Document:

Administrative Services Agreement, dated as of March 6, 2008

 Exhibit 10.5 
 EXECUTION VERSION 
 ADMINISTRATIVE SERVICES AGREEMENT 
 This ADMINISTRATIVE SERVICES AGREEMENT is made and entered into as of March 6, 2008, among CANTOR FITZGERALD, L.P., a Delaware limited partnership
(“CFLP”), on behalf of itself and its direct and indirect, current and future, subsidiaries and affiliates, other than BGC Partners, Inc. and its direct and indirect, current and future subsidiaries and eSpeed, Inc. and its direct
and indirect, current and future subsidiaries (“Cantor”) and BGC Partners, Inc., a Delaware corporation (“BGCP”), on behalf of itself and its direct and indirect, current and future, subsidiaries (“BGC
Partners”). 
 W I T N E S S E T H: 
 WHEREAS, Cantor has the resources and capacity to provide certain services, including office space, personnel and corporate services, such as cash
management, internal audit, information technology, facilities management, promotional sales and marketing, legal, payroll, benefits administration and other administrative services and insurance services (collectively, “Administrative
Services”); 
 WHEREAS, Cantor is willing to provide or arrange for the provision of Administrative Services to BGCP, all upon the
terms and conditions set forth herein; 
 WHEREAS, in the absence of obtaining such services from Cantor, BGCP would require additional staff
and would need to enhance its existing administrative infrastructure; 
 WHEREAS, BGCP may develop the resources and capacity to provide
certain Administrative Services to Cantor, and is willing to provide or arrange for the provision of such services to Cantor, all upon the terms and conditions set forth herein; and 
 WHEREAS, each of the parties hereto acknowledges that greater efficiencies and reduced costs are expected to be achieved from the economies of scale
associated with the provision of such services by Cantor to BGCP and by BGCP to Cantor in the manner provided herein during the term hereof; 
 NOW, THEREFORE, in consideration of the premises contained herein, it is agreed as follows: 
 1. Term. 
 (a) The term of this Agreement shall commence at the Closing (as such term is defined in the Separation Agreement (the “Separation
Agreement”), 

 
by and among CFLP, BGCP, BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P.) and shall remain in effect for a three-year period (the
“Initial Term”). Thereafter, this Agreement shall be renewed automatically for successive one-year terms (each, an “Extended Term”), unless any party shall give written notice to the other parties at least 120 days
before the end of the Initial Term or the then current Extended Term, as the case may be, of its desire to terminate this Agreement, in which event this Agreement shall end with respect to the terminating party on the last day of the Initial Term or
the then current Extended Term, as the case may be, provided, however, that in the event BGC Partners terminates this Agreement, Cantor shall be entitled to continued use of any hardware and equipment that it used prior to the date of
this Agreement upon the terms and conditions set forth herein (including the payment terms in Section 5), and provided, further, that the Providing Party shall not be required to repair or replace any such hardware or equipment.

 (b) This Agreement may be terminated by a party as provided herein or, as provided in Section 12, with respect to a particular
service or group of services only, in which case it shall remain in full force and effect with respect to the other services described herein. The terminating party shall pay to the other party an amount equal to the costs incurred by the party
providing services as a result of such termination, including, without limitation, any severance or cancellation fees. The Initial Term and the Extended Term are referred to herein as the “Term”. 
 2. Services. 
 (a) During the Term
hereof and upon the terms and conditions set forth herein, Cantor shall provide to BGC Partners the following services as reasonably requested by BGC Partners from time to time: (i) administration and benefits services, (ii) employee
benefits, human resources and payroll services, (iii) financial and operations services, (iv) internal auditing services, (v) legal related services, (vi) risk management services, (vii) accounting services,
(viii) general tax services, (ix) communications facilities and services, including e-mail, (x) network and data center facilities, (xi) hardware and equipment, (xii) facilities management services, (xiii) promotional,
sales and marketing services, (xiv) procuring of insurance coverage, (xv) office space and (xvi) such other miscellaneous services as the parties may reasonably agree, it being the intention of the parties that Cantor will continue to
provide to BGC Partners all services provided by Cantor to BGC Partners prior to the Closing. 
 (b) During the Term hereof and upon the
terms and conditions set forth herein, BGC Partners shall provide to Cantor the services set forth in Sections 2(a)(i) – (xvi) as Cantor may reasonably request from time to time, it being the intention of the parties that after the
consummation of the transactions contemplated under the Merger Agreement, BGC Partners will continue to provide to Cantor all services provided by BGC Partners or eSpeed, Inc. prior to that date. 
  

 2 

 (c) As used in this Agreement, the party providing any particular Administrative Services under this
Section 2 is sometimes referred to as the “Providing Party” and the party receiving any particular Administrative Service is sometimes referred to as the “Receiving Party.” 
 (d) Each Providing Party shall use that degree of skill, care and diligence in the performance of services hereunder that (i) a reasonable Person
would use acting in like circumstances in accordance with financial services industry standards and all applicable laws and regulations and (ii) is no less than that exercised by such Providing Party with respect to comparable services that it
performs on its own behalf. 
 (e) The applicable Providing Party and Receiving Party shall cooperate with each other in all reasonable
respects in matters relating to the provision and receipt of the Administrative Services. Such cooperation shall include obtaining all consents, licenses or approvals necessary to permit each party to perform its obligations hereunder. 

3. Intellectual Property. 
 (a)
Other than Intellectual Property (as such term is defined in the Separation Agreement) transferred to BGC Partners as of the Closing pursuant to the Separation Agreement, any Intellectual Property owned by Cantor or third-party licensors or service
providers that may be operated or used by Cantor in connection with the provision of the Administrative Services hereunder will remain the property of Cantor or third-party licensors or service providers, and BGC Partners shall have no rights or
interests therein, except as may otherwise be expressly provided herein, or in the Separation Agreement or the Agreement and Plan of Merger (the “Merger Agreement”), dated the date hereof, by and among, BGCP, CFLP, eSpeed, Inc., BGC
Partners L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. 
 (b) Any Intellectual Property owned by BGC Partners or third-party
licensors or service providers that may be operated or used by BGC Partners in connection with the provision of the Administrative Services hereunder will remain the property of BGC Partners or third-party licensors or service providers, and Cantor
shall have no rights or interests therein, except as may otherwise be expressly provided herein or in the Separation Agreement or the Merger Agreement. 
 4. Authority. Notwithstanding anything to the contrary contained in Section 2 hereof, the parties hereto acknowledge and agree that each party shall provide the services set forth in Section 2 of this
Agreement subject to the ultimate authority of BGC Partners to control its own business and affairs. Each party acknowledges that the services provided hereunder by any Providing Party are intended to be administrative, technical and ministerial and
are not intended to set policy for the Receiving Party. 
  

