Document:

EX-10.8

 Exhibit 10.8 

[●], 2017 
 BGC Partners, Inc. 

499 Park Avenue 
 New York, NY 10022 

Cantor Fitzgerald, L.P. 
 110 East 59th Street 
 New York, NY 10022 
  

	Re:	Exchange of Class A Common Stock of Newmark Group, Inc. 

 Ladies and Gentlemen: 

Subject to the terms set forth below, Newmark Group, Inc. (including any successor to Newmark Group, Inc., whether by merger, consolidation,
sale of all or substantially all of its assets or otherwise, “Newmark”) hereby grants to (i) Cantor Fitzgerald, L.P. (including any successor to Cantor Fitzgerald, L.P., whether by merger, consolidation, sale of all or
substantially all of its assets or otherwise, “CFLP”), CF Group Management, Inc., the managing general partner of CFLP (including any successor to CF Group Management, Inc., whether by merger, consolidation, sale of all or
substantially all of its assets or otherwise), and any other Qualified Class B Holder (as defined in Newmark’s Amended and Restated Certificate of Incorporation (as it may be amended, the “Charter”) entitled to hold
Class B Common Stock of Newmark (the “Class B Common Stock”) under the Charter (collectively, “Cantor”), and (ii) BGC Partners, Inc. (including any successor to BGC Partners, Inc.,
whether by merger, consolidation, sale of all or substantially all of its assets or otherwise, “BGC Partners”) the right to exchange shares of Class A Common Stock of Newmark (the “Class A Common
Stock”) now owned or hereafter acquired by Cantor or BGC Partners, as applicable, on a one-for-one basis for shares of Class B Common Stock (the
“Exchange Right”). The Exchange Right shall be exercisable by Cantor or BGC Partners at any time and from time to time, up to the number of shares of Class B Common Stock that remain then authorized but unissued under
Newmark’s Amended and Restated Certificate of Incorporation, as it may be amended, upon completion and delivery to Newmark of the notice of exchange attached hereto as Annex A; provided, however, that, prior to the
Distribution (as such term is defined in the Separation and Distribution Agreement, dated as of [●], by and among BGC Partners, BGC Holdings, L.P., BGC Partners, L.P., Newmark, Newmark Holdings, L.P., Newmark Partners, L.P. and, solely for the
limited purposes set forth therein, CFLP and BGC Global Holdings, L.P.,), Cantor may not exercise the Exchange Right without the prior consent of BGC Partners. 

In connection with the grant of the Exchange Right, each of CFLP, on behalf of itself and of Cantor, and BGC Partners hereby: 

 

	 	1.	acknowledges that the shares of Class B Common Stock that it may acquire pursuant to the Exchange Right have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
or under any state securities laws, and that it is aware that the issuance of such shares of Class B Common Stock to it is being made in reliance on a private placement exemption from registration under the Securities Act; 

	 	2.	represents and warrants that it is acquiring shares of Class B Common Stock pursuant to the Exchange Right for its own account for investment only and with no present intention of distributing any of such shares to
any person, and that it will not sell or otherwise dispose of any of such shares of Class B Common Stock other than in compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable
securities laws; 

  

	 	3.	represents and warrants that it is a sophisticated investor and an “accredited investor” as defined in Rule 501(a) under Regulation D under the Securities Act, with sufficient knowledge and experience in
securities law matters and transactions of the type contemplated by the Exchange Right to be capable of evaluating the merits and risks of exchanging its shares pursuant to the Exchange Right and acquiring shares of Class B Common Stock;

  

	 	4.	represents and warrants that it has conducted its own investigation with respect to any matters it determined necessary or desirable in connection with the Exchange Right or any exercise thereof, that it has received
all information that it believes is necessary or appropriate in connection with the Exchange Right and any exercise thereof and that it has determined to enter into this letter agreement based on such investigation and not in reliance on any
representation or investigation made by, or information known by, Newmark or any other party; and 

  

	 	5.	acknowledges that Newmark will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements and agrees that if any of the representations and acknowledgements is no longer accurate,
it shall promptly notify Newmark. 

 This letter agreement shall be construed under the laws of the State of Delaware without
giving effect to the principles of conflicts of laws. This letter agreement may be amended only in a writing duly executed and delivered by all of the parties hereto. No failure or delay by any party hereto in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. This letter agreement shall be binding
upon and shall inure to the benefit of parties hereto, any third-party beneficiary expressly named herein (including CF Group Management, Inc. and the other Qualified Class B Holders) and their respective successors, assigns and transferees,
including binding upon any person that will be a successor to a party hereto, whether by merger, consolidation or sale of all or substantially all of its assets. This letter agreement may be executed in counterparts, with the same effect as if the
signatures were upon the same instrument, with delivery of a counterpart signature page by facsimile or email in .pdf format to be deemed to constitute delivery of originals. This letter agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, both oral and written, between the parties hereto with respect to the subject matter hereof. If one or

 
more provisions of this letter agreement are held to be unenforceable under applicable law, such provision shall be deemed to be excluded from this letter agreement and the balance of this letter
agreement shall be interpreted as if such provision were so excluded and shall be enforced in accordance with its terms to the maximum extent permitted by law. 

[signature pages follow] 

 Please acknowledge your agreement with the foregoing by signing below. 

