Document:

EX-10.19

 Exhibit 10.19 

EXECUTION VERSION 

REVOLVING CREDIT AGREEMENT 

This REVOLVING CREDIT AGREEMENT, dated as of December 13, 2017, is
made by and between BGC PARTNERS, INC., a Delaware corporation (“BGC”), and NEWMARK GROUP, INC., a Delaware corporation
(“Newmark”). Each of BGC and Newmark is referred to herein as a “Party” and together, the “Parties”. 

RECITALS 

WHEREAS, each Party and its subsidiaries may require the availability of certain loan facilities for the
operation of their respective businesses at times, and have requested that the other Party make, or cause its subsidiaries to make, certain loan facilities available to such Party or its subsidiaries from time to time; and 

WHEREAS, each Party may provide, or cause its subsidiaries to provide, the other Party or its
subsidiaries with such loan facilities on the terms and conditions hereafter provided; 
 NOW,
THEREFORE, in order to induce the other Party to make, or cause its subsidiaries to make, the Loans and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and
intending to be legally bound, each Party hereby agrees as follows: 
 1. DEFINED TERMS.
When used in this Agreement, the following terms shall have the following meanings: 
 “Agreement” means this Revolving
Credit Agreement, as it may be amended or modified and in effect from time to time. 
 “Applicable Rate” shall mean, for
any Rate Period, (i) the higher of BGC’s or Newmark’s short-term borrowing rate in effect at such time plus 100 basis points (1.00%) or (ii) such other interest rate as may be mutually agreed between the Borrower and the
Lender with respect to one or more Revolving Credit Loans. The Applicable Rate for each Rate Period shall be determined by the Lender in accordance herewith, and the Lender shall advise the Borrower of such determination. 

“Borrower” means, with respect to each Loan, the Party or its applicable subsidiary borrowing the money. 

“Business Day” means with respect to any borrowing or payment, any day other than a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed. 
 “Default” or “Event of
Default” shall have the meaning assigned to such terms in Section 6 hereof. 
 “Effective Date” means the
date hereof. 
 “Lender” means, with respect to each Loan, the Party or its applicable subsidiary lending the money. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect
as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

 “Loan” means any amount(s) borrowed by a Borrower from a Lender pursuant to this
Agreement. 
 “Loan Documents” means this Agreement, any Note(s), and all other documents, agreements or instruments
executed or delivered in connection with any of the foregoing. 
 “Material Adverse Effect” means any set of circumstances
or events that (a) has or could reasonably be expected to have any material adverse effect upon the validity or enforceability of any provision of this Agreement or any other Loan Document, (b) is or could reasonably be expected to be
material and adverse to the condition (financial or otherwise) or business operations of the applicable Borrower and its subsidiaries, (c) materially impairs or could reasonably be expected to materially impair the ability of the applicable
Borrower to perform its obligations hereunder or under any other Loan Document, or (d) materially impairs or could reasonably be expected to materially impair the ability of the applicable Lender to enforce any of its legal remedies pursuant to
this Agreement or any other Loan Document. 
 “Note” shall have the meaning assigned to such term in Section 2.1(c).

 “Obligations” means all unpaid principal of and accrued and unpaid interest on the applicable outstanding Loans and all
other obligations, interest, fees, charges and expenses of the applicable Borrower to the applicable Lender arising under or in connection with the Loan Documents. 

“Person” means any corporation, natural person, firm, joint venture, partnership, trust, unincorporated organization,
enterprise, government or any department or agency of any government. 
 “Rate Period” shall mean each of the applicable
periods based on the Applicable Rate determined by the applicable Lender in accordance herewith, which such Lender shall advise to the Borrower. 

“Reset Date” shall mean the first day of each Rate Period. 

“Revolving Credit Facilities” means the revolving credit facilities established pursuant to this Agreement. 

“Revolving Credit Loan” shall have the meaning assigned to such term in Section 2.1(a). 

“Revolving Credit Maturity Date” means the earliest to occur of (a) the first anniversary of the date of this Agreement,
after which the Revolving Credit Maturity Date will continue to be extended for successive one year periods unless prior written notice of non-extension is given by a Lender to the Borrower at least six (6) months in advance of such renewal
date, (b) the termination of the Revolving Credit Facilities and (c) the spinoff of Newmark from BGC such that Newmark will no longer be a subsidiary of BGC at such time. 

Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural,
and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless the express context otherwise requires: (a) wherever the word “include,” “includes” or
“including” is used in this Agreement, it shall be 

  
 -2- 

 
deemed to be followed by the words “without limitation” ; (b) the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other
thing extends, and such phrase shall not mean simply “if”; (c) with respect to the determination of any period of time, the word “from” means “from and including” and the words “to” and “until”
each means “to but excluding”; (d) the word “or” shall be disjunctive but not exclusive; (e) the word “affiliate” shall include all current and future affiliates and (f) the phrase “subsidiary of a
Party” and any similar phrase when used with respect to BGC shall not include Newmark or any of its subsidiaries. 
 2.
LOAN FACILITY. 
 2.1 REVOLVING CREDIT
LOANS.  
  

	 	(a)	Revolving Loans; Maturity. Subject to satisfaction of the conditions set forth in Section 3 hereof, a Lender may, on the terms and conditions set forth in this Agreement and to the extent such Lender has
sufficient cash available in its sole discretion, make loans and advances (each, a “Revolving Credit Loan”) to the Borrower at such Borrower’s request from time to time starting on the Effective Date and ending on the Revolving
Credit Maturity Date. Each Revolving Credit Loan together with all accrued but unpaid interest thereon shall be due and payable on such date prior to the Revolving Credit Maturity Date as may be mutually agreed between the Borrower and the Lender
with respect to such Revolving Credit Loan. If no due date is specified, then each Borrower shall repay the aggregate outstanding principal amount of each Revolving Credit Loan together with all accrued but unpaid interest thereon and all other
amounts owing under this Agreement or the other Loan Documents in full on the Revolving Credit Maturity Date. 

  

	 	(b)	Method of Borrowing Revolving Credit Loans. A Borrower shall give notice to the applicable Lender of the requested principal amount of each Revolving Credit Loan by no later than 10:00 a.m., New York time, at
least three (3) Business Days prior to the date of the proposed Revolving Credit Loan (which shall also be a Business Day), or such shorter period as such Lender may agree. Each Revolving Credit Loan shall comply with all of the provisions of
this Agreement. If the applicable Lender is willing, in its discretion, to make the requested Revolving Credit Loan, then subject to satisfaction of the conditions set forth in Section 3 hereof, the applicable Lender shall advance the requested
amount to the Borrower in immediately available funds as directed by such Borrower and shall notify the Borrower of the Applicable Rate and the applicable Rate Period for such Revolving Credit Loan. 