 3 

 5. Charges for Services. 
 (a) In consideration for providing the Administrative Services provided for in Section 2 hereof (other than insurance services and real estate), each
Receiving Party shall pay to the Providing Party the actual costs of such services, determined as follows: 
 Each Providing Party shall
charge the Receiving Party such Receiving Party’s appropriate share of the aggregate cost actually incurred in connection with the provision of such services in an amount equal to (i) the direct cost that the Providing Party incurs in
performing those services plus (ii) a reasonable allocation of other allocated costs, including, without limitation, depreciation and amortization determined in a consistent and fair manner so as to cover such Providing Party’s appropriate
costs or in such other manner the parties shall agree. The Providing Party shall not charge the Receiving Party any portion of any tax for which the Providing Party receives a rebate or credit, or to which the Providing Party is entitled to a rebate
or credit. 
 (b) To the extent that Cantor provides insurance services hereunder, such insurance shall be invoiced to and paid by BGC
Partners as follows: 
 The premiums for each of the insurance policies described in Section 2(a)(xii) shall be allocated to BGC Partners
by Cantor and shall be determined by multiplying Cantor’s total actual insurance premiums for each such coverage by a fraction, (i) in the case of general liability or business interruption insurance, the numerator of which is the
aggregate consolidated net revenues (determined in accordance with Generally Accepted Accounting Principles of the United States of America) of BGC Partners and the denominator of which is the aggregate consolidated net revenues of Cantor plus any
consolidated BGC Partners net revenues not included in Cantor’s consolidated net revenues, excluding the revenues from any division or subsidiary which does not benefit from or which is not covered by the insurance to which these premiums
relate, (ii) in the case of property and casualty insurance, the numerator of which is the number of employees of BGC Partners and the denominator of which is the number of employees of BGC Partners and Cantor’s affiliates, and
(iii) in the case of all others as mutually agreed to by BGC Partners and Cantor. 
 (c) To the extent that Cantor provides office space
hereunder, such office space shall be invoiced to and paid by BGC Partners as follows: 
 So long as BGC Partners uses any portion of
Cantor’s offices (each, a “Cantor Office”), BGC Partners shall pay to Cantor on the first day of each calendar month with respect to each such Cantor Office an amount equal to the product of (x) the average rate per square
foot then being paid by Cantor for such Cantor Office and (y) the number of square feet requested by BGC Partners and made 

  

 4 

 
available for use by BGC Partners. In addition, BGC Partners shall pay to Cantor on the first day of each calendar month an amount equal to the sum of the
costs allocated under generally accepted accounting principles, including, without limitation, leasehold amortization expenses, depreciation, overhead, taxes and repairs in relation to such Cantor Office for the preceding month multiplied by a
fraction, the numerator of which equals the number of square feet requested by BGC Partners and made available for use by BGC Partners and the denominator of which equals the total number of square feet leased by Cantor under the lease for the
applicable Cantor Office. 
 6. Exculpation and Indemnity; Other Interests. 
 (a) Cantor (including its partners, officers, directors and employees) shall not be liable to BGC Partners or the stockholders of BGCP for any acts or
omissions taken or not taken in good faith on behalf of BGC Partners and in a manner reasonably believed by Cantor to be within the scope of the authority granted to it by this Agreement and in the best interests of BGC Partners, except for acts or
omissions constituting fraud or willful misconduct in the performance of Cantor’s duties under this Agreement. Notwithstanding the foregoing, Cantor shall be liable to BGC Partners for any losses incurred by BGC Partners in connection with the
provision of Cantor’s services hereunder to the extent Cantor is entitled to be reimbursed by an unaffiliated third party for any such liability. BGC Partners shall indemnify, defend and hold harmless Cantor (and its partners, officers,
directors and employees) from and against any and all claims or liabilities of any nature whatsoever (including consequential damages and reasonable attorney’s fees) arising out of or in connection with any claim against Cantor under or
otherwise in respect of this Agreement, except where attributable to the fraud or willful misconduct of Cantor. 
 (b) BGC Partners
(including its officers, directors and employees) shall not be liable to Cantor or the partners of Cantor for any acts or omissions taken or not taken in good faith on behalf of Cantor and in a manner reasonably believed by BGC Partners to be within
the scope of the authority granted to it by this Agreement and in the best interests of Cantor, except for acts or omissions constituting fraud or willful misconduct in the performance of BGC Partners’ duties under this Agreement.
Notwithstanding the foregoing, BGC Partners shall be liable to Cantor for any losses incurred by Cantor in connection with the provision of BGC Partners’ services hereunder at least to the extent BGC Partners is entitled to be reimbursed by an
unaffiliated third party for any such liability. Cantor shall indemnify, defend and hold harmless BGC Partners (and its stockholders, officers, directors and employees) from and against any and all claims or liabilities of any nature whatsoever
(including consequential damages and reasonable attorney’s fees) arising out of or in connection with any claim against BGC Partners under or otherwise in respect of this Agreement, except where attributable to the fraud or willful misconduct
of BGC Partners. 
 (c) Nothing in this agreement shall prevent Cantor and its affiliates from 

  

 5 

 
engaging in or possessing an interest in other business ventures of any nature or description, independently or with others, whether currently existing or
hereafter created, and none of BGC Partners or any of their respective stockholders shall have any rights in or to such independent ventures or to the income or profits derived therefrom. 
 7. Relationship of the Parties. 
 (a)
The relationship of each Providing Party and each Receiving Party shall be that of contracting parties, and no partnership, joint venture or other arrangement shall be deemed to be created hereby. 
 (b) Except as expressly provided herein, neither Cantor nor BGC Partners shall have any claim against the other or right of contribution by virtue of
this Agreement with respect to any uninsured loss incurred by any of them nor shall any of them have a claim or right against the others by virtue of this Agreement with respect to any loss that is deemed to be included within the deductible,
retention or self-insured portion of any insured risk. 
 8. Audit. Any party hereto may request a review, by those certified public
accountants who examine Cantor’s or BGC Partners’ books and records, of the other party’s cost allocation to the requesting party to determine whether such allocation is proper under the procedures set forth herein. Such a review is
to be conducted at the requesting party’s expense unless such allocation is determined not to be proper, in which case such review shall be at the other party’s expense. 
 9. Documentation. Each party’s charges to the other for all services and benefits hereunder shall be substantiated by appropriate schedules,
invoices or other documentation. During the term hereof, each Providing Party shall use commercially reasonable efforts to maintain records relating to the Administrative Services being provided in a manner similar to retention with respect to other
administrative services previously provided by such Providing Party, including data relating to the determination of charges payable by the Receiving Party of such Administrative Service, and otherwise in accordance with the record management
practices and with at least the same degree of care and completeness as applicable to such Providing Party at such time. 
 10. Actual
Cost. Any charges to the Receiving Party for services or benefits provided by Cantor or BGC Partners, as the case may be, or by third parties pursuant to Section 2 hereof shall be based upon rates not intended to provide a profit to Cantor
or BGC Partners. 
 (a) Each Receiving Party shall pay to the relevant Providing Party the aggregate charge for services provided under this
Agreement in arrears within 30 days after each calendar month. Amounts due by any one Receiving Party to any one Providing Party under the Agreement shall be set off against amounts due by the second party to the first under 

  

 6 

 
this or any other Agreement. 
 (b) Any value
added or other turnover taxes required to be charged in respect of services provided by a party to another party shall be charged in addition to any charges otherwise due hereunder, and shall be included in the relevant invoice. 
 11. Invoicing and Billing. Each party shall invoice the other for charges for services provided pursuant hereto on a monthly basis as incurred,
such invoices to be delivered to the other within 15 days after the end of each calendar month. Such invoices may include third party charges incurred in providing services pursuant to Section 2 or, at the invoicing party’s option,
services provided by one or more third parties may be invoiced directly to the Receiving Party of those services. Each party shall pay to the other the aggregate charge for services provided under this Agreement in arrears within 30 days after
the end of each calendar month. Amounts due by one party to another under this Agreement shall be netted against amounts due by the second party to the first under this or any other agreement. 
 12. Services by Third Parties. Either party may, without cause, procure any of the services or benefits specified in Section 2 hereof from a
third party or may provide such services or benefits for itself. The Providing Party shall discontinue providing such services or benefits upon written notice by the discontinuing party, delivered at least 90 days before the requested
termination date. The terminating party shall pay to the other party an amount equal to the costs incurred by the party providing services as a result of such termination, including, without limitation, any severance or cancellation fees.

