Document:

EX-10.2

 EXECUTION 

Exhibit 10.2 
 SUPPLEMENTAL
CONFIRMATION NO. 1 
 Reference is hereby made to the Confirmation entered into between Royal Bank of Canada (“Dealer”) and
Newmark SPV I, LLC (“Counterparty”) on June 18, 2018 (the “Confirmation”). This Supplemental Confirmation No. 1 (this “Supplemental Confirmation”) shall be a “Supplemental
Confirmation” within the meaning of the Confirmation, and shall supplement, form part of and be subject to the Confirmation. All provisions contained in the Confirmation govern this Supplemental Confirmation except as expressly modified below.

 The parties hereto hereby agree to enter into an Additional Tranche with the terms set forth below: 

 

			
	Trade Date:	  	September 25, 2018
		
	Share Reference Price:	  	USD 87.68
		
	Forward Floor Price:	  	100% of the Share Reference Price
		
	Initial Amount:	  	USD 16,711,298.66
		
	Preferred Units:	  	The “Series C Exchangeable Preferred Units” of Newmark Partners, L.P., as defined in the Newmark LPA (as amended and/or supplemented on or prior to the Trade Date), purchased by Dealer pursuant to the Parent Agreement
(as amended and/or supplemented on or prior to the Trade Date).
		
	Optional Settlement Period:	  	The 365-day period beginning on, and including November 30, 2021
		
	First Possible Optional Settlement Date:	  	November 30, 2021
		
	Number of Shares:	  	2,976,741 in the aggregate for all Tranches
		
	Number of Components:	  	10
		
	Component Number of Shares:	  	As set forth below:

  

					
	 Component Number:
	  	Component
Number of
Shares:	 
	 1
	  	 	99,225	 
	 2
	  	 	99,225	 
	 3
	  	 	99,225	 
	 4
	  	 	99,225	 
	 5
	  	 	99,225	 
	 6
	  	 	99,225	 
	 7
	  	 	99,225	 
	 8
	  	 	99,225	 
	 9
	  	 	99,225	 
	 10
	  	 	99,222	 

 Additionally, with respect to the Additional Tranche contemplated in this Supplemental Confirmation, the
parties hereby acknowledge and agree as follows: 

 EXECUTION 
  

 (a) all references in the Confirmation to “Assignment Agreement”, “Newmark
LPA” and “Parent Agreement” shall mean the following, but solely as such references relate to the Additional Tranche set forth in this Supplemental Confirmation: 

“Assignment Agreement” means the 2018-2 Assignment and Transfer Agreement
effective as of September 25, 2018, by and between Newmark Partners, L.P. and Counterparty. 
 “Newmark LPA”
means the Third Amended and Restated Agreement of Limited Partnership of Newmark Partners, L.P. dated as of September 26, 2018, as amended and/or supplemented from time to time. 

“Parent Agreement” means the 2018-2 Parent Agreement, dated as of
September 25, 2018, by and among Newmark Group, Inc., Newmark Partners, L.P. and Dealer relating to the Transaction and the Preferred Units, as amended and/or supplemented from time to time. 

(b) The last sentence of the “Calculation Agent Adjustment” provision in the Confirmation which reads “For the avoidance of
doubt, the Calculation Agent shall have no right to terminate the Transaction as a result of a Merger Event” is hereby changed to read “For the avoidance of doubt, the Calculation Agent shall not have the ability to terminate the
Transaction as contemplated in subsection (ii) of Section 12.2(d) of the Equity Definitions.” 

(c)    Notwithstanding Section 7 of the Agreement to the contrary, Dealer shall be permitted to novate its rights and
obligations under this Supplemental Confirmation (in whole and not in part), without the consent of Counterparty, to a Permitted Transferee, upon prior written notice to Counterparty. Any such novation shall be documented using an ISDA standard
Novation Agreement or Novation Confirmation, and Counterparty and the Permitted Transferee shall document such novation by execution of documentation for the novated Transaction substantially similar in form and substance to the Confirmation, as
modified by this Supplemental Confirmation as it applies to the novated Tranche. For purposes hereof, the term “Permitted Transferee” shall mean Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A., Credit Suisse A.G., Nomura
International plc, Société Générale, UBS AG and Goldman Sachs Bank USA (or any Affiliate thereof which has a long-term, unsecured debt rating that is equal to or better than the named entity at the time of novation or the
obligations of which are otherwise guaranteed by the named entity, which guaranty shall be in form and substance reasonably acceptable to Counterparty). 

(d) The phrase “Newmark LPA as in effect on the date hereof” each place it appears in the Agreement is changed to “Newmark LPA
as in effect on the Closing Date as defined in the Parent Agreement.” 
 This Supplemental Confirmation may be executed in any number
of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Supplemental Confirmation by signing and delivering one or more counterparts. 

 EXECUTION 
  

 Counterparty hereby agrees (a) to check this Supplemental Confirmation carefully and
immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and
Counterparty with respect to the transaction evidenced hereby, by manually signing this Supplemental Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately
returning an executed copy to Structured Derivatives Documentation Department, seddoc@rbccm.com. 
  

			
		 	Yours faithfully,
		
		 	 RBC Capital Markets LLC
 as agent
for

		 	ROYAL BANK OF CANADA
		
	By:	 	         /s/ Shane Didier

		 	Name: Shane Didier
		 	Title:   Senior Analyst

  

			
	Agreed and Accepted By:
	
	NEWMARK SPV I, LLC
		
	By:	 	 /s/ Michael Rispoli

		 	Name: Michael Rispoli
		 	Title:   CFO

 Supplemental Confirmation Agreement 

 EXECUTION 
  

  
 SUPPLEMENTAL
CONFIRMATION NO. 2 
 Reference is hereby made to the Confirmation entered into between Royal Bank of Canada (“Dealer”) and
Newmark SPV I, LLC (“Counterparty”) on June 18, 2018 (the “Confirmation”). This Supplemental Confirmation No. 2 (this “Supplemental Confirmation”) shall be a “Supplemental
Confirmation” within the meaning of the Confirmation, and shall supplement, form part of and be subject to the Confirmation. All provisions contained in the Confirmation govern this Supplemental Confirmation except as expressly modified below.

 The parties hereto hereby agree to enter into an Additional Tranche with the terms set forth below: 

 

			
	Trade Date:	  	September 25, 2018
		
	Share Reference Price:	  	USD 87.68
		
	Forward Floor Price:	  	100% of the Share Reference Price
		
	Initial Amount:	  	USD 20,013,057.55
		
	Preferred Units:	  	The “Series D Exchangeable Preferred Units” of Newmark Partners, L.P., as defined in the Newmark LPA (as amended and/or supplemented on or prior to the Trade Date), purchased by Dealer pursuant to the Parent Agreement
(as amended and/or supplemented on or prior to the Trade Date).
		
	Optional Settlement Period:	  	The 365-day period beginning on, and including November 30, 2022
		
	First Possible Optional Settlement Date:	  	November 30, 2022
		
	Number of Shares:	  	3,968,988 in the aggregate for all Tranches
		
	Number of Components:	  	10
		
	Component Number of Shares:	  	As set forth below:

  

					
	 Component Number:
	  	Component
Number of
Shares:	 
	 1
	  	 	99,225	 
	 2
	  	 	99,225	 
	 3
	  	 	99,225	 
	 4
	  	 	99,225	 
	 5
	  	 	99,225	 
	 6
	  	 	99,225	 
	 7
	  	 	99,225	 
	 8
	  	 	99,225	 
	 9
	  	 	99,225	 
	 10
	  	 	99,222	 

 Additionally, with respect to the Additional Tranche contemplated in this Supplemental Confirmation, the
parties hereby acknowledge and agree as follows: 

 EXECUTION 
  

 (a) all references in the Confirmation to “Assignment Agreement”, “Newmark
LPA” and “Parent Agreement” shall mean the following, but solely as such references relate to the Additional Tranche set forth in this Supplemental Confirmation: 

“Assignment Agreement” means the 2018-2 Assignment and Transfer Agreement,
effective as of September 25, 2018, by and between Newmark Partners, L.P. and Counterparty. 
 “Newmark LPA”
means the Third Amended and Restated Agreement of Limited Partnership of Newmark Partners, L.P. dated as of September 26, 2018, as amended and/or supplemented from time to time. 

“Parent Agreement” means the 2018-2 Parent Agreement, dated as of
September 25, 2018, by and among Newmark Group, Inc., Newmark Partners, L.P. and Dealer relating to the Transaction and the Preferred Units, as amended and/or supplemented from time to time. 

(b) The last sentence of the “Calculation Agent Adjustment” provision in the Confirmation which reads “For the avoidance of
doubt, the Calculation Agent shall have no right to terminate the Transaction as a result of a Merger Event” is hereby changed to read “For the avoidance of doubt, the Calculation Agent shall not have the ability to terminate the
Transaction as contemplated in subsection (ii) of Section 12.2(d) of the Equity Definitions.” 
 (c) Notwithstanding
Section 7 of the Agreement to the contrary, Dealer shall be permitted to novate its rights and obligations under this Supplemental Confirmation (in whole and not in part), without the consent of Counterparty, to a Permitted Transferee, upon
prior written notice to Counterparty. Any such novation shall be documented using an ISDA standard Novation Agreement or Novation Confirmation, and Counterparty and the Permitted Transferee shall document such novation by execution of
documentation for the novated Transaction substantially similar in form and substance to the Confirmation, as modified by this Supplemental Confirmation as it applies to the novated Tranche. For purposes hereof, the term “Permitted
Transferee” shall mean Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A., Credit Suisse A.G., Nomura International plc, Société Générale, UBS AG and Goldman Sachs Bank USA (or any Affiliate thereof
which has a long-term, unsecured debt rating that is equal to or better than the named entity at the time of novation or the obligations of which are otherwise guaranteed by the named entity, which guaranty shall be in form and substance reasonably
acceptable to Counterparty). 
 (d) The phrase “Newmark LPA as in effect on the date hereof” each place it appears in the
Agreement is changed to “Newmark LPA as in effect on the Closing Date as defined in the Parent Agreement.” 
 This Supplemental
Confirmation may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Supplemental Confirmation by signing and delivering one or more counterparts. 

 EXECUTION 
  

 Counterparty hereby agrees (a) to check this Supplemental Confirmation carefully and immediately upon
receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty with
respect to the transaction evidenced hereby, by manually signing this Supplemental Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed
copy to Structured Derivatives Documentation Department, seddoc@rbccm.com. 
  

			
		 	Yours faithfully,
		
		 	 RBC Capital Markets LLC
 as agent
for

		 	ROYAL BANK OF CANADA
		
	By:	 	         /s/ Shane Didier

		 	Name: Shane Didier
		 	Title:   Senior Analyst

  

			
	Agreed and Accepted By:
	
	NEWMARK SPV I, LLC
		
	By:	 	 /s/ Michael Rispoli

		 	Name: Michael Rispoli
		 	Title:   CFO

 Supplemental Confirmation AgreementEX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 THE PARTNERSHIP
INTERESTS (INCLUDING ASSOCIATED UNITS AND CAPITAL) DESCRIBED IN THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS
OF ANY STATE OR FOREIGN JURISDICTION, AND SUCH PARTNERSHIP INTERESTS MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED, ENCUMBERED OR OTHERWISE DISPOSED OF, IN WHOLE OR IN PART, EXCEPT (A) EITHER (1) WHILE A REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE REGISTRATIONS AND QUALIFICATIONS ARE IN EFFECT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS AND (B) IF PERMITTED BY
THIS AGREEMENT, AS IT MAY BE AMENDED FROM TIME TO TIME. 
  
  

 
 THIRD AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 NEWMARK PARTNERS, L.P. 

dated as of September 26, 2018 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	Article I	  

	DEFINITIONS	  

			
	 Section 1.01
	  	Definitions	  	 	2	 
	 Section 1.02
	  	Other Definitional Provisions	  	 	15	 
	 Section 1.03
	  	References to Schedules	  	 	15	 
	
	Article II	  

	FORMATION, CONTINUATION AND POWERS	  

			
	 Section 2.01
	  	Formation	  	 	15	 
	 Section 2.02
	  	Name	  	 	15	 
	 Section 2.03
	  	Purpose and Scope of Activity	  	 	15	 
	 Section 2.04
	  	Principal Place of Business	  	 	16	 
	 Section 2.05
	  	Registered Agent and Office	  	 	16	 
	 Section 2.06
	  	Authorized Persons	  	 	16	 
	 Section 2.07
	  	Term	  	 	16	 
	 Section 2.08
	  	Treatment as Partnership	  	 	16	 
	 Section 2.09
	  	Compliance with Law	  	 	16	 
	
	Article III	  

	MANAGEMENT	  

			
	 Section 3.01
	  	Management by the General Partner	  	 	16	 
	 Section 3.02
	  	Role and Voting Rights of Limited Partners; Authority of Partners	  	 	17	 
	
	Article IV	  

	PARTNERS; CLASSES OF PARTNERSHIP INTERESTS	  

			
	 Section 4.01
	  	Partners	  	 	18	 
	 Section 4.02
	  	Interests	  	 	18	 
	 Section 4.03
	  	Admission and Withdrawal of Partners	  	 	20	 
	 Section 4.04
	  	Liability to Third Parties; Capital Account Deficits	  	 	21	 
	 Section 4.05
	  	Classes	  	 	21	 
	 Section 4.06
	  	Certificates	  	 	21	 
	 Section 4.07
	  	Uniform Commercial Code Treatment of Units	  	 	22	 
	 Section 4.08
	  	Priority Among Partners	  	 	22	 
	 Section 4.09
	  	Establishment of Exchangeable Preferred Units	  	 	22	 
	
	Article V	  

	CAPITAL AND ACCOUNTING MATTERS	  

			
	 Section 5.01
	  	Capital	  	 	23	 
	 Section 5.02
	  	Withdrawals; Return on Capital	  	 	24	 
	 Section 5.03
	  	Maintenance of Capital Accounts	  	 	25	 
	 Section 5.04
	  	Allocations and Tax Matters	  	 	25	 
	 Section 5.05
	  	General Partner Determinations	  	 	26	 
	 Section 5.06
	  	Books and Accounts	  	 	26	 
	 Section 5.07
	  	Tax Matters Partner	  	 	27	 
	 Section 5.08
	  	Tax Information	  	 	27	 
	 Section 5.09
	  	Withholding	  	 	27	 
	 Section 5.10
	  	Tax Treatment	  	 	27	 

  
 i 

							
	 	  	 	  	Page	 
	
	Article VI	  

	DISTRIBUTIONS	  

			
	 Section 6.01
	  	Distributions in Respect of Partnership Interests	  	 	28	 
	 Section 6.02
	  	Limitation on Distributions	  	 	28	 
	
	Article VII	  

	TRANSFERS OF INTERESTS	  

			
	 Section 7.01
	  	Transfers Generally Prohibited	  	 	28	 
	 Section 7.02
	  	Permitted Transfers	  	 	29	 
	 Section 7.03
	  	Admission as a Partner upon Transfer	  	 	30	 
	 Section 7.04
	  	Transfer of Units, Non-Participating Units and Capital with the Transfer of an Interest	  	 	30	 
	 Section 7.05
	  	Encumbrances	  	 	30	 
	 Section 7.06
	  	Legend	  	 	30	 
	 Section 7.07
	  	Effect of Transfer Not in Compliance with this Article	  	 	31	 
	
	Article VIII	  

	REDEMPTION	  

			
	 Section 8.01
	  	Redemption of Units Following a Redemption of Founding/Working Partner Interests or REU Interest	  	 	31	 
	 Section 8.02
	  	Optional Redemption of Units in Connection with a Repurchase of Newmark Common Stock	  	 	32	 
	
	Article IX	  

	EXCHANGE RIGHTS	  

			
	 Section 9.01
	  	Exchange Rights of Exchangeable Preferred Units	  	 	32	 
	 Section 9.02
	  	No Fractional Shares of Newmark Class A Common Stock	  	 	34	 
	 Section 9.03
	  	Taxes in Respect of a Exchangeable Preferred Newmark Exchange	  	 	34	 
	 Section 9.04
	  	Reservation of Newmark Common Stock	  	 	34	 
	 Section 9.05
	  	Compliance with Applicable Laws in the Exchange	  	 	35	 
	 Section 9.06
	  	Adjustments	  	 	35	 
	 Section 9.07
	  	Beneficial Ownership	  	 	35	 
	
	Article X	  

	DISSOLUTION	  

			
	 Section 10.01
	  	Dissolution	  	 	35	 
	 Section 10.02
	  	Liquidation	  	 	36	 
	 Section 10.03
	  	Distributions	  	 	36	 
	 Section 10.04
	  	Reconstitution	  	 	37	 
	 Section 10.05
	  	Deficit Restoration	  	 	37	 
	
	Article XI	  

	INDEMNIFICATION AND EXCULPATION	  

			
	 Section 11.01
	  	Exculpation	  	 	37	 
	 Section 11.02
	  	Indemnification	  	 	37	 
	 Section 11.03
	  	Insurance	  	 	40	 
	 Section 11.04
	  	Subrogation	  	 	40	 
	 Section 11.05
	  	No Duplication of Payments	  	 	40	 
	 Section 11.06
	  	Survival	  	 	40	 

  
 ii 

							
	 	  	 	  	Page	 
	
	Article XII	  

	MISCELLANEOUS	  

			
	 Section 12.01
	  	Amendments	  	 	40	 
	 Section 12.02
	  	Benefits of Agreement	  	 	41	 
	 Section 12.03
	  	Waiver of Notice	  	 	41	 
	 Section 12.04
	  	Jurisdiction and Forum; Waiver of Jury Trial	  	 	41	 
	 Section 12.05
	  	Successors and Assigns	  	 	42	 
	 Section 12.06
	  	Confidentiality	  	 	42	 
	 Section 12.07
	  	Notices	  	 	43	 
	 Section 12.08
	  	No Waiver of Rights	  	 	43	 
	 Section 12.09
	  	Power of Attorney	  	 	43	 
	 Section 12.10
	  	Severability	  	 	43	 
	 Section 12.11
	  	Headings	  	 	43	 
	 Section 12.12
	  	Entire Agreement	  	 	43	 
	 Section 12.13
	  	Governing Law	  	 	44	 
	 Section 12.14
	  	Counterparts	  	 	44	 
	 Section 12.15
	  	Opportunity; Fiduciary Duty	  	 	44	 
	 Section 12.16
	  	Reimbursement of Expenses	  	 	47	 
	 Section 12.17
	  	Obligations with Respect to Newmark Holdings Non-Participating Units	  	 	47	 
	 Section 12.18
	  	Effectiveness	  	 	47	 

 Exhibits: 
  

			
	 Exhibit A
	  	Certain Tax Related Matters
	 Exhibit B
	  	Preferred Unit Transfer Notice

  
 iii 

 This THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (together with all
exhibits, annexes and schedules hereto, this “Agreement”) of Newmark Partners, L.P., a Delaware limited partnership (the “Partnership”), dated as of September 26, 2018, is by and among Newmark Holdings, LLC, a
Delaware limited liability company (“Newmark Holdings, LLC”), as the general partner; Newmark Holdings, L.P., a Delaware limited partnership (“Newmark Holdings”), as a limited partner; Newmark Group, Inc., a
Delaware corporation (“Newmark”), for purposes of Article IX and as a limited partner; Royal Bank of Canada (the “Preferred Unitholder”), as a limited partner; and the Persons to be admitted as Partners (as
defined below) or otherwise parties hereto as set forth herein. 
 RECITALS 

WHEREAS, the Partnership was formed as a limited partnership under the Delaware Revised Uniform Limited Partnership Act, Del. Code Ann. tit.
6, § 17-101, et seq., as amended from time to time (the “Act”), pursuant to an Agreement of Limited Partnership, dated as of September 27, 2017, by and among Newmark Holdings, LLC,
as the general partner, and BGC Partners, L.P., a Delaware limited partnership (“BGC U.S. Opco”), as the sole limited partner (the “Original Limited Partnership Agreement”); 

WHEREAS, BGC Partners, Inc., a Delaware corporation (“BGC Partners”), BGC Holdings, L.P., a Delaware limited partnership
(“BGC Holdings”), BGC U.S. Opco (together with BGC Partners and BGC Holdings, the “BGC Entities”), Newmark, Newmark Holdings, the Partnership and, solely for the limited purposes set forth therein, Cantor
Fitzgerald, L.P., a Delaware limited partnership (“Cantor”), and BGC Global Holdings, L.P. a Cayman Island limited partnership (“BGC Global Opco”), entered into that certain Separation Agreement, dated as of
December 13, 2017 (as it may be amended from time to time, the “Separation Agreement”), pursuant to which, among other things, the BGC Entities agreed to separate the Transferred Business from the Retained Business (as defined
in the Separation Agreement) so that, as of the Closing Date (as defined in the Separation Agreement), the Transferred Business is held by members of the Newmark Group and the Retained Business is held by members of the BGC Partners Group (the
“Separation”); 
 WHEREAS, to effect the Separation, pursuant to the terms of the Separation Agreement and in furtherance
of the Separation, BGC U.S. Opco distributed certain Transferred Assets (or interests therein) to its partners, and its partners assumed certain Transferred Liabilities (or obligations in respect thereof), and, thereafter, such partners of BGC U.S.
Opco transferred such assets and such liabilities to the Partnership (together, the “Opco Partnership Division”); 

WHEREAS, immediately following the Opco Partnership Division, (a) BGC Holdings held all of the outstanding equity interests in the
General Partner (which held the Special Voting Limited Partnership Interest), and (b) members of the BGC Partners Inc. Group, taken as a whole, and members of the BGC Holdings Group, taken as a whole, held all of the outstanding Limited
Partnership Interests in the same aggregate proportions that such members of the BGC Partners Inc. Group, taken as a whole, on the one hand, and such members of the BGC Holdings Group, taken as a whole, on the other hand, held the outstanding BGC
U.S. Opco Limited Partnership Interests, with the total number of Units equal to the total number of BGC U.S. Opco Units multiplied by the Contribution Ratio; 

WHEREAS, following the Opco Partnership Division, pursuant to the terms of the Separation Agreement and in furtherance of the Separation, BGC
Holdings transferred to Newmark Holdings (a) all of the equity interests in the General Partner (which held the Special Voting Limited Partnership Interest), (b) the Limited Partnership Interest that BGC Holdings held following the Opco
Partnership Division and (c) any other Transferred Assets or Transferred Liabilities held by it; 

 WHEREAS, the Original Limited Partnership Agreement was amended and restated as of
December 13, 2017 (as so amended and restated, the “2017 Amended and Restated Partnership Agreement”) in order to, among other things, provide for or attest to the foregoing transactions contemplated by the Separation Agreement
and set forth other agreements with respect to the Partnership as of immediately following the Separation; 
 WHEREAS, the 2017 Amended and
Restated Partnership Agreement was amended as of March 14, 2018 (such amendment, “Amendment No. 1”); 

WHEREAS, the 2017 Amended and Restated Partnership Agreement, as amended by Amendment No. 1, was amended and restated as of June 19,
2018 (as so amended and restated, the “2018 Amended and Restated Partnership Agreement”) in order to, among other things, provide for new classes of exchangeable preferred securities, admit the Preferred Unitholder as a Limited
Partner and provide for certain other changes in connection with the issuance of such securities; and 
 WHEREAS, the Partners desire to
amend and restate the 2018 Amended and Restated Partnership Agreement in order to, among other things, provide for new classes of exchangeable preferred securities and provide for certain other changes in connection with the issuance of such
securities. 
 NOW, THEREFORE, the parties hereto hereby adopt the following as the third amended and restated “partnership
agreement” of the Partnership within the meaning of the Act: 
 ARTICLE I 

DEFINITIONS 
 
Section 1.01 Definitions. As used in this Agreement, the following terms have the meanings set forth below: 
 “2017
Amended and Restated Partnership Agreement” has the meaning set forth in the recitals to this Agreement. 
 “2018 Amended
and Restated Partnership Agreement” has the meaning set forth in the recitals to this Agreement. 
 “Accounting
Period” means (a) in the case of the first Accounting Period, the period commencing on the date of this Agreement and ending at the next Closing of the Books Event, and (b) in the case of each subsequent Accounting Period, the
period commencing immediately after a Closing of the Books Event and ending at the next Closing of the Books Event. 

