business. Notwithstanding the foregoing, information or know-how of a Party shall not be deemed Confidential Information of such Party for purposes of this Agreement if
such information or know-how: 
  

	 	(i)	was legally known by the receiving Party prior to disclosure, other than under an obligation of confidentiality or non-use, at the time of disclosure to such receiving
Party; 

  

	 	(ii)	was generally available or known to parties reasonably skilled in the field to which such information or know-how pertains, for example, the experience of a skilled
person, or was otherwise part of the public domain, at the time of its disclosure to such receiving Party; 

  

	 	(iii)	became generally available or known to parties reasonably skilled in the field to which such information or know-how pertains, or otherwise became part of the public
domain, after its disclosure to such receiving Party through no fault of the receiving Party; 

  

	 	(iv)	was legally disclosed to such receiving Party, other than under an obligation of confidentiality or non-use, by a third party who had no obligation to the disclosing
Party not to disclose such information or know-how to others; or 

  

	 	(v)	was independently discovered or developed by such receiving Party, as evidenced by their written records, without the use of or reference to Confidential Information
belonging to the disclosing Party and prior to any subsequent disclosure by the receiving Party. 

 11.3
Authorized Disclosure. Notwithstanding the provisions of Section 11.1 above, a Party shall be entitled to disclose the Confidential Information of the other Party hereto to the extent that such disclosure is: 

 

	 	(i)	made in response to a valid order of a court of competent jurisdiction; provided, however, that such Party will first (to the extent practicably possible) have
given notice to such other Party and given such other Party a reasonable opportunity to quash such order and to obtain a protective order requiring that the Confidential Information and documents that are the subject of such order be held in
confidence by such court or agency or, if disclosed, be used only for the purposes for which the order was issued; and provided further that if a disclosure order is not quashed or a protective order is not obtained, the Confidential
Information disclosed in response to such court or governmental order will be limited to that information which is legally required to be disclosed in response to such court or governmental order; 

 

	 	(ii)	otherwise required by law; provided, however, that the disclosing Party will provide such other Party with notice of such disclosure in advance thereof to the
extent practicably possible and to the extent permitted, will redact from such disclosure the other party’s Confidential Information or designate the same as trade secret; 

 

	 	(iii)	made by such Party to the Regulatory Authorities as required for the development or commercialization of a therapeutic or diagnostic product, including the
Product, in a country, as required in connection with any filing, application or request for Regulatory Approval or as required by applicable securities laws and regulations, subject to the limitations in Section 11.3(ii);

  

	 	(iv)	made by such Party, in connection with the performance of this Agreement, to Sublicensees, Affiliates, directors, officers, employees, consultants, representatives or
agents, each of whom prior to disclosure must be bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Agreement; 

  
 11 

Two Way Exclusive License Agreement 

	 	(v)	made by such Party in the course of submitting financial accounts to relevant authorities as per local statutory requirements or to existing or potential acquirers;
existing or potential collaborators; investment bankers; existing or potential investors, merger candidates, partners, venture capital firms or other financial institutions or investors for purposes of obtaining financing; or, strategic potential
partners; each of whom prior to disclosure must be bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Agreement; 

 

	 	(vi)	made by such Party in the course of filing patent applications to protect the Product; or. 

 

	 	(vii)	made by SCOLR to the extent reasonably necessary to comply with financial audit requests, including but not limited to sales and royalty audits requested by Temple.

 12. PRESS RELEASES 
 Press releases or other similar public communication by either Party relating to the terms of this Agreement will be approved in advance by the other Party, which approval will not be unreasonably
withheld or delayed. 
 13. INDEMNIFICATION 
 13.1 Indemnification of SCOLR. Syntrix will defend and hold SCOLR and its directors, officers, employees and agents (“SCOLR Parties”) harmless, from and against any and all
liability, suits, investigations, claims or demands by a third party to the extent arising from or occurring as a result of or in connection with (a) the negligence or willful misconduct on the part of Syntrix in performing any activity
contemplated by this Agreement, (b) breach by Syntrix of any representations, warranties, or covenants set forth in this Agreement and/or (c) Product liability Syntrix shall not be obligated to pay any portion of any judgment that is
subject to indemnity by SCOLR as provided below. 
 13.2 Indemnification of Syntrix. SCOLR will defend and hold Syntrix,
its Affiliates, and their respective directors, officers, employees and agents (“Syntrix Parties”), harmless, from and against any and all liability, suits, investigations, claims or demands by a third party to the extent arising
from or occurring as a result of or in connection with a breach by SCOLR of any representations, warranties, or covenants set forth in this Agreement, except to the extent the liability or loss arises from or occurs as a result of or in connection
with (i) negligence or willful misconduct on the part of a Syntrix Party; (ii) breach by Syntrix of any representations, warranties, or covenants set forth in this Agreement. SCOLR shall further be responsible for and shall indemnify and
hold Syntrix harmless in respect of: 
 13.2.1 All royalties and other payments existing under an agreement signed by SCOLR or
any obligation undertaken by SCOLR, required to be paid to third parties in respect of the commercialization of the Products. 

13.2.2 All royalty and other payments required to be paid to other third parties in respect of the Product as a result of a claim by any
of SCOLR’s existing or former employees, consultants or shareholders, or any person named in SCOLR’s patents or patent applications, or any person claiming it should have been named as an inventor in such patent applications. 

  
 12 

Two Way Exclusive License Agreement 

 13.3 Limitations. The Parties acknowledge and agree that Sections 10.2, 10.3, 13.1,
13.2 and 13.3 state the Parties’ sole rights, remedies and obligations with respect to the claims described therein. 

13.4 Conditions to Indemnity. Each Party’s agreement to indemnify and hold the other harmless is conditioned upon the
indemnified Party (i) providing written notice to the indemnifying Party of any claim, demand or action arising out of the indemnified activities within thirty (30) days after the indemnified Party has knowledge of such claim, demand or
action, (ii) permitting the indemnifying Party to assume full responsibility to investigate, prepare for and defend against any such claim or demand, (iii) assisting the indemnifying Party, at the indemnifying Party’s reasonable
expense, in the investigation of, preparation of and defense of any such claim or demand; and (iv) the indemnifying Party not compromising or settling such claim or demand without the indemnified Party’s prior written consent, unless such
settlement includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified Party a complete release from all liability in respect of such claim or litigation; provided that, if the Party entitled to
indemnification fails to promptly notify the indemnifying Party pursuant to the foregoing clause (i), the indemnifying Party shall only be relieved of its indemnification obligation to the extent it is prejudiced by such failure and provided
further that the indemnified Party is not obligated to notify the indemnifying Party of claims, demands and/or actions made directly against the indemnifying Party only. Notwithstanding the foregoing, if in the reasonable judgment of the
indemnified party, such suit or claim involves an issue or matter which could have a materially adverse affect on the business, operations or assets of the indemnified party, the indemnified party may waive its rights to indemnity under this
Agreement and control the defense or settlement thereof, but in no event shall any such waiver be construed as a waiver of any indemnification rights such indemnified party may have at law or in equity. 

14. TERM AND TERMINATION 

14.1 Term. Unless earlier terminated in accordance with the provisions of this Article 14, the term of this Agreement (the
“Term”) commences upon the Effective Date and will continue until terminated in accordance with the terms hereof. 
 14.2 Termination. 
 14.2.1 Termination for Breach. Failure by a Party
to comply with any of its material obligations contained herein will entitle the Party not in default to give to the defaulting Party notice specifying the nature of the material breach, requiring the defaulting Party to make good or otherwise cure
such material breach, providing specific actions that the defaulting Party could take to cure such material breach, and stating its intention to invoke the provisions of Section 14.3 if such material breach is not cured. If such material breach
is not cured within 90 days after the receipt of such notice (or, if such material breach cannot be cured within such 90-day period, if the defaulting Party does not commence actions to cure such material breach within such period and thereafter
diligently continue such actions), the Party not in default will be entitled, without limiting any of its other rights conferred on it by this Agreement (except as expressly set forth herein), to terminate this Agreement by providing written notice
to the breaching Party. 