 13. Failure to Perform the Administrative Services. In the event of any breach of this Agreement by the Providing Party with
respect to any error or defect in providing any Administrative Service, the Providing Party shall, at the Receiving Party’s request, without the payment of any further fees by the Receiving Party, use its commercially reasonable best efforts to
correct or cause to be corrected such error or defect or reperform or cause to be reperformed such Administrative Service, as promptly as practicable. 
 14. Excused Performance. Neither party warrants that any of the services or benefits herein agreed to be provided shall be free of interruption caused by Acts of God, strikes, lockouts, accidents, inability to
obtain third-party cooperation or other causes beyond its control. No such interruption of services or benefits shall be deemed to constitute a breach of any kind whatsoever. 
 15. Post-Termination of Payments. Notwithstanding any provision herein to the contrary, all payment obligations hereof shall survive the happening
of any event causing termination of this Agreement until all amounts due hereunder have been paid. 
 16. Confidentiality. Except as
otherwise provided in this Agreement, (a) the Providing Party shall, and shall cause its affiliates (and their respective accountants, counsel, 

  

 7 

 
consultants, employees and agents to whom they disclose such information), to keep confidential all information in the possession of the Providing Party that
in any way relates to the Receiving Party, and (b) the Receiving Party shall, and shall cause its affiliates (and their respective accountants, counsel, consultants, employees and agents to whom they disclose such information), to keep
confidential all information in possession of the Receiving Party that relates to the Providing Party and is not information related to the Receiving Party or its assets. The provisions of this Section 16 do not apply to the disclosure by
either party hereto or their respective affiliates of any information, documents or materials (i) which are, or become, publicly available, other than by reason of a breach of this Section 16 by the disclosing party or any affiliate of the
disclosing party, (ii) received from a third party not bound by any confidentiality agreement with the other party hereto, (iii) required by applicable law to be disclosed by that party, or (iv) necessary to establish such
party’s rights under this Agreement or the Separation Agreement, provided that in the case of clauses (iii) and (iv), the person intending to make disclosure of confidential information will promptly notify the party to whom it is
obligated to keep such information confidential and, to the extent practicable, provide such party a reasonable opportunity to prevent public disclosure of such information. 
 Upon the request of Receiving Party and upon termination of the relevant Administrative Service and/or this Agreement, each Providing Party shall provide
the Receiving Party with any data or information generated with respect to the Administrative Services provided to the Receiving Party in a format usable by the Receiving Party. The Receiving Party shall pay the cost, if any, of converting such data
or information into the appropriate format. 
 17. Miscellaneous. 
 (a) This Agreement and all the covenants herein contained shall be binding upon the parties hereto, their respective heirs, successors, legal
representatives and assigns. No party shall have the right to assign all or any portion of its obligations or interests in this Agreement or any monies which may be due pursuant hereto without the prior written consent of the other parties.

 (b) No waiver by any party hereto of any of its rights under this Agreement shall be effective unless in writing and signed by an officer
of the party waiving such right. References to writing includes any method of reproducing words in a legible and non-transitory form. No waiver of any breach of this Agreement shall constitute a waiver of any subsequent breach, whether or not of the
same nature. This Agreement may not be modified or amended except (i) by a writing signed by officers of each of the parties hereto and (ii) such modification or amendment is approved by a majority of the outside directors of the Board of
Directors of BGCP. For purposes of this Agreement, an outside director shall mean a director who is not an employee, partner or affiliate (other than solely by reason of being a director of BGC Partners) of BGCP, Cantor or any of their respective
affiliates. 
 (c) This Agreement constitutes the entire Agreement of the parties with 

  

 8 

 
respect to the services and benefits described herein, and cancels and supersedes any and all prior written or oral contracts or negotiations between the
parties with respect to the subject matter hereof. 
 (d) This Agreement shall be strictly construed as independent from any other agreement
or relationship between the parties. 
 (e) This Agreement is made pursuant to and shall be governed and construed in accordance with the
laws of the State of New York, without regard to the principles of conflict of laws thereof. 
 (f) The descriptive headings of the several
sections hereof are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 
 (g) Any notice, request or other communication required or permitted in this Agreement shall be in writing and shall be sufficiently given if personally delivered or if sent by registered or certified mail, postage prepaid, addressed as
follows: 
 (1) If to Cantor Fitzgerald: 
 110 East 59th Street 
 New York, New York 10022 
 Attention: General Counsel 
 Fax No:
(212) 829-4708 
 (2) If to BGC Partners: 
 499 Park Avenue 
 New York, New York 10022 
 Attention: General Counsel 
 Fax No:
(212) 829-4708 
 The address of any party hereto may be changed on notice to the other parties hereto duly served in
accordance with the foregoing provisions. 
 (h) The parties of this Agreement understand and agree that any or all of the obligations of any
Providing Party set forth herein may be performed by any of its subsidiaries, other than the Receiving Party or any of its subsidiaries. In addition, CFLP may cause any or all of the benefits due to Cantor to be received by any of its subsidiaries,
other than BGCP or any of its subsidiaries. BGCP may cause any or all of the benefits due to BGC Partners to be received by any of its subsidiaries. 
  

 9 

 (i) In the event the Receiving Party uses assets that are subject to an operating lease between the
Providing Party and a third party to provide services hereunder, the Receiving Party shall comply with the terms and conditions of such operating lease. 
 [Signature Page Follows] 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have executed or caused this Administrative Services Agreement to
be executed in their respective names by their respective officers thereunto duly authorized, as of the date first written above. 
  

			
	CANTOR FITZGERALD, L.P.
		
	By:	 	CF Group Management, Inc.
		 	Its General Partner
		
	By:	 	 /s/ Howard W. Lutnick

	Name:	 	Howard W. Lutnick
	Title:	 	Chairman, CEO and President
	
	BGC PARTNERS, INC.
		
	By:	 	 /s/ Lee M. Amaitis

	Name:	 	Lee M. Amaitis
	Title:	 	Co-Chief Executive Officer

 [Signature Page for Administrative Services Agreement, dated as of March 6, 2008,
between 
 Cantor Fitzgerald, L.P. and BGC Partners, Inc.] 
  

