Document:

EX-10.2

 Exhibit 10.2 

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 

This FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT (this “Amendment”) is entered into as of November 22, 2017, among
BGC PARTNERS, INC., a Delaware corporation (“BGC”), NEWMARK GROUP, INC., a Delaware corporation (“SpinCo”), the Lenders (defined herein) and BANK OF AMERICA, N.A., as administrative agent (in such capacity, together
with its successors in such capacity, the “Administrative Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Term Loan Credit Agreement (defined herein). 

RECITALS 

WHEREAS, BGC, as borrower, the Guarantors from time to time party thereto, each of the Persons identified as a “Lender” on
the signature pages thereto and each other Person that becomes a lender in accordance with the Term Loan Credit Agreement (together with their successors and assigns, the “Lenders”) and the Administrative Agent are parties to that
certain Term Loan Credit Agreement dated as of September 8, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Credit Agreement”); 

WHEREAS, BGC shall transfer the ownership of certain of its Subsidiaries that are part of the Newmark Knight Frank business to SpinCo
(the “Separation”); 
 WHEREAS, in connection with the Separation, BGC desires to assign and transfer to SpinCo,
from and after the date on which the conditions described in Section 7 hereof have been satisfied (the “Separation Effective Date”), all of its rights, duties and obligations in, to and under the Term Loan Credit Agreement, and
SpinCo desires to accept such assignment and transfer and to assume all such rights, duties and obligations in accordance with the terms hereof (such assignment and assumption, the “Term Loan Assignment”); 

WHEREAS, in connection with the Term Loan Assignment, BGC has agreed to Guarantee the Obligations pursuant to the terms and conditions
of the Guaranty; 
 WHEREAS, the Loan Parties have requested that the Lenders (a) consent to the Term Loan Assignment and
(b) amend certain provisions of the Term Loan Credit Agreement in connection with the Term Loan Assignment; and 
 WHEREAS, the
Lenders are willing to so consent and make such amendments to the Term Loan Credit Agreement, in each case, in accordance with and subject to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as follows 
 1. Term Loan Assignment. Effective as of
the Separation Effective Date, (a) BGC hereby assigns and transfers to SpinCo all of its rights, obligations, title, benefit, privileges and interest in, to and under the Loan Documents and (b) SpinCo hereby accepts such assignment and
transfer and agrees to be bound by, observe and perform the obligations of BGC under and relating to the Loan Documents, including, without limitation, the Obligations in connection with the Term Loan. BGC hereby confirms that the Term Loan Credit
Agreement, as amended hereby, is, and upon SpinCo becoming a party thereto, shall continue to be, in full force and effect. The Administrative Agent and the Lenders hereby consent to the Term Loan Assignment and accept SpinCo as the Borrower under
the Loan Documents and release 

 
BGC from all obligations as the Borrower under the Loan Documents. The parties hereto confirm and agree that immediately upon the consummation of the Term Loan Assignment, the term
“Obligations” as used in the Term Loan Credit Agreement, shall include all obligations of SpinCo in connection with the Term Loan under the Term Loan Credit Agreement and under each other Loan Document. 

2. Borrower Assumption. The parties hereto hereby confirm that, effective as of the Separation Effective Date, (a) SpinCo
shall have obligations, duties and liabilities toward each of the other parties to the Term Loan Credit Agreement and the other Loan Documents identical to which SpinCo would have had if SpinCo had been an original party to the Loan Documents and
(b) BGC shall cease to have any obligations, duties or liabilities as the Borrower under the Loan Documents. Effective as of the Separation Effective Date, SpinCo hereby ratifies, and agrees to be bound by, all applicable representations and
warranties, covenants, and other terms, conditions and provisions of the Term Loan for all purposes under the Term Loan Credit Agreement and the other applicable Loan Documents. The parties hereto hereby acknowledge and agree that as of the
Separation Effective Date, SpinCo shall be the sole Borrower of the Term Loan Credit Agreement, as further set forth therein. SpinCo hereby acknowledges, agrees and confirms that it has received a copy of the Term Loan Credit Agreement and the
schedules and exhibits thereto and each Loan Document and the schedules and exhibits thereto. 
 3. Guarantee. After giving
effect to the Term Loan Assignment, BGC hereby acknowledges, agrees and confirms that, by its execution of this Amendment, BGC shall become a “Guarantor” of the Obligations of SpinCo in connection with the Term Loan under the Term Loan
Credit Agreement and shall have all of the obligations of a Guarantor thereunder. BGC hereby ratifies, as of the date hereof, and agrees to be bound by, all representations and warranties, covenants and other terms, conditions and provisions of the
Term Loan Credit Agreement and the other applicable Loan Documents. Without limiting the generality of the foregoing, BGC hereby Guarantees, jointly and severally together with any other Guarantors, the prompt payment of the Obligations in
accordance with Article X of the Term Loan Credit Agreement, subject to the terms and conditions set forth therein. 
 4. Amendments to
Credit Agreement. Effective as of the Separation Effective Date, the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add
the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth on Exhibit A attached hereto. 

5. Representations and Warranties. Each of the Loan Parties, including as of the Separation Effective Date, SpinCo, hereby
represents and warrants to the Administrative Agent and the Lenders that: 
 (a) It has taken all necessary corporate or other organization
action to authorize the execution, delivery and performance of this Amendment. 
 (b) This Amendment has been duly executed and delivered by
such Person and constitutes such Person’s legal, valid and binding obligation, enforceable against such Person in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(c) No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other
Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document other than those that have already been obtained and are in full force
and effect. 

 (d) After giving effect to this Amendment, the representations and warranties of such Person
contained in Article V of the Term Loan Credit Agreement are true and correct in all material respects (other than those representations and warranties qualified by materiality or Material Adverse Effect, which case they shall be true
and correct in all respects) on and as of the Separation Effective Date, except to the extent that such representation and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (other
than those representations and warranties qualified by materiality or Material Adverse Effect, in which case they shall be true and correct in all respects) as of such earlier date. 

(e) After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default. 

(f) Except as specifically provided in this Amendment, the Obligations are not reduced or modified by this Amendment and are not subject to
any offsets, defenses or counterclaims. 
 6. Amendment Effective Date Conditions. This Amendment shall become effective upon
satisfaction or waiver of the following conditions, in each case, in form and substance reasonably satisfactory to the Administrative Agent (such date, the “Amendment Effective Date”): 

(a) After giving effect to this Amendment, no Event of Default shall exist. 

(b) Receipt by the Administrative Agent of a copy of this Amendment duly executed by each of the Loan Parties, the Lenders and the
Administrative Agent. 
 For purposes of determining compliance with the conditions specified in this Amendment, each Lender that has signed this Amendment
shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall
have received notice from such Lender prior to the proposed Amendment Effective Date specifying its objection thereto. 
 7. Separation
Effective Date Conditions. Receipt by the Administrative Agent of the following, in each case, in form and substance reasonably satisfactory to the Administrative Agent, shall be conditions precedent to the effectiveness of the amendments to
the Credit Agreement set forth herein: 
 (a) Written notice from the Borrower of the occurrence of the Separation, together with any
documentation related thereto reasonably requested by the Administrative Agent. 
 (b) Copies of the Organization Documents of SpinCo
certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization, where applicable, and certified by a secretary or assistant secretary of SpinCo
to be true and correct as of the Separation Effective Date. 
 (c) Such certificates of resolutions or other action, incumbency certificates
and/or other certificates of Responsible Officers of SpinCo as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with the
Term Loan Credit Agreement and the other Loan Documents to which SpinCo shall be a party and evidencing the authority and capacity of SpinCo to become the Borrower in accordance with the terms of this Amendment and the Term Loan Agreement. 

(d) Such documents and certifications as the Administrative Agent may reasonably require to evidence that SpinCo is duly organized or formed,
and is validly existing, in good standing and qualified to engage in business in its state of organization or formation. 

 (e) Such certificates of resolutions or other action as the Administrative Agent may require
evidencing the authority and capacity of BGC to become a Guarantor in accordance with the terms of this Amendment and the Term Loan Agreement. 

(f) Favorable opinions of legal counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, to be dated as of the
Separation Effective Date. 
 For purposes of determining compliance with the conditions specified in this Amendment, each Lender that has
signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the
Administrative Agent shall have received notice from such Lender prior to the proposed Amendment Effective Date specifying its objection thereto. 

8. Miscellaneous. 

(a) Amended Terms. On and after the Separation Effective Date, all references to the Term Loan Credit Agreement in each of the Loan
Documents shall hereafter mean the Term Loan Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Term Loan Credit Agreement is hereby ratified and confirmed and shall remain in full force and
effect according to its terms. 
 (b) Loan Document; Entirety; Further Assurances. This Amendment shall constitute a Loan Document
under the terms of the Term Loan Credit Agreement. This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the
subject matter hereof. The Loan Parties agree to promptly take such action, upon the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment. 

(c) Counterparts. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of
which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means (e.g.,
“pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment. 
 (d) GOVERNING
LAW; Jurisdiction; Waiver of Jury Trial; Etc. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. The jurisdiction, service of process, waiver of venue and waiver of jury
trial provisions of Sections 11.14 and 11.5 of the Term Loan Credit Agreement are hereby incorporated by reference, mutatis mutandis. 

(e) Costs and Expenses. The Loan Parties shall pay all reasonable and documented out of pocket expenses incurred by the Administrative
Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment. 

[NO FURTHER TEXT ON THIS PAGE] 

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

			
	NEWMARK GROUP, INC.,
	a Delaware corporation,
		
	By:	 	 /s/ James Ficarro

	Name: James Ficarro
	Title: Chief Operating Officer
	
	 BGC PARTNERS, INC.,
 a
Delaware corporation,

		
	By:	 	 /s/ Steven R. McMurray

	Name: Steven R. McMurray
	Title: Chief Financial Officer

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 

  

							
	ADMINISTRATIVE	 		 		 	
	AGENT:	 		 	BANK OF AMERICA, N.A.,
		 		 	as Administrative Agent
				
		 		 	By:	 	 /s/ Paley Chen

		 		 	Name: Paley Chen
		 		 	Title: Vice President

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 

  

							
	LENDERS:	 		 	BANK OF AMERICA, N.A.,
				
		 		 	By:	 	 /s/ Sherman M. Wong

		 		 	Name: Sherman M. Wong
		 		 	Title: Director

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 

  

 
			
	CAPITAL ONE, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Sean C. Horridge

	Name: Sean C. Horridge
	Title: Vice President

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 

  

 
			
	CITIBANK, N.A.
		
	By:	 	 /s/ Ciaran Small

	Name: Ciaran Small
	Title: Vice President

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 
  

  

 
			
	GOLDMAN SACHS BANK USA,
	as a Lender
		
	By:	 	 /s/ Ryan Durkin

	Name: Ryan Durkin
	Title: Authorized Signatory

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 
  

  

 
			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Alaa Shraim

	Name: Alaa Shraim
	Title: Vice President

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 
  

  

 
			
	MIZUHO BANK, LTD.
		
	By:	 	 /s/ David Lim

	Name: David Lim
	Title: Authorized Signatory

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 
  

  

 
			
	BMO HARRIS BANK, N.A.
		
	By:	 	 /s/ Adam Tarr

	Name: Adam Tarr
	Title: Director

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 
  

  

 
			
	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD., NEW YORK BRANCH
		
	By:	 	 /s/ Jeffrey Roth

	Name: Jeffrey Roth
	Title: Director
		
	By:	 	 /s/ Shulin Peng

	Name: Shulin Peng
	Title: Managing Director

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 

  

 
			
	STIFEL BANK & TRUST
		
	By:	 	 /s/ Jeff Rombach

	Name: Jeff Rombach
	Title: Senior Vice President

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 
  

  

 
			
	REGIONS BANK
		
	By:	 	 /s/ Chris Cary

	Name: Chris Cary
	Title: Director

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 

  

 
			
	ASSOCIATED BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Daniel Raynor

	Name: Daniel Raynor
	Title: Vice President

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 

  

 
			
	BANKUNITED, N.A.
		
	By:	 	 /s/ Paul Ferrara

	Name: Paul Ferrara
	Title: Vice President

  
  

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 
  

  

 EXHIBIT A 

Separation Effective Date Amendments to Term Loan Credit Agreement 

(Attached) 
  

 
 FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 

  

 CONFORMED THROUGH SEPARATION EFFECTIVE
DATE 
 Deal CUSIP No. 05541WAG9 

Term Loan CUSIP No. 05541WAH7 

TERM LOAN CREDIT AGREEMENT 
 Dated
as of September 8, 2017 
 among 

BGC PARTNERSNEWMARK GROUP, INC. 

as the Borrower, 
 CERTAIN
SUBSIDIARIES OF THE BORROWERBGC PARTNERS, INC. 

and 

BGC PARTNERS, INC., 

as Guarantors, 
 BANK OF AMERICA,
N.A., 
 as Administrative Agent, 

GOLDMAN SACHS BANK USA, 
 CITIBANK,
N.A. 
 CAPITAL ONE, NATIONAL ASSOCIATION 

MIZUHO BANK, LTD. 
 and 

 PNC BANK, NATIONAL ASSOCIATION, 

as Co-Syndication Agents, 

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD., NEW YORK BRANCH, 

as Documentation Agent 
 and 

THE OTHER LENDERS PARTY HERETO 

Arranged By: 
 MERRILL LYNCH,
PIERCE, FENNER & SMITH INCORPORATED, 
 GOLDMAN SACHS BANK USA 

CITIGROUP GLOBAL CAPITAL MARKETS INC. 

CAPITAL ONE, NATIONAL ASSOCIATION 

and 
 PNC CAPITAL MARKETS LLC,

 as Joint Lead Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 1.01
	 	Defined Terms	  	 	1	 
	 1.02
	 	Other Interpretive Provisions	  	 	2223	 
	 1.3
	 	Accounting Terms	  	 	23	 
	 1.4
	 	Rounding	  	 	24	 
	 1.5
	 	Times of Day; Rates	  	 	24	 
		
	 ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	24	 
			
	 2.1
	 	Term Loan	  	 	24	 
	 2.2
	 	Borrowings, Conversions and Continuations of Loans	  	 	25	 
	 2.3
	 	[Reserved]	  	 	26	 
	 2.4
	 	[Reserved]	  	 	26	 
	 2.5
	 	Prepayments	  	 	2726	 
	 2.6
	 	[Reserved]	  	 	2827	 
	 2.7
	 	Repayment of Loans	  	 	2827	 
	 2.8
	 	Interest	  	 	28	 
	 2.09
	 	Fees	  	 	2928	 
	 2.10
	 	Computation of Interest and Fees	  	 	2928	 
	 2.11
	 	Evidence of Debt	  	 	29	 
	 2.12
	 	Payments Generally; Administrative Agent’s Clawback; etc.	  	 	29	 
	 2.13
	 	Sharing of Payments by Lenders	  	 	31	 
	 2.14
	 	[Reserved]	  	 	31	 
	 2.15
	 	Defaulting Lenders	  	 	3231	 
		
	 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	3332	 
			
	 3.01
	 	Taxes	  	 	3332	 
	 3.02
	 	Illegality	  	 	37	 
	 3.03
	 	Inability to Determine Rates	  	 	3837	 
	 3.04
	 	Increased Costs; Reserves on Eurodollar Rate Loans	  	 	38	 
	 3.05
	 	Compensation for Losses	  	 	4039	 
	 3.06
	 	Mitigation Obligations; Replacement of Lenders	  	 	40	 
	 3.07
	 	Survival	  	 	4140	 
		
	 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	41	 
			
	 4.01
	 	Conditions of Initial Credit Extension	  	 	41	 
	 4.02
	 	Conditions to all Credit Extensions	  	 	4342	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	43	 
	 5.1
	 	Existence, Qualification and Power	  	 	43	 
	 5.2
	 	Authorization; No Contravention	  	 	44	 
	 5.3
	 	Governmental Authorization; Other Consents	  	 	44	 

							
	 5.4
	 	Binding Effect	  	 	44	 
	 5.5
	 	Financial Statements; No Material Adverse Effect	  	 	44	 
	 5.6
	 	Litigation	  	 	45	 
	 5.7
	 	No Default	  	 	45	 
	 5.8
	 	Ownership of Property	  	 	45	 
	 5.9
	 	Taxes	  	 	45	 
	 5.10
	 	ERISA Compliance	  	 	4645	 
	 5.11
	 	Subsidiaries	  	 	46	 
	 5.12
	 	Margin Regulations; Investment Company Act	  	 	4746	 

							
	 5.13
	 	Disclosure	  	 	47	 
	 5.14
	 	Compliance with Laws	  	 	4847	 
	 5.15
	 	Intellectual Property; Licenses, Etc.	  	 	4847	 
	 5.16
	 	Solvency	  	 	48	 
	 5.17
	 	OFAC	  	 	48	 
	 5.18
	 	Anti-Corruption Laws	  	 	48	 
	 5.19
	 	EEA Financial Institution	  	 	48	 
		
	 ARTICLE VI AFFIRMATIVE COVENANTS
	  	 	48	 
			
	 6.1
	 	Financial Statements	  	 	48	 
	 6.2
	 	Certificates; Other Information	  	 	49	 
	 6.3
	 	Notices	  	 	51	 
	 6.4
	 	Payment of Taxes	  	 	5251	 
	 6.5
	 	Preservation of Existence, Etc.	  	 	5251	 
	 6.6
	 	Maintenance of Properties	  	 	52	 
	 6.7
	 	Maintenance of Insurance	  	 	52	 
	 6.8
	 	Compliance with Laws	  	 	52	 
	 6.9
	 	Books and Records	  	 	5352	 
	 6.10
	 	Inspection Rights	  	 	5352	 
	 6.11
	 	Use of Proceeds	  	 	53	 
	 6.12
	 	Guarantors	  	 	53	 
	 6.13
	 	Anti-Corruption Laws	  	 	53	 
	 6.14
	 	Mirror Debt	  	 	53	 
		
	 ARTICLE VII NEGATIVE COVENANTS
	  	 	5453	 
			
	 7.1
	 	Liens	  	 	5453	 
	 7.2
	 	Investments	  	 	5655	 
	 7.3
	 	Subsidiary Indebtedness	  	 	56	 
	 7.4
	 	Fundamental Changes	  	 	57	 
	 7.5
	 	Dispositions	  	 	58	 
	 7.6
	 	Restricted Payments	  	 	58	 
	 7.7
	 	Change in Nature of Business	  	 	59	 
	 7.8
	 	Transactions with Affiliates	  	 	59	 
	 7.9
	 	Burdensome Agreements	  	 	59	 
	 7.10
	 	Use of Proceeds	  	 	60	 
	 7.11
	 	Financial Covenants	  	 	60	 
	 7.12
	 	Fiscal Year	  	 	6061	 
	 7.13
	 	Sanctions	  	 	6061	 
	 7.14
	 	Anti-Corruption Laws	  	 	61	 
		
	 ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES
	  	 	61	 
			
	 8.1
	 	Events of Default	  	 	61	 
	 8.2
	 	Remedies Upon Event of Default	  	 	63	 
	 8.03
	 	Application of Funds	  	 	6364	 
		
	 ARTICLE IX ADMINISTRATIVE AGENT
	  	 	64	 
			
	 9.1
	 	Appointment and Authority	  	 	64	 
	 9.2
	 	Rights as a Lender	  	 	6465	 
	 9.3
	 	Exculpatory Provisions	  	 	6465	 

							
	 9.4
	 	Reliance by Administrative Agent	  	 	6566	 
	 9.5
	 	Delegation of Duties	  	 	66	 
	 9.6
	 	Resignation of Administrative Agent	  	 	66	 
	 9.7
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	67	 

							
	 9.8
	 	No Other Duties; Etc.	  	 	6768	 
	 9.9
	 	Administrative Agent May File Proofs of Claim	  	 	6768	 
	 9.10
	 	Guaranty Matters	  	 	68	 
	 9.11
	 	ERISA	  	 	68	 
		
	 ARTICLE X GUARANTY
	  	 	6870	 
			
	 10.1
	 	The Guaranty	  	 	6870	 
	 10.2
	 	Obligations Unconditional	  	 	6971	 
	 10.3
	 	Reinstatement	  	 	6972	 
	 10.4
	 	Certain Additional Waivers	  	 	7072	 
	 10.5
	 	Remedies	  	 	7072	 
	 10.6
	 	Rights of Contribution	  	 	7072	 
	 10.7
	 	Guarantee of Payment; Continuing Guarantee	  	 	7173	 
	 10.8
	 	Appointment of Borrower	  	 	7173	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	7173	 
			
	 11.1
	 	Amendments, Etc.	  	 	7173	 
	 11.2
	 	Notices; Effectiveness; Electronic Communications	  	 	7375	 
	 11.3
	 	No Waiver; Cumulative Remedies; Enforcement	  	 	7577	 
	 11.4
	 	Expenses; Indemnity; Damage Waiver	  	 	7577	 
	 11.5
	 	Payments Set Aside	  	 	7779	 
	 11.6
	 	Successors and Assigns	  	 	7779	 
	 11.7
	 	Treatment of Certain Information; Confidentiality	  	 	8183	 
	 11.8
	 	Rights of Setoff	  	 	8284	 
	 11.9
	 	Interest Rate Limitation	  	 	8284	 
	 11.10
	 	Counterparts; Integration; Effectiveness	  	 	8285	 
	 11.11
	 	Survival of Representations and Warranties	  	 	8385	 
	 11.12
	 	Severability	  	 	8385	 
	 11.13
	 	Replacement of Lenders	  	 	8385	 
	 11.14
	 	Governing Law; Jurisdiction; Etc.	  	 	8486	 
	 11.15
	 	Waiver of Jury Trial	  	 	8587	 
	 11.16
	 	No Advisory or Fiduciary Responsibility	  	 	8587	 
	 11.17
	 	Electronic Execution of Assignments and Certain Other Documents	  	 	8688	 
	 11.18
	 	USA PATRIOT Act Notice	  	 	8688	 
	 11.19
	 	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	  	 	8688	 

 SCHEDULES 
  

			
	1.01	  	Disqualified Institutions
		
	2.01	  	Commitments and Applicable Percentages
		
	5.06	  	Litigation
		
	5.09	  	Tax Sharing Agreements
		
	5.11	  	Subsidiaries
		
	7.1	  	Liens Existing on the Closing Date
	7.2	  	Investments Existing on the Closing Date
	7.3	  	Indebtedness Existing on the Closing Date
	7.08	  	Affiliate Transactions Existing on the Closing Date
		
	11.02	  	Certain Addresses for Notices

 EXHIBITS 
  

			
	2.02	  	Form of Loan Notice
		
	2.05	  	Form of Notice of Loan Prepayment
		
	2.11	  	Form of Note
		
	3.01	  	Forms of U.S. Tax Compliance Certificates
		
	6.02	  	Form of Compliance Certificate
		
	6.12	  	Form of Joinder Agreement
		
	11.06(b)	  	Form of Assignment and Assumption
	11.06(b)(iv)	  	Form of Administrative Questionnaire

 TERM LOAN CREDIT AGREEMENT 

This TERM LOAN CREDIT AGREEMENT is entered into as of September 8, 2017 among BGC
PARTNERSNEWMARK GROUP, INC., a Delaware corporation (the “Borrower”), the Guarantors from time to time party hereto, the Lenders (defined herein) and BANK OF
AMERICA, N.A., as Administrative Agent. 
 The Borrower has requested that the Lenders provide a term loan for the purposes set forth
herein, and the Lenders are willing to do so on the terms and conditions set forth herein. 
 In consideration of the mutual covenants and
agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

1.1 Defined Terms. 

As used in this Agreement, the following terms shall have the meanings set forth below: 

“Acquisition”, by any Person, means the acquisition by such Person, in a single transaction or in a series of related
transactions, of either (a) all or substantially all of the property of, or a line of business or division of, another Person or (b) at least a majority of the Voting Stock of another Person, in each case whether or not involving a merger
or consolidation with such other Person. 
 “Administrative Agent” means Bank of America in its capacity as administrative
agent under any of the Loan Documents, or any successor administrative agent. 
 “Administrative Agent’s Office” means
the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.02 or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit 11.06(b)(iv)
or any other form approved by the Administrative Agent. 

 “Affiliate” means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agreement” means this Term Loan Credit Agreement. 

“Applicable Percentage” means with respect to any Lender at any time, the percentage of the outstanding principal amount of
the Term Loans held by such Lender at such time. The initial Applicable Percentage of each Lender in respect of the Term Loans is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption or other
documentation pursuant to which such Lender becomes a party hereto, as applicable. The Applicable Percentages shall be subject to adjustment as provided in Section 2.15. 

“Applicable Rate” means the following percentages per annum, based on the applicable rate per annum set forth in the below
table (and subject to the paragraphs below): 

											
	 Pricing
	  	 Debt Rating
	  	Applicable	 	  	Applicable	 
	 Level
	  	  
	  	Margin for
Eurodollar
Rate Loans	 	  	Margin for
Base Rate
Loans	 
	 I
	  	3 BBB+/BBB+	  	 	150.0 bps	 	  	 	50.0 bps	 
	 II
	  	BBB/BBB	  	 	187.5 bps	 	  	 	87.5 bps	 
	 III
	  	BBB-/BBB-	  	 	225.0 bps	 	  	 	125.0 bps	 
	 IV
	  	BB+/BB+	  	 	275.0 bps	 	  	 	175.0 bps	 
	 V£
	  	£ BB/BB	  	 	325.0 bps	 	  	 	225.0 bps	 
		  	  
	  				  			

 Each change in the Applicable Rate resulting from a change in the Debt Rating of the
BorrowerBGC shall be effective for the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such
change. Notwithstanding the above, (i) if at any time there is a split in the Debt Ratings between S&P and Fitch, and the Debt Ratings differ by one level, then the Pricing Level for the higher of such Debt Ratings shall apply (with the
Debt Rating for Pricing Level I being the highest and the Debt Rating for Pricing Level V being the lowest); (ii) if there is a split in Debt Ratings between S&P and Fitch of more than one level, then the Pricing Level that is one level
lower than the Pricing Level of the higher Debt Rating shall apply; (iii) if the BorrowerBGC has only one Debt Rating, such Debt Rating shall apply; and (iv) if
the BorrowerBGC does not have any Debt Rating, Pricing Level V shall apply. 

Notwithstanding the above, (x) if there are any amounts outstanding under this Agreement as of December 31, 2017, the pricing shall
increase by 50 bps at each pricing level until the Obligations are paid in full and (y) if there are any amounts outstanding under this Agreement as of June 30, 2018, the pricing shall increase by an additional 75 bps at each pricing level
(125 bps in the aggregate) until the Obligations are paid in full. 
 “Approved Fund” means any Fund that is administered
or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Arrangers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer
wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following
the date of this Agreement), Goldman Sachs Bank USA, Citigroup Global Capital Markets Inc. and PNC Capital Markets LLC in their capacity as joint lead arrangers and bookrunners. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the
consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit 11.06(b) or any other form (including electronic documentation generated by use of
an electronic platform) approved by the Administrative Agent. 

 “Attributable Indebtedness” means, with respect to any Person on any date,
(a) in respect of any capital lease, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation, the capitalized
amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease, (c) in respect of any
Securitization Transaction, the outstanding principal amount of such financing, after taking into account reserve accounts and making appropriate 

 adjustments, determined by the Administrative Agent in its reasonable judgment and (d) in respect of any
Sale and Leaseback Transaction, the present value (discounted in accordance with GAAP at the debt rate implied in the applicable lease) of the obligations of the lessee for rental payments during the term of such lease. 

“Audited Financial Statements” means the audited consolidated balance sheet of the
BorrowerBGC and its Subsidiaries for the fiscal years ended 2014, 2015 and 2016, and the related consolidated statements of income or operations, shareholder’s equity and cash
flows of the BorrowerBGC and its Subsidiaries for such fiscal year, including the notes thereto. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in
respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member
Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Bank of America” means Bank of America, N.A. and its successors. 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus
0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate” and (c) the Eurodollar Rate plus 1.0%; and if Base Rate shall be less than zero,
such rate shall be deemed zero for purposes of this Agreement. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such “prime rate” announced by Bank of America shall take effect at the opening of business on the
day specified in the public announcement of such change. 
 “Base Rate Loan” means a Loan that bears interest based on the
Base Rate. 
 “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject
to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan”. 

 “Berkeley Point” means Berkeley Point Financial LLC and its Subsidiaries. 

“BGC” means BGC Partners, Inc., a Delaware corporation, and its permitted successors and assigns. 

“Borrower” has the meaning specified in the introductory paragraph hereto. “Borrower Materials” has the
meaning specified in Section 6.02. 
 “Borrowing” means a borrowing consisting of simultaneous Loans of the
same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

 “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a day on
which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 
 “Capital
Requirements” means the minimum capital requirements applicable to a Regulated Subsidiary pursuant to applicable law, rule or regulation, including any such requirements imposed by any self-regulatory organization. 

“Cash AD Loan” means a loan made by the
BorrowerBGC or one of its Subsidiaries to an employee of the BorrowerBGC or one of its Subsidiaries
which is to be repaid with the distributions in respect of limited partnership units allocated to such employee, and which is generally expected to be forgiven if such employee remains employed by the
BorrowerBGC or one of its Subsidiaries at the conclusion of a specific period of time. 

“Cash Equivalents” means any of the following types of Investments, to the extent owned by the
BorrowerBGC or any of its Subsidiaries free and clear of all Liens (other than Permitted Liens): 

(a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or
instrumentality thereof having maturities of not more than three hundred sixty days (360) days from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof; 

(b) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that
(i) (A) is a Lender or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States,
any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this definition and (iii) has combined
capital and surplus of at least $1,000,000,000, in each case with maturities of not more than one year from the date of acquisition thereof; 

(c) commercial paper issued by any Person organized under the laws of any state of the United States and rated at least
“Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than one year from the date of acquisition thereof; and 

 (d) Investments, classified in accordance with GAAP as current assets of the
Borrower or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or
S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition. 

“CFTC” means the Commodities Futures Trading Commission or any other regulatory body that succeeds to the functions of the
Commodities Futures Trading Commission. 
 “Change in Law” means the occurrence, after the Closing Date (or, with respect
to any Lender that is not a Lender on the Closing Date, such later date on which such Lender becomes a party to this Agreement), of any of the following: (a) the adoption or taking effect of any Law, (b) any change in any

 Law or in the administration, interpretation, implementation or application thereof by any Governmental Authority
or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of Law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in
Law”, regardless of the date enacted, adopted or issued. 
 “Change of Control” means an event or series of events by
which the Permitted Holders fail to own, directly or indirectly, a sufficient amount of the Voting Stock of the BorrowerBGC in order to elect a majority of the members of
the Board of Directors of the BorrowerBGC. 
 “Closing
Date” means the date of this Agreement. 
 “Commitment” means, as to each Lender, the Term Loan Commitment of such
Lender. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

“Compliance Certificate” means a certificate substantially in the form of Exhibit 6.02. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Consolidated EBITDA” means, for any period, for the
BorrowerBGC and its Subsidiaries on a consolidated basis, an amount equal to (i) Consolidated Net Income (excluding extraordinary and other non-recurring gains and
losses and charges) for such period plus (xii) the following to the extent deducted in calculating such Consolidated Net Income: (a) Consolidated Interest Charges with respect to the
BorrowerBGC and its Subsidiaries for such period, (b) the provision for federal, state, local and foreign income taxes payable by
BorrowerBGC and its Subsidiaries for such period, (c) the amount of depreciation and amortization expense (including any amortization related to mortgage servicing
rights, any amortization related to bonuses, any amortization related to any forgivable loan made in lieu of or for the same purpose as a bonus and any amortization related to restricted stock awards or similar awards) for such period,
(d) reserves taken on Cash AD Loans, (e) charges relating to grants of exchangeability to limited partnership interests, redemption or repurchase of units or shares or the issuance of restricted shares, (f) distributions on grant
units or other partnership units and allocations of net income limited to partnership units, and (g) impairment charges minus (yiii) non-cash gains attributable to originated mortgage servicing rights in accordance with
GAAP; provided that for purposes of calculating the financial covenants, no EBITDA (either historically or prospectively) shall be counted from any Subsidiary to the extent it is contractually prohibited from making distributions to the
BorrowerBGC at such time. 

 “Consolidated Funded Indebtedness” means, as of any date of determination, all
Funded Indebtedness of the BorrowerBGC and its Subsidiaries, on a consolidated basis, without duplication. 

“Consolidated Interest Charges” means, for any period, for any Person, the sum of the following items to the extent paid in
cash during such period (a) all interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest, but excluding any interest or other charges or expenses
attributable to repurchase agreements, warehouse agreements and other securities lending or borrowing transactions) or in connection with the deferred 

 purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, plus
(b) the portion of rent expense with respect to such period under capital leases that is treated as interest in accordance with GAAP plus (c) the implied interest component of Synthetic Lease Obligations with respect to such
period. 
 “Consolidated Interest Coverage Ratio” means, as of any fiscal quarter-end for which it is to be determined, the
ratio of (a) Consolidated EBITDA for the period of the four fiscal quarters ending on such date to (b) Consolidated Interest Charges with respect to the
BorrowerBGC and its Subsidiaries for the period of the four fiscal quarters ending on such date, in each case calculated on a Pro Forma Basis in accordance with
Section 1.03(c). 
 “Consolidated Leverage Ratio” means, as of any fiscal quarter-end for which it is to be
determined, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters ending on such date, in each case calculated on a Pro Forma Basis in accordance with
Section 1.03(c). 
 “Consolidated Net Income” means, for any period, for the
BorrowerBGC and its Subsidiaries on a consolidated basis, net income (or loss) for such period; provided that Consolidated Net Income shall exclude any income (or loss) for
such period of any Person if such Person is not a Subsidiary, except that the Borrower’sBGC’s equity in the net income of any such Person for such period shall be
included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the BorrowerBGC or a Subsidiary as a
dividend or other distribution. 
 “Consolidated Net Worth” means, at any date for which it is to be determined, the sum,
without duplication, of the following items which would be shown on a consolidated balance sheet of the BorrowerBGC and its Subsidiaries prepared in accordance with GAAP as
of such date: stockholders’ equity (including capital stock, additional paid-in capital, contingent stock, retained earnings and accumulated other comprehensive income) plus the aggregate amount of all redeemable partnership interests plus the
aggregate amount of all non-controlling interests in Subsidiaries. 
 “Contractual Obligation” means, as to any Person, any
provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

 “Credit Extension” means any Borrowing. 

“Debt Issuance” means the issuance by any Loan
Partythe Borrower or any Subsidiary of a Loan Partythe Borrower of any Indebtedness (other than
Indebtedness permitted by (or with respect to the Borrower of the types permitted by) Sections 7.03(a), (b), (c)(i), (d), (e), (f), (g), (h), (i) and (k)). 

“Debt Rating” means, as of any date of determination, the rating as determined by either S&P or Fitch of a Person’s
non-credit-enhanced, senior unsecured long-term debt. The Debt Rating in effect at any date is the Debt Rating that is in effect at the close of business on such date. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect. 

 “Debt Rating” means, as of any date of determination, the rating as determined
by either S&P or Fitch of a Person’s non-credit-enhanced, senior unsecured long-term debt. The Debt Rating in effect at any date is the Debt Rating that is in effect at the close of business on such date. 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the
passage of time, or both, would be an Event of Default. 
 “Default Rate” means (a) with respect to any Obligation for
which a rate is specified, a rate per annum equal to two percent (2%) in excess of the rate otherwise applicable thereto and (b) with respect to any Obligation for which a rate is not specified or available, a rate per annum equal to the
Base Rate plus the Applicable Rate for Loans that are Base Rate Loans plus two percent (2%), in each case, to the fullest extent permitted by applicable Law. 

“Defaulting Lender” means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all
or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply
with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such
Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed,
within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that
has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender
solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made 

 
with such Lender or (iii) become the subject of a Bail-In Action. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b)) upon delivery of a
written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower and each other Lender promptly following such determination. 

 “Designated Jurisdiction” means any country or territory to the extent that such
country or territory itself is the subject of any Sanction, including, without limitation, each of Belarus, Myanmar (Burma), Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan, Syria and Zimbabwe. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition of any property by
any Loan Party or any Subsidiary, including any Sale and Leaseback Transaction and any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 

“Disqualified Institution” means (a) any competitors of the
BorrowerBGC and its Subsidiaries identified on Schedule 1.01 as of the Closing Date and (b) any other Person who is a competitor of the
BorrowerBGC and its Subsidiaries which has been designated by the Borrower as a “Disqualified Institution” by written notice to the Administrative Agent and the Lenders
(including by posting such notice to the Platform) not less than 5 Business Days prior to the effectiveness thereof; provided that, (i) it is understood and agreed that Schedule 1.01 shall be updated upon the effectiveness of a new
Disqualified Institution, (ii) the Administrative Agent shall have the right, and the Borrower hereby expressly authorizes the Administrative Agent, to post Schedule 1.01, and any updates thereto from time to time, on the Platform and to
provide Schedule 1.01 to each Lender requesting the same and (iii) “Disqualified Institutions” shall exclude any Person that the Borrower has designated as no longer being a “Disqualified Institution” by written
notice delivered to the Administrative Agent and the Lenders. For the avoidance of doubt, with respect to any Person who becomes a Disqualified Institution after the date on which it entered into a binding agreement to purchase all or a portion of
the rights and obligations of an assigning Lender, such Person shall not retroactively be disqualified from being or becoming a Lender. 

“Dollar” and “$” mean lawful money of the United States. 

“Domestic Subsidiary” means any Subsidiary that is organized under the Laws of any state of the United States or the District
of Columbia. 
 “EBITDA” means, with respect to any Person, that portion of Consolidated EBITDA attributable to such
Person. 
 “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

 “EEA Member Country” means any of the member states of the European Union,
Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Sections 11.06(b)(iii) and
(v) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)). 

 “Eligible Line of Business” means (a) any business in which the
BorrowerBGC or any of its Subsidiaries are engaged or have an Investment in as of the Closing Date, (b) financial services including but not limited to broker-dealer and
capital market transactions involving financial products (and transactions and services related thereto), investment banking, and structured products and brokerage (including, but not limited to, prime brokerage), asset management (including, but
not limited to, wealth management and fund management), market data, technology, trade execution, clearing (including correspondent clearing), processing, information, securitization, servicing, legal services or marketplace services in any
industry, including but not limited to securities, financial products, real estate, commodities, shipping, insurance, intellectual property, spectrum and entertainment, (c) real estate services including brokerage, investment sales, consulting,
project and development management, and property and facilities management, (d) acting as an energy reseller, (e) financing transactions and products loan origination or brokering and (f) any line of business complementary to the
businesses in clause (a), (b), (c), (d) or (e). 
 “Environmental Laws” means any and all federal, state, local and
foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the
release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“Environmental Liability” means any liability (including any liability for damages, costs of environmental remediation,
fines, penalties or indemnities), of any Loan Party or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability
is assumed or imposed with respect to any of the foregoing. 
 “Equity Interests” means, with respect to any Person, all of
the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit
interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person
of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination. 
 ““Equity
Issuance””means any issuance by a Loan Party or any Subsidiary to any Person of its Equity Interests, other than (a) any issuance of its Equity Interests pursuant to the exercise of options or warrants,
(b) any issuance of its Equity Interests pursuant to the conversion of any debt securities to equity or the conversion of any class of equity securities to any other class of equity securities, (c) any issuance of options or warrants
relating to its Equity Interests, and (d) any issuance by the Borrower of its Equity 

 
Interests as consideration for a Permitted Acquisition, (e) any issuance of Equity Interests by a Subsidiary to a Loan Party or any Subsidiary, and (f) any issuance by a joint
venture among a Loan Party (or a Subsidiary) and any third party or third parties of their Equity Interests. 
 “ERISA”
means the Employee Retirement Income Security Act of 1974. 
 “ERISA Affiliate” means any trade or business (whether or not
incorporated) under common control with the BorrowerBGC within the meaning of Section 414(b) or (c) of the Internal Revenue Code (and Sections 414(m) and
(o) of the Internal Revenue Code for purposes of provisions relating to Section 412 of the Internal Revenue Code), and with respect to which liability to the
BorrowerBGC is reasonably expected to attach. 

 “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan;
(b) the withdrawal of the BorrowerBGC or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a
substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; 

(c) a complete or partial withdrawal by the BorrowerBGC or any ERISA Affiliate
from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA,
(e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or, to the knowledge of the BorrowerBGC, that a Multiemployer Plan is in
endangered or critical status within the meaning of Sections 430, 431 and 432 of the Internal Revenue Code or Sections 303, 304 and 305 of ERISA, as applicable (h) the imposition of any liability under Title IV of ERISA, other than for PBGC
premiums due but not delinquent under Section 4007 of ERISA, upon the BorrowerBGC or any ERISA Affiliate or (i) a failure by the
BorrowerBGC or any ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the failure by
the BorrowerBGC or any ERISA Affiliate to make any required contribution to a Multiemployer Plan. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor person), as in effect from time to time. 
 “Eurodollar Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered
Rate (“LIBOR”) or (if not available) a comparable or successor rate, which rate is approved by the Administrative Agent, as published by Bloomberg (or, if not available, such other commercially available source providing such
quotations as may be designated by the Administrative Agent from time to time) (in such case, the “LIBOR Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for
Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and 

 (b) for any interest calculation with respect to a Base Rate Loan on any date,
the rate per annum equal to the LIBOR Rate, at approximately 11:00 a.m., London time determined two Business Days prior to such date for Dollar deposits with a term of one month commencing that day; provided that (i) to the extent a
comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is
not administratively feasible for the Administrative Agent, such approved rate shall be applied as otherwise reasonably determined by the Administrative Agent and (ii) if the Eurodollar Rate shall be less than zero, such rate shall be deemed
zero for purposes of this Agreement. 

 “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on
clause (a) of the definition of “Eurodollar Rate.” 
 “Event of Default” has the meaning specified in
Section 8.01. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient
or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient
being organized under the Laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes,
(b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a Law in effect on the date on which
(i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the
extent that, pursuant to Section 3.01(a)(ii), 3.01(a)(iii) or 3.01(c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such
Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Facility Termination Date” means the date as of which all of the following shall have occurred: 

(a) all Commitments have terminated and (b) all Obligations arising under the Loan Documents have been paid in full (other than
contingent indemnification obligations). 
 “FASB ASC” means the Accounting Standards Codification of the Financial
Accounting Standards Board. 
 “FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the Closing
Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Internal Revenue Code and any applicable intergovernmental agreements implementing the foregoing. 