  
 13 

Two Way Exclusive License Agreement 

 14.2.2 Notwithstanding anything to the contrary herein, in the event of a breach of this
Agreement by SCOLR that results in actual monetary damages to Syntrix, and without derogating from any of Syntrix’s other rights at law, Syntrix shall have the right to continue all activities under the License granted herein and to continue
utilizing the Patents for the exploitation of the License, with the right to set-off, from any sums due to the SCOLR hereunder, amounts equivalent to any damage caused to Syntrix as a result of SCOLR’s breach hereunder. Without limitation to
Section 14.2.1, to exercise the right to set-off, Syntrix must (1) provide SCOLR notice of the alleged breach within three (3) days of the date on which the set-off begins to accrue; (2) provide SCOLR a monthly statement of all
claimed damages,;; and (3) submit the claim of breach for formal dispute resolution before a mediator or arbitrator (as agreed to by the Parties), or court within ten (10) days of the expiration of the cure period set forth in
Section 14.2.1. 
 Notwithstanding, it is clarified that SCOLR shall not be entitled to terminate this Agreement for any
reason whatsoever once the Royalty Term has expired. 
 14.2.3 Voluntary Termination. Syntrix shall be entitled, in its
sole discretion, to terminate this Agreement on sixty (60) days prior written notice to SCOLR, in which case the license granted under this Agreement shall immediately terminate and, except as permitted in Section 14.3.1, Syntrix will
immediately cease any and all sale, development and other activities regarding the Product that would otherwise infringe under law one or more valid claims of the Patents. 
 14.3 Consequences of Termination 
 14.3.1 License. If this Agreement
is terminated for any reason prior to the expiration of the Royalty Term, all rights granted to Syntrix under the License will terminate. Notwithstanding the preceding, if this Agreement is terminated by Syntrix for SCOLR’s breach under
Section 14.2.1 or as provided under Section 14.2.2, Syntrix shall have a period of 180 days after the date of termination to sell-off the then existing inventory of Product manufactured prior to the effective date of termination. At the
end of the sell-off period, Syntrix shall provide SCOLR with a Royalty Report for all such sales and pay any Royalty remaining due for such sales, subject to any set-off provided by Section 14.2.2. Upon termination of this Agreement all
sublicenses granted by Syntrix shall terminate. 
 14.3.2 Accrued Rights. Termination or expiration of this Agreement for
any reason will be without prejudice to any rights or financial compensation that will have accrued to the benefit of a Party prior to such termination or expiration or during any sell-off period. Such termination or expiration will not relieve a
Party from obligations that are expressly indicated to survive the termination or expiration of this Agreement. 
 14.3.3
Survival. Articles 7, 9, and 11 and Sections 5.1.3, 5.3, 6.1, 6.2, 6.9, 8.2.5, 10.2.2, 13.1-13.4, 14.3.4 and 15.3 of this Agreement will survive expiration or termination of this Agreement for any reason. 

14.3.4 License Survival. Upon expiration of the Royalty Term, the License shall survive throughout the world and no further
Royalties shall be due with respect thereto, provided that the Agreement has not been prior terminated by SCOLR. This Section 14.3.5 shall survive termination or expiration of this Agreement. 

  
 14 

Two Way Exclusive License Agreement 

 15. MISCELLANEOUS 
 15.1 Assignment. SCOLR shall not sell, transfer, assign, delegate, pledge or otherwise dispose of, whether voluntarily, involuntarily, by operation of law or otherwise, this Agreement or any of its
rights or duties hereunder without the prior written consent of Syntrix. With Notice, but without the prior written consent of SCOLR, Syntrix may sell, transfer, assign, delegate, pledge or otherwise dispose of, whether voluntarily, involuntarily,
by operation of law or otherwise, this Agreement or any of its rights or duties hereunder to any third party. Notice as it pertains to this Section 15.1 shall at a minimum contain the identity of the assignee, the assignee’s state and
country of incorporation, and information sufficient to accurately amend Section 15.4 herein. Syntrix may also assign or transfer this Agreement or any of its rights or obligations hereunder to any Affiliate, or to any third party successor in
interest with which it has merged or consolidated, or to which it has transferred all or substantial part of its assets or stock to which this Agreement relates. 
 15.2 Severability. Should any term or provision of this Agreement be or become invalid or unenforceable or should this Agreement contain an omission, the validity or enforceability of the remaining
terms or provisions shall not be affected. In such case, subject to the next following sentence, the Parties shall immediately commence to negotiate in good faith in order to replace the invalid or unenforceable term or provision by such other valid
or enforceable term or provision which comes as close as possible to the original intent and effect of the invalid or unenforceable term or provision, or respectively, to fill the omission by inserting such term or provision which the Parties would
have reasonably agreed to, if they had considered the omission at the date hereof. In the event that any term or provision as aforesaid is invalid, void or unenforceable by reason of its scope, duration or area of applicability or some similar
limitation as aforesaid, then the court making such determination shall have the power to reduce the scope, duration, area or applicability of the term or provision so that they shall be enforceable to the maximum scope, duration, area or
applicability permitted by applicable law which shall not exceed those specified in this Agreement or to replace such term or provision with a term or provision that comes closest to expressing the intention of the invalid or unenforceable term or
provision 
 15.3 Governing Law. This Agreement will be governed by and construed in accordance with the law of the State
of Washington, US, without reference to any rules of conflicts of laws and the courts of King County, Washington shall have exclusive jurisdiction of disputes regarding this Agreement and the Parties hereby submit to the jurisdiction of such courts.

 15.4 Notices. All notices or other communications that are required or permitted hereunder will be in writing and
delivered personally with acknowledgement of receipt, sent by electronic mail (provided receipt is acknowledged), facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier as provided herein), sent by
nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
 If to SCOLR, to: 
 SCOLR Pharma Inc. 

19204 North Creek Parkway 
 Suite 100 
 Bothell, WA 98011 

USA 
 Fax: +
(425) 368-1051 

  
 15 

Two Way Exclusive License Agreement 

 If to Syntrix, to: 
 Syntrix Biosystems, Inc. 
 215 Clay Street NW 

Suite B5 

Auburn, WA 98001 
 Fax: + (253) 833-8127 
 or to such other address as the Party to whom notice is to be given may
have furnished to the other Party in writing in accordance herewith. Any such communication will be deemed to have been given (i) when delivered, if personally delivered, (ii) on the business day (on the receiving end) after dispatch, if
sent by nationally-recognized overnight courier (third business day if sent internationally), (iii) on the third business day following the date of mailing, if sent by mail (fifth business day if sent internationally) and (iv) on the first
business day (on the receiving end) after being sent by facsimile or by if sent by electronic mail followed by facsimile. It is understood and agreed that this Section 15.4 is not intended to govern the day-to-day business communications
necessary between the Parties in performing their duties, in due course, under the terms of this Agreement. 
 15.5 Entire
Agreement; Modifications. This Agreement sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and all prior agreements, understanding, promises and representations,
whether written or oral, with respect thereto are superseded hereby. Each Party confirms that it is not relying on any representations or warranties of the other Party except as specifically set forth herein. No amendment, modification, release or
discharge will be binding upon the Parties unless in writing and duly executed by authorized representatives of both Parties. 