 11Administrative Services Agreement, dated as of August 9, 2007

 Exhibit 10.6 
 PRIVATE & CONFIDENTIAL 
 Dated: 9 August 2007 
 TOWER BRIDGE INTERNATIONAL SERVICES L.P. and 
 BGC INTERNATIONAL (1) 
 and 
 BGC PARTNERS, L.P (2) 
 On behalf of itself and the BGC Entities 
 including those listed on page 1 hereof 
  
  
 ADMINISTRATIVE SERVICES
AGREEMENT 
  
  

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
 THIS ADMINISTRATIVE SERVICES AGREEMENT is dated 9 August 2007 and is made BETWEEN: 
  

	(1)	TOWER BRIDGE INTERNATIONAL SERVICES L.P. a United Kingdom limited partnership established under the Limited Partnership Act 1907 acting through its General Partner Tower
Bridge GP Limited whose registered office is at One Churchill Place, London E14 5RD (“Services LP”) and, BGC International, an English unlimited company whose registered office is at One Churchill Place, London E14 5RD
(“BGCI”). Collectively Services LP, and BGC International shall be referred to herein as the “Services Providers” and 

  

	 (2)
	 BGC PARTNERS, L.P a Delaware limited partnership whose principal place of business is 199 Water Street, New York,
NY 10038 on behalf of itself and the BGC Entities, including but not limited to BGC BROKERS GP LIMITED, BGC BROKERS LIMITED, BGC INTERNATIONAL GP LIMITED, BGC GP LIMITED, EURO BROKERS HOLDINGS LIMITED, EURO BROKERS SERVICES LIMITED, MIS BROKERS
LIMITED, BGC EUROPEAN GP LIMITED, BGC GLOBAL LIMITED, TOWER BRIDGE SECURITIES LIMITED and TOWER BRIDGE GP LIMITED all English private limited companies whose registered office is One Churchill Place, London E14 5RD, and BGC
INTERNATIONAL L.P, BGC BROKERS L.P and BGC EUROPEAN HOLDINGS L.P all limited partnerships incorporated under the Limited Partnership Act, 1907, whose registered office is at One Churchill Place, London E14 5RD, BGC FINANCIAL, INC
LONDON BRANCH a New York corporation whose registered branch office in London is at One Churchill Place, London E14 5RD, AUREL LEVEN SECURITIES a French Societe par actions simplifee whose registered office is at 29 Rue de Berri, 75008
Paris, BGC FRANCE HOLDINGS a French Societe par actions simplifee whose registered office is at 1 Rue Favart, 75002 Paris, France, ETC POLLAK SAS and EPP HOLDINGS SAS both French Societe par actions simplifee whose registered
office is at 14 Rue Auber, 75009 Paris, France, BGC PARTNERS MENKUL DEGERLER AS , whose registered office is at Nisantasi Valikonagi Caddesi, Cimen Apt No 79/3, Sisli, Istanbul, Turkey, BGC CAPITAL MARKETS (HONG KONG) LIMITED and
BGC SECURITIES (HONG KONG), LLC both of whose registered office is Suites 6402-6408, 64th Floor, Two International Finance Centre, No 8
Finance Street, Central, Hong Kong, BGC CAPITAL MARKETS (JAPAN), LLC and BGC SHOKEN KAISHA LIMITED whose registered office is 111 East 58th Street, New York, NY 10022, BGC SECURITIES (SOUTH AFRICA) PTY LIMITED whose registered
office is 287 Lynnwood Road, Menlo Park, 0081 South Africa, BGC CAPITAL MARKETS (SWITZERLAND), LLC whose registered office is at 111 East 58th Street, New York, NY 10022, BGC SECURITIES SARL whose registered address is Succursale de
Nyon, Chemin de la Vuarpilliere 31, CH – 1260 Nyon, Switzerland, EURO BROKERS (SWITZERLAND) S.A whose registered address is c/o Schellenberg Wittmer, 15bis, rue des Alpes, P.O. 2088, 1211 Geneva 1, Switzerland, BGC PARTNERS
(AUSTRALIA) PTY LIMITED and EAUSTBOND PTY LIMITED both Australian limited liability companies whose registered office are at MLC Centre, Level 50, 19-29 Martin Place, Sydney, NSW, 2000 also including any BGC Entities which become a party
to this Agreement pursuant to clause 14.8 or 14.9 hereof. Collectively and individually BGC Partners, L.P. and the BGC Entities shall be referred to herein as the “Services Recipients”. 

  

 Page 2 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
 WHEREAS: 
  

	(A)	The Services Providers have the resources and capacity to provide certain services, including office space, personnel and corporate services, such as cash management, internal
audit, information technology, facilities management, promotional sales and marketing, legal, payroll, benefits administration and other administrative services and insurance services (collectively, “Administrative Services”).

  

	(B)	The Services Providers are willing to provide or arrange for the provision of Administrative Services to the Services Recipients, all upon the terms and conditions set forth herein.

  

	(C)	In the absence of obtaining such services from the Services Providers the Services Recipients would require additional staff and would need to enhance its existing administrative
infrastructure. 

  

	(D)	The Services Recipients may develop the resources and capacity to provide certain Administrative Services to the Services Providers, and are willing to provide or arrange for the
provision of such services to the Services Providers, all upon the terms and conditions set forth herein. 

  

	(E)	Each of the parties hereto acknowledges that greater efficiencies and reduced costs are expected to be achieved from the economies of scale associated with the provision of such
services by the Services Providers to the Services Recipients and by the Services Recipients to the Services Providers in the manner provided herein during the Term hereof. 

 NOW IT IS HEREBY AGREED as follows: 
  

	1.	Definitions and interpretation 

  

	1.1	In this Agreement, unless the context otherwise requires: 

 “Administrative Services” bears the meaning in Recital A; 
 “Affiliate” means, in relation to a
Party, any person controlled by, controlling, or under common control with that Party; 
 “BGC Entities” means the direct and
indirect current and future Subsidiaries of BGC Partners, L.P. (or of such other entity that BGC Partners, L.P may nominate in writing from time to time as controlling BGC Partners, L.P) together with those entities which are nominated to be BGC
Entities in accordance with clause 14 hereof and does not include CFLP Entities or eSpeed, Inc and its direct and indirect Subsidiaries; 
 “CFLP Entities” means the direct and indirect current and future Subsidiaries of CFLP other than (1) the Services Providers and the BGC Entities and (2) eSpeed, Inc. and its direct and indirect Subsidiaries)
together with those entities which are nominated to be 
  

 Page 3 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

	  	CFLP Entities in accordance with the Administrative Services Agreement between the Services Providers and CFLP and others signed on or about the date hereof;

 “CFLP” means Cantor Fitzgerald, L.P.; 
 “Effective Date” save where the Parties hereto may agree in writing means the later of 1 January 2007 or the date on which Services
Providers commence the provision of services hereunder to a Services Recipient; 
 “Extended Term” bears the meaning in
clause 2 of this Agreement; 
 “Initial Term” bears the meaning in clause 2 of this Agreement; 
 “Office” bears the meaning in part (a) of the Schedule; 
 “Party and Parties” means collectively the Services Providers and the Services Recipients and each of them individually; 
 “Subsidiaries” means any entity directly or indirectly controlled by CFLP., BGC Partners, L.P. or eSpeed, Inc. (excluding each
other’s subsidiaries) as the case may be (or in relation to BGC Partners, L.P. only, controlled by such other entity that BGC Partners, L.P. may nominate in writing to Services LP from time to time as controlling BGC Partners, L.P); and

 “Term” bears the meaning set out in clause 2. 
  