“Act” has the meaning set forth in the recitals to this Agreement. 

“Action” means any action, claim, suit, litigation, proceeding (including arbitral) or investigation. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, controls, or is controlled by, or is under common control with, such first Person. 
 “Agreement” has the
meaning set forth in the preamble to this Agreement. 
 “Amendment No. 1” has the meaning set forth in
the recitals to this Agreement. 
 “Ancillary Agreements” means “Ancillary Agreements” as defined in the
Separation Agreement. 

  
 2 

 “Applicable Accretion Rate” means the following daily rates at which the
then applicable Series A Exchangeable Preferred Preference, Series B Exchangeable Preferred Preference, Series C Exchangeable Preferred Preference and Series D Exchangeable Preferred Preference will increase: 

 

			
	Series A Exchangeable Preferred Preference	  	0.00916473%
	Series B Exchangeable Preferred Preference	  	0.00968990%
	Series C Exchangeable Preferred Preference	  	0.01097752%
	Series D Exchangeable Preferred Preference	  	0.01119201%

 “Applicable Tax Rate” means the estimated highest aggregate marginal statutory U.S. federal,
state and local income, franchise and branch profits tax rates (determined taking into account the deductibility of state and local income taxes for federal income tax purposes and the creditability or deductibility of foreign income taxes for
federal income tax purposes) (“Tax Rate”) applicable to any Partner on income of the same character and source as the income allocated to such Partner pursuant to Section 5.04(a) and (b) for
such fiscal year, fiscal quarter or other period, as determined by the Tax Matters Partner in its discretion; provided that, in the case of a Partner that is a partnership, grantor trust or other pass-through entity under U.S. federal income
tax law, the Tax Rate applicable to such Partner for purposes of determining the Applicable Tax Rate shall be the weighted average of the Tax Rates of such Partner’s members, grantor-owners or other beneficial owners (weighted in proportion to
their relative economic interests in such Partner), as determined by the Tax Matters Partner in its discretion; provided, further, that if any such member, grantor-owner or other beneficial owner of such Partner is itself a
partnership, grantor trust or other pass-through entity, similar principles shall be applied by the Tax Matters Partner in its discretion to determine the Tax Rate of such member, grantor-owner or other beneficial owner. 

“Available Cash” for any Accounting Period means all cash or other current funds of the Partnership available for
distribution, as determined by the General Partner in its sole and absolute discretion, reduced by any amounts that the Partnership is prohibited from distributing to the Partners pursuant to applicable law. 

“BGC Entities” has the meaning set forth in the recitals to this Agreement. 

“BGC Global Opco” has the meaning set forth in the recitals to this Agreement, including any successor to BGC Global
Holdings, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “BGC Global Opco
Group” means BGC Global Opco and its Subsidiaries (other than any member of the Newmark Group). 
 “BGC Holdings”
has the meaning set forth in the recitals to this Agreement, including any successor to BGC Holdings, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 

  
 3 

 “BGC Holdings Group” means BGC Holdings and its Subsidiaries (other than
any member of the BGC U.S. Opco Group, BGC Global Opco Group or Newmark Group). 
 “BGC Holdings Limited Partnership
Agreement” means the Amended and Restated Agreement of Limited Partnership of BGC Holdings, L.P., as amended from time to time. 

“BGC Partners” has the meaning set forth in the recitals to this Agreement, including any successor to BGC Partners, Inc.,
whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “BGC Partners-BGC U.S. Opco Other Debt Notes” means “BGC Partners-BGC U.S. Opco Other Debt Notes” as defined in the Separation Agreement. 

“BGC Partners Company” means any member of the BGC Partners Group. 

“BGC Partners Group” means BGC Partners, BGC Holdings, BGC U.S. Opco and BGC Global Opco and each of their respective
Subsidiaries (other than any member of the Newmark Group). 
 “BGC Partners Inc. Group” means BGC Partners and its
Subsidiaries (other than any member of the BGC Holdings Group, BGC U.S. Opco Group, BGC Global Opco Group or Newmark Group). 
 “BGC
U.S. Opco” has the meaning set forth in the recitals to this Agreement, including any successor to BGC Partners, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 

“BGC U.S. Opco Group” means BGC U.S. Opco and its Subsidiaries (other than any member of the Newmark Group). 

“BGC U.S. Opco Limited Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of BGC U.S.
Opco, as it may be amended from time to time. 
 “BGC U.S. Opco Limited Partnership Interests” means “Limited
Partnership Interests” as defined in the BGC U.S. Opco Limited Partnership Agreement. 
 “BGC U.S. Opco Units” means
“Units” as defined in the BGC U.S. Opco Limited Partnership Agreement. 
 “Business Day” means any day excluding
Saturday, Sunday and any day on which banking institutions located in New York, New York are authorized or required by applicable law or other governmental action to be closed. 

“Business Revenue” means (a) in the case of the Series A Exchangeable Preferred Limited Partnership Interest, the
consolidated revenue of Newmark and its Subsidiaries for the three-month period ended September 30, 2019, as disclosed on Newmark’s quarterly report on Form 10-Q for the quarterly period ended
September 30, 2019; (b) in the case of the Series B Exchangeable Preferred Limited Partnership Interest, the consolidated revenue of Newmark and its Subsidiaries for the three-month period ended September 30, 2020, as disclosed on
Newmark’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2020; (c) in the case of the Series C Exchangeable Preferred Limited Partnership Interest, the consolidated
revenue of Newmark and its Subsidiaries for the three-month period ended September 30, 2021, as disclosed on Newmark’s quarterly report on Form 10-Q for the quarterly period ended September 30,
2021; and (d) in the case of the Series D Exchangeable Preferred Limited 

  
 4 

 
Partnership Interest, the consolidated revenue of Newmark and its Subsidiaries for the three-month period ended September 30, 2022, as disclosed on Newmark’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2022. 
 “Cantor” has the meaning
set forth in the recitals to this Agreement, including any successor to Cantor Fitzgerald, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 

“Cantor Company” means any member of the Cantor Group. 

“Cantor Group” means Cantor and its Subsidiaries (other than any member of the BGC Partners Group or Newmark Group), Howard
W. Lutnick and/or any of his immediate family members as so designated by Howard W. Lutnick and any trusts or other entities controlled by Howard W. Lutnick. 

“Capital” means, with respect to any Partner, such Partner’s capital in the Partnership as reflected in such
Partner’s Capital Account. 
 “Capital Account” means, with respect to any Partner, such Partner’s capital
account established on the books and records of the Partnership. 
 “Certificate of Limited Partnership” means the
certificate of limited partnership of the Partnership filed with the office of the Secretary of State of the State of Delaware on September 27, 2017. 

“Closing of the Books Event” means any of (a) the close of the last day of each calendar year and each calendar quarter,
(b) the dissolution of the Partnership, (c) the acquisition of an additional interest in the Partnership by any new or existing Partner in exchange for more than a de minimis amount of property, (d) the distribution by the
Partnership to a Partner of more than a de minimis amount of Partnership property as consideration for an interest in the Partnership, or (e) any other time that the General Partner determines to be appropriate for an interim closing of
the Partnership’s books. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended, or any successor statute
thereto. 
 “Confidential Information” has the meaning set forth in Section 12.06. 

“Contribution Ratio” means a fraction equal to one divided by 2.20. 

“Corporate Opportunity” means any business opportunity that the Partnership is financially able to undertake, that is, from
its nature, in the Partnership’s lines of business, of practical advantage to the Partnership and one in which the Partnership has an interest or a reasonable expectancy, and in which, by embracing the opportunities, the self-interest of a
Newmark Company, a BGC Partners Company, a Cantor Company or a Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives, as the case may be, will be brought into
conflict with the Partnership’s self-interest. 
 “Current Market Price” means, as of any date: (a) if shares of
Newmark Class A Common Stock are listed on an internationally recognized stock exchange, the average of the closing price per share of Newmark Class A Common Stock on each of the 10 consecutive trading days ending on such date (it being
understood that such price shall be appropriately adjusted in the event that there is a stock dividend or stock split during such 10-consecutive-trading-day period), or
(b) if shares of Newmark Class A Common Stock are not listed on an internationally recognized stock exchange, the fair value of a share of Newmark Class A Common Stock as agreed in good faith by Cantor and the Audit Committee of
Newmark. 

  
 5 

 “DGCL” has the meaning set forth in
Section 11.02(a). 
 “Disinterested Director” has the meaning set forth in
Section 11.02(i)(i). 
 “Encumbrance” has the meaning set forth in
Section 7.05. 
 “Electing Partners” has the meaning set forth in
Section 9.01(e)(i). 
 “Estimated Proportionate Quarterly Tax Distribution” means the
Proportionate Quarterly Tax Distribution calculated using the Tax Matters Partner’s estimate of the aggregate amount of taxable income or gain to be allocated to the Partners pursuant to Section 5.04(a) for the
applicable period. 
 “Estimated Tax Due Date” means (a) in the case of a Partner that is not an individual, the 15th
day of each April, June, September and December or (b) in the case of a Partner that is an individual, the 15th day of each April, June, September and January or, in each of cases (a) and (b), if earlier with respect to any quarter, the
date on which Newmark is required to make an estimated tax payment. 
 “Excess Ownership Position” has the meaning set
forth in Section 9.07. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Exchange Ratio” has the meaning set forth in the Newmark Holdings Limited Partnership Agreement. 

“Exchangeable Preferred Exchange Right” means, with respect to a series of Exchangeable Preferred Limited Partnership
Interest, the right of the Partnership or of the holders of the Exchangeable Preferred Required Voting Percentage with respect to such series to cause an exchange, in whole but not in part, of such series of Exchangeable Preferred Limited
Partnership Interest in an Exchangeable Preferred Newmark Exchange, on the terms and subject to the conditions set forth in this Agreement. 

“Exchangeable Preferred Limited Partner” means the Series A Exchangeable Preferred Limited Partners, the Series B
Exchangeable Preferred Limited Partners, the Series C Exchangeable Preferred Limited Partners and the Series D Exchangeable Preferred Limited Partners, as applicable. 

“Exchangeable Preferred Limited Partnership Interest” means the Series A Exchangeable Preferred Limited Partnership Interest,
the Series B Exchangeable Preferred Limited Partnership Interest, the Series C Exchangeable Preferred Limited Partnership Interest and the Series D Exchangeable Preferred Limited Partnership Interest, as applicable. 

“Exchangeable Preferred Newmark Exchange” has the meaning set forth in Section 9.01(a). 

“Exchangeable Preferred Period” means: (a) in the case of the Series A Exchangeable Preferred Limited Partnership
Interest, the three-month period commencing on January 1, 2020 and ending on March 31, 2020, (b) in the case of the Series B Exchangeable Preferred Limited Partnership Interest, the three-month period commencing on January 1, 2021 and
ending on March 31, 2021; (c) in the case of the Series C Exchangeable Preferred Limited Partnership Interest, the three-month period commencing on January 1, 2022 and ending on March 31, 2022; and (d) in the case of the Series D
Exchangeable Preferred Limited Partnership Interest, the three-month period commencing on January 1, 2023 and ending on March 31, 

  
 6 

 
2023; provided, however, that the foregoing clauses (a), (b), (c) and (d) shall not apply to, and no Exchangeable Preferred Period shall be
in effect with respect to, any Exchangeable Preferred Limited Partnership Interest that is the subject of an election for “Physical Settlement” or subject to a “Newmark Settlement Election” (as such terms are defined in the
Variable Forward Transaction Confirmation) in connection with settlement of the Variable Forward Transaction Confirmation. 

“Exchangeable Preferred Preference” means the Series A Exchangeable Preferred Preference, the Series B Exchangeable Preferred
Preference, the Series C Exchangeable Preferred Preference or the Series D Exchangeable Preferred Preference, as applicable. 

“Exchangeable Preferred Required Voting Percentage” means: (a) in the case of the Series A Exchangeable Preferred Units,
at least a majority of the outstanding Series A Exchangeable Preferred Units, voting separately as a class; (b) in the case of the Series B Exchangeable Preferred Units, at least a majority of the outstanding Series B Exchangeable Preferred
Units, voting separately as a class; (c) in the case of the Series C Exchangeable Preferred Units, at least a majority of the outstanding Series C Exchangeable Preferred Units, voting separately as a class; and (d) in the case of the
Series D Exchangeable Preferred Units, at least a majority of the outstanding Series D Exchangeable Preferred Units, voting separately as a class. 

“Exchangeable Preferred Unit” means any Unit designated as a Series A Exchangeable Preferred Unit, a Series B Exchangeable
Preferred Unit, a Series C Exchangeable Preferred Unit or a Series D Exchangeable Preferred Unit. 
 “Founding Partner
Interest” or “Working Partner Interest” means a Founding Partner Interest or a Working Partner Interest as defined in the Newmark Holdings Limited Partnership Agreement. 

“General Partner” means Newmark Holdings, LLC or any Person who has been admitted, as herein provided, as an additional or
substitute general partner, and who has not ceased to be a general partner, each in its capacity as a general partner of the Partnership. 

“General Partnership Interest” means, with respect to the General Partner, such Partner’s
Non-Participating Unit and Capital designated as the “General Partnership Interest” on Schedule 4.02 and Schedule 5.01 in accordance with this Agreement and rights and obligations with
respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner being a General Partner and having such Non-Participating Unit and Capital. 

“Holdings Exchangeable Limited Partnership Interest” means “Exchangeable Limited Partnership Interests” as defined
in the Newmark Holdings Limited Partnership Agreement. 
 “Independent Counsel” has the meaning set forth in
Section 11.02(i)(ii). 
 “Interest” means the General Partnership Interest and any Limited
Partnership Interest (including, for the avoidance of doubt, any Exchangeable Preferred Limited Partnership Interest and the Special Voting Limited Partnership Interest). 

“Limited Partner” means, subject to Section 5.10, any Person who has acquired a Limited Partnership
Interest pursuant to and in compliance with this Agreement and who shall have been admitted to the Partnership as a Limited Partner in accordance with this Agreement and shall not have ceased to be a Limited Partner under the terms of this
Agreement, each in its capacity as a limited partner of the Partnership. 

  
 7 

 “Limited Partner Optional Preferred Exchange” has the meaning set forth in
Section 9.01(a). 
 “Limited Partner Preferred Exchange Request” has the meaning set forth in
Section 9.01(e)(i). 
 “Limited Partnership Interest” means, with respect to any Limited Partner,
such Partner’s Units and Capital designated as a “Limited Partnership Interest” (including, for the avoidance of doubt, designation as an “Exchangeable Preferred Limited Partnership Interest” and as a “Special Voting
Limited Partnership Interest”) on Schedule 4.02 and Schedule 5.01 in accordance with this Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner
holding such Units and having such Capital. 
 “Majority in Interest” means Limited Partner(s) (other than Exchangeable
Preferred Limited Partner(s)) holding a majority of the Units (other than Exchangeable Preferred Units) underlying the Limited Partnership Interests outstanding as of the applicable record date; provided, however, that, so long as
members of the Cantor Group shall hold a majority of the Holdings Exchangeable Limited Partnership Interests of Newmark Holdings, then any action or approval by a “Majority in Interest” for purposes of this Agreement shall also require the
consent of Cantor. 
 “Newmark” has the meaning set forth in the preamble to this Agreement, including any successor to
Newmark Group, Inc., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “Newmark
Class A Common Stock” means the Class A common stock, par value $0.01 per share, of Newmark (it being understood that if the Newmark Class A Common Stock, as a class, shall be reclassified, exchanged or
converted into another security (including as a result of a merger, consolidation or otherwise) or the right to receive such security, each reference to Newmark Class A Common Stock in this Agreement shall refer to such other security into
which the Newmark Class A Common Stock was reclassified, exchanged or converted). 
 “Newmark Class B Common
Stock” means the Class B common stock, par value $0.01 per share, of Newmark (it being understood that if the Newmark Class B Common Stock, as a class, shall be reclassified, exchanged or converted into another security (including
as a result of a merger, consolidation or otherwise) or the right to receive such security, each reference to Newmark Class B Common Stock in this Agreement shall refer to such other security into which the Newmark Class B Common Stock was
reclassified, exchanged or converted). 
 “Newmark Common Stock” means the Newmark Class A Common Stock or the Newmark
Class B Common Stock, as applicable. 
 “Newmark Common Stock Amount” means: (a) in the case of the entire Series
A Exchangeable Preferred Limited Partnership Interest, zero (0) shares of Newmark Class A Common Stock; (b) in the case of the entire Series B Exchangeable Preferred Limited Partnership Interest, zero (0) shares of Newmark
Class A Common Stock; (c) in the case of the entire Series C Exchangeable Preferred Limited Partnership Interest, zero (0) shares of Newmark Class A Common Stock; and (d) in the case of the entire Series D Exchangeable
Preferred Limited Partnership Interest, zero (0) shares of Newmark Class A Common Stock. 
 “Newmark Company”
means any member of the Newmark Inc. Group. 
 “Newmark Group” means Newmark, Newmark Holdings, the Partnership and each of
their respective Subsidiaries. 

  
 8 

 “Newmark Holdings” has the meaning set forth in the preamble to this
Agreement, including any successor to Newmark Holdings, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 

“Newmark Holdings Company” means any member of the Newmark Holdings Group. 

“Newmark Holdings Group” means Newmark Holdings and its Subsidiaries (other than any member of the Partnership Group). 

“Newmark Holdings Limited Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of Newmark
Holdings, L.P., as amended from time to time. 
 “Newmark Holdings Non-Participating
Units” has the meaning ascribed to “Non-Participating Units” in the Newmark Holdings Limited Partnership Agreement. 

“Newmark Holdings Ratio” means, as of any time, the number equal to (a) the aggregate number of Units held by the
Newmark Holdings Group as of such time divided by (b) the aggregate number of Newmark Holdings Units issued and outstanding as of such time. 

“Newmark Holdings Units” means “Units” as defined in the Newmark Holdings Limited Partnership Agreement. 

“Newmark Holdings, LLC” has the meaning set forth in the preamble to this Agreement, including any successor to Newmark
Holdings, LLC, whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “Newmark Inc.
Group” means Newmark Group, Inc. and its Subsidiaries (other than any member of the Newmark Holdings Group or Partnership Group). 

“Newmark Opco Debt Repayment” means the amount paid by the Partnership in satisfaction of the obligations of the Partnership
under the BGC Partners-BGC U.S. Opco Other Debt Notes. 
 “Newmark Ratio” means, as
of any time, the number equal to (a) the aggregate number of Units held by the Newmark Inc. Group as of such time divided by (b) the aggregate number of shares of Newmark Common Stock issued and outstanding as of such time. 

“Newmark SAE Agreement” means the Omnibus Side Agreement, dated as of December 13, 2017, by and among Newmark, Newmark
Holdings, the Partnership, the Original SAE Subsidiaries, and certain other parties thereto. 