15.6 Relationship of the Parties. It is expressly agreed that the Parties will be independent contractors of one another and that
the relationship between the Parties will not constitute a partnership, joint venture or agency. 
 15.7 Waiver. Any term
or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver will be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term
or condition. Any such waiver will not be deemed a waiver of any other right or breach hereunder. 
 15.8 Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 

15.9 No Third Party Beneficiaries. The representations, warranties, covenants and agreements set forth in this Agreement are for
the sole benefit of the Parties hereto and their successors and permitted assigns, and they will not be construed as conferring any rights on any other parties. 
 15.10 Further Assurances. Each Party will duly execute and deliver, or cause to be duly executed and delivered, such further instruments and do and cause to be done such further acts and things,
including the filing of such assignments, agreements, documents and instruments, as may be necessary to carry out the provisions and purposes of this Agreement. 
 15.11 Force Majeure. Neither party shall be responsible to the other for failure or delay in performing any of its obligations under this Agreement or for other non-performance hereof but only to
the extent that such delay or non-performance is occasioned by a cause beyond 

  
 16 

Two Way Exclusive License Agreement 

 
the reasonable control and without fault or negligence of such party, including, but not limited to earthquake, fire, flood, explosion, discontinuity in the supply of power, court order or
governmental interference, act of God, strike or other labor trouble, act of war or terrorism and provided that such party will inform the other party as soon as is reasonably practicable and that it will entirely perform its obligations immediately
after the relevant cause has ceased its effect. If any such force majeure event continues for a continuous period of 12 months, the Party whose performance is not prevented by such event may terminate this Agreement with immediate effect by
providing the other Party with written notice. 

  
 17 

Two Way Exclusive License Agreement 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly
authorized representatives as of the Effective Date. 
  

					
	 SCOLR Pharma Inc.
	 		 	Syntrix Biosystems, Inc.
	Signature:	 		 	Signature:
			
	/s/ Stephen J. Turner	 		 	/s/ John A. Zebala
			
	Name: Stephen J. Turner	 		 	Name: John A. Zebala, MD, PhD
	Title: President & CEO	 		 	 Title: President & CEO

 Signature: 

/s/ Richard M. Levy 
 Name: Richard M. Levy

 EVP and Chief Financial Officer 

  
 18 

Two Way Exclusive License Agreement 

 ANNEX A 
 PATENTS 
 US Patent Application 09/037,096 

US Patent 6,090,411 
 PCT Application
PCT/US99/04508 
 European Patent Application No. 99 909 726.4 
 Canadian Patent CA 2323102 
 Mexican Patent 220625 

ANNEX B 

LICENSED KNOW- HOW 
 List
all related documentation and “know- how” to Product 
 Formulation data 
 Analytical data 
 Manufacturing data 
 SCOLR agrees to assist Syntrix or its Sublicensee in a technical transfer to a contract manufacturing organization. 

  
 19 

Two Way Exclusive License Agreement 

 ANNEX C 
 “Active Ingredient X” shall mean ***. 
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 20 

Two Way Exclusive License AgreementCapped Call Confirmation between Bank of America Merrill Lynch & BGC Partners

 Exhibit 10.1 
 

 
  

					
		 	July 25, 2011
		
	To:	 	BGC Partners, Inc.
		 	110 East 59th Street
		 	New York, NY 10022
		 	Attn:	  	Stephen Merkel, General Counsel
		 	Telephone:	  	212-829-4829
		 	Facsimile:	  	212-829-4708
		
	From:	 	Bank of America, N.A.
		 	c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated
		 	Bank of America Tower at One Bryant Park
		 	New York, NY 10036
		 	Attn:	  	John Servidio
		 	Telephone:	  	646-855-6770
		 	Facsimile:	  	704-208-2869
		
	Re:	 	 Base Capped Call Transaction
 (Transaction Reference Number:                     )

 Ladies and Gentlemen: 
 The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced transaction entered into on the Trade Date specified below (the
“Transaction”) between Bank of America, N.A. (“Dealer”) and BGC Partners, Inc. (“Counterparty”). This communication constitutes a “Confirmation” as referred to in the ISDA Master Agreement
specified below. 
 1. This Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA
Definitions (including the Annex thereto) (the “2006 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006
Definitions, the “Definitions”), in each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006 Definitions and the Equity
Definitions, the Equity Definitions will govern. Certain defined terms used herein have the meanings assigned to them in the Indenture to be dated as of the closing date for the initial issuance of the Convertible Securities described below between
Counterparty and U.S. Bank, National Association as trustee (the “Indenture”) relating to the USD135,000,000 principal amount of 4.50% convertible senior notes due 2016 (the “Convertible Securities”). In the event
of any inconsistency between the terms defined in the Indenture and this Confirmation, this Confirmation shall govern. For the avoidance of doubt, references herein to sections of the Indenture are based on the draft of the Indenture most recently
reviewed by the parties at the time of execution of this Confirmation. If any relevant sections of the Indenture are changed, added or renumbered following execution of this Confirmation but prior to the execution of the Indenture, the parties will
amend this Confirmation in good faith to preserve the economic intent of the parties based on the draft of the Indenture so reviewed. The parties further acknowledge that references to the Indenture herein are references to the Indenture as in
effect on the date of its execution and if the Indenture is amended following its execution, any such amendment will be disregarded for purposes of this Confirmation (other than as provided in Section 8(a) below) unless the parties agree
otherwise in writing. 
 This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the
terms of the Transaction to which this Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 1992 ISDA Master Agreement (Multicurrency Cross Border) (the “ISDA
Form”) as if Dealer and Counterparty had executed an agreement in such form (without any Schedule but with the elections set forth in this Confirmation). For the avoidance of doubt, the Transaction shall be the only transaction under the
Agreement. 

  
 1 

 All provisions contained in, or incorporated by reference to, the Agreement will govern this
Confirmation except as expressly modified herein. In the event of any inconsistency between this Confirmation and either the Definitions or the Agreement, this Confirmation shall govern. 

2. The Transaction constitutes a Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction
to which this Confirmation relates are as follows: 
  

			
	General Terms:	  	
		
	 Trade Date:
	  	July 25, 2011
		
	 Effective Date:
	  	The closing date of the initial issuance of the Convertible Securities.
		
	 Option Type:
	  	Call
		
	 Seller:
	  	Dealer
		
	 Buyer:
	  	Counterparty
		
	 Shares:
	  	The Class A common stock of Counterparty, par value USD0.01 per share (Ticker Symbol: “BGCP”).
		
	 Number of Options:
	  	The number of Convertible Securities, other than Option Securities (as defined in the Purchase Agreement (as defined below)), in denominations of USD1,000 principal amount issued
by Counterparty to the Initial Purchasers (as defined below) on the closing date for the initial issuance of the Convertible Securities.
		
	 Number of Shares:
	  	As of any date, the product of the Number of Options, the Conversion Rate and the Applicable Percentage.
		
	 Conversion Rate:
	  	As of any date, the “Conversion Rate” (as defined in the Indenture) as of such date, but without regard to any adjustments to the “Conversion Rate” pursuant
to Sections 4.04, 4.05(g) or 4.05(h) of the Indenture.
		
	 Applicable Percentage:
	  	40%
		
	 Strike Price:
	  	The “Conversion Price” (as defined in the Indenture, but without regard to any adjustments to the “Conversion Rate” (as defined in the Indenture)) pursuant to
Sections 4.04, 4.05(g) or 4.05(h) of the Indenture.
		
	 Cap Price:
	  	As provided in Annex A to this Confirmation.
		
	 Premium:
	  	As provided in Annex A to this Confirmation.
		
	 Premium Payment Date:
	  	The Effective Date
		
	 Exchange:
	  	The Nasdaq Global Select Market
		
	 Related Exchange:
	  	All Exchanges
		
	Procedures for Exercise:	  	
		
	 Exercise Dates:
	  	Each Conversion Date.
		
	 Conversion Date:
	  	Each “Conversion Date”, as defined in the Indenture, occurring during the period from and excluding the Trade Date to and including the Expiration Date, for Convertible
Securities, each in denominations of USD1,000 principal amount, that are submitted for conversion on such Conversion Date in accordance with the terms of the Indenture, excluding Convertible Securities that are Excluded Convertible Securities (such
Convertible Securities, other than those excluded as set forth above, the “Relevant Convertible Securities” for such Conversion Date).

  
 2 

			
	 Excluded Convertible Securities:
	  	Convertible Securities surrendered for conversion on any date prior to February 1, 2016. Counterparty shall, within one Scheduled Trading Day of the “Conversion Date”
(as defined in the Indenture) relating to any Excluded Convertible Securities, provide notice in writing or by email (with confirmation of receipt by Dealer) prior to 4:00 PM New York City time to Dealer specifying the number of Excluded Convertible
Securities converted on such “Conversion Date”.
		