 

	 	(c)	Evidence of Debt. The Revolving Credit Loans made by a Lender shall be evidenced by one or more accounts or records maintained by such Lender. The accounts or records maintained by the Lender shall be conclusive
absent manifest error of the amount of the Revolving Credit Loans made by such Lender to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the
obligation of a Borrower hereunder to pay any amount owing with respect to the Obligations. Upon the request of a Lender, the applicable Borrower shall execute and deliver to such Lender a promissory note, which shall evidence such Lender’s
Loans to such Borrower in addition to such accounts or records. Each such promissory note shall be in the form of Exhibit A (a “Note”). The Lender may attach schedules to its Note or Notes and endorse thereon the date, amount and
maturity of its Loans and payments with respect thereto. 

  
 -3- 

 2.2 INTEREST. 

 

	 	(a)	Interest Rates. Interest shall accrue on each Revolving Credit Loan at a rate per annum for each Rate Period equal to the Applicable Rate for such Rate Period, payable monthly in arrears in immediately available
funds beginning on the last day of each month during which such Revolving Credit Loan is outstanding and on the Revolving Credit Maturity Date. 

From and after the Revolving Credit Maturity Date, or during the continuance of an Event of Default with respect to a Borrower, amounts payable
under the all Revolving Credit Loans owed by such Borrower shall bear interest at an annual rate of the Applicable Rate plus 200 basis points (2.00%) until the payment of all such amounts has been made (and before as well as after judgment).
Such additional interest will be payable on demand of the Lender. 
  

	 	(b)	Interest Basis. Interest shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if
payment is received prior to noon, New York time, at the place of payment. If any payment of principal of or interest on a Loan shall become due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and,
in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. 

 2.3
METHOD OF PAYMENT. All payments of principal and interest hereunder shall be made on the date when due in immediately available funds in United States dollars to the applicable
Lender at such Lender’s address specified in Section 8.8 or as otherwise directed by such Lender. 
 2.4
PREPAYMENTS. Subject to the requirements of this Section 2.4, each Borrower shall have the right from time to time, on any Business Day, to prepay any Loan in whole or in part. All prepayments shall be
accompanied by accrued interest on the amount prepaid plus any cost incurred by the applicable Lender as a result of such prepayment. 
 3.
CONDITIONS PRECEDENT 
 3.1 CONDITIONS TO CLOSING
AND FIRST LOAN. A Party shall not be required to make any Loans under this Agreement unless each Party shall have duly executed and delivered to the other Party this Agreement. 

3.2 CONDITIONS TO ALL BORROWINGS. The obligations of a Party (and of any
subsidiary of a Party which become a Lender) to make any Loan shall also be subject to the following conditions precedent that shall be satisfied on the date such Loan is made and after giving effect thereto: 

 

	 	(a)	each of the representations and warranties of the other Party and the applicable Borrower contained in this Agreement, the Loan Documents or in any other document or instrument delivered pursuant to this Agreement shall
be true and correct as of the date as of which they were made and shall also be true and correct as of the date such Loan is made; 

  

	 	(b)	the other Party and the Borrower shall have complied with all other requirements under this Agreement and the other Loan Documents; and 

 

	 	(c)	At the time of, and immediately after giving effect to, such Loan, no Default or Event of Default with respect to such Borrower shall have occurred and be continuing, and no set of events or circumstances shall exist as
would constitute a Material Adverse Effect. 

  
 -4- 

 4. REPRESENTATIONS AND
WARRANTIES. Each Party (as Borrower or parent of a Borrower) and each subsidiary of a Party which becomes a Borrower, represents and warrants to the other Party (as Lender) that on the date hereof, and on the date
that each and every Loan is made to such Person after the date hereof: 
 4.1 NON-CONTRAVENTION. The
execution and delivery by such Party (and, if applicable, the deemed joinder by any such subsidiary) of this Agreement, the other Loan Documents to which it is a party, and the performance by such Borrower of its obligations hereunder and
thereunder: (i) are not in contravention of any provision of such Borrower’s organizational documents; (ii) will not violate any law or regulation, or any order or decree of any court or governmental instrumentality; (iii) will
not conflict with or result in the breach or termination of, constitute a default under, or accelerate any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which such Party or such Borrower is
a party or by which such Party or such Borrower or any of such Party’s or such Borrower’s property is bound; (iv) will not result in the creation or imposition of any Lien upon any of the property of such Party or such Borrower other
than those in favor of the applicable Lender; and (v) do not require the consent or approval of any governmental body, agency, authority or any other Person except such consents as have been obtained, except, in the case of each of (ii), (iii),
(iv) and (v), for any violation or conflict which could not reasonably be expected to have a Material Adverse Effect. 
 4.2
ENFORCEABLE OBLIGATIONS. This Agreement and the other Loan Documents to which such Party is a party have been duly and validly executed by such Party (or deemed executed in the case of a subsidiary
Borrower) and constitute the legal, valid, and binding obligations of such Party or such Borrower, as the case may be, enforceable against such Person in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization or
similar laws generally affecting the enforcement of the rights of creditors. 
 5. AFFIRMATIVE
COVENANTS. During the term of this Agreement, unless the other Party (as Lender and on behalf of its subsidiaries which are Lenders) shall otherwise consent in writing and while any Loans remain outstanding to a
Party or any of its subsidiaries as Borrower under this Agreement or any Loan Document: 
 5.1 CORPORATE EXISTENCE,
ETC. Such Party shall (and shall cause each of its subsidiaries which is a Borrower to) maintain its corporate existence, business and assets, keep its business and assets adequately insured, continue to engage in
the same lines of business, and maintain all of its assets and properties in good repair and working order, unless, in each case, such failure could not reasonably be expected to have a Material Adverse Effect. 

5.2 TAXES. Such Party will (and will cause each of its subsidiaries which is a Borrower to) pay all real and personal
property taxes, assessments and charges as well as all franchise, income, unemployment, old age benefit, withholding, sales and other taxes assessed against it, or payable by it at such times and in such manner as to prevent any penalty from
accruing or any Lien or charge from attaching to its property, and will furnish the other Party upon request, receipts, or other evidence that deposits or payments have been made, unless, in each case, such failure could not reasonably be expected
to have a Material Adverse Effect. 
 5.3 COMPLIANCE WITH LAWS. Such Party shall (and
shall cause each of its subsidiaries which is a Borrower to)comply with the requirements of all laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, unless, in each case, such failure could not
reasonably be expected to have a Material Adverse Effect. 

  
 -5- 

 6. DEFAULTS. The occurrence of any one or more of the
following events shall constitute a “Default” or an “Event of Default”: 
 6.1 FAILURE TO
PAY. A Borrower shall fail to pay any principal, interest or any other amount payable under this Agreement or any other Loan Document when and as the same becomes due and payable. 