“Non-Participating Unit” means the Unit held by the Special Voting Limited Partner in
respect of the Special Voting Limited Partnership Interest and the Unit held by the General Partner in respect of the General Partnership Interest, none of which shall entitle its holder to a share in the Partnership’s profits, losses and
operating distributions except as otherwise expressly set forth in this Agreement. 
 “Opco Partnership Contribution” means
“Opco Partnership Contribution” as defined in the Separation Agreement. 
 “Opco Partnership Distribution” means
“Opco Partnership Distribution” as defined in the Separation Agreement. 

  
 9 

 “Opco Partnership Division” has the meaning set forth in the recitals to
this Agreement. 
 “Original Limited Partnership Agreement” has the meaning set forth in the recitals to this Agreement.

 “Original SAE Subsidiaries” means the entities set forth on Schedule I. 

“Partners” means the Limited Partners (including, for the avoidance of doubt, the Exchangeable Preferred Limited Partners and
the Special Voting Limited Partner) and the General Partner, and “Partner” means any of the foregoing. 

“Partnership” has the meaning set forth in the preamble to this Agreement, including any successor to Newmark Partners, L.P.,
whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 
 “Partnership Group” means
the Partnership and its Subsidiaries. 
 “Partnership Optional Preferred Exchange” has the meaning set forth in
Section 9.01(a). 
 “Partnership-Owned SAE” means any SAE Subsidiary that is a Limited Partner
for purposes of Article V where any stock of such SAE Subsidiary is owned by the Partnership. 
 “Partnership Preferred
Exchange Request” has the meaning set forth in Section 9.01(e)(ii). 
 “Percentage
Interest” means, as of the applicable calculation time, with respect to a Partner (other than an Exchangeable Preferred Limited Partner), the ratio, expressed as a percentage, of the number of Units (other than Exchangeable Preferred Units)
held by such Partner over the number of Units (other than Exchangeable Preferred Units) held by all Partners. 
 “Person”
means any individual, firm, corporation, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, limited liability company, governmental entity or other entity of any kind, and shall include any successor
(by merger, consolidation, sale of all or substantially all of its assets or otherwise) of such entity. 
 “Preferred Exchange
Effective Date” has the meaning set forth in Section 9.01(e)(iii). 
 “Preferred Exchange
Effective Time” has the meaning set forth in Section 9.01(f). 
 “Preferred Exchange
Request” has the meaning set forth in Section 9.01(e)(ii). 
 “Preferred Unitholder” has
the meaning set forth in the preamble to this Agreement. 
 “Preferred Unitholder Permitted Transferee” has the meaning set
forth in Section 4.09(b)(iv). 
 “proceeding” has the meaning set forth in
Section 11.02(a). 
 “Proportionate Quarterly Tax Distribution” means, for each Partner for each
fiscal quarter or other applicable period, such Partner’s Proportionate Tax Share for such fiscal quarter or other applicable period. 

“Proportionate Tax Share” means, with respect to a Partner, the product of (a) the Tax Distribution for the fiscal year,
fiscal quarter or other period, as applicable, and (b) the Percentage Interest of such Partner for such fiscal year, fiscal quarter or other period. In the event that the Percentage Interest of a

  
 10 

 
Partner changes during any fiscal year, fiscal quarter or other period, the Proportionate Tax Share of such Partner and the other Partners, as the case may be, for such fiscal year, fiscal
quarter or other period shall be appropriately adjusted to take into account the Partners’ varying interests. 
 “Publicly
Traded Shares” means shares of Newmark Common Stock, if listed on any national securities exchange or included for quotation in any quotation system in the United States (even if such shares are restricted securities under the Securities
Act), and any shares of capital stock of any other entity, if such shares are of a class that is listed on any national securities exchange or included for quotation in any quotation system in the United States (even if such shares are restricted
securities under the Securities Act). 
 “Representatives” means, with respect to any Person, the Affiliates, directors,
managers, officers, employees, general partners, agents, accountants, managing members, counsel and other advisors and representatives of such Person. 

“Requested Preferred Exchange Effective Date” means the earliest Business Day during the Exchangeable Preferred Period on
which the Electing Partners or the Partnership, as applicable, desire to have an Exchangeable Preferred Newmark Exchange consummated in accordance with Article IX; provided that the “Registration Conditions” specified in the
Variable Forward Transaction Confirmation shall be satisfied as of such date, and the Partnership may postpone the Requested Preferred Exchange Effective Date to the extent the Registration Conditions Satisfaction Date (as defined in the Variable
Forward Transaction Confirmation) is delayed as contemplated under “Settlement Method Election” in the Variable Forward Transaction Confirmation; provided, further, that, without limiting the generality of the immediately
preceding proviso, in the case of a Limited Partner Preferred Exchange Request, the Partnership may at its option postpone the Requested Preferred Exchange Effective Date for a period of up to 60 days following receipt of such Limited Partner
Preferred Exchange Request. 
 “REU Interest” means an “REU Interest” as defined in the Newmark Holdings Limited
Partnership Agreement. 
 “SAE Items” has the meaning set forth in Section 5.04(d). 

“SAE Subsidiaries” means the Original SAE Subsidiaries and each entity set forth on Annex A to the SAE Side Agreement,
effective as of the applicable dates set forth on Annex A attached thereto (as amended from time to time), by and among Newmark, Newmark Holdings, the Partnership and each applicable entity set forth on Annex A attached thereto. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Separation” has the meaning set forth in the recitals to this Agreement. 

“Separation Agreement” has the meaning set forth in the recitals to this Agreement. 

“Separation Steps Plan” means “Separation Steps Plan” as defined in the Separation Agreement. 

“Series A Exchangeable Preferred Limited Partner” means any Limited Partner holding a Series A Exchangeable Preferred Limited
Partnership Interest pursuant to and in compliance with this Agreement and who shall not have ceased to hold such Series A Exchangeable Preferred Limited Partnership Interest. 

“Series A Exchangeable Preferred Limited Partnership Interest” means, with respect to any Series A Exchangeable Preferred
Limited Partner, such Partner’s Series A Exchangeable Preferred Unit(s) and 

  
 11 

 
Capital designated as a “Series A Exchangeable Preferred Limited Partnership Interest” on Schedule 4.02 and Schedule 5.01 in
accordance with this Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner holding such Series A Exchangeable Preferred Units and having such Capital. 

“Series A Exchangeable Preferred Preference” means, with respect to the entire Series A Exchangeable Preferred Limited
Partnership Interest, initially $89,064,031.97; provided that the Series A Exchangeable Preferred Preference shall be increased daily (which increase shall occur daily from June 19, 2018 until the Series A Exchangeable Preferred
Preference equals the Ultimate Liquidation Preference applicable to the Series A Exchangeable Preferred Limited Partnership Interest) at a rate equal to the Applicable Accretion Rate for the Series A Exchangeable Preferred Preference. 

“Series A Exchangeable Preferred Unit” means any Unit designated as a Series A Exchangeable Preferred Limited Partnership
Interest and issued pursuant to Section 4.09. 
 “Series A/B Parent Agreement” means that certain
Parent Agreement, dated as of June 18, 2018, by and among the Preferred Unitholder, the Partnership and Newmark. 
 “Series A/B
Target Revenue” means $475 million; provided that, in the event that, after June 19, 2018, any member of the Newmark Group shall invest in or acquire the business of any Person (other than any member of the Newmark Group),
including, without limitation, by merger, consolidation, business combination, share exchange or other similar transaction, then the Series A/B Target Revenue shall be increased by an amount equal to the aggregate consolidated revenue of such Person
and its Subsidiaries for the most recent three-month complete fiscal period ending prior to the date of such investment or acquisition (it being understood that such adjustment shall be also made for any subsequent investments or acquisitions by
members of the Newmark Group, including, without limitation, by merger, consolidation, business combination, share exchange or other similar transaction). 

“Series B Exchangeable Preferred Limited Partner” means any Limited Partner holding a Series B Exchangeable Preferred Limited
Partnership Interest pursuant to and in compliance with this Agreement and who shall not have ceased to hold such Series B Exchangeable Preferred Limited Partnership Interest. 

“Series B Exchangeable Preferred Limited Partnership Interest” means, with respect to any Series B Exchangeable Preferred
Limited Partner, such Partner’s Series B Exchangeable Preferred Unit(s) and Capital designated as a “Series B Exchangeable Preferred Limited Partnership Interest” on Schedule 4.02 and
Schedule 5.01 in accordance with this Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner holding such Series B Exchangeable Preferred
Units and having such Capital. 
 “Series B Exchangeable Preferred Preference” means, with respect to the entire Series B
Exchangeable Preferred Limited Partnership Interest, initially $85,714,557.33; provided that the Series B Exchangeable Preferred Preference shall be increased daily (which increase shall occur daily from June 19, 2018 until the Series B
Exchangeable Preferred Preference equals the Ultimate Liquidation Preference applicable to the Series B Exchangeable Preferred Limited Partnership Interest) at a rate equal to the Applicable Accretion Rate for the Series B Exchangeable Preferred
Preference. 
 “Series B Exchangeable Preferred Unit” means any Unit designated as a Series B Exchangeable Preferred
Limited Partnership Interest and issued pursuant to Section 4.09. 

  
 12 

 “Series C Exchangeable Preferred Limited Partner” means any Limited Partner
holding a Series C Exchangeable Preferred Limited Partnership Interest pursuant to and in compliance with this Agreement and who shall not have ceased to hold such Series C Exchangeable Preferred Limited Partnership Interest. 

“Series C Exchangeable Preferred Limited Partnership Interest” means, with respect to any Series C Exchangeable Preferred
Limited Partner, such Partner’s Series C Exchangeable Preferred Unit(s) and Capital designated as a “Series C Exchangeable Preferred Limited Partnership Interest” on Schedule 4.02 and
Schedule 5.01 in accordance with this Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner holding such Series C Exchangeable Preferred
Units and having such Capital. 
 “Series C Exchangeable Preferred Preference” means, with respect to the entire Series C
Exchangeable Preferred Limited Partnership Interest, initially $76,590,154.98; provided that the Series C Exchangeable Preferred Preference shall be increased daily (which increase shall occur daily from September 26, 2018 until the
Series C Exchangeable Preferred Preference equals the Ultimate Liquidation Preference applicable to the Series C Exchangeable Preferred Limited Partnership Interest) at a rate equal to the Applicable Accretion Rate for the Series C Exchangeable
Preferred Preference. 
 “Series C Exchangeable Preferred Unit” means any Unit designated as a Series C Exchangeable
Preferred Limited Partnership Interest and issued pursuant to Section 4.09. 
 “Series C/D Parent
Agreement” means that certain Parent Agreement, dated as of September 25, 2018, by and among the Preferred Unitholder, the Partnership and Newmark. 

“Series C/D Target Revenue” means (a) $500 million for the Series C Exchangeable Preferred Limited Partnership Interest
and (b) $525 million for the Series D Exchangeable Preferred Limited Partnership Interest; provided that, in the event that, after September 26, 2018, any member of the Newmark Group shall invest in or acquire the business of any
Person (other than any member of the Newmark Group), including, without limitation, by merger, consolidation, business combination, share exchange or other similar transaction, then the Series C/D Target Revenue shall be increased by an amount equal
to the aggregate consolidated revenue of such Person and its Subsidiaries for the most recent three-month complete fiscal period ending prior to the date of such investment or acquisition (it being understood that such adjustment shall be also made
for any subsequent investments or acquisitions by members of the Newmark Group, including, without limitation, by merger, consolidation, business combination, share exchange or other similar transaction). 

“Series D Exchangeable Preferred Limited Partner” means any Limited Partner holding a Series D Exchangeable Preferred Limited
Partnership Interest pursuant to and in compliance with this Agreement and who shall not have ceased to hold such Series D Exchangeable Preferred Limited Partnership Interest. 

“Series D Exchangeable Preferred Limited Partnership Interest” means, with respect to any Series D Exchangeable Preferred
Limited Partner, such Partner’s Series D Exchangeable Preferred Unit(s) and Capital designated as a “Series D Exchangeable Preferred Limited Partnership Interest” on Schedule 4.02 and
Schedule 5.01 in accordance with this Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner holding such Series D Exchangeable Preferred
Units and having such Capital. 
 “Series D Exchangeable Preferred Preference” means, with respect to the entire Series D
Exchangeable Preferred Limited Partnership Interest, initially $73,341,754.54; provided that the Series D Exchangeable Preferred Preference shall be increased daily (which increase shall occur daily from September 26, 2018 until the
Series D Exchangeable Preferred Preference equals the Ultimate Liquidation Preference applicable to the Series D Exchangeable Preferred Limited Partnership Interest) at a rate equal to the Applicable Accretion Rate for the Series D Exchangeable
Preferred Preference. 

  
 13 

 “Series D Exchangeable Preferred Unit” means any Unit designated as a
Series D Exchangeable Preferred Limited Partnership Interest and issued pursuant to Section 4.09. 

“Special Voting Limited Partner” means the Limited Partner holding the Special Voting Limited Partnership Interest pursuant
to and in compliance with this Agreement and who shall have been admitted to the Partnership as a Limited Partner designated as the Special Voting Limited Partner in accordance with this Agreement and shall not have ceased to be a Limited Partner
designated as the Special Voting Limited Partner under the terms of this Agreement. 
 “Special Voting Limited Partnership
Interest” means, with respect to the Special Voting Limited Partner, such Partner’s Non-Participating Unit and Capital designated as the “Special Voting Limited Partnership Interest” on
Schedule 4.02 and Schedule 5.01 in accordance with this Agreement and rights and obligations with respect to the Partnership pursuant to this Agreement and applicable law by virtue of such Partner holding such Non-Participating Unit and having such Capital. 
 “Subsidiary” means, as of the relevant
date of determination, with respect to any Person, any corporation or other Person of which 50% or more of the voting power of the outstanding voting equity securities or 50% or more of the outstanding economic equity interest is held, directly or
indirectly, by such Person. 
 “Tax Distribution” means, for any fiscal quarter or fiscal year or other period of the
Partnership during the term of the Partnership, the product of (a) the aggregate amount of taxable income or gain allocated to the Partners pursuant to Section 5.04(a) for such period and (b) the Applicable Tax
Rate for such period. 
 “Tax Matters Partner” has the meaning set forth in Section 5.07. 

“Transfer” means any transfer, sale, conveyance, assignment, gift, hypothecation, pledge or other disposition, whether
voluntary or by operation of law, of all or any part of an Interest or any right, title or interest therein. 

“Transferee” means the transferee in a Transfer or proposed Transfer. 

“Transferred Assets” has the meaning ascribed to such term in the Separation Agreement. 

“Transferred Business” has the meaning ascribed to such term in the Separation Agreement. 

“Transferred Liabilities” has the meaning ascribed to such term in the Separation Agreement. 

“UCC” has the meaning set forth in Section 4.07. 

“Ultimate Liquidation Preference” means: (a) in the case of the entire Series A Exchangeable Preferred Limited
Partnership Interest, $93,479,589.87; (b) in the case of the entire Series B Exchangeable Preferred Limited Partnership Interest, $93,479,589.87; (c) in the case of the entire Series C Exchangeable Preferred Limited Partnership Interest,
$87,000,216.96; and (d) in the case of the entire Series D Exchangeable Preferred Limited Partnership Interest, $87,000,216.96. 

  
 14 

 “Unit” means, with respect to any Partner, such Partner’s partnership
interest in the Partnership entitling the holder to a share in the Partnership’s profits, losses and operating distributions as provided in this Agreement, but excluding any Non-Participating Unit. 

“Variable Forward Transaction Confirmation” means that certain letter agreement, dated as of June 18, 2018, by and among
Newmark SPV I, LLC, a Delaware limited liability company, and the Preferred Unitholder, as supplemented from time to time. 
 
Section 1.02 Other Definitional Provisions. Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice
versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. When used herein: 

(a) the word “or” is not exclusive unless the context clearly requires otherwise; 

(b) the word “control” (including, with correlative meanings, the terms “controlled by” and “under common control
with”), as used with respect to any Person, means the direct or indirect possession of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or
otherwise; 
 (c) the words “including,” “includes,” “included” and “include” are deemed to be
followed by the words “without limitation”; 
 (d) the terms “herein,” “hereof” and “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; and 
 (e) all
section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, appendix, annex and schedule references not attributed to a particular document shall be references
to such exhibits, appendixes, annexes and schedules to this Agreement. 
 Section 1.03 References to
Schedules. The General Partner shall maintain and revise from time to time all schedules referred to in this Agreement in accordance with this Agreement. Notwithstanding anything in Section 12.02 to the contrary, any
such revision shall not be deemed an amendment to this Agreement, and shall not require any further act, vote or approval of any Person. 

ARTICLE II 
 FORMATION,
CONTINUATION AND POWERS 
 Section 2.01 Formation. On September 27, 2017, the
Partnership was formed pursuant to the laws of the State of Delaware pursuant to a Certificate of Limited Partnership. The 2017 Amended and Restated Partnership Agreement was entered into on December 13, 2017 and was amended by Amendment
No. 1 as of March 14, 2018. The 2018 Amended and Restated Partnership Agreement was entered into on June 19, 2018. This Agreement amends and restates the partnership agreement (as defined in the Act) of the Partnership, effective as
of September 26, 2018. 
 Section 2.02 Name. The name of the Partnership is “Newmark
Partners, L.P.” 
 Section 2.03 Purpose and Scope of Activity. The purpose of the
Partnership shall be to conduct any and all activities permitted under the Act. The Partnership shall possess and may exercise all the powers 

  
 15 

 
and privileges granted by the Act or by any other law or by this Agreement, together with any powers incidental thereto, that are necessary or convenient to the conduct, promotion or attainment
of the business, purposes or activities of the Partnership. 
 Section 2.04 Principal Place of
Business. For purposes of the Act, the principal place of business of the Partnership shall be located in New York, New York or at such other place as may hereafter be designated from time to time by the General Partner. The Partnership,
committee and officer meetings shall take place at the Partnership’s principal place of business unless decided otherwise for any particular meeting. 

The Partnership may qualify to transact business in such other states and under such assumed business names (for which all applicable assumed business name
certificates or filings shall be made) as the General Partner shall determine. Each Partner shall execute, acknowledge, swear to and deliver all certificates or other documents necessary or appropriate to qualify, continue and terminate the
Partnership as a foreign limited partnership in such jurisdictions in which the Partnership may conduct or cease to conduct business, as applicable. 

Section 2.05 Registered Agent and Office. The registered agent for service of process is, and the
mailing address of the registered office of the Partnership in the State of Delaware is in care of, Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808. At any time, the Partnership may designate another registered agent
and/or registered office. 
 Section 2.06 Authorized Persons. The execution and causing to be
filed of the Certificate of Limited Partnership by the applicable authorized Persons on behalf of the General Partner are hereby specifically ratified, adopted and confirmed. The officers of the Partnership and the General Partner are hereby
designated as authorized Persons to act in connection with executing and causing to be filed, when approved by the appropriate governing body or bodies hereunder, any certificates required or permitted to be filed with the Secretary of State of the
State of Delaware and any certificates (and any amendments and/or restatements thereof) necessary for the Partnership to file in any jurisdiction in which the Partnership is required to make a filing. 

Section 2.07 Term. The term of the Partnership began on the date the Certificate of Limited
Partnership of the Partnership became effective, and the Partnership shall have perpetual existence unless sooner dissolved as provided in Article X. 

Section 2.08 Treatment as Partnership. Except as otherwise required pursuant to a
“determination” within the meaning of Section 1313(a)(1) of the Code, the parties shall treat the Partnership as a partnership for United States federal income tax purposes and agree not to take any action or fail to take any action
which action or inaction would be inconsistent with such treatment. 
 Section 2.09 Compliance with
Law. The Partnership shall use its best efforts to comply with any and all governmental requirements applicable to it, including the making of any and all necessary or advisable governmental registrations. 

ARTICLE III 
 MANAGEMENT

 Section 3.01 Management by the General Partner. 

(a) Subject to the terms and provisions of this Agreement, the management and control of the business and affairs of the Partnership shall be
vested solely in, and directed and exercised solely by, 

  
 16 

 
the General Partner. In furtherance of the activities of the Partnership, subject to the terms and provisions of this Agreement, the General Partner shall have all rights and powers, statutory or
otherwise, possessed by general partners of limited partnerships under the laws of the State of Delaware. 
 (b) Except as otherwise
expressly provided herein, the General Partner has full and exclusive power and authority to do, on behalf of the Partnership, all things that are deemed necessary, appropriate or desirable by the General Partner to conduct, direct and manage the
business and other affairs of the Partnership and is authorized and empowered, on behalf and in the name of the Partnership, to carry out and implement, directly or through such agents as the General Partner may appoint, such actions and execute
such documents as the General Partner may deem necessary or advisable, or as may be incidental to or necessary for the conduct of the business of the Partnership. 

(c) The General Partner agrees to use its best efforts to meet all requirements of the Code and currently applicable regulations, rulings and
other procedures of the Internal Revenue Service to ensure that the Partnership will be classified for United States federal income tax purposes as a partnership. 