	 Required Exercise on Conversion Dates:
	  	On each Conversion Date, a number of Options equal to the number of Relevant Convertible Securities for such Conversion Date in denominations of USD1,000 principal amount shall
be automatically exercised.
		
	 Expiration Date:
	  	The second “Scheduled Trading Day” immediately preceding the “Maturity Date” (each as defined in the Indenture).
		
	 Automatic Exercise:
	  	As provided above under “Required Exercise on Conversion Dates”.
		
	 Exercise Notice Deadline:
	  	In respect of any exercise of Options hereunder on any Conversion Date, the Exchange Business Day immediately following such Conversion Date.
		
	 Notice of Exercise:
	  	Notwithstanding anything to the contrary in the Equity Definitions, Dealer shall have no obligation to make any payment or delivery in respect of any exercise of Options
hereunder unless Counterparty notifies Dealer in writing or by email (with confirmation of receipt by Dealer) prior to 4:00 PM, New York City time, on the Exercise Notice Deadline in respect of such exercise of the number of Options being exercised
on the relevant Exercise Date. Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules and regulations thereunder, in respect
of any election of a settlement method with respect to the Convertible Securities. For the avoidance of doubt, if Counterparty fails to give such notice when due in respect of any exercise of Options hereunder, Dealer’s obligation to make any
payment or delivery in respect of such exercise shall be permanently extinguished, and late notice shall not cure such failure; provided that notwithstanding the foregoing, such notice (and the related exercise of Options) shall be effective
if given after the Exercise Notice Deadline, but prior to 4:00 PM, New York City time, on the fifth Exchange Business Day following the Exercise Notice Deadline, in which event the Calculation Agent shall have the right to adjust the Delivery
Obligation as appropriate to reflect the additional costs (including, but not limited to, hedging mismatches and market losses) and expenses incurred by Dealer in connection with its hedging activities (including the unwinding of any hedge position)
as a result of Dealer’s not having received such notice on or prior to the Exercise Notice Deadline.

  
 3 

			
	 Notice of Convertible Security Settlement Method:
	  	Counterparty shall notify Dealer in writing or by email (with confirmation of receipt by Dealer) before 4:00 P.M. (New York City time) on the “Scheduled Trading Day”
(as defined in the Indenture) immediately prior to February 1, 2016 of the irrevocable election by the Counterparty, in accordance with Section 4.03(c) of the Indenture, of the settlement method and, if applicable, the “Specified Dollar
Amount” (as defined in the Indenture) applicable to Relevant Convertible Securities with a Conversion Date occurring on or after February 1, 2016. If Counterparty fails timely to provide such notice, Counterparty shall be deemed to have
notified Dealer of settlement with solely Shares for all conversions occurring on or after February 1. 2016. Counterparty agrees that it shall settle any Relevant Convertible Securities with a Conversion Date occurring on or after
February 1, 2016 in the same manner as provided in the Notice of Convertible Security Settlement Method it provides or is deemed to have provided hereunder.
		
	 Dealer’s Telephone Number and Telex and/or Facsimile Number and Contact Details for purpose of Giving Notice:
	  	To be provided by Dealer.
		
	Settlement Terms:	  	
		
	 Settlement Date:
	  	In respect of an Exercise Date occurring on a Conversion Date, the settlement date for the cash and Shares (if any) to be delivered in respect of the Relevant Convertible
Securities converted on such Conversion Date pursuant to Section 4.03(d) of the Indenture; provided that the Settlement Date will not be prior to the latest of (i) the date one Settlement Cycle following the final day of the relevant
“Cash Settlement Averaging Period” (as defined in the Indenture), (ii) the date one Settlement Cycle following the date on which Counterparty gives notice to Dealer of such Settlement Date prior to 4:00 PM, New York City time, and (iii)
the date one Settlement Cycle immediately following the date Counterparty provides the Notice of Delivery Obligation prior to 4:00 PM, New York City time.
		
	 Delivery Obligation:
	  	In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to “Notice of Exercise” above and “Dividends” (under
“Share Adjustments”) below, in respect of an Exercise Date occurring on a Conversion Date, Dealer will deliver to Counterparty, on the related Settlement Date, the Applicable Percentage of a number of Shares and/or amount of cash in USD
equal to the aggregate number of Shares, if any, that Counterparty would be obligated to deliver to the holder(s) of the Relevant Convertible Securities converted on such Conversion Date pursuant to Section 4.03(b) of the Indenture and/or the
aggregate amount of cash, if any, in excess of USD1,000 per Convertible Security (in denominations of USD1,000) that Counterparty would be obligated to deliver to holder(s) pursuant to Section 4.03(b) of the Indenture (except that such aggregate
number of Shares shall be determined without taking into consideration any rounding pursuant to Section 4.03(f) of the Indenture and shall be rounded down to the nearest whole number) and cash in lieu of fractional Shares, if any, resulting from
such rounding, if Counterparty had elected to satisfy its conversion obligation in respect of such Relevant Convertible Securities by the Convertible Security

  
 4 

			
		 	Settlement Method, notwithstanding any different actual election by Counterparty with respect to the settlement of such Convertible Securities (the “Convertible
Obligation”); provided that (i) if the Convertible Obligation exceeds the Capped Convertible Obligation, then the Delivery Obligation shall be the Capped Convertible Obligation; (ii) the Convertible Obligation (and, for the avoidance of doubt,
the Capped Convertible Obligation) shall be determined excluding any Shares and/or cash that Counterparty is obligated to deliver to holder(s) of the Relevant Convertible Securities as a result of any adjustments to the “Conversion Rate”
pursuant to Sections 4.04, 4.05(g) or 4.05(h) of the Indenture (and, for the avoidance of doubt, the Delivery Obligation shall not include any interest payment on the Relevant Convertible Securities that the Counterparty is (or would have been)
obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date); and (iii) if such exercise relates to the conversion of Relevant Convertible Securities in connection with which holders thereof are entitled to
receive additional Shares and/or cash pursuant to an adjustment to the “Conversion Rate” set forth in Section 4.04 of the Indenture, then, notwithstanding the foregoing, the Delivery Obligation shall include the Applicable Percentage of
such additional Shares and/or cash, except that the Delivery Obligation shall be capped so that the value of the Delivery Obligation per Option (with the value of any Shares included in the Delivery Obligation determined by the Calculation Agent
using the VWAP Price on the last day of the relevant “Cash Settlement Averaging Period”) does not exceed the amount as determined by the Calculation Agent that would be payable by Dealer pursuant to Section 6 of the Agreement if such
Conversion Date were an Early Termination Date resulting from an Additional Termination Event with respect to which the Transaction (except that, for purposes of determining such amount (x) the Number of Options shall be deemed to be equal to the
number of Options exercised on such Exercise Date and (y) such amount payable will be determined as if Section 4.04 of the Indenture were deleted) was the sole Affected Transaction and Counterparty was the sole Affected Party (determined without
regard to Section 8(b) of this Confirmation), it being understood that the cap described in this clause (iii) is in addition to, and cumulative with, clauses (i) and (ii) of this proviso. Notwithstanding the foregoing, and in addition to the caps
described in clauses (i), (ii) and (iii) of the proviso to the preceding sentence, in all events the Delivery Obligation shall be capped so that the value of the Delivery Obligation does not exceed the value of the Convertible Obligation (with the
Convertible Obligation determined, for the sole purpose of determining this cap, based on the actual settlement method elected by Counterparty with respect to such Relevant Convertible Securities instead of the Convertible Security Settlement Method
and with the value of any Shares included in either the Delivery Obligation or such Convertible Obligation determined by the Calculation Agent using the VWAP Price on the last day of the relevant “Cash Settlement Averaging
Period”).