“FCM” has the meaning set forthspecified in the
definition of “Regulated Subsidiary.” 

 “Federal Funds Rate” means, for any day, the rate per annum equal to the
weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if
such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, (b) if no such rate is so published on such next
succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative
Agent and (c) if the Federal Funds Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 

“Fee Letter” means that certain fee letter between the
BorrowerBGC and Bank of America entered into as of August 11, 2017. 

 “FINRA” means the Financial Industry Regulatory Authority, Inc., or any other
self-regulatory body which succeeds to the functions of the Financial Industry Regulatory Authority, Inc. 
 “First Amendment”
means that certain First Amendment to Credit Agreement dated as of November 22, 2017, among BGC, the Borrower, the Lenders and the Administrative Agent. 

“Fitch” means Fitch, Inc., and any successor thereto. 

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the
Borrower is not a U.S. Person, a Lender that is resident or organized under the Laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the
District of Columbia shall be deemed to constitute a single jurisdiction. 
 “Foreign Subsidiary” means any Subsidiary that
is not a Domestic Subsidiary. 
 “FRB” means the Board of Governors of the Federal Reserve System of the United States.
“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, 
 purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 
 “Funded
Indebtedness” means, without duplication, (a) all obligations of such Person for all indebtedness created, assumed or incurred in any manner by such Person representing money borrowed (including by the issuance of debt securities),
(b) all indebtedness for the deferred purchase price of property or services (other than trade accounts payable arising in the ordinary course of business), (c) all indebtedness secured by any lien upon property of such Person, whether or
not such Person has assumed or become liable for the payment of such indebtedness, (d) all Attributable Indebtedness of such Person, (e) all obligations of such Person on or with respect to letters of credit and bankers’’ acceptances,
(f) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (g) all indebtedness for borrowed money of any other Person which is directly or indirectly guaranteed by the
BorrowerBGC or any of its Subsidiaries or which the BorrowerBGC or any of its Subsidiaries has agreed
(contingently or otherwise) to purchase or otherwise acquire or in respect of which the BorrowerBGC or any of its Subsidiaries has otherwise assured a creditor against loss
and (h) all Guarantees of such Person in respect of the foregoing; provided, however, that Funded Indebtedness shall not include (i) accounts payable incurred in the ordinary course of business, (ii) short term obligations incurred in
the ordinary course of business (iii) obligations of such Person in respect of Swap Contracts related to hedging or otherwise entered into in the ordinary course of business and (iv) to the extent such Person is (x) is
a Regulated Subsidiary or (y) Berkeley Point, obligations of such Person in respect of repurchase 

 
agreements, warehouse agreements or securities lending or borrowing agreements. Notwithstanding the foregoing, it is understood and agreed that the amount of Funded Indebtedness related to
“bad boy guaranties” (including any related environmental indemnity) and the Guarantees by Berkeley Point to Fannie Mae under the Delegated Underwriting and Servicing Program and to Freddie Mac under the Targeted Affordable Housing Program
shall, in each case, be equal to the amount of any such Indebtedness, if any, that is required by GAAP to be accrued for or otherwise set forth as a liability on the balance sheet of such Person. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, consistently applied. 

 “Governmental Authority” means the government of the United States or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supra- national bodies such as the European Union or the European Central Bank). 

“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having
the economic effect of guaranteeing any Indebtedness payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect,
(i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the
payment or performance of such Indebtedness or (iii) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or to protect such obligee against loss in
respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness of any other Person, whether or not such Indebtedness is assumed by such Person (or any right, contingent or otherwise, of any holder
of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made
or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantors” means, collectively, (a) BGC, (b) each Subsidiary of the
BorrowerBGC that becomes a Guarantor pursuant to Section 6.12 or otherwise, (bc) each other Person that may become a Guarantor hereunder and
(cd) the successors and permitted assigns of the foregoing. 
 “Guaranty” means the Guaranty made
by the Guarantors in favor of the Administrative Agent and the other holders of the Obligations pursuant to Article X. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law. 
 “IB” has the meaning set
forthspecified in the definition of “Regulated Subsidiary.” 

 “IFRS” means international accounting standards within the meaning of IAS
Regulation 1606/2002 to the extent applicable to the relevant financial statements delivered under or referred to herein. 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: 
 (a) all Funded Indebtedness; 

(b) obligations under any Swap Contract; 

 (c) all obligations to purchase, redeem, retire, defease or otherwise make any
payment prior to the Maturity Date in respect of any Equity Interests of the BorrowerBGC or any of its Subsidiaries or any warrant, right or option to acquire such Equity
Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; 

(d) all Guarantees of such Person in respect of any of the foregoing; and 

(e) all Indebtedness of the types referred to in clauses (a) through (d) above of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or joint venture (but only to the extent such Person is liable therefor as a result of such interest), unless such
Indebtedness is expressly made non-recourse to such Person. 
 “Indemnified Taxes” means (a) Taxes, other than
Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and 

(b) to the extent not otherwise described in clause (a), Other Taxes. “Indemnitee” has the meaning specified in
Section 11.04(b). “Information” has the meaning specified in Section 11.07. 
 “Interest
Payment Date” means (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds
three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and
December and the Maturity Date. 
 “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the
date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter, or upon the consent of all Lenders, such other period that is twelve months or less
(in each case, subject to availability), as selected by the Borrower in its Loan Notice; provided that: 
 (a) any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next
preceding Business Day; and 

 (b) any Interest Period that begins on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period. 

“Internal Revenue Code” means the Internal Revenue Code of 1986. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or
interest in, another Person, including any partnership or joint venture interest in such other Person, or (c) an Acquisition. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment. 

 “IP Rights” has the meaning specified in Section 5.16.
“IRS” means the United States Internal Revenue Service. 
 “Joinder Agreement” means a joinder agreement
substantially in the form of Exhibit 6.12 executed and delivered by a Subsidiary in accordance with the provisions of Section 6.12 or any other documents as the Administrative Agent shall deem appropriate for such purpose. 

“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of Law. 

“Lenders” means each of the Persons identified as a “Lender” on the signature pages hereto, each other Person that
becomes a “Lender” in accordance with this Agreement and their successors and assigns. 
 “Lending Office” means,
as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent, which
office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such affiliate. Unless the context otherwise requires each references to a Lender shall include its applicable Lending Office. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of
way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Term Loan. 

 “Loan Documents” means this Agreement, each Note, each Joinder Agreement and the
Fee Letter. 
 “Loan Notice” means a notice of (a) a Borrowing of Term Loans, (b) a conversion of Loans from one
Type to the other, or (c) a continuation of Eurodollar Rate Loans, in each case pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit 2.02 or such other form as may be approved by the Administrative
Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent) appropriately completed and signed by a Responsible Officer of the Borrower. 

“Loan Parties” means, collectively, the Borrower and each Guarantor. 

 “Master Agreement” has the meaning specified in the definition of “Swap
Contract.” 
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect
upon, the operations, business, properties, financial condition, assets or properties of the Borrower and itsLoan Parties and their Subsidiaries taken as a whole;
(b) a material impairment of the ability of the Borrower to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the
Borrower of any Loan Document to which it is a party. 
 “Maturity Date” means September 8, 2019; provided,
however, that if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 

“Mirror Debt” means Indebtedness of one or more Subsidiaries of BGC which is
assumed by one or more Subsidiaries of the Borrower as part of the Separation related to (a) those certain 8.125% Senior Notes due 2042 issued by BGC in an aggregate principal amount equal to $112,500,000 and (b) those certain 5.375%
Senior Notes due 2019 issued by BGC in an aggregate principal amount equal to $300,000,000. 
 “Moody’s” means
Moody’s Investors Service, Inc. and any successor thereto. 
 “Multiemployer Plan” means any employee benefit plan of
the type described in Section 4001(a)(3) of ERISA, to which the BorrowerBGC or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding
five plan years, has made or been obligated to make contributions. 
 “Multiple Employer Plan” means a single employer, as
defined in Section 4001(a)(15) of ERISA, that is subject to Title IV of ERISA and that has two or more contributing sponsors (including the BorrowerBGC or any ERISA
Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 
 “Net
Cash Proceeds” means the aggregate cash or Cash Equivalents proceeds actually received by a Loan Party or any Subsidiary in respect of any Disposition, Equity Issuance or Debt Issuance net of (a) direct costs incurred in connection
therewith (including, without limitation, legal, accounting and investment banking fees, and sales commissions), (b) taxes paid or payable as a result thereof, (c) in the case of any Disposition, the amount necessary to retire any
Indebtedness secured by a Permitted Lien on the related property and (d) in the case of any Disposition, a reasonable reserve for any indemnification payments (fixed or contingent) attributable to the
seller’sseller’s indemnities and representations and warranties to the purchaser in respect of such Disposition undertaken by a Loan Party or Subsidiary in 

 
connection with such Disposition; it being understood that ““ Net Cash
Proceeds””shall include, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any non-cash consideration actually
received by a Loan Party or any Subsidiary in any Disposition. 
 “Net Excess Capital” means the aggregate regulatory net
capital, as defined in the applicable Capital Requirements, in excess of the aggregate required net capital under the Capital Requirements, as shown on the
Borrower’sBGC’s most recent annual audited financial statements or quarterly management prepared statements delivered pursuant to Section 6.01, and, without
duplication, as shown on the Borrower’sBGC’s SEC Forms 10-Q and 10-K. 

“Newmark”means the Subsidiaries of the Borrower or Cantor Fitzgerald, L.P. that own or will own the
Newmark Knight Frank business. 

 “Newmark Leverage Ratio” means,
as of any date for which it is to be determined, the ratio of (a) Consolidated Funded Indebtedness attributable to the Borrower and its Subsidiaries as of such date (other than (i) obligations in respect of the Revolving Credit Facility,
(ii) any of the Obligations and (iii) any intercompany Indebtedness owing to BGC or any of its Subsidiaries) to (b) Consolidated EBITDA attributable to the Borrower and its Subsidiaries for the period of the four fiscal quarters most
recently ended for which BGC has provided a Compliance Certificate in accordance with Section 6.02, in each case calculated on a Pro Forma Basis in accordance with Section 1.03(c). 

“NFA” means the National Futures Association or any other regulatory body that succeeds to the functions of the National
Futures Association. 
 “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment
that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 11.01 and (b) has been approved by the Required Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Note” has the meaning specified in Section 2.11. 

“Notice of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form of
Exhibit 2.05 or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and
signed by a Responsible Officer. 
 “Obligations” means with respect to each Loan Party all advances to, and debts,
liabilities, obligations, covenants and duties of, such Loan Party arising under any Loan Document or otherwise with respect to any Loan, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due
or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 
 “OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury. 

 “Organization Documents” means, (a) with respect to any corporation, the
certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation
or organization and operating agreement or limited liability company agreement (or equivalent or comparable documents with respect to any non-U.S. jurisdiction); (c) with respect to any partnership, joint venture, trust or other form of
business entity, the partnership, joint venture or other applicable agreement of formation or organization (or equivalent or comparable documents with respect to any non-U.S. jurisdiction) and (d) with respect to all entities, any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization (or equivalent or comparable documents with
respect to any non-U.S. jurisdiction). 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a
result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its

 
obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an
interest in any Loan or Loan Document). 
 “Other Taxes” means all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06). 

“Participant” has the meaning specified in Section 11.06(d). 

“Participant Register” has the meaning specified in Section 11.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Funding Rules” means the rules of the Internal Revenue Code and ERISA regarding minimum required contributions
(including any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Internal Revenue Code and Section 302 of ERISA, each as in
effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Internal Revenue Code and Sections 302, 303, 304 and 305 of ERISA. 

“Pension Plan” means any “employee pension benefit plan” (within the meaning of Section 3(2) of ERISA)
(including a Multiple Employer Plan, but excluding a Multiemployer Plan) that is maintained or is contributed to by the BorrowerBGC and any ERISA Affiliate and is either
covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Internal Revenue Code. 

“Permitted Acquisition” means any Acquisition, provided that (a) no Default shall have occurred and be continuing
or would result from such Acquisition, (b) if the Acquisition involves aggregate cash and non-cash consideration (including assumed Indebtedness, the good faith estimate by the Borrower of the maximum amount of any deferred purchase price
obligations (including any earn out payments) and Equity Interests) in excess of the greater of $50,000,000 and 4.5% of Consolidated Net Worth (as of the date of such Acquisition), the Person or property acquired in such Acquisition is in an
Eligible Line of Business, (c) in the case of an Acquisition of the Equity Interests of another Person, the board of directors (or other comparable governing body) of such other Person shall have duly approved such Acquisition, and
(d) the BorrowerBGC shall be in compliance with the financial covenants set forth in Section 7.11 recomputed as of the end of the period of the four fiscal
quarters most recently ended for 

 
which the BorrowerBGC has delivered financial statements pursuant to Section 6.01(a) or
(b) after giving effect to such Acquisition on a Pro Forma Basis. It is understood and agreed that, if (x) the Acquisition of a Significant Subsidiary involves aggregate cash and non-cash consideration (including assumed
Indebtedness, the good faith estimate by the BorrowerBGC of the maximum amount of any deferred purchase price obligations (including any earn out payments) and Equity
Interests) in excess of the greater of $50,000,000 and 4.5% of Consolidated Net Worth (as of the date of such Acquisition) and (y) the Consolidated Leverage Ratio shall be greater than 2.50:1.00 after giving effect to such Acquisition of a
Significant Subsidiary on a Pro Forma Basis, the BorrowerBGC shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate. 

 “Permitted Holders” means Cantor Fitzgerald, L.P., Howard W. Lutnick, any Person
controlled by him or any trust established for Mr. Lutnick’s benefit or for the benefit of his spouse, any of his descendants or any of his relatives, in each case, so long as he is alive and, upon his death or incapacity, any person who
shall, as a result of Mr. Lutnick’s death or incapacity, become a “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act) of the
Borrower’sBGC’s capital stock by operation of a trust, by will or the laws of descent and distribution or by operation of law. 

“Permitted Liens” means, at any time, Liens in respect of property of any Loan Party or any Subsidiary permitted to exist at
such time pursuant to the terms of Section 7.01. 
 “Person” means any natural person, corporation, limited
liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan, but other
than a Multiemployer Plan), maintained for employees of the BorrowerBGC or any such Plan to which the
BorrowerBGC is required to contribute on behalf of any of its employees. 

“Platform” has the meaning specified in Section 6.02. 

“Pro Forma Basis” means, with respect to any Specified Transaction, that for purposes of calculating the financial covenants
set forth in Section 7.11, such Specified Transaction (including the incurrence of any Indebtedness therewith) shall be deemed to have occurred as of the first day of the most recent four fiscal quarter period preceding the date of such
Specified Transaction for which financial statements were required to be delivered pursuant to Section 6.01(a) or 6.01(b). In connection with the foregoing, (a) with respect to any Disposition, (i) income statement and
cash flow statement items (whether positive or negative) attributable to the property disposed of shall be excluded to the extent relating to any period occurring prior to the date of such Specified Transaction and (ii) Indebtedness which is
retired shall be excluded and deemed to have been retired as of the first day of the applicable period and (b) with respect to any Acquisition, (i) income statement and cash flow statement items attributable to the Person or property
acquired shall be included to the extent relating to any period applicable in such calculations to the extent (A) such items are not otherwise included in such income statement and cash flow statement items for the
BorrowerBGC and its Subsidiaries in accordance with GAAP or in accordance with any defined terms set forth in Section 1.01 and (B) such items are supported by
financial statements (if available) and such other information deemed necessary by a Responsible Officer in order to make a good faith determination (consistent with Article 11 of Regulation S-X of the Securities Act of 1933, as amended, as
interpreted by the staff of the Securities and Exchange Commission) of such pro forma calculation and (ii) any Indebtedness incurred or assumed by the BorrowerBGC or
any Subsidiary (including the Person or property acquired) in connection with such Specified Transaction and any Indebtedness of the Person or property acquired which is not retired in connection with such Specified Transaction (A) shall be
deemed to have been incurred as of the first day of the applicable period and (B) if such Indebtedness has a floating or formula rate, shall have an implied 

 
rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant
date of determination. 
 “Pro Forma Compliance Certificate” means a
certificate of a Responsible Officer of the BorrowerBGC containing reasonably detailed calculations of the financial covenants set forth in Section 7.11 recomputed
as of the end of the period of the four fiscal quarters most recently ended for which the BorrowerBGC has delivered financial statements pursuant to
Section 6.01(a) or (b) after giving effect to the applicable transaction on a Pro Forma Basis. 

 “PTE” means a prohibited
transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. 

“Public Lender” has the meaning specified in Section 6.02. 

“Recipient” means the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of
any obligation of any Loan Party hereunder. 
 “Register” has the meaning specified in Section 11.06(c). 

“Regulated Subsidiary” means any Subsidiary of the
BorrowerBGC that is (i) registered as a broker dealer pursuant to Section 15 of the Securities Exchange Act of 1934 or that is regulated as a broker dealer or equivalent
under any foreign securities law, (ii) that is registered as a Futures Commission Merchant (“FCM”), Introducing Broker (“IB”), Swap Exchange Facility (“SEF”) or other “registered entity” within the
meaning of Section 1a(40) of the Commodity Exchange Act (7 U.S.C. 1 et seq.), or the equivalent under any foreign securities or commodities Law, or (iii) registered as a swap execution facility with the SEC or the CFTC. 

“Regulation S-X” means Regulation S-X set forth in 17 C.F.R. Part 210 of the Securities Act of 1933. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the
applicable notice period has been waived. 
 “Request for Credit Extension” means with respect to a Borrowing, conversion
or continuation of Loans, a Loan Notice. 
 “Required Lenders” means, at any time, Lenders having Total Credit Exposures
representing more than 50% of the Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. 

 “Resignation Effective Date” has the meaning specified in
Section 9.06. 
 “Responsible Officer” means the chief executive officer, president, chief financial officer,
treasurer, assistant treasurer, general partner, executive vice president, chief operating officer, chief administrative officer or controller of a Loan Party, and, solely for purposes of the delivery of incumbency certificates, the secretary or any
assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative
Agent or any other officer or employee of applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a
Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such
Loan Party. To the extent requested by the Administrative Agent, each Responsible Officer will provide an incumbency certificate 

 and appropriate authorization documentation, in form and substance reasonably satisfactory to the
Administrative Agent. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or
other property) with respect to any Equity Interests of any Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance,
acquisition, cancellation or termination of any such Equity Interests or on account of any return of capital to such Person’s stockholders, partners or members (or the equivalent Person thereof), or any option, warrant or other right to acquire
any such dividend or other distribution or payment. 
 “Revolving Credit Facility” has the meaning set
forthspecified in Section 4.01(e). 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw Hill Companies, Inc. and
any successor thereto. 
 “Sale and Leaseback Transaction” means, with respect to any Person, any arrangement, directly or
indirectly, whereby such Person shall sell or transfer any property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the
same purpose or purposes as the property being sold or transferred. 
 “Sanction(s)” means any sanction administered or
enforced by the United States Government, including OFAC, the United Nations Security Council, the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Securitization Transaction” means, with respect to any Person, any financing transaction or series of
financing transactions (including factoring arrangements) pursuant to which such Person or any Subsidiary of such Person may sell, convey or otherwise transfer, or grant a security interest in, accounts, payments, receivables, rights to future lease
payments or residuals or similar rights to payment to a special purpose subsidiary or affiliate of such Person. 
 “SEF”
has the meaning set forthspecified in the definition of “Regulated Subsidiary.” 

 “Seller Financing” has the meaning set
forthspecified in Section 4.01(f). 

“Separation” has the meaning specified in the First Amendment. 

“Separation Effective Date” has the meaning specified in the First
Amendment. 
 “Significant Subsidiary” has the meaning given to such term in Regulation S-X. 

“Solvent” or “Solvency” means, with respect to any Person as of a particular date, that on such date
(a) such Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the ordinary course of business, (b) such Person does not intend to, and does not believe that it will, incur
debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature in the ordinary course of business, (c) such Person is not engaged in a business or a transaction, and is not about to engage in a business
or a transaction, for which such Person’s 

 property would constitute unreasonably small capital, (d) the fair value of the property of such Person is
greater than the total amount of liabilities, including contingent liabilities, of such Person and (e) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability
of such Person on its debts as they become absolute and matured. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that
can reasonably be expected to become an actual or matured liability. 
 “Specified Transaction” means (a) any
Acquisition of property or series of related acquisitions of property that (i) constitutes assets comprising all or substantially all of an operating unit of a business or constitutes all or substantially all of the common stock of a Person and
(ii) involves the payment of consideration by the BorrowerBGC and its Subsidiaries in excess of the greater of $50,000,000 and 4.5% of Consolidated Net Worth (as of
the date of such Acquisition), (b) any Disposition of property or series of related Dispositions of property that (i) constitutes assets comprising all or substantially all of an operating unit of a business or constitutes all or
substantially all of the common stock of a Person and (ii) yields gross proceeds to the BorrowerBGC or any of its Subsidiaries in excess of the greater of $50,000,000
and 4.5% of Consolidated Net Worth (as of the date of such Disposition) and (c) any other Acquisition or Disposition designated by the Borrower as a “Specified Transaction” as of any fiscal quarter-end; provided that if the Borrower
designates any Acquisition or Disposition as a Specified Transaction as of such fiscal quarter-end, then it must designate all Acquisitions and Dispositions consummated during the twelve month period prior to such designation as Specified
Transactions. 
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or
other business entity of which (a) a majority of the shares of Voting Stock is at the time beneficially owned by such Person and (b) is required to be consolidated into the financial statements of such Person in accordance with GAAP.
Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the BorrowerBGC.

 “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind,
and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

 “Swap Termination Value” means, in respect of any one or more Swap Contracts,
after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance
therewith, such termination value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other
readily available quotations 

 provided by any recognized dealer in such Swap Contracts (which may include a Lender or any
Affiliate of a Lender). 
 “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of
such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 
 “Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties
applicable thereto. 
 “Term Loans” has the meaning specified in Section 2.01. 

“Term Loan Commitment” means, as to each Lender, its obligation to make its portion of the Term Loans to the Borrower on the
Closing Date pursuant to Section 2.01, in the principal amount set forth opposite such Lender’s name on Schedule 2.01 (the “Term Loan Commitment”). The aggregate principal amount of the Term Loan Commitments
of all Lenders as in effect on the Closing Date is $575,000,000. 
 “Threshold Amount” means $60,000,000. 

“Total Credit Exposure” means, as to any Lender at any time, the outstanding Loans of such Lender at such time. 

“Type” means, with respect to any Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

“United States” and “U.S.” mean the United States of America. 

 “U.S. Person” means any Person that is a “United States Person” as
defined in Section 7701(a)(30) of the Internal Revenue Code. 
 “U.S. Tax Compliance Certificate” has the meaning
specified in Section 3.01(e)(ii)(B)(3). 
 “Voting Stock” means, with respect to any Person, Equity Interests
issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote has been suspended
by the happening of such a contingency. 
 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule. 
 1.2 Other Interpretive Provisions. 

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

 (a) The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including any Loan Document or Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time
amended, modified, extended, restated, replaced or supplemented from time to time (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any
Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when
used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, Preliminary Statements of and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any Law shall include all statutory and
regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting such Law and any reference to any Law or regulation shall, unless otherwise specified, refer to such Law or regulation as amended, modified,
extended, restated, replaced or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all assets and
properties, tangible and intangible, real and personal, including cash, securities, accounts and contract rights. 
 (b) In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but
excluding;” and the word “through” means “to and including.” 
 (c) Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 

1.3 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with,
and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the
computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities
shall be disregarded. 

 (b) Changes in GAAP. If at any time any change in GAAP (including the
adoption of IFRS) would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or 

 requirement to preserve the original intent thereof in light of such change in GAAP (subject to
the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the
Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after
giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement,
notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above. 

(c) Calculations. Notwithstanding the above, the parties hereto acknowledge and agree that all calculations of the
financial covenants in Section 7.11 shall be made on a Pro Forma Basis with respect to any Specified Transaction. 
 1.4
Rounding. 
 Any financial ratios required to be maintained by the
BorrowerBGC pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of
places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

1.5 Times of Day; Rates. 

Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).
The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurodollar
Rate” or with respect to any comparable or successor rate thereto. 
 ARTICLE II 

THE COMMITMENTS AND CREDIT EXTENSIONS 

2.1 Term Loan. 

(a) Term Loan Commitment. Subject to the terms and conditions set forth herein, each Lender severally agrees to make its portion of a
term loan (collectively, the “Term Loans”) to the Borrower in Dollars, on the Closing Date, in an amount equal to such Lender’s Term Loan Commitment; 

 
it being understood that the initial Term Loans must be drawn in one Borrowing. The Term Loans may be composed of Base Rate Loans or Eurodollar Rate Loans, or a combination thereof, as further
provided herein. 
 (b) [Reserved]. 

2.2 Borrowings, Conversions and Continuations of Loans. 

(a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall
be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Loan Notice; provided 

 that any telephonic notice must be confirmed immediately by delivery to the Administrative
Agent of a Loan Notice. Each such Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of, Eurodollar Rate
Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount
of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each Loan Notice shall specify
(i) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be
(which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of
the Interest Period with respect thereto. If the Borrower fails to specify a Type of a Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or
converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing
of, conversion to, or continuation of Eurodollar Rate Loans in any Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 

(b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its
Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans
described in the preceding subsection. In the case of a Borrowing, each Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m.
on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative
Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or
(ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower. 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of the
Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders, and unless repaid, each outstanding
Eurodollar Rate Loan shall be converted to a Base Rate Loan at the end of the Interest Period applicable thereto. 
 (d) The
Administrative Agent shall promptly notify the Borrower and the Lenders of 

 
the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative 

 Agent shall notify the Borrower and the Lenders of any change in Bank of America’s prime
rate used in determining the Base Rate promptly following the public announcement of such change. 
 (e) After giving effect
to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than ten Interest Periods in effect. 

(f) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the
portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and
such Lender. 
 2.3 [Reserved]. 

2.4 [Reserved]. 

2.5 Prepayments. 

(a) Voluntary Prepayments. The Borrower may, upon delivery of a Notice of Loan Prepayment from the Borrower to the Administrative Agent,
at any time or from time to time voluntarily prepay Term Loans in whole or in part without premium or penalty; provided that (A) such notice must be in a form acceptable to the Administrative Agent and be received by the Administrative
Agent not later than 11:00 a.m. (1) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any such prepayment of Eurodollar Rate Loans shall be in a
principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (C) any prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a
whole multiple of $500,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding). Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate
Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such
notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all
accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.15, each such prepayment shall be applied to the Loans of the Lenders in accordance with
their respective Applicable Percentages. 
 (b) Mandatory Prepayments. 

 (i) Debt Issuances. Immediately upon receipt by a Loan
Partythe Borrower or any Subsidiary of the Borrower of the Net Cash Proceeds of any Debt Issuance (other than
(A) Debt Issuances constituting the Mirror Debt, (B) Debt Issuances under the Revolving Credit Facility and
(BC) other Debt Issuances in an amount up to $25 million25,000,000, in the aggregate), the
Borrower shall prepay the Loans in an aggregate amount equal to 100% of such Net Cash Proceeds. 
 (ii) Equity
Issuances. Immediately upon the receipt by a Loan Partythe Borrower or any Subsidiary of the Borrower of the
Net Cash Proceeds of any Equity Issuance by the Borrower or any Subsidiary of the Borrower (other than (A) Equity Issuances in connection with the 

 Borrower’s
existinga DRIP program, (B) Equity Issuances pursuant to the Borrower’san at-the- market
controlled equity offering program (at the market shelf) intended to offset share repurchases, redemptions, exchanges and other payments in connection with compensation plans or arrangements or from current or former employees and partners or their
estates or from directors, consultants or charities, in each case consistent with historic practices and (C) other Equity Issuances in an amount up to $25
million25,000,000, in the aggregate), the Borrower shall prepay the Loans in an aggregate amount equal to 100% of such Net Cash Proceeds. 

(iii) Dispositions. Immediately upon receipt by a Loan Party or any Subsidiary of any Net Cash Proceeds from a
Disposition (other than Dispositions (A) permitted by Sections 7.05(a)- (d) inclusive, (B) consisting of a casualty loss or condemnation with respect to property of the Borrower and its Subsidiaries in which the proceeds
received therefrom have not been reinvested in assets of the Borrower and its Subsidiaries within 180 days from the date of receipt thereof, (C) by a Regulated Subsidiary to the extent the upstreaming of the proceeds of such Disposition to the
Borrower require regulatory approvals that are not obtained after use of commercially reasonable efforts by the Borrower and its Subsidiaries to obtains such approvals and (D) other Dispositions in an amount equal to $25
million25,000,000, in the aggregate), the Borrower shall prepay the Loans in an aggregate amount equal to 100% of such Net Cash Proceeds. 

(iv) Amortization. On the earlier of (A) January 31, 2018 and (B) the last day of the first month in
which the Debt Rating of the Borrower is BB+ or lower as determined by S&P or BB+ or lower as determined by Fitch, the Borrower shall repay the outstanding principal amount of the Term Loans on the last day of each month (x) for each month
through and including June 30, 2018, in an amount equal to 2.5% of the initial outstanding principal amount of the Term Loan and (y) on July 31, 2018 and each month thereafter, in an amount equal to 5% of the initial outstanding principal
amount of the Term Loan. It is understood and agreed that any payments made pursuant to Section 2.05(a) or Sections 2.05(b)(i), (ii) and (iii) do not affect the amount of amortization due under this clause (iv). 

(v) Application of Mandatory Prepayments. All amounts required to be paid pursuant to this Section 2.05(b)
shall be applied first to Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.05(b) shall be subject to Section 3.05, but otherwise without
premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment. 
 2.6
[Reserved]. 
 2.7 Repayment of Loans. 

(a) The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Term Loans and all other Obligations
outstanding on such date. 
 (b) In the event a Change of Control occurs, (i) the Borrower shall promptly thereafter repay

 
to the Lenders the aggregate principal amount of all Term Loans and all other Obligations outstanding on such date and (ii) the outstanding Commitments, if any, of each Lender shall be
terminated. 
 2.8 Interest. 

(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the
outstanding principal amount thereof for each Interest Period at a rate per annum equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable 

 Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the sum of the Base Rate plus the Applicable Rate. 

(b) (i) If any amount of principal of any Loan is not paid when due, whether at stated maturity, by acceleration or otherwise,
such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due,
whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws. 
 (iii) Upon the request of the Required Lenders, while any Event of Default exists (other
than as set forth in clauses (b)(i) and (b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by applicable Laws. 
 (iv) Accrued and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand. 
 (c) Interest on each Loan shall be due and payable in arrears on each
Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law. 
 2.9 Fees. 

The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so
specified, including, without limitation, as set forth in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

2.10 Computation of Interest and Fees. 

 All computations of interest for Base Rate Loans (including Base Rate Loans determined by
reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed
(which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof,
for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the
Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

2.11 Evidence of Debt. 

 The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records
maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit
Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing
with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a promissory note,
which shall evidence such Lender’s Loans in addition to such accounts or records. Each such promissory note shall be in the form of Exhibit 2.11 (a “Note”). Each Lender may attach schedules to its Note and endorse
thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 
 2.12 Payments
Generally; Administrative Agent’s Clawback; etc. 
 (a) General. All payments to be made by the Borrower
shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent,
for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will
promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative
Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment
shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

(b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received
notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the
Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate
Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a
Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in
immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be
made by such Lender, the greater of the Federal Funds Rate and a rate 

 
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the
Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such 

 Lender shall pay such interest to the Administrative Agent for the same or an overlapping period,
the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall
constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made
such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to
repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date
of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be
conclusive, absent manifest error. 
 (b) Failure to Satisfy Conditions Precedent. If any Lender makes available to
the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the
applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without
interest. 
 (c) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Loans and to make
payments pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under Section 11.04(c) on any date required hereunder shall
not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under
Section 11.04(c). 
 (d) Funding Source. Nothing herein shall be deemed to obligate any Lender to

 obtain the funds for any Loan in any particular place or manner or to constitute a representation
by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 
 (e)
Lender ERISA Issues. Each Lender as of the Closing Date represents and warrants as of the Closing Date to the Administrative Agent and the Joint Lead
Arrangers and their respective Affiliates, and not, for the avoidance of doubt, for the benefit of the Borrower or any other Loan Party, that (i) such Lender is not and will not be (A) an employee benefit
plan subject to Title I of ERISA; (B) a plan or account subject to Section 4975 of the Code; or (C) a 

 “governmental plan” within the meaning of ERISA; and (ii) the assets used
by such Lender’s Commitment do not include “plan assets” of any such plans or accounts for purposes of ERISA or the Code. 

2.13 Sharing of Payments by Lenders. 

If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest
on any of the Loans made by it resulting in such Lender’sLender’s receiving payment of a proportion of the aggregate amount of such Loans and accrued interest
thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations
in the Loans, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Loans and other amounts owing them, provided that: 
 (i) if any such participations or subparticipations are
purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section shall not be construed to apply to (A) any payment made by or on behalf of the
Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender) or (B) any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Loans to any assignee or participant, other than an assignment to the Borrower or any Subsidiary (as to which the provisions of this Section shall apply). 

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such
participation. 
 2.14 [Reserved]. 

2.15 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

 (i) Waivers and Amendments. Such Defaulting Lender’s right to
approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 11.01. 

(ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the
Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to
Section 11.08 shall be applied at such time or times as may be determined 

 by the Administrative Agent as follows: first, to the payment of any amounts owing by
such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as
required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting
Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment
of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 2.15(a)(ii)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii)
Certain Fees. No Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that
otherwise would have been required to have been paid to that Defaulting Lender). 
 (b) Defaulting Lender Cure. If the
Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any
conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans
to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender
to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

ARTICLE III 
 TAXES, YIELD
PROTECTION AND ILLEGALITY 

 3.1 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as 

 determined in the good faith discretion of the Administrative Agent) require the deduction or
withholding of any Tax from any such payment by the Administrative Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the information and documentation
to be delivered pursuant to subsection (e) below. 
 (ii) If any Loan Party or the Administrative Agent shall be
required by the Internal Revenue Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as
are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or
deducted to the relevant Governmental Authority in accordance with the Internal Revenue Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be
increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal
to the sum it would have received had no such withholding or deduction been made. 
 (iii) If any Loan Party or the
Administrative Agent shall be required by any applicable Laws other than the Internal Revenue Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold
or make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by
such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum
payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the
applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(b) Payment of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, the Loan
Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Laws, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(c) Tax Indemnifications. (i) Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each
Recipient, and shall make payment in respect thereof within ten days after demand therefor, for the full amount of any Indemnified Taxes (including 

 
Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a
payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or 

 by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error. Each of the Loan Parties shall, and does hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect thereof within ten days after demand therefor, for any amount which a Lender for any
reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) below. 

(ii) Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after
demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting the obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(d)
relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender that are payable or paid by the Administrative Agent or a
Loan Party in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). 

(d) Evidence of Payments. As soon as practicable, after any payment of Taxes by any Loan Party to a Governmental
Authority as provided in this Section 3.01, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return
required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e) Status of Lenders; Tax Documentation. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the 

 
completion, execution and submission of such documentation (other than such documentation set forth in Section 3.01(e)(ii)(A), 3.01(e)(ii)(B) and 3.01(e)(ii)(D) below)
shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost 

 
or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person, 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S.
federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to
the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (1) in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BENE (or W-8BEN, as applicable)
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W- 8BENE (or
W-8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2) executed copies of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit 3.01- A to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a
“10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Internal Revenue 

 
Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BENE (or W-8BEN, as applicable); or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BENE (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit 3.01-B or Exhibit 3.01-C, IRS Form W-9, and/or other certification documents from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of 

 
such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit 3.01-D on behalf
of each such direct and indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with
such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the Closing Date. 
 (iii) Each Lender agrees that if any form or
certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in
writing of its legal inability to do so. 
 (f) Treatment of Certain Refunds. Unless required by applicable Laws, at
no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender.
If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has 

 
been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to the Loan Party an amount equal to
such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), 

 provided that the Loan Party, upon the request of the Recipient, agrees to repay the
amount paid over to the Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net
after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect
to such Tax had never been paid. This subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person.

 (g) Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. 

3.2 Illegality. 
 If
any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to perform any of its obligations hereunder or make, maintain or fund or charge
interest with respect to any Credit Extensions or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take
deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to issue, make, maintain, fund or charge interest with respect to
any such Credit Extension or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the
interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender, shall, if necessary to avoid such illegality, be determined by the Administrative Agent
without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such
notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of
such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may
lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or
charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the
Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted. 

 3.3 Inability to Determine Rates. 

 (a) If in connection with any request for a Eurodollar Rate Loan or a conversion
to or continuation thereof, (i) the Administrative Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate
Loan, or (B) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan (in each
case with respect to clause (i), “Impacted Loans”), or (ii) the Administrative Agent or the Required Lenders determine that for any reason the Eurodollar Rate for any requested Interest Period with respect to a proposed
Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Rate Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the
Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the
Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required Lenders) revokes such
notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that,
will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 

(b) Notwithstanding the foregoing, if the Administrative Agent has made the determination described in clause (a)(i) of this
Section, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the
Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (a)(i) of this Section, (2) the Administrative Agent or the Required Lenders notify the Borrower that such
alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is
unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any
Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof. 

3.4 Increased Costs; Reserves on Eurodollar Rate Loans. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(d); 

 (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes,
(B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, 

 
commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(iii) impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or
Eurodollar Rate Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to,
continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender, or to reduce the amount of any sum received or receivable by such Lender (whether of principal, interest or any
other amount) then, upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of
such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company,
if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender, as the case may be, such additional amount or amounts as
will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c) Certificates for
Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the
Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten days after receipt thereof. 

(d) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required
to maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar
Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is
payable on such Loan, provided the Borrower shall have received at least ten (10) days’ prior notice (with a copy to the Administrative Agent) of such additional interest or costs from such Lender. If a Lender fails to give notice ten
(10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten 

 
(10) days from receipt of such notice. 
 (e) Delay in Requests.
Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not
be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender, as the case may be, notifies the Borrower of
the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor 

 
(except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of
retroactive effect thereof). 
 3.5 Compensation for Losses. 

Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for
and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
 (a) any continuation,
conversion, payment or prepayment of any Eurodollar Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b) any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue
or convert any Eurodollar Rate Loan on the date or in the amount notified by the Borrower; or 
 (c) any assignment of a
Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 11.13; 

including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable
to terminate the deposits from which such funds were obtained (but excluding any loss of anticipated profits). The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to
have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate used in determining the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a
comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. 
 3.6 Mitigation Obligations; Replacement of
Lenders. 
 (a) Designation of a Different Lending Office. Each Lender may make any Credit Extension to the
Borrower through any Lending Office, provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Credit Extension in accordance with the terms of this Agreement. If any Lender requests compensation under
Section 3.04, or 

 
requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any
Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the
case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

 (b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 and, in each case, such Lender has
declined or is unable to designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 11.13. 

3.7 Survival. 
 All
of the Loan Parties’ obligations under this Article III shall survive termination of the Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 

ARTICLE IV 
 CONDITIONS
PRECEDENT TO CREDIT EXTENSIONS 
 4.1 Conditions of Initial Credit Extension. 

This Agreement shall become effective upon, and the obligation of each Lender to make its initial Credit Extension hereunder is subject to, the
satisfaction of the following conditions precedent: 
 (a) Documentation. Receipt by the Administrative Agent of the
following, each in form and substance satisfactory to the Administrative Agent and each Lender: 
 (i) Loan
Documents. Executed counterparts of this Agreement and the other Loan Documents, each properly executed by a Responsible Officer of the signing Loan Party and, in the case of this Agreement, by each Lender. 

(ii) Opinions of Counsel. Favorable opinions of legal counsel to the Loan Parties, addressed to the Administrative
Agent and each Lender, dated as of the Closing Date. 
 (iii) Organization Documents, Resolutions, Etc. 

(A) copies of the Organization Documents of each Loan Party 

 
certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization, where applicable, and
certified by a secretary or assistant secretary of such Loan Party to be true and correct as of the Closing Date; 
 (B)
such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each
Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party; and 

(C) such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is
duly organized or 

 
formed, and is validly existing, in good standing and qualified to engage in business in its state of organization or formation 

(iv) Audited Financial Statements. The Audited Financial Statements. 

(v) Closing Certificate. A certificate signed by a Responsible Officer of the Borrower certifying that (A) the
conditions specified in Sections 4.01(b) and (c) and 4.02(a) and 4.02(b) have been satisfied and (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or
would be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 (b)
Litigation. Other than as disclosed in the Audited Financial Statements for the fiscal year ending December 31, 2016 or as set forth on Schedule 5.06, there shall not exist any action, suit, investigation or proceeding pending or,
to the knowledge of the Borrower, threatened in any court or before an arbitrator or Governmental Authority that could reasonably be expected to have a Material Adverse Effect. 

(c) Consents. All governmental, shareholder and third party consents and approvals necessary in connection with the
transactions contemplated hereby shall have been obtained and all such consents and approvals shall be in force and effect. 

(d) Existing Credit Agreement. Receipt by the Administrative Agent of evidence that all obligations under the existing
Credit Agreement, dated as of February 25, 2016, among the Borrower, the Administrative Agent and the other lenders party thereto have been paid in full and all commitments thereunder terminated. 

(e) Revolving Credit Facility. Receipt by the Administrative Agent of evidence that the Borrower has entered into (or is
entering into simultaneously with this Agreement) a revolving credit agreement (the “Revolving Credit Facility”) on terms satisfactory to the Borrower and the Administrative Agent. 

(f) Acquisition/Seller Financing. Receipt by the Administrative Agent of (i) evidence that the acquisition of
Berkeley Point by the Borrower has occurred or is occurring simultaneously with this Agreement and (ii) evidence that any seller financing entered into in respect of the acquisition by the Borrower of Berkeley Point (the “Seller
Financing”), if any, is on terms satisfactory to the Administrative Agent, including as to maturity, subordination and assignability. 

(g) Fees. Receipt by the Administrative Agent, the Arrangers and the Lenders of

 
any fees required to be paid on or before the Closing Date, including, but not limited to, the fees set forth in the Fee Letter. 