6.2 INCORRECTNESS OF ANY REPRESENTATION OR
WARRANTY. A Lender determines that any representation or warranty made or deemed made in this Agreement or in any other Loan Document, by or on behalf of the applicable Borrower to such Lender shall have been false
or misleading in any material respect when made or deemed made. 
 6.3 FAILURE TO OBSERVE OR
PERFORM COVENANTS, CONDITIONS OR AGREEMENTS. A Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5
of this Agreement. 
 6.4 BANKRUPTCY, ET AL. A Borrower shall (i) have an order for
relief entered with respect to it under the U.S. or foreign bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, acquiesce in, or have appointed for it or
any substantial portion of its property a receiver, custodian, trustee, examiner, liquidator or similar official for it, (iv) institute any proceeding seeking an order for relief under the U.S. or foreign bankruptcy laws as now or hereafter in
effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization
or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, or (v) take any corporate action to authorize or effect any of the foregoing actions set forth in this
Section 6.4. 
 6.5 FAILURE OF THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENTS. This Agreement or any of the other Loan Documents shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the
invalidity or unenforceability thereof. 
 7. ACCELERATION, WAIVERS, AMENDMENTS
AND REMEDIES. 
 7.1 ACCELERATION. If any Event of Default
occurs (other than in the case of an event of the type described in Section 6.4 above) and at any time thereafter during the continuance of such Event of Default, (a) either BGC or Newmark may give notice to the other Party that it is
terminating the Revolving Credit Facilities, and thereupon the Revolving Credit Facilities shall terminate immediately and/or (b) the applicable Lender may declare the Obligations to be due and payable, whereupon the Obligations shall become
immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the applicable Borrower hereby expressly waives; and in case of any event with respect to a Borrower described in Section 6.4, the Revolving
Credit Facilities shall automatically terminate and the Obligations of such Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by
such Borrower. 
 7.2 PRESERVATION OF RIGHTS; NO ADVERSE IMPACT;
WAIVERS; AND AMENDMENTS. No delay or omission of the exercise of any right under this Agreement or any of the Loan Documents shall impair such right or be construed to be a waiver or an
acquiescence therein. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the
Loan Documents, whatsoever, shall be valid unless in writing signed by the applicable Lender, and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents, or by law afforded, shall be cumulative.

  
 -6- 

 7.3 REMEDIES. Upon the occurrence and during the continuance of an Event of Default or upon
the occurrence of the Revolving Credit Maturity Date, the applicable Lender (i) may proceed to protect and enforce such Lender’s rights by suit in equity, action of law and/or other appropriate proceeding either for specific performance of
any covenant or condition contained in this Agreement, any Loan Document or in any instrument or document delivered to such Lender pursuant hereto, or in the exercise of any rights, remedies or powers granted in this Agreement, any Loan Document
and/or any such instrument or document, and (ii) may proceed to declare the obligations under this Agreement or any Loan Document to be due and payable pursuant to Section 7.1 hereof and such Lender may proceed to enforce payment of such
documents as provided herein, or in any Loan Document. 
 8. GENERAL PROVISIONS.

 8.1 SURVIVAL OF REPRESENTATIONS. All representations and warranties of a Party
contained in this Agreement shall survive delivery of this Agreement, any Note and the other Loan Documents, and the making of the Loans herein contemplated. 

8.2 ENTIRE AGREEMENT; AMENDMENTS; INVALIDITY. This Agreement and the other
Loan Documents constitute the entire agreement and understanding of the Parties, and supersede and replace in their entirety any prior discussions, agreements, etc., all of which are merged herein and therein. None of the terms of this Agreement or
any of the other Loan Documents may be amended or otherwise modified except by an instrument executed by each of the Parties. If any term of this Agreement or any other Loan Document shall be held to be invalid, illegal or unenforceable, the
validity of all other terms hereof shall in no way be affected thereby, and this Agreement and the other Loan Documents shall be construed and be enforceable as if such invalid, illegal or unenforceable term had not been included herein. Section
headings in this Agreement and the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of this Agreement or any of the other Loan Documents. 

8.3 INDEMNITY. Each Borrower shall indemnify the Lender and its directors, officers, employees, affiliates and agents
(collectively, “Indemnified Persons”) against, and agrees to hold each such Indemnified Person harmless from, any and all losses, claims, damages and liabilities, including claims brought by any officer, director, member or manager
or former officer, director or member or manager of such Borrower, and related expenses including reasonable counsel fees and expenses, incurred by such Indemnified Person arising out of any claim, litigation, investigation or proceeding (whether or
not such Indemnified Person is a party thereto) relating to any Loans made to such Borrower and all other transactions, services or matters that are the subject of the Loan Documents; provided, however, that such indemnity shall not
apply to any such losses, claims, damages, or liabilities or related expenses determined by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Indemnified Person. All amounts due hereunder shall
be payable on demand and shall constitute Obligations of the applicable Borrower hereunder. 
 8.4 GOVERNING LAW. THIS
AGREEMENT AND EACH OF THE OTHER LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS (AND NOT
THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK. 

  
 -7- 

 8.5 CONSENT TO JURISDICTION. Each Party (and
each subsidiary of a Party which becomes a Lender or Borrower) further agrees to service of process in any such suit being made upon such Person by mail at the address specified for notices in Section 8.8 hereof. 

8.6 ADDITIONAL DOCUMENTATION. A Borrower, at its own expense, shall do, make, execute and deliver all such
additional and further acts, deeds, assurances, documents, instruments and certificates as the applicable Lender may reasonably request in order to carry out the terms and provisions of this Agreement and the other Loan Documents. 

8.7 SUCCESSORS AND ASSIGNS. This Agreement and the other Loan Documents and all obligations
of a Borrower hereunder and thereunder shall be binding upon the successors and permitted assigns of such Borrower, and shall, together with the rights and remedies of the applicable Lender hereunder, inure to the benefit of such Lender, any future
holder of this Agreement or any other Loan Document and their respective successors and assigns; provided, however, a Borrower may not transfer or assign its rights or obligations hereunder or thereunder without the express written
consent of the applicable Lender, and any purported transfer or assignment by such Borrower without the applicable Lender’s written consent shall be null and void. A Lender may assign, transfer, participate or endorse its rights under this
Agreement or any of the other Loan Documents without the consent or approval of any Borrower, and all such rights shall inure to such Lender’s successors and assigns. No sales of participations, other sales, assignments, transfers, endorsements
or other dispositions of any rights hereunder or thereunder or any portion hereof or thereof or interest herein or therein shall in any manner affect the obligations of any Borrower under this Agreement or the other Loan Documents. Each Borrower
agrees, in connection with any such assignment, to execute and deliver such additional documents or agreements, including new Notes, as may be reasonably requested. 