(d) The General Partner may appoint officers, managers or agents of the Partnership and may delegate to such officers, managers or agents all
or part of the powers, authorities, duties or responsibilities possessed by or imposed on the General Partner pursuant to this Agreement (without limitation on the General Partner’s ability to exercise such powers, authorities or
responsibilities directly at any time); provided that, notwithstanding anything herein or in any other agreement to the contrary, the General Partner may remove any such officer, manager or agent, and may revoke any or all such powers,
authorities and responsibilities so delegated to any such person, in each case at any time with or without cause. The officers of the Partnership shall consist of such positions and titles that the General Partner may in its discretion designate or
create, including a Chairman, a Chief Executive Officer, a President, a Chief Financial Officer, one or more Vice Presidents, a Treasurer, one or more Assistant Treasurers, a Secretary or one or more Assistant Secretaries. A single person may hold
more than one office. Each officer shall hold office until his successor is chosen, or until his death, resignation or removal from office. 
 Each of such
officers shall have such powers and duties with respect to the business and other affairs of the Partnership, and shall be subject to such restrictions and limitations, as are prescribed from time to time by the General Partner; provided,
however, that each officer shall at all times be subject to the direction and control of the General Partner in the performance of such powers and duties. 

(e) Notwithstanding anything to the contrary herein, without the prior written consent of the Limited Partners (by affirmative vote of a
Majority in Interest), the General Partner shall not take any action that may adversely affect Cantor’s Purchase Right (as defined in the Separation Agreement) in Section 6.11 of the Separation Agreement. 

Section 3.02 Role and Voting Rights of Limited Partners; Authority of Partners. 

(a) Limitation on Role of Limited Partners. No Limited Partner shall have any right of control or management power over the business or
other affairs of the Partnership as a result of its status as a Limited Partner except as otherwise provided in this Agreement. No Limited Partner shall participate in the control of the Partnership’s business in any manner that would, under
the Act, subject such Limited Partner to any liability beyond those liabilities expressly contemplated hereunder, including holding himself, herself or itself out to third parties as a general partner of the Partnership; provided that any
Limited Partner may be an employee of the Partnership or any of its Affiliates and perform such duties and do all such acts required or appropriate in such role, and no such performance or acts shall subject such Limited Partner to any liability
beyond those liabilities expressly contemplated hereunder. Without limiting the generality of the foregoing, in accordance with, and to the fullest extent permitted by the Act (including 

  
 17 

 
Section 17-303 thereof), Limited Partners (directly or through an Affiliate) (i) may consult with and advise the General Partner or any other
Person (including, if applicable, the general partner of the General Partner) with respect to any matter, including the business of the Partnership, (ii) may, or may (to the extent otherwise within their power to do so) cause the General
Partner or any other Person (including, if applicable, the general partner of the General Partner) to, take or refrain from taking any action, including by proposing, approving, consenting or disapproving, by voting to the extent provided herein or
otherwise, with respect to any matter, including the business of the Partnership, subject to Section 12.15, (iii) may transact business with the General Partner (including, if applicable, the general partner of the General
Partner) or the Partnership, and (iv) may be an officer, director, partner or stockholder of the General Partner (including, if applicable, the general partner of the General Partner) or have its Representatives serve as officers or directors
of the General Partner (including, if applicable, of the general partner of the General Partner) without incurring additional liabilities to third parties. 

(b) No Limited Partner Voting Rights. To the fullest extent permitted by Section 17-302(f)
of the Act, the Limited Partners shall not have any voting rights under the Act, this Agreement or otherwise, and shall not be entitled to consent to, approve or authorize any actions by the Partnership or the General Partner, except in each case as
otherwise specifically provided in this Agreement. 
 (c) Authority of Partners. Except as set forth herein with respect to the
General Partner, no Limited Partner shall have any power or authority, in such Partner’s capacity as a Limited Partner, to act for or bind the Partnership except to the extent that such Limited Partner is so authorized in writing prior thereto
by the General Partner. Without limiting the generality of the foregoing, except as set forth herein with respect to the General Partner, no Limited Partner, as such, shall, except as so authorized, have any power or authority to incur any liability
or execute any instrument, agreement or other document for or on behalf of the Partnership, whether in the Partnership’s name or otherwise. Persons dealing with the Partnership are entitled to rely conclusively upon the power and authority of
the General Partner. 
 Each Limited Partner hereby agrees that, except to the extent provided in this Agreement and except to the extent that such Limited
Partner shall be the General Partner, it will not participate in the management or control of the business and other affairs of the Partnership, will not transact any business for the Partnership and will not attempt to act for or bind the
Partnership. 
 ARTICLE IV 

PARTNERS; CLASSES OF PARTNERSHIP INTERESTS 

Section 4.01 Partners. The Partnership shall have (a) a General Partner and (b) one or
more Limited Partners (including, for the avoidance of doubt, the Exchangeable Preferred Limited Partners and the Special Voting Limited Partner). Schedule 4.01 sets forth the name and address of the Partners. Schedule 4.01 shall be
amended pursuant to Section 1.03 to reflect any change in the identity or address of the Partners in accordance with this Agreement. Each Person admitted to the Partnership as a Partner pursuant to this Agreement shall be a
partner of the Partnership until such Person ceases to be a Partner in accordance with the provisions of this Agreement. 
 
Section 4.02 Interests. 
 (a) Generally. 

(i) Classes of Interests. Interests in the Partnership shall be divided into two classes: (A) a General Partnership Interest; and
(B) Limited Partnership Interests (including, for the avoidance of doubt, the Exchangeable Preferred Limited Partnership Interests and the Special Voting Limited Partnership Interest). The General Partnership Interest and the Limited
Partnership Interests shall 

  
 18 

 
consist of, and be issued as, Units (including those designated as Exchangeable Preferred Units), Non-Participating Units and Capital. The General Partner
shall determine the aggregate number of authorized Units. Any Units repurchased by or otherwise transferred to the Partnership or otherwise forfeited or cancelled shall be cancelled and thereafter deemed to be authorized but unissued, and may be
subsequently issued as Units for all purposes hereunder in accordance with this Agreement. 
 (ii) Issuances of Additional Units.
Any authorized but unissued Units may be issued: 
 (1) pursuant to the Separation or as otherwise contemplated by the Separation Agreement
or this Agreement; 
 (2) to members of the Newmark Inc. Group and/or Newmark Holdings Group, as the case may be, in connection with an
investment in the Partnership by the members of the Newmark Inc. Group and/or Newmark Holdings Group, as the case may be, in each case as provided in the Separation Agreement; 

(3) to members of the Newmark Inc. Group and/or members of the BGC Partners Inc. Group, in connection with a redemption pursuant to Article
VIII of the Newmark Holdings Limited Partnership Agreement or Article VIII of the BGC Holdings Limited Partnership Agreement; 
 (4) as
otherwise agreed by each of the General Partner and the Limited Partners (by affirmative vote of a Majority in Interest); 
 (5) to Newmark
or Newmark Holdings in connection with a grant of equity by Newmark or Newmark Holdings, respectively, pursuant to the Newmark Holdings, L.P. Participation Plan; 

(6) to any Partner in connection with a conversion of an issued Unit and Interest into a different class or type of Unit and Interest in
accordance with this Agreement; and 
 (7) as determined by the General Partner in good faith in connection with any “Additional
Tranche” (as such term is defined in the Variable Forward Transaction Confirmation) pursuant to the Variable Forward Transaction Confirmation; 

provided that each Person to be issued additional Units pursuant to clause (1), (2), (3), (4) or (5) of this
sentence shall, as a condition to such issuance, execute and deliver to the Partnership an agreement in which such Person agrees to be admitted as a Partner with respect to such Units and bound by this Agreement and any other agreements, documents
or instruments specified by the General Partner; provided, however, that if such Person (A) is at the time of such issuance a Partner of the applicable class of Interests being issued or (B) has previously entered into an
agreement pursuant to which such Person shall have agreed to become a Partner and be bound by this Agreement with respect to the applicable class of Interests being issued (which agreement is in effect at the time of such issuance), such Person
shall not be required to enter into any such agreements unless otherwise determined by the General Partner. Upon any such issuance, any such Person not already a Partner shall be admitted as a limited partner with respect to the issued Interests.

 (b) General Partnership Interest. The Partnership shall have one General Partnership Interest. The
Non-Participating Unit issued to the General Partner in respect of such Partner’s General Partnership Interest is set forth on Schedule 4.02. Schedule 4.02 shall be amended pursuant to
Section 1.03 to reflect any change in the number or the issuance or allocation of the Non-Participating Unit in respect of such Partner’s General Partnership Interest in
accordance with this Agreement. 

  
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 (c) Limited Partnership Interests. 

(i) The Partnership shall have one or more Limited Partnership Interests. The number of Units (including those designated as Exchangeable
Preferred Units) or Non-Participating Units (in the case of the Special Voting Limited Partnership Interest) issued to each Limited Partner in respect of such Partner’s Limited Partnership Interest is set
forth on Schedule 4.02. Schedule 4.02 shall be amended pursuant to Section 1.03 to reflect any change in the number or the issuance or allocation of the Units (including those designated as Exchangeable
Preferred Units) or Non-Participating Units (in the case of the Special Voting Limited Partnership Interest) in respect of such Partner’s Limited Partnership Interest in accordance with this Agreement.

 (ii) The Partnership shall have one Limited Partnership Interest designated as the Special Voting Limited Partnership Interest, as
provided in Section 4.03(b). There shall only be one Non-Participating Unit associated with the Special Voting Limited Partnership Interest. All other Limited Partnership Interests
shall be designated as Limited Partnership Interests. 
 (iii) The Partnership may have one or more Limited Partnership Interests
designated as Exchangeable Preferred Limited Partnership Interests. The number of Exchangeable Preferred Units issued in accordance with Section 4.09 to each Exchangeable Preferred Limited Partner in respect of such
Partner’s Exchangeable Preferred Limited Partnership Interest is set forth on Schedule 4.02. 
 (d) No Additional Classes of
Interests. There shall be no additional classes of partnership interests in the Partnership. 

Section 4.03 Admission and Withdrawal of Partners. 

(a) General Partner. 

(i) The General Partner is Newmark Holdings, LLC. On the date of this Agreement, Newmark Holdings, LLC holds the General Partnership
Interest, which has the Non-Participating Unit and the Capital set forth on Schedule 4.02 and Schedule 5.01, respectively. 

(ii) The admission of a Transferee as a General Partner, and resignation or withdrawal of any General Partner, shall be governed by
Section 7.02. 
 (iii) Effective immediately upon the Transfer of the General Partner’s entire General
Partnership Interest as provided in Section 7.02(c), such Partner shall cease to be the General Partner. 
 (b)
Limited Partners. 
 (i) On the date of this Agreement, the Limited Partners hold the Limited Partnership Interests (including, for
the avoidance of doubt, the Exchangeable Preferred Limited Partnership Interest and the Special Voting Limited Partnership Interest), which have the Units (including those designated as Exchangeable Preferred Units),
Non-Participating Units (in the case of the Special Voting Limited Partnership Interest) and the Capital set forth on Schedule 4.02 and Schedule 5.01, respectively. 

  
 20 

 (ii) The admission of a Transferee as a Limited Partner pursuant to any Transfer permitted
by Section 7.02(a) or 7.02(b), as applicable, shall be governed by Section 7.02, and the admission of a Person as a Limited Partner in connection with the issuance of additional Units
pursuant to Section 4.02(a)(ii) shall be governed by such applicable Section. 
 (iii) Effective immediately upon
the Transfer of a Limited Partner’s entire Limited Partnership Interest as provided in Section 7.02(a) or 7.02(b), as applicable, such Partner shall cease to have any interest in the profits, losses, assets,
properties or capital of the Partnership with respect to such Limited Partnership Interest and shall cease to be a Limited Partner; provided, however, that with respect to Newmark, the occurrence of the foregoing shall not relieve
Newmark of its obligations under Article IX. 
 (c) No Additional Partners. No additional Partners shall be admitted to the
Partnership except in accordance with this Article IV. 
 Section 4.04 Liability to Third
Parties; Capital Account Deficits. 
 (a) Except as may otherwise be expressly provided by the Act, the General Partner shall have
unlimited personal liability for the satisfaction and discharge of all debts, liabilities, contracts and other obligations of the Partnership. The General Partner shall not be personally liable for the return of any portion of the capital
contribution of any Limited Partner, the return of which shall be made solely from the Partnership’s assets. 
 (b) Except as may
otherwise be expressly provided by the Act or this Agreement, no Limited Partner shall be liable for the debts, liabilities, contracts or other obligations of the Partnership. Each Limited Partner shall be liable only to make its capital
contributions as provided in this Agreement or the Separation Agreement or as otherwise agreed by such Limited Partner and the Partnership in writing after the date of this Agreement and shall not be required, after its capital contribution shall
have been paid, to make any further capital contribution to the Partnership or to lend any funds to the Partnership except as otherwise expressly provided in this Agreement or the Separation Agreement or as otherwise agreed by such Limited Partner
and the Partnership in writing after the date of this Agreement. No Limited Partner shall be required to repay the Partnership, any Partner or any creditor of the Partnership any negative balance in such Limited Partner’s Capital Account. 

(c) No Limited Partner shall be liable to make up any deficit in its Capital Account; provided that nothing in this
Section 4.04(c) shall relieve a Partner of any liability it may otherwise have, either pursuant to the terms of this Agreement or pursuant to the terms of any agreement to which the Partnership or such Partner may be a
party. 
 Section 4.05 Classes. Any Person may own one or more classes of Interests. Except as
otherwise specifically provided herein, the ownership of any class of Interests shall not affect the rights or obligations of a Partner with respect to any other class of Interests. As used in this Agreement, the General Partner and the Limited
Partners (including the Exchangeable Preferred Limited Partners and the Special Voting Limited Partner) shall be deemed to be separate Partners even if any Partner holds more than one class of Interest. References to a certain class of Interest with
respect to any Partner shall refer solely to that class of Interest of such Partner and not to any other class of Interest, if any, held by such Partner. 

Section 4.06 Certificates. The Partnership may, in the discretion of the General Partner, issue
any or all Units in certificated form, which certificates shall be held by the Partnership as custodian for the applicable Partners. The form of any such certificates shall be approved by the General Partner and include the legend required by
Section 7.06. If certificates are issued, a transfer of Units will require delivery of an endorsed certificate. 

  
 21 

 Section 4.07 Uniform Commercial Code Treatment of
Units. Each Unit and Non-Participating Unit in the Partnership shall constitute a “security” within the meaning of, and governed by, (a) Article 8 of the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware (6 Del. C. § 8-101, et seq.) (the “UCC”), and (b) Article
8 of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on
Uniform State Laws and approved by the American Bar Association on February 14, 1995. Notwithstanding any provision of this Agreement to the contrary, to the extent that any provision of this Agreement is inconsistent with any non-waivable provision of Article 8 of the UCC, such provision of Article 8 of the UCC shall control. The Partnership shall maintain books for the purpose of registering the Transfer of Units and Non-Participating Units. Any Transfer of Units and Non-Participating Units shall be effective as of the registration of the Transfer of such Units and Non-Participating Units in the books and records of the Partnership. 

Section 4.08 Priority Among Partners. No Partner shall be entitled to any priority or preference
over any other Partner either as to return of capital contributions or as to profits, losses or distributions, except to the extent that this Agreement establishes, or may be deemed to establish, such a priority or preference. 

Section 4.09 Establishment of Exchangeable Preferred Units. 

(a) General. Effective as of June 19, 2018, pursuant to the 2018 Amended and Restated Partnership Agreement, there was created
classes of Units designated as “Series A Exchangeable Preferred Units” and “Series B Exchangeable Preferred Units,” and effective as of September 26, 2018 there is hereby created classes of Units designated as “Series C
Exchangeable Preferred Units” and “Series D Exchangeable Preferred Units,” in each case with the designations, preferences and relative, participating, optional or other special rights, powers and duties as set forth in this
Section 4.09 and elsewhere in this Agreement. 
 (b) Rights of Exchangeable Preferred Units. The
Exchangeable Preferred Units shall have the following rights, preferences and privileges, and Exchangeable Preferred Limited Partners shall be subject to the following duties and obligations: 

(i) Issuance of the Exchangeable Preferred Units. The Series A Exchangeable Preferred Units and the Series B Exchangeable Preferred
Units were issued by the Partnership on June 19, 2018 pursuant to the terms and conditions of the Series A/B Parent Agreement, and the Series C Exchangeable Preferred Units and the Series D Exchangeable Preferred Units shall be issued by the
Partnership on September 26, 2018 pursuant to the terms and conditions of the Series C/D Parent Agreement. 
 (ii) Voting
Rights. Notwithstanding any other provision of this Agreement, in addition to all other requirements imposed by Delaware law, and all other voting rights granted under this Agreement, the affirmative vote of holders of the Exchangeable Preferred
Required Voting Percentage of the affected series of Exchangeable Preferred Units shall be required for any amendment to this Agreement or the Certificate of Limited Partnership that would: 

(1) reduce the amount payable or change the form of payment to the holders of such Exchangeable Preferred Units upon the voluntary or
involuntary liquidation, dissolution or 

  
 22 

 
winding up of the Partnership, change the Ultimate Liquidation Preference applicable to such series of Exchangeable Preferred Units, or make any change to (x) this
Section 4.09(b)(ii)(1), the proviso of Section 5.09, Section 5.10(b), Section 7.03 or Article IX to the extent such change would be
adverse to such Exchangeable Preferred Units or (y) any other provision hereof that relates specifically to such Exchangeable Preferred Units to the extent such change would be disproportionately adverse to such Exchangeable Preferred Units
relative to other Units; or 
 (2) make such Exchangeable Preferred Units redeemable or exchangeable at the option of the Partnership other
than as set forth herein. 
 (iii) Capital Accounts. Notwithstanding anything to the contrary herein, except for U.S. federal (and
applicable state and local) income tax purposes, including for purposes of maintaining Capital Accounts of the partners for purposes of the Code and the Treasury Regulations promulgated thereunder, the Capital Account of each Exchangeable Preferred
Limited Partner as of a particular date shall equal the aggregate Exchangeable Preferred Preference as of such date with respect to the Exchangeable Preferred Units held by such Exchangeable Preferred Limited Partner. For the avoidance of doubt and
notwithstanding anything to the contrary herein (including Section 5.03), no items of income, gain, loss, deduction or credit shall be allocated to the Exchangeable Preferred Limited Partners for U.S. federal (and
applicable state and local) income tax purposes, including for purposes of maintaining Capital Accounts of the partners for purposes of the Code and the Treasury Regulations promulgated thereunder. 

(iv) Exchangeable Preferred Units Transfer Restrictions. Subject to Article VII, each Exchangeable Preferred Limited Partner
holding Exchangeable Preferred Units shall be permitted to transfer any Exchangeable Preferred Units owned by such Exchangeable Preferred Limited Partner (1) to any of its controlled Affiliates (any such Transferee, a “Preferred
Unitholder Permitted Transferee”), (2) to Newmark SPV I, LLC upon settlement of the Variable Forward Transaction Confirmation or (3) to a permitted transferee or assignee of the Preferred Unitholder under the Variable Forward
Transaction Confirmation in connection with a transfer of the Variable Forward Transaction Confirmation; provided that, with respect to clause (1) or (3), no such transfer shall be permitted if it could reasonably be
expected to result in the Partnership becoming subject to the registration under Section 12(b) or 12(g) of the Exchange Act. 
 (v)
Fully Paid and Non-Assessable. Any Exchangeable Preferred Units delivered pursuant to this Section 4.09 shall be validly issued, fully paid and
non-assessable (except as such nonassessability may be affected by matters described in Sections 17-303, 17-607 and 17-804 of the Delaware Act), free and clear of any Encumbrances other than those arising under the Act or this Agreement or created by the holders thereof. 

ARTICLE V 
 CAPITAL AND
ACCOUNTING MATTERS 
 Section 5.01 Capital. 

(a) Capital Accounts. There shall be established on the books and records of the Partnership a Capital Account for each Partner.
Schedule 5.01 sets forth the names and the Capital Accounts of the Partners as of the date of this Agreement. Schedule 5.01 shall be amended pursuant to Section 1.03 to reflect any change in the identity or
Capital Accounts of the Partners in accordance with this Agreement. 
 (b) Capital Contributions. 

