Document:

Form of Employee Restricted Stock Unit Issuance Agreement

 EXHIBIT 10.22 
 DAYSTAR TECHNOLOGIES, INC. 
 RESTRICTED STOCK UNIT GRANT NOTICE 
 AMENDED AND RESTATED 2006 EQUITY INCENTIVE PLAN 
 DayStar Technologies, Inc. (the “Company”), pursuant to its Amended and Restated 2006 Equity Incentive Plan (the “Plan”), hereby awards to Participant a Restricted Stock Unit Award for the
number of shares of the Company’s Common Stock set forth below (the “Award”). The Award is subject to all of the terms and conditions as set forth herein and in the Plan and the Restricted Stock Unit Agreement, both of
which are attached hereto and incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan or the Restricted Stock Unit Agreement. In the event of any conflict between the terms
in the Award and the Plan, the terms of the Plan shall control. 
  

					
	Participant:	  	  
	  	
	Date of Grant:	  	  
	  	
	Vesting Commencement Date:	  	  
	  	
	Number of Shares Subject to Award:	  	  
	  	
	Consideration:	  	Participant’s past services	  	

  

			
	Vesting Schedule:	  	[                                       
                                         
                                         
                                         
      ]. 
		  	Notwithstanding the foregoing, vesting shall terminate on upon the Participant’s termination of Continuous Service.
		
	Issuance Schedule:	  	The shares will be issued in accordance with the issuance schedule set forth in Section 6 of the Restricted Stock Unit Agreement.

 Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt of, and understands and
agrees to, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the
Plan set forth the entire understanding between Participant and the Company regarding the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject with the exception of (i) awards previously
granted and delivered to Participant under the Plan or the Company’s 2003 Equity Incentive Plan (except that with respect to such awards, Section 9(f) of the Plan shall control), and (ii) the following agreements only: 
  

					
	 OTHER AGREEMENTS:
	  	  

		  	  

  

									
	DAYSTAR TECHNOLOGIES, INC.	 		 	PARTICIPANT:
				
	By:	 	  
	 		 	  

		 	Signature	 		 		 	Signature
					
	Title:	 	  
	 		 	Date:	 	  

					
	Date:	 	  
	 		 		 	

  

			
	 ATTACHMENTS:
	  	Restricted Stock Unit Agreement, Amended and Restated 2006 Equity Incentive Plan

 ATTACHMENT I 
 DAYSTAR TECHNOLOGIES, INC. 
 AMENDED AND RESTATED 2006 EQUITY INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 
 Pursuant to the Restricted Stock Unit Grant Notice (“Grant Notice”) and this Restricted Stock Unit Agreement and in consideration of your services, DayStar Technologies, Inc. (the “Company”)
has awarded you a Restricted Stock Unit Award (the “Award”) under its Amended and Restated 2006 Equity Incentive Plan (the “Plan”). Your Award is granted to you effective as of the Date of Grant set
forth in the Grant Notice for this Award. This Restricted Stock Unit Award Agreement shall be deemed to be agreed to by the Company and you upon the signing by you of the Restricted Stock Unit Grant Notice to which it is attached. Defined terms not
explicitly defined in this Restricted Stock Unit Agreement shall have the same meanings given to them in the Plan. In the event of any conflict between the terms in this Restricted Stock Unit Agreement and the Plan, the terms of the Plan shall
control. The details of your Award, in addition to those set forth in the Grant Notice and the Plan, are as follows. 
 1.
GRANT OF THE AWARD. This Award represents the right to be issued on a future date the number of shares of the Company’s Common Stock as indicated in the Grant Notice. As of the
Date of Grant, the Company will credit to a bookkeeping account maintained by the Company for your benefit (the “Account”) the number of shares of Common Stock subject to the Award. This Award was granted in consideration of
your services to the Company. Except as otherwise provided herein, you will not be required to make any payment to the Company (other than past and future services to the Company) with respect to your receipt of the Award, the vesting of the shares
or the delivery of the underlying Common Stock. 
 2. VESTING. Subject to the limitations contained herein, your Award
will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice, provided that vesting will cease upon the termination of your Continuous Service. Upon such termination of your Continuous Service, the shares credited to
the Account that were not vested on the date of such termination will be forfeited at no cost to the Company and you will have no further right, title or interest in or to such underlying shares of Common Stock. 
 3. NUMBER OF SHARES. 
 (a) The number of shares subject to your Award may be adjusted from time to time for Capitalization Adjustments, as provided in the Plan.