(h) Attorney Costs. The Borrower shall have paid all reasonable fees, charges and disbursements of counsel to the
Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable
estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative
Agent). 

 Without limiting the generality of the provisions of the last paragraph of
Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied
with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date
specifying its objection thereto. 
 4.2 Conditions to all Credit Extensions. 

The obligation of each Lender to honor any Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the
other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent: 
 (a) The
representations and warranties of each Loan Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all
material respects (other than those representations and warranties qualified by materiality or Material Adverse Effect, in which case they shall be true and correct in all respects) on and as of the date of such Credit Extension, except to the
extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (other than those representations and warranties qualified by materiality or Material
Adverse Effect, in which case they shall be true and correct in all respects) as of such earlier date. 
 (b) No Default
shall exist, or would result from such proposed Credit Extension or from the immediate application of the proceeds thereof (if applicable) and the BorrowerBGC shall be in
compliance with Section 7.11 as of the end of the most recently fiscal quarter for which financial statements have been delivered pursuant to Section 6.01 after giving effect to the proviso in the definition of Consolidated
EBITDA. 
 (c) The Administrative Agent shall have received a Request for Credit Extension in accordance with the
requirements hereof. 
 Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type,
or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the
applicable Credit Extension. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

 The Borrower represents and warrants to the Administrative Agent and the Lenders that: 

5.1 Existence, Qualification and Power. 

(a) Each Loan Party and each Significant Subsidiary (i) is duly organized or formed, validly existing and, as applicable,
in good standing under the Laws of the jurisdiction of its incorporation or organization, (ii) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (A) own or lease its
assets and carry on its business and (B) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (iii) is duly qualified and is licensed and, as applicable, in

 
good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case
referred to in clause (ii)(A) or (iii), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(b) Each Subsidiary of the Borrower (other than a Significant Subsidiary) (i) is duly organized or
formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (ii) has all requisite power and authority and all requisite governmental licenses, authorizations, consents
and approvals to own or lease its assets and carry on its business and (iii) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification or license, except, in each case, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

5.2 Authorization; No Contravention. 

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is party have been duly authorized by all
necessary corporate or other organizational action, and do not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under,
or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of
any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law. 
 5.3
Governmental Authorization; Other Consents. 
 No approval, consent, exemption, authorization, or other action by, or notice to, or
filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document other than those
that have already been obtained and are in full force and effect. 
 5.4 Binding Effect. 

Each Loan Document has been duly executed and delivered by each Loan Party that is party thereto. Each Loan Document constitutes a legal, valid
and binding obligation of each Loan Party that is party thereto, enforceable against each Loan Party that is party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

 5.5 Financial Statements; No Material Adverse Effect. 

(a) The financial statements delivered pursuant to Sections 6.01(a) and 6.01(b) (i) were prepared in accordance
with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the
BorrowerBGC and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein (subject, in the case of unaudited financial statements, to the absence of footnotes and to normal year-end audit adjustments); and

 
(iii) show all material indebtedness and other liabilities, direct or contingent, of the BorrowerBGC and its
Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 
 (b) The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the
BorrowerBGC and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby (subject, in the case of unaudited financial statements, to
the absence of footnotes and to normal year-end audit adjustments); and (iii) show all material indebtedness and other liabilities, direct or contingent, of the
BorrowerBGC and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 

(c) Since December 31, 2016, there has been no event or circumstance, either individually or in the aggregate, that has had or
could reasonably be expected to have a Material Adverse Effect. 
 5.6 Litigation. 

Other than as disclosed in the Audited Financial Statements or as set forth on Schedule 5.06, there are no actions, suits, proceedings,
claims or disputes pending or, to the knowledge of the Borrowera Loan Party, threatened or contemplated, at law, in equity, in arbitration or before any Governmental
Authority, by or against any Loan Party or any Subsidiary or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby or
(b) could reasonably be expected to have a Material Adverse Effect. 
 5.7 No Default. 

No Default has occurred and is continuing. 

5.8 Ownership of Property. 

Each Loan Party and each of its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real
property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

5.9 Taxes. 

 Each Loan Party and its Subsidiaries have filed all federal, state and other material tax returns
and reports required to be filed, and have paid all federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except
(a) those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP or (b) to the extent that the failure to do so could not
reasonably be expected to result in a Material Adverse Effect. There is no proposed tax assessment against any Loan Party or any Subsidiary that would, if made, have a Material Adverse Effect. Other than as set forth on Schedule 5.09, no Loan
Party is party to any tax sharing agreement with anyone. 
 5.10 ERISA Compliance. 

 (a) Except as would not reasonably be expected to have a Material Adverse Effect:
(i) each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Internal Revenue Code and other federal or state Laws; (ii) each Pension Plan that is intended to be a qualified plan under Section 401(a)
of the Internal Revenue Code has received a favorable determination letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a) of the Internal Revenue Code and the trust related thereto has been determined by
the IRS to be exempt from federal income tax under Section 501(a) of the Internal Revenue Code, or an application for such a letter is currently being processed by the IRS; and (iii) to the best knowledge of the
Borrowera Loan Party, nothing has occurred that would reasonably be expected to prevent or cause the loss of such tax-qualified status. 

(b) There are no pending or, to the knowledge of any Loan Party, threatened claims, actions or lawsuits, or action by any
Governmental Authority, with respect to any Plan that would reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has
resulted or would reasonably be expected to result in a Material Adverse Effect. 
 (c) Except as would not reasonably be
expected to have a Material Adverse Effect: (i) No ERISA Event has occurred, and no Loan Party is aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan;
(ii) each Loan Party and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied
for or obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Internal Revenue Code) is 60% or higher and neither a Loan Party nor any
ERISA Affiliate knows of any facts or circumstances that would reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) no Loan Party has incurred
any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (v) neither a Loan Party nor any ERISA Affiliate has engaged in a transaction that would reasonably be
expected to be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that would
reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan. 

(d) The Borrower represents and warrants as of the Separation Effective
Date that the Borrower is not and will not be (i) an employee benefit plan subject to Title I of ERISA; (ii) a plan or account subject to Section 4975 of the Code; (iii) an entity
deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code; or (iv) a “governmental plan”using “plan assets”
(within the meaning of ERISA29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the
Commitments. 
 5.11 Subsidiaries. 

 Set forth on Schedule 5.11 is a complete and accurate list of (a) each Significant
Subsidiary of the BorrowerBGC other than Regulated Subsidiaries, (b) each Subsidiary that is a
Guarantorhas guaranteed any Indebtedness of BGC (other than the Obligations) and (c) the jurisdiction of organization, exact legal name and U.S. tax payer identification
number of the BorrowerBGC and each other Loan 

 
Party, in each case as of the Closing Date and as of the date of any update to Schedule 5.11 pursuant to Section 6.02(b). 

5.12 Margin Regulations; Investment Company Act. 

(a) Margin stock (as defined in Regulation U of the Board of Governors of the FRB) constitutes less than 25% of the value of
those assets of the Borrower and itsLoan Parties and their Subsidiaries (other than any Subsidiary which is an “exempted borrower” within the meaning of
Regulation U of the FRB) which are subject to any limitation on sale, pledge, or other restriction hereunder. Neither the making of any Loan nor the use of the proceeds thereof will violate or be inconsistent with the provisions of Regulation T,
Regulation U or Regulation X of the Board of Governors of the FRB. 
 (b) None of the Borrower, any Person Controlling the
Borrower, or any Significant Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 

(c) Each domesticDomestic Subsidiary that is a
Regulated Subsidiary which isand a broker dealer subject to the provisions of Regulation T of the FRB and extends purpose credit to customers (as those terms are
defined in Regulation T) maintains procedures and internal controls reasonably designed to ensure that such Regulated Subsidiary does not extend or maintain purpose credit to or for its customers other than in accordance with the provisions of
Regulation T, and members of each such domestic Regulated Subsidiary regularly supervise its activities and the activities of members and employees of such Regulated Subsidiary to ensure that such Regulated Subsidiary does not extend purpose credit
to or for its customers other than in accordance with the provisions of Regulation T. 
 (d) Each Regulated Subsidiary
(i) is a member in good standing of the FINRA, the NFA and/or the equivalent foreign self-regulatory body, (ii) (A) if a Domestic Subsidiary, (x) is duly registered as a broker-dealer with the SEC and/or duly registered as an
FCM, IB or SEF with the CFTC, and (y) except where the failure to so register would not reasonably be expected to result in a Material Adverse Effect, is duly registered in each state where the conduct of its business requires such registration
and (B) if a Foreign Subsidiary, is duly registered as with the appropriate foreign regulatory body, in each case where the conduct of its business requires such registration, except where the failure to so register would not reasonably be
expected to result in a Material Adverse Effect. 
 5.13 Disclosure. 

Neither any Loan Document nor any other agreement, document, instrument, certificate or statement (other than (i) any other projections,
estimates, or other forward-looking information and (ii) any forward-looking pro forma financial information) furnished to the Administrative Agent and the Lenders by or on behalf of a Loan Party in connection with the transactions contemplated
hereby, at the 

 
time it was furnished contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements contained herein or therein, under the
circumstances under which they were made, not misleading (considered in the context of all other information provided to the Lenders). Any projections, estimates, forward-looking information or any forward-looking pro forma financial information
furnished to the Administrative Agent (whether in writing or orally) pursuant to this Agreement are based on good faith estimates and assumptions believed by management of Borrower or the applicable Loan Party to be reasonable at the time made, it
being understood by the Administrative Agent and the Lenders that, without limiting the foregoing representation, (i) any information as it relates 

 
to future events is not to be viewed as fact, and (ii) actual results during the period or periods covered by such information are subject to significant uncertainties and contingencies and
may differ materially from the projected results set forth therein. 
 5.14 Compliance with Laws. 

Each Loan Party and each Subsidiary is in compliance with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure
to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
 5.15 Intellectual Property; Licenses,
Etc. 
 Each Loan Party and each Subsidiary owns, possesses or can acquire on reasonable terms the right to use, all of the trademarks,
service marks, trade names, copyrights, patents and other intellectual property rights that are reasonably necessary for the operation of its businesses, without conflict with the rights of any other Person to the knowledge of such Loan Party or
Subsidiary, except for any such failure to own or possess or conflict that could not reasonably be expected to have a Material Adverse Effect. 

5.16 Solvency. 
 The
Borrower is Solvent and the BorrowerBGC and its Subsidiaries are Solvent on a consolidated basis. 

5.17 OFAC. 
 None of
the Loan Parties, nor any of their Subsidiaries, nor, to the knowledge of the Loan Parties and their Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or
controlled by any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the
Investment Ban List, or any similar list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction. 

5.18 Anti-Corruption Laws. 

The Loan Parties and their Subsidiaries and, to the knowledge of the
BorrowerBGC and its Subsidiaries, any director or officer have each conducted their businesses in material compliance with the United States Foreign Corrupt Practices Act of 1977,
the UK Bribery Act 2010, and other similar anti-

 
corruption legislation in other jurisdictions and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. 

5.19 EEA Financial Institution. 

Neither the BorrowerBGC, nor any of its Subsidiaries is an EEA
Financial Institution. 
 ARTICLE VI 

AFFIRMATIVE COVENANTS 

 Until the Facility Termination Date, the
BorrowerBGC shall: 
 6.1 Financial Statements. 

Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent: 

(a) as soon as available, but in any event within one hundred and twenty days after the end of each fiscal year of the
BorrowerBGC, commencing with the fiscal year ending December 31, 2017, (i) a consolidated balance sheet of the
BorrowerBGC and its Subsidiaries as at the end of such fiscal year, together with the related consolidated statements of income or operations, changes in shareholders’ equity
and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, and in connection with the financial statements in clause
(i) above, audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared in
accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit and (ii) such other financial
information regarding the BorrowerBGC and its Subsidiaries as reasonably requested by the Administrative Agent in order to determine compliance with
Section 7.11; and 
 (b) as soon as available, but in any event within sixty days after the end of each of the
first three fiscal quarters of each fiscal year of the BorrowerBGC, commencing with the fiscal quarter ending September 30, 2017, (i) a consolidated balance sheet
of the BorrowerBGC and its Subsidiaries as at the end of such fiscal quarter, together with the related consolidated statements of income or operations for such fiscal
quarter and for the portion of the Borrower’sBGC’s fiscal year then ended, and the related consolidated statements of changes in shareholders’ equity and
cash flows for the portion of the Borrower’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of
the previous fiscal year, all in reasonable detail and certified by the chief executive officer, chief financial officer, treasurer or controller of the BorrowerBGC as
fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the BorrowerBGC and its Subsidiaries in accordance with GAAP,
subject only to normal year-end audit adjustments and the absence of footnotes and (ii) such other financial information regarding the BorrowerBGC and its Subsidiaries
as reasonably requested by the Administrative Agent in order to determine compliance with Section 7.11. 
 As to any information contained in
materials furnished pursuant to Section 6.02(c), the BorrowerBGC shall not be separately required to furnish such information under Section 6.01(a)
or 6.01(b), but the foregoing shall not be in derogation of the obligation of the BorrowerBGC to furnish the information and materials described in
Section 6.01(a) or 6.01(b) at the times specified therein. 

 6.2 Certificates; Other Information. 

Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 

 (a) concurrently with the delivery of the financial statements referred to in
Section 6.01(a), a certificate of its independent certified public accountants certifying such financial statements; 

(b) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and 6.01(b), a
duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the BorrowerBGC (which delivery may, unless
the Administrative Agent, or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes) which shall, among other things,
(i) demonstrate compliance with the covenants set forth in Section 7.11 and (ii) update Schedule 5.11, as applicable; 

(c) promptly after the same are available, copies of each annual report, each material proxy or material financial statement or
other material report or communication sent to the public equityholders of any Loan Party or any Subsidiary, and copies of all material annual, regular, periodic and special reports and material registration statements which a Loan Party or any
Subsidiary may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; 

(d) promptly after any request by the Administrative Agent, copies of any material detailed audit reports or management letters
submitted to the board of directors (or the audit committee of the board of directors) of the BorrowerBGC by independent accountants in connection with the accounts or
books of the BorrowerBGC or any Subsidiary; 

(e) [Reserved]; 

(f) promptly, and in any event within five Business Days after receipt thereof by the any Loan Party or any Subsidiary, copies
of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other material inquiry by such agency regarding financial or other
operational results of any Loan Party or any Subsidiary; and 
 (g) promptly, such additional information regarding the
business, financial or corporate affairs of any Loan Party or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request. 

Documents required to be delivered pursuant to Section 6.01(a) or 6.01(b) or Section 6.02(c) (to the extent any
such documents are included in materials otherwise filed with the SEC) may be delivered 

 
electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrowera
Loan Party posts such documents, or provides a link thereto on the Borrower’ssuch Loan Party’s website on the Internet at the website address listed on
Schedule 11.02; or (ii) on which such documents are posted on the Borrower’sa Loan Party’s behalf on an Internet or intranet website (including
www.sec.gov/edgar.shtml), if any, to which each Lender and the Administrative Agent have access (whether a commercial, third party website or whether sponsored by the Administrative Agent); provided that: (i) the
Borrowera Loan Party shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to the
Borrowersuch Loan Party to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and
(ii) the Borrowersuch Loan Party shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and
provide to the 

 
Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to
maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrowerany Loan Party with any such
request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers may, but shall not be obligated to, make available
to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar or a substantially similar
electronic transmission system (the “Platform”) and (b) certain of the Lenders (each a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower
or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that (w) all Borrower
Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by
marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers and the Lenders to treat such Borrower Materials as not containing any material non-public information with
respect to the Borrower or its securities for purposes of United States federal and state securities Laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section 11.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the
Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated as “Public Side Information.” Notwithstanding the foregoing,
the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.” 
 6.3 Notices. 

Promptly notify the Administrative Agent and each Lender of: 

(a) the occurrence of any Default. 

(b) any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including
(i) breach or non-performance of, or any default under, a Contractual Obligation of a Loan Party or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between a Loan Party or any Subsidiary and any
Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting a Loan Party or any Subsidiary, including pursuant to any applicable Environmental Laws. 

(c) the occurrence of any ERISA Event that has had or that would reasonably be expected to result in a Material Adverse Effect.

 (d) any material change in accounting policies or financial reporting practices
by aLoan PartyBGC or any Subsidiary. 

(e) any announcement by S&P or Fitch of any change in a Debt Rating of the
BorrowerBGC. 

 Each notice pursuant to this Section 6.03 (other than clause (e)) shall be
accompanied by a statement of a Responsible Officer of the BorrowerBGC setting forth details of the occurrence referred to therein and stating what action the
BorrowerBGC has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of
this Agreement and any other Loan Document that have been breached (if any). 
 6.4 Payment of Taxes. 

Cause itself, each Loan Party and each of its Subsidiaries to pay and discharge
within thirty (30) days of the date the same shall become due and payable, all its tax liabilities, assessments and governmental charges or levies upon it or its properties, unless (a) the same are being contested in good faith by
appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrowerapplicable Loan Party or the applicable
Subsidiary in connection therewith or (b) the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

6.5 Preservation of Existence, Etc. 

Cause itself, each Loan Party and each of its Subsidiaries to (a) except as
permitted pursuant to Section 7.04, preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization; (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew
all of its registered patents, trademarks, trade names and service marks, in each case, the non-preservation of which could reasonably be expected to have a Material Adverse Effect. 

6.6 Maintenance of Properties. 

Cause itself, each Loan Party and each of its Subsidiaries to (a) maintain,
preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear and casualty and condemnation excepted; and (b) make all necessary repairs
thereto and renewals and replacements thereof, except, in the case of each of clauses 
 (a) and (b) hereof, where the failure to do so could not
reasonably be expected to have a Material Adverse Effect. 
 6.7 Maintenance of Insurance. 

Cause itself, each Loan Party and each of its Subsidiaries to maintain with
financially sound and reputable insurance companies not Affiliates of the BorrowerBGC, insurance with respect to its properties and business against loss or damage of the
kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried 

 
under similar circumstances by such other Persons, except in instances where the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

6.8 Compliance with Laws. 

(a) Cause itself, each Loan Party and each of its Subsidiaries to comply in all
material respects with the requirements of all Laws, including, without limitation, Environmental Laws, and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in 

 
good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

(b) Cause each Broker-Dealer Subsidiary to comply with all material rules and regulations of the SEC, the FINRA and any equivalent foreign
self-regulatory body, in each case, applicable to it (including such rules and regulations dealing with net capital requirements), except where the failure to so comply therewith could not reasonably be expected to have a Material Adverse Effect.

 6.9 Books and Records. 

Cause itself, each Loan Party and each of its Subsidiaries to (a) maintain
proper books of record and account in conformity with GAAP; and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over such Loan
Party or such Subsidiary, as the case may be. 
 6.10 Inspection Rights. 

Permit representatives and independent contractors of the Administrative Agent to visit and inspect any of
its, any Loan Party’s and its Subsidiaries’ properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss
its affairs, finances and accounts with its directors, officers, and independent public accountants, all, subject to the proviso below, at the sole expense of the Administrative Agent and at such reasonable times during normal business hours and as
often as may be reasonably desired, upon reasonable advance notice to the Borrowerapplicable Loan Party; provided, however, that when an Event of Default
exists the Administrative Agent (or any of its representatives or independent contractors) may do any of the foregoing at the expense of the Borrowerapplicable Loan Party
at any time during normal business hours and without advance notice. It is understood and agreed that the Administrative Agent shall, at the request of any Lender, share with such Lender information resulting from any inspection under this
Section 6.10. 
 6.11 Use of Proceeds. 

Cause itself, each Loan Party and each of its Subsidiaries to use the proceeds of
the Credit Extensions to (a) assist with the acquisition of Berkeley Point and/or the Borrower’s joint venture investment with Cantor Fitzgerald, L.P. in a real estate-related finance and investment business, in each case which may include
refinancing all or part of the Seller Financing related thereto, (b) refinancing existing Indebtedness and (c) finance working capital and other lawful corporate purposes; provided that in no event shall the proceeds of the Credit
Extensions be used in contravention of any Law or of any Loan Document. 
 6.12 Guarantors. 

 Within thirty (30) days (or such later date as the Administrative Agent may agree in its
sole discretion) after the date that any Subsidiary agrees to Guarantee any Indebtedness of the BorrowerBGC (other than the Obligations), either (a) cause such
Subsidiary to become a Guarantor hereunder by (i) executing and delivering to the Administrative Agent a Joinder Agreement and (ii) delivering to the Administrative Agent such Organization Documents, resolutions and, if requested by the
Administrative Agent, favorable opinions of counsel, all in form, content and scope reasonably satisfactory to the Administrative Agent or (b) provide a written certificate to the Administrative Agent acknowledging that all Indebtedness of such
Subsidiary is subject to Section 7.03, specifying the amount of Indebtedness of 

 
such Subsidiary as of the date of the certificate and certifying that the BorrowerBGC is in compliance with
Section 7.03 as of the date of the certificate. 
 6.13 Anti-Corruption Laws. 

Cause itself and each of its Subsidiaries to conduct its businesses in material compliance with the United States Foreign Corrupt Practices Act
of 1977, the UK Bribery Act 2010 and other similar anti- corruption legislation in other jurisdictions and maintain policies and procedures designed to promote and achieve compliance with such laws. 

6.14 Mirror Debt. 

Upon receipt by the Borrower or any Subsidiary of the Borrower of the Net Cash Proceeds
from any Debt Issuance (other than Debt Issuances under the Revolving Credit Facility) and after giving effect to any payments required by Section 2.05(b)(i), prepay, or cause the Borrower to prepay, the Mirror Debt in an aggregate amount equal
to 100% of such Net Cash Proceeds. 
 ARTICLE VII 

NEGATIVE COVENANTS 
 Until the
Facility Termination Date, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly: 
 7.1 Liens.

 Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired,
other than the following: 
 (a) Liens existing on the Closing Date and listed on Schedule 7.01 and any renewals,
extensions or replacements thereof; provided that the property covered thereby is not increased, and with respect to any replacement Lien, the amount of any Indebtedness secured by such Lien shall not be increased; 

(b) Liens (other than Liens imposed under ERISA) for taxes, assessments or governmental charges or levies not yet due or which
are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

 (c) Liens of carriers, warehousemen, mechanics, materialmen, workmen and
repairmen or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings diligently conducted; 

(d) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment
insurance, old age benefits, other social security obligations, taxes, assessments, statutory obligations and other similar charges, other than any Lien imposed by ERISA; 

(e) (i) deposits to secure the performance of bids, tenders, trade contracts and leases (other than Indebtedness),
statutory obligations, surety and appeal bonds, performance and return 

 
of money bonds, agreements with utilities and other obligations of a like nature incurred in the ordinary course of business (including in each case deposits and/or Liens securing letters of
credit issued in lieu of any such cash deposits), and (ii) other cash deposits required to be made in the ordinary course of business, including those made to secure health, safety and environmental obligations in the ordinary course of
business; 
 (f) easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the
aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 

(g) Liens securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments), which
judgments do not constitute an Event of Default under Section 8.01(h), and the pledge of assets for the purpose of securing an appeal, stay or discharge in the course of any such legal proceeding; 

(h) Liens securing Indebtedness permitted under Section 7.03(c); provided that (i) such Liens do not at any
time encumber any property other than the property financed by such Indebtedness and (ii) with respect to Indebtedness permitted by Section 7.03(c)(i) such Liens attach to such property concurrently with or within ninety days after
the acquisition thereof; 
 (i) leases or subleases granted to others not interfering in any material respect with the
business of any Loan Party or any Subsidiary; 
 (j) any interest of title of a lessor under, and Liens arising from UCC
financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to, leases permitted by this Agreement; 

(k) normal and customary rights of setoff and other Liens upon deposits of cash and securities in favor of banks, brokers or
other financial institutions; 
 (l) Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on
items in the course of collection; 
 (m) any Lien existing on property (and the proceeds thereof) existing at the time of
its acquisition and any modification, replacement, renewal or extension thereof; provided that such Lien was not created in contemplation of such acquisition; 

 (n) Liens incurred or assumed in the ordinary course on cash, marketable
securities, real estate loans (including related purchase commitments) commodities or other financial products to secure securities lending transactions at Regulated Subsidiaries and other stock lending transactions, repurchase agreements, and other
collateralized financing transactions at Subsidiaries; 
 (o) pledges of securities or commodity positions and exchange
memberships in the ordinary course of business; 
 (p) deposits or securities with commodity or securities exchanges or
clearing organizations, or with other exchanges or markets, in each case in the ordinary course of business; 

 (q) Liens in favor of customers of Broker-Dealer Subsidiaries arising in the
ordinary course of business and Liens securing indebtedness of Broker-Dealer Subsidiaries in respect of customer funds in the ordinary course of business; 

(r) Liens securing Indebtedness permitted under Section 7.03(i). 

(s) Liens on cash and marketable securities granted by Berkeley Point in favor of Fannie Mae under the Delegated Underwriting
and Servicing Program and/or Freddie Mac under the Targeted Affordable Housing Program in respect of loss sharing arrangements, in each case in the ordinary course of business; and 

(t) other Liens securing Indebtedness or other obligations in an aggregate principal amount not to exceed at any one time, the
difference of $40,000,000 less any Indebtedness incurred pursuant to Section 7.03(j). 
 7.2 Investments. 

Make any Investments, except: 

(a) Investments existing on the Closing Date set forth on Schedule 7.02; 

(b) Investments in Cash Equivalents; 

(c) Investments made by Regulated Subsidiaries in the ordinary course of business; 

(d) Investments in marketable securities, loans, loan servicing rights, commodities, forwards, futures, derivatives and other
assets in connection with trading, underwriting, loan origination, loan servicing, selling to customers, acting as a broker or acting as a market intermediary, all in the ordinary course of business; 

(e) loans or advances to employees as part of compensation programs, and which are by their nature forgivable by the
BorrowerBGC or relevant Subsidiary or purchases or redemption of equity interests from employees, former employees or consultants; 

(f) travel advances and other similar cash advances made to employees in the ordinary course of business; 

(g) Investments in Persons that are engaged in an Eligible Line of Business; 

 (h) Investments in (or Acquisitions of) Subsidiaries and other Persons that are
not wholly-owned or are not engaged in an Eligible Line of Business in an amount not to exceed, in the aggregate, at any one time outstanding (net of the proceeds received from the sale of such Investments) the greater of $50,000,000 and 4.5% of
Consolidated Net Worth; 
 (i) Cash AD Loans; and 

(j) Permitted Acquisitions. 

7.3 Subsidiary Indebtedness. 

 Create, incur, assume or suffer to exist any Indebtedness of any Subsidiary of a Loan Party
(other than any Subsidiary that is a Guarantor), except: 
 (a) Indebtedness outstanding on the Closing Date set forth on
Schedule 7.03, including the Seller Financing, if any, (and, with respect to any such Indebtedness, renewals, refinancings and extensions thereof); provided that (i) the amount of such Indebtedness is not increased above the
original principal amount at the time of such refinancing, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by
an amount equal to any existing commitments unutilized thereunder and (ii) the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such
refinancing, renewal or extension are no less favorable in any material respect to the BorrowerBGC and its Subsidiaries or the Lenders than the terms of the Indebtedness
being refinanced, renewed or extended. 
 (b) obligations (contingent or otherwise) existing or arising under any Swap
Contract, provided that such obligations are (or were) entered into by such Person for hedging purposes in the ordinary course of business, and not for purposes of speculation or taking a “market view”; 

(c) (i) purchase money Indebtedness (including obligations in respect of capital leases and Synthetic Lease Obligations)
hereafter incurred to finance the purchase of assets and renewals, refinancings and extensions thereof and (ii) Indebtedness hereafter incurred (including obligations in respect of capital leases and Synthetic Lease Obligations) that is secured
by fixed assets and all renewals, refinancings and extensions thereof; provided that the aggregate outstanding principal amount of all such Indebtedness incurred pursuant to this clause (ii) shall not exceed $60,000,000 at any one time
outstanding; 
 (d) so long as the BorrowerBGC
is in compliance with the financial covenants set forth in Section 7.11 on a pro forma basis after giving effect thereto, Indebtedness (i) of any Person that is merged or consolidated with and into any Subsidiary, (ii) of any
Person that becomes a Subsidiary as a result of an Acquisition to the extent, in each case, that such Indebtedness was not incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or (iii) consisting of customary
performance based earn-out payments incurred in connection with an Acquisition; 
 (e) Indebtedness, including
(i) securities lending transactions, at Regulated Subsidiaries and other stock lending transactions, repurchase agreements and other collateralized financing transactions at Subsidiaries, in each case (A) secured by marketable securities,
real estate loans (including related purchase commitments) commodities or other financial products and (B) incurred in the ordinary course of business and (ii) borrowings by foreign Regulated Subsidiaries in connection with clearing or
posting of margin requirements in the ordinary course of business; 

 (f) endorsement of items for deposit or collection of commercial paper received
in the ordinary course of business; 
 (g)(g) intercompany Indebtedness permitted under Section 7.02;

 (h)(h) obligations to purchase or redeem Equity Interests held
by current or former partners, officers, directors, employees, consultants, service providers and their respective estates, spouses or former spouses in the ordinary course of business; 

(i) (i) Indebtedness, including Indebtedness incurred in connection with stock lending transactions,
secured solely by shares of Intercontinental Exchange Inc. or NASDAQ held by the BorrowerBGC or its Subsidiaries at any time; provided that such Indebtedness shall be at
customary advance rates and shall not exceed an aggregate principal amount equal to the underlying value of the shares securing such Indebtedness (the value of such shares to be determined as of the date such Indebtedness is incurred); 

(j) Indebtedness of Newmark to the extent the proceeds thereof are used to pay outstanding amounts hereunder in
accordance with Section 2.05; 
 (j)
Indebtedness of the Borrower and its Subsidiaries (i) pursuant to the Mirror Debt, (ii) to the extent the proceeds of such Indebtedness are used to pay outstanding amounts hereunder in accordance with Section 2.05(b)(i) and
(iii) subject to the terms of Section 2.05(b)(i) and Section 6.14, to the extent that at the time of (and after giving effect to) the incurrence of such Indebtedness the Newmark Leverage Ratio does not exceed 2.50:1.00; 

(k)(k) Indebtedness in the form of (i) any
“bad boy guaranties” (including any related environmental indemnity) provided in connection with real estate financings of Affiliates and (ii) Guarantees by Berkeley Point to Fannie Mae under the Delegated Underwriting and Servicing
Program and/or Freddie Mac under the Targeted Affordable Housing Program in respect of loss sharing arrangements, in each case in the ordinary course of business; and 

(l)(l) other unsecured Indebtedness in an
aggregate principal amount not to exceed the difference of $40,000,000 less, without duplication, any Liens incurred pursuant to Section 7.01(t). 

7.4 Fundamental Changes. 

Merge, dissolve, liquidate or consolidate with or into another Person, except that (a) the Borrower may merge or consolidate with any of
its Subsidiaries; provided that the Borrower shall be the continuing or surviving Person, (b) BGC may merge or consolidate with any of its Subsidiaries (other than the Borrower); provided
that BGC shall be the continuing or surviving Person, (c) any Subsidiary (other than the Borrower) may be merged or consolidated with or into any other Subsidiary; provided
that if such merger or consolidation is with respect to a Subsidiary that is a Loan Party, then either such Loan Party shall be the continuing or surviving Person or such surviving Person shall become a Loan Party promptly after such merger or
consolidation, (cd) the BorrowerBGC or any of its Subsidiaries may merge or consolidate with
any other Person; provided that (i) if BGC is a party to such transaction, BGC is the  

 
continuing or surviving Person, (ii) if the Borrower is a party to such transaction, the Borrower is the continuing or surviving
Person, and (iiiii) if such Subsidiary is a Loan Party, then either such Loan Party shall be the continuing or surviving Person or such surviving Person shall become a Loan Party promptly after such merger or consolidation and
(de) any Subsidiary (other than a Loan Party) may dissolve, liquidate or wind up its affairs at any time provided that such dissolution, liquidation or winding up, as applicable, could not reasonably be expected to have a Material
Adverse Effect. 
 7.5 Dispositions. 

 Make any Disposition except: 

(a) Dispositions consisting of sales of marketable securities, loans, loan servicing rights, commodities, forwards, futures,
derivatives and other assets in connection with trading, market making activities, loan origination and securitization, structured products and other financial services activities, and real estate businesses, in each case in the ordinary course of
business; 
 (b)(b) Dispositions by (i) any Subsidiary of the
BorrowerBGC to the BorrowerBGC or any other Subsidiary and (ii) the
BorrowerBGC to any, direct or indirect, wholly-ownedwholly owned Subsidiary of the
BorrowerBGC; 
 (c) (c)
Dispositions of shares of Intercontinental Exchange Inc. and NASDAQ held by the BorrowerBGC or its Subsidiaries at any time; 

(d) (d) Dispositions of Equity Interests of
Newmarkthe Borrower pursuant to an initial public offering which may result in Newmarkthe Borrower
becoming a less than wholly- owned Subsidiaries of the BorrowerSubsidiary of BGC and/or the issuance of
additional Equity Interests of Newmarkthe Borrower; and 

(e)(e) Dispositions (in addition to the Dispositions permitted by clauses (a), (b), (c) and
(d) above) so long as the aggregate net book value of all of the assets sold or otherwise disposed of by the Loan Parties and their Subsidiaries in all such transactions shall not exceed, (i) during the period from the Closing Date until
the date the 2017 annual financial statements are delivered pursuant to Section 6.01(a), 30% of Consolidated EBITDA calculated based on the annual financial statements of the
BorrowerBGC as of December 31, 2016 less any Dispositions (other than Dispositions of the type permitted by clauses (a), (b), (c) and (d) above) made from
January 1, 2017 through and including the Closing Date and (ii) thereafter, during each period commencing on the day following the date of delivery of annual financial statements pursuant to Section 6.01(a) and ending on the
next date of delivery of annual financial statements pursuant to Section 6.01(a) in the following year, 30% of Consolidated EBITDA calculated based on the most recent annual financial statements delivered pursuant to
Section 6.01(a). 
 7.6 Restricted Payments. 

Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that: 

(a) each Subsidiary may declare and make Restricted Payments to the
Borrowera  

 
Loan Party or otherwise in accordance with its Organizational Documents; 

(b) the Borrowerany Loan Party and each of its
Subsidiaries may declare and make dividend payments or other distributions payable solely in the Equity Interests of such Person; and 

(c) the Borrowerany Loan Party and each of its
Subsidiaries may declare and make Restricted Payments if, immediately before and after giving effect thereto, (i) no Event of Default shall have occurred and be continuing and (ii) the
BorrowerBGC is in compliance with the financial covenants set forth in Section 7.11 on a pro forma basis after giving effect thereto. 

 Notwithstanding the above, as long as any amounts are owed hereunder, the
Borrower, no Loan Party shall not be able to make any Restricted Payments described in clauses
(a)-(c) above other than (A) regular common dividends consistent with past practices, (B) share repurchases, redemptions, exchanges and other payments in connection with compensation plans or arrangements or from
current or former employees and partners or their estates or from directors, consultants or charities, in each case as intended to manage share count and consistent with historic practices, (C) Restricted Payments payable
solely in Equity Interests, (D) share repurchases, redemptions, exchanges and other payments in amounts and at times corresponding generally to equity issuances pursuant to the
Borrower’ssuch Loan Party’s at-the-market controlled equity offering program (at the market shelf) and (E) other Restricted Payments in the ordinary course not to
exceed, in the aggregate, $25,000,000. 
 7.7 Change in Nature of Business. 

Engage in any business or activity that is not an Eligible Line of Business; provided that the foregoing shall not apply to Investments
permitted pursuant to Section 7.02(h). 
 7.8 Transactions with Affiliates. 

Enter into or permit to exist any transaction or series of transactions with any Affiliate of such Person, that is less favorable than could be
obtained in a similar transaction with a non-affiliate, other than (1) any transaction approved by the Borrower’s audit committee, (2) any transaction with an Affiliate that is consolidated with the Borrower under GAAP,
(3) management fees, employee benefit arrangements or indemnification programs pertaining to limited or general partners of the Borrower or any of its Subsidiaries entered into in the ordinary course of business or approved by the
Borrower’s board of directors, (4) transactions existing on the Closing Date and set forth on Schedule 7.08 and (5) any transaction that does not, individually, exceed $500,000. 

7.9 Burdensome Agreements. 

Enter into, or permit to exist, any Contractual Obligation that with respect to any Subsidiary, encumbers or restricts the ability of any such
Person to (i) make Restricted Payments to any Loan Party, 
 (ii) pay any Indebtedness or other obligation owed to any Loan Party, (iii) make loans
or advances to any Loan Party, (iv) transfer any of its property to the any Loan Party, (v) pledge its property pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof or (vi) act as a
Loan Party pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof if otherwise required to be a Loan Party hereunder, except (in respect of any of the matters referred to in clauses (i) through
(v) above) for (1) this Agreement and the other Loan Documents, (2) any document or instrument governing Indebtedness incurred pursuant to
Section 7.03(ec), provided that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection
therewith, (3) any Permitted Lien or any document or instrument governing any Permitted Lien; provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien, (4) customary
restrictions and conditions contained in any 

 
agreement relating to the sale of any property permitted under Section 7.05 pending the consummation of such sale, (5) customary provisions in joint venture agreements and other
similar agreements, (6) customary provisions restricting assignment contained in leases, subleases, licenses and other agreements and, (7) any agreement or other instrument of a Person acquired by a Loan Party or any
Subsidiary which was in existence at the time of such Acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such Acquisition), which encumbrance or restriction is
not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so 

 
acquired and (8) customary restrictions and conditions contained in any agreement entered into in connection with any Indebtedness
permitted under Section 7.03(e), (j) or (k). 
 7.10 Use of Proceeds. 

Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or
carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose, except, in the case of any
Regulated Subsidiary, in compliance with Regulation U, T and X of the FRB. 
 7.11 Financial Covenants. 

Permit: 
 (a)
Consolidated Leverage Ratio. The Consolidated Leverage Ratio, (i) as of the last day of the fiscal quarter ending September 30, 2017, to be greater than 3.50:1.00, (ii) as of the last day of the fiscal quarter ending
December 31, 2017, to be greater than 3.375:1.00 and 
 (iii) as of the last day of the fiscal quarter ending March 31, 2018 and as
of the last day of any fiscal quarter of the BorrowerBGC thereafter, to be greater than 3.25:1.00. 

(b) Consolidated Interest Coverage Ratio. The Consolidated Interest Coverage Ratio, as of the last day of any fiscal
quarter of the BorrowerBGC, to be less than 4.00:1.00. 

(c) Consolidated Net Worth. Consolidated Net Worth at any time to be less than the sum of (i) $580,000,000 plus
(ii) an amount equal to (x) the Step Up Percentage multiplied by 
 (y) the Net Cash Proceeds received by
the BorrowerBGC or its Subsidiaries from the issuance and sale of Equity Interests of the
BorrowerBGC or any of its Subsidiaries after the Closing Date, other than Equity Issuances pursuant to the
Borrower’sany Loan Party’s at-the-market controlled equity offering program (at the market shelf) intended to offset share repurchases, redemptions, exchanges and
other payments in connection with compensation plans or arrangements or from current or former employees and partners or their estates or from directors, consultants or charities, in each case consistent with historic practices.. For purposes of
this Section 7.11(c), the Step Up Percentage shall equal 75%, with respect to the first $400 million in Net Cash Proceeds received, and 50% with respect to any Net Cash Proceeds received in excess of $400 million. 

(d) Net Excess Capital. Net Excess Capital with respect to all Broker-Dealer Subsidiaries at any time to be less than
$185,000,000. 

 (e) Newmark Leverage
Ratio. Subsequent to the first date that the Borrower incurs Indebtedness pursuant to Section 7.03(j)(iii), the Newmark Leverage Ratio, as of the last day of any fiscal quarter of the Borrower after such incurrence of Indebtedness to be greater
than 2.50:1.00 
 7.12 Fiscal Year. 

Permit the Borrower to changeChange its fiscal year from its
present ending on December 31 of each year or permit any Subsidiary to change its fiscal year except as necessary for a Subsidiary to align its fiscal year with
the BorrowerBGC. 

 7.13 Sanctions. 

Use any Credit Extension or the proceeds of any Credit Extension, or lend, contribute or otherwise make available such Credit Extension or the
proceeds of any Credit Extension to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a
violation by any Person (including any Person participating in the transaction, whether as Lender, an Arranger, Administrative Agent or otherwise) of Sanctions. 

7.14 Anti-Corruption Laws. 

Use the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK
Bribery Act 2010 or other similar anti-corruption legislation in other jurisdictions. 
 ARTICLE VIII 

EVENTS OF DEFAULT AND REMEDIES 

8.1 Events of Default. 

Any of the following shall constitute an Event of Default: 

(a) Non-Payment. Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of
any Loan, or (ii) within three days after the same becomes due, any interest on any Loan, or any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document;
or 
 (b) Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in
(i) Section 6.01 or 6.02 and such failure continues for five Business Days or (ii) any of Section 6.03(a); solely with respect to the Loan Parties, 6.05(a), 6.10 or 6.11 or Article
VII; or 
 (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not
specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty days after the earlier of 

 
(i) the date on which such failure shall first become known to a Responsible Officer of the Borrower or (ii) written notice thereof is given to a Responsible Officer of the Borrower by the
Administrative Agent; or 
 (d) Representations and Warranties. Any representation, warranty, certification or
statement of face made or deemed made by or on behalf of a Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be untrue in any material respect (other than those representations and
warranties that are qualified by materiality or Material Adverse Effect, in which case in any respect) when made or deemed made; or 

(e) Cross-Default. (i) Any Loan Party or any Subsidiary of a Loan Party with a net worth in excess of $10,000,000
(A) after giving effect to any grace period applicable thereto 

 
(including any cure period, forbearance or other extension, amendment or waiver), fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or
otherwise) in respect of any Indebtedness or Guarantee of such Indebtedness (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including drawn and outstanding amounts owing to all
creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) after giving effect to any grace period applicable thereto (including any cure period, forbearance or other extension, amendment or
waiver), fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee of such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary
or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or
redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such
Swap Contract) resulting from (A) any event of default under such Swap Contract as to which any Loan Party or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such
Swap Contract as to which any Loan Party or any Subsidiary is an Affected Party (as so defined) and, in either event, after giving effect to any grace period applicable thereto (including any cure period, forbearance or other extension, amendment or
waiver), the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount or (iii) any Event of Default occurs and is continuing under the Revolving Credit Facility (as defined
therein); or 
 (f) Insolvency Proceedings, Etc. Any Loan Party or any Subsidiary of a Loan Party
with a net worth in excess of $10,000,000 institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without
the application or consent of such Person and the appointment continues undischarged or unstayed for sixty calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is
instituted without the consent of such Person and continues undismissed or unstayed for sixty calendar days, or an order for relief is entered in any such proceeding; or 

(g) Inability to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary of a
Loan Party with a net worth in excess of $10,000,000 becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or
similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within thirty days after its issue or levy; or 

 (h) Judgments. There is entered against any Loan Party or any Subsidiary
of a Loan Party with a net worth in excess of $10,000,000 one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the
Threshold Amount (to the extent not covered by independent third-party insurance as to which 

 
the insurer has been notified of the claim and does not dispute coverage), and, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a
period of thirty (30) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would
reasonably be expected to result in liability of any Loan Party or any Subsidiary under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount; provided, however, that, for
purposes of determining whether withdrawal liability associated with a Multiemployer Plan is in excess of the Threshold Amount, only the maximum annual withdrawal liability payment amount pursuant to Section 4219(c) of ERISA shall be taken into
account, as opposed to the total aggregate withdrawal liability assessed, or (ii) any Loan Party, any Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with
respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or 

(j) Invalidity of Loan Documents. Any provision of any Loan Document, at any time after its execution and delivery and
for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or
enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any Loan Document. 