  
 23 

 (i) On the date of the 2017 Amended and Restated Partnership Agreement, contributions of
assets, property and/or cash were made by or on behalf of certain of the Partners listed on Schedule 4.01 of the 2017 Amended and Restated Partnership Agreement in connection with the Opco Partnership Contribution, pursuant to the terms set
forth in the Separation Agreement. 
 (ii) In return for such initial contributions, Interests were issued or Transferred to such Partners
as provided on Schedule 5.01 of the 2017 Amended and Restated Partnership Agreement. 
 (iii) On the date of the 2017 Amended and
Restated Partnership Agreement, pursuant to the terms as set forth in the Separation Agreement (including the Separation Steps Plan) and the Newmark SAE Agreement, (A) pursuant to the Opco Partnership Distribution, BGC U.S. Opco
(1) effected a distribution of all its assets and liabilities attributable to the Transferred Business to certain of its partners pursuant to which (a) BGC Holdings and BGC Partners received all of the Transferred Assets held by BGC U.S.
Opco, and BGC Holdings and BGC Partners assumed from BGC U.S. Opco all of the Transferred Liabilities held by BGC U.S. Opco (not including, for the avoidance of doubt, the assets and liabilities described in clause (b)) and (b) each
Original SAE Subsidiary (x) received BGC U.S. Opco’s (and its partners’) beneficial ownership interest in respect of the Transferred Assets, legal title to which is held by such Original SAE Subsidiary (including all of the beneficial
ownership interests in respect of assets previously contributed (or deemed contributed) to or in respect of BGC U.S. Opco by such Original SAE Subsidiary), and (y) assumed all obligations in respect of all Transferred Liabilities of such
Original SAE Subsidiary, (2) distributed all of the outstanding equity interests in the General Partner to BGC Holdings, (3) immediately following the distributions described in clause (1) and (2) above, effected a
recapitalization of BGC U.S. Opco Units such that the number of BGC U.S. Opco Units held by each continuing partner of BGC U.S. Opco immediately after such distribution reflects the percentage interest of each continuing partner of BGC U.S. Opco, as
adjusted, in accordance with the agreement of such partners, to give effect to such distribution, and (B) pursuant to the Opco Partnership Contribution, the partners of BGC U.S. Opco that received Transferred Assets (or a beneficial interest in
or in respect of Transferred Assets) in the Opco Partnership Distribution contributed such Transferred Assets (or beneficial interest in Transferred Assets), other than the Limited Partnership Interests and equity interests in the General Partner,
to or in respect of the Partnership in exchange for Limited Partnership Interests, and the Partnership accepted and assumed the Transferred Liabilities (or obligations in respect of Transferred Liabilities) that were accepted and assumed by such
partners of BGC U.S. Opco pursuant to the Opco Partnership Distribution. 
 (iv) The parties treated the transactions described in
Section 5.01(b)(iii), taken together, as a division under the “assets-up form” of BGC U.S. Opco pursuant to Treasury Regulations section
1.708-1(d)(3)(ii) in which no gain or loss, other than any gain required to be recognized by any partner of BGC U.S. Opco or BGC Holdings, pursuant to Sections 704(c)(1)(B) or Section 737 of the Code or
with respect to any cash received or deemed received (other than the Newmark Opco Debt Repayment), is recognized to any extent, except as otherwise required pursuant to a “determination” within the meaning of Section 1313(a)(1) of the
Code. 
 (v) Except as otherwise provided in Section 5.01(b)(i), no capital contributions shall be required
(A) unless otherwise determined by the General Partner and agreed to by the contributing Partner, or (B) unless otherwise determined by the General Partner in connection with the admission of a new Partner or the issuance of additional
Interests to a Partner. 
 (vi) The Partnership may invest or cause to be invested all amounts received by the Partnership as capital
contributions in its sole and absolute discretion. 
 Section 5.02 Withdrawals; Return on
Capital. No Partner shall be entitled to withdraw or otherwise receive any distributions in respect of any Interest (including the associated Units, Non- Participating Units or Capital), except as provided in
Section 6.01 or Section 8.02. The Partners shall not be entitled to any return on their Capital. 
  

  
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 Section 5.03 Maintenance of Capital Accounts.
As of the end of each Accounting Period, the balance in each Partner’s Capital Account shall be adjusted by (a) increasing such balance by (i) such Partner’s allocable share of each item of the Partnership’s income and gain
for such Accounting Period (allocated in accordance with Section 5.04(a)) and (ii) the amount of cash or the fair market value of other property (determined in accordance with Section 5.05)
contributed to the Partnership by such Partner in respect of such Partner’s related Interest during such Accounting Period, net of liabilities assumed by the Partnership with respect to such other property, and (b) decreasing such balance
by (i) the amount of cash or the fair market value of other property (determined in accordance with Section 5.05) distributed to such Partner in respect of such class of Interest associated with such Capital Account
pursuant to this Agreement, net of liabilities (if any) assumed by such Partner with respect to such other property, and (ii) such Partner’s allocable share of each item of the Partnership’s deduction and loss for such Accounting
Period (allocated in accordance with Section 5.04(a)). The balances in each Partner’s Capital Account shall be adjusted at the time and in the manner permitted by the capital accounting rules of the Treasury
Regulations section 1.704-1(b)(2)(iv)(f). The foregoing and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations section 1.704-1(b), and shall be interpreted and applied in a manner consistent therewith. 
 
Section 5.04 Allocations and Tax Matters. 
 (a) Book Allocations. After giving effect to the allocations set forth
in Section 2 of Exhibit A hereto, Section 5.04(c) and Section 5.04(d), for purposes of computing Capital Accounts and allocating any items of income, gain, loss or
deduction thereto, with respect to each Accounting Period, all remaining items of income, gain, loss or deduction of the Partnership (calculated in the manner contemplated by the capital accounting rules of the Treasury Regulations promulgated under
Section 704(b) of the Code, and regardless of whether the Partnership has net income) shall be allocated among the Capital Accounts of the Interests in proportion to their Percentage Interest as of the end of such Accounting Period;
provided, however, that upon any Closing of the Books Event (other than an event described in clause (a) of such definition), the value of each asset on the books of the Partnership shall be adjusted to equal its gross fair
market value (as reasonably determined by the General Partner) at such time, and the amount of such adjustment shall be taken into account as gain (if such adjustment is positive) or loss (if such adjustment is negative) from the disposition of such
asset for purposes of this Section 5.04(a). Notwithstanding the above, the General Partner shall be permitted to maintain the Capital Accounts in such a way as is necessary to comply with the intent of
Section 4.09(b)(iii) and Section 5.10(b). 
 (b) Tax Allocations. Except as
otherwise required under Section 704(c) of the Code and the Treasury Regulations promulgated thereunder or Section 4.09(b)(iii), the Partnership shall cause each item of income, gain, loss or deduction recognized by
the Partnership to be allocated among the Partners for U.S. federal, state and local income and, where relevant, non-U.S. tax purposes in the same manner that each such item is allocated to the Partners’
Capital Accounts or as otherwise provided herein. In the event the value of any Partnership assets is adjusted pursuant to the proviso of Section 5.04(a), subsequent allocations of income, gain, loss, and deduction with
respect to such asset shall take account of any variation between the adjusted basis of such asset for U.S. federal income tax purposes and its adjusted value in the same manner as under Section 704(c) of the Code and the Regulations
thereunder. Allocations required by Section 704(c) of the Code shall be made using the “traditional method” described in Treasury Regulations section 1.704-3(b). 

(c) Separation Allocations. Any allocations with respect to the transactions contemplated by the Separation Agreement and/or the
Ancillary Agreements shall be made in a manner 

  
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consistent therewith and, except to the extent otherwise required by applicable law, (x) any item of loss or deduction in respect of any indemnification payment or obligation of the
Partnership in respect of any loss attributable to a Partner shall be allocated to such Partner (or otherwise charged to the Capital Account of such Partner) and (y) any item of income or gain in respect of any indemnification payment accrued
or received by the Partnership in respect of any loss incurred by a Partner shall be allocated to such Partner (or otherwise credited to the Capital Account of such Partner). In the event that any item of income, gain, loss or deduction is specially
allocated to the Capital Account of a Partner pursuant to the immediately preceding sentence, the General Partner may make such other adjustments in respect of the Capital Accounts of the Partners (including in connection with any transfer of
Limited Partnership Interests pursuant to Article VIII of the Newmark Holdings Limited Partnership Agreement or Article VIII of the BGC Holdings Limited Partnership Agreement in connection with a redemption of an Exchange Right Interest (as defined
in the Newmark Holdings Limited Partnership Agreement) and related Exchange Right Units (as defined in the Newmark Holdings Limited Partnership Agreement)) as may be necessary or appropriate (as determined by the General Partner) to carry out the
intent of this Section 5.04(c), the Separation Agreement and the Ancillary Agreements. 
 (d) SAE Items. No
Partnership-Owned SAE shall receive any allocation of any item of income, gain, loss, deduction or credit attributable to the Partnership’s ownership of stock of such SAE Subsidiary (such items, the “SAE Items”), and such SAE
Items shall instead be specially allocated to the other Partnership-Owned SAEs in such manner as the General Partner may determine in order to preserve relative economics. 

Section 5.05 General Partner Determinations. All determinations, valuations and other matters of
judgment required to be made for purposes of this Article V, including with respect to allocations to Capital Accounts and accounting procedures and tax matters not expressly provided for by the terms of this Agreement, or for determining the
value of any type or form of proceeds, contribution or distributions hereunder shall be made by the General Partner in good faith. In the event that an additional Partner is admitted to the Partnership and contributes property to the Partnership, or
an existing Partner contributes additional property to the Partnership, pursuant to this Agreement, the value of such contributed property shall be the fair market value of such property as reasonably determined by the General Partner. 

Section 5.06 Books and Accounts. 

(a) The Partnership shall at all times keep or cause to be kept true and complete records and books of account, which records and books shall
be maintained in accordance with U.S. generally accepted accounting principles. Such records and books of account shall be kept at the principal place of business of the Partnership by the General Partner. The Limited Partners shall have the right
to gain access to all such records and books of account (including schedules thereto) for inspection and view (at such reasonable times as the General Partner shall determine) for any purpose reasonably related to their Interests. The
Partnership’s accounts shall be maintained in U.S. dollars. 
 (b) The Partnership’s fiscal year shall begin on January 1 and
end on December 31 of each year, or shall be such other period designated by the General Partner (subject to compliance with the terms of the Separation Agreement). At the end of each fiscal year, the Partnership’s accounts shall be
prepared, presented to the General Partner and submitted to the Partnership’s auditors for examination. 
 (c) The Partnership’s
auditors shall be an independent accounting firm of international reputation to be appointed from time to time by the General Partner (subject to compliance with the terms of the Separation Agreement). The Partnership’s auditors shall be
entitled to receive promptly such information, accounts and explanations from the General Partner and each Partner that they deem reasonably necessary to carry out their duties. The Partners shall provide such financial, tax and other information to
the Partnership as may be reasonably necessary and appropriate to carry out the purposes of the Partnership. 

  
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 Section 5.07 Tax Matters Partner. The General
Partner is hereby designated as the “tax matters partner” of the Partnership within the meaning of Section 6231(a)(7) of the Code prior to amendment by the Bipartisan Budget Act of 2015 and any similar provisions under any other state
or local or non-U.S. tax laws and the “partnership representative” within the meaning of Section 6223(a) of the Code and any similar provisions under any other state or local or non-U.S. tax laws (the tax matters partner or partnership representative, as applicable, the “Tax Matters Partner”). The Tax Matters Partner shall have all requisite power and authority to carry out
the responsibilities of the Tax Matters Partner described in the Code and shall represent the Partnership (at the Partnership’s expense) in connection with all examinations of the Partnership’s affairs by tax authorities, including
resulting judicial and administrative proceedings. The Partnership shall bear all costs and expenses incurred by the Tax Matters Partner in connection with the performance of its duties hereunder or otherwise acting in such capacity (including
taking any action contemplated by this Section 5.07 and engaging an independent accounting firm or other tax professional(s) in connection therewith). The General Partner shall have the authority, in its sole and absolute
discretion, to (a) make an election under Section 754 of the Code on behalf of the Partnership, and each Partner agrees to provide such information and documentation as the General Partner may reasonably request in connection with any such
election, (b) determine the manner in which “excess nonrecourse liabilities” (within the meaning of Treasury Regulations section 1.752-3(a)(3)) are allocated among the Partners and (c) make
any other election or determination with respect to taxes (including with respect to depreciation, amortization and accounting methods). 
 
Section 5.08 Tax Information. The Partnership shall use commercially reasonable efforts to prepare and mail as soon as reasonably practicable after the end of each taxable year of the Partnership, to each Partner (and each other
Person that was such a Partner during such taxable year or its legal representatives), U.S. Internal Revenue Service Schedule K-1, “Partner’s Share of Income, Credits, Deductions, Etc.,” or any
successor schedule or form, for such Person. 
 Section 5.09 Withholding. Notwithstanding
anything herein to the contrary, the Partnership is authorized to withhold from distributions and allocations to the Partners, and to pay over to any federal, state, local or foreign governmental authority any amounts believed in good faith to be
required to be so withheld or paid over pursuant to the Code or any provision of any other federal, state, local or foreign law and, for all purposes under this Agreement, shall treat such amounts (together with any amounts that are withheld from
payments to the Partnership or any of its Subsidiaries attributable to a direct or indirect Partner of the Partnership) as distributed to those Partners with respect to which such amounts were withheld; provided, however, the foregoing
shall not apply to any Exchangeable Preferred Limited Partner unless otherwise determined by a determination (as defined in Section 1313 of the Code and any other similar law). If the Partnership is obligated to pay any amount to a taxing
authority on behalf of (or in respect of an obligation of) a Partner (including, federal, state and local or other withholding taxes and including any tax on any amount paid to an Exchangeable Preferred Limited Partner), then such Partner shall
indemnify the Partnership and the other Partners in full for the entire amount of any tax (including any interest, penalties and expenses associated with such payment). 

Section 5.10 Tax Treatment. 

(a) The SAE Subsidiaries shall be partners of the Partnership for tax purposes, including for all purposes under the Code, and shall therefore
be treated as Limited Partners for purposes of this Article V and Exhibit A, and have Capital Accounts and Interests as set forth in the Schedules to this Agreement. To this end, items of income, gain, loss or deduction recognized by
the Partnership shall be allocated to the Capital Accounts of the SAE Subsidiaries in accordance with their Interests as set forth in the Schedules to this Agreement. 

  
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 (b) The Exchangeable Preferred Limited Partners shall not be partners of the Partnership for
tax purposes, including for all purposes under the Code, and the issuance of the Exchangeable Preferred Limited Partnership Interests are part of a series of transactions that shall be treated as variable forward agreements for tax purposes,
including for all purposes under the Code. To this end, no item of income, gain, loss or deduction recognized by the Partnership shall be allocated to the Exchangeable Preferred Limited Partners or the Exchangeable Preferred Limited Partnership
Interests. The Partnership shall be entitled to withhold any tax required by law (if any) in accordance with the tax treatment set forth in this Section 5.10(b) and the Variable Forward Transaction Confirmation (as if the
Partnership were a party to such confirmation). 
 (c) The Partners and the Partnership shall prepare and file all applicable tax returns in
a manner that is consistent with the foregoing. 
 ARTICLE VI 

DISTRIBUTIONS 
 
Section 6.01 Distributions in Respect of Partnership Interests. Subject to the remaining sentence of this Section 6.01, the Partnership shall distribute to each Partner (other than the Exchangeable Preferred
Limited Partners in respect of their Exchangeable Preferred Limited Partnership Interests) from such Partner’s Capital Account (a) on or prior to each Estimated Tax Due Date such Partner’s Estimated Proportionate Quarterly Tax
Distribution for such fiscal quarter, and (b) as promptly as practicable after the end of each fiscal quarter of the Partnership (or on such other date and time as determined by the General Partner) an amount equal to all amounts allocated to
such Partner’s Capital Account with respect to such quarter (reduced, but not below zero, by the amount of any prior distributions to such Partner pursuant to this Section 6.01 or any amounts treated as distributed
pursuant to Section 5.09), with such distribution to occur on such date and time as determined by the General Partner; provided that (i) in no event shall such distributions exceed the Available Cash; and
(ii) with the prior written consent of the holders of a Majority in Interest, the Partnership may decrease the amount distributed from such Partners’ Capital Accounts. No distributions shall be made by the Partnership except as expressly
contemplated by this Section 6.01 and Section 10.03. 

Section 6.02 Limitation on Distributions. Notwithstanding any provision to the contrary contained
in this Agreement, the Partnership and the General Partner, on behalf of the Partnership, shall not be required to make a distribution to a Partner on account of its interest in the Partnership if such distribution would violate the Act or any other
applicable law. 
 ARTICLE VII 

TRANSFERS OF INTERESTS 
 
Section 7.01 Transfers Generally Prohibited. No Partner may Transfer or agree or otherwise commit to Transfer all or any portion of, or any of rights, title and interest in and to, its Interest, except as permitted by the terms and
conditions set forth in this Article VII. The Schedules shall be revised pursuant to Section 1.03 from time to time to reflect any change in the Partners or Interests to reflect any Transfer permitted by this
Article VII. 

  
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 Section 7.02 Permitted Transfers. 

(a) Limited Partnership Interests. No Limited Partner (other than the Special Voting Limited Partner, which shall be governed by
Section 7.02(b)) may Transfer or agree or otherwise commit to Transfer all or any portion of, or any right, title and interest in and to, its Limited Partnership Interest (other than the Special Voting Limited Partner,
which shall be governed by Section 7.02(b)), except any such Transfer (i) pursuant to Section 4.02(a)(ii) or the Separation Agreement; (ii) if such Limited Partner shall be a member of
BGC Partners Inc. Group, the Newmark Inc. Group or the Newmark Holdings Group, to any member of the Newmark Inc. Group or the Newmark Holdings Group, including in connection with the exchange of Newmark Holdings Units for Newmark Common Stock
pursuant to the Newmark Holdings Limited Partnership Agreement or the BGC Holdings Limited Partnership Agreement or the contribution of Limited Partnership Interests by a member of the BGC Partners Inc. Group to Newmark; (iii) in accordance
with Section 4.09(b)(iv); or (iv) for which the General Partner and the Limited Partners (with such consent to require the affirmative vote of a Majority in Interest) shall have provided their respective prior written
consent (which consent shall not be unreasonably withheld or delayed; provided that if such Transfer could reasonably be expected to result in the Partnership being classified or treated as a publicly traded partnership for U.S. federal
income tax purposes, the withholding of consent to such Transfer shall not be deemed unreasonable) (including any Transfer to the Partnership). 

(b) Special Voting Limited Partnership Interest. The Special Voting Limited Partner may not Transfer or agree or otherwise commit to
Transfer all or any portion of, or any right, title and interest in and to, its Special Voting Limited Partnership Interest, except any such Transfer (i) to a wholly owned Subsidiary of Newmark Holdings; provided that, in the event that
such transferee shall cease to be a wholly owned Subsidiary of Newmark Holdings, the Special Voting Limited Partnership Interest shall automatically be Transferred to Newmark Holdings, without the requirement of any further action on the part of the
Partnership, Newmark Holdings or any other Person; or (ii) in connection with the Separation. Upon removal of any Special Voting Limited Partner, notwithstanding anything herein to the contrary, the Special Voting Limited Partnership Interest
shall be transferred to the Person being admitted as the new Special Voting Limited Partner, simultaneously with admission and without the requirement of any action on the part of the Special Voting Limited Partner being removed or any other Person.

 (c) General Partnership Interest. The General Partner may not Transfer or agree or otherwise commit to Transfer all or any portion
of, or any right, title and interest in and to, its General Partnership Interest, except any such Transfer (i) to a new General Partner in accordance with this Section 7.02, (ii) with the prior written consent (not to
be unreasonably withheld or delayed) of the Special Voting Limited Partner, to any other Person or (iii) in connection with the Separation. Any General Partner may be removed at any time, with or without cause, by the Special Voting Limited
Partner in its sole and absolute discretion, and the General Partner may resign from the Partnership for any reason or for no reason whatsoever; provided, however, that, as a condition to any such removal or resignation, (A) the
Special Voting Limited Partner shall first appoint another Person as the new General Partner; (B) such Person shall be admitted to the Partnership as the new General Partner (upon the execution and delivery of an agreement to be bound by the
terms of this Agreement and such other agreements, documents or instruments requested by the resigning General Partner); and (C) such resigning or removed General Partner shall Transfer its entire General Partnership Interest to the new General
Partner. The admission of the new General Partner shall be deemed effective immediately prior to the effectiveness of the resignation of the resigning General Partner, and shall otherwise have the effects set forth in
Section 4.03(a)(iii). Upon removal of any General Partner, notwithstanding anything herein to the contrary, the General Partnership Interest shall be transferred to the Person being admitted as the new General Partner,
simultaneously with admission and without the requirement of any action on the part of the General Partner being removed or any other Person. 

  
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 Section 7.03 Admission as a Partner upon
Transfer. Notwithstanding anything to the contrary set forth herein, a Transferee who has otherwise satisfied the requirements of Section 7.02 shall become a Partner, and shall be listed as a “Limited
Partner,” “Exchangeable Preferred Limited Partner,” “Special Voting Limited Partner” or “General Partner” as applicable, on Schedule 4.01, and shall be deemed to receive the Interest being Transferred, in
each case only at such time as such Transferee executes and delivers to the Partnership an agreement in which the Transferee agrees to be admitted as a Partner and bound by this Agreement and any other agreements, documents or instruments specified
by the General Partner and such agreements (when applicable) shall have been duly executed by the General Partner; provided, however, that if such Transferee (a) is at the time of such Transfer a Partner holding the applicable
class of Interests being Transferred or (b) has previously entered into an agreement pursuant to which the Transferee shall have agreed to become a Partner and be bound by this Agreement (which agreement is in effect at the time of such
Transfer), such Transferee shall not be required to enter into any such agreements unless otherwise determined by the General Partner; provided, further, that the Transfers, admissions to and withdrawals from the Partnership as
Partners in connection with the Separation or in connection with settlement of the Variable Forward Transaction Confirmation shall not be subject to any conditions or requirements and shall not require the execution or delivery of any agreements or
other documentation hereunder other than, in the case of a settlement of the Variable Forward Transaction Confirmation, a notice from the Preferred Unitholder substantially in the form of Exhibit B hereto. 

Section 7.04 Transfer of Units, Non-Participating Units and
Capital with the Transfer of an Interest. Notwithstanding anything herein to the contrary but subject to Article VIII of the Newmark Holdings Limited Partnership Agreement and Article VIII of the BGC Holdings Limited Partnership Agreement, each
Partner who Transfers an Interest shall be deemed to have Transferred the entire Interest, including the associated Units, Non-Participating Units and Capital with respect to such Interest, or, if a portion of
an Interest is being Transferred, each Partner who Transfers a portion of an Interest shall specify the number of Units being so Transferred and such Transfer shall include a proportionate amount of Capital with respect to such Interest, to the
Transferee. 
 Section 7.05 Encumbrances. No Partner may charge or encumber its Interest or
otherwise subject its Interest to a lien, pledge, security interest, right of first refusal, option or other similar limitation, except in each case for those created by this Agreement (an “Encumbrance”). 

