Document:

EX-10.3

 Exhibit 10.3 
  

 
 Strictly Private and Confidential 

To be Opened by Addressee Only 
 December 14, 2016 

Shaun D. Lynn 
 Dear Mr. Lynn: 

In consideration for, and subject to the full execution by all parties of, your Amended and Restated Deed of Adherence with BGC Services (Holdings), LLP (the
“LLP”), dated December 14, 2016 (the “Deed”) and your Consultancy Agreement with the LLP, dated December 14, 2016 (the “Consultancy Agreement”), you shall receive a grant of partnership interests in BGC
Holdings, L.P. (“BGC Holdings” or the “Partnership”) as set forth below (which, for purposes of this letter, shall be referred to as “Partnership Units”). This letter sets forth the expected terms of the grant of
Partnership Units. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement of Limited Partnership of BGC Holdings, amended and restated as of March 31, 2008 (as further amended from time to time, the
“Partnership Agreement”). 
 Subject to the terms herein, you shall receive 4.5 million Partnership Units, comprised of 3.5 million LPUs
and 1 million NPSUs. On or about each October 1 of 2017, 2018, 2019, and 2020, the Partnership shall grant an aggregate award of 250,000 non-exchangeable LPUs in replacement of 250,000 of the above NPSUs (which, upon replacement, shall be
cancelled and no longer exist), provided that (i) BGC Partners, Inc. (“BGC”), inclusive of its affiliates thereof, earns, in aggregate, at least USD 5 million in gross revenues in the calendar quarter in which the
applicable award of LPUs is to be granted and (ii) except in the event of your death prior to the applicable grant date, you remain a member in the LLP and have complied at all times with the Deed and the Partnership Agreement as of the
applicable grant date. The LPUs shall be subject to the customary adjustments due to membership in the LLP upon their exchange or redemption (e.g., 9.75% cancellation/forfeiture upon exchange). Any grant of exchange rights for the Partnership
Units hereunder shall be subject to the approval of the BGC Board’s Compensation Committee. 
 In the event that BGC is no longer controlled by Cantor
Fitzgerald, L.P. or a person or entity controlled by, controlling or under common control with Cantor Fitzgerald, L.P. at any time while you are providing substantial services to BGC or an affiliate thereof (as an employee, member, partner, or
otherwise) (the date such event took effect shall be the “Change of Control”), then the Partnership shall grant exchangeable LPUs in replacement of any of the above NPSUs then held by you (which shall be cancelled and no longer exist) and
any of the above non-exchangeable LPUs then held by you shall become exchangeable (i.e., such LPUs shall become exchangeable for BGC Stock) as follows: 

(a) in a lump sum following (i) the third anniversary of the Change of Control if you continuously provide substantial services (as
an employee, member, partner, 

 
or otherwise) to BGC, any of the individual(s) or entity(ies) which acquire(s) control of BGC (the “Controller”), or any affiliate thereof for three years after the Change of Control,
or (ii) the date the Controller permanently terminates your services in all capacities to BGC, the Controller, and all affiliates thereof prior to the third anniversary of the Change of Control if the circumstances amount to a fundamental
breach of contract by the Controller as determined by a court of competent jurisdiction, or 
 (b) ratably on or about the first through
third anniversary following the Change of Control if the Controller permanently terminates your services in all capacities to BGC, the Controller, and all affiliates thereof prior to the third anniversary of the Change of Control unless (a)(ii)
above applies; 
 provided that, with respect to all of the foregoing, (y) you have at all times complied with the terms and conditions of all
agreements with BGC, the Controller, or any affiliate thereof to which you are a party (including but not limited to the Deed, the Consultancy Agreement (if in effect), and the Partnership Agreement (including but not limited to the release,
certification, and post-termination obligations thereunder) and have not engaged in any Competitive Activity (as such term is defined under the Partnership Agreement) at any time prior to the applicable exchange, and (z) any period of time
while you are providing services pursuant to the Consultancy Agreement shall not be applicable. The terms and conditions of this letter agreement shall be deemed to be set forth in the applicable award agreements for such grants of NPSUs
and LPUs herein, as well as for the LPUs granted in replacement of such NPSUs, and to supersede and replace any provisions in Clause 7 and its subsections of the Deed to the extent contrary with respect to the foregoing Partnership Units. 

Such Partnership Units will be subject to the terms of the grant document(s) (including but not limited to the Participation Plan, the certificate granting
you the Partnership Units (the “Award Certificate”), any associated award notifications, the Participant Representation Letter accompanying the Award Certificate, and the Partnership Agreement) under which such non-cash grant is awarded,
subject to the terms and conditions therein, including without limitation any cancellation provisions and restrictive covenants contained therein. 
 This
letter will be governed by the same venue and choice of law provisions governing the Partnership Agreement. For purposes herein, all references to “BGC Stock” or “Partnership Units” shall also, or in lieu of, include, to the
extent applicable as determined by the General Partner, any other equity instrument issued in connection with any merger, reorganization, acquisition, or spin-off of BGC. If the securities contemplated herein at any time prior to each applicable
grant date shall have been increased, decreased, changed into, or exchanged for a different number or kind of securities as a result of a subdivision, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock
split, combination or other similar change, such securities shall be equitably adjusted to reflect such change in accordance with applicable laws. 