8.2 Remedies Upon Event of Default. 

If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required
Lenders, take any or all of the following actions: 
 (a) declare the commitment of each Lender to make Loans to be
terminated, whereupon such commitments and obligation shall be terminated; 
 (b) declare the unpaid principal amount of all
outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of
which are hereby expressly waived by the Borrower; 
 (c) exercise on behalf of itself and the Lenders all rights and
remedies available to it, the Lenders under the Loan Documents or applicable Law or at equity; 

 provided, however, that upon the occurrence of an actual or deemed entry of an order for relief
with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as
aforesaid shall automatically become due and payable, without further act of the Administrative Agent or any Lender. 
 8.3
Application of Funds. 

 After the exercise of remedies provided for in Section 8.02 (or after the Loans have
automatically become immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.15, be applied by the
Administrative Agent in the following order: 
 First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and
interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause
Second payable to them; 
 Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the
Loans, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in
proportion to the respective amounts described in this clause Fourth payable to them; and 
 Last, the balance, if any, after all of
the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law. 
 ARTICLE IX 

ADMINISTRATIVE AGENT 
 9.1
Appointment and Authority. 
 Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the
Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the 

 
Administrative Agent, the Lenders, and no Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term
“agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

9.2 Rights as a Lender. 

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the
Administrative Agent hereunder 

 
in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to
or consent of the Lenders with respect thereto. 
 9.3 Exculpatory Provisions. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and
its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or
termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and 
 (c) shall not, except as
expressly set forth herein and in the other Loan Documents, have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party or any of its Affiliates that is communicated to
or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 
 Neither the Administrative Agent
nor any of its Related Parties shall be liable for any action taken or not taken by the Administrative Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in
Sections 11.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. Any such action taken or failure to act
pursuant to the foregoing shall be binding on all Lenders. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Borrower
or a Lender. 

 Neither the Administrative Agent nor any of its Related Parties have any duty or obligation to
any Lender or participant or any other Person to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report
or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of
any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document and (v) the satisfaction of any condition set forth in Article IV
or 

 
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

9.4 Reliance by Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall be fully protected in relying and shall not incur any liability for relying
upon, any notice, request, certificate, communication, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have
been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall be fully protected in
relying and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume
that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be
counsel for the Loan Parties), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.5 Delegation of Duties. 

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by
or through any one or more sub agents appointed by the Administrative Agent. The Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The
exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of the Administrative Agent and any such sub agent, and shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines
in a final and non appealablenonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 9.6 Resignation of Administrative Agent. 

(a) The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, in consultation with and (so long as there is no continuing Event of Default) with the consent of the Borrower, to appoint a successor, which shall be a bank with an office
in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders (and, if applicable, the Borrower) and shall have accepted such appointment within
thirty days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the 

 
Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders, appoint a successor
Administrative Agent meeting the qualifications set forth above, provided that in no event shall any such successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become
effective in accordance with such notice on the Resignation Effective Date. 

 (b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant
to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the
Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty days (or such earlier day as shall be agreed by the Required Lenders) (the
“Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or
removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent,
all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative
Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or
removed) Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the
Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in
this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative
Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub agents
and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent. 

9.7 Non-Reliance on Administrative Agent and Other Lenders. 

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
 9.8 No
Other Duties; Etc. 

 Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers, syndication
agents, documentation agents or co-agents shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or as a Lender hereunder. 

 9.9 Administrative Agent May File Proofs of Claim. 

In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the
Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower)
shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the
whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and
the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Sections 2.09 and 11.04) allowed in such judicial proceeding; and 
 (b) to collect
and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the
making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts
due the Administrative Agent under Sections 2.09 and 11.04. 
 Nothing contained herein shall be deemed to authorize the
Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent
to vote in respect of the claim of any Lender in any such proceeding. 
 9.10 Guaranty Matters. 

Each of the Lenders irrevocably authorize the Administrative Agent to release any Guarantor from its obligations under the Guaranty
(other than BGC) if (i) the Borrower requests such release, (ii) such Guarantor is not required to Guarantee the Obligations pursuant to Section 6.12 and (iii) no
Default exists or would result from such release. 

 Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty, pursuant to this Section 9.10. 

9.11 ERISA. 

(a) Each Lender (x) represents and warrants, as of the date such
Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Arrangers and
their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 

 (i) such Lender is not
using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments, 

(ii) the transaction exemption set forth in one or more PTEs, such as
PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption
for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by
in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or 

(iii) (A) such Lender is an investment fund managed by a
“Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and
perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the
requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed
in writing between the Administrative Agent, in its sole discretion, and such Lender. 

(b) In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further
(x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that: 

(i) none of the Administrative Agent or the Arrangers or any of their
respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent 

 
under this Agreement, any Loan Document or any documents related to hereto or thereto), 

(ii) the Person making the investment decision on behalf of such
Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an
investment adviser, a broker-dealer or other person that holds, or has under management or control, total 

 
assets of at least $50 million, in each case as described in 29 CFR § 2510.3- 21(c)(1)(i)(A)-(E), 

(iii) the Person making the investment decision on behalf of such
Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular
transactions and investment strategies (including in respect of the Obligations), 

(iv) the Person making the investment decision on behalf of such
Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Commitments and this
Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and 

(v) no fee or other compensation is being paid directly to the
Administrative Agent or the Arrangers or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement. 

(c) The Administrative Agent and the Arrangers hereby informs the
Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the
transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or
the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents
or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of
credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

ARTICLE X 
 GUARANTY 

10.1 The Guaranty. 

 Each of the Guarantors hereby jointly and severally guarantees to each Lender and each other
holder of Obligations as hereinafter provided, as primary obligor and not as surety, the prompt payment of the Obligations in full when due (whether at stated maturity, by acceleration or otherwise) strictly in accordance with the terms thereof. The
Guarantors hereby further agree that if any of the Obligations are not paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise), the Guarantors will, jointly
and severally, promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Obligations, the same will be promptly paid in full when due (whether

 
at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise) in accordance with the terms of such extension or renewal. 

Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents or the other documents relating to the
Obligations, the obligations of each Guarantor under this Agreement and the other Loan Documents shall not exceed an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under applicable Debtor
Relief Laws. 
 10.2 Obligations Unconditional. 

The obligations of the Guarantors under Section 10.01 are joint and several, absolute and unconditional, irrespective of the value,
genuineness, validity, regularity or enforceability of any of the Loan Documents or other documents relating to the Obligations, or any substitution, release, impairment or exchange of any other guarantee of or security for any of the Obligations,
and, to the fullest extent permitted by applicable Law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this
Section 10.02 that the obligations of the Guarantors hereunder shall be absolute and unconditional under any and all circumstances. Each Guarantor agrees that such Guarantor shall have no right of subrogation, indemnity, reimbursement or
contribution against the Borrower or any other Loan Party for amounts paid under this Article X until such time as the Obligations have been paid in full and the Commitments have expired or terminated. Without limiting the generality of the
foregoing, it is agreed that, to the fullest extent permitted by Law, the occurrence of any one or more of the following shall not alter or impair the liability of any Guarantor hereunder, which shall remain absolute and unconditional as described
above: 
 (a) at any time or from time to time, without notice to any Guarantor, the time for any performance of or
compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived; 
 (b) any of
the acts mentioned in any of the provisions of any of the Loan Documents or other documents relating to the Obligations shall be done or omitted; 

(c) the maturity of any of the Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented or
amended in any respect, or any right under any of the Loan Documents or other documents relating to the Obligations shall be waived or any other guarantee of any of the Obligations or any security therefor shall be released, impaired or exchanged in
whole or in part or otherwise dealt with; or 
 (d) any of the Obligations shall be determined to be void or voidable
(including for 

 
the benefit of any creditor of any Guarantor) or shall be subordinated to the claims of any Person (including any creditor of any Guarantor). 

With respect to its obligations hereunder, each Guarantor hereby expressly waives diligence, presentment, demand of payment, protest and all
notices whatsoever, and any requirement that the Administrative Agent or any other holder of the Obligations exhaust any right, power or remedy or proceed against any Person under any of the Loan Documents or any other document relating to the
Obligations, or against any other Person under any other guarantee of, or security for, any of the Obligations. 
 10.3
Reinstatement. 

 The obligations of each Guarantor under this Article X shall be automatically reinstated
if and to the extent that for any reason any payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any Debtor Relief Law or
otherwise, and each Guarantor agrees that it will indemnify the Administrative Agent and each other holder of the Obligations on demand for all reasonable costs and expenses (including the fees, charges and disbursements of counsel) incurred by the
Administrative Agent or such holder of the Obligations in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent
transfer or similar payment under any Debtor Relief Law. 
 10.4 Certain Additional Waivers. 

Each Guarantor agrees that such Guarantor shall have no right of recourse to security for the Obligations, except through the exercise of
rights of subrogation pursuant to Section 10.02 and through the exercise of rights of contribution pursuant to Section 10.06. 

10.5 Remedies. 
 The
Guarantors agree that, to the fullest extent permitted by Law, as between the Guarantors, on the one hand, and the Administrative Agent and the other holders of the Obligations, on the other hand, the Obligations may be declared to be forthwith due
and payable as specified in Section 10.02 (and shall be deemed to have become automatically due and payable in the circumstances specified in Section 10.02) for purposes of Section 10.01 notwithstanding any stay,
injunction or other prohibition preventing such declaration (or preventing the Obligations from becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or the Obligations being deemed to have
become automatically due and payable), the Obligations (whether or not due and payable by any other Person) shall forthwith become due and payable by the Guarantors for purposes of Section 10.01. 

10.6 Rights of Contribution. 

The Guarantors hereby agree as among themselves that, if any Guarantor shall make an Excess Payment (as defined below), such Guarantor shall
have a right of contribution from each other Guarantor in an amount equal to such other Guarantor’s Contribution Share (as defined below) of such Excess Payment. The payment obligations of any Guarantor under this Section 10.06
shall be subordinate and subject in right of payment to the Obligations until such time as the Obligations have been paid-in-full and the Commitments have terminated, and none of the Guarantors shall exercise any right or remedy under this
Section 10.06 against any other Guarantor until such Obligations have been paid-in-full and the Commitments have terminated. For purposes of this Section 10.06, (a) “Excess Payment” shall mean the amount
paid by any Guarantor in excess of its Ratable Share of any Obligations; (b) “Ratable Share” shall mean, for any Guarantor in respect of any payment of Obligations, the ratio (expressed as a percentage) as of the date of such
payment of Obligations of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor (including contingent, subordinated, unmatured, and
unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present 

 
fair salable value of all assets and other properties of all of the Loan Parties exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and
unliquidated liabilities, but excluding the obligations of the Loan Parties hereunder) of the Loan Parties; provided, however, that, for purposes of calculating the Ratable Shares of the Guarantors in respect of any payment of
Obligations, any Guarantor that became a Guarantor subsequent to the date of any such payment shall be deemed to have been a Guarantor on the date of such payment and the financial information for such Guarantor as of the date such Guarantor became
a Guarantor shall be utilized for such Guarantor in connection with 

 
such payment; and (c) “Contribution Share” shall mean, for any Guarantor in respect of any Excess Payment made by any other Guarantor, the ratio (expressed as a percentage)
as of the date of such Excess Payment of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor (including contingent, subordinated,
unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of all assets and other properties of the Loan Parties other than the maker
of such Excess Payment exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of the Loan Parties) of the Loan Parties other than the maker
of such Excess Payment; provided, however, that, for purposes of calculating the Contribution Shares of the Guarantors in respect of any Excess Payment, any Guarantor that became a Guarantor subsequent to the date of any such Excess
Payment shall be deemed to have been a Guarantor on the date of such Excess Payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such Excess
Payment. This Section 10.06 shall not be deemed to affect any right of subrogation, indemnity, reimbursement or contribution that any Guarantor may have under Law against the Borrower in respect of any payment of Obligations. 

10.7 Guarantee of Payment; Continuing Guarantee. 

The guarantee in this Article X is a guaranty of payment and not of collection, is a continuing guarantee, and shall apply to the
Obligations whenever arising. 
 10.8 Appointment of Borrower. 

Each of the Guarantors hereby appoints the Borrower to act as its agent for all purposes of this Agreement, the other Loan Documents and all
other documents and electronic platforms entered into in connection herewith and agrees that (a) the Borrower may execute such documents and provide such authorizations on behalf of such Guarantor as the Borrower deems appropriate in its sole
discretion and each Guarantor shall be obligated by all of the terms of any such document and/or authorization executed on its behalf, (b) any notice or communication delivered by the Administrative Agent or a Lender to the Borrower shall be
deemed delivered to each Guarantor and (c) the Administrative Agent or the Lenders may accept, and be permitted to rely on, any document, authorization, instrument or agreement executed by the Borrower on behalf of each of the Guarantors. 

 
 ARTICLE XI 

MISCELLANEOUS 
 11.1
Amendments, Etc. 
 No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any
departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and 

 
acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,
however, that 
 (a) no such amendment, waiver or consent shall: 

(i) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 8.02) without the written consent of such Lender (it being understood and agreed that a waiver of any condition precedent set 

 
forth in Section 4.02 or of any Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender); 

(ii) postpone any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or
other amounts due to the Lenders (or any of them) or any scheduled reduction of the Commitments hereunder or under any other Loan Document without the written consent of each Lender entitled to receive such payment or whose Commitments are to be
reduced; 
 (iii) reduce the principal of, or the rate of interest specified herein on, any Loan, or any fees (other than
pursuant to a fee letter separate from this Agreement in which all the Lenders are not a party thereto) or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to receive such amount;
provided, however, that only the consent of the Required Lenders shall be necessary (A) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate or
(B) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable hereunder; 

(iv) change Section 8.03 or Section 2.13 in a manner that would alter the pro rata sharing of payments
required thereby without the written consent of each Lender directly affected thereby; 
 (v) change any provision of this
Section 11.01(a) or the definition of “Required Lenders” without the written consent of each Lender directly affected thereby; 

(vi) release the Borrower or BGC as a Guarantor without the
consent of each Lender, or, except in connection with a transaction permitted under Section 7.04 or Section 7.05, all or substantially all of the value of the Guaranty without the written consent of each Lender whose
Obligations are guarantied thereby, except to the extent such release is permitted pursuant to Section 9.10 (in which case such release may be made by the Administrative Agent acting alone); or 

(b) unless also signed by the Administrative Agent, no amendment, waiver or consent shall affect the rights or duties of the
Administrative Agent under this Agreement or any other Loan Document; 

 provided, further, that notwithstanding anything to the contrary herein, (i) each Lender is
entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the unanimous
consent provisions set forth herein and (ii) the Required Lenders shall determine whether or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all
of the Lenders. 
 No Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver
or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of such Defaulting Lender may
not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent 

 
of all Lenders or each affected Lender that by its terms affects such Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such
Defaulting Lender. 
 Notwithstanding any provision herein to the contrary the Administrative Agent and the Borrower may amend, modify or supplement this
Agreement or any other Loan Document to cure or correct administrative errors or omissions, any ambiguity, omission, defect or inconsistency or to effect administrative changes, and such amendment shall become effective without any further consent
of any other party to such Loan Document so long as (i) such amendment, modification or supplement does not adversely affect the rights of any Lender or other holder of Obligations in any material respect and (ii) the Lenders shall have
received at least five Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating
that the Required Lenders object to such amendment. 
 11.2 Notices; Effectiveness; Electronic Communications. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to any Loan Party or the Administrative Agent, to the address, facsimile number, electronic mail address or telephone
number specified for such Person on Schedule 11.02; and 
 (ii) if to any other Lender, to the address, facsimile
number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the
delivery of notices that may contain material non-public information relating to the Borrower). 
 Notices and other communications sent by
hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the
extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 

 (b) Electronic Communications. Notices and other communications to the
Lenders hereunder may be delivered or furnished by electronic communication (including e mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not
apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may
each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or
communications. 

 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement) and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the
normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED
BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON- INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE 

BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent
Parties”) have any liability to the Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Loan Party’s or the
Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet. 

(d) Change of Address, Etc. Each of the Borrower and the Administrative Agent may change its address, facsimile or
telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrower
and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number
and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender
to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s
compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that
may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities Laws. 

 (e) Reliance by Administrative Agent and Lenders. The Administrative Agent
and the Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of any Loan Party even if (i) such notices were not made in a manner specified herein, were incomplete or
were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any 

 confirmation thereof. The Loan Parties shall indemnify the Administrative Agent, each Lender and
the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

11.3 No Waiver; Cumulative Remedies; Enforcement. 

No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or
privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document (including the imposition of the
Default Rate) preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document are cumulative and
not exclusive of any rights, remedies, powers and privileges provided by Law. 
 Notwithstanding anything to the contrary contained herein
or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection
with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit
(a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising
setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.13), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall
have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso and subject to Section 2.13,
any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

11.4 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Loan Parties shall pay (i) all reasonable and documented out of pocket expenses
incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent) in connection with the syndication of the credit facilities provided for herein, the
preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or
thereby shall be consummated) 

 
and (ii) all out of pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent or any
Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder,
including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

 (b) Indemnification by the Loan Parties. The Loan Parties shall indemnify
the Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and
all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements
for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including any Loan Party) arising out of, in connection with, or as a result of (i) the execution or delivery of
this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated
hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in
Section 3.01), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by a Loan Party or any of its
Subsidiaries, or any Environmental Liability related in any way to a Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory, whether brought by a third party or by any Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee,

 (y) result from a claim brought by any Loan Party against an Indemnitee for breach of such Indemnitee’s obligations hereunder or
under any other Loan Document, if such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (z) arise from a dispute solely among Indemnitees (other than the
Administrative Agent or any Arranger acting in its capacity as such) at a time when the Loan Parties have not breached its obligations hereunder in any material respect and does not arise out of an act or omission by any Loan Party. Without limiting
the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

(c) Reimbursement by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount
required under subsection (a) or (b) of this Section to be paid by them to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent
(or any such sub- agent) or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total
Credit Exposures of all Lenders at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided, further that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be,
was incurred by or asserted against the Administrative Agent (or any such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such
capacity. 

 The obligations of the Lenders under this subsection (c) are subject to the provisions of
Section 2.12(d). 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable Law, no party hereto shall assert, and each such party hereby waives, and acknowledges that no other Person shall have, any claim on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the
proceeds thereof; provided that nothing contained in this clause (d) shall relieve the Loan Parties of any obligation it may have to indemnify an Indemnitee to against special, indirect, consequential or punitive damages asserted against such
Indemnitee by a third party claim. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 

(e) Payments. All amounts due under this Section shall be payable not later than ten Business Days after demand
therefor. 
 (f) Survival. The agreements in this Section and the indemnity provisions of Section 11.02(e)
shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

11.5 Payments Set Aside. 

To the extent that any payment by or on behalf of any Loan Party is made to the Administrative Agent or any Lender, or the Administrative Agent
or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement
entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to
pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a
rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 11.6 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding
upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder or thereunder
without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an 

 assignee in accordance with the provisions of subsection (b) of this Section, (ii) by
way of participation in accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (e) of this Section (and any other
attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign
to one or more assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment
shall be subject to the following conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the related
Loans at the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such Assignments) that equal at least the amount specified in subsection (b)(i)(B) of this Section in the aggregate or
in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which
for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the
Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s Loans and Commitments, and rights and obligations with respect thereto, assigned; 
 (iii)
Required Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition: 

 (A) the consent of the Borrower (such consent not to be unreasonably withheld or
delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower
shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; 

 (B) the consent of the Administrative Agent (such consent not to be unreasonably
withheld or delayed) shall be required for assignments in respect of any unfunded Term Loan Commitment if such assignment is to a Person that is not a Lender with a Commitment subject to such assignment, an Affiliate of such Lender or an Approved
Fund with respect to such Lender; and 
 (iv) Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive
such processing and recordation fee in the case of any assignment. The assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the
Borrower’s Affiliates or Subsidiaries, (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), (C) a
natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person) or (D) any Disqualified Institution. 

(vi) Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender
hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount
sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the
Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all
payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its
Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph,
then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 
 Subject to
acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement
and, to the extent of the interest assigned by such 

 
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party
hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with respect to facts and circumstances occurring prior to the effective date of such 

 assignment); provided, that except to the extent otherwise expressly agreed by the affected parties, no
assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note
to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with subsection (d) of this Section. 
 (c) Register. The
Administrative Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or
the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.

 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person), a Disqualified Institution, a Defaulting
Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its
Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the
avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without regard to the existence of any participation. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to
any amendment, waiver or other modification described in Section 11.01(a) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to
the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section (it being understood that the documentation required under Section 3.01(e) shall be delivered to
the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the
provisions of Sections 3.06 and 11.13 as if it were an assignee under paragraph 

 (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01
or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change
in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use 

 reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with
respect to any Participant. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender; provided that such Participant agrees to be subject to
Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant
and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan
Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(e) Certain Pledges. Any Lender may at any time pledge or assign a security interest 

in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including
any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as
a party hereto. 
 11.7 Treatment of Certain Information; Confidentiality. 

Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or (ii) any actual or prospective party (or its Related Parties) to any swap,
derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating any
Loan Party or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the
credit facilities provided hereunder, (h) with the consent of the Borrower or (i) to the extent such Information (x) becomes publicly available 

 
other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a
source other than the Borrower. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement to market data collectors, similar service providers to the lending industry and service 

 providers to the Agents and the Lenders in connection with the administration of this Agreement (including
information about this Agreement that is customarily provided to such parties), the other Loan Documents, and the Commitments. 
 For
purposes of this Section, “Information” means all information received from a Loan Party or any Subsidiary relating to the Loan Parties or any Subsidiary or any of their respective businesses, other than any such information that is
available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by such Loan Party or any Subsidiary, provided that, in the case of information received from a Loan Party or any Subsidiary after the Closing
Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if
such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Each of the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information
concerning a Loan Party or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with
applicable Law, including United States Federal and state securities Laws. 
 11.8 Rights of Setoff. 

If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any
time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in
whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of any Loan Party against any and all of the obligations of such Loan Party now or hereafter existing under this Agreement or any other
Loan Document to such Lender or their respective Affiliates, irrespective of whether or not such Lender or such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Loan Party may
be contingent or unmatured or are owed to a branch or office or Affiliate of such Lender different from the branch or office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting
Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.15 and, pending such
payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a
statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the
failure to give such notice shall not affect the validity of such setoff and application. 

 11.9 Interest Rate Limitation. 

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall
not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest
shall be applied to the 

 principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether
the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense,
fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the
Obligations hereunder. 
 11.10 Counterparts; Integration; Effectiveness. 

This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract
among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall
become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of
an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 

11.11 Survival of Representations and Warranties. 

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by
the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and
effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. 
 11.12 Severability. 

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity
and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting
Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the 

 
Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited. 

11.13 Replacement of Lenders. 

If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender
or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to 

 assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and
consents required by, Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an
Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(a) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in
Section 11.06(b); 
 (b) such Lender shall have received payment of an amount equal to the outstanding principal
of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 
 (c) in the case of any such
assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; 

(d) such assignment does not conflict with applicable Laws; and 

(e) in the case of an assignment resulting from a Lender becoming a Non- Consenting Lender, the applicable assignee shall have
consented to the applicable amendment, waiver or consent. 
 A Lender shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

11.14 Governing Law; Jurisdiction; Etc. 

(a) GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET
FORTH THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS
EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

 (b) SUBMISSION TO JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY RELATED
PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES
DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND 

 
EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE
HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE
TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) WAIVER OF VENUE. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS
SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

11.15 Waiver of Jury Trial. 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

 11.16 No Advisory or Fiduciary Responsibility. 

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), each of the Loan Parties acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by
the Administrative Agent, the 

 
Arrangers and the Lenders are arm’s-length commercial transactions between the Loan Parties and their Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the
Lenders, on the other hand, (B) each of the Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Loan Parties is capable of evaluating, and
understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Arrangers and the Lenders each is and has been acting solely as a
principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Loan Parties or any of their respective Affiliates, or any other Person and
(B) neither the Administrative Agent, any Arranger nor any Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth
herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan
Parties and their respective Affiliates, and neither the Administrative Agent, any Arranger nor any Lender has any obligation to disclose any of such interests to the Loan Parties and their respective Affiliates. To the fullest extent permitted by
Law, each of the Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent, any Arranger or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect
of any transaction contemplated hereby. 
 11.17 Electronic Execution of Assignments and Certain Other Documents. 

The words “delivery,” “execute,” “execution,” “signed,” “signature,” and words of like import
in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative
Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the
case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary neither the Administrative Agent nor any Lender is under any obligation to agree to accept electronic signatures in any form or
in any format unless expressly agreed to by the Administrative Agent or such Lender pursuant to procedures approved by it and provided further without limiting the foregoing, upon the request of any party, any electronic signature shall be
promptly followed by such manually executed counterpart. 
 11.18 USA PATRIOT Act Notice. 

Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender)
hereby notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that
identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the Act.
The Loan Parties shall, promptly following a request by the Administrative Agent or any Lender, provide all 

 
documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and
anti-money laundering rules and regulations, including the Act. 

 11.19 Acknowledgment and Consent to Bail-In of EEA Financial Institutions. 

Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA
Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any
Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Credit Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 [SIGNATURE PAGES FOLLOW] 

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

							
	BORROWER:	 		 	BGC PARTNERSNEWMARK GROUP, INC.,
			
		 		 	a Delaware corporation
			
		 		 	By:                                   
                                         
                                        

		 		 	Name:
		 		 	Title:

							
	ADMINISTRATIVE	 		 		 	
			
	AGENT:	 		 	BANK OF AMERICA, N.A.,
			
		 		 	as Administrative Agent
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	
			
	LENDERS:	 		 	BANK OF AMERICA, N.A.,
			
		 		 	as a Lender
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	
			
		 		 	GOLDMAN SACHS BANK USA,
			
		 		 	as a Lender
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	
			
		 		 	CITIBANK, N.A.,
			
		 		 	as a Lender
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	

							
			
		 		 	PNC BANK, NATIONAL ASSOCIATION,
			
		 		 	as a Lender
			
		 		 	By:                                   
                                         
                                        

		 		 	Name:
		 		 	Title:
			
		 		 	 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD., NEW YORK BRANCH,

as a Lender

			
		 		 	By:                                   
                                         
                                        

		 		 	Name:
		 		 	Title:

 Exhibit 2.02 

FORM OF LOAN NOTICE 
 Date:
                    ,         

To: Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to that
certain Term Loan Credit Agreement, dated as of September 8, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
““Credit Agreement;””the terms defined therein being used herein as
therein defined), among BGC PartnersNewmark Group, Inc., a Delaware corporation (the
““Borrower””), the Guarantors from time to time party thereto, the
Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent. 
 The undersigned hereby requests (select
one): 
 ☐  A Borrowing of Term Loans 

☐  A conversion or continuation of Term Loans 

1. ON                    
(A BUSINESS DAY). 
 2. IN THE AMOUNT OF
$                         . 

3. OF             MONTHS. 

4. 

 COMPRISED
OF                         . [TYPE OF LOAN REQUESTED] 

FOR EURODOLLAR RATE LOANS: WITH AN INTEREST PERIOD 

[With respect to such Borrowing, the Borrower hereby represents and warrants that (i) such request complies with the requirements of
Section 2.01 of the Credit Agreement and (ii) each of the conditions set forth in Section 4.02 of the Credit Agreement has been satisfied on and as of the date of such Borrowing.] 

 

			
	BGC PARTNERSNEWMARK GROUP, INC.
		
	By:	 	                                      
                                      
	Name:	 	                                      
                                      
		 	Title:
                                         
                         

 Exhibit 2.05 

FORM OF NOTICE OF LOAN PREPAYMENT 

TO: Bank of America, N.A., as Administrative Agent 
  

	RE:	Term Loan Credit Agreement dated as of September 8, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined
therein being used herein as therein defined), among BGC PartnersNewmark Group, Inc., a Delaware corporation (the “Borrower”), the Guarantors from time to
time party thereto, the Lenders party thereto and Bank of America, N.A., in its capacity as administrative agent (in such capacity, the “Administrative Agent”) for the lenders from time to time party to the Credit Agreement.

 DATE: [Date] 

The Borrower hereby notifies the Administrative Agent that on
                        1 pursuant to the terms of
Section 2.05 of the Credit Agreement, the Borrower intends to prepay the following Loans as more specifically set forth below: 

Voluntary prepayment in the following amount(s): 

☐  Eurodollar Rate Loans:
$                             2 

      Applicable Interest
Period:                             

☐  Base Rate Loans:
$                                         3 

 Delivery of an executed counterpart of a signature page of this notice by fax transmission or
other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this notice. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

	

  
  

	1 	Specify date of such prepayment. 

	2 	Any prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or if less, the entire principal amount thereof outstanding). 

	3 	Any prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof (or if less, the entire principal amount thereof outstanding). 

 
			
	BGC PARTNERSNEWMARK GROUP, INC.,
	
	 a Delaware corporation

		
	By:	 	                                      
                                      
		
	Name:	 	                                      
                                      
		
	Title:	 	                                      
                                      

 Exhibit 2.11 

FORM OF NOTE 

                       
 , 20         
 FOR VALUE RECEIVED, the undersigned (the
““Borrower””), hereby promises to pay to or registered assigns
(the ““Lender””), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to the Borrower
(or assumed by the Lender) under that certain Term Loan Credit Agreement, dated as of September 8, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the ““Agreement;””the terms defined therein being
used herein as therein defined), among the Borrower, Newmark Group, Inc., the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and Bank of America,
N.A., as Administrative Agent. 
 The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such
Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in
immediately available funds at the Administrative Agent’sAgent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear
interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject
to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately
due and payable all as provided in the Agreement. Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and
endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 
 The Borrower, for itself, its successors
and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

			
	BGC PARTNERSNEWMARK GROUP, INC.
	
	
		
	By:	 	                                      
                                      
		
	Name:	 	                                      
                                      
		
	Title:	 	                                      
                                      

 EXHIBIT 3.01-A 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Credit Agreement dated as of September 8, 2017 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among BGC PartnersNewmark Group, Inc., a Delaware corporation (the
““Borrower””), the Guarantors identified therein, the Lenders
identified therein, and Bank of America, N.A., as Administrative Agent. 
 Pursuant to the provisions of Section 3.01(e) of the
Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a
bank within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code and (iv) it is not a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code. 
 The
undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BENE (or W-8BEN, as applicable). By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a
properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	 [NAME OF LENDER]

		
	 By:
	 	
                   
                                         
                

		 	

			
	Name:  
                                         
                           
	
	Title:  
                                         
                           
	
	Date:                    , 20        

 EXHIBIT 3.01-B 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Credit Agreement dated as of September 8, 2017 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among BGC Partners, Inc., a Delaware corporation (the “, Newmark Group, Inc., a Delaware corporation (the
“Borrower””), the Guarantors identified therein, the Lenders identified therein, and Bank of America, N.A., as Administrative
Agent. 
 Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iii) it is
not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Internal Revenue Code. 
 The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS
Form W-8BENE (or W-8BEN, as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the
undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement. 
  

	
	[NAME OF PARTICIPANT]
	By:                                     
                                         
            
	

	
	Name:                                     
                                         
      
	
	Title:                                     
                                         
         
	
	Date:        , 20            

 EXHIBIT 3.01-C 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Credit Agreement dated as of September 8, 

2017 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among 

BGC Partners, Inc., a Delaware corporation (the “,
Newmark Group, Inc., a Delaware corporation (the “Borrower””), the Guarantors identified
therein, the Lenders identified therein, and Bank of America, N.A., as Administrative Agent. 
 Pursuant to the provisions of
Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such participation, 
 (iii) with respect such participation, neither the undersigned nor any of its
direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iv) none of
its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code. 
 The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BENE (or W-8BEN, as applicable) or (ii) an IRS
Form W-8IMY accompanied by an IRS Form W-8BENE (or W-8BEN, as applicable) from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 

	
	[NAME OF PARTICIPANT]
	
	By:                                     
                                         
            
	
	Name:                                     
                                         
      
	
	Title:                                     
                                         
         
	
	Date:             , 20                 

 EXHIBIT 3.01-D 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Credit Agreement dated as of September 8, 2017 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among BGC Partners, Inc., a Delaware corporation (the “, Newmark Group, Inc., a Delaware corporation (the
“Borrower””), the Guarantors identified therein, the Lenders identified therein, and
Bank of America, N.A., as Administrative Agent. 
 Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the
undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the
sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iv) none of its
direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code. 
 The undersigned has furnished
the Administrative Agent and the Borrower with IRS Form W- 8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BENE (or W-8BEN, as applicable) or
(ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BENE (or W-8BEN, as applicable)from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower
and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 

	
	[NAME OF LENDER]
	
	
By:                         
                                         
                        
  

	
Name:                         
                                         
                  
  

	Title:                                     
                                         
         
	  
 Date:
                , 20    

 Exhibit 6.02 

FORM OF COMPLIANCE CERTIFICATE 

For the fiscal period
ended                     , 20             . 

I, , [Title] of BGC PARTNERSNEWMARK GROUP, INC. (the
““Borrower””) hereby certify that, to the best of my knowledge and
belief, with respect to that certain Term Loan Credit Agreement dated as of September 8, 2017 (as amended, modified, restated or supplemented from time to time, the
““Credit Agreement””; all of the defined terms in the Credit
Agreement are incorporated herein by reference) among the Borrower, the Guarantors, the Lenders and Bank of America, N.A., as Administrative Agent: 
  

	 	(a)	The company-prepared financial statements which accompany this certificate are true and correct in all material respects and have been prepared in accordance with GAAP applied on a consistent basis, subject to
changes resulting from normal year- end audit adjustments. 

  

	 	(b)	Since                    (the date of the last similar certification, or, if none, the Closing Date) no Default
or Event of Default has occurred under the Credit Agreement; 

  

	 	(c)	(select one): 

  

	 	☐	Attached hereto is a supplement to Schedule 5.11 (Loan Parties and Subsidiaries) of the Credit Agreement, such that, as supplemented, such Schedule is accurate and complete as of the date hereof.

  

	 	☐	No such supplement is required at this time. 

 Delivered herewith are detailed calculations
demonstrating compliance by the Loan Parties with the financial covenants contained in Section 7.11 of the Credit Agreement as of the end of the fiscal period referred to above. 

 This             day
of                     , 20         . 

 

			
	BGC PARTNERSNEWMARK GROUP, INC.

 
			
		
	 By:
	 	  

	 Name:

Title:

 Attachment to
Officer’sOfficer’s Certificate 
 Computation of
Financial Covenants 

 Exhibit 6.12 

FORM OF JOINDER AGREEMENT 
 THIS JOINDER
AGREEMENT (the ““Agreement””), dated as of
                    , 20        , is by and between
                    , a                    (the
““Subsidiary””), and BANK OF AMERICA, N.A., in its capacity as
Administrative Agent under that certain Term Loan Credit Agreement (as it may be amended, modified, restated or supplemented from time to time, the ““Credit
Agreement””), dated as of September 8, 2017, by and among BGC PARTNERSNEWMARK
GROUP, INC., a Delaware corporation (the ““Borrower””), the
Guarantors, the Lenders and Bank of America, N.A., as Administrative Agent. All of the defined terms in the Credit Agreement are incorporated herein by reference. 

The Loan Parties are required by Section 6.12 of the Credit Agreement to cause the Subsidiary to become a
““Guarantor””. 

Accordingly, the Subsidiary hereby agrees as follows with the Administrative Agent, for the benefit of the Lenders: 

1. The Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the Subsidiary will be deemed to be a
party to the Credit Agreement and a ““Guarantor””for all purposes of the
Credit Agreement, and shall have all of the obligations of a Guarantor thereunder as if it had executed the Credit Agreement. The Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and
conditions applicable to the Guarantors contained in the Credit Agreement. Without limiting the generality of the foregoing terms of this paragraph 1, the Subsidiary hereby jointly and severally together with the other Guarantors, guarantees to each
Lender and the Administrative Agent, as provided in Article X of the Credit Agreement, the prompt payment of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, a mandatory cash
collateralization or otherwise) strictly in accordance with the terms thereof. 
 2. The address of the Subsidiary for purposes of all
notices and other communications is                     ,
                    , Attention
of                     (Facsimile
No.                     ). 
 3. The
Subsidiary hereby waives acceptance by the Administrative Agent and the Lenders of the guaranty by the Subsidiary under Article X of the Credit Agreement upon the execution of this Agreement by the Subsidiary. 

4. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together
shall constitute one contract. 

 5. This Agreement shall be governed by and construed and interpreted in accordance with the laws
of the State of New York. 

 IN WITNESS WHEREOF, the Subsidiary has caused this Joinder Agreement to be duly executed by its
authorized officers, and the Administrative Agent, for the benefit of the Lenders, has caused the same to be accepted by its authorized officer, as of the day and year first above written. 

 

			
	[SUBSIDIARY]
		
	By:	 	  

	
	Name:
	
	Title:
	
	Acknowledged and accepted:
	
	 BANK OF AMERICA, N.A.,
  

as Administrative Agent

		
	By:	 	  

	
	Name:
	
	Title:

 Exhibit 11.06(b) 

FORM OF ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (this
““Assignment and Assumption””) is dated as of the Effective Date set forth below and is entered into by and between
[Insert name of Assignor] (the ““Assignor””) and [Insert name of Assignee] (the
““Assignee””). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit
Agreement identified below (as amended, the ““Credit Agreement””), receipt of a copy of which is hereby acknowledged by
the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the
Assignor’sAssignor’s rights and obligations as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto in the
amount[s] and equal to the percentage interest[s] identified below of all the outstanding rights and obligations under the respective facilities identified below (including, without limitation, Guarantees included in such facilities) and
(ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection
with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort
claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses
(i) and (ii) above being referred to herein collectively as, the ““Assigned Interest””). Such sale and
assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

					
	1.	  	Assignor:                                  
                                         
     
	.	  	[Assignor [is][is not] a Defaulting Lender.]
		
	2.	  	Assignee:
                                         
                                       
		  	[and is an Affiliate/Approved Fund of [identify Lender]4]
		
	3.	  	Borrower: BGC PartnersNewmark Group, Inc., a Delaware corporation
		
	4.	  	Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement

					
	5.	  	Credit Agreement: Term Loan Credit Agreement dated as of September 8, 2017 among the Borrower, the Guarantors party thereto, the Lenders party thereto and Bank of America, N.A., as Administrative Agent

  
  

 

	4 	Select as applicable. 

					
	6.	  	 AssignedInterest:

  

													
	 Facility
Assigned5
	  	Aggregate
Amount of
Commitment/
Loans
for all Lenders	 	  	Amount of
Commitment/Loans
Assigned*	 	  	Percentage
Assigned of
Commitment/Loans6	 
				
		  	$		 	  	$		 	  	 	%	 
				
		  	$		 	  	$		 	  	 	%	 
				
		  	$		 	  	$		 	  	 	%	 

  

	 	[7.	Trade Date:                                 ]7 

 Effective
Date:                     , 20         [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	            [NAME OF ASSIGNOR]
		
	By:	 	  

	
	 Title: 
  

ASSIGNEE

	
	[NAME OF ASSIGNEE]

 
			
	By:	 	  

		
	Title:	 	

  

	5 	Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g. “Term Loan Commitment”) 

	*	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

	6 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	7 	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

			
	[Consented to and]8 Accepted:
	
	BANK OF AMERICA, N.A. as
	
	Agent
		
	By	 	  

	
	Title:
	
	BGC PARTNERSNEWMARK GROUP, INC.
		
	By	 	  

	
	Title:

  

	8 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this
Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or
in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition
of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of
their respective obligations under any Loan Document. 
 1.2 Assignee. The Assignee (a) represents and warrants that (i) it
has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets the
requirements to be an assignee under Section 11.06(b)(iii) and (v) of the Credit Agreement (subject to such consents, if any, as may be required under Section 11.06(b)(iii) of the Credit Agreement),
(iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is
sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets
of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as
applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (vi) it has, independently and without
reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned
Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it
will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Loan Documents, and (ii) it will 

 
perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

 The Assignee represents and warrants as of the Effective Date to the Administrative Agent, the Assignor and the
respective Affiliates of each, and not, for the avoidance of doubt, for the benefit of the Borrower or any other Loan Party, that (i) the Assignee is not and will not be (A) an employee benefit plan subject to Title I of ERISA; (B) a
plan or account subject to Section 4975 of the Code; or (C) a “governmental plan” within the meaning of ERISA; and (ii) the assets used by such Lender’s Commitment do not include “plan assets” of any such
plans or accounts for purposes of ERISA or the Code. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall
make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have
accrued from and after the Effective Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to the Assignee. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

 Exhibit 11.06(b)(iv) 

FORM OF ADMINISTRATIVE QUESTIONNAIRE 

[Request appropriate form from Administrative Agent]RESCISSION
AND MUTUAL RELEASE AGREEMENT

 

Dated
as of November 27, 2017

 

This
Rescission and Mutual Release Agreement (the “Agreement”) is entered into as of the date first set forth above (the
“Effective Date”), by and between Life Clips, Inc., a Wyoming corporation (“Buyer”), Ascenda Corporation,
a company limited by shares incorporated under the laws of Independent State of Samoa (“Seller”), Hong Kong Ascenda
International Co., Limited, a company limited by shares incorporated under the laws of Hong Kong (“Company HK”), and
Hong Kong Ascenda International Co., Limited, a company limited by shares incorporated under the laws of Independent State of
Samoa (“Company Samoa”, and collectively with Company HK, the “Companies” and each a “Company”),
and Donald Ruan (“Ruan”). Buyer, Seller, Company HK, Company Samoa and Ruan may each be referred to herein individually
as a “Party” and, collectively, as the “Parties.”