Section 7.06 Legend. Each Partner agrees that any certificate issued to it to evidence its
Interests shall have inscribed conspicuously on its front or back the following legend: 
 THE PARTNERSHIP INTEREST IN NEWMARK PARTNERS, L.P. REPRESENTED BY
THIS CERTIFICATE (INCLUDING ASSOCIATED UNITS AND CAPITAL) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE OR FOREIGN
JURISDICTION, AND THIS PARTNERSHIP INTEREST MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED, ENCUMBERED OR OTHERWISE DISPOSED OF, IN WHOLE OR IN PART, EXCEPT (A) EITHER (1) WHILE A REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND SUCH OTHER APPLICABLE REGISTRATIONS AND QUALIFICATIONS ARE IN EFFECT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (INCLUDING, IF APPLICABLE, REGULATION S THEREUNDER) AND SUCH OTHER APPLICABLE LAWS AND
(B) IF PERMITTED BY THE AGREEMENT OF LIMITED PARTNERSHIP OF NEWMARK PARTNERS, L.P., AS IT MAY BE AMENDED FROM TIME TO TIME, WHICH CONTAINS STRICT PROHIBITIONS ON TRANSFERS, SALES, ASSIGNMENTS, PLEDGES, HYPOTHECATIONS, ENCUMBRANCES OR OTHER
DISPOSITIONS OF THIS PARTNERSHIP INTEREST OR ANY INTEREST THEREIN (INCLUDING ASSOCIATED UNITS AND CAPITAL). 

  
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 Section 7.07 Effect of Transfer Not in Compliance
with this Article. Any purported Transfer of all or any part of a Partner’s Interest, or any interest therein, that is not in compliance with this Article VII, or that would cause the Partnership to be a “publicly traded
partnership” (within the meaning of Section 7704 of the Code), shall, to the fullest extent permitted by law, be void ab initio and shall be of no effect. 

ARTICLE VIII 
 REDEMPTION

 Section 8.01 Redemption of Units Following a Redemption of Founding/Working Partner
Interests or REU Interest. 
 (a) Founding Partner Interests. Upon any redemption or purchase by Newmark Holdings of any Founding
Partner Interest pursuant to Section 12.03 or 12.04 of the Newmark Holdings Limited Partnership Agreement, Newmark Holdings shall cause the Partnership to redeem and purchase from Newmark Holdings a number of Units (and the associated Capital)
equal to (i) the number of Newmark Holdings Units underlying the redeemed or purchased Founding Partner Interest, multiplied by (ii) the Newmark Holdings Ratio as of immediately prior to the redemption or purchase of such Founding
Partner Interest. The aggregate purchase price that the Partnership shall pay to Newmark Holdings in such redemption shall be an amount of cash equal to (x) the number of Units so redeemed multiplied by (y) the Current Market Price
multiplied by (z) the Exchange Ratio; provided that, upon mutual agreement of the general partner of Newmark Holdings and the General Partner, the Partnership may, in lieu of cash, pay all or a portion of this amount in Publicly
Traded Shares, valued at the average of the closing prices of such shares (as reported by the Nasdaq Global Select Market or any other national securities exchange or quotation system on which such shares are then listed or quoted) during the 10-trading-day period immediately preceding each payment (or by such other fair and reasonable pricing method as they may agree), or other property, valued at its then-fair
market value, as determined by them. 
 (b) Working Partner Interests. Upon any redemption or purchase by Newmark Holdings of any
Working Partner Interest pursuant to Section 12.03 or 12.04 of the Newmark Holdings Limited Partnership Agreement, Newmark Holdings shall cause the Partnership to redeem and purchase from Newmark Holdings a number Units (and the associated
Capital) equal to (i) the number of Newmark Holdings Units underlying the redeemed or purchased Working Partner Interest, multiplied by (ii) the Newmark Holdings Ratio as of immediately prior to the redemption or purchase of such
Working Partner Interest. The aggregate purchase price that the Partnership shall pay to Newmark Holdings in such redemption shall be an amount of cash equal to the amount required by Newmark Holdings to redeem or purchase such Working Partner
Interest; provided that, upon mutual agreement of the general partner of Newmark Holdings and the General Partner, the Partnership may, in lieu of cash, pay all or a portion of this amount in Publicly Traded Shares, valued at the average of
the closing prices of such shares (as reported by the Nasdaq Global Select Market or any other national securities exchange or quotation system on which such shares are then listed or quoted) during the 10-trading-day period immediately preceding each payment (or by such other fair and reasonable pricing method as they may agree), or other property valued at its then-fair market value, as determined by them.

 (c) REU Interests. Upon any redemption or purchase by Newmark Holdings of any REU Interest pursuant to Section 12.03 or 12.04
of the Newmark Holdings Limited Partnership Agreement, Newmark Holdings shall cause the Partnership to redeem and purchase from Newmark Holdings a number of Units (and the associated Capital) equal to (i) the number of Newmark Holdings Units
underlying the redeemed or purchased REU Interest, multiplied by (ii) the Newmark Holdings Ratio as of immediately prior to the redemption or purchase of such REU Interest. The aggregate purchase price that the Partnership shall pay to
Newmark Holdings in such redemption shall be an amount of cash equal to the amount required by Newmark Holdings to redeem or purchase such REU Interest (including the REU Post-Termination 

  
 31 

 
Payment (as defined in the Newmark Holdings Limited Partnership Agreement), if any); provided that, upon mutual agreement of the general partner of Newmark Holdings and the General
Partner, the Partnership may, in lieu of cash, pay all or a portion of this amount in Publicly Traded Shares, valued at the average of the closing prices of such shares (as reported by the Nasdaq Global Select Market or any other national securities
exchange or quotation system on which such shares are then listed or quoted) during the 10-trading-day period immediately preceding each payment (or by such other fair
and reasonable pricing method as they may agree), or other property valued at its then-fair market value, as determined by them. 
 
Section 8.02 Optional Redemption of Units in Connection with a Repurchase of Newmark Common Stock. At the election of Newmark, in connection with a repurchase by Newmark of its Class A Common Stock or a similar action, the
Partnership, directly or indirectly through its Subsidiaries, shall redeem and purchase from Newmark a number of Units (and the associated Capital) equal to (a) the number of shares of Newmark Common Stock repurchased or expected to be
repurchased multiplied by (b) the Newmark Ratio as of immediately prior to the such repurchase or expected repurchase or similar action. The aggregate purchase price that the Partnership shall pay to Newmark in such redemption shall be
an amount of cash equal to the gross amount paid or expected to be paid by Newmark to repurchase its stock or take similar action, including any commissions paid. 

ARTICLE IX 
 EXCHANGE
RIGHTS 
 Section 9.01 Exchange Rights of Exchangeable Preferred Units. 

(a) During an Exchangeable Preferred Period with respect to a series of Exchangeable Preferred Limited Partnership Interest, such series of
Exchangeable Preferred Limited Partnership Interest shall be exchangeable, in whole but not in part, (i) at the option of the Limited Partners holding the Preferred Required Voting Percentage with respect to such series (a “Limited
Partner Optional Preferred Exchange”), or (ii) at the option of the Partnership (a “Partnership Optional Preferred Exchange”), in the case of each of (i) and (ii), through exchange by the Partnership for shares of
Newmark Class A Common Stock, on the terms, and subject to the conditions, set forth in this Article IX (an “Exchangeable Preferred Newmark Exchange”). 

(b) In an Exchangeable Preferred Newmark Exchange, the entire Exchangeable Preferred Limited Partnership Interest that shall be exchangeable
shall be exchangeable during the applicable Exchangeable Preferred Period for: 
 (i) in the case of the Series A Exchangeable Preferred
Limited Partnership Interest or the Series B Exchangeable Preferred Limited Partnership Interest, (1) if the Business Revenue applicable to such Exchangeable Preferred Limited Partnership Interest is equal to or greater than the Series A/B
Target Revenue, a number of shares of Newmark Class A Common Stock equal to the Ultimate Liquidation Preference of such Exchangeable Preferred Limited Partnership Interest divided by $14.78; and (2) if the Business Revenue
applicable to such Exchangeable Preferred Limited Partnership Interest is less than the Series A/B Target Revenue, a number of shares of Newmark Class A Common Stock equal to the Newmark Common Stock Amount applicable to such Exchangeable
Preferred Limited Partnership Interest; and 
 (ii) in the case of the Series C Exchangeable Preferred Limited Partnership Interest or the
Series D Exchangeable Preferred Limited Partnership Interest, (1) if the Business Revenue applicable to such Exchangeable Preferred Limited Partnership Interest is equal to or greater than the Series C/D Target Revenue for such Exchangeable
Preferred Limited Partnership Interest, a number of shares of Newmark Class A Common Stock equal to the Ultimate Liquidation Preference of such Exchangeable 

  
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Preferred Limited Partnership Interest divided by $11.08; and (2) if the Business Revenue applicable to such Exchangeable Preferred Limited Partnership Interest is less than
the Series C/D Target Revenue for such Exchangeable Preferred Limited Partnership Interest, a number of shares of Newmark Class A Common Stock equal to the Newmark Common Stock Amount applicable to such Exchangeable Preferred Limited
Partnership Interest. 
 Upon an Exchangeable Preferred Newmark Exchange, Newmark agrees to issue to the Partnership a number of shares of Newmark
Class A Common Stock determined in accordance with the immediately preceding clause (i) or (ii), as applicable. As payment for such shares of Newmark Class A Common Stock issued pursuant to the immediately preceding
clause (i) or (ii), as applicable, (A) on the date of issuance of such shares of Newmark Class A Common Stock, the Partnership shall pay to Newmark an aggregate amount of cash equal to the aggregate par value of such
shares of Newmark Class A Common Stock and (B) on the “Modified Physical Settlement Payment Date” (as such term is defined in the Variable Forward Transaction Confirmation), the Partnership shall pay to Newmark an aggregate
amount of cash equal to (x) the “Settlement Value” payable by the holder of such Exchangeable Preferred Limited Partnership Interest to the “Counterparty” upon a “Modified Physical Settlement” (as such terms are
defined in the Variable Forward Transaction Confirmation) minus (y) the aggregate amount of cash paid by the Partnership to Newmark pursuant to clause (A) above. Unless otherwise determined by the board of directors of
Newmark, Newmark shall, immediately following the receipt of the aggregate amount of cash described in clause (A) and clause (B) above, contribute such aggregate amount of cash to the Partnership in exchange for a Limited
Partnership Interest consisting of a number of Units equal to (x) the number of shares of Newmark Class A Common Stock issued pursuant to this Section 9.01(b) in respect of the exchange of such Exchangeable
Preferred Limited Partnership Interest, divided by (y) the Exchange Ratio as of immediately prior to the issuance of such shares of Newmark Class A Common Stock. 

(c) A holder of Exchangeable Preferred Limited Partnership Interest is not entitled to any rights of a holder of shares of Newmark
Class A Common Stock with respect to such Exchangeable Preferred Limited Partnership Interest unless and until such Exchangeable Preferred Limited Partnership Interest shall have been exchanged therefor in accordance with this Article
IX. 
 (d) Reserved. 

(e) Exchange Notice. 

(i) Limited Partner Optional Preferred Exchange. To exercise the Exchangeable Preferred Exchange Right during an Exchangeable
Preferred Period in a Limited Partner Optional Preferred Exchange pursuant to Section 9.01(a)(i), holders of Exchangeable Preferred Limited Partnership Interests who elect to exercise their Exchangeable Preferred Exchange
Right pursuant to Section 9.01(a)(i) (the “Electing Partners”) shall prepare and deliver to Newmark and the Partnership a written request signed by each such Electing Partner (1) stating which of the
Series A Exchangeable Preferred Units, the Series B Exchangeable Preferred Units, the Series C Exchangeable Preferred Units or the Series D Exchangeable Preferred Units, as applicable, together with the Series A Exchangeable Preferred Limited
Partnership Interest, the Series B Exchangeable Preferred Limited Partnership Interest, the Series C Exchangeable Preferred Limited Partnership Interest or the Series D Exchangeable Preferred Limited Partnership Interest, as applicable, that such
Electing Partner desires to exchange, (2) stating the Requested Preferred Exchange Effective Date and (3) representing, warranting and certifying to each of Newmark and the Partnership that, as of the date of such notice and as of the
Requested Preferred Exchange Effective Date, such Electing Partner is the sole record and beneficial owner of such Exchangeable Preferred Units, free and clear of all Encumbrances other than those created by this Agreement (each such request, a
“Limited Partner Preferred Exchange Request”). 

  
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 (ii) Partnership Optional Preferred Exchange. To exercise the Exchangeable Preferred
Exchange Right during an Exchangeable Preferred Period in a Partnership Optional Preferred Exchange pursuant to Section 9.01(a)(ii), the Partnership shall prepare and deliver to Newmark and the Preferred Unitholder a
written request signed by an authorized officer of the Partnership (1) stating which of the Series A Exchangeable Preferred Units, the Series B Exchangeable Preferred Units, the Series C Exchangeable Preferred Units or the Series D Exchangeable
Preferred Units, as applicable, together with the Series A Exchangeable Preferred Limited Partnership Interest, the Series B Exchangeable Preferred Limited Partnership Interest, the Series C Exchangeable Preferred Limited Partnership Interest or the
Series D Exchangeable Preferred Limited Partnership Interest, as applicable, that the Partnership desires the applicable Exchangeable Preferred Limited Partner to exchange and (2) stating the Requested Preferred Exchange Effective Date (each
such request, a “Partnership Preferred Exchange Request” and together with a Limited Partner Preferred Exchange Request, a “Preferred Exchange Request”). 

(iii) The General Partner shall effectuate an Exchangeable Preferred Newmark Exchange on or after the Requested Preferred Exchange Effective
Date, but in any event within five Business Days from the Requested Preferred Exchange Effective Date, subject to the provisos contained in the definition of “Requested Preferred Exchange Effective Date” (such date of an Exchangeable
Preferred Newmark Exchange, the “Preferred Exchange Effective Date”). Each of Newmark and the General Partner shall have the right to determine whether any Preferred Exchange Request is proper or to waive any impropriety, or any
requirement, of these procedures. Once delivered, a Preferred Exchange Request shall be irrevocable. 
 (f) Each Exchangeable Preferred
Newmark Exchange shall be consummated effective as of the close of Newmark’s business on the applicable Preferred Exchange Effective Date (such time, the “Preferred Exchange Effective Time”), and the Electing Partner shall be
deemed to have become the holder of record of the applicable number of shares of Newmark Class A Common Stock at such Preferred Exchange Effective Time, and all rights of the Electing Partner in respect of the portion of the Exchangeable
Preferred Units so exchanged shall terminate at such Preferred Exchange Effective Time. 

Section 9.02 No Fractional Shares of Newmark Class A Common Stock.
Notwithstanding anything to the contrary herein, the Partnership will not transfer any fractional shares of Newmark Class A Common Stock in any Exchangeable Preferred Newmark Exchange. In lieu thereof, in each Exchangeable Preferred Newmark
Exchange, the Partnership will provide cash representing such fractional share. 
 Section 9.03
Taxes in Respect of a Exchangeable Preferred Newmark Exchange. In any Exchangeable Preferred Newmark Exchange for shares of Newmark Class A Common Stock, Newmark shall pay any documentary, stamp, or similar issue or transfer tax due on
the issue of the shares of Newmark Class A Common Stock and upon the transfer of such shares of Newmark Class A Common Stock in such Exchangeable Preferred Newmark Exchange. Nothing herein shall preclude any tax withholding required by law
or regulation. 
 Section 9.04 Reservation of Newmark Common Stock. Newmark covenants and
agrees that it shall from time to time as may be necessary reserve, out of its authorized but unissued shares of Newmark Class A Common Stock, a sufficient number of shares of Newmark Class A Common Stock to effect the exchange of all then
outstanding Exchangeable Preferred Units for shares of Newmark Class A Common Stock pursuant to an Exchangeable Preferred Newmark Exchange. Newmark covenants and agrees that all shares of Newmark Class A Common Stock issued in connection
with an Exchangeable Preferred Newmark Exchange will be duly authorized, validly issued, fully paid and nonassessable and will be free from preemptive rights and free of any Encumbrances (other than those created by the holders thereof). Newmark
covenants and agrees that all shares of Newmark Class A Common Stock issued in connection with an Exchangeable Preferred Newmark Exchange will be Publicly Traded Shares. 

  
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 Section 9.05 Compliance with Applicable Laws in the
Exchange. Newmark shall use its reasonable best efforts to promptly comply with all federal and state securities laws regulating the offer and delivery of shares of Newmark Class A Common Stock upon each Exchangeable Preferred Newmark
Exchange and to list or cause to be have quoted such shares of Newmark Class A Common Stock on each national securities exchange, Nasdaq Global Select Market,
over-the-counter market or other market on which the Newmark Class A Common Stock may then be listed or quoted (if any); provided, however, that if
rules of such exchange or market permit Newmark to defer the listing of such Newmark Class A Common Stock until the first Exchangeable Preferred Newmark Exchange, Newmark shall use its reasonable best efforts to list such Newmark Class A
Common Stock in accordance with such rules at such time. 
 Section 9.06 Adjustments. If, after
June 19, 2018 (in the case of the Series A Exchangeable Preferred Limited Partnership Interest and the Series B Exchangeable Preferred Limited Partnership Interest) and after September 26, 2018 (in the case of the Series C Exchangeable
Preferred Limited Partnership Interest and the Series D Exchangeable Preferred Limited Partnership Interest), the outstanding Newmark Class A Common Stock shall have been changed by reason of any reclassification, recapitalization, stock split,
split-up, combination or exchange of stock, or a dividend payable in securities of Newmark shall be declared with a record date within such period, or any similar event shall have occurred, the calculation set
forth in Section 9.01(b) and any other similarly dependent items, as the case may be, shall be adjusted to provide the holder of the applicable Exchangeable Preferred Limited Partnership Interest with the same economic
rights as was contemplated by this Agreement, the Series A/B Parent Agreement or the Series C/D Parent Agreement, as applicable, and the Variable Forward Transaction Confirmation prior to such event. 

Section 9.07 Beneficial Ownership. Notwithstanding anything to the contrary herein, in no event
shall a holder of an Exchangeable Preferred Limited Partnership Interest be entitled to receive, or shall be deemed to receive, any shares of Newmark Class A Common Stock upon any Exchangeable Preferred Newmark Exchange if, immediately upon
giving effect to such receipt of such shares, an Excess Ownership Position would exist. If any delivery owed to such holder hereunder is not made, in whole or in part, as a result of this Section 9.07, the
Partnership’s obligation to make such delivery shall not be extinguished and the Partnership shall make such delivery as promptly as practicable after, but in no event later than three Business Days after, such holder gives notice to the
General Partner that such delivery would not result in the existence of an Excess Ownership Position. As used herein, “Excess Ownership Position” means that (1) such holder beneficially owns more than 4.5% of the total
shares of Newmark Class A Common Stock outstanding for purposes of Section 13(d) of the Exchange Act (including by virtue of being part of a group or other aggregation with another person), or (2) under any other applicable law, rule,
regulation or regulatory order or organizational documents or contracts of Newmark applicable to ownership of shares of Newmark Class A Common Stock, such holder is deemed to own (including constructive ownership, however defined) a percentage
of the total number of shares of Newmark Class A Common Stock outstanding exceeding, or within 1% of exceeding, the threshold that would give rise to any obligation of, or restriction or other adverse effect on, such holder or any Affiliate
thereof. As of the date hereof, it is not expected that the receipt by the holder of any Exchangeable Preferred Limited Partnership Interest of the shares of Newmark Class A Common Stock upon an Exchangeable Preferred Newmark Exchange would
cause the holder of such Exchangeable Preferred Limited Partnership Interest to be in an Excess Ownership Position (but no assurance is given that such holder will not be in an Excess Ownership Position in the future). 

ARTICLE X 
 DISSOLUTION

 Section 10.01 Dissolution. The Partnership shall be dissolved and its affairs wound up
upon the first to occur of the following: 

  
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 (a) an election to dissolve the Partnership made by the General Partner; provided
that such dissolution shall require the prior approval of the Limited Partners (by affirmative vote of a Majority in Interest); 
 (b) at
any time there are no limited partners of the Partnership, unless the business of the Partnership is continued in accordance with the Act; 

(c) any event that results in the General Partner ceasing to be a general partner of the Partnership under the Act; provided that the
Partnership shall not be dissolved and required to be wound up in connection with any such event if (i) at the time of the occurrence of such event there is at least one remaining general partner of the Partnership who is hereby authorized to
and does carry on the business of the Partnership, or (ii) within 90 days after the occurrence of such event, a majority of the Limited Partners agree in writing or vote to continue the business of the Partnership and to the appointment,
effective as of the date of such event, if required, of one or more additional general partners of the Partnership; or 
 (d) the entry of a
decree of judicial dissolution under Section 17-802 of the Act. 
 To the fullest extent permitted by law, none
of the Partners shall have any right to terminate, dissolve or have redeemed their class of Interests or, except for the General Partner in accordance with this Section 10.01, to terminate, windup or dissolve the
Partnership. Each Partner shall use its reasonable best efforts to prevent the dissolution of the Partnership, except in the case of a dissolution pursuant to this Section 10.01. 

Section 10.02 Liquidation. Upon a dissolution pursuant to
Section 10.01, the Partnership’s business and assets shall be wound up promptly in an orderly manner. The General Partner shall be the liquidator to wind up the affairs of the Partnership. In performing its duties, the
General Partner is authorized to sell, exchange or otherwise dispose of the Partnership’s business and assets in accordance with the Act in any reasonable manner that the General Partner determines to be in the best interests of the Partners.
Upon completion of the winding-up of the Partnership, the General Partner shall prepare and submit to each Limited Partner a final statement with respect thereto. 