  
 5 

			
	 Capped Convertible Obligation:
	  	In respect of an Exercise Date occurring on a Conversion Date, the Convertible Obligation that would apply if the “Daily VWAP” for each “Trading Day” in the
“Cash Settlement Averaging Period” (each as defined in the Indenture) or, if applicable, the assumed “Cash Settlement Averaging Period” specified in clause (ii) of “Convertible Security Settlement Method” below, were
the lesser of (x) the Cap Price and (y) the actual “Daily VWAP” for such “Trading Day”.
		
	 Convertible Security Settlement Method:
	  	For any Relevant Convertible Securities, if Counterparty has notified Dealer in the Notice of Convertible Security Settlement Method that it has elected to satisfy its conversion
obligation in respect of such Relevant Convertible Securities in cash or in a combination of cash and Shares in accordance with Section 4.03(c) of the Indenture (a “Cash Election”) with a “Specified Dollar Amount” (as
defined in the Indenture) of at least USD1,000, the Convertible Security Settlement Method shall be the settlement method actually so elected by Counterparty in respect of such Relevant Convertible Securities; otherwise, the Convertible Security
Settlement Method (and any related Delivery Obligation) shall (i) assume Counterparty made a Cash Election with respect to such Relevant Convertible Securities with a “Specified Dollar Amount” (as defined in the Indenture) of USD1,000 per
Relevant Convertible Security and (ii) be calculated as if the relevant “Cash Settlement Averaging Period” (as defined in the Indenture) pursuant to Section 4.03(b) of the Indenture consisted of 70 “Trading Days” (as defined in
the Indenture) commencing on the 72nd “Scheduled Trading Day” prior to the “Maturity Date” (each as defined in the Indenture), with the “Daily Conversion Value”, “Daily Measurement Value”, “Daily
Settlement Amount” (each as defined in the Indenture) and related terms adjusted accordingly.
		
	 Notice of Delivery Obligation:
	  	No later than the Exchange Business Day immediately following the last day of the relevant “Cash Settlement Averaging Period”, Counterparty shall give Dealer notice of
the aggregate number of Shares and/or cash comprising the Convertible Obligations for all Relevant Convertible Securities (it being understood, for the avoidance of doubt, that the requirement of Counterparty to deliver such notice shall not limit
Counterparty’s obligations with respect to Notice of Exercise or Notice of Convertible Security Settlement Method or Dealer’s obligations with respect to Delivery Obligation, each as set forth above, in any way).
		
	 Other Applicable Provisions:
	  	To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, and 9.11 (except that the Representation and Agreement contained
in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws arising as a result of the fact that
Counterparty is the Issuer of the Shares) of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Transaction.
		
	 Restricted Certificated Shares:
	  	Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered to Counterparty hereunder in
certificated form in lieu of delivery through the Clearance System. With respect to such certificated Shares, the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by deleting the remainder of the
provision after the word “encumbrance” in the fourth line thereof.

  
 6 

			
	 Share Adjustments:
	  	
		
	 Method of Adjustment:
	  	Notwithstanding Section 11.2 of the Equity Definitions, upon the occurrence of any event or condition set forth in Sections 4.05(a) – (e) of the Indenture that results in an
adjustment under the Indenture, the Calculation Agent (i) shall make a corresponding adjustment to the terms relevant to the exercise, settlement, payment or other terms of the Transaction and (ii) may adjust the Cap Price as appropriate to account
for the economic effect on the Transaction of such event or condition after giving effect to the adjustment in clause (i); provided that the Cap Price shall not be adjusted so that it is less than the Strike Price. Immediately upon the
occurrence of any event that Counterparty reasonably expects to result in an adjustment to the “Conversion Rate” (as defined in the Indenture), Counterparty shall notify the Calculation Agent of such event; and once the adjustments to be
made to the terms of the Indenture and the Convertible Securities in respect of such event have been determined, Counterparty shall immediately notify the Calculation Agent in writing or by email (with confirmation of receipt by Dealer) of the
details of such adjustments.
		
	 Dividends:
	  	If an ex-dividend date for a cash dividend on the Shares occurs on or after the Trade Date and on or prior to the Expiration Date and the amount of such dividend is less than
Ordinary Dividend Amount, or if no ex-dividend date for a cash dividend on the Shares occurs in any regular quarterly dividend period of Counterparty that falls, in whole or in part, after the Trade Date and on or prior to the Expiration Date, then
the Calculation Agent will make adjustments to the Delivery Obligation in respect of each Exercise Date as it determines appropriate to account for the economic effect on the Transaction of such shortfall.
		
	 Ordinary Dividend Amount:
	  	For the first cash dividend on the Shares for which the ex dividend date occurs during any regular quarterly dividend period of Counterparty that falls, in whole or in part,
after the Trade Date and on or prior to the Expiration Date, USD 0.17 (subject to adjustment as contemplated by Section 11.2(c) of the Equity Definitions); for any other cash dividend on the Shares for which the ex dividend date occurs during the
same regular quarterly dividend period, USD 0.00.
		
	 Extraordinary Events:
	  	
		
	 Merger Events:
	  	Notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in Section 4.06 of the
Indenture
		
	 Tender Offers:
	  	Notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in the definition of
“Fundamental Change” in the Indenture.
		
	 Consequences of Merger Events and Tender Offers:
	  	Notwithstanding Sections 12.2 and 12.3 of the Equity Definitions, (i) upon the occurrence of a Merger Event that results in an adjustment under the Indenture, the Calculation
Agent shall make a corresponding adjustment to the terms relevant to the exercise, settlement, payment or other terms of the Transaction; provided

  
 7 

			
		  	that such adjustment shall be made without regard to any adjustment to the “Conversion Rate” pursuant to Sections 4.04, 4.05(g) or 4.05(h) of the Indenture; and
provided further that the Calculation Agent may limit or alter any such adjustment referenced in this clause (i) so that the fair value of the Transaction to Dealer is not reduced as a result of such adjustment; and provided further that if, with
respect to a Merger Event, the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares (or depositary receipts with respect to shares) of an entity or person not organized under the laws of the United
States, any State thereof or the District of Columbia, Cancellation and Payment (Calculation Agent Determination) shall apply; and (ii) upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent may adjust the Cap Price as
appropriate to account for the economic effect on the Transaction of such event; provided that the Cap Price shall not be adjusted so that it is less than the Strike Price.
		
	 Notice of Merger Consideration:
	  	Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any
form of stockholder election), Counterparty shall, concurrent with the making public thereof (but, in any event prior to the relevant merger date), notify the Calculation Agent of (i) the weighted average of the types and amounts of consideration to
be received by the holders of Shares entitled to receive cash, securities or other property or assets with respect to or in exchange for such Shares in any Merger Event who affirmatively make such an election and (ii) the details of the adjustment
to be made under the Indenture in respect of such Merger Event.
		
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also
constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or their
respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.
		
	 Additional Disruption Events:
	  	
		
	 (a)    Change in Law:
	  	Applicable, except to the extent such event would constitute an event under Section 8 below
		
	 (b)    Failure to Deliver:
	  	Applicable
		
	 (c)    Insolvency Filing:
	  	Applicable
		
	 (d)    Hedging Disruption:
	  	Applicable, except to the extent such event would constitute an event under Section 8 below
		
	 (e)    Increased Cost of Hedging:
	  	Applicable
		
	 Hedging Party:
	  	For all applicable Potential Adjustment Events and Extraordinary Events, Dealer

  
 8 

			
	 Determining Party:
	  	For all applicable Extraordinary Events, Dealer
		
	 Non-Reliance:
	  	Applicable
		
	 Agreements and Acknowledgments Regarding Hedging Activities:
	  	Applicable
		
	 Additional Acknowledgments:
	  	Applicable
		
	 3. Calculation Agent:
	  	Dealer

 4. Account Details: 

 

			
	 Dealer Payment Instructions:
	  	 Bank of America, N.A.
 New
York, NY
 SWIFT: BOFAUS3N
 Bank
Routing: 026-009-593
 Account Name: Bank of America
 Account No. : 0012334-61892

		
	 Counterparty Payment Instructions:
	  	To be provided by Counterparty.