 

RECITALS

 

WHEREAS,
the Parties (other than Ruan) are all of the parties to that certain Stock Purchase Agreement, dated as of June 22, 2017 (as attached
hereto as Exhibit A-1, the “Purchase Agreement”), pursuant to which Buyer acquired from Seller 100% of the Equity
Interests (as defined in the Purchase Agreement) of Company HK (the “HK Shares”) and of Company Samoa (the “Samoa
Shares” and, together with the HK Shares, the “Shares”) in return for the issuance by Buyer to Seller of 10
million shares of common stock, par value $0.001 per share (the “Common Stock”) of Buyer (the “Stock Consideration”)
and a promissory note payable by Buyer to Seller in the amount of $500,000 (as attached hereto as Exhibit A-2, the “Note”);

 

WHEREAS,
the Parties now desire to unwind and rescind the Transaction on the terms set forth below; and

 

WHEREAS,
Seller desires to return and Buyer desires to take back all of the Stock Consideration, and Buyer desires to return and Seller
desires to take back all of the Shares, in each case on the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the premises and of the terms and conditions herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, each intending to be legally bound,
hereby agree as follows:

 

1.
Rescission of the Transaction.

 

	 	(a)	Transaction
    Void. Each of the Parties hereto do hereby covenant and agree that, as at the “Closing” (hereinafter defined),
    the Purchase Agreement and all of the transactions contemplated thereby be, and the same hereby is, rescinded ab initio,
    and shall be of no further force or effect, as a result of which the Transaction shall be deemed not to have occurred, and,
    notwithstanding anything to the contrary in the Note, the Note is also hereby terminated and rescinded ab initio, and
    shall be of no further force or effect (collectively, the “Rescission”). It is intended that the Rescission will
    place each of the Parties in the same respective position that each was in prior to the completion of the Transaction on June
    21, 2017. 
	 	 	 
	 	(b)	Resignation
    and Termination of Employment Agreement. Effective as of the date hereof, Ruan hereby resigns from all positions he holds
    as a director or officer of Buyer and any of its subsidiaries, and the Employment Agreement between Buyer and Ruan (as attached
    hereto as Exhibit A-3, the “Employment Agreement”) is hereby terminated and is of no further force or effect.
    Ruan and Buyer do hereby covenant and agree that, as at the Closing, the Employment Agreement and all of the transactions
    contemplated thereby be, and the same hereby are, rescinded ab initio, and shall be of no further force or effect,
    as a result of which the transactions contemplated therein shall be deemed not to have occurred. The Parties acknowledge and
    agree that Ruan was due to be issued 500,000 shares of Common Stock of Buyer (the “Employment Shares”) pursuant
    to the Employment Agreement but none of such Employment Shares were actually issued, and Ruan hereby waives all rights thereto
    in connection with the termination and rescission of the Employment Agreement. 

 

    	1

     

    

 

	 	(c)	Tax
    Treatment. To the extent possible, the Rescission is intended to constitute a rescission within the meaning of Internal
    Revenue Service (“IRS”) Revenue Ruling 80-58, the Parties agree to report the Rescission consistently therewith
    as required under applicable IRS rules and regulations.
	 	 	 
	 	(d)	Cooperation
    on Tax Matters. Each of the Parties agree to furnish or cause to be furnished to each other upon request as promptly as
    practicable such information (including access to books and records) and information and assistance relating to the Agreement
    as is reasonably necessary for the filing of any tax or information return, for the preparation of any tax audit, and for
    the prosecution or defense of any claim, suit or proceeding relating to any proposed tax adjustment. 
	 	 	 
	 	(e)	Costs.
    The Parties agree that the expenses incurred by the Companies for the period starting on June 22nd 2017 through
    the date hereof, plus the consequent expenses for the rescission and unwinding of the transactions pursuant to this Agreement,
    shall be the responsibility of the Buyer and shall be recorded as a liability in the accounts of the Buyer and offset by the
    profit from the operations of the Companies during such period. 

 

2.
Closing and Post-Closing.

 

	 	(a)	The
    closing of the transactions contemplated herein (the “Closing”) shall occur on the Effective Date. 
	 	 	 
	 	(b)	To
    effect the transfer of the Stock Consideration back to Buyer, at the Closing, Seller shall deliver to Buyer the stock certificates
    representing the Stock Consideration, together with a completed stock power, medallion guaranteed, in the form attached hereto
    as Exhibit B. 
	 	 	 
	 	(c)	To
    effect the transfer of the Shares back to Seller, at the Closing, Buyer shall deliver to Seller the stock certificates representing
    the Shares, together with completed stock powers, medallion guaranteed, in the forms attached hereto as Exhibit C-1 and Exhibit
    C-2. 
	 	 	 
	 	(d)	At
    and following the Closing, each of the Parties hereto shall execute such documents and perform such further acts as may be
    reasonably required to carry out the provisions hereof and the actions contemplated hereby.

 

3.
Representations and Warranties of Buyer. Buyer represents and warrants to Seller and the Companies as follows:

 

	 	(a)	Authorization.
    All actions on the part of Buyer and its respective nominees, officers, directors and shareholders necessary for the authorization,
    execution and delivery of this Agreement and the performance of all obligations of Buyer hereunder has been taken. Assuming
    this Agreement constitutes a valid and legally binding obligation of Seller and the Companies, this Agreement constitutes
    a valid and legally binding obligation of Buyer, enforceable against Buyer in accordance with its terms except to the extent
    that the enforceability thereof may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
    conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and (b)
    general principles of equity. 
	 	 	 

 

    	2

     

    

 

	 	(b)	Information
    and Statements. No representation or warranty made by or on behalf of Buyer with respect to the Purchase Agreement contains
    any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements so made,
    in light of the circumstances under which they are made, not misleading. 
	 	 	 
	 	(c)	Right
    and Title. Buyer has all right, title and interest in and to the Shares, the Shares are owned by Buyer free and clear
    of all liens and encumbrances, and upon receipt of such Shares, Seller will have all right, title and interest in and to the
    Shares.
	 	 	 
	 	(d)	No
    Violations. Neither the execution and delivery of this Agreement nor the consummation and performance of any of the transactions
    contemplated hereby or thereby by Buyer will violate in any material respect any existing applicable law, rule, regulation,
    judgment, order or decree of any governmental authority having jurisdiction over Buyer. Buyer is free to enter into this Agreement
    and, in so doing, Buyer will not violate any other agreement to which Buyer is a party. 

 

4.
Representations and Warranties of the Companies.

 

	 	(a)	Authorization.
    All actions on the part of the Companies and their respective nominees, officers, directors and shareholders necessary for
    the authorization, execution and delivery of this Agreement and the performance of all obligations of the Companies hereunder
    has been taken. Assuming this Agreement constitutes a valid and legally binding obligation of Buyer, this Agreement constitutes
    a valid and legally binding obligation of each Company, enforceable against each Company in accordance with its terms except
    to the extent that the enforceability thereof may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium,
    fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally
    and (b) general principles of equity. 
	 	 	 
	 	(b)	Information
    and Statements. No representation or warranty made by or on behalf of either Company with respect to the Purchase Agreement
    contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements
    so made, in light of the circumstances under which they are made, not misleading. 
	 	 	 
	 	(c)	No
    Violations. Neither the execution and delivery of this Agreement nor the consummation and performance of any of the transactions
    contemplated hereby or thereby by either Company will violate in any material respect any existing applicable law, rule, regulation,
    judgment, order or decree of any governmental authority having jurisdiction over either Company. Each Company is free to enter
    into this Agreement and, in so doing, neither Company will violate any other agreement to either Company is a party. 

 

5.
Representations and Warranties of Seller.

 

	 	(a)	Authorization.
    All actions on the part of Seller and its nominees necessary for the authorization, execution and delivery of this Agreement
    and the performance of all obligations of Seller hereunder has been taken. Assuming this Agreement constitutes a valid and
    legally binding obligation of Buyer, this Agreement constitutes a valid and legally binding obligation of Seller, enforceable
    against Seller in accordance with its terms except to the extent that the enforceability thereof may be limited by (a) applicable
    bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting
    enforcement of creditors’ rights generally and (b) general principles of equity. 

 

    	3

     

    

 

	 	(b)	Information
    and Statements. No representation or warranty made by or on behalf of Seller with respect to the Purchase Agreement contains
    any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements so made,
    in light of the circumstances under which they are made, not misleading. 
	 	 	 
	 	(c)	Right
    and Title. Seller has all right, title and interest in and to the Stock Consideration, the Stock Consideration is owned
    by Seller free and clear of all liens and encumbrances, and upon receipt of such Stock Consideration, Buyer will have all
    right, title and interest in and to the Stock Consideration.
	 	 	 
	 	(d)	No
    Violations. Neither the execution and delivery of this Agreement nor the consummation and performance of any of the transactions
    contemplated hereby or thereby by Seller will violate in any material respect any existing applicable law, rule, regulation,
    judgment, order or decree of any governmental authority having jurisdiction over Seller. Seller is free to enter into this
    Agreement and, in so doing, Seller will not violate any other agreement to which Seller is a party. 

 

6.
Release of Claims.

 

	 	(a)	Effective
    as of the Effective Date, Buyer, for itself and its Affiliates (as hereinafter defined), and each of its predecessors, successors,
    assigns, heirs, representatives, and agents and for all related parties, and all persons acting by, through, under or in concert
    with any of them in both their official and personal capacities (collectively, the “Buyer Parties”) hereby irrevocably,
    unconditionally and forever release, discharge and remise the Companies, Ruan and Seller and their respective Affiliates (whether
    an Affiliate as of the Effective Date or later), and their respective predecessors, successors, assigns, heirs, representatives,
    and agents and for all related parties and all persons acting by, through, under or in concert with any of them in both their
    official and personal capacities (collectively, the “Seller Parties”), from all claims of any type and all manner
    of action and actions, cause and causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
    specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, executions,
    claims and demands whatsoever, in law or in equity, known or unknown, that any Buyer Party may have now or may have in the
    future, against any of the Seller Parties to the extent that those claims arose, may have arisen, or are based on events which
    occurred at any point in the past up to and including the Effective Date, including, without limitation, any such matters
    related to the Purchase Agreement, the Note or the Employment Agreement, but excluding, for greater certainty, the obligations
    of the Ruan, the Companies or Seller hereunder (collectively, the “Buyer Released Claims”). Buyer represents and
    warrant that no Buyer Released Claim released herein has been assigned, expressly, impliedly, or by operation of law, and
    that all Buyer Released Claims released herein are owned by Buyer, which has the sole authority to release them. Buyer agree
    that its shall forever refrain and forebear from commencing, instituting or prosecuting any lawsuit action or proceeding,
    judicial, administrative or otherwise collect or enforce any Buyer Released Claim which is released and discharged herein.
    For purposes hereof, an “Affiliate” of a Party shall be any Party that controls, is controlled by, or is under
    common control with, the subject Party.
	 	 	 
	 	(b)	Effective
    as of the Effective Date, each of Ruan, the Companies and Seller, for themselves and the other Seller Parties, hereby irrevocably,
    unconditionally and forever releases, discharges and remises each Buyer Party, from all claims of any type and all manner
    of action and actions, cause and causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
    specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, executions,
    claims and demands whatsoever, in law or in equity, known or unknown, that any Buyer Party to the extent that those claims
    arose, may have arisen, or are based on events which occurred at any point in the past up to and including the Effective Date,
    including, without limitation, any such matters related to the Purchase Agreement, the Note or the Employment Agreement, but
    excluding, for greater certainty, the obligations of Buyer hereunder (collectively, the “Seller Released Claims”).
    Ruan, the Companies and Seller jointly and severally represent and warrant that no Seller Released Claim released herein has
    been assigned, expressly, impliedly, or by operation of law, and that all Seller Released Claims released herein are owned
    by Ruan, the Companies or Seller, which has the respective sole authority to release them. Each Company and Seller each agree
    that they shall forever refrain and forebear from commencing, instituting or prosecuting any lawsuit action or proceeding,
    judicial, administrative or otherwise collect or enforce any Seller Released Claim which is released and discharged herein.

 

    	4

     

    

 

7.
Covenant Not to File a Claim and Indemnification.

 

	 	(a)	Each
    of the Buyer Parties agrees not to file for themselves or on behalf of any other parties, any claim, charge, complaint, action,
    or cause of action against any Seller Party related to Buyer Released Claims, and further agrees to indemnify and save harmless
    such Seller Parties from and against any and all losses, including, without limitation, the cost of defense and legal fees,
    occurring as a result of any claims, charges, complaints, actions, or causes of action made or brought by any such Buyer Party
    against any Seller Party in violation of the terms and conditions of this Agreement. In the event that any Buyer Party brings
    a suit against any Seller Party in violation of this covenant, Buyer agrees to pay any and all costs of the Seller Parties,
    including attorneys’ fees, incurred by such Seller Parties in challenging such action. Any Seller Party is an intended
    third-party beneficiary of this Agreement. 
	 	 	 
	 	(b)	Each
    of the Seller Parties agrees not to file for themselves or on behalf of any other parties, any claim, charge, complaint, action,
    or cause of action against any Buyer Party related to the Seller Released Claims, and further agrees to indemnify and save
    harmless such Buyer Parties from and against any and all losses, including, without limitation, the cost of defense and legal
    fees, occurring as a result of any claims, charges, complaints, actions, or causes of action made or brought by any such Seller
    Party against any Buyer Party in violation of the terms and conditions of this Agreement. In the event that any Seller Party
    brings a suit against any Buyer Party in violation of this covenant, the Companies and Seller agree to pay any and all costs
    of the Buyer Parties, including attorneys’ fees, incurred by such Buyer Parties in challenging such action. Any Buyer
    Party is an intended third-party beneficiary of this Agreement. 

 

8.
Affirmations.

 

	 	(a)	Each
    Buyer Party affirms that it has not filed, caused to be filed, or presently is a party to any claim, complaint, or action
    against any Seller Party in any forum or form and should any such charge or action be filed by any Buyer Party or by any other
    person or entity on any Buyer Party’s behalf involving matters covered by Section 6(a), Buyer agrees to promptly give
    the agency or court having jurisdiction a copy of this Agreement and inform them that any such claims any such Buyer Party
    might otherwise have had are now settled. 
	 	 	 
	 	(b)	Each
    Seller Party affirms that it has not filed, caused to be filed, or presently is a party to any claim, complaint, or action
    against any Buyer Party in any forum or form and should any such charge or action be filed by any Seller Party or by any other
    person or entity on any Seller Party’s behalf involving matters covered by Section 6(b), the Companies and Seller agree
    to promptly give the agency or court having jurisdiction a copy of this Agreement and inform them that any such claims any
    the Companies or Seller might otherwise have had are now settled. 

 

    	5

     

    

 

	 	(c)	This
    is a compromise and settlement of potential or actual disputed claims and is made solely for the purpose of avoiding the uncertainty,
    expense, and inconvenience of future litigation. Neither this Agreement nor the furnishing of any consideration concurrently
    with the execution hereof shall be deemed or construed at any time or for any purpose as an admission by any Party of any
    liability or obligation of any kind. Any such liability or wrongdoing is expressly denied. The Parties hereto acknowledge
    that this Agreement was reached after good faith settlement negotiations and after each party had an opportunity to consult
    legal counsel. This Agreement extends to, and is for the benefit of, the Parties, their respective successors, assigns and
    agents and anyone claiming by, through or under the Parties hereto.

 

	9.	Notices.
    All notices, requests, consents, claims, demands, waivers and other communications hereunder (each, a “Notice”)
    shall be in writing and addressed to the Parties at the addresses set forth below (or to such other address that may be designated
    by the receiving party from time to time in accordance with this Section 9). All Notices shall be delivered by personal delivery,
    nationally recognized overnight courier (with all fees pre-paid), e-mail of a PDF document (with confirmation of transmission)
    or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided in
    this Agreement, a Notice is effective only (a) upon receipt by the receiving Party, and (b) if the Party giving the Notice
    has complied with the requirements of this Section 9.

 

if
to Ruan, the Companies or to Seller, to:

 

Ascenda
Corporation

Attention:
Donald Ruan

35J
Jia-Li Building

1228
Yan-An Road

Shanghai,
China 200052

E-mail:
donald.ruan@ascendaintl.com

 

If
to Buyer:

 

Life
Clips, Inc.

Attention:
Victoria Rudman, Chief Financial Officer

18851
NE 29th Ave, Suite 700

Aventura,
FL 33180

E-mail:
vrudman@lifeclips.com

 

With
a copy, which shall not constitute notice, to:

 

Legal
& Compliance, LLC

Attn:
John Cacomanolis

330
Clematis Street, Suite 217

West
Palm Beach, FL 33401

Email:
jcacomanolis@legalandcompliance.com

 

	10.	Governing
    Law and Interpretation. This Agreement shall be governed and controlled by and in accordance with the laws of the State
    of Florida without regard to its conflict of laws provisions. Venue for any action brought to enforce the terms of this Agreement
    or for breach thereof shall lie exclusively in the state and federal courts located in Palm Beach County, Florida. Should
    any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be
    modified to be enforceable, excluding the general release language, such provision shall immediately become null and void,
    leaving the remainder of this Agreement in full force and effect. The Parties affirm that this Agreement is the product of
    negotiation and agree that it shall not be construed against any Party on the basis of sole authorship. The Parties agree
    that the successful Party in any suit related to this Agreement (as determined by the applicable court(s)) shall be entitled
    to recover its reasonable attorneys’ fees and expenses related thereto, including attorneys’ fees and costs incident
    to an appeal.

 

    	6

     

    

 

	11.	WAIVER
    OF JURY TRIAL. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT HE OR IT MAY HAVE
    TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
    CONTEMPLATED HEREIN OR THE PERFORMANCE THEREOF (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
    CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
    OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
    OTHER PARTY HERETO HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
    IN THIS SECTION 11.
	 	 
	12.	Remedies.
    Each of the Parties acknowledges and agrees that the remedy at law available to the other Party for breach of any Party’s
    obligations under this Agreement would be inadequate and that damages flowing from such a breach may not readily be susceptible
    to being measured in monetary terms. Accordingly, each Party acknowledges, consents and agrees that, in addition to any other
    rights or remedies that any Party may have at law, in equity or under this Agreement, upon adequate proof of a violation by
    any other Party of any provision of this Agreement, the first Party will be entitled to seek immediate injunctive relief and
    may obtain a temporary order restraining any threatened or further breach, without the necessity of proof of actual damage
    or requirement to post a bond.
	 	 
	13.	Non-admission
    of Wrongdoing. The Parties agree neither this Agreement nor the furnishing of the consideration for same shall be deemed
    or construed at any time for any purpose as an admission by any Party of any liability or unlawful conduct of any kind.
	 	 
	14.	Entire
    Agreement; Severability. This Agreement and the exhibits attached hereto sets forth the entire agreement between the Parties
    with respect to the subject matter hereof and fully supersedes any prior agreements or understandings between the Parties
    with respect to the subject matter hereof. The Parties acknowledge that each has not relied on any representations, promises,
    or agreements of any kind made to the other in connection with each Party’s decision to accept this Agreement, except
    for those set forth in this Agreement. If any provision of this Agreement is held to be illegal, invalid, or unenforceable
    under present or future laws effective during the term hereof, the provision shall be fully severable and this Agreement shall
    be construed and enforced as if such illegal, invalid, or unenforceable provision were never a part hereof; and the remaining
    provisions hereof shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable
    provision or by its severance herefrom. The Parties have participated in the drafting and negotiation of this Agreement and
    if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the
    Parties thereto and no presumption of burden of proof shall arise favoring or burdening any Party by virtue of the authorship
    of any provision in this Agreement. 
	 	 
	15.	Amendment.
    This Agreement may not be modified, altered or changed except upon express written consent of all Parties wherein specific
    reference is made to this Agreement.
	 	 
	16.	Headings.
    The headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the Parties
    to this Agreement.
	 	 
	17.	Waiver.
    Waiver of any term or condition of this Agreement by any Party shall only be effective if in writing and shall not be construed
    as a waiver of any subsequent breach or failure of the same term or condition, or a waiver of any other term or condition
    of this Agreement.

 

    	7

     

    

 

	18.	Binding
    Effect; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their
    permitted successors and assigns. No Party to this Agreement may assign or delegate, by operation of law or otherwise, all
    or any portion of its rights, obligations or liabilities under this Agreement without the prior written consent of the other
    Parties, which any such Party may withhold in its absolute discretion. Any purported assignment without such prior written
    consents shall be void.
	 	 
	19.	No
    Third-Party Beneficiaries. Nothing in this Agreement shall confer any rights, remedies or claims upon any person or entity
    not a Party or a permitted assignee of a Party to this Agreement.
	 	 
	20.	Expenses.
    Except as expressly provided herein, all costs and expenses incurred in connection with this Agreement and the transactions
    contemplated hereby shall be paid by the Party incurring such costs and expenses.
	 	 
	21.	Counterparts.
    This Agreement may be signed in any number of counterparts with the same effect as if the signatures to each counterpart were
    upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement.

 

[Signatures
appear on following page]

 

    	8

     

    

 

IN
WITNESS WHEREOF, the Parties hereto knowingly and voluntarily executed this Agreement as of the Effective Date:

 

	 	Life
    Clips, Inc.
	 	 	 
	 	By:	/s/
    Victoria Rudman
	 	Name:	Victoria
    Rudman
	 	Title:	Chief
    Financial Officer

 

	 	Ascenda
    Corporation
	 	 	 
	 	By:	/s/
    Donald Ruan
	 	Name:	Donald
    Ruan
	 	Title:	Chief
    Executive Officer

 

	 	Hong
    Kong Ascenda International Co., Limited, Hong Kong
	 	 	 
	 	By:	/s/
    Donald Ruan
	 	Name:	Donald
    Ruan
	 	Title:	Chief
    Executive Officer

 

	 	Hong
    Kong Ascenda International Co., Limited, Samoa
	 	 	 
	 	By:	/s/
    Donald Ruan
	 	Name:	Donald
    Ruan
	 	Title:	Chief
    Executive Officer

 

	 	Donald
    Ruan
	 	 	 
	 	By:	/s/
    Donald Ruan
	 	Name:	Donald
    Ruan

 

    	9

     

    

 

Exhibit
A-1

 

Stock
Purchase Agreement

 

(Attached)

 

    	 	 	 

     

    

 

STOCK
PURCHASE AGREEMENT 

 

BY
AND AMONG

 

LIFE
CLIPS, INC.,

 

ASCENDA
CORPORATION,

 

HONGKONG
ASCENDA INTERNATIONAL CO., LTD, HONG KONG, and

 

HONGKONG
ASCENDA INTERNATIONAL CO., LTD., SAMOA

 

Dated
as of June 22, 2017

 

    	 	 	 

     

    

 

TABLE
OF CONTENTS

 

	Article
    I.	DEFINITIONS	1
	 	 	 
	Section
    1.01	Definitions.	1
	Section
    1.02	Interpretive
    Provisions.	8
	 	 	 
	Article
    II.	PURCHASE
    AND SALE; PURCHASE PRICE	9
	 	 	 
	Section
    2.01	Purchase
    and Sale.	9
	Section
    2.02	Purchase
    Price.	9
	Section
    2.03	Promissory
    Note and Deposit.	9
	Section
    2.04	Deliverables
    at Closing.	9
	Section
    2.05	Closing.	9
	Section
    2.06	Registration
    of the Stock Consideration.	9
	 	 	 
	Article
    III.	REPRESENTATIONS
    AND WARRANTIES RELATED TO THE SELLER	10
	 	 	 
	Section
    3.01	Authorization
    of Transactions.	10
	Section
    3.02	Governmental
    Approvals; Non-contravention.	10
	Section
    3.03	The
    Shares.	10
	Section
    3.04	Brokers.	10
	Section
    3.05	Litigation.	11
	Section
    3.06	Name.	11
	 	 	 
	Article
    IV.	REPRESENTATIONS
    AND WARRANTIES RELATED TO THE COMPANIES	11
	 	 	 
	Section
    4.01	Authorization
    of Transactions.	11
	Section
    4.02	Organization
    and History.	11
	Section
    4.03	Capitalization.	11
	Section
    4.04	Subsidiaries.	12
	Section
    4.05	Governmental
    Approvals; Non-contravention.	12
	Section
    4.06	Financial
    Statements; Etc.	12
	Section
    4.07	Absence
    of Certain Developments.	13
	Section
    4.08	Real
    Property.	14
	Section
    4.09	Personal
    Property; Title.	15
	Section
    4.10	Contracts.	16
	Section
    4.11	Customers;
    Suppliers and Sales Representatives.	17
	Section
    4.12	Warranties;
    Product Liability.	18
	Section
    4.13	Permits;
    Registration.	18
	Section
    4.14	Compliance
    with Laws.	18
	Section
    4.15	Litigation.	19
	Section
    4.16	Tax
    Matters.	19
	Section
    4.17	Personnel.	20
	Section
    4.18	Related-Party
    Transactions.	21
	Section
    4.19	Brokers.	21
	Section
    4.20	Export
    and Import Control Laws.	21
	Section
    4.21	Disclosure.	21

 

    	i

     

    

 

	Article
    V.	REPRESENTATIONS
    AND WARRANTIES OF BUYER	21
	 	 	 
	Section
    5.01	Organization;
    Corporate Power.	22
	Section
    5.02	Authorization
    of Transactions.	22
	Section
    5.03	Governmental
    Approvals; Non-contravention.	22
	Section
    5.04	No
    Consent, Violation or Conflict.	22
	Section
    5.05	Legal
    Proceedings.	22
	Section
    5.06	Knowledge.	22
	Section
    5.07	Validity
    of Stock Consideration; Listing.	23
	Section
    5.08	SEC
    Documents and Compliance.	23
	Section
    5.09	Brokers.	23
	 	 	 
	Article
    VI.	ADDITIONAL
    AGREEMENTS	23
	 	 	 
	Section
    6.01	Further
    Assurances.	23
	Section
    6.02	Confidentiality.	23
	Section
    6.03	Additional
    Covenants of the Parties.	23
	Section
    6.04	Seller’s
    and Companies’ Deliverables.	24
	Section
    6.05	Buyer’s
    Deliverables.	25
	Section
    6.07	At
    the Closing, the Buyer shall deliver:	25
	Section
    6.08	Actions
    Prior to and Following the Closing.	25
	 	 	 
	Article
    VII.	UNWINDING	25
	 	 	 
	Section
    7.01	Unwinding.	25
	Section
    7.02	Remedies
    for Post-Closing Default.	26
	 	 	 
	Article
    VIII.	INDEMNIFICATION	26
	 	 	 
	Section
    8.01	General
    Indemnification.	26
	Section
    8.02	Procedures
    for Indemnification.	26
	Section
    8.03	Payment.	27
	Section
    8.04	Effect
    of Knowledge on Indemnification.	27
	 	 	 
	Article
    IX.	TAX
    MATTERS	27
	 	 	 
	Section
    9.01	Tax
    Returns.	27
	Section
    9.02	Assistance
    and Cooperation.	28
	 	 	 
	Article
    X.	MISCELLANEOUS	28
	 	 	 
	Section
    10.01	Notices.	28
	Section
    10.02	Attorneys’
    Fees	29
	Section
    10.03	Amendments;
    No Waivers; No Third-Party Beneficiaries.	30
	Section
    10.04	Expenses.	30
	Section
    10.05	Successors
    and Assigns; Benefit.	30
	Section
    10.06	Governing
    Law.	30
	Section
    10.07	Survival.	30
	Section
    10.08	Resolution
    of Disputes.	31
	Section
    10.09	Publicity.	31
	Section
    10.10	Severability.	31
	Section
    10.11	Waiver
    of Jury Trial.	31
	Section
    10.12	Entire
    Agreement.	32
	Section
    10.13	Specific
    Performance.	32
	Section
    10.14	Counterparts.	32
	Section
    10.15	Construction.	32

 

Exhibits
and Schedules

 

	Schedule
    A	Seller’
    and Companies’ Disclosure Schedules
	Schedule
    B	Buyer’s
    Disclosure Schedules
	Exhibit
    1	Form
    of Promissory Note
	Exhibit
    2	Form
    of Employment Agreement

 

    	ii

     

    

 

STOCK
PURCHASE AGREEMENT

 

This
Stock Purchase Agreement (together with all exhibits and schedules hereto, this “Agreement”) is entered into as of
June 22, 2017 (the “Closing Date”), by and among Life Clips, Inc., a Wyoming corporation (“Buyer”), Ascenda
Corporation, a company limited by shares incorporated under the laws of Independent State of Samoa (“Seller”), Hong
Kong Ascenda International Co., Limited, a company limited by shares incorporated under the laws of Hong Kong (“Company
HK”), and Hong Kong Ascenda International Co., Limited, a company limited by shares incorporated under the laws of Independent
State of Samoa (“Company Samoa”, and collectively with Company HK, the “Companies” and each a “Company”
and, collectively, the “Companies”). Buyer, Seller, Company HK and Company Samoa may each be referred to herein individually
as a “Party” and, collectively, as the “Parties.”

 

WHEREAS,
Seller owns 100% of the Equity Interests (as defined below) of Company HK (the “HK Shares”) and of Company Samoa (the
“Samoa Shares” and, together with the HK Shares, the “Shares”); and

 

WHEREAS,
Seller desires to sell, and Buyer desires to purchase, all of the Shares;

 

NOW,
THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements herein contained, and
intending to be legally bound hereby, the Parties agree as follows:

 

Article
I. DEFINITIONS

 

Section
1.01 Definitions.
The following terms, as used herein, have the following meanings:

 

“Action”
means any legal action, suit, claim, investigation, hearing or proceeding, including any audit, claim or assessment for Taxes
or otherwise.

 

“Accounts
Payable” means all accounts payable, trade payables and other payables of the Company.

 

“Accounts
Receivable” means all trade and other accounts and notes receivable owing to the Company.

 

“Affiliate”
means, with respect to a specified Person, any other Person that directly or indirectly Controls, is Controlled by or is under
common Control with, the specified Person.

 

“Agreement”
is defined in the Preamble.

 

“Approvals”
any franchises, grants, permits, licenses, variances, easements, consents, certificates, exemptions, orders and approvals and
other authorizations from, or filing with or notification to, any Governmental Entity.

 

“Assets”
means all of the assets, properties and rights of the Companies of every kind and description, whether real, personal, mixed,
tangible or intangible, wherever situated.

 

“Authority”
means any Governmental Entity and any other governmental, regulatory or administrative body, agency or authority, any court or
judicial authority, any arbitrator, or any public, private or industry regulatory authority, whether international, national,
Federal, state, or local.

 

“Benefit
Plan” means any pension, retirement, deferred compensation, profit-sharing, tax-deferred savings plans (including registered
retirement savings plans, registered educational savings plans, and tax free saving account plans), savings, disability, medical,
dental, health, life, death benefit, stock option, stock purchase, bonus, incentive, vacation entitlement and pay, termination
and severance pay or other employee benefit plan, trust, arrangement, contract, agreement, policy or commitment, whether or not
any of the foregoing is funded or insured, and whether written or oral, formal or informal, which is intended to provide or does
in fact provide benefits to any or all employees or former employees of either Company, and to which either Company is a party
or by which either Company is bound or with respect to which either Company has any liability or potential liability, and for
greater certainty includes plans or programs in which the Corporation is obligated to participate by Law.

 

    	1

     

    

 

“Books
and Records” means all books of account and other books, Accounts Receivable and Accounts Payable information, credit history,
customer records, personnel records, financial records and other business and legal records of every kind whatsoever pertaining
to the Business and the Company.

 

“Business”
means the business of trading, distributing and selling by each of the Companies.

 

“Business
Day” means any day except Saturday, Sunday and any legal holiday or a day on which banking institutions in Aventura, Florida
generally are authorized or required by Law or other governmental actions to close.

 

“Buyer”
is defined in the Preamble.

 

“Buyer
Indemnified Party” and “Buyer Indemnified Parties” are defined in Section 8.01(a).

 

“Buyer
Stock” means the common stock of Buyer, par value $0.001 per share.

 

“Closing”
is defined in Section 2.05.

 

“Closing
Date” is defined in the Preamble.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended from time to time.

 

“Company”
and “Companies” are defined in the Preamble.

 

“Company
Intellectual Property” means all Intellectual Property that is owned or held for use by the Company.

 

“Confidential
Information” means any and all business, technical and non-technical information including patent, copyright, trade secret,
and proprietary information, techniques, sketches, drawings, models, inventions, know-how, processes, apparatus, equipment, algorithms,
software programs, software source documents, and formulae related to the assets, operations, or current, future or proposed products
and services of Buyer, and includes, without limitation, Buyer’s information concerning research, experimental work, development,
design details and specifications, engineering, financial information, procurement requirements, purchasing, manufacturing, customer
lists, business forecasts, sales and merchandising, and marketing plans and information, provided, however, that “Confidential
Information” does not include any information that (a) was in the public domain at or subsequent to the time such portion
was communicated to Seller or either Company by the Buyer through no fault of Seller or either Company, (b) was rightfully in
Seller’s or either Company’s possession free of any obligation of confidence at or subsequent to the time such portion
was communicated to Seller or either Company by the Company, (c) was developed by employees or agents of Seller or either Company
independently of and without reference to any information communicated to Seller or either Company by the Company, or (d) was
disclosed by the Company to an unaffiliated third party free of any obligation of confidence.

 

    	2

     

    

 

“Contract”
means any contract, commitment, understanding or agreement (whether oral or written).

 

“Control”
means (a) the possession, directly or indirectly, of the power to vote 10% or more of the securities or other equity interests
of a Person having ordinary voting power, (b) the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, by contractor otherwise, or (c) being a director, officer, executor, trustee or fiduciary
(or their equivalents) of a Person or a Person that controls such Person.

 

“Employees”
means individuals who are employed by the Company before and up to the Closing.

 

“Equity
Interests” means any capital stock, other equity interest, other ownership interest or any securities or other interests
convertible into or exchangeable or exercisable for capital stock, other equity interests, or other ownership interests, or any
other rights, warrants or options to acquire any of the foregoing securities or interests of or in any Person.

 

“Export
and Import Approvals” shall mean all export licenses, license exceptions, consents, notices, waivers, approvals, orders,
authorizations, registrations, declarations and filings, from or with any Governmental Entity, that are required for compliance
with Export and Import Control Laws.

 

“Export
and Import Control Laws” shall mean any U.S. or applicable non-U.S. law, regulation, or order governing (i) imports, exports,
reexports, or transfers of products, services, software, or technologies from or to or any country; (ii) economic sanctions or
embargoes; or (iii) compliance with unsanctioned foreign boycotts.

 

“Family”
means, with respect to a particular individual, (a) the individual, (b) the individual’s spouse and former spouse(s), (c)
any other natural person who is related to the individual or the individual’s spouse within the second degree and (d) any
other natural person who resides with such individual.

 

“Financial
Statements” is defined in Section 4.06(a).

 

“GAAP”
mean United States generally accepted accounting principles as in effect from time to time.

 

“Governmental
Entity” means any federal, state, municipal, local or foreign (including but not limited to Hong Kong) government and any
court, tribunal, arbitral body, administrative agency, department, subdivision, entity, commission or other governmental, government
appointed, quasi-governmental or regulatory authority, reporting entity or agency, domestic, foreign or supranational.

 

“Improvements”
means all buildings, structures, fixtures and improvements located on the Subleased Real Property.

 

“Indebtedness”
with respect to any Person, means, at any time without duplication, (i) all indebtedness of such Person for borrowed money, (ii)
all obligations of such Person for the deferred purchase price of property or services (other than trade payables not overdue
by more than 90 days incurred in the ordinary course of such Person’s business), (iii) all obligations of such Person evidenced
by notes, bonds, debentures or other similar instruments, (iv)) all obligations of such Person created or arising under any conditional
sale or other title retention agreement with respect to property acquired by such Person, (v) all obligations of such Person as
lessee under leases that are or should be capitalized in accordance with Israeli accounting principles, (vi) all obligations of
such Person under acceptance, letter of credit or similar facilities, all obligations of such Person in respect of interest rate
or currency hedging agreements, (vii) all obligations of such Person to guarantee any Indebtedness, leases, dividends or other
payment obligations, (viii) all indebtedness and other payment obligations referred to in clause (i) through clause (viii) above
of another Person secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to
be secured by) any Lien on property (including, accounts and contract rights) owned by such Person, even though such Person has
not assumed or become liable for the payment of such indebtedness or other payment obligations and (ix) all accrued and unpaid
interest on any of the foregoing.

 

    	3

     

    

 

“Indemnified
Party” and “Indemnifying Party” are defined in Section 8.02.

 

“Intellectual
Property” means all intellectual property and industrial property rights and assets, and all rights, interests and protections
that are associated with, similar to, or required for the exercise of, any of the foregoing, however arising, pursuant to the
Laws of any jurisdiction throughout the world, whether registered or unregistered, including any and all: (i) trademarks, service
marks, trade names, brand names, logos, trade dress, design rights and other similar designations of source, sponsorship, association
or origin, together with the goodwill connected with the use of and symbolized by, and all registrations, applications and renewals
for, any of the foregoing; (ii) internet domain names, whether or not trademarks, registered in any top-level domain by any authorized
private registrar or Governmental Authority, web addresses, web pages, websites and related content, accounts with Twitter, Facebook
and other social media companies and the content found thereon and related thereto, and URLs; (iii) works of authorship, expressions,
designs and design registrations, whether or not copyrightable, including copyrights, author, performer, moral and neighboring
rights, and all registrations, applications for registration and renewals of such copyrights; (iv) inventions, discoveries, trade
secrets, business and technical information and know-how, databases, data collections and other confidential and proprietary information
and all rights therein; (v) patents (including all reissues, divisionals, Provisionals, continuations and continuations-in-part,
re-examinations, renewals, substitutions and extensions thereof), patent applications, and other patent rights and any other Governmental
Authority-issued indicia of invention ownership (including inventor’s certificates, petty patents and patent utility models);
and (vi) software and firmware, including data files, source code, object code, application programming interfaces, architecture,
files, records, schematics, computerized databases and other related specifications and documentation.

 

“Knowledge
of Buyer” means the actual knowledge of the chief executive officer of Buyer, after reasonable inquiry.

 

“Knowledge
of Seller” means the actual knowledge of Seller, after reasonable inquiry.

 

“Latest
Balance Sheet” is defined in Section 4.06(a).

 

“Law”
means any applicable foreign, federal, state or local law (including common law), statute, treaty, rule, directive, regulation,
ordinances and similar provisions having the force or effect of law or an Order of any Governmental Entity.

 

“Liabilities”
means liabilities, obligations or responsibilities of any nature whatsoever, whether direct or indirect, matured or un-matured,
fixed or unfixed, known or unknown, asserted or un asserted, choate or inchoate, liquidated or unliquidated, secured or unsecured,
absolute, contingent or otherwise, including any direct or indirect indebtedness, guaranty, endorsement, claim, loss, damage,
deficiency, cost or expense.

 

“Lien”
means, with respect to any property or asset, any lien, security interest, mortgage, pledge, charge, claim, lease, agreement,
right of first refusal, option, limitation on transfer or use or assignment or licensing, restrictive easement, charge or any
other restriction of any kind, and any conditional sale or voting agreement or proxy, and including any restriction on the ownership,
use, voting, transfer, possession, receipt of income or other exercise of any attributes of ownership, in respect of such property
or asset, and any agreement to give any of the foregoing.

 

    	4

     

    

 

“Losses”
means any losses, damages, deficiencies, Liabilities, assessments, fines, penalties, judgments, actions, claims, costs, disbursements,
fees, expenses or settlements of any kind or nature, including legal, accounting and other professional fees and expenses.

 

“Market
Price” means the highest traded price over the prior five (5) trading-day period on the Over-the-Counter Pink Marketplace,
or applicable trading market as reported by a reliable reporting service or, if the Over-the-Counter Pink Marketplace is not the
principal trading market for such security, on the principal securities exchange or trading market where such security is listed
or traded or, if the highest intraday trading price of such security is not available in any of the foregoing manners, the highest
intraday price of any market makers for such security that are quoted on the Over-the-Counter Marketplace, provided, however,
that if the “Market Price” cannot be calculated for such security on such date in the manner provided above, the “Market
Price” shall be the fair market value as mutually determined by Buyer and Seller.

 

“Material
Adverse Effect” shall mean any event, condition, fact, change, occurrence or effect that, individually or in the aggregate
with other events, conditions, facts, changes, occurrences or effects has had or could reasonably be likely to give rise to a
material impact on the condition (financial or otherwise), earnings, operations, assets or Liabilities of the applicable Person
(taken as a whole), except in each case to the extent such events, conditions, facts, changes, occurrences or effects result from
(a) changes in general economic or political conditions or the securities markets in general, (b) changes in conditions generally
applicable to businesses in the same or similar industries as the Person operates, (c) changes, after the date hereof, in Laws
of any Governmental Entity generally applicable to such businesses or industries, (d) changes, after the date hereof, in GAAP
and/or (e) the taking of any action required by this Agreement; provided, however, the exceptions in clauses (a) through (d) shall
not apply if such events, conditions, facts, changes, occurrences or effects have a disproportionate effect on the applicable
Person relative to other companies operating in similar businesses to those which such Person operates.

 

“Material
Contracts” is defined in Section 4.10(a).

 

“Material
Interest” means direct or indirect beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act) of
voting securities or other voting interests representing at least 5% of the outstanding voting power of a Person or equity securities
or other Equity Interests representing at least 5% of the outstanding equity securities or Equity Interests in a Person.