Section 10.03 Distributions. 

(a) In the event of a dissolution of the Partnership pursuant to Section 10.01, the Partnership shall apply and
distribute the proceeds of the dissolution as provided below: 
 (i) first, to the creditors of the Partnership, including Partners
that are creditors of the Partnership to the extent permitted by law, in satisfaction of the liabilities of the Partnership (by payment or by the making of reasonable provision for payment thereof, including the setting up of any reserves which the
General Partner determines, in its sole and absolute discretion, are necessary therefor); 
 (ii) second, to the repayment of any
loans or advances that may have been made by any of the Partners to the Partnership; 
 (iii) third, to the Partners (including the
Exchangeable Preferred Limited Partners) in proportion to (and to the extent of) the positive balances in their respective Capital Accounts; and 

(iv) thereafter, to the Partners (other than the Exchangeable Preferred Limited Partners) in proportion to their respective Percentage
Interests. 

  
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 (b) Cancellation of Certificate of Limited Partnership. Upon completion of a
liquidation and distribution pursuant to Section 10.03(a) following a dissolution of the Partnership pursuant to Section 10.01, the General Partner shall execute, acknowledge and cause to be filed
a certificate of cancellation of the Certificate of Limited Partnership of the Partnership in the office of the Secretary of State of the State of Delaware. The Partnership’s existence as a separate legal entity shall continue until
cancellation of the Certificate of Limited Partnership as provided in the Act. 
 Section 10.04
Reconstitution. Nothing contained in this Agreement shall impair, restrict or limit the rights and powers of the Partners under the laws of the State of Delaware and any other jurisdiction in which the Partnership is doing business to reform
and reconstitute themselves as a limited partnership following dissolution of the Partnership either under provisions identical to those set forth herein or any others which they may deem appropriate. 

Section 10.05 Deficit Restoration. Upon the termination of the Partnership, no Limited Partner
shall be required to restore any negative balance in his, her or its Capital Account to the Partnership. The General Partner shall be required to contribute to the Partnership an amount equal to its deficit Capital Account balance within the period
prescribed by Treasury Regulations section 1.704-1(b)(2)(ii)(c). 
 ARTICLE XI 

INDEMNIFICATION AND EXCULPATION 

Section 11.01 Exculpation. Neither a General Partner nor any Affiliate or director or officer of
a General Partner or any such Affiliate shall be personally liable to the Partnership or the Limited Partners for a breach of this Agreement or any fiduciary duty as a General Partner or as an Affiliate or director or officer of a General Partner or
any such Affiliate, except to the extent such exemption from liability or limitation thereof is not permitted under the Act as the same exists or may hereafter be amended. Any repeal or modification of the immediately preceding sentence shall not
adversely affect any right or protection of such Person existing hereunder with respect to any act or omission occurring prior to such repeal or modification. A General Partner may consult with legal counsel, accountants, appraisers, management
consultants, investment bankers and other consultants and advisors selected by it and the opinion of any such Person as to matters which the General Partner reasonably believes to be within such Person’s professional or expert competence shall
be full and complete authorization and protection in respect of any action taken or suffered or omitted by the General Partner in good faith and in accordance with such opinion. A General Partner may exercise any of the powers granted to it by this
Agreement and perform any of the obligations imposed on it hereunder either directly or by or through one or more agents, and the General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by
the General Partner with due care. 
 Section 11.02 Indemnification. 

(a) Each Person who was or is made a party or is threatened to be made a party to or is involved in any action, suit, or proceeding, whether
civil, criminal, administrative or investigative (hereinafter a “proceeding”), by reason of the fact that he or she, or a Person of whom he or she is the legal representative, is or was a or has agreed to become a General Partner,
or any director or officer of the General Partner or of the Partnership, or is or was serving at the request of the Partnership as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other
enterprise, including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity while surviving as a director,
officer, employee or agent, shall be indemnified and held harmless by the Partnership to the fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”) as the same exists or may hereafter be
amended (but, in the case of any such amendment, to the 

  
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fullest extent permitted by law, only to the extent that such amendment permits the Partnership to provide broader indemnification rights than the DGCL permitted the Partnership to provide prior
to such amendment), as if the Partnership were a corporation organized under the DGCL, against all expense, liability and loss (including attorneys’ fees and expenses, judgments, fines, amounts paid or to be paid in settlement, and excise taxes
or penalties arising under the Employee Retirement Income Security Act of 1974) reasonably incurred or suffered by such Person in connection therewith and such indemnification shall continue as to a Person who has ceased to be a director, officer,
employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that except as provided in Section 11.02(c), the Partnership shall indemnify any such
Person seeking indemnification in connection with a proceeding (or part thereof) initiated by such Person only if such proceeding (or part thereof) was authorized by the General Partner. The right to indemnification conferred in this
Section 11.02 shall be a contract right and shall include the right to be paid by the Partnership the expenses, including attorneys’ fees and expenses, incurred in defending any such proceeding in advance of its
financial disposition; provided, however, that if the applicable law requires that the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which
service was or is rendered by such Person while a director or officer, including service to an employee benefit plan) in advance of the final disposition of a proceeding shall be made only upon delivery to the Partnership of an undertaking by or on
behalf of such director or officer to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified under this Section 11.02 or otherwise, then such
advancement of expenses shall be conditioned upon the delivery of such an undertaking by such director or officer to the Partnership. 
 (b)
To obtain indemnification under this Section 11.02, a claimant shall submit to the Partnership a written request, including therein or therewith such documentation and information as is reasonably available to the claimant
and is reasonably necessary to determine whether and to what extent the claimant is entitled to indemnification. Upon written request by a claimant for indemnification pursuant to the first sentence of this
Section 11.02(b), a determination, if required by applicable law, with respect to the claimant’s entitlement thereto shall be made as follows: (i) if requested by the claimant, by Independent Counsel (as
hereinafter defined), or (ii) if no request is made by the claimant for a determination by Independent Counsel, (x) by the Board of Directors of Newmark by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter
defined) or (y) if a quorum of the Board of Directors of Newmark consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to
the Board of Directors of Newmark, a copy of which shall be delivered to the claimant, or (z) if a quorum of Disinterested Directors so directs, by the affirmative vote of a Majority in Interest. In the event that the determination of
entitlement to indemnification is to be made by Independent Counsel at the request of the claimant, the Independent Counsel shall be selected by the Board of Directors of Newmark unless there shall have occurred within two years prior to the date of
the commencement of the action, suit or proceeding for which indemnification is claimed a “Change of Control” as defined in the Newmark Group, Inc. Long-Term Incentive Plan, in which case the Independent Counsel shall be selected by the
claimant unless the claimant shall request that such selection be made by the Board of Directors of Newmark. If it is so determined that the claimant is entitled to indemnification, payment to the claimant shall be made within ten (10) days
after such determination. 
 (c) If a claim under Section 11.02(a) is not paid in full by the Partnership within
thirty (30) days after a written claim pursuant to Section 11.02(b) has been received by the Partnership, the claimant may at any time thereafter bring suit against the Partnership to recover the unpaid amount of the
claim and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in
defending any proceeding in advance of its final disposition where the undertaking required by Section 11.02, if any, has been tendered to the Partnership) that the claimant has

  
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not met the standards of conduct which make it permissible under the DGCL as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such
amendment permits the Partnership to provide broader indemnification rights than it permitted the Partnership to provide prior to such amendment) for the Partnership to indemnify the claimant for the amount claimed if the Partnership were a
corporation organized under the DGCL, but the burden of proving such defense shall be on the Partnership. Neither the failure of the Partnership (including the Board of Directors of Newmark, Independent Counsel or a Majority in Interest) to have
made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the
Partnership (including the Board of Directors of Newmark, Independent Counsel or a Majority in Interest) that the claimant has not met such applicable standard of conduct, shall be a defense to such action or create a presumption that the claimant
has not met the applicable standard of conduct. 
 (d) If a determination shall have been made pursuant to
Section 11.02(b) that the claimant is entitled to indemnification, the Partnership shall be bound by such determination in any judicial proceeding commenced pursuant to Section 11.02(c). 

(e) The Partnership shall be precluded from asserting in any judicial proceeding commenced pursuant to
Section 11.02(c) that the procedures and presumptions of this Section 11.02 are not valid, binding and enforceable and shall stipulate in such proceeding that the Partnership is bound by all the
provisions of this Section 11.02. 
 (f) The right to indemnification and the payment of expenses incurred in
defending a proceeding in advance of its final disposition conferred in this Section 11.02 shall not be exclusive of any other right that any Person may have or hereafter acquire under any statute, provision of this
Agreement, agreement, vote of the Limited Partners (by affirmative vote of a Majority in Interest) or Disinterested Directors or otherwise. No amendment or other modification of this Section 11.02 shall in any way diminish
or adversely affect the rights of a General Partner, a Limited Partner or any directors, officers, employees or agents of the General Partner in respect of any occurrence or matter arising prior to any such amendment or other modification. 

(g) The Partnership may, to the extent authorized from time to time by the General Partner, grant rights to indemnification, and rights to be
paid by the Partnership the expenses incurred in defending any proceeding in advance of its final disposition, to any employee or agent of the Partnership to the fullest extent of the provisions of this Section 11.02 with
respect to the indemnification and advancement of expenses of a General Partner, or any director or officer of the General Partner or of the Partnership. 

(h) If any provision or provisions of this Section 11.02 shall be held to be invalid, illegal or unenforceable for
any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Section 11.02 (including each portion of this Section 11.02 containing any such
provision held to be invalid, illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (ii) to the fullest extent possible, the provisions of this
Section 11.02 (including each such portion of this Section 11.02 containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable. 
 (i) For purposes of this Article XI: 

(i) “Disinterested Director” means a director of Newmark who is not and was not a party to the matter in respect of which
indemnification is sought by the claimant. 

  
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 (ii) “Independent Counsel” means a law firm, a member of a law firm, or an
independent practitioner, that is experienced in matters of corporation law and shall include any Person who, under the applicable standards of professional conduct then prevailing, would not have a conflict of interest in representing either the
Partnership or the claimant in an action to determine the claimant’s rights under this Section 11.02. 
 (j)
Any notice, request or other communication required or permitted to be given to the Partnership under this Section 11.02 shall be in writing and either delivered in person or sent by facsimile, overnight mail or courier
service, or certified or registered mail, postage prepaid, return receipt requested, to the General Partner and shall be effective only upon receipt by the General Partner. 

Section 11.03 Insurance. The Partnership may maintain insurance, at its expense, to protect
itself and any director, officer, employee or agent of the Partnership or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Partnership would have the power to
indemnify such Person against such expense, liability or loss under the DGCL if the Partnership were a corporation organized under the DGCL. To the extent that the Partnership maintains any policy or policies providing such insurance, each such
director or officer, and each such agent or employee to which rights of indemnification have been granted as provided in Section 11.02 shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage thereunder for any such director, officer, employee or agent. 

Section 11.04 Subrogation. In the event of payment of indemnification to a Person described in
Section 11.02, the Partnership shall be subrogated to the extent of such payment to any right of recovery such person may have and such person, as a condition of receiving indemnification from the Partnership, shall execute
all documents and do all things that the Partnership may deem necessary or desirable to perfect such right of recovery, including the execution of such documents necessary to enable the Partnership effectively to enforce any such recovery. 

Section 11.05 No Duplication of Payments. The Partnership shall not be liable under this
Article XI to make any payment in connection with any claim made against a Person described in Section 11.02 to the extent such Person has otherwise received payment (under any insurance policy or otherwise) of the
amounts otherwise payable as indemnity hereunder. 
 Section 11.06 Survival. This Article
XI shall survive any termination of this Agreement. 
 ARTICLE XII 

MISCELLANEOUS 
 
Section 12.01 Amendments. Except as provided in Section 1.03 with respect to this Agreement, the Certificate of Limited Partnership and this Agreement may not be amended except with (and any such amendment
shall be authorized upon obtaining) the approval of each of the General Partner and the Limited Partners (by the affirmative vote of a Majority in Interest); provided that this Agreement shall not be amended to (i) amend any provisions
which require the consent of a specified percentage in interest of the Limited Partners without the consent of that specified percentage in interest of the Limited Partners; (ii) alter the interest of any Partner in the amount or timing of
distributions or the allocation of profits, losses or credits (other than any such alteration caused by the acquisition of additional Units by any Partner or the issuance of additional Units to any Person pursuant to this Agreement or as otherwise
expressly provided herein), if such alteration would either (A) materially adversely affect the economic interest of a Partner (other than Exchangeable Preferred Limited Partnership Interests, which shall be governed by
Section 4.09(b)(ii)) in the Partnership or (B) materially adversely affect the value of Interests, in each case without the consent of (x) the Partners holding at least
two-thirds of all Units (other than Exchangeable Preferred 

  
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Units) in the case of an amendment applying in a substantially similar manner to all classes of Interests or (y) two-thirds in interest of the
affected class or classes of the Partners (other than Exchangeable Preferred Limited Partnership Interests, which shall be governed by Section 4.09(b)(ii)) in the case of any other amendment; (iii) amend this Agreement
in a manner that violates the terms set forth in Section 4.09(b)(ii); or (iv) amend this Agreement to alter the Special Voting Limited Partner’s ability to remove a General Partner; provided,
however, that the General Partner may authorize, without further approval of any other Person or group, (1) any amendment to this Agreement to correct any technicality, incorrect statement or error apparent on the face hereof in order to
further the intent of the parties hereto, (2) correction of any formality or error apparent on the face hereof or incorrect statement or defect in the execution hereof or (3) any amendment as determined by the General Partner in good faith
to give effect to the issuance of additional Limited Partnership Interests after the date hereof that are designated as Exchangeable Preferred Limited Partnership Interests pursuant to Section 4.02(a)(ii)(7). Any merger or
consolidation of the Partnership with any third party that shall amend or otherwise modify the terms of this Agreement shall require the approval of the Persons referred to above to the extent the approval of such Persons would have been required
had such amendment or modification been effected by an amendment to this Agreement. 
 Section 12.02
Benefits of Agreement. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Partnership or by any creditor of any of the Partners. Except as provided in Article XI with respect to
Persons entitled to indemnification pursuant to such Article and except for any consent right provided to Cantor as set forth in this Agreement, nothing in this Agreement shall be deemed to create any right in any Person not a party hereto, and this
instrument shall not be construed in any respect to be a contract in whole or in part for the benefit of any third person. 
 
Section 12.03 Waiver of Notice. Whenever any notice is required to be given to any Partner or other Person under the provisions of the Act or this Agreement, a waiver thereof in writing, signed by the Person or Persons entitled to
such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at, nor the purpose of, any meeting of the Partners (if any shall be called) or the General
Partner need be specified in any waiver of notice of such meeting. 
 Section 12.04 Jurisdiction
and Forum; Waiver of Jury Trial. 
 (a) Each of the Partners agrees, to the fullest extent permitted by law, that all Actions arising
out of or in connection with this Agreement, the Partnership’s affairs, the rights or interests of the Partners or the estate of any deceased Partner (to the extent that they are related to any of the foregoing), or for recognition and
enforcement of any judgment arising out of or in connection with this Agreement or any breach or termination or alleged breach or termination of this Agreement, shall be tried and determined exclusively in the state or federal courts in the State of
Delaware, and each of the Partners hereby irrevocably submits with regard to any such Action for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Partners hereby
expressly waives, to the fullest extent permitted by law, any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such Action: (i) any claim that it is not subject to personal
jurisdiction in the aforesaid courts for any reason; (ii) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; (iii) that (A) any of the aforesaid courts is an
inconvenient or inappropriate forum for such Action, or (B) venue is not proper in any of the aforesaid courts; and (iv) this Agreement, or the subject matter hereof or thereof, may not be enforced in or by any of the aforesaid courts.
With respect to any action arising out of or relating to this Agreement or any obligation hereunder, each Partner irrevocably and unconditionally, to the fullest extent permitted by law, (x) agrees to appoint promptly upon request from the
Partnership authorized agents for the purpose of receiving service of process in any suit, action or proceeding in Wilmington, Delaware; (y) consents to service of process in any suit, action or proceeding in such jurisdictions; and
(z) consents to 

  
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service of process by mailing a copy thereof to the address of the Partner determined under Section 12.07 by U.S. registered or certified mail, by the closest foreign
equivalent of registered or certified mail, by a recognized overnight delivery service, by service upon any agent specified pursuant to clause (x) above, or by any other manner permitted by applicable law. 

(b) EACH PARTNER WAIVES ANY RIGHT TO REQUEST OR OBTAIN A TRIAL BY JURY IN ANY JUDICIAL PROCEEDING GOVERNED BY THE TERMS OF THIS AGREEMENT OR
PERTAINING TO THE MATTERS GOVERNED BY THIS AGREEMENT. “MATTERS GOVERNED BY THIS AGREEMENT” SHALL INCLUDE ANY AND ALL MATTERS AND AGREEMENTS REFERRED TO IN THIS AGREEMENT AND ANY DISPUTES ARISING WITH RESPECT TO ANY SUCH MATTERS AND
AGREEMENTS. 
 (c) The Partners acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this
Agreement was not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the Partnership shall be entitled to an injunction or injunctions or other equitable relief to prevent or cure breaches of the
provisions of this Agreement and to enforce specifically the terms and provisions hereof and thereof, this being in addition to any other remedy to which the Partnership may be entitled by law or equity. Each Partner agrees not to oppose the
granting of such relief and agrees to waive any requirement for the securing or posting of any bond in connection with such remedy. 
 
Section 12.05 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective estates, heirs, legal representatives, successors and permitted assigns, any additional
Partner admitted in accordance with the provisions hereof and any successor to a trustee of a trust that is or becomes a party hereto. 
 
Section 12.06 Confidentiality. In addition to any other obligations set forth in this Agreement, each Partner recognizes that confidential information has been and will be disclosed to such Partner by the Partnership and its
Subsidiaries. Each Partner (other than the Cantor Group, the BGC Partners Group, the Newmark Group and the Preferred Unitholder) expressly agrees, whether or not at the time a Partner of the Partnership or providing services to the Partnership
and/or any of its Subsidiaries, to (a) maintain the confidentiality of, and not disclose to any Person without the prior written consent of the Partnership, any financial, legal or other advisor to the Partnership, any information relating to
the business, clients, affairs or financial structure, position or results of the Partnership or its affiliates (including any Affiliate) or any dispute that shall not be generally known to the public or the securities industry (the
“Confidential Information”) and (b) not to use such Confidential Information other than for the purpose of evaluating such Partner’s investment in the Partnership or in connection with the discharge of any duties to the
Partnership or its affiliates such Partner may have in such Partner’s capacity as an officer, director, employee or agent of the Partnership or its affiliates. Notwithstanding Section 12.04 or any other provision
herein to the contrary, each Partner agrees that money damages would not be a sufficient remedy for any breach of this Section 12.06 by such Partner, and that in addition to all other remedies, the Partnership shall be
entitled to injunctive or other equitable relief to prevent or cure breaches of this Section 12.06 and to enforce specifically the terms and provisions of this Section 12.06, this being in addition
to any other remedy to which the Partnership may be entitled by law or equity. Each Partner agrees not to oppose the granting of such relief and agrees to waive any requirement for the securing or posting of any bond in connection with such remedy.

 The Preferred Unitholder acknowledges and agrees that it shall not be entitled to receive Confidential Information hereunder. In the
event the Preferred Unitholder voluntarily receives Confidential Information, and such Confidential Information is not otherwise subject to the confidentiality provision set forth in the Series A/B Parent Agreement or the Series C/D Parent
Agreement, the Preferred Unitholder shall, if requested by the Partnership, enter into a customary non-disclosure agreement at such time. 

  
 42 

 Section 12.07 Notices. All notices and other
communications required or permitted by this Agreement shall be made in writing and any such notice or communication shall be deemed delivered when delivered in Person, properly transmitted by facsimile,
e-mail or any other electronic communication or posting or one (1) Business Day after it has been sent by an internationally recognized overnight courier to the address for notices shown in the
Partnership’s records (or any other address provided to the Partnership in writing for this purpose) or, if given to the Partnership, to the principal place of business of the Partnership. Each Partner may from time to time change its address
for notices under this Section 12.07 by giving at least five (5) days’ prior written notice of such changed address to the Partnership. 

Section 12.08 No Waiver of Rights. No failure or delay on the part of any party in the exercise
of any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or of any other right or power. The waiver by any party of a breach
of any provision of this Agreement shall not operate or be construed as a waiver of any other or subsequent breach hereunder. All rights and remedies existing under this Agreement are cumulative and are not exclusive of any rights or remedies
otherwise available. 
 Section 12.09 Power of Attorney. Each Partner agrees that, by its
execution of this Agreement, such Partner irrevocably constitutes and appoints the General Partner as its true and lawful attorney-in-fact coupled with an interest, with
full power and authority, in its name, place and stead to make, execute, acknowledge and record (a) all certificates, instruments or documents, including fictitious name or assumed name certificates, as may be required by, or may be appropriate
under, the laws of any state or jurisdiction in which the Partnership is doing or intends to do business and (b) all agreements, documents, certificates or other instruments amending this Agreement or the Certificate of Limited Partnership that
may be necessary or appropriate to reflect or accomplish (i) a change in the name or location of the principal place of business of the Partnership or a change of name or address of a Partner, (ii) the disposal or increase by a Partner of
his Interest in the Partnership or any part thereof, (iii) a distribution and reduction of the capital contribution of a Partner or any other changes in the capital of the Partnership, (iv) the dissolution or termination of the
Partnership, (v) the addition or substitution of a Person becoming a Partner of the Partnership and (vi) any amendment to this Agreement, in each case only to the extent expressly authorized and conducted in accordance with the other
sections of this Agreement. The power granted hereby is coupled with an interest and shall survive the subsequent disability or incapacity of the principal. 