	1.2	In this Agreement, unless the context otherwise requires: 

  

	1.2.1	references to a Clause or the Schedule are to a clause of, or the schedule to, this Agreement, and references to this Agreement include its Schedule and references in
the Schedule or part or section of the Schedule to a paragraph are to a paragraph of the Schedule or that part or section of the Schedule; 

  

	1.2.2	references to this Agreement or any other document or to any specified provision of this Agreement or any other document are to this Agreement, that document or that provision as in
force for the time being and as altered from time to time in accordance with the terms of this Agreement or that document or, as the case may be, with the agreement of the relevant parties; 

  

	1.2.3	words importing the singular include the plural and vice versa, words importing a gender include every gender and references to persons include corporations;

  

	1.2.4	the descriptive headings to Clauses, the Schedule and paragraphs are inserted for convenience only, have no legal effect and shall be ignored in the interpretation of this
Agreement; and 

  

	1.2.5	references to a party are to a party hereto and references to the parties are to the parties hereto. 

  

	1.3.	references to writing includes any method of reproducing words in a legible and non-transitory form. 

  

 Page 4 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

	2.	Term 

  

	2.1	The term of this Agreement commenced on the Effective Date and shall remain in effect for a three year period (the “Initial Term”). Thereafter, this Agreement shall
be renewed automatically for successive one year terms (the “Extended Term”), unless any party shall give written notice to the other parties at least 180 days before the end of the Initial Term or the then current Extended Term, as
the case may be, of its desire to terminate this Agreement, in which event this Agreement shall end with respect to the terminating party, on the last day of the Initial Term or the then current Extended Term, as the case may be, provided, however,
that in the event any of the Services Providers terminates this Agreement, the Services Recipients shall be entitled to continued use of any hardware and equipment that it used prior to the date of this Agreement upon the terms and conditions set
forth herein (including the payment terms in clause 5), and provided, further, that the Services Providers shall not be required to repair or replace any such hardware or equipment. 

  

	2.2	This Agreement may be terminated by a Party as provided herein or as provided in clause 9, with respect to a particular service or group of services only, in which case it shall
remain in full force and effect with respect to the other services described herein. The terminating party shall pay to the other party an amount equal to the costs incurred by the party providing services as a result of such termination, including,
without limitation, any severance or cancellation fees. Notwithstanding the foregoing, the Term of this Agreement, with respect to any space made available by a Services Provider to Services Recipients pursuant to Schedule A, shall not extend beyond
the term of the Services Provider’s lease of (or equivalent right to occupy) such space, including any extension thereof. The Initial Term and the Extended Term are referred to herein as the “Term”. 

  

	3.	Services 

  

	3.1	During the Term hereof and upon the terms and conditions set forth herein, the Services Providers shall provide such Administrative Services to Services Recipients as reasonably
requested by the Services Recipients, including but not limited to, (i) administration and benefits services; (ii) employee benefits, human resources and payroll services; (iii) financial and operations services; (iv) internal
auditing services; (v) legal related services; (vi) risk and credit services; (vii) accounting services; (viii) general tax services; (ix) space; (x) personnel; (xi) hardware and equipment; (xii) communication
and data facilities; (xiii) facilities management services; (xiv) promotional, sales and marketing services; (xv) procuring of insurance coverage; (xvi)miscellaneous services as the Parties may reasonably agree.

  

					
	3.2	    	(i)	  	During the Term and upon the terms and conditions set forth herein, the relevant Services Recipient shall provide to a Services Provider, Administrative Services set out in clause 3.1(i) to
(xvi) as the Services Provider may reasonably request from time to time. Where such Services are provided, references herein to the Services Provider shall be the Services Recipient and vice versa..
			
		    	(ii)	  	During the Term and upon the terms and conditions set forth herein, the relevant Services Provider shall provide to the other Services Provider, Administrative Services set out in clause 3.1(i)
to (xvi) as the Services Provider may reasonably

  

 Page 5 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

					
		    		    	request from time to time. Where such Services are provided, references herein to the (receiving) Services Provider shall be the Services Recipient and vice versa.

  

	3.3	A party providing Administrative Services under clauses 3.2 or 3.3 may at its discretion arrange for Affiliates or other third parties to provide such services hereunder. The
provision of such Administrative Services shall also be subject to the terms of any other agreements entered into between the parties hereto and any other administrative services agreement with any Affiliate of such services provider or services
recipient. 

  

	3.4	Each party shall use that degree of skill, care and diligence in the performance of services hereunder that (i) a reasonable Person would use acting in like circumstances in
accordance with financial services industry standards and all applicable laws and regulations and (ii) is no less than that exercised by such party with respect to comparable services that it performs on its own behalf.

  

	3.5	The applicable Services Provider and Recipient shall cooperate with each other in all reasonable respects in matters relating to the provision and receipt of the Administrative
Services. Such cooperation shall include obtaining all consents, licenses or approvals necessary to permit each party to perform its obligations hereunder. 

  

	4	Authority 

 Notwithstanding anything to the contrary
contained in clause 3, each Services Provider acknowledges and agrees that it shall provide the services set forth in clause 3 subject to the ultimate authority of each of the Services Recipients to control its own business and affairs. Each
Party acknowledges that the services provided hereunder by the Services Providers are intended to be administrative and technical support services and are not intended to set policy for each of the Services Recipients. 
  

	5	Charges for Services 

  

	5.1	In consideration for the provision of services under clause 3, the Services Providers shall charge each of the Services Recipients (including any applicable taxes, in connection
with the provision of such services), based upon: 

  

	 	(i)	an amount equal to the direct cost that the Services Providers estimates it will incur or actually incurs in performing those services including third party charges incurred in
providing services pursuant to clause 3 (and space shall be charged in accordance with the Schedule hereto), plus 

  

	 	(ii)	a reasonable allocation of other costs (including, without limitation, any irrecoverable value added tax or similar tax the Services Providers estimates it will incur or actually
incurs in connection with such services, depreciation and amortization) determined in a consistent and fair manner so as to cover the Services Providers’ appropriate costs or in such other manner as the Parties shall agree. The Services
Providers shall not charge the Services Recipients any portion of any tax for which the Services Providers receives a rebate or credit, or to which the Services Providers are entitled to a rebate or credit, 

 together with such mark up (if any) as the relevant Parties may agree from time to time. 
  

 Page 6 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

	5.2	Any value added or other turnover taxes required to be charged in respect of services provided hereunder shall be separately charged in addition to any charges otherwise due
hereunder. 

  

	5.3	Each Services Recipient shall pay to the relevant Services Provider the aggregate charge for services provided under this Agreement in arrears within 30 days after each calendar
month. Amounts due by any one Services Recipient to any one Services Provider under the Agreement shall be set off against amounts due by the second party to the first under this or any other Agreement. 

  

	5.4	To the extent that any Services Recipient provides any services to any Services Provider under clause 3.2 hereof, then the provisions of this Agreement including clauses 5 and 8
shall apply to the provision of such services mutatis mutandis. 