 

“Non-Employee
Workers” is defined in Section 4.17(a).

 

“Notice
of Loss” is defined in Section 8.02.

 

“Order”
means any judgment, writ, decree, determination, award, compliance agreement, settlement agreement, injunction, ruling, charge,
judicial or administrative order, determination or other restriction of any Governmental Entity or arbitrator.

 

“Other
Parties” is defined in Section 4.10(b).

 

“Party”
and “Parties” are defined in the Preamble.

 

“Permits”
means licenses, certificates, consents, Orders, franchises, permits, certificates, approvals or other similar authorizations from
Governmental Entities.

 

    	5

     

    

 

“Person”
means a natural person, a corporation, a limited liability company, a partnership, an association, a trust or any other entity
or organization, including a government or political subdivision or any agency or instrumentality thereof.

 

“Pre-Closing
Partial Tax Period” means the portion of any Straddle Period beginning before and ending on (and including) the Closing
Date.

 

“Pre-Closing
Periods” is defined in Section 9.01(a).

 

“Proceeding”
means any action, suit, proceeding, complaint, claim, charge, demand, hearing, inquiry, audit or investigation by or before any
Governmental Entity or arbitral tribunal.

 

“Purchase
Price” is defined in Section 2.02.

 

“Related
Person” means, (a) with respect to an entity, (i) any Affiliate of such specified Person; (ii) any Person that holds a Material
Interest in such specified Person; (iii) each Person that serves as a director, officer, partner, member, manager, executor, or
trustee of such specified Person (or in a similar capacity); (iv) any Person in which such specified Person holds a Material Interest;
(v) any Person with respect to which such specified Person serves as a general partner or a trustee (or in a similar capacity);
and (vi) any Related Person of any individual described in clause (ii) or (iii) or, (b) with respect to an individual, (i) each
other member of such individual’s Family; (ii) any Person that is directly or indirectly controlled by such individual or
one or more members of such individual’s Family; (iii) any Person in which such individual or members of such individual’s
Family hold (individually or in the aggregate) a Material Interest; and (iv) any Person with respect to which such individual
or one or more members of such individual’s Family serves as a director, officer, partner, member, manager, executor, or
trustee (or in a similar capacity).

 

“Restricted
Party” means Seller.

 

“Restricted
Territory” means the entire world.

 

“Securities
Act” means the United States Securities Act of 1933, as amended, and the rules and regulation promulgated thereunder.

 

“SEC”
is defined in Section 5.08.

 

“SEC
Documents” is defined in Section 5.08.

 

“Securities
Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

 

“Seller”
and “Seller” are defined in the Preamble.

 

“Shares”
is defined in the Recitals.

 

“Stock
Consideration” is defined in Section 2.02.

 

“Straddle
Period” means any taxable period that begins before and ends after the Closing Date.

 

“Sublease”
is defined in Section 4.08.

 

“Subleased
Real Property” is defined in Section 4.08.

 

    	6

     

    

 

“Subsidiary”
or “Subsidiaries” means, with respect to any Person, any other Person of which (a) if a corporation, a majority of
the total voting power of shares of capital stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person
or one or more of the other Subsidiaries of that Person or a combination thereof or (b) if a limited liability company, partnership,
association or other business entity (other than a corporation), a majority of partnership or other similar ownership interest
thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more other Subsidiaries of that Person
or a combination thereof and for this purpose, a Person or Persons owns a majority ownership interest in such a business entity
(other than a corporation) if such Person or Persons shall be allocated a majority of such business entity’s gains or losses
or shall be or control any managing director or general partner of such business entity (other than a corporation). For the purposes
hereof, the term Subsidiary shall include all Subsidiaries of such Subsidiary.

 

“Tax”
means (a) any foreign federal, state or local income, earnings, profits, gross receipts, franchise, capital stock, net worth,
sales, use, value added, occupancy, general property, real property, personal property, intangible property, transfer, fuel, excise,
parking, payroll, withholding, unemployment compensation, social security, retirement or other Tax of any nature; (b) any foreign
(including but not limited to Israeli), federal, state or local organization fee, qualification fee, annual report fee, filing
fee, occupation fee, assessment or other fee or charge of any nature imposed by a Governmental Entity; (c) amounts owed pursuant
to Escheat Laws; or (d) any deficiency, interest or penalty imposed with respect to any of the foregoing.

 

“Tax
Claim” means any notice of deficiency, proposed adjustment, assessment, audit, examination or other administrative or court
proceeding, suit, dispute or other claim relating to Taxes.

 

“Tax
Return” means any return, declaration, report, claim for refund or information return or statement relating to Taxes, including
any schedule or attachment thereto, and including any amendment thereof.

 

“Transactions”
means the purchase and sale of the Shares and the other transactions contemplated under the Transaction Documents.

 

“Transaction
Documents” means this Agreement and any other agreement, document, certificate or writing delivered or to be delivered in
connection with this Agreement and any other document related to the Transactions related to the forgoing, including, without
limitations, those delivered at the Closing.

 

“Transaction
Expenses” means (a) any amounts incurred by or on behalf of the Company for investment banking fees, accounting fees, legal
fees and any other costs or expenses of advisors or consultants related to or arising out of the preparation, negotiation, execution,
delivery or performance of the Transaction Documents, or the consummation of the Transactions and (b) all amounts required to
paid by the Company to current or former Employees of the Company in connection with consummation of the Transactions (including
as severance to the extent such Employee’s employment has terminated or such Employee has given notice of an intention to
terminate employment) to the extent such amounts shall not have been paid before Closing.

 

“United
States” means the United States of America, its territories and possessions, any State of the United States and the District
of Columbia.

 

“U.S.
Person” means (i) any natural person resident in the United States; (ii) any partnership or corporation organized or incorporated
under the laws of the United States; (iii) any estate of which any executor or administrator is a U.S. Person; (iv)any trust of
which any trustee is a U.S. Person; (v) any agency or branch of a foreign entity located in the Unites States; (vi) any non-discretionary
account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a
U.S. Person; (vii) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary
organized, incorporated or, if an individual, resident in the United States; and (viii) any partnership or corporation if (A)
organized or incorporated under the laws of any foreign jurisdiction; and (B) formed by U.S. Person principally for the purpose
of investing in securities not registered under the Securities Act, unless it is organized and incorporated, and owned, by accredited
investors (as defined in Rule 501(a) under Regulation D promulgated under the Securities Act) who are not natural persons, estates
or trusts.

 

    	7

     

    

 

Section
1.02 Interpretive
Provisions. Unless the express context otherwise requires:

 

	 	(a)	the
    words “hereof,” “herein,” and “hereunder” and words of similar import, when used in this
    Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement;
	 	 	 
	 	(b)	terms
    defined in the singular shall have a comparable meaning when used in the plural, and vice versa;
	 	 	 
	 	(c)	the
    terms “Dollars” and “$” mean United States Dollars, unless otherwise specified herein;
	 	 	 
	 	(d)	references
    herein to a specific Section, Subsection, Recital, Schedule or Exhibit shall refer, respectively, to Sections, Subsections,
    Recitals, Schedules or Exhibits of this Agreement;
	 	 	 
	 	(e)	wherever
    the word “include,” “includes,” or “including” is used in this Agreement, it shall be
    deemed to be followed by the words “without limitation”;
	 	 	 
	 	(f)	references
    herein to any gender shall include each other gender;
	 	 	 
	 	(g)	references
    herein to any Person shall include such Person’s heirs, executors, personal representatives, administrators, successors
    and assigns; provided, however, that nothing contained in this Section 1.02(g) is intended to authorize any assignment or
    transfer not otherwise permitted by this Agreement;
	 	 	 
	 	(h)	references
    herein to a Person in a particular capacity or capacities shall exclude such Person in any other capacity;
	 	 	 
	 	(i)	references
    herein to any contract or agreement (including this Agreement) mean such contract or agreement as amended, supplemented or
    modified from time to time in accordance with the terms thereof;
	 	 	 
	 	(j)	with
    respect to the determination of any period of time, the word “from” means “from and including” and
    the words “to” and “until” each means “to but excluding”;
	 	 	 
	 	(k)	references
    herein to any Law or any license mean such Law or license as amended, modified, codified, reenacted, supplemented or superseded
    in whole or in part, and in effect from time to time; and
	 	 	 
	 	(l)	references
    herein to any Law shall be deemed also to refer to all rules and regulations promulgated thereunder.

 

    	8

     

    

 

 

Article
II. PURCHASE
AND SALE; PURCHASE PRICE

 

Section
2.01 Purchase
and Sale. Subject to the terms and conditions of this Agreement, at Closing, Seller shall sell, grant, assign, convey, transfer
and deliver to Buyer, and Buyer shall purchase and acquire from Seller, the Shares, free and clear of all Liens. Notwithstanding
anything herein to the contrary, however, it is agreed by the Parties that the actual cash capital in the Companies, other than
$500,000, shall not be part of the Transactions and shall be retained by Seller as set forth in Section 6.08.

 

Section
2.02 Purchase
Price. The purchase price for the Shares shall consist of ten million (10,000,000) shares of Buyer Stock (the “Stock
Consideration”), provided that if, at the end of 12 months after Closing Date, the market value of Buyer Stock (as determined
by the Market Price) does not equal to or exceed US$750,000, additional shares of Buyer Stock shall be issued to ensure the value
received by Seller be no less than US$750,000 (the “Purchase Price”).

 

Section
2.03 Promissory Note and Deposit. In connection with the transactions contemplated herein, Buyer shall deliver to Seller
a promissory note, substantially in the form as attached hereto as Exhibit 1, which shall provide for the payment of US$500,000
to Seller by Buyer within the one hundred and eighty (180) days following the Closing Date (the “Note”). The Parties
acknowledge and agree that the Note is not a part of the Purchase Price, but is instead to reimburse Seller for US$500,000 in
cash that is in the accounts of the Companies as of the Closing and which will be remain for the benefit of Buyer following the
Closing.

 

Section
2.04 Deliverables at Closing.

 

	 	(a)	At
    the Closing, the Buyer shall deliver:

 

	 	(i)	The
    Stock Consideration to Seller; 
	 	 	 
	 	(ii)	The
    Note to Seller; and
	 	 	 
	 	(iii)	The
    documents and other items as set forth in Section 6.05. 

 

	 	(b)	At
    the Closing:

 

	 	(i)	Seller
    shall deliver to the Buyer certificates for the Shares, accompanied by stock powers duly endorsed in blank in proper form
    for transfer and with any appropriate transfer tax stamps affixed; and
	 	 	 
	 	(ii)	Seller
    and the Companies shall jointly deliver to Buyer the documents and other items as set forth in Section 6.04.

 

Section
2.05 Closing. On the terms set forth herein, the closing of the Transactions (the “Closing”) shall take place
by conference call and electronic communication (i.e., emails/pdf) or facsimile, with exchange of original signatures to follow
by mail, on the date hereof and effective as of 11:59 p.m. United States Eastern Standard time, on such date. The Parties intend
and desire that the transactions herein be treated as tax free transactions, provided, however, that Buyer shall have no liability
to any other Party or Person in the event that they are not so treated.

 

Section
2.06 Registration of the Stock Consideration. Following the Closing, Buyer, at its cost, shall utilize its commercially
reasonable efforts to, within 90 days of the Closing, prepare and file with the SEC a registration statement under the Securities
Act registering the Stock Consideration, so as to permit the resale of the Stock Consideration by the Seller without such resale
being subject to the limitations applicable to restricted securities under the Securities Act and the Securities Exchange Act.
The Seller agrees to furnish to the Buyer all information reasonably requested by the Buyer for inclusion in any registration
statement filed pursuant to this Section 2.06.

 

    	9

     

    

 

Article
III. REPRESENTATIONS
AND WARRANTIES RELATED TO THE SELLER

 

Seller
represents and warrants to Buyer that the following representations and warranties contained in this Article III are true and
correct as of the Closing Date, except as set forth in the disclosure schedule of Seller and the Companies attached hereto as
Schedule A (the “Disclosure Schedule”) and therein referencing the Section of this Article III to which such disclosure
relates:

 

Section
3.01 Authorization of Transactions. Seller has the requisite power and capacity to execute and deliver the Transaction
Documents to which it is a party and to perform its obligations hereunder and thereunder. The execution, delivery and performance
by Seller of the applicable Transaction Documents and the consummation of the Transactions have been duly and validly authorized
by all requisite corporate action on the part of Seller. The Transaction Documents to which Seller is a party have been duly and
validly executed and delivered by Seller. Each Transaction Document to which Seller is a party constitutes the valid and legally
binding obligation of Seller, enforceable against Seller in accordance with its terms and conditions, except to the extent enforcement
thereof may be limited by applicable bankruptcy, insolvency or other Laws affecting the enforcement of creditors’ rights
or by the principles governing the availability of equitable remedies.

 

Section
3.02 Governmental Approvals; Non-contravention. 

 

	 	(a)	No
    consent, Order, action or non-action of, or filing, notification, declaration or registration with, any Governmental Entity
    or Person is necessary for the execution, delivery or performance by Seller of this Agreement or any other Transaction Document
    to which Seller is a party.
	 	 	 
	 	(b)	The
    execution, delivery and performance by Seller of the Transaction Documents to which Seller is a party, and the consummation
    by Seller of the Transactions, do not (i) violate or conflict with any Law or Order to which Seller or any of the Shares may
    be subject, (ii) constitute a violation or breach of, be in conflict with, constitute or create (with or without due notice
    or lapse of time or both) a default (or give rise to any right of termination, modification, cancellation or acceleration)
    of any obligation under any Contract to which Seller is a party or to which Seller or any of the Shares are subject or by
    which the Company’s properties, assets or rights are bound or (iii) result in the creation or imposition of any Lien
    upon any of the rights, properties or assets of Seller or on any of the Shares.

 

Section
3.03 The Shares.

 

	 	(a)	Seller
    holds of record and owns beneficially all the Shares free and clear of any and all Liens. There are no limitations or restrictions
    on Seller’s right to transfer the Shares to Buyer pursuant to this Agreement. Seller has good and valid title to the
    Shares and the absolute right to deliver such Shares to Buyer in accordance with this Agreement, free and clear of any and
    all Liens.
	 	 	 
	 	(b)	Seller
    is not a party to any option, warrant, purchase right, proxy, power of attorney, voting trust or other Contract with respect
    to the voting or dividend rights or the sale, acquisition, issuance, redemption, registration, transfer or other disposition
    of any of the Shares (other than this Agreement). Further, any document purportedly executed by Seller appearing to grant
    an option, warrant, purchase right, proxy, power of attorney, voting trust or other Contract with respect to the disposition
    of any of the Shares or any Assets of the Companies, was not duly executed by Seller or the Company(ies), is null and void
    and has no legal effect.

 

Section
3.04 Brokers. Seller has not engaged, or caused to be incurred any Liability or obligation to, any investment banker, finder,
broker or sales agent or any other Person in connection with the origin, negotiation, execution, delivery or performance of the
Transaction Documents to which it is a party, or the Transactions.

 

    	10

     

    

 

Section
3.05 Litigation. There is no proceeding pending or, to the Knowledge of Seller, threatened or anticipated, against Seller
relating to or affecting this Agreement or the Transactions.

 

Section
3.06 Name. Subject to unwinding under Article VII, Seller warrants that it has granted to Buyer the exclusive right in
perpetuity to use the name of Ascenda International Corporation as part of Buyer’s name for and in connection with all business
of whatever kind and character conducted previously or in the future by Buyer, that it has not granted and will not grant to any
other Person the right to use, and that it will not itself use (except in connection with Buyer), said name as part of the corporate
or firm name of any other Person or business, or as part of any trade name or trademark not belonging to Buyer or its Subsidiary.

 

Article
IV. REPRESENTATIONS
AND WARRANTIES RELATED TO THE COMPANIES

 

Seller
and the Companies jointly and severally represent and warrant to Buyer that the following statements contained in this Article
IV are true and correct as of the Closing Date, except as set forth in the Disclosure Schedule and therein referencing the Section
of this Article IV to which such disclosure relates.

 

Section
4.01 Authorization of Transactions. Each of the Companies has full power and authority to execute and deliver the Transaction
Documents to which it is a party and to perform its obligations hereunder and thereunder. All necessary corporate action has been
taken by each Company to authorize the execution, delivery and performance of each of the other Transaction Documents to which
it is a party and the Transactions. The execution, delivery and performance by each Company of the Transaction Documents and the
consummation of the Transactions have been duly and validly authorized by all requisite corporate power on the part of each Companies.
The Transaction Documents to which either Company is a party have been duly and validly executed and delivered by such Company.
Each Transaction Document to which a Company is a party constitute the valid and legally binding obligation of such Company, enforceable
against such Company in accordance with its terms and conditions, except to the extent enforcement thereof may be limited by applicable
bankruptcy, reorganization, insolvency or moratorium Laws, or other Laws affecting the enforcement of creditors’ rights
or by the principles governing the availability of equitable remedies.

 

Section
4.02 Organization and History.

 

	 	(a)	The
    Companies are currently operating a trading business in good standing in China with the authority and ability to provide import
    and export services globally.
	 	 	 
	 	(b)	Seller
    was formed in 2000 based in China and the USA. Original investors in Seller included The China Development Group which was
    the largest investment banker in Taiwan and Donald Ruan who has over 40 years of experience in global trade. Buyer is purchasing
    the shares of the Companies which includes assets of the international trading part of the Companies including, the ability
    to import and export products globally, existing business and clients, executive management, and goodwill. Seller has been
    also operating as trading company in China and operates with all proper authority, registrations, and knowledge required to
    act as a global trading company with its main offices in Shanghai, China. Seller has been in continuous trading operations
    for 17 years with bi-directional trading, import and export capabilities, in China, Taiwan, Korea, Japan, Indonesia, Mexico,
    Brazil, Argentina, United Kingdom, United States, France, Spain, Germany, Italy, and Israel. Seller currently has over 10
    active clients with over $6M in revenue for 2016. Seller operates around the world with a network of hundreds of factories,
    logistics and supply chain suppliers. In 2003 Seller introduced the concept of “Speed Sourcing” for its clients
    offering end to end sourcing at a fraction of the cost and time compared to traditional exporters and export service providers.
    The services include; design, licensing, factory qualifications and negotiating, financial services, import and export, sales,
    and end to end supply chain services. Following the Closing, Donald Ruan will remain as President and CEO of the Companies’
    Sourcing Operations along with his experienced team. Donald brings along extensive experience in executive management, international
    trading and manufacturing. Donald is a native of China, living and managing the Ascenda operations in Shanghai since 2001.
    Donald is key in bridging the West and East. He is respected globally for his integrity and ability. Donald has been an executive
    committee member, and is the founder, and CEO of Seller. Donald has extensive experience running consumer electronics manufacturing
    companies having been CEO of ProView Technology, KDS, Waffer, MAG Innovision, and CTX International. Donald has been a board
    member of Waffer Tech - The world’s largest magnesium injection molder, ARC United and MAG Innovision. He has served
    as a partner in Unico International and as Executive VP at Taiwan and Hong Kong Trading Co - The largest government subsidized
    trading firm in Taiwan. He has also served as Chief Resident Representative in Shanghai for China Development Financial Holdings
    Corporation, an arm of the China Development Group’s investment bank in Asia.
	 	 	 
	 	(c)	Company
    HK is a corporation duly organized, validly existing, and in good standing under the Laws of the Hong Kong, with the requisite
    corporate power and authority to own, lease and operate its properties, rights and assets and to carry on its Business as
    now conducted. Company Samoa is a corporation duly organized, validly existing, and in good standing under the Laws of the
    Independent State of Samoa, with the requisite corporate power and authority to own, lease and operate its properties, rights
    and assets and to carry on its Business as now conducted. Each of the Companies is qualified or licensed to do business as
    a foreign corporation and is in good standing in each jurisdiction in which the character of the properties owned, leased
    or operated by such Company or the nature of the Company’s business makes such qualification necessary, each of which
    is set forth in Section 4.02 of the Disclosure Schedules. Correct and complete copies of the articles of association and if
    existing, memorandum of incorporation and bylaws of each of the Companies (each, as amended to date) have been provided to
    Buyer prior to the date hereof.

 

Section
4.03 Capitalization. 

 

	 	(a)	The
    authorized capital stock of Company HK consists of 10,000 Ordinary Shares, par value at HK$1 per share, of which 10,000 shares
    are issued and outstanding, all of which are owned by Seller. The authorized capital stock of Company Samoa consists of 1,000,000
    Ordinary Shares, par value at US$1 per share, of which 1,000,000 shares are issued and outstanding, all of which are owned
    by Seller. 
	 	 	 
	 	(b)	All
    of the HK Shares are duly authorized, validly issued and are held of record and owned beneficially by Seller, and have not
    been issued in violation of any preemptive rights, rights of first refusal, rights of first offer, put or call rights or obligations
    or anti-dilution rights with respect to the issuance, sale or redemption of each Company HK’s share capital or any interests
    therein or similar rights of any Person. All of the Samoa Shares are duly authorized, validly issued, are held of record and
    owned beneficially by Seller, and have not been issued in violation of any preemptive rights, rights of first refusal, rights
    of first offer, put or call rights or obligations or anti-dilution rights with respect to the issuance, sale or redemption
    of each Company Samoa’s share capital or any interests therein or similar rights of any Person. The offer, sale and
    issuance of the HK Shares have been made in compliance with all applicable securities Laws of the Hong Kong. The offer, sale
    and issuance of the Samoa Shares have been made in compliance with all applicable securities Laws of the Independent State
    of Samoa. 

 

    	11

     

    

 

	 	(c)	Other
    than the Shares, there are no outstanding voting or nonvoting securities of either of the Companies, any stock appreciation,
    profit participation, phantom stock, performance units or similar rights with respect to either of the Companies, any securities
    of either of the Companies convertible into or changeable for voting or nonvoting securities, or options, warrants, purchase
    rights, subscription rights, conversion rights, exchange rights, preemptive rights or other Contracts that could require either
    Company to issue, sell or otherwise cause to become outstanding any Equity Interest in either Company, and no authorization
    therefor has been given. There are no outstanding obligations of each Company to repurchase, redeem or otherwise acquire any
    of the Company’s capital stock. There are no stockholders’ agreements or voting trusts, proxies or other agreements
    or understandings to which either Company is a party or by which either Company is bound with respect to the voting, transfer
    or other disposition of any Equity Interests of either Company or otherwise related to any Equity Interest of either Company
    or relating to the rights of any Person, whether or not an equity holder, to any proceeds, income, revenue or other economic
    entitlement in respect of either Company. No bonds, debentures or other Indebtedness of either Company have the right to vote
    (or are convertible or exchangeable into securities having the right to vote) on any matters on which the equity holders of
    such Company may vote.
	 	 	 
	 	(d)	Any
    document purportedly executed by either Company appearing to grant an option, warrant, purchase right, proxy, power of attorney,
    voting trust or other Contract with respect to (i) the issuance of any Equity Interests of such Company was not duly executed
    by such Company or (ii) the disposition of any assets of such Company, is null and void and has no legal effect.

 

Section
4.04 Subsidiaries Neither Company has any Subsidiaries, and neither Company owns, directly or indirectly, any shares of
capital stock or other securities of, or any Equity Interest in, any Person.

 

Section
4.05 Governmental Approvals; Non-contravention. 

 

	 	(a)	No
    consent, Order, action or non-action of, or filing, notification, declaration or registration with, any Governmental Entity
    or other Person is necessary for the execution, delivery or performance by either Company of this Agreement or any other Transaction
    Document to which either Company is a party, or of the Transactions.
	 	 	 
	 	(b)	The
    execution, delivery and performance by each Company of the Transaction Documents to which either Company is a party, and the
    consummation by the Companies of the Transactions, do not (i) violate, breach or conflict with any provision of either Company’s
    articles of association or memorandum of incorporation or bylaws, or similar document, (ii) violate or conflict with any Laws
    or Orders to which either Company may be subject, (iii) constitute a violation or breach of, be in conflict with, constitute
    or create (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, modification,
    cancellation or acceleration) of any obligation under any Contract to which either Company is a party or to which either Company
    is subject or by which its properties, assets or rights are bound or (iv) result in the creation or imposition of any Lien
    upon either Company or any of its assets, rights or properties.

 

Section
4.06 Financial Statements; Etc.

 

	 	(a)	Section
    4.06(b) of the Disclosure Schedules sets forth, separately for each Company, true, correct and complete copies of (i) the
    unaudited, reviewed balance sheets of such Company as of December 31, 2016, and the related audited, reviewed statements of
    income and cash flows for the fiscal year then ended, together with all related notes and schedules thereto; (ii) the unaudited,
    un-reviewed trial balance sheet of such Company as of March 31, 2017 and the related unaudited, un-reviewed statements of
    income and cash flows for the three-month period then ended (collectively, the “Financial Statements”). For purposes
    of this Agreement, the “Latest Balance Sheet” means the unaudited, trial balance sheet of each Company as of March
    31, 2017 included in the Financial Statements.

 

    	12

     

    

 

	 	(b)	Each
    of the Financial Statements (i) have been prepared in accordance with the Books and Records and in accordance with GAAP or
    compatible (subject, in the case of the Latest Balance Sheet, to normal year-end adjustments that will not, individually or
    in the aggregate, be material in nature or amount to the Company and, with respect to the Latest Balance Sheet, and (ii) present
    fairly the financial condition, results of operations and cash flows of the Company as of the dates and for the periods indicated
    therein; provided, however, that the Latest Balance Sheet is subject to normal year-end adjustments, which will not be material
    individually or in the aggregate.
	 	 	 
	 	(c)	Each
    of each Company’s Accounts Receivable reflected in the Latest Balance Sheet and all Accounts Receivable relating to
    the Business of such Company (i) represents a bona fide arm’s length sale in the ordinary course of business, (ii) is
    and shall be fully collectible as of the date hereof and after the Closing subject only to applicable reserves set forth in
    the Latest Balance Sheet, (iii) constitutes a valid claim of each Company, free and clear of all Liens and (iv) is not subject
    to any valid claim or setoff or other defense or counterclaim.
	 	 	 
	 	(d)	All
    inventory carried in the Financial Statements of each Company has been carried at the lower of cost or market, net of any
    reserve for obsolescence, slow-moving or excess inventory, and has been valued on a consistent basis in each of the Financial
    Statements. No redundant or obsolete inventory is currently held by either Company and all inventory is good and merchantable
    and are of quality and quantity presently usable and salable in the ordinary course of business.
	 	 	 
	 	(e)	Neither
    Company has any Liabilities, whether known, unknown, absolute, accrued, contingent or otherwise and whether due or to become
    due, except (i) as disclosed or reserved against in the Latest Balance Sheet for such Company, (ii) pursuant to executory
    obligations under Contracts entered into in the ordinary course of business (but not Liabilities for breaches of any such
    Contracts) of such Company or (iii) as incurred after March 31, 2017 in the ordinary course of business of such Company (none
    of which is a Liability for breach of Contract, breach of warranty, tort, infringement or the subject of any actual or threatened
    Proceeding). Neither Company is not a party to, or has any commitment to become a party to, any joint venture, off-balance
    sheet partnership or any similar Contract (including any structured finance, special purpose or limited purpose vehicle or
    other “off-balance-sheet arrangement”).
	 	 	 
	 	(f)	Section
    4.06(f) of the Disclosure Schedules sets forth a true and correct list of all Indebtedness of each Company, including all
    amounts outstanding with respect hereto.

 

Section
4.07 Absence of Certain Developments. Since December 31, 2016 there has not been any Material Adverse Effect on either
Company and, no event has occurred or circumstances exist that are reasonably expected to result in such a Material Adverse Effect.
Except as expressly contemplated by this Agreement, since December 31, 2016, each Company has conducted its respective Business
only in the ordinary course of business and there has not been any:

 

	 	(a)	amendment
    to the articles of association or other organizational documents of either Company;
	 	 	 
	 	(b)	except
    in the ordinary course of business, payment or increase of any bonuses, salaries or other compensation (including severance)
    to any shareholder, manager, director, officer, Employee, Affiliate or agent of either Company;
	 	 	 
	 	(c)	adoption
    of, amendment to or increase in the payments to or benefits under (including by way of acceleration or waiving of any vesting
    or performance criteria), any Benefit Plan or execution of or amendment to any collective bargaining agreement;

 

    	13

     

    

 

	 	(d)	damage
    to or destruction or loss in excess of $25,000 to any of its Assets or properties (whether or not covered by insurance);
	 	 	 
	 	(e)	sale
    (other than sales of inventories in the ordinary course of business), lease or other disposition of any asset of the Company
    or the creation of any Lien on any asset except sales or leases of (A) tangible personal property of under $5,000 in value
    or inventory that is obsolete or no longer used or useful in the conduct of the business or (B) finished goods in the ordinary
    course of business;
	 	 	 
	 	(f)	loan
    made to, or transaction with or on behalf of, any Employee, officer, manager, director, member or Affiliate of either Company;
	 	 	 
	 	(g)	Contract
    executed in connection with any strategic alliance, joint marketing initiative, joint development agreement, joint venture
    or acquisition of either Company;
	 	 	 
	 	(h)	except
    as may be required by applicable Law or GAAP, change by either Company in accounting or Tax reporting principles, methods
    or policies;
	 	 	 
	 	(i)	election
    or rescission of an election by either Company relating to Taxes, settlement or compromise of any Proceeding, arbitration
    or controversy relating to Taxes;
	 	 	 
	 	(j)	incurrence
    of a single capital expenditure or commitment therefor in excess of $25,000
	 	 	 
	 	(k)	conduct
    related to either Company’s cash management customs and practices (including the collection of receivables and payment
    of payables) outside the ordinary course of business.

 

Section
4.08 Real Property. The Companies do not own any real property. Section 4.08 of the Disclosure Schedules describes in reasonable
detail the real property subleased to or by either Company (the “Subleased Real Property”). Each Company has delivered
to Buyer a true, correct and complete copy of each sublease and all amendments, modifications, guarantees, indemnities, assignments,
extensions and agreements relating to any Subleased Real Property (the “Subleases”). With respect to the Sublease:

 

	 	(a)	Each
    Sublease is in full force and effect and is binding and enforceable against each of the parties thereto in accordance with
    its terms, subject to bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium and other Laws of general
    application affecting the rights and remedies of creditors and general principles of equity.
	 	 	 
	 	(b)	The
    applicable Company has not assigned, sublet, transferred or conveyed any interest in any Sublease or any Subleased Real Property
    or any rights of first offer or refusal with respect thereto, and each Sublease constitutes the entire agreement to which
    the applicable Company is a party with respect to such Subleased Real Property.
	 	 	 
	 	(c)	The
    applicable Company has good and valid title to the leasehold estate in the Subleased Real Property for the full terms of each
    Sublease, free and clear of any Liens.
	 	 	 
	 	(d)	The
    applicable Company is not in default under any Sublease and (A) no other party to any Sublease is in default thereunder, (B)
    to the Knowledge of Seller no party to any Sublease has repudiated any provision thereof and (C) no event has occurred that,
    with notice or lapse of time, would constitute a breach or a material default or permit termination, modification or acceleration
    under any Sublease.
	 	 	 
	 	(e)	The
    Subleased Real Property constitutes all real property used or occupied by the Companies in connection with the operation of
    their respective Business.

 

    	14

     

    

 

	 	(f)	To
    the Knowledge of Seller, the use, occupancy, operation and condition of the Subleased Real Property is not in violation of
    applicable covenants, conditions, restrictions or Contracts and any applicable Laws, including health, safety, zoning and
    other Laws to which it is subject in accordance with current use. 
	 	 	 
	 	(g)	All
    applicable permits, licenses and other evidences of compliance that are or were required to be obtained in connection with
    the construction of the Improvements and the occupancy, condition, operation and use thereof have been obtained and complied
    with in all material respects.
	 	 	 
	 	(h)	There
    are no repair, replacement or restoration obligations owed under any Sublease.
	 	 	 
	 	(i)	There
    are no material defects in design or structure with respect to the Improvements.
	 	 	 
	 	(j)	The
    Transactions do not require the consent of any other party to any Sublease and will not result in a breach of or default under
    such Sublease.
	 	 	 
	 	(k)	The
    Companies have not collaterally assigned or granted any other Lien in such Sublease or any interest therein and there are
    not Liens on the estate or interest created by such Sublease.
	 	 	 
	 	(l)	There
    is no condemnation or appropriation or similar Proceeding pending or, to the Knowledge of Seller, threatened or contemplated
    against the Subleased Real Property or the Improvements thereon. There are no disputes regarding the Subleased Real Property
    or the Improvements, and, to the Knowledge of Seller, there are no facts that are reasonably likely to give rise to such a
    dispute.

 

Section
4.09 Personal Property; Title.

 

	 	(a)	Each
    Company has good and marketable title to, or a valid leasehold interest in, all of the rights, properties and Assets necessary
    for the conduct of its Business, and holds such properties and Assets free and clear of all Liens. Each Company owns or leases
    or has a valid right to use all rights, properties and assets necessary to conduct its Business. Immediately following the
    Closing, all of such rights, properties and assets shall be owned, leased or available for use by the applicable Company on
    terms and conditions identical to those under which, immediately before the Closing, the applicable Company owns, leases,
    uses or holds available for use such rights, properties and assets.
	 	 	 
	 	(b)	To
    the Knowledge of Seller, all of the tangible properties and Assets used or held for use by each Company are in good operating
    condition and repair, ordinary wear and tear excepted. Such tangible properties and assets are free from defects, have been
    maintained in accordance with normal industry practice and are suitable for the purposes for which they are used.
	 	 	 
	 	(c)	Section
    4.09(c) of the Disclosure Schedules lists the names and locations of all banks, trust companies, savings and loan associations
    and other financial institutions at which each Company has checking, savings, custodial or other accounts of any nature, lines
    of credit, safety deposit boxes or lock boxes and, with respect to each account, line of credit, safety deposit box and lock
    box, the names of all persons authorized to draw thereon or to have access thereto, as well as the account numbers.
	 	 	 
	 	(d)	Each
    Company’s email server is managed and maintained solely by such Company and no other Persons have access to the email
    server.

 

    	15

     

    

 

Section
4.10 Contracts.

 

	 	(a)	Section
    4.10(a) of the Disclosure Schedules contains an accurate and complete list of the following Contracts to which each Company
    is a party or by which any of its properties, rights or assets are bound (collectively, the “Material Contracts”)
    and the Companies have either delivered to Buyer or made available for review by Buyer, a true, accurate and complete copy
    of each such Material Contract which is:

 

	 	(i)	any
    Contract that is or is reasonably likely to require expenditures (including capital expenditures) or payments to or from either
    Company in excess of $25,000 in any calendar year;
	 	 	 
	 	(ii)	any
    Contract under which either Company is obligated to sell or lease as lessor real or personal property;
	 	 	 
	 	(iii)	any
    Contract that contains a covenant not to compete applicable to either Company, binds either Company to any exclusive business
    arrangements or licenses or contains any requirements, output or “take-or-pay” obligations;
	 	 	 
	 	(iv)	any
    Contract granting a customer of either Company “most favored nation” or similar terms (whether in respect of pricing
    or otherwise);
	 	 	 
	 	(v)	any
    distributor, consultant, representative or broker Contract;
	 	 	 
	 	(vi)	any
    joint venture, partnership or teaming Contract;
	 	 	 
	 	(vii)	any
    Contract under which either Company has (A) created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee)
    Indebtedness, (B) granted a Lien on its assets, whether tangible or intangible, to secure Indebtedness or (C) extended credit
    to any Person;
	 	 	 
	 	(viii)	any
    Contract under which either Company has assumed a capitalized lease obligation in excess of $25,000;
	 	 	 
	 	(ix)	any
    Contract with any Affiliate and any Contract between Seller and any Related Person;
	 	 	 
	 	(x)	any
    collective bargaining, labor, professional employer organization or similar Contract;

 

	 	(xi)	any
    Contract related to any Company-owned or Company-licensed Intellectual Property (other than unmodified, commercially available,
    off-the-shelf, nonexclusive software licenses with an aggregate value of less than $10,000);
	 	 	 
	 	(xii)	any
    Contract with a Governmental Entity (whether as prime contractor, subcontractor or otherwise), including any performance bonds
    or similar arrangements related thereto;
	 	 	 
	 	(xiii)	any
    stock purchase, asset purchase or other acquisition or divestiture agreement relating to the acquisition, lease, license or
    disposition by either Company of assets (other than in the ordinary course of business), properties, rights or any Equity
    Interests of any Person (A) providing for any indemnification, guaranty or surety obligation of the Company or (B) with a
    fair market value in excess of $25,000;

 

    	16

     

    

 

	 	(xiv)	any
    Contract (other than purchase orders entered into in the ordinary course of business) with the 20 largest customers and 20
    largest suppliers of either Company for partial fiscal year ended April 19, 2017;
	 	 	 
	 	(xv)	any
    Contract for the purchase or sale of raw materials, commodities, supplies, products, or other person property, or for the
    furnishing or receipt of services, the performance of which will extend over a period of more than one (1) year;
	 	 	 
	 	(xvi)	any
    written Contract containing indemnification obligations or caps on damages;
	 	 	 
	 	(xvii)	any
    stockholders’ or similar Contract, or any Contract relating to the establishment, management or control of any joint
    venture or strategic alliance;
	 	 	 
	 	(xviii)	any
    Contract between either Company and any other individual for the employment of such individual on a full-time, part-time,
    consulting or other basis providing annual compensation;
	 	 	 
	 	(xix)	any
    Contract (A) the termination of which would reasonably be expected to cause material losses to either Company or (B) that
    is material to the ongoing Business of either Company; and
	 	 	 
	 	(xx)	any
    other Contract the performance of which involves consideration in excess of $25,000.

 

	 	(b)	Each
    Material Contract is in full force and effect and is the legal, valid and binding obligation of each Company, and is enforceable
    against such Company in accordance with its terms, and, to the Knowledge of Seller, is the legal, valid and binding obligation
    of the other parties thereto (the “Other Parties”), and neither either Company nor, to the Knowledge of Seller,
    any of the Other Parties to any Material Contract is, or is alleged to be, in breach, violation or default of such Contract,
    and, to the Knowledge of Seller, no event has occurred that with notice or lapse of time or both would constitute a breach,
    violation or default by any such party, or permit termination, modification or acceleration by the Other Parties, under such
    Material Contract.
	 	 	 
	 	(c)	Neither
    Company has waived any right it may have under any Material Contract. No party has provided any written or oral notice of
    any intention to terminate, modify or accelerate any Material Contract.

 

Section
4.11 Customers; Suppliers and Sales Representatives.

 

	 	(a)	The
    relationships of each Company with each customer and supplier are good commercial working relationships, and no such customer
    or supplier has cancelled or otherwise terminated, or, to the Knowledge of Seller, threatened to cancel or otherwise terminate,
    the relationship with either Company. No such customer or supplier has advised either Company that such customer or supplier
    intends to stop, decrease, accelerate or delay the rate of purchasing or supplying materials, products or services from or
    to the applicable Company, as applicable, either as a result of the Transactions or otherwise.
	 	 	 
	 	(b)	Section
    4.11(b) of the Disclosure Schedules sets forth a complete and accurate list of the names of each Company’s sales representatives.
    Each applicable Company has a good commercial working relationship with each such sales representative and no sales representative
    has cancelled or otherwise terminated, or threatened to cancel or otherwise terminate, his or her relationship with the applicable
    Company. No such sales representative has advised either Company that such sales representative intends to stop selling or
    promoting such Company’s products or services, either as a result of the Transactions or otherwise. Each Company has
    provided true and correct copies of each agreement that it has with a sales representative to the Buyer.

 

    	17

     

    

 

Section
4.12 Warranties; Product Liability.

 

	 	(a)	The
    sale, lease, license and delivery of each product and service sold, leased, licensed or delivered by each Company has been
    in conformity with all applicable Contracts, all express and implied warranties and applicable Laws, and neither Company has
    any Liability (nor is there any reasonable basis for any present or future demand, claim or action of any kind against either
    Company giving rise to any Liability) for replacement or repair thereof or other Losses in connection therewith. No product
    sold, leased, licensed or delivered by either Company is subject to any guaranty, warranty, or other indemnity beyond the
    applicable standard terms and conditions of sale or lease.

 

	 	(b)	There
    (i) has been no recall or investigation, or, to the Knowledge of Seller, threatened or contemplated recall or investigation,
    of any product sold by either Company in connection with their respective Business, and (ii) is no pending or, to the Knowledge
    of Seller, threatened or contemplated, recall or investigation of any product sold by either Company in connection with the
    Business.

 

	 	(c)	Neither
    Company has any Liabilities (and there is no basis for any present or future Proceeding against any of them giving rise to
    any Liabilities) arising out of any injury to individuals or property as a result of the ownership, possession, or use of
    any product manufactured, sold, leased, or delivered by such Company.

 

Section
4.13 Permits; Registration. Each Company has all Permits required to own and operate its respective International Trading
Business and all such Permits are set forth on in Section 4.13 of the Disclosure Schedules. All such Permits are valid and in
full force and effect and the applicable Company is in compliance in all material respects with respect thereto. There are no
Proceedings pending or, to the Knowledge of Seller, threatened, that, individually or in the aggregate, would reasonably be expected
to result in the revocation or termination of any Permit of either Company. In connection with import and export business in mainland
China, each Company is duly registered to work with entities which are qualified to engage in trading business under the Chinese
regulatory regime.

 

Section
4.14 Compliance with Laws.

 

	 	(a)	Each
    Company has been and is now in compliance in all material respects with all Laws applicable to such Company, its properties,
    rights and assets and the applicable Shares. Neither Company has received any notice alleging any violation of the forgoing
    is being or may be alleged.

 

	 	(b)	To
    the Knowledge of Seller, no officer or director of the Companies (i) has been subject to voluntary or involuntary petition
    under the federal or foreign bankruptcy laws or any state insolvency law or the appointment of a receiver, fiscal agent or
    similar officer by a court for his or her business or property or that of any partnership of which he or she was a general
    partner or any corporation or business association of which he or she was an executive officer; (ii) has been convicted in
    a criminal proceeding or named as a subject of a pending criminal proceeding (excluding traffic violations and other minor
    offenses) or been otherwise accused of any act of moral turpitude, all in such person’s capacity as officer or director
    of either Company; (iii) has been the subject of any order, judgment or decree (not subsequently reversed, suspended or vacated)
    of any court of competent jurisdiction permanently or temporarily enjoining him or her from, or otherwise imposing limits
    or conditions on his or her ability to act as an officer or director of either Company; (iv) has been found by a court of
    competent jurisdiction to have violated any federal or state commodities, securities or unfair trade practices law, in each
    case in such person’s capacity as officer or director of either Company, which judgment or finding has not been subsequently
    reversed, suspended, or vacated; or (b) has engaged in other conduct in such person’s capacity as officer or director
    of either Company that would be required to be disclosed in a prospectus under the Securities Act or under other applicable
    Law.