Section 12.10 Severability. If any one or more of the provisions contained in this Agreement
shall be invalid, illegal or unenforceable in any respect under any applicable law, such provision shall be modified to the minimum extent necessary to cause it to be enforceable, and the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or impaired. 
 Section 12.11
Headings. The section and article headings contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. All references to Sections, Articles, Schedules or
Exhibits contained herein mean Sections, Articles, Schedules or Exhibits of this Agreement unless otherwise stated. 
 
Section 12.12 Entire Agreement. This Agreement amends and restates in its entirety the 2018 Amended and Restated Partnership Agreement. This Agreement, including the exhibits, annexes and schedules hereto, the Separation Agreement,
the Ancillary Agreements and any other instruments and agreements referenced herein, constitute the entire agreement among the parties hereto and supersede all prior agreements and understandings, both written and oral, between the parties with
respect to the subject matter hereof and thereof. 

  
 43 

 Section 12.13 Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflicts of law principles. 

Section 12.14 Counterparts. This Agreement may be executed in one or more counterparts, all of
which shall be considered one and the same agreement. 
 Section 12.15 Opportunity; Fiduciary
Duty. To the greatest extent permitted by law and except as otherwise set forth in this Agreement, but notwithstanding any duty otherwise existing at law or in equity: 

(a) None of any Newmark Company, any BGC Partners Company, any Cantor Company or any Newmark Holdings Company, the Preferred Unitholder, or any
Preferred Unitholder Permitted Transferee or any of their respective Representatives shall, in its capacity as a holder of Interests or Affiliate of the Partnership, owe or be liable for breach of any fiduciary duty to the Partnership or any holders
of Interests. In taking any action, making any decision or exercising any discretion with respect to the Partnership, each Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company, the Preferred Unitholder, or any Preferred
Unitholder Permitted Transferee and their respective Representatives shall, in its capacity as a holder of Interests or Affiliate of the Partnership, be entitled to consider such interests and factors as it desires, including its own interests and
those of its Representatives, and shall have no duty or obligation to give any consideration to the interests of or factors affecting the Partnership, the holders of Interests or any other Person. Each Newmark Company, BGC Partners Company, Cantor
Company, Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee and their respective Representatives shall have no duty or obligation to abstain from participating in any vote or other action of the
Partnership, or any board, committee or similar body of any of the foregoing. None of any Newmark Company, any BGC Partners Company, any Cantor Company or any Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted
Transferee or any of their respective Representatives shall violate a duty or obligation to the Partnership or the holders of Interests merely because such Person’s conduct furthers such Person’s own interest. Any Newmark Company, BGC
Partners Company, Cantor Company, Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives may lend money to, and transact other business with, the Partnership
and its Representatives. The rights and obligations of any such Person who lends money to, contracts with, borrows from or transacts business with the Partnership or any of its Representatives are the same as those of a Person who is not involved
with the Partnership or any of its Representatives, subject to other applicable law. No contract, agreement, arrangement or transaction between any Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company, the Preferred
Unitholder, a Preferred Unitholder Permitted Transferee or any of their respective Representatives, on the one hand, and the Partnership or any of its Representatives, on the other hand, shall be void or voidable solely because any Newmark Company,
BGC Partners Company, Cantor Company, Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives has a direct or indirect interest in such contract, agreement,
arrangement or transaction, and any Newmark Company, any BGC Partners Company, any Cantor Company, any Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives
(i) shall have fully satisfied and fulfilled its duties and obligations to the Partnership and the holders of Interests with respect thereto; and (ii) shall not be liable to the Partnership or the holders of Interests for any breach of any
duty or obligation by reason of the entering into, performance or consummation of any such contract, agreement, arrangement or transaction, if: 

(1) such contract, agreement, arrangement or transaction is approved by the Board of Directors of Newmark or any committee thereof by the
affirmative vote of a majority of the disinterested directors, even if the disinterested directors constitute less than a quorum; or 

  
 44 

 (2) such contract, agreement, arrangement or transaction, judged according to the
circumstances at the time of the commitment, is fair to the Partnership; 
 it being understood that, although each of (1) and (2) above shall be
sufficient to show that any Newmark Company, BGC Partners Company, Cantor Company or Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives (i) shall have
fully satisfied and fulfilled its duties and obligations to the Partnership and the holders of Interests with respect thereto; and (ii) shall not be liable to the Partnership or the holders of Interests for any breach of any duty or obligation
by reason of the entering into, performance or consummation of any such contract, agreement, arrangement or transaction, none of (1) or (2) above shall be required to be satisfied for such showing. 

All directors of Newmark may be counted in determining the presence of a quorum at a meeting of the Board of Directors of Newmark or of a committee thereof
that authorizes such contract, agreement, arrangement or transaction. 
 Directors of the General Partner who are also directors or officers of any Newmark
Company, any BGC Partners Company, any Cantor Company or any Newmark Holdings Company or any of their respective Representatives shall not owe or be liable for breach of any fiduciary duty to the Partnership or any of holders of Interests for any
action taken by any Newmark Company, any BGC Partners Company, any Cantor Company or any Newmark Holdings Company or their respective Representatives, in their capacity as a holder of Interests or Affiliate of the Partnership. 

Nothing herein contained shall prevent any Newmark Company, any BGC Partners Company, any Cantor Company, any Newmark Holdings Company, the Preferred
Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives from conducting any other business, including serving as an officer, director, employee, or stockholder of any corporation, partnership or
limited liability company, a trustee of any trust, an executor or administrator of any estate, or an administrative official of any other business or not-for-profit
entity, or from receiving any compensation in connection therewith. 
 (b) None of any Newmark Company, BGC Partners Company, Cantor
Company, any Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives shall owe any duty to refrain from (i) engaging in the same or similar activities or
lines of business as the Partnership and its Representatives or (ii) doing business with any of the Partnership’s or its Representatives’ clients or customers, in each case regardless of whether such Newmark Company, BGC Partners
Company, Cantor Company, Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or Representative is also a Representative of the Partnership. In the event that any Newmark Company, any BGC Partners
Company, any Cantor Company, any Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives acquires knowledge of a potential transaction or matter that may be a
Corporate Opportunity for any Newmark Company, any BGC Partners Company, any Cantor Company, any Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives, on the
one hand, and the Partnership or any of its Representatives, on the other hand, such Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company, the Preferred Unitholder, or Preferred Unitholder Permitted Transferee or
Representatives, as the case may be, shall have no duty to communicate or offer such Corporate Opportunity to the Partnership or its Representatives, regardless of whether such Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings
Company, the Preferred Unitholder, or Preferred Unitholder Permitted Transferee or Representative is also a Representative of the Partnership, subject to Section 12.15(c). None of any Newmark Company, any BGC

  
 45 

 
Partners Company, any Cantor Company, any Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives shall be
liable to the Partnership, the holders of Interests or any of the Partnership’s Representatives for breach of any fiduciary duty by reason of the fact that any Newmark Company, any BGC Partners Company, any Cantor Company, any Newmark Holdings
Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives pursues or acquires such Corporate Opportunity for itself, directs such Corporate Opportunity to another Person or does
not present such Corporate Opportunity to the Partnership or any of its Representatives, regardless of whether such Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company, the Preferred Unitholder, or any Preferred
Unitholder Permitted Transferee or Representative is also a Representative of the Partnership, subject to Section 12.15(c). 

(c) If a third party presents a Corporate Opportunity to a person who is both a Representative of the Partnership and a Representative of a
Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company, the Preferred Unitholder and/or a Preferred Unitholder Permitted Transferee, expressly and solely in such Person’s capacity as a Representative of the Partnership,
and such Person acts in good faith in a manner consistent with the policy that such Corporate Opportunity belongs to the Partnership, then such Person (i) shall be deemed to have fully satisfied and fulfilled any fiduciary duty that such Person
has to the Partnership as a Representative of the Partnership with respect to such Corporate Opportunity, (ii) shall not be liable to the Partnership, the holders of Interests or any of the Partnership’s Representatives for breach of
fiduciary duty by reason of such Person’s action or inaction with respect to such Corporate Opportunity, (iii) shall be deemed to have acted in good faith and in a manner that such Person reasonably believed to be in, and not opposed to,
the Partnership’s best interests, and (iv) shall be deemed not to have breached such Person’s duty of loyalty to the Partnership and the holders of Interests and not to have derived an improper personal benefit therefrom;
provided that any Newmark Company, any BGC Partners Company, any Cantor Company, and/or any Newmark Holdings Company, the Preferred Unitholder, or any Preferred Unitholder Permitted Transferee or any of their respective Representatives may
pursue such Corporate Opportunity if the Partnership shall decide not to pursue such Corporate Opportunity. If a Corporate Opportunity is either (1) presented to a Person who is not both a Representative of the Partnership and a Representative
of a Newmark Company, BGC Partners Company, Cantor Company, Newmark Holdings Company, the Preferred Unitholder and/or a Preferred Unitholder Permitted Transferee, or (2) presented to such person not expressly and solely in such Person’s
capacity as a Representative of the Partnership, then, in each case, such Person shall not be obligated to present such Corporate Opportunity to the Partnership or to act as if such Corporate Opportunity belongs to the Partnership, and such Person
(i) shall be deemed to have fully satisfied and fulfilled any fiduciary duty that such Person has to the Partnership as a Representative of the Partnership with respect to such Corporate Opportunity, (ii) shall not be liable to the
Partnership, any of the holders of Interests or any of the Partnership’s Representatives for breach of fiduciary duty by reason of such Person’s action or inaction with respect to such Corporate Opportunity, (iii) shall be deemed to
have acted in good faith and in a manner that such person reasonably believed to be in, and not opposed to, the Partnership’s best interests, and (iv) shall be deemed not to have breached such Person’s duty of loyalty to the
Partnership and the holders of Interests and not to have derived an improper personal benefit therefrom. 
 (d) Any Person purchasing or
otherwise acquiring any Interest shall be deemed to have notice of and consented to the provisions of this Section 12.15. 

(e) Except to the extent otherwise modified herein, each officer of the Partnership shall have fiduciary duties identical to those of officers
of business corporations organized under the DGCL. The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) of a director, officer or other Person otherwise existing at law or in equity,
are agreed by the parties hereto to replace such other duties of such Person. 

  
 46 

 (f) Neither the alteration, amendment, termination, expiration or repeal of this
Section 12.15 nor the adoption of any provision of this Agreement inconsistent with this Section 12.15 shall eliminate or reduce the effect of this Section 12.15 in
respect of any matter occurring, or any cause of Action that, but for this Section 12.15, would accrue or arise, prior to such alteration, amendment, termination, expiration, repeal or adoption. 

Section 12.16 Reimbursement of Expenses. All costs and expenses incurred in connection with the
ongoing operation or management of the business of the Partnership or its Subsidiaries shall be borne by the Partnership or its Subsidiaries, as the case may be. 

Section 12.17 Obligations with Respect to Newmark Holdings
Non-Participating Units. The Partnership shall indemnify and reimburse Newmark Holdings for any payment made by Newmark Holdings in respect of any Newmark Holdings
Non-Participating Unit. 
 Section 12.18 Effectiveness.
The 2017 Amended and Restated Partnership Agreement, as amended prior to June 19, 2018, was effective for all financial and accounting purposes from and after December 13, 2017 and prior to June 19, 2018. The 2018 Amended and Restated
Partnership Agreement was effective for all financial and accounting purposes from and after June 19, 2018 and prior to September 26, 2018. This Agreement shall be effective from and after September 26, 2018. 

[signature page follows] 

  
 47 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the general partner and the
limited partners as of the day and year first written above. 
  

			
	NEWMARK HOLDINGS, LLC, as general partner
		
	By:	 	 /s/ Howard Lutnick

	Name:	 	Howard Lutnick
	Title:	 	Chairman
	
	NEWMARK HOLDINGS, L.P., as a limited partner
		
	By:	 	 Newmark GP, LLC
 Its General
Partner

		
	By:	 	 /s/ Howard Lutnick

	Name:	 	Howard Lutnick
	Title:	 	Chairman
	
	NEWMARK GROUP, INC., as a limited partner and for purposes of Article IX
		
	By:	 	 /s/ Howard Lutnick

	Name:	 	Howard Lutnick
	Title:	 	Chairman
	
	ROYAL BANK OF CANADA, as a limited partner
		
	By:	 	  /s/ Brian Ward

	Name:	 	  Brian Ward

	Title:	 	  Authorized Signatory

 EXHIBIT A 

Certain Tax Related Matters 

Section 1. Definitions Relating to Allocations and Capital Account Maintenance. 

(a) “Adjusted Capital Account Deficit” shall mean, with respect to any Partner, the deficit balance, if any, in such
Partner’s Capital Account as of the end of the relevant fiscal year, after giving effect to the following adjustments: 
 (i) Credit to
such Capital Account any amounts that such Partner is deemed to be obligated to restore pursuant to the penultimate sentences in Treasury Regulations sections 1.704-2(g)(1) and
1.704-2(i)(5), and 
 (ii) Debit to such Capital Account the items described in Treasury Regulations
sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). 

The foregoing definition of “Adjusted Capital Account Deficit” is intended to comply with the “alternate test of economic
effect” provisions of Treasury Regulations section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(b) “Nonrecourse Deductions” has the meaning set forth in Treasury Regulations section
1.704-2(b)(1). 
 (c) “Nonrecourse Liability” has the meaning set forth in Treasury
Regulations section 1.704-2(b)(3). 
 (d) “Partnership Minimum Gain” shall have the
meaning attributed to the term “partnership minimum gain” set forth in Treasury Regulations sections 1.704-2(b)(2) and 1.704-2(d). 

(e) “Partner Nonrecourse Debt” has the meaning attributed to the term “partner nonrecourse debt” in Treasury
Regulations section 1.704-2(b)(4). 
 (f) “Partner Nonrecourse Debt Minimum Gain”
shall mean an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulations
section 1.704-2(i)(3). 
 (g) “Partner Nonrecourse Deductions” has the meaning
attributed to the term “partner nonrecourse deductions” in Treasury Regulations sections 1.704-2(i)(1) and 1.704-2(i)(2). 

(h) “Regulatory Allocations” has the meaning set forth in Section 2(h) of this Exhibit A.

 (i) “Treasury Regulations” shall mean the Income Tax Regulations, including temporary regulations, promulgated under the
Code, as such regulations may be amended, modified or supplemented from time to time (including corresponding provisions of succeeding regulations). 

Section 2. Special Allocations. 

The following special allocations shall be made in the following order, prior to the allocations specified in
Section 5.04(a) of this Agreement: 

  

Exhibit A - 1 

 (a) Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations
section 1.704-2(f), notwithstanding any other provision of this Agreement, if there is a net decrease in Partnership Minimum Gain during any fiscal year, each Partner shall be specially allocated items of
Partnership income and gain for such fiscal year (and, if necessary, subsequent fiscal years) in an amount equal to such Partner’s share of the net decrease in Partnership Minimum Gain, determined in accordance with Treasury Regulations section
1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be
determined in accordance with Treasury Regulations sections 1.704-2(f)(6) and 1.704-2(j)(2). This provision is intended to comply with the minimum gain chargeback
requirement in Treasury Regulations section 1.704-2(f) and shall be interpreted consistently therewith. 

(b) Partner Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations section
1.704-2(i)(4), notwithstanding any other provision of this Agreement, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain attributable to a Partner Nonrecourse Debt during any fiscal year, each
Partner who has a share of the Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Treasury Regulations section 1.704-2(i)(5), shall be specially
allocated items of Partnership income and gain for such fiscal year (and, if necessary, subsequent fiscal years) in an amount equal to such Partner’s share of the net decrease in Partner Nonrecourse Debt, determined in accordance with Treasury
Regulations section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be
so allocated shall be determined in accordance with Treasury Regulations sections 1.704-2(i)(4) and 1.704-2(j)(2). This provision is intended to comply with the minimum
gain chargeback requirement in Treasury Regulations section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

(c) Qualified Income Offset. In the event any Partner unexpectedly receives any adjustments, allocations, or distributions described in
Treasury Regulations section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d)(6), items of Partnership
income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit of the Partner as promptly as possible;
provided that, an allocation pursuant to this provision shall be made only if and to the extent that the Partner would have an Adjusted Capital Account Deficit after all other allocations provided for in this Agreement have been tentatively
made as if this provision were not in the Agreement. 
 (d) Gross Income Allocation. In the event any Partner has a deficit Capital
Account at the end of any fiscal year that is in excess of the sum of (i) the amount such Partner is obligated to restore pursuant to the penultimate sentences of Treasury Regulations sections
1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess, as promptly as
possible; provided that, an allocation pursuant to this provision shall be made only if and to the extent that such Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Agreement
have been made as if Section 2(c) and this Section 2(d) of this Exhibit A were not in the Agreement. 

(e) Nonrecourse Deductions. Nonrecourse Deductions for any fiscal year shall be specially allocated among the Partners in proportion to
their respective Percentage Interests. 
 (f) Partner Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any fiscal year
shall be specially allocated to the Partner that bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations section 1.704-2(i)(1). 

  

Exhibit A - 2 

 (g) Section 754 Adjustments. To the extent an adjustment to the
adjusted tax basis of any Partnership asset, pursuant to Section 734(b) of the Code or Section 743(b) of the Code is required, pursuant to Treasury Regulations section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Partner in complete liquidation of such Partner’s Interest in the Partnership, the amount
of such adjustment to Capital Accounts shall be treated as an item of gain or loss and such gain or loss shall be specially allocated to the Partners in accordance with their Percentage Interests in the event Treasury Regulations section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Partner to whom such distribution was made in the event Treasury Regulations section 1.704-1(b)(2)(iv)(m)(4) applies. 

(h) Curative Allocations. The allocations set forth in Section 2(a) through 2(h) of this Exhibit
A and Section 3 of this Exhibit A (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Partners that, to the extent
possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction. Therefore, notwithstanding any other provision of this Agreement
(other than the Regulatory Allocations), the Tax Matters Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations
are made, each Partner’s Capital Account balance (and the amount distributable to each Partner pursuant to Section 6.01 of this Agreement) is, to the extent possible, equal to the Capital Account balance such Partner
would have had (and the amount that would have been distributable to such Partner pursuant to Section 6.01 of this Agreement) if the Regulatory Allocations were not part of the Agreement and all Partnership items were
allocated pursuant to Section 5.04(a) of this Agreement. In exercising discretion with respect to such offsetting special allocations, the Tax Matters Partner shall take into account future Regulatory Allocations under
Section 2(a) and 2(b) of this Exhibit A that, although not yet made, are likely to offset other Regulatory Allocations previously made under Section 2(e) and 2(f) of this
Exhibit A. 
 Section 3. Limitation on Loss Allocation to Partners Based on Adjusted Capital Accounts. Losses allocated pursuant to
Section 5.04(a) of this Agreement shall not exceed the maximum amount of losses that can be allocated without causing any Partner to have an Adjusted Capital Account Deficit at the end of any fiscal year (or increase any
existing Adjusted Capital Account Deficit). In the event some but not all of the Partners would have Adjusted Capital Account Deficits as a consequence of an allocation of losses pursuant to Section 5.04(a) of this
Agreement, the limitation set forth in this Section 3 of this Exhibit A shall be applied on a Partner-by-Partner basis and losses not
allocable to any Partner as a result of such limitation shall be allocated to the other Partners in accordance with the positive balances in such Partner’s Capital Accounts so as to allocate the maximum permissible losses to each Partner under
Treasury Regulations section 1.704-1(b)(2)(ii)(d). 

  

Exhibit A - 3 

 EXHIBIT B 

Preferred Unit Transfer Notice 
  

			
	To:	  	 Newmark Partners, L.P. (the “Partnership”)

 

	From:	  	 Royal Bank of Canada (“Preferred Unitholder”)

 

	Subject:    	  	 Transfer of Series [A/B/C/D/E] Exchangeable Preferred Units to Newmark SPV I, LLC (the “SPV Counterparty”) in connection
with settlement of the related tranche of the Variable Forward Transaction (the “Forward Transaction”) evidenced by the Variable Forward Transaction Confirmation.

 

	Date:	  	[Insert Date]

  
  

Reference is made to the Third Amended and Restated Agreement of Limited Partnership of Newmark Partners, L.P. (the
“Partnership”) dated as of September 26, 2018, as amended (the “Partnership Agreement”). The purpose of this Preferred Unit Transfer Notice is to effect the transfer of
[            ] of the above-referenced series of Exchangeable Preferred Units (the “Subject Units”) to the SPV Counterparty on settlement of the related tranche of the
Forward Transaction. In accordance with Section 7.03 of the Partnership Agreement, (i) Preferred Unitholder, as Preferred Unitholder under the Partnership Agreement with respect to the Subject Units, hereby delivers
this notice in order to effect the transfer of the Subject Units to the SPV Counterparty and (ii) such transfer shall be effective upon receipt of this notice by the Partnership. 

Capitalized terms used herein but not defined shall have the meanings assigned to such terms under the Partnership Agreement. 

Sincerely, 

ROYAL BANK OF CANADA, 
  

                    
                             

Name: 

Title: 

  

Exhibit B - 1

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