8.8 NOTICES. All notices, requests, demands and other communications required or permitted under this Agreement and the
other Loan Documents or by law shall be delivered personally or sent by certified or registered mail, postage prepaid, or by overnight courier, telex or facsimile transmission and shall be deemed received, in the case of personal delivery, when
delivered, in the case of mailing, when receipted for, in the case of overnight delivery, on the next business day after delivery to the courier, and in the case of telex and facsimile transmission, the next business day after upon transmittal.
Receipt of notices pursuant to this Agreement shall be deemed to have occurred on the earlier of (a) the date of actual receipt, and (b) the date that notice is deemed received pursuant to the first sentence of this Section 8.8. All
notices, requests, demands and other communications required or permitted under this Agreement or by law shall be delivered to the following addresses: 

If to BGC (or any subsidiary of BGC):  

BGC Partners, Inc. 

499 Park Avenue 

New York, New York 10022 

Attention: General Counsel 

Telephone: (212) 829-4829 

Telecopy: (212) 829-4708 

If to Newmark (or any subsidiary of Newmark): 

Newmark Group, Inc. 

125 Park Avenue 

  
 -8- 

 New York, New York 10017 

Attention: General Counsel 

Telephone: (212) 294-7927 

Telecopy: (312) 276-8715 

8.9 COUNTERPARTS. This Agreement may be executed in any number of separate counterparts, all of which, when taken
together, shall constitute one and the same instrument, notwithstanding the fact that all parties did not sign the same counterpart. 
 8.10
NO WAIVER BY LENDER, ETC. A Lender shall not be deemed to have waived any of its rights upon or under the applicable Obligations unless such waiver
shall be in writing in accordance with Section 7.2 hereof. No delay or omission on the part of a Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver on any one occasion shall not be construed as a
bar to or waiver of any right on any future occasion. All rights and remedies of a Lender with respect to the applicable Obligations, whether evidenced hereby or by any other instrument or papers, shall be cumulative and may be exercised singularly,
alternatively, successively or concurrently at such time or at such times as a Lender deems expedient. 
 8.11 WAIVERS.
Each Borrower, for itself and its legal representatives, successors and assigns, hereby expressly waives demand, protest, presentment, notice of acceptance of this Agreement or any other Loan Document, notice of loans made, credit extended or other
action taken in reliance hereon and all other demands and notices of any description. With respect to the applicable Obligations, each Borrower assents to any extension or postponement of the time of payment or any other indulgence, to the addition
or release of any party or person primarily or secondarily liable, to the acceptance of partial payment thereon and the settlement, compromising or adjusting of any thereof, all in such manner and at such time or times as a Lender may deem
advisable. Each Borrower further waives any and all other suretyship defenses. 
 8.12 SUBSIDIARIES. By requesting or
making a Loan, any subsidiary of a Party which requests or makes a Loan as contemplated hereby shall be deemed to have agreed to be bound by this Agreement as a Borrower or Lender, as applicable, and to have agreed that all of the terms and
provisions hereof shall apply to such Loan. 
 [Signature page to follow] 

  
 -9- 

 IN WITNESS WHEREOF, this Agreement has been
duly executed as an instrument under seal as of the date first set forth above. 
  

							
	BGC:	 		 	BGC PARTNERS, INC.
				
		 		 	By:	 	 /s/ Steve McMurray

		 		 	 Printed Name: Steve McMurray
 Title:
Chief Financial Officer

			
	NEWMARK: 	 		 	NEWMARK GROUP, INC.
				
		 		 	By:	 	 /s/ Michael Rispoli

		 		 	 Printed Name: Michael Rispoli

Title: Chief Financial Officer

 [Signature Page to Revolving Credit Agreement, dated as of December 13, 2017, by and between BGC

 Partners, Inc. and Newmark Group, Inc.] 

 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT RELATED THERETO OR AN
APPLICABLE EXEMPTION THEREFROM. 
             ,
20         
 FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises
to pay to                     or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as
hereinafter defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Revolving Credit Agreement, dated as of December 13, 2017 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein defined), between the BGC PARTNERS, INC., a Delaware corporation
(“BGC”), and NEWMARK GROUP, INC., a Delaware corporation (“Newmark”). 

The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is
paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Lender in immediately available funds as directed by the Lender. If any amount is not paid in full when
due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

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

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

 

			
	[applicable Borrower]
		
	By:	 	  

	Name:
	Title:

									
	 Date
	  	 Principal

Amount
 Loaned
	  	 Principal

Amount
 Repaid
	  	 Total Unpaid

Outstanding
 Principal Amount
	  	 Notation

Made By

	            , 2017EX-10.24

 Exhibit 10.24 

NEWMARK GROUP, INC. 

LONG TERM INCENTIVE PLAN 

1. Purpose. The purpose of this Long Term Incentive Plan (the “Plan”) of Newmark Group, Inc., a Delaware
corporation (the “Company”), is to advance the interests of the Company and its stockholders by providing a means to attract, retain, motivate and reward present and prospective directors, officers, employees and consultants of and
service providers to the Company and its affiliates and to enable such persons to acquire or increase a proprietary interest in the Company, thereby promoting a closer identity of interests between such persons and the Company’s
stockholders. 
 2. Definitions. The definitions of awards under the Plan, including Options, SARs (including Limited
SARs), Restricted Stock, Deferred Stock, Stock granted as a bonus or in lieu of other awards, Dividend Equivalents and Other Stock-Based Awards, are as set forth in Section 6 of the Plan. Such awards, together with any other right or interest
granted to a Participant under the Plan, are termed “Awards.” For purposes of the Plan, the following additional terms shall be defined as set forth below: 

(a) “Award Agreement” means any written agreement, contract, notice or other instrument or document
evidencing an Award. 
 (b) “Beneficiaries” means the person, persons, trust or trusts which
have been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon such Participant’s death or, if there is no designated Beneficiary or
surviving designated Beneficiary, then the person, persons, trust or trusts entitled by will or the laws of descent and distribution to receive such benefits. 

(c) “BGC” means BGC Partners, Inc. (or any successor thereto (other than the Company)). 

(d) “Board” means the Board of Directors of the Company. 