 5. Offices: 
     The Office of Dealer for the Transaction is: New York 

    The Office of Counterparty for the Transaction is: Not applicable 

6. Notices: For purposes of this Confirmation: 
     Address for notices or communications to Counterparty: 
  

			
	 To:
	  	BGC Partners, Inc.
		  	499 Park Avenue
		  	New York, NY 10022
	 Attn:
	  	Stephen Merkel, General Counsel
	 Telephone:
	  	212-829-4829
	 Facsimile:
	  	212-829-4708
		
	 With a copy to:
	  	BGC Partners, Inc.
		  	110 East 59th Street
		  	New York, NY 10022
	 Attn:
	  	Treasury Department
	 Telephone:
	  	212-829-4704
	 Facsimile:
	  	212-308-7159

 Address for notices or communications to Dealer: 

 

			
	 To:
	  	Bank of America, N.A.
		  	c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated
		  	Bank of America Tower at One Bryant Park
		  	New York, NY 10036
	 Attn:
	  	John Servidio
	 Telephone:
	  	646-855-6770
	 Facsimile:
	  	704-208-2869

 7. Representations, Warranties and Agreements: 

(a) In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty represents and
warrants to and for the benefit of, and agrees with, Dealer as follows: 

  
 9 

 (i) On the Trade Date, and as of the date of any election by Counterparty of
the Share Termination Alternative under (and as defined in) Section 8(b) below, (A) none of Counterparty and its officers and directors is aware of any material nonpublic information regarding Counterparty or the Shares and (B) all
reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) when considered as a whole (with the more recent such
reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances in which they were made, not misleading. 

(ii)(A) On the Trade Date, the Shares or securities (other than the Convertible Securities) that are convertible into, or
exchangeable or exercisable for Shares, are not, and shall not be, subject to a “restricted period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”) and (B) Counterparty shall not
engage in any “distribution,” as such term is defined in Regulation M, other than a distribution meeting the requirements of the exceptions set forth in sections 101(b)(10) and 102(b)(7) of Regulation M, until the second Exchange Business
Day immediately following the Trade Date. During (x) the relevant “Cash Settlement Averaging Period” applicable to the Relevant Convertible Securities and (y) in the event an Early Termination Date is designated due to an
Additional Termination Event as a result of an Excluded Conversion Event, a period starting on or about such Early Termination Date as reasonably determined by Dealer and notified to Counterparty (an “Early Termination Period”), the
Shares or securities that are convertible into, or exchangeable or exercisable for, Shares will not be subject to a “restricted period,” as such term is defined in Regulation M under the Exchange Act . 

(iii) On the Trade Date and on each day during the relevant “Cash Settlement Averaging Period” applicable to the
Relevant Convertible Securities and any Early Termination Period, neither Counterparty nor any “affiliate” or “affiliated purchaser” (each as defined in Rule 10b-18 under the Exchange Act (“Rule 10b-18”)) shall
directly or indirectly (including, without limitation, by means of any cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to,
any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares; provided, however, that
Counterparty may purchase Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) pursuant to privately negotiated agreements with current or former employees of
Counterparty or any of its affiliates. 
 (iv) Without limiting the generality of Section 13.1 of the Equity
Definitions, Counterparty acknowledges that Dealer is not making any representations or warranties with respect to the treatment of the Transaction under any accounting standards including FASB Statements 128, 133, 149 (each as amended), or 150,
EITF Issue No. 00-19, 01-6, 03-6 or 07-5 (or any successor issue statements) or under FASB’s Liabilities & Equity Project. 
 (v) Without limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act. 

(vi) Prior to the Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s board of directors
authorizing the Transaction and such other certificate or certificates as Dealer shall reasonably request. 

(vii) Counterparty is not entering into this Confirmation, and will not make any election hereunder or under the
Convertible Securities, to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible
into or exchangeable for Shares) or otherwise in violation of the Exchange Act. 
 (viii) Counterparty is not,
and after giving effect to the transactions contemplated hereby will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

  
 10 

 (ix) On each of the Trade Date and the Premium Payment Date, Counterparty is
not, or will not be, “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would be able to purchase the
Number of Shares hereunder in compliance with the laws of the jurisdiction of its incorporation. 
 (x) To
Counterparty’s knowledge, no state or local (including non-U.S. jurisdictions) law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without
limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares other than due to laws, rules, regulations or regulatory orders applicable to Dealer as a
regulated financial institution and affiliate of regulated financial institutions and not of general applicability. 
 (xi) The representations and warranties of Counterparty set forth in Section 3 of the Agreement and Section 1 of the Purchase Agreement, dated July 25, 2011, among Counterparty and Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Cantor Fitzgerald & Co. and Deutsche Bank Securities Inc., as representatives of the Initial Purchasers listed on Schedule A thereto (the “Purchase Agreement”), were true
and correct as of the date made or deemed made and are hereby deemed to be repeated to Dealer as if set forth herein. 
 (xii) Counterparty understands no obligations of Dealer to it hereunder will be entitled to the benefit of deposit insurance and that such obligations will not be guaranteed by any affiliate of Dealer or
any governmental agency. 
 (b) Each of Dealer and Counterparty agrees and represents that it is an “eligible contract
participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended. 
 (c) Each of Dealer and
Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(2) thereof.
Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear a total loss of its investment, (ii) it is an
“accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the distribution or resale thereof and
(iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws. 

(d) Each of Dealer and Counterparty agrees and acknowledges that Dealer is a “financial institution,” “swap
participant” and, to the best of Counterparty’s information and belief, “financial participant” within the meaning of Sections 101(22), 101(22A) and 101(53C) of the Bankruptcy Code. The parties hereto further agree and
acknowledge (A) that this Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is
a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” as such term is defined in Section 741(8)
of the Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination
value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer,” as such term is defined in Section 101(54) of the Bankruptcy Code, and
(B) that Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(o), 546(e), 546(g), 548(d)(2), 555 and 560 of the Bankruptcy Code. 

(e) Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Effective Date and reasonably acceptable to Dealer in
form and substance, with respect to the matters set forth in Section 3(a) of the Agreement. 
 8. Other Provisions:

 (a) Additional Termination Events. The occurrence (and, in the case of clause (i), continuation) of (i) an
“Event of Default” with respect to Counterparty under the terms of the Convertible Securities as set forth in Section 7.01 of the Indenture, (ii) an Amendment Event or (iii) an Excluded Conversion Event shall be an
Additional Termination Event with respect to which the Transaction is the sole Affected Transaction and Counterparty is the sole Affected Party, and Dealer shall be the party entitled to designate an Early Termination Date pursuant to
Section 6(b) of the Agreement; provided that, in the case of an Excluded Conversion Event, the Transaction shall be subject to termination only in respect of a number of Options equal to the number of Convertible Securities that cease to
be outstanding in connection with or as a result of such Excluded Conversion Event. For the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction pursuant to Section 6 of the Agreement in connection with
an Excluded 

  
 11 

 
Conversion Event, the Calculation Agent shall assume that (x) the relevant Excluded Convertible Securities shall not have been converted and remain outstanding, and (y) in the case of
an Induced Conversion, any adjustments, agreements, additional payments, deliveries or acquisitions by or on behalf of Counterparty or any affiliate of Counterparty in connection therewith had not occurred. 

“Amendment Event” means that Counterparty amends, modifies, supplements, waives or obtains a waiver in
respect of any term of the Indenture or the Convertible Securities that would require consent of the holders of not less than 100% of the principal amount of the Convertible Securities to amend, in each case without the consent of Dealer.

 “Excluded Conversion Event” means any conversion of any Excluded Convertible Securities.

 “Induced Conversion” means a conversion of any Excluded Convertible Securities (A) in
connection with (x) an adjustment to the “Conversion Rate” (as defined in the Indenture) effected by Counterparty (whether pursuant to Section 4.05(g) of the Indenture or otherwise) that is not required under the terms of the
Indenture or (y) an agreement by Counterparty with the holder(s) of such Convertible Securities whereby, in the case of either (x) or (y), the holder(s) of such Convertible Securities receive upon conversion or pursuant to such agreement,
as the case may be, a payment of cash or delivery of Shares or any other property or item of value that was not required under the terms of the Indenture or (B) after having been acquired from a holder of Convertible Securities by or on behalf
of Counterparty or any of its affiliates other than pursuant to a conversion by such holder and thereafter converted by or on behalf of Counterparty or any affiliate of Counterparty. 