  

	6	Exculpation and Indemnity; Other Interests 

  

	6.1	Each Services Provider (including its partners, officers, directors and employees) shall not be liable to any of the Services Recipients or the shareholders of the Services
Recipients for any acts or omissions taken or not taken in good faith on behalf of any of them and in a manner reasonably believed by the Services Provider to be within the scope of the authority granted to it by this Agreement and in the best
interests of the Services Recipients, except for acts or omissions constituting fraud or wilful misconduct in the performance of the Services Provider’s duties under this Agreement. Notwithstanding the foregoing, the Services Providers shall be
liable to the Services Recipients for any losses incurred by any of them in connection with the provision of the Services Provider’s services hereunder to the extent such Services Provider is entitled to be reimbursed by an unaffiliated third
party for any such liability. The Services Recipients shall indemnify, defend and hold harmless the Services Providers (and their stockholders, partners, officers, directors and employees) from and against any and all claims or liabilities of any
nature whatsoever (including consequential damages and reasonable attorney’s fees) arising out of or in connection with any claim against the Services Providers under or otherwise in respect of this Agreement, except where attributable to the
fraud or wilful misconduct of the Services Providers. 

  

	6.2	Each Services Recipient (including its officers, directors and employees) shall not be liable to any of the Services Providers or the shareholders of the Services Provider for any
acts or omissions taken or not taken in good faith on behalf of such Services Recipient and in a manner reasonably believed by such Services Recipient to be within the scope of the authority granted to it by this Agreement and in the best interests
of the Services Provider, except for acts or omissions constituting fraud or wilful misconduct in the performance of such Services Recipient’s duties under this Agreement. Notwithstanding the foregoing, the Services Recipients shall be liable
to the Services Providers for any losses incurred by the Services Providers in connection with the provision of the Services Recipients’ services hereunder to the extent such Services Recipient is entitled to be reimbursed by an unaffiliated
third party for any such liability. The Services Providers shall indemnify, defend and hold harmless the Services Recipients (and their stockholders, partners, officers, directors and employees) from and against any and all claims or liabilities of
any nature whatsoever (including consequential damages and reasonable attorney’s fees) arising out of or in connection with any claim against the 

  

 Page 7 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

	  	Services Recipients under or otherwise in respect of this Agreement, except where attributable to the fraud or wilful misconduct of the Services Recipients.

  

	6.3	Save to the extent prohibited by law, the provision of clauses 6.1 and 6.2 sets out the entire liability of the parties to each other. 

  

	6.4	Nothing in this Agreement shall prevent any of the Services Providers, the Services Recipients or their Affiliates from engaging in or possessing an interest in other business
ventures of any nature or description, independently or with others, whether currently existing or hereafter created, and any Party hereto who is not a party to such arrangements shall have any rights in or to such independent ventures or to the
income or profits derived therefrom. 

  

	7	Relationship of the Parties 

  

	  	No partnership, joint venture or other arrangement shall be deemed to be created by this Agreement. Except as expressly provided herein, none of the Services Providers nor any of
the Services Recipients nor their respective Affiliates shall have any claim against any of the others or right of contribution by virtue of this Agreement with respect to any uninsured loss incurred by any of the others, nor shall either of them
have a claim or right against any of the others by virtue of this Agreement with respect to any loss that is deemed to be included within the deductible, retention or self-insured portion of any insured risk. 

  

	8	Audit 

  

	  	Any party hereto may request a review, by those certified public accountants who examine the Services Providers or the Service Recipients’ books and records, of the other
party’s cost allocation to the requesting party to determine whether such allocation is proper under the procedures set forth herein. Such a review is to be conducted at the requesting party’s expense. 

  

	9	Services by Third Parties 

  

	  	Except with respect to space made available to each of the Services Recipients pursuant to Schedule A, each of the Services Recipients may in its absolute discretion and without
cause procure any of the services or benefits specified in clause 3 from a third party or may provide such services or benefits for itself. The Services Provider shall discontinue providing such services or benefits upon written notice by the
discontinuing party, delivered at least 90 days before the requested termination date. The terminating Services Recipient shall pay to the Providing Parties an amount equal to the costs incurred by the Providing Parties as a result of such
termination, including without limitation, any severance or cancellation fees. 

  

	10	Failure to Perform the Administrative Services 

  

	  	In the event of any breach of this Agreement by the Services Provider with respect to any error or defect in providing any Administrative Service, the Services Provider shall, at
the Services Recipient’s request, without the payment of any further fees by the Services Recipient, use its commercially reasonable best efforts to correct or cause to be corrected 

  

 Page 8 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

	  	such error or defect or reperform or cause to be reperformed such Administrative Service, as promptly as practicable. 

  

	11	Force Majeure 

  

	  	The Services Providers do not warrant that any of the services or benefits herein agreed to be provided shall be free of interruption caused by acts of God, strikes, lockouts,
accidents, inability to obtain third-party co-operation or other causes beyond its respective control. No such interruption of services or benefits shall be deemed to constitute a breach of any kind whatsoever. 

  

	12	Post-Termination Payments 

  

	  	Notwithstanding any provision herein to the contrary, all payment obligations hereof shall survive the happening of any event causing termination of this Agreement until all amounts
due hereunder have been paid. 

  

	13	Confidentiality 

  

	13.1	Except as otherwise provided in this Agreement, (a) the Services Provider shall, and shall cause its affiliates (and their respective accountants, counsel, consultants,
employees and agents to whom they disclose such information), to keep confidential all information in the possession of the Services Provider that in any way relates to the Services Recipient, and (b) the Services Recipient shall, and shall
cause its affiliates (and their respective accountants, counsel, consultants, employees and agents to whom they disclose such information), to keep confidential all information in possession of the Services Recipient that relates to the Services
Provider and is not information related to the Services Recipient or its assets. The provisions of this clause do not apply to the disclosure by either party hereto or their respective affiliates of any information, documents or materials
(i) which are, or become, publicly available, other than by reason of a breach of this clause by the disclosing party or any affiliate of the disclosing party, (ii) received from a third party not bound by any confidentiality agreement
with the other party hereto, (iii) required by applicable law to be disclosed by that party, or (iv) necessary to establish such party’s rights under this Agreement, provided that in the case of clauses (iii) and (iv), the person
intending to make disclosure of confidential information will promptly notify the party to whom it is obligated to keep such information confidential and, to the extent practicable, provide such party a reasonable opportunity to prevent public
disclosure of such information. 

  

	13.2	Upon the request of a Services Recipient and upon termination of the relevant Administrative Service and/or this Agreement, each Services Provider shall provide the Services
Recipient with any data or information generated with respect to the Administrative Services provided to the Services Recipient in a format usable by the Services Recipient. The Services Recipient shall pay the cost, if any, of converting such data
or information into the appropriate format. 

  

	14	Miscellaneous 

  

	14.1	This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors, and assigns. Neither of the Services Providers on the one
hand nor any of the Services Recipients on the other hand shall have the right to 

  

 Page 9 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

	  	assign all or any portion of its rights under and the benefits of this Agreement without the prior written consent of the other save that the Services Providers may without the
consent of any of the Services Recipients, assign this Agreement in whole or in part hereunder to another BGC Entity. 