(e) A “Change in Control” shall be deemed to have occurred on: 

(i) the date of the acquisition by any “person” (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act), excluding the Company, its Parent or any Subsidiary or any employee benefit plan sponsored by any of the foregoing, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of shares of common stock of the
Company representing 30% of either (x) the total number of the then-outstanding shares of common stock, or (y) the total voting power with respect to the election of directors; or 

(ii) the date the individuals who constitute the Board upon the Effective Date (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the members of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s stockholders,
was approved by a vote 

 
of at least a majority of the directors then comprising the Incumbent Board (other than any individual whose nomination for election to Board membership was not endorsed by the Company’s
management prior to, or at the time of, such individual’s initial nomination for election) shall be, for purposes of this clause (ii), considered as though such person were a member of the Incumbent Board; 

(iii) the consummation of a merger, consolidation, recapitalization, reorganization, sale or other disposition of all or
substantially all of the Company’s assets, a reverse stock split of outstanding voting securities, or the issuance of shares of stock of the Company in connection with the acquisition of the stock or assets of another entity; provided, however,
that a Change in Control shall not occur under this clause (iii) if consummation of the transaction would result in at least 70% of the total voting power represented by the voting securities of the Company (or, if not the Company, the entity
that succeeds to all or substantially all of the Company’s business) outstanding immediately after such transaction being beneficially owned (within the meaning of Rule 13d-3 promulgated pursuant to the Exchange Act) by at least 75% of the
holders of outstanding voting securities of the Company immediately prior to the transaction, with the voting power of each such continuing holder relative to other such continuing holders not substantially altered in the transaction; or 

(iv) prior to any spin-off of the Company from BGC, the date on which a Change in Control (as defined in the BGC Partners, Inc.
Seventh Amended and Restated Long Term Incentive Plan or any successor plan thereto) of BGC occurs. 
 For the avoidance of doubt, neither
the completion of the Company’s separation from BGC, initial public offering, or any spin-off of the Company from BGC (nor any of the transactions that may occur in furtherance of either such event) shall constitute a Change in Control. 

(f) “Code” means the Internal Revenue Code of 1986, as amended from time to time. References to any
provision of the Code shall be deemed to include regulations thereunder and successor provisions and regulations thereto. 

(g) “Committee” means the committee appointed by the Board to administer the Plan, or if no committee
is appointed, the Board. 
 (h) “Exchange Act” means the Securities Exchange Act of 1934, as
amended from time to time. References to any provision of the Exchange Act shall be deemed to include rules thereunder and successor provisions and rules thereto. 

(i) “Fair Market Value” means, with respect to Stock, Awards, or other property, the fair market value
of such Stock, Awards, or other property determined by such methods or procedures as shall be established from time to time by the Committee; provided, however, that, if the Stock is listed on a national securities exchange, the Fair Market Value of
such Stock on a given date shall be based upon the closing market price or, if unavailable, the average of the closing bid and asked prices per share of the Stock at the end of regular trading on such date (or, if there was no trading or quotation
in the Stock on such date, on the next preceding date on which there was trading or quotation) as provided by one of such organizations. 

  
 -2- 

 (j) “ISO” means any Option intended to be and designated
as an incentive stock option within the meaning of Section 422 of the Code. 
 (k)
“Parent” means any “person” (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) that controls the Company on the Effective Date, either directly or indirectly through one or more
intermediaries. 
 (l) “Participant” means a person who, at a time when eligible under
Section 5 hereof, has been granted an Award under the Plan. 
 (m) “Rule 16b-3” means
Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act, and shall be deemed to include any successor provisions
thereto. 
 (n) “Stock” means the Company’s Class A Common Stock, and such other
securities as may be substituted for Stock pursuant to Section 4(c). 
 (o) “Subsidiary” means
each entity that is controlled by the Company or a Parent, either directly or indirectly through one or more intermediaries. 

3. Administration. 

(a) Authority of the Committee. Except as otherwise provided below, the Plan shall be administered by the Committee. The
Committee shall have full and final authority to take the following actions, in each case subject to and consistent with the provisions of the Plan: 

(i) to select persons to whom Awards may be granted; 

(ii) to determine the type or types of Awards to be granted to each such person; 

(iii) to determine the number of Awards to be granted, the number of shares of Stock to which an Award will relate, the terms
and conditions of any Award granted under the Plan (including, without limitation, any exercise price, grant price or purchase price, any restriction or condition, any schedule for lapse of restrictions or conditions relating to transferability or
forfeiture, exercisability or settlement of an Award, and waivers or accelerations thereof, performance conditions relating to an Award (including, without limitation, performance conditions relating to Awards not intended to be governed by
Section 7(e) and waivers and modifications thereof), based in each case on such considerations as the Committee shall determine), and all other matters to be determined in connection with an Award; 

  
 -3- 

 (iv) to determine whether, to what extent and under what circumstances an Award
may be settled, or the exercise price of an Award may be paid, in cash, Stock, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(v) to determine whether, to what extent and under what circumstances cash, Stock, other Awards or other property payable with
respect to an Award will be deferred either automatically or at the election of the Committee or at the election of the Participant; 

(vi) to determine the restrictions, if any, to which Stock received upon exercise or settlement of an Award shall be subject
(including, without limitation, lock-ups and other transfer restrictions), including, without limitation, conditioning the delivery of such Stock upon the execution by the Participant of any agreement providing for such restrictions; 

(vii) to prescribe the form of each Award Agreement, which need not be identical for each Participant; 

(viii) to adopt, amend, suspend, waive and rescind such rules and regulations and appoint such agents as the Committee may deem
necessary or advisable to administer the Plan; 
 (ix) to correct any defect or supply any omission or reconcile any
inconsistency in the Plan and to construe and interpret the Plan and any Award, rules and regulations, Award Agreement or other instrument hereunder; and 

(x) to make all other decisions and determinations as may be required under the terms of the Plan or as the Committee may deem
necessary or advisable for the administration of the Plan. 
 Other provisions of the Plan notwithstanding, the Board shall perform the
functions of the Committee for purposes of granting awards to directors who serve on the Committee, and, to the extent permitted under applicable law and regulation, the Board may perform any function of the Committee under the Plan for any other
purpose, including without limitation for the purpose of ensuring that transactions under the Plan by Participants who are then subject to Section 16 of the Exchange Act in respect of the Company are exempt under Rule 16b-3. In any case in
which the Board is performing a function of the Committee under the Plan, each reference to the Committee herein shall be deemed to refer to the Board, except where the context otherwise requires. 

(b) Manner of Exercise of Committee Authority. Any action of the Committee with respect to the Plan shall be taken in its sole
discretion and shall be final, conclusive and binding on all persons, including the Company, its Parent and Subsidiaries, Participants, any person claiming any rights under the Plan from or through any Participant and stockholders, except to the
extent the Committee may subsequently modify, or take further action not consistent with, its prior action. If not specified in the Plan, the time at which the Committee must or may make any determination shall be determined by the Committee, and
any such  

  
 -4- 

 
determination may thereafter be modified by the Committee (subject to Section 8(e)). The express grant of any specific power to the Committee, and the taking of any action by the Committee,
shall not be construed as limiting any power or authority of the Committee. Except as provided under Section 7(e), the Committee may delegate to officers or managers of the Company the authority, subject to such terms as the Committee shall
determine, to perform such functions as the Committee may determine, to the extent permitted under applicable law and regulation. 