(b) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If Dealer shall owe
Counterparty any amount pursuant to “Consequences of Merger Events and Tender Offers” above or Sections 12.6, 12.7 or 12.9 of the Equity Definitions or pursuant to Section 6(d)(ii) of the Agreement (a “Payment
Obligation”), Counterparty shall have the right, in its sole discretion, to require Dealer to satisfy any such Payment Obligation by the Share Termination Alternative (as defined below) by giving irrevocable telephonic notice to Dealer,
confirmed in writing or by email (with confirmation of receipt by Dealer) within one Scheduled Trading Day, no later than 9:30 A.M. New York City time on the relevant merger date or date of cancellation or termination in respect of an Extraordinary
Event, as applicable, or within one hour of receipt of notice designating an Early Termination Date or the public announcement of the event giving rise to the Announcement Date (“Notice of Share Termination”); provided that
if Counterparty does not elect to require Dealer to satisfy its Payment Obligation by the Share Termination Alternative, Dealer shall have the right, in its sole discretion, to elect to satisfy its Payment Obligation by the Share Termination
Alternative, notwithstanding Counterparty’s failure to elect or election to the contrary; and provided further that Counterparty shall not have the right to so elect (but, for the avoidance of doubt, Dealer shall have the right to so
elect) in the event of (i) an Insolvency, a Nationalization or a Merger Event, in each case, in which the consideration or proceeds to be paid to holders of Shares consists solely of cash or (ii) an Event of Default in which Counterparty
is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, which Event of Default or Termination Event resulted from an event or events within Counterparty’s control. Upon such Notice of Share Termination, the
following provisions shall apply on the Scheduled Trading Day immediately following the relevant merger date, Announcement Date, Early Termination Date or date of cancellation or termination in respect of an Extraordinary Event, as applicable:

  

			
	 Share Termination Alternative:
	  	Applicable and means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be due pursuant
to “Consequences of Merger Events and Tender Offers” above, Section 12.6, 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable, or such later date as the Calculation Agent may reasonably determine (the
“Share Termination Payment Date”), in satisfaction of the Payment Obligation.
		
	 Share Termination Delivery Property:
	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation
Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of the aggregate amount of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate
the Share Termination Unit Price.

  
 12 

			
	 Share Termination Unit Price:
	  	The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery
Property, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation.
		
	 Share Termination Delivery Unit:
	  	In the case of a Termination Event, Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization or Merger Event, one
Share or a unit consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such
Insolvency, Nationalization or Merger Event, as applicable. If such Insolvency, Nationalization or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible
amount of cash.
		
	 Failure to Deliver:
	  	Applicable
		
	 Other applicable provisions:
	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.10, and 9.11 (except that the Representation and Agreement contained in Section 9.11 of the
Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws arising as a result of the fact that Counterparty is the issuer of the
Shares or any portion of the Share Termination Delivery Units) of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Transaction, except that all references to “Shares” shall be read as
references to “Share Termination Delivery Units.”

 (c) Disposition of Hedge Shares. Counterparty hereby agrees that if, in the good faith reasonable
judgment of Dealer based upon advice of legal counsel, any Shares (the “Hedge Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without
registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the Securities Act to
cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered offering, (B) provide accountant’s
“comfort” letters in customary form for registered offerings of equity securities, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty reasonably acceptable to Dealer, (D) provide other
customary opinions, certificates and closing documents customary in form for registered offerings of equity securities and (E) afford Dealer a reasonable opportunity to conduct a “due diligence” investigation with respect to
Counterparty customary in scope for underwritten offerings of equity securities; provided, however, that if Dealer, in its reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence
investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(c) shall apply at the election of Counterparty; (ii) in order to allow Dealer to
sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of its size, in form and substance reasonably
satisfactory to Dealer, including customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer),
opinions and certificates and such other documentation as is customary for private placement agreements relating to private placements of such size, all reasonably acceptable to Dealer (in which case, the Calculation Agent shall make any adjustments
to the terms of the Transaction that are necessary, in its reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement); or (iii) purchase the
Hedge Shares from Dealer at the VWAP Price on such Exchange Business Days, and in the amounts, requested by Dealer. “VWAP Price” means, on any Exchange Business Day, the per Share volume-weighted average price as displayed under the
heading “Bloomberg VWAP” on Bloomberg page “BGCP.UQ <equity>AQR” (or any successor thereto) in respect of the period from 9:30 a.m. to 4:00 p.m. (New York City time) on such Exchange Business Day (or if such volume-weighted
average price is unavailable or is manifestly incorrect, the market value of one Share on such Exchange Business Day, as determined by the Calculation Agent using a volume-weighted method). For purposes of this Section 8(c) and Section 8(n)
below, in connection with unwinding its hedge position, Dealer shall act in accordance with customary practices in connection with transactions of this nature. 

  
 13 

 (d) Amendment to Equity Definitions. The following amendment shall be made to the
Equity Definitions: 
 Section 12.6(a)(ii) of the Equity Definitions is hereby amended by deleting from the
fourth line thereof the word “or” after the word “official” and inserting a comma therefor. 
 (e)
Repurchase and Conversion Rate Adjustment Notices. Counterparty shall, at least 10 Scheduled Trading Days prior to effecting any repurchase of Shares or consummating or otherwise executing or engaging in any transaction or event (a
“Conversion Rate Adjustment Event”) that would lead to an increase in the Conversion Rate (as such term is defined in the Indenture), give Dealer a written notice of such repurchase or Conversion Rate Adjustment Event (a
“Repurchase Notice”) if, following such repurchase or Conversion Rate Adjustment Event, the Notice Percentage as determined on the date of such Repurchase Notice is (i) greater than 4.5% and (ii) greater by 0.5% than the
Notice Percentage included in the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the Notice Percentage as of the date hereof). The “Notice Percentage” as of any day is the
fraction, expressed as a percentage, the numerator of which is the Applicable Percentage of the Number of Shares and the denominator of which is the number of Shares outstanding on such day. In the event that Counterparty fails to provide Dealer
with a Repurchase Notice on the day and in the manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless Dealer, its affiliates and their respective directors, officers, employees, agents and controlling
persons (Dealer and each such person being an “Indemnified Party”) from and against any and all losses, claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become
subject under applicable securities laws, including without limitation, Section 16 of the Exchange Act, relating to or arising out of such failure. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or
insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In
addition, Counterparty will reimburse any Indemnified Party for all expenses (including reasonable counsel fees and expenses) as they are incurred (after notice to Counterparty) in connection with the investigation of, preparation for or defense or
settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on
behalf of Counterparty. This indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and delegation of the Transaction made pursuant to this Confirmation or the Agreement shall inure to the
benefit of any permitted assignee of Dealer. 
 (f) Transfer and Assignment. Either party may transfer any of its rights
or obligations under the Transaction with the prior written consent of the non-transferring party, such consent not to be unreasonably withheld or delayed. For the avoidance of doubt, Dealer may condition its consent on any of the following, without
limitation: (i) the receipt by Dealer of opinions and documents reasonably satisfactory to Dealer in connection with such assignment, (ii) such assignment being effected on terms reasonably satisfactory to Dealer with respect to any legal
and regulatory requirements relevant to Dealer, and (iii) Counterparty continuing to be obligated to provide notices hereunder relating to the Convertible Securities and continuing to be obligated with respect to “Disposition of Hedge
Shares” and “Repurchase and Conversion Rate Adjustment Notices” above. In addition, Dealer may transfer or assign without any consent of the Counterparty its rights and obligations hereunder and under the Agreement, in whole or in
part, to any person, which may include affiliates of Dealer or entities sponsored or organized by, or on behalf of or for the benefit of Dealer, so long as (i) such person has a credit rating at least equivalent to that of Dealer at the time of
such transfer or assignment or (ii) such person’s performance of the obligations under this Confirmation are fully and unconditionally guaranteed by Dealer or an affiliate of Dealer with a credit rating at least equivalent to that of
Dealer at the time of such transfer or assignment; provided, however, that in no event shall Dealer transfer or assign without any consent of the Counterparty its rights and obligations hereunder and under the Agreement, in whole or in part,
to any of the entities listed on Schedule I hereto or their respective affiliates. At any time at which any Excess Ownership Position exists, if Dealer, in its discretion, is unable to effect a transfer or assignment to a third party in accordance
with the requirements set forth above after using its commercially reasonable efforts on pricing terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists, Dealer may designate any
Scheduled Trading Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that such Excess Ownership Position no longer exists. In the event that Dealer so designates an Early
Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement and Section 8(b) of this Confirmation as if (i) an Early Termination Date had been designated in
respect of a Transaction having terms 