 

    	18

     

    

 

Section
4.15 Litigation. There are no Proceedings pending or outstanding or, to the Knowledge of Seller, threatened, in law or
in equity or before any Governmental Entity by or against either Company or any Person that either Company has agreed to defend
or indemnify in respect thereof or by which any of their rights, assets or properties are bound. There are no pending or outstanding
or, to the Knowledge of Seller, threatened, Orders, stipulations or charges to which either Company is a party or by which it
or its rights, assets or properties are bound.

 

Section
4.16 Tax Matters.

 

	 	(a)	Each
    of the Companies has filed, within the time and within the manner prescribed by Law (after giving effect to validly obtained
    extensions of time in which to make such filings), all income and other material Tax Returns that are required to be filed
    by or with respect to it and such Tax Returns are true, complete and correct in all respects were prepared in compliance with
    applicable Law, and correctly reflect the liability for Taxes and other information required to be reported thereon. Such
    tax returns do not contain (and were not required to contain in order to avoid the imposition of a penalty) a disclosure statement
    related to any Tax shelter or Tax avoidance transaction as identified by notice, regulation, or other form of published guidance
    under any applicable Law. Each Company has, within the time prescribed by Law, paid (and until the Closing Date shall, within
    the time prescribed by Law, will pay) all Taxes it is required to have paid (whether or not shown to be due on such Tax Returns).
	 	 	 
	 	(b)	Each
    Company has, in full compliance with applicable Law, withheld and paid all Taxes required to be withheld and paid in connection
    with any amounts paid, deemed paid, or owing to any Person.
	 	 	 
	 	(c)	The
    unpaid Taxes of each Company do not as of the Closing Date materially exceed that reserve shown on the Latest Balance Sheet
    of such Company in accordance with the past custom and practice of such Company in filing such Company’s Tax Returns.
    All material deficiencies for Taxes asserted against or reasonably known to be payable by each Company (x) have been paid
    or are included in a reserve for Tax Liability set forth on the face of the Financial Statements of the applicable Company
    (rather than in any notes thereto) and being contested in good faith by proper proceeding.
	 	 	 
	 	(d)	Neither
    either Company nor any Person on either Company’s behalf has (i) granted any extension of the statute of limitations
    for the assessment or collection of Taxes, or otherwise entered into or filed any extension of time with respect to the assessment
    or reassessment of Taxes or the filing of any Tax Return, or any payment of Taxes or (ii) granted to any Person any power
    of attorney that is currently in force with respect to any Tax matter. Neither Company has been requested to give any waiver
    or extension of any statute of limitations, or any closing agreements or similar agreements with any Governmental Entity,
    with respect to material Taxes.
	 	 	 
	 	(e)	No
    Proceedings for assessment or collection of Taxes has been or is presently being asserted or is otherwise outstanding against
    either Company; no rationale underlying a claim for Taxes has been asserted previously that reasonably could be expected to
    be asserted in any other period against either Company; there are no pending Proceedings or, to the Knowledge of Seller, threatened,
    against either Company, nor is there any basis for any of the foregoing. In relation to any matter relevant to the applicable
    Company, neither Company nor any director or officer or any member of either Company has paid or become liable to pay, and
    there are no circumstances by reason of which it or they may become liable to pay, any penalty, fine, surcharge, inflation
    indexation, or interest in respect of Tax.

 

    	19

     

    

 

	 	(f)	There
    is no claim or potential claim, which has not been reserved for in the applicable Company’s Latest Balance Sheet, by
    any Governmental Entity in a jurisdiction where either Company does not file Tax Returns that either Company may be subject
    to Tax by such jurisdiction. Neither Company has not conducted any business in any jurisdiction in which it did not file Tax
    Returns.
	 	 	 
	 	(g)	There
    are no Liens for Taxes upon any property or assets of either Company.
	 	 	 
	 	(h)	Neither
    Company is now, not has it ever been, subject to taxation by any Governmental Entity in the United States and has not incurred
    any Liabilities for Taxes owed to any Governmental Entity in the United States.
	 	 	 
	 	(i)	Seller
    has provided to Buyer (i) complete and accurate copies of all federal, state, local and foreign income Tax Returns of each
    Company for all periods not closed by the applicable statute of limitations and (ii) complete and accurate information concerning
    the Tax basis in the assets of each Company.
	 	 	 
	 	(j)	Each
    Company has complied with all applicable Laws relating to the withholding, reporting and payment over of Taxes and have, within
    the time and in the manner prescribed by applicable Laws, withheld and paid over to the proper Governmental Entities all amounts
    required to be so withheld and paid over under applicable Laws.
	 	 	 
	 	(k)	Neither
    Company is a party to any joint venture, partnership or other arrangement or Contract that is treated as a partnership for
    federal income tax purposes.
	 	 	 
	 	(l)	Neither
    Company has been a “United States real property holding corporation” within the meaning of Code Section 897(c)(2)
    at any time during the time period specified in Section 897(c)(1)(A)(ii) of the Code.

 

Section
4.17 Personnel.

 

	 	(a)	Since
    its formation, each Company has had no Employees, has paid no compensation to any individual for services as an Employee and
    has incurred no Liabilities to any Employees or non-Employee consultants, officers and/or service providers, of the Company
    for payment of salaries, wages, bonuses, incentive payments or any other compensation and/or other rights (under contract
    or applicable Law). No claims were made, and no circumstances exist which may give rise to any claims alleging that any individual
    or entity (including but not limited to Seller) should be considered or be otherwise entitled to the rights and privileges
    of an employee of either Company for any services rendered to either Company or otherwise, or that otherwise employer-employee
    relationship exist or existed in any time between either Company and any entity. Notwithstanding the above, however, since
    the work of the Companies is managed and operated by the employees of Seller, the non-employee workers (the “Non-Employee
    Workers”) support provided to the Companies have been paid at cost.
	 	 	 
	 	(b)	Schedule
    4.19(b) contains a complete and accurate list of the following information for each Non-Employee Worker of each of the Companies
    as of the Closing Date: The name; primary work location; work being performed; compensation rate; and duration of the agreement.

 

    	20

     

    

 

Section
4.18 Related-Party Transactions. To the Knowledge of Seller, none of Seller nor any director or officer of either Company,
or any Related Person of any such Person (a) is a director, officer or Employee of, or consultant to, or owns, directly or indirectly,
any interest in any Person that is a competitor, vendor, supplier or customer of either Company, (b) owns or has any interest
in, directly or indirectly, in whole or in part, any property, asset or right, whether real, personal or mixed, tangible or intangible
(including any of the Intellectual Property) that is utilized by or in connection with the Business of either Company, (c) is
a customer or supplier of any of either Company, (d) with respect to Persons that are not Employees, receives any benefits under
any Benefit Plan of either of the Companies or (e) directly or indirectly has an interest in or is a party to any Contract with
either Company.

 

Section
4.19 Brokers. Neither Company has engaged any investment banker, finder, broker or sales agent or any other Person in connection
with the origin, negotiation, execution, delivery or performance of any Transaction Document to which it is a party, or the Transactions.

 

Section
4.20 Export and Import Control Laws.

 

	 	(a)	Each
    Company has at all times, conducted its export and import transactions in accordance with all applicable Export and Import
    Control Laws. Without limiting the foregoing, (i) each Company is in compliance with the terms of all applicable Export and
    Import Approvals; (ii) there are no pending or, to the Knowledge of Seller, threatened, claims, charges, investigations, violations,
    settlements, civil or criminal enforcement actions, lawsuits, or other court actions against either Company with respect to
    any Export and Import Control Laws; (iii) there are no actions, conditions or circumstances pertaining to either Company’s
    export or import transactions that may give rise to any future claims, charges, investigations, violations, settlements, civil
    or criminal actions, lawsuits, or other court actions under the Export and Import Control Laws; and (iv) no approval from
    a Governmental Entity is required for the transfer of Export and Import Approvals to Buyer, or such approvals can be obtained
    expeditiously without material cost.
	 	 	 
	 	(b)	Each
    Company has established and maintains a compliance program and reasonable internal controls and procedures appropriate to
    the requirements of Export and Import Control Laws.
	 	 	 
	 	(c)	Section
    4.20 of the Disclosure Schedules sets forth the true, complete and accurate export control classifications, and all other
    similar relevant information applicable to each Company’s products, services, software and technologies.

 

Section
4.21 Disclosure. To the Knowledge of Seller, no representation or warranty contained in this Agreement, including under
this Article IV and no statement in the Disclosure Schedules or any other information provided in writing to the Buyer by either
Company or Seller, contains any untrue statement of material fact or omits to state any material fact necessary to make the statements
therein not misleading. To the Knowledge of Seller and the Companies, there is no material fact directly relating to the Assets,
liabilities, Business, operations, condition (financial or other) or prospects of each Company (including any competitive developments
other than facts which relate to general economic or industry trends or conditions) that materially adversely affects the same.

 

Article
V. REPRESENTATIONS
AND WARRANTIES OF BUYER

 

Buyer
represents and warrants to the Companies and Seller that the following statements contained in this Article V are true and correct
as of the Closing Date, except as set forth in the disclosure schedule of the Buyer attached hereto as Schedule B (the “Buyer
Disclosure Schedule”) and therein referencing the Section of this Article V to which such disclosure relates:

 

    	21

     

    

 

Section
5.01 Organization; Corporate Power. Buyer is a corporation duly organized, validly existing and in good standing under
the Laws of the State of Wyoming with the requisite power and authority to own, operate and lease Buyer’s properties and
to carry out Buyer’s business as now conducted.

 

Section
5.02 Authorization of Transactions. Buyer has full power and authority to execute and deliver the Transaction Documents
to which Buyer is a party and to perform Buyer’s obligations hereunder and thereunder. All necessary corporate action, has
been taken by Buyer to authorize the execution, delivery and performance of each of the Transaction Documents to which Buyer is
a party and the Transactions. The execution, delivery and performance by Buyer of the Transaction Documents to which it is a party
and the consummation of the Transactions have been duly and validly authorized by all requisite corporate power on the part of
Buyer. The Transaction Documents to which Buyer is a party have been duly and validly executed and delivered by Buyer. Each Transaction
Document to which Buyer is a party constitute the valid and legally binding obligation of Buyer, enforceable against Buyer in
accordance with its terms and conditions, except to the extent enforcement thereof may be limited by applicable bankruptcy, reorganization,
insolvency or moratorium Laws, or other Laws affecting the enforcement of creditors’ rights or by the principles governing
the availability of equitable remedies.

 

Section
5.03 Governmental Approvals; Non-contravention.

 

	 	(a)	No
    consent, Order, action or non-action of, or filing, notification, declaration or registration with, any Governmental Entity
    is necessary for the execution, delivery or performance by Buyer of this Agreement or any other Transaction Document to which
    Buyer is a party.

 

	 	(b)	The
    execution, delivery and performance by Buyer of the Transaction Documents to which Buyer is a party, and the consummation
    by Buyer of the Transactions, do not (i) violate any Laws or Orders to which Buyer is subject or (ii) violate, breach or conflict
    with any provision of Buyer’s certificate of incorporation or bylaws.

 

Section
5.04 No Consent, Violation or Conflict. The execution and delivery of the Transaction Documents by Buyer, the consummation
by Buyer of the transactions contemplated thereby, and compliance by the Buyer with the provisions hereof (a) do not and will
not violate or, if applicable, conflict with any provision of Law, or any provision of Buyer’s amended and restated articles
of incorporation or bylaws; and (b) do not and will not, with or without the passage of time or the giving of notice, result in
the breach of, cause the acceleration of performance or constitute a default or require any consent under, any material instrument
or agreement to which Buyer is a party or by which Buyer or its properties may be bound or affected, other than instruments or
agreements as to which consent shall have been obtained at or prior to the Closing Date or any breaches or defaults which would
not affect the Buyer’s ability to consummate the transactions contemplated thereby.

 

Section
5.05 Legal Proceedings. There is no action, claim, dispute, suit, investigation or proceeding pending or, to Knowledge
of Buyer, threatened, in writing against Buyer or any of its properties or rights, nor any judgment, order, injunction or decree
before any court, arbitrator or administrative or governmental body which might adversely affect or restrict the ability of Buyer
to consummate the transactions contemplated by the Transaction Documents, or to perform its respective obligations thereunder.

 

Section
5.06 Knowledge. Buyer has sufficient knowledge, experience and sophistication in business matters, and is capable of evaluating
the merits and risks of its purchase of the Shares and of making an informed investment decision with respect thereto. Other than
as set forth herein, Buyer confirms that this Agreement and the purchase of the Shares hereunder are not and will not be based
on a promise or guarantee by the Companies and Seller or anybody on their behalf as to the future value or marketability of the
Shares, and there is no assurance or guarantee that past performance will be achieved in the future or that forward-looking plans
or projections, or planned products, will materialize or achieve the projected or expected results. Buyer further confirms that
Buyer and its advisors were given the opportunity to examine the financial and business situation of the Companies, and to ask
questions and receive answers from the management of the Companies.

 

    	22

     

    

 

Section
5.07 Validity of Stock Consideration; Listing. When issued and delivered in accordance with this Agreement, the Stock Consideration
shall be (a) duly and validly authorized, issued and outstanding, fully paid and non-assessable, and (b) free and clear of any
Liens. The Stock Consideration will, as of the Closing, be subject to securities laws restrictions including limitations on sale,
transfer and disposition applicable to restricted securities under the Securities Act, but the Buyer acknowledges its obligations
pursuant to Section 2.06. Buyer’s Common Stock is quoted on the OTCQB tier of the PTC Markets Group market place.

 

Section
5.08 SEC Documents and Compliance. Since January 1, 2016, Buyer has filed all reports, schedules, forms, statements and
other documents required to be filed by it with the U.S. Securities and Exchange Commission (“SEC”), pursuant to the
reporting requirements of all applicable U.S. federal securities laws (all of the foregoing, all exhibits included therein and
financial statements and schedules thereto and documents incorporated by reference therein, are hereinafter referred to as the
“SEC Documents”). The SEC Documents comply as to form in all material respects with the requirements of all applicable
U.S. federal securities laws, rules and regulations. The SEC Documents, as of their respective dates of filing with the SEC, did
not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

Section
5.09 Brokers. Buyer has not engaged any investment banker, finder, broker or sales agent or any other Person in connection
with the origin, negotiation, execution, delivery or performance of any Transaction Document to which it is a party, or the Transactions.

 

Article
VI. ADDITIONAL
AGREEMENTS

 

Section
6.01 Further Assurances. Following the Closing, each Party shall execute and deliver such documents and other papers and
take such further action as may be reasonably required to carry out the provisions of the Transaction Documents.

 

Section
6.02 Confidentiality. From and after the Closing Date, Seller shall (and shall cause their Related Persons to) keep confidential
and not use in any manner, any and all Confidential Information relating to the Companies or Buyer or Buyer’s Affiliates
that remains in, or comes into, Seller’s possession in any form. The foregoing shall not preclude Seller from disclosing
such Confidential Information if compelled to disclose the same by judicial or administrative process or by other requirements
of any applicable Law (subject to the provisions of this Section 6.02). If Seller is requested or required (by oral questions,
interrogatories, requests for information or documents in legal, administrative, arbitration or other formal Proceedings, subpoena,
civil investigative demand or other similar process) to disclose any such Confidential Information, Seller shall promptly notify
Buyer of any such request or requirement so that Buyer may seek a protective order or other appropriate remedy and waive compliance
with the provisions of this Section 6.02. If, in the absence of a protective order or other remedy or the receipt of a waiver
by Buyer, Seller is required to disclose such information, Seller, without liability hereunder, may disclose that portion of such
Confidential Information that Seller is legally required to disclose.

 

Section
6.03 Additional Covenants of the Parties.

 

	 	(a)	After
    the Closing Date, except as set forth in Section 6.03(d), Buyer and Seller shall use reasonable commercial efforts to change
    the authorized signatories of each of the Companies with respect to any bank accounts or other commitments of either of the
    Companies requiring the designation of authorized signatories.

 

    	23

     

    

 

	 	(b)	Upon
    the Closing, the Board of Directors of Buyer (the “Board”) shall expand the size of the Board by one person, and
    shall name Donald Su Yo Ruan (“Ruan”) as a Director thereon and as Chairman of the Board.
	 	 	 
	 	(c)	Upon
    the Closing, the Parties shall take such actions as required to name Ruan as President and CEO of each of Company HK and Company
    Samoa.
	 	 	 
	 	(d)	For
    a period of one (1) year following the Closing Date (or for a period of 13 months in the event that a Post-Closing Default
    has occurred), until the Buyer has fulfilled its obligations in connection with the Purchase Price under Section 2.02 and
    the Note under Section 2.03, Ruan shall continue to operate the Companies in substantially the manner as they have been operated
    prior to the Closing Date. Until the amount under the Note pursuant to Section 2.03 has been paid in full, Ruan remains to
    be the sole signatory of the company’s bank accounts held by Company HK and Company Samoa post-Closing.

 

Section
6.04 Seller’s and Companies’ Deliverables. At the Closing, Seller and the Companies shall deliver to Buyer
the following, with the assistance of Companies’ filing agent, SBC, with the expenses related to the preparation of the
following to be paid by Buyer (although Buyer shall not have any responsibility related to the substance thereof):

 

	 	(a)	a
    certificate of good standing for each Company issued by the secretary of state or other appropriate Authority of their state
    of organization and dated a date that is within ten (10) Business Days of the Closing Date;
	 	 	 
	 	(b)	a
    certificate from Seller and the Companies, in form and substance reasonably acceptable to the Buyer, certifying that all representations
    and warranties made Seller or the Companies in this Agreement are true and correct at the Closing Date;
	 	 	 
	 	(c)	Shares
    certificates in the name of the Buyer for the Shares, together with a copy of the register of shareholders of each of the
    Companies, in each case certified by the Chief Executive Officer of each Company, in which the Shares shall have been registered
    in the name of Buyer, in each case in form and substance as reasonably satisfactory to Buyer;
	 	 	 
	 	(d)	an
    executed copy of the employment agreement in the form as attached hereto as Exhibit 2 (the “Employment Agreement”)
    executed by Ruan;
	 	 	 
	 	(e)	executed
    resignations, effective as of the Closing Date, of each director and officer of each of the Companies;
	 	 	 
	

                                                           
	(f)	With
    respect to Seller, such documents as Buyer or its counsel may reasonably request to demonstrate the transfer of ownership
    of the Shares;
	 	 	 
	 	(g)	Duly
    completed notices to the local Registrar of Companies of any change resulting from the transactions contemplated hereunder;
	 	 	 
	 	(h)	Such
    evidence as the Buyer or its counsel may reasonably request to demonstrate the satisfaction of any notice, consent or waiver
    requirements under any contract or agreement to which each of the Companies is a party;
	 	 	 
	 	(i)	Documentation
    satisfactory to the Buyer that all banker’s fees, attorney’s fees and other transaction expenses payable by each
    of the Companies and Seller in connection with the transactions contemplated hereby have been paid in full at or prior to
    the Closing;

 

    	24

     

    

 

	 	(j)	Such
    other supporting documents and certificates as the Buyer may reasonably request or as may be required pursuant to this Agreement.

 

Section
6.05 Buyer’s Deliverables. At the Closing, the Buyer shall deliver:

 

	 	(a)	To
    Seller, share certificates in the name of the Seller for ten million (10,000,000) shares of Buyer Stock pursuant to Section
    2.02;
	 	 	 
	 	(b)	A
    copy of the register of shareholders of Buyer, in each case certified by the Chief Executive Officer of Buyer, in which the
    Buyer Stock for ten million shares pursuant to Section 2.02 shall have been registered in the name of Seller, in each case
    in form and substance as reasonably satisfactory to Seller;
	 	 	 
	 	(c)	To
    Seller, the mutually agreed Note under Section 2.03 satisfactory to Seller;
	 	 	 
	 	(d)	To
    Seller, a certificate from Buyer, in form and substance reasonably acceptable to Seller, certifying that (A) all representations
    and warranties made by the Buyer in this Agreement are true and correct at the Closing Date with the same force and effect
    as if such representations and warranties were made at and as of the Closing Date, except for changes therein permitted by
    this Agreement; and (B) the Buyer has performed or complied with all covenants and conditions required by this Agreement to
    be performed or complied with by the Buyer prior to or at the Closing;
	 	 	 
	 	(e)	To
    Ruan, the mutually agreed Employment Agreement duly executed by Buyer;
	 	 	 
	 	(f)	Such
    evidence as the Seller or its counsel may reasonably request from Buyer to demonstrate the satisfaction of any notice or filings
    as required for the transfers of the Buyer Stock; and
	 	 	 
	 	(g)	Such
    other supporting documents and certificates as the Seller may reasonably request or as may be required pursuant to this Agreement.

 

Section
6.08 Actions Prior to and Following the Closing. Prior the Closing, Seller shall undertake such actions as required to
remove all cash from the accounts of the Companies other than a balance of $500,000, which the Parties agree shall remain in the
account of the Companies as a whole for purposes of providing working capital following the Closing, and which amount will be
repaid to Seller pursuant to this Agreement and the Note under Section 2.03 within 180 days following the Closing Date.

 

Article
VII. UNWINDING

 

Section
7.01 Unwinding.

 

In
the event of any of the following that (i) Buyer does not make the payments as required pursuant to the Note within 180 days following
the Closing Date; (ii) Buyer breaches the covenant set forth in this Agreement or (iii) on the twelve (12) month anniversary of
the Closing Date, the market value of the Stock Consideration (as determined by the Market Price) is not equal to US$750,000 or
higher and Buyer does not issue to Seller additional shares of Buyer Stock to obtain such valuation, and in each or any such case
such failure remains uncured for ten (10) or more Business Days after Seller give written notice of such default to Buyer (each,
a “Post-Closing Default”), then the Parties shall effectuate unwinding of the Transactions and undertake the actions
as set forth in Section 7.02.

 

    	25

     

    

 

Section
7.02 Remedies for Post-Closing Default.

 

	 	(a)	In
    the event of a Post-Closing Default by Buyer, Buyer shall be responsible to pay all the expenses incurred by the Parties for
    the 180 days of operation post-Closing and for unwinding, and

 

	 	(i)	The
    Note shall be deemed void and of no further force and effect;

 

	 	(ii)	Buyer
    shall return to Seller all of the Shares, which shall be deemed in their entirety void and of no further force and effect
    in any event; and

 

	 	(iii)	Seller
    shall return to Buyer 90% of the Stock Consideration, and Seller shall be entitled to retain the remaining 10% of the Stock
    Consideration)

 

	 	(b)	The
    Parties covenant and agree to execute such documents and complete such actions as required to effectuate the provisions of
    this Article VII to the effect sufficiently causing the Companies to return to their original ownership of the Seller and
    the management control by Ruan.

 

Article
VIII. INDEMNIFICATION

 

Section
8.01 General
Indemnification.

 

	 	(a)	Subject
    to the provisions of this Article VIII, Seller hereby agrees to indemnify, defend and hold harmless Buyer, the Companies (following
    the Closing) and all of Buyer’s Affiliates and each of their respective directors, officers, managers, partners, employees,
    agents, equity holders, successors and assigns (each, a “Buyer Indemnified Party” and, collectively, the “Buyer
    Indemnified Parties”), from and against any and all Losses incurred or suffered by any Buyer Indemnified Party arising
    out of, based upon or resulting from any of the following:

 

	 	(i)	any
    breach of any representation or warranty contained in Article III or Article IV;

 

	 	(ii)	any
    breach by Seller or the Companies of, or any failure of Seller or the Companies to perform, any of the covenants, agreements
    or obligations contained in or made pursuant to this Agreement; and

 

	 	(iii)	all
    Taxes (or the nonpayment thereof) of (A) either Company or Seller for all Pre-Closing Periods and Pre-Closing Partial Tax
    Periods and (B) any and all Taxes of any Person (other than the Companies) imposed on any Company as a transferee or successor,
    by Contract or pursuant to any Law, which Taxes relate to an event or transaction occurring before the Closing.

 

	 	(b)	Subject
    to the provisions of this Article VIII, Buyer hereby agrees to indemnify, defend and hold harmless Seller and all of Seller’s
    Affiliates, from and against any and all Losses incurred or suffered by Seller arising out of, based upon or resulting from
    any of the following:

 

	 	(i)	any
    breach or violation of any of the representations or warranties of the Buyer contained in this Agreement; and

 

	 	(ii)	any
    breach or violation of any of the covenants or agreements of Buyer contained in this Agreement.

 

Section
8.02 Procedures for Indemnification. In the event that a Person entitled to indemnification under this Article VIII (the
“Indemnified Party”) shall incur or suffer any Losses in respect of which indemnification may be sought under this
Article VIII against the Person(s) required to provide indemnification under this Article VIII (collectively, the “Indemnifying
Party”), the Indemnified Party shall assert a claim for indemnification by providing a written notice (the “Notice
of Loss”) to the Indemnifying Party stating the nature and basis of such indemnification. The Notice of Loss shall be provided
to the Indemnifying Party as soon as practicable after the Indemnified Party becomes aware that it has incurred or suffered a
Loss.

 

    	26

     

    

 

Section
8.03 Payment. Upon a determination of liability under this Article VIII the Indemnifying Party shall pay or cause to be
paid to the Indemnified Party the amount so determined within five (5) Business Days after the date of such determination. If
there should be a dispute as to the amount or manner of determination of any indemnity obligation owed under this Agreement, the
Indemnifying Party shall nevertheless pay when due such portion, if any, of the obligation that is not subject to dispute. Upon
the payment in full of any amounts due under this Article VIII with respect to any claim, the Indemnifying Party shall be subrogated
to the rights of the Indemnified Party against any Person with respect to the subject matter of such claim.

 

Section
8.04 Effect of Knowledge on Indemnification. The right to indemnification, reimbursement or other remedy based upon any
representations, warranties, covenants and obligations set forth in this Agreement shall not be affected by any investigation
conducted with respect to, or any knowledge acquired (or capable of being acquired) at any time, whether before or after the execution
and delivery of this Agreement, with respect to the accuracy or inaccuracy of or compliance with any such representation, warranty,
covenant or obligation. The waiver of any condition based upon the accuracy of any representation or warranty, or on the performance
of or compliance with any covenant or obligation, shall not affect the right to indemnification, reimbursement or other remedy
based upon such representations, warranties, covenants or obligations.

 

Article
IX. TAX MATTERS

 

Section
9.01 Tax Returns.

 

	 	(a)	Seller
    assist the Buyer, at no cost, with the preparation of all Tax Returns for each Company for all taxable periods ending on or
    before the Closing Date (“Pre-Closing Periods”) that are due after the Closing Date. Such Tax Returns shall be
    prepared by treating items on such Tax Returns in a manner consistent with the past practices with respect to such items,
    unless otherwise required by Law. Not less than five (5) days before the filing of any such Pre-Closing Period Tax Return,
    Seller shall pay to Buyer an amount equal to the Taxes shown as due on such Tax Returns (including any withholding taxes required
    to be paid by the Company for Seller-level Taxes).

 

	 	(b)	Buyer
    shall prepare or cause to be prepared and file or cause to be filed any Tax Returns of each Company for Straddle Periods and
    Seller assist the Buyer, at no cost, with the preparation of all such Tax Returns. To the extent such Tax Returns relate to
    the Pre-Closing Partial Tax Period, Buyer shall provide Seller with reasonable opportunity to review and comment on each such
    Tax Return described in the preceding sentence before filing, and shall make changes to such Tax Returns reasonably requested
    by Seller. Seller shall be jointly responsible for the payment of the amount equal to the portion of such Taxes, if any, that
    relates to the Pre-Closing Partial Tax Period, and shall pay to Buyer such amounts not less than five (5) days before the
    filing of any such Straddle Period Tax Return. For purposes of this Agreement, in the case of any Taxes that are imposed with
    respect to a Straddle Period, the portion of such Tax which relates to the Pre-Closing Partial Tax Period shall (i) in the
    case of Taxes imposed on a periodic basis (such as real or personal property Taxes), the amount of such Taxes for the Straddle
    Period (or, in the case of such Taxes determined on an arrears basis, the amount of such Taxes for the immediately preceding
    period) multiplied by a fraction, the numerator of which is the number of calendar days in the Straddle Period ending on and
    including the Closing Date and the denominator of which is the number of calendar days in the entire relevant Straddle Period,
    and (ii) in the case of any other Tax, be deemed equal to the amount which would be payable if the relevant taxable period
    ended as of the close of business on the Closing Date. Any credits relating to a Straddle Period shall be taken into account
    as though the Straddle Period ended on the Closing Date. All determinations necessary to give effect to the foregoing allocations
    shall be made in a manner consistent with the past practices of the Company.

 

    	27

     

    

 

	 	(c)	Seller
    and Buyer agree to consult and resolve in good faith any disputes arising as a result of the review of the Tax Returns described
    in Section 9.01(a) and Section 9.01(b)and to mutually consent to the filing as promptly as possible of such Tax Return. In
    the event Seller and Buyer are unable to resolve any dispute within 10 days following notice of comments to the applicable
    Tax Return, then the Company may file such Tax Return on or before the due date (including extensions) therefor without such
    determination having been made and without the consent of Seller.

 

Section
9.02 Assistance and Cooperation.

 

	 	(a)	After
    the Closing Date, each of Seller, Buyer and the Companies shall:

 

	 	(i)	assist
    the other Party (at no expense to such other Party) in preparing any Tax Returns that such other Party is responsible for
    preparing and filing in accordance with Section 9.01 or in preparing any financial statements, including affording reasonable
    access to books, records and personnel;

 

	 	(ii)	keep
    the other Party fully informed (at no expense of such other Party) of the progress and substance of the preparation of any
    Tax Returns described in Article IX for which such other Party is not primarily responsible;

 

	 	(iii)	cooperate
    fully in preparing for any audits of, or disputes with Governmental Entities regarding, any Taxes or Tax Returns of the Companies
    and take any actions reasonably requested by the other Party in connection therewith;

 

	 	(iv)	make
    available to one another and to any Governmental Entity, as reasonably requested in connection with any Tax Return described
    in Section 9.01 or any Tax Claim, all information relating to any Taxes or Tax Returns of the Company; and

 

	 	(v)	furnish
    one another with copies of all correspondence received from any Governmental Entity in connection with any Tax audit or information
    request with respect to any such taxable period.

 

	 	(b)	The
    Parties agree to report consistently, for all income tax purposes, amounts paid by or on behalf of the Companies to satisfy
    payments due under any retention agreements to the extent such amounts are included as a payment at Closing, as a compensation
    expense of the Companies on the income Tax Return of the Companies for the period ending on the Closing Date.

 

Article
X. MISCELLANEOUS

 

Section
10.01 Notices.

 

	 	(a)	Any
    notice or other communications required or permitted hereunder shall be in writing and shall be sufficiently given if personally
    delivered to it or sent by email, overnight courier or registered mail or certified mail, postage prepaid, addressed as follows:

 

    	28

     

    

 

if
to the Companies (before Closing), to:

 

Ascenda
Corporation+

Attention:
Donald Ruan

35J
Jia-Li Building

1228
Yan-An Road

 

Shanghai,
China 200052

E-mail:
donald.ruan@ascendaintl.com

 

if
to Seller, to:

 

Ascenda
Corporation

Attention:
Ruan Su Yo

35J
Jia-Li Building

1228
Yan-An W. Road

Shanghai,
China 200052

E-mail:
donald.ruan@ascendaintl.com

 

If
to Ruan:

 

Ascenda
Corporation

Attention:
Ruan, Su Yo

35J
Jia-Li Building

1228
Yan An W. Road

Shanghai,
China 200052

E-mail:
donald.ruan@ascendaintl.com

 

If
to Buyer or, following the Closing, the Companies:

 

Life
Clips, Inc.

Attention:
Huey Long, Chief Executive Officer

18851
NE 29th Ave, Suite 700

Aventura,
FL 33180

E-mail:
hlong@lifeclips.com

 

With
a copy, which shall not constitute notice, to:

 

Legal
& Compliance, LLC

330
Clematis Street, Suite 217

West
Palm Beach, FL 33401

 

	 	(b)	Any
    Party may change its address for notices hereunder upon notice to each other Party in the manner for giving notices hereunder.

 

	 	(c)	Any
    notice hereunder shall be deemed to have been given (i) upon receipt, if personally delivered, (ii) on the day after dispatch,
    if sent by overnight courier, (iii) upon dispatch, if transmitted by email with return receipt requested and received and
    (iv) three (3) days after mailing, if sent by registered or certified mail.

 

Section
10.02 Attorneys’ Fees. In the event that any Party institutes any action or suit to enforce this Agreement or to
secure relief from any default hereunder or breach hereof, the prevailing Party shall be reimbursed by the losing Party for all
costs, including reasonable attorney’s fees, incurred in connection therewith and in enforcing or collecting any judgment
rendered therein.

 

    	29

     

    

 

Section
10.03 Amendments; No Waivers; No Third-Party Beneficiaries.

 

	 	(a)	At
    any time prior to the Closing Date, this Agreement may be amended, modified, superseded, terminated or cancelled, and any
    of the terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed
    by all of the Parties hereto.

 

	 	(b)	Every
    right and remedy provided herein shall be cumulative with every other right and remedy, whether conferred herein, at law,
    or in equity, and may be enforced concurrently herewith, and no waiver by any Party of the performance of any obligation by
    the other shall be construed as a waiver of the same or any other default then, theretofore, or thereafter occurring or existing.

 

	 	(c)	Neither
    any failure or delay in exercising any right or remedy hereunder or in requiring satisfaction of any condition herein nor
    any course of dealing shall constitute a waiver of or prevent any Party from enforcing any right or remedy or from requiring
    satisfaction of any condition. No notice to or demand on a Party waives or otherwise affects any obligation of that Party
    or impairs any right of the Party giving such notice or making such demand, including any right to take any action without
    notice or demand not otherwise required by this Agreement. No exercise of any right or remedy with respect to a breach of
    this Agreement shall preclude exercise of any other right or remedy, as appropriate to make the aggrieved Party whole with
    respect to such breach, or subsequent exercise of any right or remedy with respect to any other breach.

 

	 	(d)	Notwithstanding
    anything else contained herein, no Party shall seek, nor shall any Party be liable for, consequential, punitive or exemplary
    damages, under any tort, contract, equity, or other legal theory, with respect to any breach (or alleged breach) of this Agreement
    or any provision hereof or any matter otherwise relating hereto or arising in connection herewith.

 

Section
10.04 Expenses. Unless otherwise contemplated or stipulated by this Agreement, all costs and expenses incurred in connection
with this Agreement shall be paid by the Party incurring such cost or expense. Notwithstanding anything herein to the contrary,
however, all expenses related to each and every aspect of the Transactions contemplated herein shall be paid by Buyer. Buyer acknowledges
and agrees that Seller shall have no obligation for any Transaction expenses.

 

Section
10.05 Successors and Assigns; Benefit. The provisions of this Agreement shall be binding upon and inure to the benefit
of the Parties and their respective successors and assigns. No Party may assign (other than by operation of law following the
Closing), delegate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of
the other Parties. Nothing in this Agreement, expressed or implied, shall confer on any Person other than the Parties, and their
respective successors and assigns, any rights, remedies, obligations, or Liabilities under or by reason of this Agreement.

 

Section
10.06 Governing Law. This Agreement, and all matters based upon, arising out of or relating in any way to the Transactions
or the Transaction Documents, including all disputes, claims or causes of action arising out of or relating to the Transactions
or the Transaction Documents as well as the interpretation, construction, performance and enforcement of the Transaction Documents,
shall be governed by the laws of the United States and the State of Florida, without regard to any jurisdiction’s conflict-of-laws
principles and without regard to the United Nations Convention on Contracts for the International Sale of Goods.

 

Section
10.07 Survival. The representations and warranties in this Agreement shall survive the Closing for a period of 12 months
from the Closing Date, and no claim for indemnification may be made after such time; provided, however, that the representations
and warranties made in Section 4.01 (Authorization of Transactions ), Section 4.02 (Organization), Section 4.03 (Capitalization)
and Section 4.05 (Governmental Approvals; shall survive indefinitely. Notwithstanding the foregoing, any representation or warranty
(and the indemnification obligations of the Parties with respect thereto) that would otherwise terminate in accordance with this
Section 10.07 will continue to survive if notice for indemnification shall have been given in accordance with this Article VIII
on or before such termination date, until such claim for indemnification has been satisfied or otherwise resolved as provided
herein. All covenants and agreements in this Agreement will survive until fully performed; provided, however, that, nothing herein
shall prevent a Party from making any claim hereunder, or relieve any other Party from any liability hereunder, after such time
for any breach thereof.

 

    	30

     

    

 

Section
10.08 Resolution of Disputes. Except as otherwise provided herein, all controversies, disputes or actions between the Parties
arising out of the Transactions or this Agreement, including their respective Affiliates, owners, officers, directors, agents
and employees, arising from or relating to this Agreement shall on demand of either party be submitted for arbitration to the
Hong Kong International Arbitration Center The Parties agree that, in connection with any such arbitration proceeding, each shall
submit or file any claim which would constitute a compulsory counterclaim (as defined by Rule 13 of the Federal Rules of Civil
Procedures) within the same proceeding as the claim to which it relates. Any such claim which is not submitted or filed in such
proceeding shall be barred. The arbitration proceedings shall be conducted in accordance with the then-current commercial arbitration
rules, except the Parties shall be entitled to limited discovery at the discretion of the arbitrator(s) who may, but are not required
to, allow depositions. In no event shall discovery last more than 20 days. Upon the commencement of the arbitration proceeding,
each Party shall have no more than 14 days to present their position in the action and rebut the other Party’s position.
The arbitrator shall be instructed to use every reasonable effort to perform its services within seven days of request, and, in
any case, as soon as practicable. The Parties agree to be bound by the provisions of any limitation on the period of time by which
claims must be brought under Florida law or any applicable federal law. The arbitrator(s) shall have the right to award the relief
which he or she deems proper, consistent with the terms of this Agreement, including compensatory damages (with interest on unpaid
amounts from due date), injunctive relief, specific performance, legal damages and costs. The award and decision of the arbitrator(s)
shall be conclusive and binding on all Parties, and judgment upon the award may be entered in any court of competent jurisdiction.
Any right to contest the validity or enforceability of this award shall be governed exclusively by the United States Arbitration
Act. The provisions of this Section 10.08 shall continue in full force and effect subsequent to and notwithstanding the expiration
or termination of this Agreement.

 

Section
10.09 Publicity. The parties shall agree to the content of any press release or other public announcement concerning this
Agreement or the transactions contemplated hereby before issuing the same. Nothing contained herein shall prevent any party from
at any time furnishing any information to any Governmental Entity or publicly filing any information with the SEC which it is
by law or otherwise so obligated to disclose or from making any disclosure which its counsel deems necessary or advisable in order
to fulfill such party’s disclosure obligations under applicable U.S. law or the rules of the any stock exchange to which
the party is subject.

 

Section
10.10 Severability. If any provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of
law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the Transactions is not affected in any manner adverse to any Party. Upon such determination
that any provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the
Transactions are fulfilled to the extent possible.

 

Section
10.11 Waiver of Jury Trial.

 

	 	(a)	EACH
    PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
    ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS, THE PERFORMANCE
    THEREOF OR THE FINANCINGS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
    CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
    OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
    OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
    IN THIS Section 10.11(a).

 

    	31

     

    

 

	 	(b)	Each
    of the Parties acknowledge that each has been represented in connection with the signing of this waiver by independent legal
    counsel selected by the respective Party and that such Party has discussed the legal consequences and import of this waiver
    with legal counsel. Each of the Parties further acknowledge that each has read and understands the meaning of this waiver
    and grants this waiver knowingly, voluntarily, without duress and only after consideration of the consequences of this waiver
    with legal counsel.

 

Section
10.12 Entire Agreement. This Agreement constitute the entire agreement between the Parties with respect to the subject
matter hereof and thereof and supersedes all prior agreements and understandings, both oral and written, between the Parties with
respect to the subject matter hereof and thereof.

 

Section
10.13 Specific Performance. Each Party agrees that irreparable damage would occur if any provision of this Agreement were
not performed in accordance with the terms hereof and that each Party shall be entitled to seek specific performance of the terms
hereof in addition to any other remedy at law or in equity.

 

Section
10.14 Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when counterparts have been signed by each of the Parties and delivered to the other
Parties, it being understood that each Party need not sign the same counterpart. A facsimile copy or electronic transmission of
a signature page shall be deemed to be an original signature page.

 

Section
10.15 Construction. The table of contents and headings contained in this Agreement are for reference purposes only and
will not affect in any way the meaning or interpretation of this Agreement. In the event of a conflict between language or amounts
contained in the body of this Agreement and language or amounts contained in the Exhibits or Schedules attached hereto, the language
or amounts in the body of the Agreement shall control. Any reference in this Agreement to gender shall include all genders, and
words imparting the singular number only shall include the plural and vice versa. The use of the terms “including”
or “include” shall in all cases herein mean “including, without limitation” or “include, without
limitation,” respectively. Reference to any Person includes such Person’s predecessors, successors and assigns to
the extent, in the case of successors and assigns, such successors and assigns are permitted by the terms of any applicable agreement,
and reference to a Person in a particular capacity excludes such Person in any other capacity or individually. Reference to any
agreement (including this Agreement), document or instrument means such agreement, document or instrument as amended or modified
and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Reference to any Law
means such Law as amended, modified, codified, replaced or re-enacted, in whole or in part, including rules, regulations, enforcement
procedures and any interpretations promulgated thereunder. Underscored references to Articles, Sections or Schedules shall refer
to those portions of this Agreement. The use of the terms “hereunder,” “hereof,” “hereto”
and words of similar import shall refer to this Agreement as a whole and not to any particular Article, Section or clause of or
Exhibit, Annex or Schedule to this Agreement.