 (b) Any shares, cash or other property that becomes subject to the Award pursuant to this Section 3, if any, shall be subject,
in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other shares covered by your Award. 
  

 1. 

 (c) Notwithstanding the provisions of this Section 3, no fractional shares or rights for
fractional shares of Common Stock shall be created pursuant to this Section 3. The Board shall, in its discretion, determine an equivalent benefit for any fractional shares or fractional shares that might be created by the adjustments referred
to in this Section 3. 
 4. SECURITIES LAW COMPLIANCE. You may not be issued any
shares under your Award unless either (a) the shares are registered under the Securities Act; or (b) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award also
must comply with other applicable laws and regulations governing the Award, and you will not receive such shares if the Company determines that such receipt would not be in material compliance with such laws and regulations. 
 5. LIMITATIONS ON TRANSFER. Your Award is not transferable, except by will or by the laws of descent
and distribution. In addition to any other limitation on transfer created by applicable securities laws, you agree not to assign, hypothecate, donate, encumber or otherwise dispose of any interest in any of the shares of Common Stock subject to the
Award until the shares are issued to you in accordance with Section 6 of this Agreement. After the shares have been issued to you, you are free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such shares
provided that any such actions are in compliance with the provisions herein and applicable securities laws. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third
party who, in the event of your death, shall thereafter be entitled to receive any distribution of Common Stock to which you were entitled at the time of your death pursuant to this Agreement. 
 6. DATE OF ISSUANCE. 
 (a) The Company will deliver to you a number of shares of the Company’s Common Stock equal to the number of vested shares subject to your Award, including any additional shares received pursuant to
Section 3 above that relate to those vested shares on the applicable vesting date(s). However, if a scheduled delivery date falls on a date that is not a business day, such delivery date shall instead fall on the next following business day.

 (b) Notwithstanding the foregoing, in the event that (i) you are subject to the Company’s policy permitting officers and
directors to sell shares only during certain “window” periods, in effect from time to time or you are otherwise prohibited from selling shares of the Company’s Common Stock in the public market and any shares covered by your Award are
scheduled to be delivered on a day (the “Original Distribution Date”) that does not occur during an open “window period” applicable to you, as determined by the Company in accordance with such policy, or does not
occur on a date when you are otherwise permitted to sell shares of the Company’s common stock on the open market, and (ii) the Company elects not to satisfy its tax withholding obligations by withholding shares from your distribution, then
such shares shall not be delivered on such Original Distribution Date and shall instead be delivered on the first business day of the next occurring open “window period” applicable to you pursuant to such policy (regardless of whether you
are still providing continuous services at such time) or the next business day when you are not prohibited from selling shares of the Company’s Common Stock in the open market, but in no event later than the fifteenth (15th) day of the
third calendar month of the calendar year following the calendar year in which the Original Distribution Date occurs. 

  

 2. 

 
The form of such delivery (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company. In all cases, the
delivery of shares under this Award is intended to comply with Treasury Regulation 1.409A-1(b)(4) and shall be construed and administered in such a manner. 
 7. DIVIDENDS. You shall receive no benefit or adjustment to your Award with respect to any cash dividend, stock dividend or other distribution that does not result from a Capitalization
Adjustment; provided, however, that this sentence shall not apply with respect to any shares of Common Stock that are delivered to you in connection with your Award after such shares have been delivered to you. 
 8. RESTRICTIVE LEGENDS. The shares issued under your Award shall be endorsed with appropriate legends determined by
the Company. 
 9. AWARD NOT A SERVICE CONTRACT.