  
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 Please acknowledge your receipt of this letter, which outlines certain aspects of potential compensation
arrangements and is not an agreement to employ you for a term or at a particular compensation, by signing and returning the attached copy. 
  

	
	Very truly yours,
	
	/s/ Howard W. Lutnick
	Howard W. Lutnick
	On Behalf of BGC Holdings, L.P.

  

	
	Acknowledged and agreed:
	
	/s/ Shaun Lynn
	Shaun Lynn

 [BGCHLP grant letter between BGC Holdings, L.P. and Shaun Lynn, 

dated December 14, 2016] 

  
 3EX-10.4

 Exhibit 10.4 

BGC HOLDINGS, L.P. 

TWELFTH AMENDMENT 
 TO
AGREEMENT OF LIMITED PARTNERSHIP, 
 AS AMENDED AND RESTATED 

This Twelfth Amendment (this “Twelfth Amendment”) to the Agreement of Limited Partnership of BGC Holdings, L.P. (the “Partnership”), as
amended and restated as of March 31, 2008, and as further amended effective as of March 1, 2009, August 3, 2009, January 1, 2010, August 6, 2010, December 31, 2010, March 15,
2011, September 9, 2011, December 17, 2012, July 1, 2013, May 9, 2014 and October 1, 2015 (as amended, the “Agreement”), is executed as of December 14, 2016 and is effective as of
October 1, 2016. 
 WITNESSETH: 

WHEREAS, the General Partner and the sole Exchangeable Limited Partner wish to make certain modifications to the Agreement; and 

WHEREAS, this Twelfth Amendment has been approved by each of the General Partner and the sole Exchangeable Limited Partner; 

NOW, THEREFORE, the Agreement is hereby amended on the terms set forth in this Twelfth Amendment: 

Section 1. Amendment to Description of NPSUs 

The following sentences in Section 1 of the Tenth Amendment to the Agreement, executed as of May 9, 2014, shall be deleted: 

“On terms and conditions determined by the General Partner in its sole discretion, NPSUs may be converted into PSUs and/or PPSUs, which
conversion may be set forth in a written vesting schedule. Upon, and subsequent to, any such conversion of NPSUs, such Units shall be treated for all purposes under this Agreement as PSUs and/or PPSUs, as applicable.” 

And replaced with the following: 
 “On terms
and conditions determined by the General Partner in its sole discretion, NPSUs may be replaced by a grant of PSUs, PPSUs, LPUs, or PLPUs, which may be set forth in a written schedule and subject to additional terms and conditions, provided
that, in all circumstances such grant of PSUs, PPSUs, LPUs, or PLPUs shall be contingent upon BGC Partners, Inc., inclusive of its Affiliates, earning, in aggregate, at least USD 5 million in gross revenues in the calendar quarter in which
the applicable award of PSUs, PPSUs, LPUs, or PLPUs is to be granted. The forgoing revenue contingency is deemed to be included as an additional condition for an NPSU to be replaced by, or converted into, a PSU, PPSU, LPU, or PLPU in any NPSU award
documentation, without the requirement of any additional amendment to any such grant documentation.” 

  
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 Section 2. Amendment to Description of NREUs, NPREUs, NLPUs, NPLPUs, and NPPSUs 

The following sentences in Section 1 of the Eleventh Amendment to the Agreement, executed as of November 4, 2015, shall be deleted: 

“On terms and conditions determined by the General Partner in its sole discretion or as otherwise set forth in the written documentation
applicable to such units, NREUs may be converted into REUs, which conversion may be set forth in a written vesting schedule. Upon, and subsequent to, any such conversion of NREUs, such Units shall be treated for all purposes under this Agreement as
REUs.” 
 “On terms and conditions determined by the General Partner in its sole discretion or as otherwise set forth in the
written documentation applicable to such units, NPREUs may be converted into PREUs, which conversion may be set forth in a written vesting schedule. Upon, and subsequent to, any such conversion of NPREUs, such Units shall be treated for all purposes
under this Agreement as PREUs.” 
 “On terms and conditions determined by the General Partner in its sole discretion or as
otherwise set forth in the written documentation applicable to such units, NLPUs may be converted into LPUs, which conversion may be set forth in a written vesting schedule. Upon, and subsequent to, any such conversion of NLPUs, such Units shall be
treated for all purposes under this Agreement as LPUs.” 
 “On terms and conditions determined by the General Partner in its sole
discretion or as otherwise set forth in the written documentation applicable to such units, NPLPUs may be converted into PLPUs, which conversion may be set forth in a written vesting schedule. Upon, and subsequent to, any such conversion of NPLPUs,
such Units shall be treated for all purposes under this Agreement as PLPUs.” 
 “On terms and conditions determined by the General
Partner in its sole discretion or as otherwise set forth in the written documentation applicable to such units, NPPSUs may be converted into PPSUs, which conversion may be set forth in a written vesting schedule. Upon, and subsequent to, any such
conversion of NPPSUs, such Units shall be treated for all purposes under this Agreement as PPSUs.” 
 And replaced with the following: 