 

			
	Very truly yours,
	
	NEWMARK GROUP, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 ACCEPTED AND AGREED 
 BGC
PARTNERS, INC. 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 CANTOR FITZGERALD, L.P. (on behalf of itself and of Cantor) 

 

			
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Newmark Class B Exchange Agreement] 

 Annex A 

NOTICE OF EXCHANGE OF 

CLASS A COMMON STOCK 
 The undersigned
hereby irrevocably elects, effective as of the date set forth below, to exchange the following number of shares of Class A Common Stock of Newmark Group, Inc. (“Newmark”) standing in the undersigned’s name on the books and
records of Newmark and exchangeable pursuant to the letter agreement dated [●], 2017 (the “Exchange Agreement”), for shares of Class B Common Stock of Newmark on a one-for-one basis: (List number of shares): 
  

	
	  

	
	  

 The undersigned hereby reconfirms the agreements, authorizations and acknowledgements made in the Exchange Agreement as of the
date set forth below. The undersigned hereby agrees to execute a stock power or other documentation required by Newmark in order to effect the exchange set forth above. 
  

							
		 		 	[NAME]
				
		 		 	By:	 	  

	Date:                     	 		 	Name:	 	
		 		 	Title:Exhibit

AGREEMENT NOT TO CONVERT

THIS AGREEMENT NOT TO CONVERT (this “Agreement”) is made and entered into as of November 7, 2017, between Sonic Foundry, Inc., a Maryland corporation (“Sonic Foundry”), and Mark Burish (“Burish”), is in reference to shares of Sonic Foundry’s 9% Cumulative Voting Convertible Preferred Stock, Series A, $0.01 par value per share (the “Series A Preferred Stock”) owned or to be acquired by Burish.
 
RECITALS
 
WHEREAS, the 1,289.41 shares of Series A Preferred Stock Series A owned by Burish, are, by the terms of Sonic Foundry’s Articles Supplementary, convertible into shares of Sonic Foundry common stock, $0.01 par value per share (the “Common Stock”), at the option of Burish, which can be exercised at any time; and
 
WHEREAS, Burish wishes to acquire from the Company up to $500,000 of additional shares of Series A Preferred Stock pursuant to the terms of the Subscription Agreement dated as of August 23, 2017 (the “Subscription Agreement”); and
 
WHEREAS, Burish and Sonic Foundry desire to enter into this Agreement to provide that the Holder shall temporarily waive his right to convert all shares of Series A Preferred Stock owned or to be acquired by Holder in exchange for the agreement by Sonic Foundry to allow Holder to purchase from Sonic Foundry $500,000 of additional shares of Series A Preferred Stock, pursuant to the terms of the Subscription Agreement.

NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
 
1. Agreement Not to Convert.
 
a. Burish hereby agrees that, until the shareholders of Sonic Foundry approve the issuance by Sonic Foundry of all of Burish’s currently owned and to be acquired shares of Series A Preferred Stock, as set forth in paragraph b below, Burish will waive his right to convert into Common Stock all or any of the Series A Preferred Stock currently owned or to be acquired by Burish.
 
b. The agreement of Burish to waive his right to convert all or any of his shares of Series A Preferred Stock into Common Stock contemplated hereby shall no longer be effective at such time as the shareholders of Sonic Foundry approve the issuance of all of Burish’s currently owned and to be acquired shares of Series A Preferred Stock. Sonic Foundry agrees to submit a proposal to its shareholders with respect to approval of such issuance at its next shareholders meeting. Burish and the Company both agree that the shares of Series A Preferred Stock held by Burish will not be voted with respect to approval of such issuance.
 
2. Consideration. As consideration for Burish’s agreement not to convert all or any of his the shares of Series A Preferred Stock held by Burish as contemplated hereby, Sonic Foundry agrees to exercise its option to request that Burish purchase an additional $500,000 shares of Series A Preferred Stock as set forth in the Subscription Agreement. Such option shall be exercised within 60 days of the date hereof.

3. Further Assurances. Each of Burish and Sonic Foundry agrees that he and it will make, execute and deliver any and all such other instruments, instructions and documents and will do and perform any and all 

such further acts as shall become necessary, proper or convenient to carry out or effectuate the respective covenants, promises and undertakings set forth herein.
 
4. Enforceability. If and to the extent any provision herein is held invalid or unenforceable at law, then such provision will be deemed stricken from this Agreement and the remainder of the Agreement will continue in effect and be valid and enforceable to the fullest extent permitted by law.
 
5. Governing Law. This Agreement shall be deemed executed in the State of Wisconsin and is to be governed by and construed under Wisconsin law, without regard to its choice of law provisions.
 
6. Entire Agreement. This Agreement is the entire agreement between Burish and Sonic Foundry and may not be modified or amended except by a written instrument signed by each of Burish and Sonic Foundry. Each of Burish and Sonic Foundry has read this Agreement, understands it and agrees to be bound by its terms and conditions. There are no understandings with respect to the subject matter hereof, express or implied, that are not stated herein. This Agreement may be executed in counterparts, and signatures exchanged by facsimile or other electronic means are effective for all purposes hereunder to the same extent as original signatures.
 
IN WITNESS WHEREOF, each of the parties hereto has executed and delivered this Agreement or caused this Agreement to be executed and delivered by its duly authorized representative, all as of the day and year first written above.

MARK BURISH                SONIC FOUNDRY, INC.

/S/Mark Burish                    By:/S/Ken Minor
Its:CFO

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