 (a) Your Continuous Service with the Company or an Affiliate is not for any specified term and may be terminated by you or by the
Company or an Affiliate at any time, for any reason, with or without cause and with or without notice. Nothing in this Restricted Stock Unit Agreement (including, but not limited to, the vesting of your Award pursuant to the schedule set forth
in Section 2 herein or the issuance of the shares subject to your Award), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Restricted Stock Unit Agreement or the Plan shall: (i) confer upon
you any right to continue in the employ of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments,
future compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit under this Restricted Stock Unit Agreement or the Plan unless such right or benefit has specifically accrued under the terms of
this Agreement or Plan; or (iv) deprive the Company of the right to terminate you at will and without regard to any future vesting opportunity that you may have. 
 (b) By accepting this Award, you acknowledge and agree that the right to continue vesting in the Award pursuant to the schedule set forth in Section 2 is earned only by continuing as an employee, director
or consultant at the will of the Company (not through the act of being hired, being granted this Award or any other award or benefit) and that the Company has the right to reorganize, sell, spin-out or otherwise restructure one or more of its
businesses or Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”). You further acknowledge and agree that such a reorganization could result in the termination of your Continuous
Service, or the termination of Affiliate status of your employer and the loss of benefits available to you under this Restricted Stock Unit Agreement, including but not limited to, the termination of the right to continue vesting in the Award. You
further acknowledge and agree that this Restricted Stock Unit Agreement, the Plan, the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant of good faith and fair dealing that may be found implicit in any of
them do not constitute an express or implied promise of continued engagement as an employee or consultant for the term of this Agreement, for any period, or at all, and shall not interfere in any way with your right or the Company’s right to
terminate your Continuous Service at any time, with or without cause and with or without notice. 
  

 3. 

 10. WITHHOLDING OBLIGATIONS. 
 (a) On or before the time you receive a distribution of the shares subject to your Award, or at any time thereafter as requested by the Company,
you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the
Company or any Affiliate which arise in connection with your Award (the “Withholding Taxes”). Additionally, the Company may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating to
your Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company; (ii) causing you to tender a cash payment; (iii) permitting you to enter into a
“same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby you irrevocably elect to sell a portion of the shares to be delivered under
the Award to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company and/or its Affiliates or (iv) withholding shares of Common
Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the Award with a Fair Market Value (measured as of the date shares of Common Stock are issued to pursuant to Section 6) equal to the amount of such
Withholding Taxes; provided, however, that the number of such shares of Common Stock so withheld shall not exceed the amount necessary to satisfy the Company’s required tax withholding obligations using the minimum statutory withholding rates
for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income. 
 (b)
Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock. 
 (c) In the event the Company’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Company’s
withholding obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount. 
 11. UNSECURED OBLIGATION. Your Award is unfunded, and as a holder of a vested Award, you shall be considered an
unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares pursuant to this Agreement. You shall not have voting or any other rights as a stockholder of the Company with respect to the shares to be
issued pursuant to this Agreement until such shares are issued to you pursuant to Section 6 of this Agreement. Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained in this
Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person. 
 12. OTHER DOCUMENTS. You hereby acknowledge receipt or the right to receive a document providing the information
required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus. In addition, you acknowledge receipt of the Company’s policy permitting certain individuals to sell shares only during certain
“window” periods and the Company’s insider trading policy, in effect from time to time. 
  

 4. 

 13. NOTICES. Any notices provided for in your Award or the Plan shall be given in
writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to
the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this Award by electronic means or to request your consent to participate in the Plan by
electronic means. You hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party
designated by the Company. 
 14. MISCELLANEOUS. 
 (a) The rights and obligations of the Company under your Award shall be transferable to any one or more persons or entities, and all covenants and
agreements hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. Your rights and obligations under your Award may only be assigned with the prior written consent of the Company. 
 (b) You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to
carry out the purposes or intent of your Award. 
 (c) You acknowledge and agree that you have reviewed your Award in its entirety,
have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award, and fully understand all provisions of your Award. 
 (d) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 (e) All obligations of the Company under the Plan and this Agreement shall be binding on any successor to the Company, whether the existence of
such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 
 15. GOVERNING PLAN DOCUMENT. Your Award is subject to all the provisions of the Plan, the provisions
of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. Except as expressly provided herein, in the
event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan shall control. 
 16.
SEVERABILITY. If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall 

  

 5. 