  

	14.2	No waiver by any party hereto of any of its rights under this Agreement shall be effective unless in writing and signed by a director of the party waiving such right. No waiver of
any breach of this Agreement shall constitute a waiver of any subsequent breach, whether or not of the same nature. This Agreement may not be modified or amended except in writing signed by directors of each of the parties hereto. This Agreement may
not be modified or amended except (i) by a writing signed by officers or directors of the Services Recipients and the Services Providers or the relevant parties as the case may be; and (ii) such modification or amendment is approved by a
majority of the outside directors of the Board of Directors of BGC Partners, Inc. For purposes of this Agreement, an outside director shall mean a director who is not an employee, partner or affiliate (other than solely by reason of being a director
of BGC Partners, Inc.) of BGC Partners, Inc., CFLP or any of their respective affiliates. Up to the time that outside directors of BGC Partners, Inc. are appointed, then such modifications or amendments must be approved by the members of the Audit
Committee of the Board of Directors of eSpeed, Inc.. 

  

	14.3	Save as is set out herein to the contrary, this Agreement constitutes the entire Agreement of the parties with respect to the services and benefits described herein, and cancels and
supersedes any and all prior written or oral contracts or negotiations between the parties with respect to the subject matter hereof including the following Administrative Services Agreements between: 

  

	 	(i)	Cantor Fitzgerald International and Cantor Fitzgerald, LLC (now BGC Capital Markets (Japan), LLC), dated 17 April 2001, 

  

	 	(ii)	Cantor Fitzgerald International and Cantor Fitzgerald Shoken Kaisha Limited (now BGC Shoken Kaisha Limited), dated 17 April 2001, 

  

	 	(iii)	Cantor Fitzgerald International and ITD Capital Markets Limited (now Tower Bridge Securities Limited), dated 04 October 2002, 

  

	 	(iv)	BGC International and BGC International L.P., dated 01 November 2005 

  

	 	(v)	ETC Pollack SAS and BGC International, dated 12 December 2005, 

  

	 	(vi)	BGC International and BGC Partners (Australia) Pty Ltd, dated 01 November 2006, 

  

	 	(vii)	BGC International and eAustbond Pty Limited, dated 01 November 2006, 

  

	 	(viii)	BGC International and BGC Securities (Hong Kong) LLC, dated 30 November 2006, 

  

	 	(ix)	BGC International and BGC Brokers L.P., dated 30 November 2006, 

  

	 	(x)	BGC International and BGC Capital Markets (Hong Kong) Limited, dated 30 November 2006. 

  

 Page 10 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

	14.4	This Agreement shall be strictly construed as independent from any other agreement or relationship between the parties. 

  

	14.5	Any notice, request or other communication required or permitted in this Agreement shall be in writing and shall be sufficiently given if personally delivered or if sent by
registered mail, postage prepaid, to the addresses of the entities shown on page 1 of this Agreement or to the entity’s registered office. The address of any party hereto may be changed on notice to the other duly served in accordance with the
foregoing provisions. 

  

	14.6	The Parties to this Agreement understand and agree that any or all of the obligations of the Services Providers set forth herein may be performed by Services LP, BGCI or any of the
BGC Entities. 

  

	14.7	In the event any of the Services Recipients uses assets that are subject to a lease (operating or otherwise) between any Services Provider and a third party to provide assets or
services to that Services Provider, the Services Recipients shall comply with the terms and conditions of such lease. 

  

	14.8	Any subsidiary or affiliate of BGC Partners, L.P (or nominated entity that controls BGC Partners, L.P.) or the Services Providers, which provides or receives Services under this
Agreement now or in the future shall automatically become a party to this Agreement and be bound by all of its terms and conditions without having to execute a counterpart to this Agreement. Any branches of the parties hereto or which become a party
hereto pursuant to clauses 14.8 and 14.9 shall, unless stated to the contrary in writing, be bound by the terms of this Agreement also. 

  

	14.9	BGC Partners, L.P. (or nominated entity that controls BGC Partners, L.P.) may nominate in writing an entity that may be deemed to be a BGC Entity hereunder provided such entity
complies with the provisions hereof and provided Services LP consents in writing to such nominated entity becoming a party hereto. 

  

	14.10	This Agreement may be executed in counterparts. 

  

	14.11	No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Agreement. 

  

	15	Law and Jurisdiction 

  

	  	This agreement will be governed by and construed in accordance with English law and the parties hereby submit to the non-exclusive jurisdiction of the English courts.

 IN WITNESS whereof this Agreement has been entered into the day and year first written above. 
  

							
	SIGNED on behalf of	 		 		 	
	TOWER BRIDGE	 		 		 	
	 INTERNATIONAL SERVICES L.P.
 acting through its
General Partner
	 		 		 	
	TOWER BRIDGE GP LIMITED	 		 		 	

  

 Page 11 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  
  

							
	SIGNED on behalf of	 		 		 	
	TOWER BRIDGE	 		 		 	
	 INTERNATIONAL SERVICES L.P.
 acting through its
General Partner
	 		 		 	
	TOWER BRIDGE GP LIMITED	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	BGC INTERNATIONAL	 		 		 	
			
		 		 	 /s/ Stephen Bartlett

		 		 	name:	 	Stephen Bartlett
		 		 	title	 	General Counsel Europe and Asia
				
	SIGNED on behalf of	 		 		 	
	BGC PARTNERS, L.P.	 		 		 	
			
		 		 	 /s/ Stephen Merkel

		 		 	name:	 	Stephen Merkel
		 		 	title	 	Global General Counsel
				
	SIGNED on behalf of	 		 		 	
	BGC BROKERS GP LIMITED	 		 		 	
			
		 		 	 /s/ Stephen Merkel

		 		 	name:	 	Stephen Merkel
		 		 	title	 	Global General Counsel
				
	SIGNED on behalf of	 		 		 	
	BGC BROKERS LIMITED	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	BGC INTERNATIONAL GP LIMITED	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	BGC GP LIMITED	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary

  

 Page 12 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

							
	SIGNED on behalf of	 		 		 	
	EURO BROKERS SERVICES LIMITED	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	EURO BROKERS HOLDINGS LIMITED	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	MIS BROKERS LIMITED,	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	BGC EUROPEAN GP LIMITED	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	BGC GLOBAL LIMITED	 		 		 	
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	TOWER BRIDGE SECURITIES LIMITED	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	TOWER BRIDGE GP LIMITED	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary

  

 Page 13 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

							
	SIGNED on behalf of	 		 		 	
	 BGC INTERNATIONAL L.P
 acting through its general
partner
	 		 		 	
	BGC International GP Limited	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	 BGC BROKERS L.P
 acting through its general
partner
	 		 		 	
	BGC Brokers GP Limited	 		 		 	
			
		 		 	 /s/ Stephen Merkel

		 		 	name:	 	Stephen Merkel
		 		 	title	 	Global General Counsel
				
	SIGNED on behalf of	 		 		 	
	 BGC EUROPEAN HOLDINGS L.P
 acting through its
General Partner
	 		 		 	