(c) Limitation of Liability; Indemnification. Each member of the Committee and any officer or employee of the Company acting on
behalf of the Committee shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or other employee of the Company, its Parent or Subsidiaries, the Company’s independent
registered public accounting firm or any legal counsel or other professional retained by the Company or the Committee to assist in the administration of the Plan. No member of the Committee, or any officer or employee of the Company acting on behalf
of the Committee, shall be personally liable for any action, determination or interpretation taken or made in good faith with respect to the Plan, and all members of the Committee and any officer or employee of the Company acting on its behalf
shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action, determination or interpretation. 

4. Stock Subject to Plan. 

(a) Amount of Stock Reserved. The aggregate number of shares of Stock delivered pursuant to the exercise or settlement of Awards
granted under the Plan shall not exceed 400 million shares, subject to adjustment as provided in Section 4(c), all of which may be shares of Stock subject to ISOs. If an Award valued by reference to Stock is settled in cash, the number of
shares to which such Award relates shall be deemed to have been delivered for purposes of this Section 4(a). Any shares of Stock delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued shares, treasury shares
or shares acquired in the market on a Participant’s behalf. 
 (b) Annual Per-Participant Limitations. During any
calendar year, no Participant may be granted Awards, including Options and SARS, that may be settled by delivery of more than 15 million shares of Stock, subject to adjustment as provided in Section 4(c). In addition, with respect to
Awards that may be settled solely in cash, no Participant may be paid during any calendar year cash amounts relating to such Awards that exceed the greater of the Fair Market Value of the number of shares of Stock set forth in the preceding sentence
at the date of grant or the date of settlement of Award. This provision sets forth two separate limitations, so that Awards that may be settled solely by delivery of Stock will not operate to reduce the amount of cash-only Awards, and vice versa;
nevertheless, Awards that may be settled in Stock or cash must not exceed either limitation. 
 (c) Adjustments. In the
event that the Committee shall determine that any recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase or exchange of Stock or other securities, Stock dividend or other special, large
and non-recurring dividend or distribution (whether in the form of cash, securities or other property), liquidation, dissolution, or other similar corporate transaction or event, affects  

  
 -5- 

 
the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan, then the Committee shall, in such manner as it may deem
equitable, adjust any or all of (i) the number and kind of shares of Stock reserved and available for Awards under Section 4(a), including shares reserved for ISOs, (ii) the number and kind of shares of Stock specified in the annual
per-Participant limitations under Section 4(b), (iii) the number and kind of shares of outstanding Restricted Stock or other outstanding Awards in connection with which shares have been issued, (iv) the number and kind of shares that
may be issued in respect of other outstanding Awards and (v) the exercise price, grant price or purchase price relating to any Award (or, if deemed appropriate, the Committee may make provision for a cash payment, including, without limitation,
payment based upon the Award’s intrinsic (i.e., in-the-money) value, if any, with respect to any outstanding Award). In addition, the Committee shall make appropriate adjustments in the terms and conditions of, and the criteria included in,
Awards (including, without limitation, cancellation of unexercised or outstanding Awards, with or without the payment of any consideration (which may, if paid, include cash, stock or other property) therefor, substitution of Awards using stock of a
successor or other entity) in recognition of unusual or non-recurring events (including, without limitation, events described in the preceding sentence and events constituting a Change in Control) affecting the Company, its Parent or any Subsidiary
or the financial statements of the Company, its Parent or any Subsidiary, or in response to changes in applicable law, regulation, or accounting principles. 

(d) Repricing. As to any Award granted as an Option or an SAR, the Committee may not, without prior stockholder approval to the
extent required under applicable law, regulation or exchange rule, subsequently reduce the exercise or grant price relating to such Award, or take such other action as may be considered a repricing of such Award under generally accepted accounting
principles. 
 5. Eligibility. Directors, officers and employees of the Company or its Parent or any Subsidiary, and
persons who provide consulting or other services to the Company, its Parent or any Subsidiary deemed by the Committee to be of substantial value to the Company or its Parent or Subsidiaries, are eligible to be granted Awards under the Plan. In
addition, persons who have been offered employment by, or agreed to become a director of, or agreed to provide consulting or other services to, the Company, its Parent or any Subsidiary, and persons employed by or providing services to an entity
that the Committee reasonably expects to become a Subsidiary of the Company, are eligible to be granted an Award under the Plan. 

6. Specific Terms of Awards. 

(a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may
impose on any Award or the exercise or settlement thereof such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including, without limitation, terms and conditions requiring
forfeiture of Awards or of the cash, Stock, other Awards or other property received by the Participant in payment or settlement of Awards, in the event of termination of employment or service of the Participant, or in the case of the
Participant’s violation of Company policies, restrictions or other requirements. 

  
 -6- 

 Except as expressly provided by the Committee (including for purposes of complying with the
requirements of the Delaware General Corporation Law relating to lawful consideration for the issuance of shares), no consideration other than services shall be required as consideration for the grant (but not the exercise or settlement) of any
Award. 
 (b) Options. The Committee is authorized to grant options to purchase Stock (including “reload” options
automatically granted to offset specified exercises of Options) on the following terms and conditions (“Options”): 

(i) Exercise Price. The exercise price of one share of Stock purchasable under an Option shall be determined by the
Committee; provided, however, that the price of one share of Stock which may be purchased upon the exercise of an Option shall not be less than 100% of the Fair Market Value of one share of Stock on the date of grant of such Option. 

(ii) Time and Method of Exercise. The Committee shall determine the time or times at which an Option may be exercised in
whole or in part, the methods by which such exercise price may be paid or deemed to be paid, the form of such payment, including, without limitation, cash, Stock, other Awards or other property (including notes or other contractual obligations of
Participants to make payment on a deferred basis, such as through “cashless exercise” arrangements, to the extent permitted under applicable law and regulation), and the methods by which Stock will be delivered or deemed to be delivered to
Participants. 
 (iii) Termination of Employment or Service. The Committee shall determine the period, if any, during
which Options shall be exercisable following a Participant’s termination of his or her employment or service relationship with the Company, its Parent or any Subsidiary. Unless otherwise determined by the Committee, (A) during any period
that an Option is exercisable following termination of employment or service, it shall be exercisable only to the extent it was exercisable upon such termination of employment or service, and (B) if such termination of employment or service is
for cause, as determined by the Committee unless the Participant’s employment or service agreement otherwise defines cause (in which case, cause shall be determined in accordance with such agreement), all Options held by the Participant shall
immediately terminate. 
 (iv) Sale of the Company. Upon the consummation of any transaction whereby the Company (or
any successor to the Company or substantially all of its business) becomes a wholly owned subsidiary of any corporation, all Options outstanding under the Plan shall terminate (after taking into account any accelerated vesting pursuant to
Section 7(f)), with or without the payment of any consideration therefor, including, without limitation, payment of the intrinsic (i.e., in-the-money) value, if any, of such Options, as determined by the Committee pursuant to Section 4(c),
unless such other corporation shall continue or assume the Plan as it relates to Options then outstanding (in which case, such other corporation shall be treated as the Company for all purposes hereunder, and, pursuant to Section 4(c), the
Committee shall make appropriate adjustment in the 