 
not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so
declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 
 17. EFFECT ON OTHER EMPLOYEE BENEFIT PLANS. The value of
the Award subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating the Employee’s benefits under any employee benefit plan sponsored by the Company or any Affiliate,
except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans. 
 18. CHOICE OF LAW. The interpretation, performance and enforcement of this Agreement will be governed
by the law of the state of Delaware without regard to such state’s conflicts of laws rules. 
 19. AMENDMENT. This
Agreement may not be modified, amended or terminated except by an instrument in writing, signed by you and by a duly authorized representative of the Company. Notwithstanding the foregoing, this Agreement may be amended solely by the Board by a
writing which specifically states that it is amending this Agreement, so long as a copy of such amendment is delivered to you, and provided that no such amendment adversely affecting your rights hereunder may be made without your written consent.
Without limiting the foregoing, the Board reserves the right to change, by written notice to you, the provisions of this Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant as a result of any change in
applicable laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change shall be applicable only to rights relating to that portion of the Award which is then subject to restrictions as provided
herein. 
 20. COMPLIANCE WITH SECTION 409A OF THE
CODE. This Award is intended to comply with the “short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4). Notwithstanding the foregoing, if it is
determined that the Award fails to satisfy the requirements of the short-term deferral rule and is otherwise deferred compensation subject to Section 409A, and if you are a “Specified Employee” (within the meaning set forth
Section 409A(a)(2)(B)(i) of the Code) as of the date of your separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), then the issuance of any shares that would otherwise be made upon the date of the
separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months and one day after the date of the
separation from service, with the balance of the shares issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the shares is necessary to avoid the imposition
of taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2).

  

 6. 

 ATTACHMENT II 
 DAYSTAR TECHNOLOGIES, INC. 
 AMENDED AND RESTATED 2006 EQUITY INCENTIVE PLAN 
  

 7.Stock Purchase Agreement, dated June 2, 2008

 Exhibit 10.31 
 STOCK PURCHASE AGREEMENT 
 This STOCK PURCHASE AGREEMENT is dated as of June 2, 2008 (this
“Agreement”), by and between BGC Partners, Inc., a Delaware corporation (the “Purchaser”), and the person named on the signature page hereto (the “Seller”). 
 RECITALS 
 WHEREAS, the Seller owns or
will own prior to the Closing (as defined in Section 3) shares of Class A common stock, par value $0.01 per share, of the Purchaser (the “Class A Common Stock”); and 
 WHEREAS, the Purchaser proposes to effect an underwritten firm commitment public offering of shares of Class A Common Stock (the
“Offering”) pursuant to an Equity Underwriting Agreement (the “Underwriting Agreement”) to be entered into by and among the Purchaser, certain stockholders of the Purchaser, including Cantor Fitzgerald L.P., and the
underwriters listed on Schedule I to the Underwriting Agreement (the “Underwriters”); and 
 WHEREAS, contingent upon the
closing of the Offering, the Purchaser desires to purchase from the Seller and the Seller desires to sell to the Purchaser 175,000 shares of Class A Common Stock (collectively, the “Shares,” and individually, a
“Share”), upon the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the
foregoing and of the mutual agreements hereinafter set forth, the Purchaser and the Seller hereby agree as follows: 
 1.    Purchase
of the Shares. Upon the terms and subject to the conditions of this Agreement, at the Closing, the Purchaser agrees to purchase from the Seller, and the Seller agrees to sell to the Purchaser, the Shares, free and clear of any liens,
encumbrances, equities and claims. 
 2.    Consideration for the Purchase of the Shares. In consideration for the purchase of the
Shares by the Purchaser, the Purchaser shall pay to the Seller a purchase price per Share equal to the purchase price per share of Class A Common Stock paid by the Underwriters to the Purchaser in the Offering. Payment for the Shares to be
purchased hereunder is to be made at or as soon as practicable following the Closing via check at the address indicated by the Seller to the Purchaser against the Seller’s delivery at the Closing of certificates therefor and/or other evidence
(including an executed stock power with a signature guarantee) of the good and valid transfer of the Shares to the Purchaser. The Seller agrees that there may be deducted from the purchase price paid to the Seller for the Shares any applicable
taxes, insurance payment or other similar liability. 
 3.    Closing. The closing of the purchase and sale of the Shares (the
“Closing”) shall be contingent upon, and shall take place immediately following, the closing of the Offering pursuant to the Underwriting Agreement. 
  