“On terms and conditions determined by the General Partner in its sole discretion, NREUs may be replaced by a grant of REUs, which may be
set forth in a written schedule and subject to additional terms and conditions, provided that, in all circumstances such grant of REUs shall be contingent upon BGC Partners, Inc., inclusive of its Affiliates, earning, in aggregate, at least
USD 5 million in gross revenues in the calendar quarter in which the applicable award of REUs is to be granted. The forgoing revenue contingency is deemed to be included as an additional condition for an NREU to be replaced by, or converted
into, an REU in any NREU award documentation, without the requirement of any additional amendment to any such grant documentation.” 

“On terms and conditions determined by the General Partner in its sole discretion, NPREUs may be replaced by a grant of PREUs, which may
be set forth in a written schedule and subject to additional terms and conditions, provided that, in all circumstances such grant of PREUs shall be contingent upon BGC Partners, Inc., inclusive of its Affiliates, earning, in aggregate, at
least USD 

  
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5 million in gross revenues in the calendar quarter in which the applicable award of PREUs is to be granted. The forgoing revenue contingency is deemed to be included as an additional
condition for an NPREU to be replaced by, or converted into, a PREU in any NPREU award documentation, without the requirement of any additional amendment to any such grant documentation.” 

“On terms and conditions determined by the General Partner in its sole discretion, NLPUs may be replaced by a grant of LPUs, which may be
set forth in a written schedule and subject to additional terms and conditions, provided that, in all circumstances such grant of LPUs shall be contingent upon BGC Partners, Inc., inclusive of its Affiliates, earning, in aggregate, at least
USD 5 million in gross revenues in the calendar quarter in which the applicable award of LPUs is to be granted. The forgoing revenue contingency is deemed to be included as an additional condition for an NLPU to be replaced by, or converted
into, a LPU in any NLPU award documentation, without the requirement of any additional amendment to any such grant documentation.” 

“On terms and conditions determined by the General Partner in its sole discretion, NPLPUs may be replaced by a grant of PLPUs, which may
be set forth in a written schedule and subject to additional terms and conditions, provided that, in all circumstances such grant of PLPUs shall be contingent upon BGC Partners, Inc., inclusive of its Affiliates, earning, in aggregate, at
least USD 5 million in gross revenues in the calendar quarter in which the applicable award of PLPUs is to be granted. The forgoing revenue contingency is deemed to be included as an additional condition for an NPLPU to be replaced by, or
converted into, a PLPU in any NPLPU award documentation, without the requirement of any additional amendment to any such grant documentation.” 

“On terms and conditions determined by the General Partner in its sole discretion, NPPSUs may be replaced by a grant of PPSUs, which may
be set forth in a written schedule and subject to additional terms and conditions, provided that, in all circumstances such grant of PPSUs shall be contingent upon BGC Partners, Inc., inclusive of its Affiliates, earning, in aggregate, at
least USD 5 million in gross revenues in the calendar quarter in which the applicable award of PPSUs is to be granted. The forgoing revenue contingency is deemed to be included as an additional condition for an NPPSU to be replaced by, or
converted into, a PPSU in any NPPSU award documentation, without the requirement of any additional amendment to any such grant documentation.” 

Section 3. Other Amendments 
 The General
Partner shall have the authority, without the consent of the other Partners other than the Exchangeable Limited Partners (by affirmative vote of a Majority in Interest), to make such other amendments to the Agreement as are necessary or appropriate
to give effect to the intent of this Twelfth Amendment, including, without limitation, to amend the Table of Contents or to reflect this Twelfth Amendment in an Amended and Restated Agreement of Limited Partnership (and to further amend and/or
restate such Amended and Restated Agreement of Limited Partnership to reflect this Twelfth Amendment to the extent necessary or appropriate as determined by the General Partner). 

Defined terms used herein and not otherwise defined shall have the meanings ascribed to them in the Agreement. 

[Signature Page Follows] 

  
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	BGC GP, LLC
		
	By:	 	/s/ Howard W. Lutnick
		 	Name: Howard W. Lutnick
		 	Title: Chairman and CEO

  

			
	 CANTOR FITZGERALD, L.P.,
 as the
sole Exchangeable Limited Partner

		
	By:	 	/s/ Howard W. Lutnick
		 	Name: Howard W. Lutnick
		 	Title: Chairman and CEO

 [Signature Page to the Twelfth Amendment, executed and effective as of December 14, 2016, to the
Agreement of Limited 
 Partnership of BGC Holdings, L.P., as amended and restated as of March 31, 2008, and as further amended]

  
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