  
 -7- 

 
number and kind of shares of Stock subject thereto and the exercise price per share thereof to reflect consummation of such transaction). If the Plan is not to be so assumed, the Company shall
notify the Participant of consummation of such transaction at least ten days in advance thereof. 
 (v) Options Providing
Favorable Tax Treatment. The Committee may grant Options that may afford a Participant with favorable treatment under the tax laws applicable to such Participant, including, without limitation, ISOs. If Stock acquired by exercise of an ISO is
sold or otherwise disposed of within two years after the date of grant of the ISO or within one year after the transfer of such Stock to the Participant, the holder of the Stock immediately prior to the disposition shall promptly notify the Company
in writing of the date and terms of the disposition and shall provide such other information regarding the disposition as the Company may reasonably require in order to secure any deduction then available against the Company’s or any other
corporation’s taxable income. The Company may impose such procedures as it determines necessary or advisable to ensure that such notification is made. Each Option granted as an ISO shall be designated as such in the Award Agreement relating to
such Option. 
 (c) Stock Appreciation Rights. The Committee is authorized to grant stock appreciation rights on the following
terms and conditions (“SARs”): 
 (i) Right to Payment. An SAR shall confer on the Participant
to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the date of exercise (or, if the Committee shall so determine in the case of any such right other than one related
to an ISO, the Fair Market Value of one share at any time during a specified period before or after the date of exercise), over (B) the grant price of the SAR as determined by the Committee as of the date of grant of the SAR, which shall be not
less than 100% of the Fair Market Value of one share of Stock on the date of grant. 
 (ii) Other Terms. The Committee
shall determine the time or times at which an SAR may be exercised in whole or in part, the method of exercise, method of settlement, form of consideration payable in settlement, method by which Stock will be delivered or deemed to be delivered to
Participants, whether or not an SAR shall be in tandem with any other Award, and any other terms and conditions of any SAR. “Limited SARs” that may only be exercised upon the occurrence of a Change in Control may be granted on such terms,
not inconsistent with this Section 6(c), as the Committee may determine. Limited SARs may be either freestanding or in tandem with other Awards. 

  
 -8- 

 (d) Restricted Stock. The Committee is authorized to grant Stock that is subject to
restrictions based on continued employment or service on the following terms and conditions (“Restricted Stock”): 

(i) Grant and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other
restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, or otherwise, as the Committee may determine. Except to the extent restricted
under the terms of the Plan and any Award Agreement relating to the Restricted Stock, a Participant granted Restricted Stock shall have all of the rights of a stockholder, including, without limitation, the right to vote Restricted Stock or the
right to receive dividends thereon. 
 (ii) Forfeiture. Except as otherwise determined by the Committee, upon
termination of employment or service (as determined under criteria established by the Committee) during the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall be forfeited and reacquired by the
Company; provided, however, that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or
in part in the event of termination resulting from specified causes. 
 (iii) Certificates for Stock. Restricted Stock
granted under the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Stock are registered in the name of the Participant, such certificates may bear an appropriate legend referring to the
terms, conditions, and restrictions applicable to such Restricted Stock, and the Company may retain physical possession of the certificate, in which case the Participant shall be required to have delivered a stock power to the Company, endorsed in
blank, relating to the Restricted Stock. 
 (iv) Dividends. Dividends paid on Restricted Stock shall be either paid at
the dividend payment date in cash or in shares of unrestricted Stock having a Fair Market Value equal to the amount of such dividends, or the payment of such dividends shall be deferred and/or the amount or value thereof automatically reinvested in
additional Restricted Stock, other Awards, or other investment vehicles, as the Committee shall determine or permit the Participant to elect. Stock distributed in connection with a Stock split or Stock dividend, and other property distributed as a
dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed, unless otherwise determined by the Committee. 

(e) Deferred Stock. The Committee is authorized to grant units representing the right to receive Stock at a future date subject
to the following terms and conditions (“Deferred Stock”): 

  
 -9- 

 (i) Award and Restrictions. Delivery of Stock shall occur upon expiration
of the deferral period specified for an Award of Deferred Stock by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Deferred Stock shall be subject to such restrictions as the Committee may impose, if
any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times, separately or in combination, in installments or otherwise, as the Committee may determine. 

(ii) Forfeiture. Except as otherwise determined by the Committee, upon termination of employment or service (as
determined under criteria established by the Committee) during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the Deferred Stock), all Deferred Stock that is at
that time subject to such forfeiture conditions shall be forfeited; provided, however, that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture
conditions relating to Deferred Stock will be waived in whole or in part in the event of termination resulting from specified causes. 

(f) Bonus Stock and Awards in Lieu of Cash Obligations. The Committee is authorized to grant Stock as a bonus, or to grant Stock
or other Awards in lieu of Company obligations to pay cash under other plans or compensatory arrangements. 
 (g) Dividend
Equivalents. The Committee is authorized to grant awards entitling the Participant to receive cash, Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock (“Dividend
Equivalents”). Dividend Equivalents may be awarded on a free-standing basis or in connection with any other Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been
reinvested in additional Stock, Awards or other investment vehicles, and be subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify. Dividend Equivalents may be paid, distributed or accrued in connection
with any Award, whether or not vested. 
 (h) Other Stock-Based Awards. The Committee is authorized, subject to
limitations under applicable law and regulation, to grant such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock and factors that may influence the value of
Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with
value and payment contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the book value of Stock or the value of securities of or the performance of specified Subsidiaries
(“Other Stock-Based Awards”). An award granted under the Newmark Holdings, L.P. Participation Plan that involves a limited partnership interest in Newmark Holdings, L.P. that is exchangeable for or otherwise represents a right to
acquire Stock in accordance with Section 4.5 of that plan shall also constitute an Other Stock-Based Award within the meaning of this Section 6(h). In addition, Awards granted to provide shares of Stock issuable upon the exchange of
exchangeable compensatory Newmark Holdings, L.P. founding partner interests shall constitute Other Stock-Based Awards within the meaning of this Section 6(h). The Committee shall determine the terms 

  
 -10- 

 
and conditions of Other Stock-Based Awards. Stock issued pursuant to such an Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such
consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash, Stock, other Awards, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to any other Award
under the Plan, may be granted pursuant to this Section 6(h). 
 7. Certain Provisions Applicable to Awards. 