 4.    Representations and Warranties of the Seller. The Seller hereby represents and warrants
to the Purchaser that the statements in this Section 4 are true, complete and correct in all respects as of the date hereof and shall be true, complete and correct in all respects as of the Closing as if made at and as of such time, except to
the extent that any such representation and warranty, by its terms, is expressly limited to a specific date, in which case, as of such specific date. 
 (a) As of the Closing, the Seller shall (i) have good and valid title to the Shares to be sold by the Seller to the Purchaser, free and clear of any liens, encumbrances, equities and claims, and (ii) have
full right, power and authority to effect the sale and delivery of such Shares to the Purchaser; and upon the delivery of, against payment for, such Shares pursuant to this Agreement, the Purchaser shall acquire good and valid title thereto, free
and clear of any liens, encumbrances, equities and claims. There are no outstanding securities, options, warrants, calls, rights, conversion rights, preemptive rights, rights of first refusal, redemption rights, repurchase rights, plans,
“tag-along” or “drag along” rights, commitments, agreements, arrangements or undertakings giving any person other than the Purchaser a right to acquire, directly or indirectly, any of the Shares. 
 (b) The Seller has full right, power and authority to execute and deliver this Agreement and to perform his obligations under this Agreement. This
Agreement has been duly authorized, executed and delivered by or on behalf of the Seller. The execution and delivery of this Agreement, the consummation by the Seller of the transactions contemplated herein and the fulfillment by the Seller of the
terms hereof will not require any consent, approval, authorization, or order of any court, regulatory body, administrative agency or other governmental body and will not result in a breach of any of the terms and provisions of, or constitute a
default under, any indenture, mortgage, deed of trust or other agreement or instrument to which the Seller is a party, or of any order, rule or regulation applicable to the Seller of any court or of any regulatory body or administrative agency or
other governmental body having jurisdiction over the Seller or the Shares. 
 (c) As of the Closing, no consent, approval or waiver is
required under any instrument or agreement to which the Seller is a party or by which the Seller or the Shares are bound or under which Seller is entitled to any right or benefit in connection with the sale by the Seller of Shares to the Purchaser
under this Agreement. 
 5.    Counterparts; Facsimile Execution and Delivery. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. A facsimile or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such
party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request
of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile or other reproduction hereof. 
  

 2 

 6.    Further Assurances. Each party hereto shall execute and deliver such additional
instruments and other documents and shall take such further actions as may be necessary or appropriate to effectuate, carry out and comply with all of its obligations under this Agreement. 
 7.    Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written
and oral, between the parties with respect to the subject matter hereof. 
 8.    Amendments; Waiver. This Agreement may not be
amended except by written instrument executed by each of the parties. The failure by any party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision nor in any way to
affect the validity of this Agreement or any part hereof or the right of such party thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement shall be held to be a waiver of any other or
subsequent breach or non-compliance. Any waiver made by any party hereto in connection with this Agreement shall not be valid unless set forth in writing by such party. 
 9.    Binding Effect; Persons Benefiting; No Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted
assigns. Nothing in this Agreement is intended or shall be construed to confer upon any entity or person other than the parties hereto and their respective successors and permitted assigns any right, remedy or claim under or by reason of this
Agreement or any part hereof. This Agreement may not be assigned by any party hereto without the prior written consent of the other party hereto, and any purported assignment without such consent shall be void and unenforceable. 
 10.    Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York,
without giving effect to any choice of law or conflict of law provisions or rule that could cause the application of the laws of any other jurisdiction. 
 11.    Termination. If the Closing has not yet occurred, this Agreement shall terminate on the earlier to occur of (i) the termination of the Underwriting Agreement pursuant to its terms; or
(ii) December 31, 2008. 
 [Signature page follows.] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have duly caused this Agreement to be executed as of the date
first above written. 
  

			
	 BGC PARTNERS, INC.

		
	 By:
	 	/s/ Stephen M. Merkel
		 	Name:  Stephen M. Merkel
		 	 Title:    Executive Vice President, General
                 Counsel and Secretary

	
	 SELLER

		
		 	/s/ Stephen M . Merkel
		 	Stephen M. Merkel

  
  
 [Stock Purchase Agreement for purchase of 175,000 shares from Stephen Merkel] 
  

 4

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