  
 14 

 
identical to the Terminated Portion of the Transaction, (ii) Counterparty shall be the sole Affected Party with respect to such partial termination and (iii) such portion of the
Transaction shall be the only Terminated Transaction. “Excess Ownership Position” means any of the following: (i) the Equity Percentage exceeds 9.0%, (ii) Dealer or any “affiliate” or “associate” of
Dealer would own in excess of 13% of the outstanding Shares for purposes of Section 203 of the Delaware General Corporation Law or (iii) Dealer, Dealer Group (as defined below) or any person whose ownership position would be aggregated
with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under any federal, state or local laws, regulations or regulatory orders applicable to ownership of Shares (“Applicable
Laws”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to
reporting or registration obligations or other requirements (including obtaining prior approval by a state or federal regulator) of a Dealer Person under Applicable Laws and with respect to which such requirements have not been met or the relevant
approval has not been received minus (y) 1% of the number of Shares outstanding on the date of determination. The “Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of
which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with Dealer, for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group”
(within the meaning of Section 13) of which Dealer is or may be deemed to be a part (Dealer and any such affiliates, persons and groups, collectively, “Dealer Group”), beneficially owns (within the meaning of Section 13 of
the Exchange Act), without duplication, on such day and (B) the denominator of which is the number of Shares outstanding on such day. 
 (g) Staggered Settlement. Dealer may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates
(each, a “Staggered Settlement Date”) or at two or more times on the Nominal Settlement Date as follows: 
 (i) in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to such Nominal Settlement Date, but not prior to the beginning of the
related “Cash Settlement Averaging Period”, as defined in the Indenture) or delivery times and how it will allocate the Shares it is required to deliver under “Delivery Obligation” (above) among the Staggered Settlement Dates or
delivery times; and 
 (ii) the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on
all such Staggered Settlement Dates and delivery times will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date. 
 (h) Right to Extend. Dealer may postpone any Exercise Date or Settlement Date or any other date of valuation or delivery by Dealer with respect to some or all of the relevant Options (in which
event the Calculation Agent shall make appropriate adjustments to the Delivery Obligation), if Dealer determines, in its reasonable discretion, taking into account advice of nationally recognized counsel experienced in such matters selected by
Dealer in consultation with Counterparty, that such extension is reasonably necessary or appropriate to (i) preserve Dealer’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions in the cash market, the
stock loan market or any other relevant market or (ii) to enable Dealer to effect purchases of Shares in connection with its hedging, hedge unwind or settlement activity hereunder, in each case, in a manner that would be in compliance with
applicable legal, regulatory or self-regulatory requirements. 
 (i) Adjustments. For the avoidance of doubt, whenever
the Calculation Agent is called upon to make an adjustment pursuant to the terms of this Confirmation or the Definitions to take into account the effect of an event, the Calculation Agent shall make such adjustment on a commercially reasonable basis
by reference to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge position. 
 (j) Disclosure. Effective from the date of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax
structure. 
 (k) Designation by Dealer. Notwithstanding any other provision in this Confirmation to the contrary
requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise
to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty to the extent of any such performance. 

  
 15 

 (l) No Netting and Set-off. Notwithstanding any provision of the Agreement (including
without limitation Section 6(f) thereof) and this Confirmation or any other agreement between the parties to the contrary, neither party shall net or set off its obligations under the Transaction against its rights against the other party under
any other transaction or instrument. 
 (m) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not
intended to convey to it rights with respect to the Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree that the preceding sentence shall not
apply at any time other than during Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge
that this Confirmation is not secured by any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement. 
 (n) Early Unwind. In the event the sale by Counterparty of the Convertible Securities is not consummated with the Initial Purchasers pursuant to the Purchase Agreement for any reason by the close
of business in New York on July 29, 2011 (or such later date as agreed upon by the parties, which in no event shall be later than ten business days following July 29, 2011) (July 29, 2011 or such later date being the “Early Unwind
Date”), the Transaction shall automatically terminate (the “Early Unwind”), on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty thereunder shall
be cancelled and terminated and (ii) other than in the case of the failure of such sale to be consummated due to a breach by Dealer of its obligations under the Purchase Agreement, Counterparty shall pay to Dealer an amount in cash equal to the
aggregate amount of reasonable costs and expenses relating to the unwinding of Dealer’s hedging activities in respect of the Transaction (including market losses incurred in reselling any Shares purchased by Dealer or its affiliates in
connection with such hedging activities, unless Counterparty agrees to purchase any such Shares at the cost at which Dealer or its affiliates purchased such Shares) or, at the election of Counterparty, deliver to Dealer Shares with a value equal to
such amount, as determined by the Calculation Agent, in which event the parties shall enter into customary and commercially reasonable documentation relating to the registered or exempt resale of such Shares; provided that in no event shall
the number of such Shares exceed the lesser of 27,439,020 and the number of Shares then authorized for issuance under Counterparty’s certificate of incorporation which are unissued at that time. Following such termination, cancellation and
payment or delivery, each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of either party arising out of and to be performed in
connection with the Transaction either prior to or after the Early Unwind Date. Dealer and Counterparty represent and acknowledge to the other that upon an Early Unwind and following the payment or delivery referred to above, all obligations with
respect to the Transaction shall be deemed fully and finally discharged. 
 (o) Special Provisions for Counterparty Payments.
The parties hereby agree that, notwithstanding anything to the contrary herein or in the Agreement or the Equity Definitions, in the event that an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs
or is designated with respect to the Transaction and, as a result, Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or Counterparty owes Dealer a Cancellation Amount pursuant to Article 12 of the Equity
Definitions, such amount shall be deemed to be zero. 
 (p) Payments on Early Termination. Counterparty and Dealer each
agree that for the purpose of Section 6(e) of the Agreement: (i) Loss shall apply and (ii) the Second Method shall apply. 
 (q) Waiver of Trial by Jury. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTION OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT
HEREOF. 
 (r) Governing Law; Jurisdiction. THIS CONFIRMATION (INCLUDING THE AGREEMENT) AND ANY CLAIM, CONTROVERSY
OR DISPUTE ARISING UNDER OR RELATED TO THIS CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS. 

[Remainder of Page Intentionally Blank] 

  
 16 

 Counterparty hereby agrees (a) to check this Confirmation carefully and immediately
upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty
with respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to John Servidio,
Facsimile No. 704-208-2869. 
  

					
	Yours faithfully,
	
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Christopher A. Hutmaker
		 	Name:	 	Christopher A. Hutmaker
		 	Title:	 	Managing Director

  

					
	Agreed and Accepted By:
	
	BGC PARTNERS, INC.
		
	By:	 	/s/ Anthony Graham Sadler
		 	Name:	 	Anthony Graham Sadler
		 	Title:	 	Chief Financial Officer

 ANNEX A 
 The Cap Price and Premium for the Transaction are set forth below. 
  

			
	Cap Price:	  	USD12.30
		
	Premium:	  	USD3,844,800

  
 Annex A - 1

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