	BGC European GP Limited	 		 		 	
			
		 		 	 /s/ Robert Mark Snelling

		 		 	name:	 	Robert Mark Snelling
		 		 	title	 	Company Secretary
				
	SIGNED on behalf of	 		 		 	
	BGC FINANCIAL, INC LONDON BRANCH	 		 		 	
			
		 		 	 /s/ Shaun Lynn

		 		 	name:	 	Shaun Lynn
		 		 	title	 	Executive Managing Director
				
	SIGNED on behalf of	 		 		 	
	AUREL LEVEN SECURITIES	 		 		 	
		 		 	 /s/ Jerome Frank

		 		 	name:	 	Jerome Frank
		 		 	title	 	President
				
	SIGNED on behalf of	 		 		 	
	BGC FRANCE HOLDINGS	 		 		 	
			
		 		 	 /s/ Marius van Hemelryk

		 		 	name:	 	Marius van Hemelryk
		 		 	title	 	Managing Director
				
	SIGNED on behalf of	 		 		 	
	ETC POLLAK SAS	 		 		 	
			
		 		 	 /s/ Jerome Frank

		 		 	name:	 	Jerome Frank
		 		 	title	 	President

  

 Page 14 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

							
	SIGNED on behalf of	  		  		  	
	EPP HOLDINGS SAS	  		  		  	
			
		  		  	 /s/ Marius van Hemelryk

		  		  	name:	  	Marius van Hemelryk
		  		  	title	  	Managing Director
				
	SIGNED on behalf of	  		  		  	
	BGC PARTNERS MENKUL DEGERLER AS	  		  		  	
				
		  		  		  	
		  		  	 /s/ Shaun Lynn

		  		  	name:	  	Shaun Lynn
		  		  	title	  	Executive Managing Director
				
	SIGNED on behalf of	  		  		  	
	BGC CAPITAL MARKETS (HONG KONG) LIMITED	  		  		  	
			
		  		  	 /s/ Shaun Lynn

		  		  	name:	  	Shaun Lynn
		  		  	title	  	Executive Managing Director
				
	SIGNED on behalf of	  		  		  	
	BGC SECURITIES (HONG KONG), LLC	  		  		  	
			
		  		  	 /s/ Stephen Merkel

		  		  	name:	  	Stephen Merkel
		  		  	title	  	Global General Counsel
				
	SIGNED on behalf of	  		  		  	
	BGC CAPITAL MARKETS (JAPAN), LLC	  		  		  	
			
		  		  	 /s/ Stephen Merkel

		  		  	name:	  	Stephen Merkel
		  		  	title	  	Global General Counsel
				
	SIGNED on behalf of	  		  		  	
	BGC SHOKEN KAISHA LIMITED	  		  		  	
			
		  		  	 /s/ Stephen Merkel

		  		  	name:	  	Stephen Merkel
		  		  	title	  	Global General Counsel

  

 Page 15 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
  

							
	SIGNED on behalf of	 		 		 	
	BGC SECURITIES (SOUTH AFRICA) PTY LIMITED	 		 		 	
			
		 		 	 /s/ Shaun Lynn

		 		 	name:	 	Shaun Lynn
		 		 	title	 	Executive Managing Director
				
	SIGNED on behalf of	 		 		 	
	BGC CAPITAL MARKETS (SWITZERLAND), LLC	 		 		 	
			
		 		 	 /s/ Stephen Merkel

		 		 	name:	 	Stephen Merkel
		 		 	title	 	Global General Counsel
				
	SIGNED on behalf of	 		 		 	
	BGC SECURITIES SARL	 		 		 	
			
		 		 	 /s/ Shaun Lynn

		 		 	name:	 	Shaun Lynn
		 		 	title	 	Executive Managing Director
				
	SIGNED on behalf of	 		 		 	
	EURO BROKERS (SWITZERLAND) S.A	 		 		 	
			
		 		 	 /s/ Shaun Lynn

		 		 	name:	 	Shaun Lynn
		 		 	title	 	Executive Managing Director
				
	SIGNED on behalf of	 		 		 	
	BGC PARTNERS (AUSTRALIA) PTY LIMITED	 		 		 	
			
		 		 	 /s/ Shaun Lynn

		 		 	name:	 	Shaun Lynn
		 		 	title	 	Executive Managing Director
				
	SIGNED on behalf of	 		 		 	
	EAUSTBOND PTY LIMITED	 		 		 	
			
		 		 	 /s/ Shaun Lynn

		 		 	name:	 	Shaun Lynn
		 		 	title	 	Executive Managing Director

  

 Page 16 of 17 

 Administrative Services Agreement 
 Tower Bridge International Services L.P. and others 
 BGC Partners, L.P and others 
 SCHEDULE
 Space Sharing for Offices 
 (a) Licence to share space. During the term of this Agreement, and for so long only as the parties are permitted by the terms of any lease,
licence or other arrangement, a Services Recipient may share with a Services Provider the occupation of the whole or any part of the Services Provider’s offices (“Office”) for the purposes permitted under the agreement pursuant
to which the Services Provider occupies the Office, subject to the terms set out in this Schedule. The space to be shared by each of the Services Recipients and the Services Provider may be agreed between them in writing, but may be expanded or
contracted if and as agreed by the parties from time to time. At the request of the Services Provider, each of the Services Recipients shall vacate the Office immediately if it is no longer permitted by the forms of any lease, licence or other
arrangement to continue such sharing. 
 b) Consideration. So long as each of the Services Recipients share any part of the Office,
such Services Recipient shall pay to the Services Provider in accordance with clause 6 of the Agreement an amount equal to the product of (X) the average rate per square foot, metre or other unit of measurement then being paid by the Services
Provider for the Office (such amount to include if applicable rent and any service charge, insurance charge, rates and other outgoings of each of the Services Recipients) and (Y) the number of square feet, metres or other unit agreed pursuant
to paragraph (a) above. In addition, the applicable Services Recipient shall pay to the Services Provider in accordance with clause 5 of the Agreement an amount equal to the sum of the costs allocated under generally accepted accounting
principles, including, without limitation, leasehold amortization expenses, depreciation, overhead, taxes and repairs in respect of the applicable Office multiplied by a fraction, the numerator of which equals the number of square feet, metre or
other unit of measurement made available for use by the Services Recipient and the denominator of which equals to the total number of square feet, metre or other unit of measurement leased or licensed by the Services Provider under the lease or
license for the applicable Office. Payments for any partial calendar month shall be prorated on a daily basis. 
 (c) Compliance with
lease licence or other arrangement. Each of the Services Recipients hereby agrees not to take any action or fail to take any action in connection with its sharing of any part of the Office as a result of which the Services Provider would be in
breach of any of the terms and conditions of the lease licence or other arrangement or other restriction or obligation affecting the Services Provider’s use of such Office. Each of the Services Recipients agrees to comply with the terms and
provisions of any such lease licence or other arrangement in which it shares space. There is no intention to create between a Services Provider and any of the Services Recipients the relationship of lessor and lessee (or equivalent relationship) in
relation to the Office other than may be specifically set out in a separate agreement between Services Provider and the Services Recipient. The same shall apply notwithstanding that a Services Recipient has entered into a sub-lease with a Services
Provider or direct lease with the landlord. Any sharing of space, sublease or other arrangement shall be subject to any third party consents, including the landlord’s. 
 (d) Space used. Initial Square foot, metre or other unit to be used by each Services Recipient shall be set out in a further schedule which shall
be executed between each relevant Services Provider and Recipient and which shall form part of this Agreement. 
  

 Page 17 of 17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]