 

[Signature
page follows]

 

    	32

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the Closing Date.

 

	 	Life
    Clips, Inc.
	 	 	 
	 	By:	/s/
    Huey Long
	 	Name:	Huey
    Long
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Ascenda
    Corporation
	 	 	 
	 	By:	/s/
    Donald Ruan
	 	Name:	Donald
    Ruan
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Hong
    Kong Ascenda International Co., Limited, Hong Kong
	 	 	 
	 	By:	/s/
    Donald Ruan
	 	Name:	Donald
    Ruan
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Hong
    Kong Ascenda International Co., Limited, Samoa
	 	 	 
	 	By:	/s/
    Donald Ruan
	 	Name:	Donald
    Ruan
	 	Title:	Chief
    Executive Officer

 

    	33

     

    

 

Exhibit
A-2

 

Promissory
Note

 

(Attached)

 

    	 

     

    

 

THE
ISSUANCE AND SALE OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE NOTE AND THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE NOTE OR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL
(WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID
ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.

 

	Principal
    Amount: $500,000.00	Issue
    Date: June 22, 2017

 

PROMISSORY
NOTE

 

FOR
VALUE RECEIVED, Life Clips, Inc., a Wyoming corporation (hereinafter called the “Borrower”), hereby promises to
pay to the order of Ascenda Corporation, a Samoa corporation (the “Holder”) the principal sum of $500,000.00, together
with interest at the rate of two percent (2%) per annum, at maturity or upon acceleration or otherwise, as set forth herein (the
“Note”).

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The
following additional terms shall apply to this Note:

 

Article
I. PAYMENT

 

1.1
Payment.

 

(a)
Maturity and Payment Time. The maturity date for the Note is one hundred and eighty (180) days following the Issue Date
as set forth above (the “Maturity Date”), and is the date upon which the principal sum, as well as any accrued and
unpaid interest and other fees relating to this Note, shall be due and payable, if not earlier paid in accordance herewith. This
Note may be prepaid in whole or in part at any time at the election of the Borrower.

 

(b)
Interest. Any amount of principal or interest of 2% per annum on this Note, which is not paid by the Maturity Date, as
default, and shall bear interest at the rate of twenty two percent (22%) per annum, or the maximum rate permitted by law if lower,
from the due date thereof until the same is paid (“Default Interest”). Interest shall commence accruing on the Issue
Date and shall be computed on the basis of a 365-day year and the actual number of days elapsed.

 

1.2
Payment Details and Process. All payments due hereunder shall be made in United States Dollars (“USD”). All
payments shall be made at such address of the Holder as set forth in Section 3.2 or by wire transfer pursuant to instructions
provided by Holder to Borrower at least three business days prior to such payment. Whenever any amount expressed to be due by
the terms of this Note is due on any day which is not a business day, the same shall instead be due on the next succeeding day
which is a business day and, in the case of any interest payment date which is not the date on which this Note is paid in full,
the extension of the due date thereof shall not be taken into account for purposes of determining the amount of interest due on
such date. As used in this Note, the term “business day” shall mean means any day that is not a Saturday, Sunday or
other day on which banking institutions in Florida are authorized or required by law or executive order to close.

 

    	 

     

    

 

Article
II. EVENTS OF DEFAULT

 

If
any of the following events occur, it shall be an “Event of Default” under this Note:

 

2.1
Failure to Pay Principal or Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this
Note, whether at maturity, upon acceleration or otherwise.

 

2.2
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower, and are
not dismissed or settled within and ten (10) days.

 

Upon
the occurrence and during the continuation of any Event of Default specified herein, exercisable through the delivery of written
notice to the Borrower by the Holder, the Note shall become immediately due and payable in full.

 

Article
III. MISCELLANEOUS

 

3.1
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder or the Borrower in the exercise of any
power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power,
right or privilege preclude other or further exercise thereof or of any other right, power or privileges. All rights and remedies
existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

3.2
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, or electronic mail addressed as set forth below or to such other address as such party shall
have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery, upon electronic mail delivery with return receipt requested and received, at
the address or number designated below (if delivered on a business day during normal business hours where such notice is to be
received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier
service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses
for such communications shall be:

 

If
to the Borrower:

 

Life
Clips, Inc.

Attention:
Huey Long, Chief Executive Officer

18851
NE 29th Ave, Suite 700

Aventura,
FL 33180

E-mail:
hlong@lifeclips.com

 

    	2

     

    

 

With
a copy, which shall not constitute notice, to:

 

Legal&
Compliance, LLC

330
Clematis Street, Suite 217

West
Palm Beach, FL 33401

 

If
to the Holder:

 

Ascenda
Corporation

Attention:
Donald Ruan

35J
Jia-Li Building

1228
Yan-An Road

Shanghai,
China 200052

E-mail:
donald.ruan@ascendaintl.com

 

3.3
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and
the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

3.4
Assignability. Prior to any Event of Default hereunder, Holder may not assign this Note without the prior written consent
of the Borrower, which may be withheld by the Borrower in its sole discretion. Following any Event of Default hereunder, Holder
may freely assign this Note, upon notice to Borrower. This Note shall be binding upon the Borrower and its successors and assigns,
and shall inure to be the benefit of the Holder and its successors and assigns.

 

3.5
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Florida without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Note shall be brought only in the state and/or federal courts of Florida located in Palm Beach County, Florida. The parties
to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not
assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Borrower and Holder waive
trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and
costs. In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party
hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in
connection with this Note by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any other manner permitted by law.

 

3.6
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that
the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened
breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

[Signature
appears on following page]

 

    	3

     

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer as of the Issue Date.

 

	 	Life
    Clips, Inc.
	 	 	 
	 	By:	/s/
    Huey Long
	 	Name:	Huey
    Long
	 	Title:	Chief
    Executive Officer

 

    	4

     

    

 

Exhibit
A-3

 

Employment
Agreement

 

(Attached)

 

    	 

     

    

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

Dated
as of June 22, 2017

 

THIS
EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) dated as of the date first set forth above (the “Effective
Date”) is entered into by and between Life Clips, Inc., a Wyoming corporation (the “Company”), and Donald Su
Yo Ruan, a citizen of the Republic of China (the “Executive”). The Company and the Executive may collectively be referred
to as the “Parties” and each individually as a “Party.”

 

WHEREAS,
the Company desires to employ the Executive as President of Asia Operations and its Chairman of the Board of the Company and the
Executive desires to serve in such capacity on behalf of the Company subject to the terms and conditions herein;

 

NOW,
THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive hereby
agree as follows:

 

	 	1.	Employment.

 

	 	(a)	Term.
    The term of this Agreement (the “Initial Term”) shall begin as of the Effective Date and shall end on the earlier
    of (i) the second anniversary of the Effective Date and (ii) the time of the termination of the Executive’s employment
    in accordance with Section 3 herein. This Initial Term and any Renewal Term (as defined below) shall automatically be extended
    for one or more additional terms of one (1) year each (each a “Renewal Term” and together with the Initial Term,
    the “Term”), unless either the Company or Executive provide notice to the other Party of their desire not to renew
    the Initial Term or Renewal Term as applicable at lease thirty (30) days prior to the expiration of the then current Initial
    Term or Renewal Term as applicable. Notwithstanding anything herein to the contrary, however, this Agreement is not terminable
    at will. 
	 	 	 
	 	(b)	Duties.
    The Company hereby appoints Executive, and Executive shall serve, as President/CEO of Asia Operations of the Company reporting
    to the CEO of the Company and as Chairman of the Board of the Company. The Executive shall have such duties and responsibilities
    as are consistent with Executive’s position. In addition, the Executive shall perform all other duties and accept all
    other responsibilities incident to such position as may reasonably assigned to Executive by the Board.
	 	 	 
	 	(c)	Chairman
    of the Board. Executive shall be named as Chairman of the Board of the Company upon the Effective Date and being duly
    elected and shall have the right to serve as Chairman of the Board of the Company during the Term and each renewal term.
	 	 	 
	 	(d)	Best
    Efforts. During the Term, the Executive shall devote Executive’s best efforts, and attention to promote the business
    and affairs of the Company and its affiliated companies, and shall be engaged in other business activities only to the extent
    that such activities are not competitive with the Company and do not interfere or conflict with Executive’s obligations
    to the Company hereunder, including, without limitation, the obligations pursuant to Section 5. Notwithstanding the foregoing,
    the Executive may (A) serve on corporate, civic, educational, philanthropic or charitable boards or committees, (B) deliver
    lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments and consult
    non-competitive businesses so long as such activities do not significantly interfere with the performance of the Executive’s
    responsibilities hereunder. 

 

    	1

     

    

 

	 	2.	Compensation
    and Other Benefits. As compensation for the services to be rendered hereunder, during the Term the Company shall pay to
    the Executive the salary and bonuses, and shall provide the benefits, as set forth in this Section 2.

 

	 	(a)	Base
    Salary. The Company shall pay to the Executive an annual base salary of $180,000 payable as $15,000 on a monthly basis
    commencing as set forth below (the “Base Salary”). The Base Salary is the responsibility of the Company from the
    closing date and may be subject to annual increases (but not decreases), as determined in the discretion of Board. The Base
    Salary shall begin once the Company has acquired both Hong Kong Ascenda International Co., Limited, a company limited by shares
    incorporated under the laws of Hong Kong (“Company HK”), and Hong Kong Ascenda International Co., Limited, a company
    limited by shares incorporated under the laws of Independent State of Samoa (“Company Samoa”, and collectively
    with Company HK, the “Ascenda Companies”) and if the Ascenda Companies’ global sourcing cash flow supports
    the Base Salary and normal operating expenses, the Base Salary may start on the Effective Date of this Agreement. In the event
    the cash flow from the Ascenda Companies does not support the Base Salary and normal operations upon the initial date of this
    Agreement, the Base Salary owed will be covered after the Company has raised appropriate working capital to support the Base
    Salary and normal operations. It is expected that appropriate working capital to support the Base Salary and normal operations
    will be raised within 90 days of acquiring the Ascenda Companies. Initially the Base Salary shall be paid on a 1099 to Donald
    Ruan as a consulting fee on the 10th of each month.
	 	 	 
	 	(b)	Bonus.
    The Executive shall be eligible for an annual bonus payment in an amount to be determined by the Board and Executive (the
    “Bonus”). The Bonus shall be determined and payable based on the achievement of certain performance objectives
    of the Company as established by the Board and communicated to the Executive in writing as soon as practicable after commencement
    of the year in respect of which the Bonus is paid.
	 	 	 
	 	(c)	Equity
    Grant. On each anniversary of the Effective Date, the Executive shall be granted 500,000 shares of Common Stock of the
    Company that will vest as follows: 50% shall vest on the date granted and the remaining 50% shall vest on the anniversary
    of the date of the grant. The amount of the grant may be increased by the Board as part of the performance Bonus. 
	 	 	 
	 	(d)	Expenses.
    The Company shall reimburse the Executive for all necessary and reasonable travel, entertainment and other business expenses
    incurred by Executive in the performance of Executive’s duties hereunder in accordance with such reasonable procedures
    as the Company may adopt generally from time to time.
	 	 	 
	 	(e)	Vacation.
    The Executive shall be entitled to 4 weeks of vacation annually, holiday and sick leave at levels no less than commensurate
    with those provided to any other senior executives of the Company, in accordance with the Company’s vacation, holiday
    and other pay-for-time-not-worked policies.
	 	 	 
	 	(f)	Retirement
    and Welfare Benefits. The Executive shall be entitled to participate in the Company’s health, life insurance, long
    and short-term disability, dental, retirement, and medical programs, if any, pursuant to their respective terms and conditions,
    on a basis no less than commensurate with those provided to any other senior executives of the Company. Nothing in this Agreement
    shall preclude the Company or any affiliate of the Company from terminating or amending any employee benefit plan or program
    from time to time after the Effective Date, provided that any such amendment or termination shall be effective as to the Executive
    only if it is equally applicable to every other senior executive officer of the Company.

 

    	2

     

    

 

	 	3.	Termination.

 

	 	(a)	Definition
    of Cause. For purposes hereof, “Cause” shall mean:

 

	 	 	(i)	a
    material violation of any material written rule or policy of the Company, a copy of which has been provided to Executive,
    (A) for which violation any employee may be terminated pursuant to the written policies of the Company reasonably applicable
    to an executive employee, and (B) which the Executive fails to correct within 10 days after the Executive receives written
    notice from the Board of such violation;
	 	 	 	 
	 	 	(ii)	misconduct
    by the Executive to the material and demonstrable detriment of the Company;
	 	 	 	 
	 	 	(iii)	the
    Executive’s conviction (by a court of competent jurisdiction, not subject to further appeal) of, or pleading guilty
    to, a felony;
	 	 	 	 
	 	 	(iv)	the
    Executive’s continued and ongoing gross negligence in the performance of Executive’s duties and responsibilities
    to the Company as described in this Agreement; or
	 	 	 	 
	 	 	(v)	the
    Executive’s material failure to perform Executive’s duties and responsibilities to the Company as described in
    this Agreement (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness
    or any such failure subsequent to the Executive being delivered a notice of termination without Cause by the Company or delivering
    a notice of termination for Good Reason to the Company), in either case after written notice from the Board to the Executive
    of the specific nature of such material failure and the Executive’s failure to cure such material failure within ten
    (10) days following receipt of such notice.

 

	 	(b)	Definition
    of Good Reason. For purposes hereof, “Good Reason” shall mean:

 

	 	 	(i)	A
    significant diminution by the Company of the Executive’s role with the Company or a significant detrimental change in
    the nature and/or scope of the Executive’s status with the Company (including a diminution in title);
	 	 	 	 
	 	 	(ii)	a
    reduction in Base Salary or target or maximum Bonus, other than as part of an across-the-board reduction in salaries of management
    personnel (including all vice presidents and positions above) of less than 20%; or
	 	 	 	 
	 	 	(iii)	any
    other material breach by the Company of any of the terms and conditions of this Agreement which the Company fails to correct
    within 10 days after the Company receives written notice from Executive of such violation.

 

	 	(c)	Termination
    by the Company. The Company may terminate the Term and Executive’s employment hereunder at any time, with or without
    Cause, subject to the terms and conditions herein.

 

	 	 	(i)	For
    Cause. In the event that the Company terminates the Term or Executive’s employment hereunder with Cause, then in
    such event, the Company shall pay to Executive any unpaid Base Salary and benefits then owed or accrued, and any unreimbursed
    expenses incurred by the Executive pursuant to Section 2(d) in each case through the termination date, and each of which shall
    be paid within 10 days following the termination date; (ii) any unvested portion of any Stock Grants shall immediately be
    forfeited as of the termination date without any further action of the Parties; and (iii) all of the Parties’ rights
    and obligations hereunder shall thereafter cease, other than such rights or obligations which arose prior to the termination
    date or in connection with such termination, and subject to Section 13.

 

    	3

     

    

 

	 	 	(ii)	Without
    Cause. In the event that the Company terminates the Term of Executive’s employment hereunder without Cause, then
    in such event, a pro rata portion of Grants based on a prorate vesting period of 12 months, to the extent not already vested,
    shall be deemed automatically vested, based on the number of full months from the Effective Date to the date of termination.

 

	 	(d)	Termination
    by the Executive. The Executive may terminate the Term or resign from Executive’s employment hereunder at any time,
    with or without Good Reason.

 

	 	 	(i)	With
    Good Reason. In the event that Executive terminates the Term or resigns from Executive’s employment hereunder with
    Good Reason, the Company shall pay to Executive the amounts, and Executive shall be entitled to such benefits (including without
    limitation any vesting of unvested shares under any Grant), that would have been payable to Executive or which Executive would
    have received had the Term and Executive’s employment been terminated by the Company without Cause pursuant to Section
    3(c)(ii). 
	 	 	 	 
	 	 	(ii)	Without
    Good Reason. In the event that Executive terminates the Term or resigns from Executive’s employment hereunder without
    Good Reason, the Company shall pay to Executive the amounts, and Executive shall be entitled, subject to Section3(e), to such
    benefits (including without limitation any vesting of unvested shares under any Grant), that would have been payable to Executive
    or which Executive would have received had the Term and Executive’s employment been terminated by the Company with Cause
    pursuant to Section 3(c)(i). 

 

	 	(e)	Termination
    by Death or Disability. In the event of the Executive’s death or total disability (as defined in Section 22(e)(3)
    of the Internal Revenue Code of 1986, as amended) during the Term, the Term and Executive’s employment shall terminate
    on the date of death or total disability. In thee vent of such termination, the Company’s obligations hereunder to the
    Executive (or the Executive’s estate) shall be for unpaid Base Salary, accrued but unpaid Bonus and benefits ,a pro-rata
    Bonus for the year of termination based on the Executive’s target Bonus for such year and the portion of such year in
    which the Executive was employed, and reimbursement of expenses pursuant to Section 2(d) through the effective date of termination,
    each of which shall be paid within 10 days following the date of the Executive’s termination, and any unvested portion
    of any Stock Grants shall immediately be forfeited as of the termination date without any further action of the Parties.

 

	 	4.	Post-Termination
    Assistance. Upon the Executive’s termination of employment with the Company, the Executive agrees to fully cooperate
    in all matters relating to the winding up or pending work on behalf of the Company and the orderly transfer of work to other
    employees of the Company following any termination of the Executives’ employment. The Executive further agrees that
    Executive will provide, upon reasonable notice, such information and assistance to the Company as may reasonably be requested
    by the Company in connection with any audit, governmental investigation ,litigation, or other dispute in which the Company
    is or may become a party and as to which the Executive has knowledge; provided, however, that (i) the Company agrees to reimburse
    the Executive for any related out-of-pocket expenses, including travel expenses, and (ii) any such assistance may not unreasonably
    interfere with Executive’s then current employment.

 

    	4

     

    

 

	 	5.	Restrictive
    Covenants.

 

	 	(a)	Inconsideration
    of the obligations of the Company hereunder, the Executive agrees that Executive shall not:

 

	 	 	(i)	during
    the Term and for a period of two years after a termination of the Executive’s employment with the Company for any reason,
    directly or indirectly solicit or hire or encourage the solicitation or hiring of any person who was an employee of the Company
    at any time on or after the date of such termination (unless more than six months shall have elapsed between the last day
    of such person’s employment by the Company and the first date of such solicitation or hiring);
	 	 	 	 
	 	 	(ii)	during
    or after the Term, make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally,
    or otherwise, or take any other action which disparages the Company or its officers, directors, businesses or reputations;
    or
	 	 	 	 
	 	 	(iii)	during
    or after the Term, without the written consent of the Board, disclose to any person other than as required by law or court
    order, any confidential information obtained by the Executive while in the employ of the Company, provided, however, that
    confidential information shall not include any information known generally to the public(other than as a result of unauthorized
    disclosure by the Executive) or any specific information or type of information generally not considered confidential by persons
    engaged in the same business as the Company, or information disclosed by the Company by any member of the Board or any other
    officer thereof to a third party without restrictions on the disclosure of such information.

 

	 	(b)	Executive
    agrees that the geographic scope of the above restrictions shall extend to the geographic area in which Company actively conducted
    business immediately prior to termination of this Agreement or expiration of the Term.
	 	 	 
	 	(c)	For
    the purpose of Section 5 and Section 7 only, the term “Company” shall mean the Company and its subsidiaries. Notwithstanding
    the above, nothing in this Agreement shall preclude the Executive from making truthful statements or disclosures that are
    required by applicable law, regulation or legal process.
	 	 	 
	 	(d)	Executive
    admits and agrees that Executive’s breach of the provisions of this Section 5 would result in irreparable harm to the
    Company. Accordingly, in the event of Executive’s breach or threatened breach of such restrictions, Executive agrees
    that the Company shall be entitled to an injunction restraining such breach or threatened breach without the necessity of
    posting a bond or other security. Further, in the event of Executive’s breach, the duration of the restrictions contained
    in this Section 5 shall be extended for the entire time that the breach existed so that the Company is provided with the benefit
    of the full time period provided herein.
	 	 	 
	 	(e)	In
    addition to injunctive relief, the Company shall be entitled to any other remedy available in law or equity by reason of Executive’s
    breach or threatened breach of the restrictions contained in this Section 5.

 

    	5

     

    

 

	 	(f)	If
    the Company or Executive retains an attorney to enforce or attest the provisions of this Section 5, the successful Party in
    such proceeding shall be entitled to receive its attorneys’ fees and costs so incurred both prior to filing a lawsuit,
    during the lawsuit and on appeal, from the unsuccessful Party in such proceeding.
	 	 	 
	 	(g)	It
    is the intent and understanding of each Party hereto that if, in any action before any arbitration panel, court or agency
    legally empowered to enforce this Agreement, any term, restriction, covenant or promise in this Section 5 is found to be unreasonable
    and for that reason unenforceable, then such term, restriction, covenant or promise shall be deemed modified to the extent
    necessary to make it enforceable by such arbitration panel, court or agency.

 

	 	6.	Return
    of Documents. Upon termination of Executive’s employment, the Executive agrees to return all documents belonging
    to the Company in Executive’s possession including, but not limited to, contracts, agreements, licenses, business plans,
    equipment, software, software programs, products, work-in-progress, source code, object code, computer disks, books, notes
    and all copies thereof, whether in written, electronic or other form; provided that the Executive may retain copies of Executive’s
    rolodex and contacts. In addition, the Executive shall certify to the Company in writing as of the effective date of termination
    that none of the assets or business records belonging to the Company are in Executive’s possession, remain under Executive’s
    control, or have been transferred to any third person.
	 	 	 
	 	7.	Intellectual
    Property Rights.

 

	 	(a)	Disclosure
    of Work Product. As used in this Agreement, the term “Work Product” means any invention, whether or not patentable,
    know-how, designs, mask works, trademarks, formulae, processes, manufacturing techniques, trade secrets, ideas, artwork, software
    or any copyrightable or patentable works. Executive agrees to disclose promptly in writing to Company, or any person designated
    by Company, all Work Product that is solely or jointly conceived, made, reduced to practice, or learned by Executive in the
    course of any work performed for Company (“Company Work Product”). Executive agrees (a) to use Executive’s
    best efforts to maintain such Company Work Product in trust and strict confidence; (b) not to use Company Work Product in
    any manner or for any purpose not expressly set forth in this Agreement; and (c) not to disclose any such Company Work Product
    to any third party without first obtaining Company’s express written consent on a case-by-case basis.
	 	 	 
	 	(b)	Ownership
    of Company Work Product. Executive agrees that any and all Company Work Product conceived, written, created or first reduced
    to practice in the performance of work under this Agreement shall be deemed “work for hire” under applicable law
    and shall be the sole and exclusive property of Company.
	 	 	 
	 	(c)	Assignment
    of Company Work Product. Executive irrevocably assigns to Company all right, title and interest worldwide in and to the
    Company Work Product and all applicable intellectual property rights related to the Company Work Product, including without
    limitation, copyrights, trademarks, trade secrets, patents, moral rights, contract and licensing rights (the “Proprietary
    Rights”). Except as set forth below, Executive retains no rights to use the Company Work Product and agrees not to challenge
    the validity of Company’s ownership in the Company Work Product. Executive hereby grants to Company a perpetual, non-exclusive,
    fully paid-up, royalty-free, irrevocable and world-wide right, with rights to sublicense through multiple tiers of sublicenses,
    to reproduce, make derivative works of, publicly perform, and display in any form or medium whether now known or later developed,
    distribute, make ,use and sell any and all Executive owned or controlled Work Product or Technology that Executive uses to
    complete the services and which is necessary for Company to use or exploit the Company Work Product.

 

    	6

     

    

 

	 	(d)	Assistance.
    Executive agrees to cooperate with Company or its designee(s), both during and after the Term, in the procurement and maintenance
    of Company’s rights in Company Work Product and to execute, when requested, any other documents deemed necessary by
    Company to carry out the purpose of this Agreement. Executive will assist Company in every proper way to obtain, and from
    time to time enforce, United States and foreign Proprietary Rights relating to Company Work Product in any and all countries.
    Executive’s obligation to assist Company with respect to Proprietary Rights relating to such Company Work Product in
    any and all countries shall continue beyond the termination of this Agreement, but Company shall compensate Executive at a
    reasonable rate to be mutually agreed upon after such termination for the time actually spent by Executive at Company’s
    request on such assistance.
	 	 	 
	 	(e)	Execution
    of Documents. In the event Company is unable for any reason, after reasonable effort, to secure Executive’s signature
    on any document requested by Company pursuant to this Section 7(e) within seven (7) days of the Company’s initial request
    to Executive, Executive hereby irrevocably designates and appoints Company and its duly authorized officers and agents as
    its agent and attorney in fact, which appointment is coupled with an interest ,to act for and on its behalf solely to execute,
    verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this Section 7 with
    the same legal force and effect as if executed by Executive. Executive hereby waives and quitclaims to Company any and all
    claims, of any nature whatsoever, which Executive now or may hereafter have for infringement of any Proprietary Rights assignable
    hereunder to Company.
	 	 	 
	 	(f)	Executive
    Representations and Warranties. Executive hereby represents and warrants that: (i) Company Work Product will be an original
    work of Executive or all applicable third parties will have executed assignments of rights reasonably acceptable to Company;
    (ii) neither the Company Work Product nor any element thereof will infringe the intellectual property rights of any third
    party; (iii) neither the Company Work Product nor any element thereof will be subject to any restrictions or to any mortgages,
    liens, pledges, security interests, encumbrances or encroachments; (iv) Executive will not grant, directly or indirectly,
    any rights or interest whatsoever in the Company Work Product to any third party; (v)Executive has full right and power to
    enter into and perform Executive’s obligations under this Agreement without the consent of any third party;(vi) Executive
    will use best efforts to prevent injury to any person (including employees of Company) or damage to property (including Company’s
    property) during the Term; and (vii) should Company permit Executive to use any of Company’s equipment, tools, or facilities
    during the Term, such permission shall be gratuitous and Executive shall be responsible for any injury to any person (including
    death) or damage to property (including Company’s property) arising out of use of such equipment, tools or facilities.

 

	 	8.	Confidentiality

 

	 	(a)	Definition.
    For purposes of this Agreement, “Confidential Information” shall mean all Company Work Product and all non-public
    written, electronic, and oral information or materials of Company communicated to or otherwise obtained by Executive in connection
    with this Agreement, which is related to the products, business and activities of Company, its Affiliates (as defined below),
    and subsidiaries, and their respective customers, clients, suppliers, and other entities with which such party does business,
    including: (i) all costing, pricing, technology, software, documentation, research, techniques, procedures, processes, discoveries,
    inventions, methodologies, data, tools, templates, know how, intellectual Property and all other proprietary information of
    Company;(ii)the terms of this Agreement; and (iii) any other information identified as confidential in writing by Company.
    Confidential Information shall not include information that: (a) was lawfully known by Executive without an obligation of
    confidentiality before its receipt from Company; (b) is independently developed by Executive without reliance on or use of
    Confidential Information; (c) is or becomes publicly available without a breach by Executive of this Agreement; or(d)is disclosed
    to Executive by a third party which is not required to maintain its confidentiality. An “Affiliate” of a Party
    shall mean any entity directly or indirectly controlling, controlled by, or under common control with, such Party at any time
    during the Term for so long as such control exists.

 

    	7

     

    

 

	 	(b)	Company
    Ownership. Company shall retain all right, title, and interest to the Confidential Information, including all copies thereof
    and all rights to patents, copyrights, trademarks, trade secrets and other intellectual property rights inherent therein and
    appurtenant thereto. Subject to the terms and conditions of this Agreement, Company hereby grants Executive a non-exclusive,
    non-transferable, license during the Term to use any Confidential Information solely to the extent that such Confidential
    Information is necessary for the performance of Executive’s duties hereunder. Executive shall not, by virtue of this
    Agreement or otherwise, acquire any proprietary rights whatsoever in Confidential Information, which shall be the sole and
    exclusive property and confidential information of Company. No identifying marks, copyright or proprietary right notices may
    be deleted from any copy of Confidential Information. Nothing contained herein shall be construed to limit the rights of Company
    from performing similar services for, or delivering the same or similar deliverable to, third parties using the Confidential
    Information and/or using the same personnel to provide any such services or deliverables.
	 	 	 
	 	(c)	Confidentiality
    Obligations. Executive agrees to hold the Confidential Information in confidence and not to copy, reproduce, sell, assign,
    license, market, transfer, give or otherwise disclose such Confidential Information to any person or entity or to use the
    Confidential Information for any purposes whatsoever, without the express written permission of Company, other than disclosure
    to Executive’s, partners, principals, directors, officers, employees, subcontractors and agents on a “need-to-know”
    basis as reasonably required for the performance of Executive’s obligations hereunder or as otherwise agreed to herein.
    Executive shall be responsible to Company for any violation of this Section 8 by Executive’s employees, subcontractors,
    and agents. Executive shall maintain the Confidential Information with the same degree of care, but no less than a reasonable
    degree of care, as Executive employs concerning its own information of like kind and character.
	 	 	 
	 	(d)	Required
    Disclosure. If Executive is requested to disclose any of the Confidential Information as part of an administrative or
    judicial proceeding, Executive shall, to the extent permitted by applicable law, promptly notify Company of that request and
    cooperate with Company, at Company’s expense, in seeking a protective order or similar confidential treatment for the
    Confidential Information. If no protective order or other confidential treatment is obtained, Executive shall disclose only
    that portion of Confidential Information which his legally required and will exercise all reasonable efforts to obtain reliable
    assurances that confidential treatment will be accorded the Confidential Information which is required to be disclosed.
	 	 	 
	 	(e)	Enforcement.
    Executive acknowledges that the Confidential Information is unique and valuable, and that remedies at law will be inadequate
    to protect Company from any actual or threatened breach of this Section 8 by Executive and that any such breach would cause
    irreparable and continuing injury to Company. Therefore, Executive agrees that Company shall be entitled to seek equitable
    relief with respect to the enforcement of this Section 8 without any requirement to post a bond, including, without limitation,
    injunction and specific performance, without proof of actual damages or exhausting other remedies, in addition to all other
    remedies available to Company at law or in equity. For greater clarity, in the event of a breach or threatened breach by Executive
    of any of the provisions of this Section 8 in addition to and not in limitation of any other rights, remedies or damages available
    at law or inequity, Company shall be entitled to a permanent injunction or other like remedy in order to prevent or restrain
    any such breach or threatened breach by Executive, and Executive agrees that an interim injunction may be granted against
    Executive immediately on the commencement of any action, claim, suit or proceeding by Company to enforce the provisions of
    this Section 8 If any action at law or inequity is necessary to enforce the terms of this Section 8 if it is determined to
    be at fault, shall pay Company’s reasonable legal fees and expenses on a substantial indemnity basis.

 

    	8

     

    

 

	 	(f)	Related
    Duties. Executive shall: (i) promptly deliver to Company upon Company’s request all materials in Executive’s
    possession which contain Confidential Information; (ii) use its best efforts to prevent any unauthorized use or disclosure
    of the Confidential Information; (iii) notify Company in writing immediately upon discovery of any such unauthorized use or
    disclosure; and (iv) cooperate in every reasonable way to regain possession of any Confidential Information and to prevent
    further unauthorized use and disclosure thereof.
	 	 	 
	 	(g)	Legal
    Exceptions. Further notwithstanding the foregoing provisions of this Section 8 Executive may disclose confidential information
    as may be expressly required by law, governmental rule, regulation, executive order, court order, or in connection with a
    dispute between the Parties; provided that prior to making any such disclosure, Executive shall use its best efforts to: (i)
    provide Company with at least fifteen (15) days’ prior written notice setting forth with specificity the reason(s) for
    such disclosure, supporting documentation therefor, and the circumstances giving rise thereto; and (ii) limit the scope and
    duration of such disclosure to the strictest possible extent.
	 	 	 
	 	(h)	Limitation.
    Except as specifically set forth herein, no licenses or rights under any patent, copyright, trademark, or trade secret are
    granted by Company to Executive hereunder, or are to be implied by this Agreement. Except for the restrictions on use and
    disclosure of Confidential Information imposed in this Agreement, no obligation of any kind is assumed or implied against
    either Party or their Affiliates by virtue of meetings or conversations between the Parties hereto with respect to the subject
    matter stated above or with respect to the exchange of Confidential Information. Each party further acknowledges that this
    Agreement and any meetings and communications of the Parties and their affiliates relating to the same subject matter shall
    not: (i) constitute an offer, request, invitation or contract with the other Party to engage in any research ,development
    to other work;(ii)constitute an offer, request, invitation or contract involving a buyer-seller relationship, joint venture,
    teaming or partnership relationship between the Parties and their affiliates; or (iii) constitute a representation, warranty,
    assurance, guarantee or inducement with respect to the accuracy or completeness of any Confidential Information or the non-infringement
    of the rights of third persons.

 

	 	9.	Effect
    of Waiver. The waiver by either Party of a breach of any provision of this Agreement shall not operate or be construed
    as a waiver of any subsequent breach hereof. No waiver shall be valid unless in writing.
	 	 	 
	 	10.	Assignment.
    This Agreement may not be assigned by either Party without the express prior written consent of the other Party hereto, except
    that the Company (i) may assign this Agreement to any Subsidiary or affiliate of the Company, provided that no such assignment
    shall relieve the Company of its obligations hereunder without the written consent of the Executive, and (ii) will require
    any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
    the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to
    the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
    “Company” shall mean the Company as herein before defined and any success or to its business and/or assets as
    afore said which assumes and agrees to perform this Agreement by operation of law, or otherwise. This Agreement shall inure
    to the benefit of, and shall be binding upon, the successors and permitted assigns of the Parties.

 

    	9

     

    

 

	 	11.	No
    Third Party Rights. Except as expressly provided in this Agreement, this Agreement is intended solely for the benefit
    of the Parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person or entity
    other than the Parties hereto.
	 	 	 
	 	12.	Entire
    Agreement; Effectiveness of Agreement. This Agreement sets forth the entire agreement of the Parties hereto and shall
    supersede any and all prior agreements and understandings concerning the Executive’s employment by the Company. This
    Agreement may be changed only by a written document signed by the Executive and the Company. Notwithstanding the foregoing,
    this Agreement shall not supersede or replace any agreement entered into between the Company and the Executive with respect
    to any plan or benefit described in Section 2(f)
	 	 	 
	 	13.	Survival.
    The provisions of Section 4, Section 5, Section 6, Section 7, Section 8, this Section 13, Section 15, Section 16 and Section
    17 shall survive any termination or expiration of this Agreement.
	 	 	 
	 	14.	Severability.
    If any one or more of the provisions, or portions of any provision, of the Agreement shall be held to be invalid, illegal
    or unenforceable, the validity, legality or enforceability of the remaining provisions or parts hereof shall not in any way
    be affected or impaired thereby.
	 	 	 
	 	15.	Governing
    Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE SUBSTANTIVE AND PROCEDURAL
    LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO RULES GOVERNING CONFLICTS OF LAW.
	 	 	 
	 	16.	Arbitration.
    Other than as set forth in Section 7, any controversy, claim or dispute arising out of or relating to this Agreement or the
    Executive’s employment by the Company, including, but not limited to, common law and statutory claims for discrimination,
    wrongful discharge, and unpaid wages, shall be resolved by arbitration in a mutually agreed upon location pursuant to then
    prevailing National Rules for the Resolution of Employment Disputes of the American Arbitration Association. The arbitration
    shall be conducted by three arbitrators, with one arbitrator selected by each Party and the third arbitrator selected by the
    two arbitrators so selected by the Parties. The arbitrators shall be bound to follow the applicable Agreement provisions in
    adjudicating the dispute. It is agreed by both Parties that the arbitrators’ decision is final, and that no Party may
    take any action, judicial or administrative, to overturn such decision. The judgment rendered by the arbitrators may be entered
    in the Selected Courts. Each Party will pay its own expenses of arbitration and the expenses of the arbitrators will be equally
    shared provided that, if in the opinion of the arbitrators any claim, defense, or argument raised in the arbitration was unreasonable,
    the arbitrators may assess all or part of the expenses of the other Party (including reasonable attorneys’ fees) and
    of the arbitrators as the arbitrators deem appropriate. The arbitrators may not award either Party punitive or consequential
    damages.
	 	 	 
	 	17.	Indemnification.
    The Company is in the process of obtaining insurance coverage for directors and officers. During the Term, when obtained by
    the Company, the Executive shall be entitled to indemnification and insurance coverage for directors’ and officers’
    liability, fiduciary liability and other liabilities arising out of the Executive’s position with the Company in any
    capacity, in an amount not less than the highest amount available to any other senior level executive or member of the Board
    and to the full extent provided by the Company’s certificate of incorporation or by-laws, and such coverage and protections,
    with respect to the various liabilities as to which the Executive has been customarily indemnified prior to termination of
    employment, shall continue for at least six years following the end of the Term. Any indemnification agreement entered into
    between the Company and the Executive shall continue in full force and effect in accordance with its terms following the termination
    of this Agreement.

 

    	10

     

    

 

	 	18.	Notices.
    All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party,
    or by registered or certified mail, return receipt requested, postage prepaid, or by email with return receipt requested and
    received or nationally recognized overnight courier service, addressed asset for the below or to such other address as either
    Party shall have furnished to the other in writing in accordance herewith. All notices, requests, demands and other communications
    shall be deemed to have been duly given (i) when delivered by hand, if personally delivered, (ii) when delivered by courier
    or overnight mail, if delivered by commercial courier service or overnight mail, and (iii) on receipt of confirmed delivery,
    if sent by email.

 

If
to the Company:

 

Life
Clips, Inc.

Attn:
Huey Long

Harbour
Centre 18851 NE 29thAve.

Suite
700

Aventura,
FL 33180

Email:
Hlong@lifeclips.com

 

If
to Executive:

Donald
Ruan

Email:
donald.ruan@ascendaintl.com

 

	 	19.	Headings.
    The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning
    or interpretation of this Agreement.
	 	 	 
	 	20.	Rule
    of Construction. The general rule of construction for interpreting a contract, which provides that the provisions of a
    contract should be construed against the Party preparing the contract, is waived by the Parties hereto. Each Party acknowledges
    that such Party was represented by separate legal counsel in this matter who participated in the preparation of this Agreement
    or such Party had the opportunity to retain counsel to participate in the preparation of this Agreement but elected not to
    do so.
	 	 	 
	 	21.	Execution
    in Counterparts, Electronic Transmission. This Agreement may be executed in any number of counterparts, each of which
    shall be deemed an original. The signature of any party to this Agreement which is transmitted by any reliable electronic
    means such as, but not limited to, a photocopy, electronically scanned or facsimile machine, for purposes hereof, is to be
    considered as an original signature, and the document transmitted is to be considered to have the same binding effect as an
    original signatue or an original document.

 

[Signatures
appear on following page]

 

    	11

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.

 

Life
Clips, Inc.

 

	By:
    	/s/
    Huey Long 	 
	Name:
    	Huey
    Long	 
	Title:
    	Chief
    Executive Officer	 

 

Donald
Su Yo Ruan

 

	By:
    	/s/
    Donald Su Yo Ruan	 
	Name:
    	Donald
    Su Yo Ruan	 

 

    	12

     

    

 

Exhibit
B

 

IRREVOCABLE
STOCK POWER

for
shares of

Life
Clips, Inc.

 

FOR
VALUABLE CONSIDERATION, the receipt of which is hereby acknowledged, Ascenda Corporation, a company limited by shares incorporated
under the laws of Independent State of Samoa (“Seller”) hereby assigns, transfers, and conveys to Life Clips, Inc.
a Wyoming corporation (“Buyer”), all of Seller’s right, title, and interest in and to ten million (10,000,000)
shares of common stock of Buyer, represented by Certificate No. __________________ [N/A if uncertificated] and hereby irrevocably
appoints each of the Secretary and the Chief Executive Officer of Buyer, as Seller’s attorneys-in-fact to transfer said
shares on the books of Buyer, with full power of substitution in the premises.

 

Date:
November 27, 2017

 

Ascenda
Corporation

 

	By:
    		 
	Name:	Donald Ruan	 
	Title:	Chief Executive Officer	 

 

    	 

     

    

 

Exhibit
C-1

 

IRREVOCABLE
STOCK POWER

for shares of

Hong
Kong Ascenda International Co., Limited, Hong Kong

 

FOR
VALUABLE CONSIDERATION, the receipt of which is hereby acknowledged, Life Clips, Inc., a Wyoming Corporation (“Seller”)
hereby assigns, transfers, and conveys to Ascenda Corporation, a company limited by shares incorporated under the laws of Independent
State of Samoa (“Buyer”), all of Seller’s right, title, and interest in and to 10,000 Ordinary Shares, par value
at HK$1 per share of Hong Kong Ascenda International Co., Limited, a company limited by shares incorporated under the laws of
Hong Kong (“Company HK”), represented by Certificate No. __________________ [N/A if uncertificated] and hereby irrevocably
appoints each of the Secretary and the Chief Executive Officer of Company HK, as Seller’s attorneys-in-fact to transfer
said shares on the books of Company HK, with full power of substitution in the premises.

 

	Date:
    November 27, 2017	 
	 	 	 
	Life
    Clips, Inc.	 
	 	 	 
	By:
    		 
	Name:	Victoria Rudman	 
	Title:	Chief Financial Officer	 

 

    	 

     

    

 

Exhibit
C-2

 

IRREVOCABLE
STOCK POWER

for shares of

Hong
Kong Ascenda International Co., Limited, Samoa

 

FOR
VALUABLE CONSIDERATION, the receipt of which is hereby acknowledged, Life Clips, Inc., a Wyoming Corporation (“Seller”)
hereby assigns, transfers, and conveys to Ascenda Corporation, a company limited by shares incorporated under the laws of Independent
State of Samoa (“Buyer”), all of Seller’s right, title, and interest in and to 1,000,000 Ordinary Shares, par
value at US$1 per share of Hong Kong Ascenda International Co., Limited, a company limited by shares incorporated under the laws
of Independent State of Samoa (“Company Samoa”), represented by Certificate No. __________________ [N/A if uncertificated]
and hereby irrevocably appoints each of the Secretary and the Chief Executive Officer of Company Samoa, as Seller’s attorneys-in-fact
to transfer said shares on the books of Company Samoa, with full power of substitution in the premises.

 

	Date:
    November 27, 2017	 
	 	 	 
	Life
    Clips, Inc.	 
	 	 	 
	By:
    		 
	Name:
    	Victoria Rudman	 
	Title:	Chief Financial Officer

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