(a) Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under the Plan may, as determined by the Committee, be
granted either alone or in addition to, in tandem with or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Company, its Parent or Subsidiaries or any business entity to be acquired by the
Company or a Subsidiary, or any other right of a Participant to receive payment from the Company, its Parent or Subsidiaries. Awards granted in addition to or in tandem with other Awards, awards or rights may be granted either as of the same time as
or a different time from the grant of such other Awards, awards or rights. 
 (b) Term of Awards. The term of each Award
shall be for such period as may be determined by the Committee; provided, however, that in no event shall the term of any ISO or SAR granted in tandem therewith exceed a period of ten years from the date of its grant (or such shorter period as may
be applicable under Section 422 of the Code). 
 (c) Form of Payment Under Awards. Subject to the terms of the Plan
and any applicable Award Agreement, payments to be made by the Company, its Parent or Subsidiaries upon the grant, exercise or settlement of an Award may be made in such forms as the Committee shall determine, including, without limitation, cash,
Stock, other Awards or other property, and may be made in a single payment or transfer, in installments or on a deferred basis. Such payments may include, without limitation, provisions for the payment or crediting of reasonable interest on
installment or deferred payments or the grant or crediting of Dividend Equivalents in respect of installment or deferred payments denominated in Stock. 

(d) Loans in Connection with an Award. The Company may not, in connection with any Award, extend, maintain, renew, guarantee or
arrange for credit in the form of a personal loan to any Participant who is a director or executive officer of the Company (within the meaning of the Exchange Act); provided, however, that, with the consent of the Committee, and subject at all times
to, and only to the extent, if any, permitted under applicable law and regulation and other binding obligations or provisions applicable to the Company, the Company may extend, maintain, renew, guarantee or arrange for credit in the form of a
personal loan to a Participant who is not such a director or executive officer in connection with any Award, including the payment by such Participant of any or all federal, state or local income or other taxes due in connection with any Award.
Subject to such limitations, the Committee shall have full authority to decide whether to make a loan hereunder and to determine the amount, terms and provisions of any such loan, including, without limitation, the interest rate to be charged in
respect of any such loan, whether the loan is to be with or without recourse against the borrower, the terms on which the loan is to be repaid and the conditions, if any, under which the loan may be forgiven. 

  
 -11- 

 (e) Performance-Based Awards. 

(i) Setting of Performance Objectives. The Committee may designate any Award, the grant, exercisability or
settlement of which is subject to the achievement of performance conditions, as a performance-based Award subject to this Section 7(e), in order to qualify such Award as “qualified performance-based compensation” within the meaning of
Section 162(m) of the Code. The performance objectives for an Award subject to this Section 7(e) shall consist of one or more business criteria and a targeted level or levels of performance with respect to such criteria, as specified by
the Committee but subject to this Section 7(e). Performance objectives shall be objective and shall otherwise meet the requirements of Section 162(m)(4)(C) of the Code. Business criteria used by the Committee in establishing performance
objectives for Awards subject to this Section 7(e) shall be based exclusively on one or more of the following corporate-wide or subsidiary, division or operating unit financial and strategic measures: 

(i) pre-tax or after-tax net income, 

(ii) pre-tax or after-tax operating income, 

(iii) gross revenue, 

(iv) profit margin, 

(v) stock price, dividends and/or total stockholder return, 

(vi) cash flow(s), 

(vii) market share, 

(viii) pre-tax or after-tax earnings per share, 

(ix) pre-tax or after-tax operating earnings per share, 

(x) expenses, 

(xi) return on equity, or 

(xii) strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market penetration,
or geographic business expansion goals, cost targets, and goals relating to acquisitions or divestitures, or any combination thereof (in each case before or after such objective income and expense allocations or adjustments as the Committee may
specify within the applicable period). 

  
 -12- 

 The levels of performance required with respect to such business criteria may be
expressed on an absolute and/or relative basis, may be based on or otherwise employ comparisons based on current internal targets, the past performance of the Company (including the performance of one or more subsidiaries, divisions and/or operating
units) and/or the past or current performance of other companies, and in the case of earnings-based measures, may use or employ comparisons relating to capital (including, without limitation, the cost of capital), stockholders’ equity and/or
shares outstanding, or to assets or net assets. Performance objectives may differ for such Awards to different Participants. The Committee shall specify the weighting to be given to each performance objective for purposes of determining the final
amount payable with respect to any such Award. The Committee may, in its discretion, reduce the amount of a payout otherwise to be made in connection with an Award subject to this Section 7(e), but may not exercise discretion to increase such
amount, and the Committee may consider other performance criteria in exercising such discretion. 
 The Committee may not
delegate any responsibility with respect to an Award subject to this Section 7(e). 
 (ii) Impact of
Extraordinary Items or Changes in Accounting. To the extent applicable, the measures used in setting performance objectives for any given performance period shall be determined in accordance with generally accepted accounting principles
(“GAAP”) in a manner consistent with the methods used in the Company’s audited financial statements, without regard to (i) extraordinary items as determined by the Company’s independent registered public accounting
firm in accordance with GAAP, (ii) changes in accounting, unless, in each case, the Committee decides otherwise within the period described in Treas. Reg. Sec. 1.162-27(e)(2) (as may be amended from time to time) for a given performance period,
or (iii) non-recurring acquisition expenses and restructuring charges. Notwithstanding the foregoing, in calculating operating earnings or operating income (including on a per share basis), the Committee may, within the period described in
Treas. Reg. Sec. 1.162-27(e)(2) (as may be amended from time to time) for a given performance period, provide that such calculation shall be made on the same basis as reflected in a release of the Company’s earnings for a previously completed
period as specified by the Committee. 
 (f) Acceleration Upon a Change of Control. Notwithstanding anything contained
herein to the contrary, except as set forth in an Award Agreement, all conditions and/or restrictions relating to the continued performance of services and/or the achievement of performance objectives with respect to the exercisability or full
enjoyment of an Award shall accelerate or otherwise lapse immediately prior to a Change in Control. 
 8. General
Provisions. 
 (a) Issuance of Stock; Compliance with Laws and Obligations. The Company shall not be obligated to
issue or deliver Stock in connection with any Award or take any other action under the Plan in a transaction subject to the requirements of any applicable federal or state securities law, any requirement under any listing agreement between the
Company and any national securities exchange or any other law, regulation or contractual obligation of the  

  
 -13- 

 
Company until the Company is satisfied that such laws, requirements, regulations, and other obligations of the Company have been complied with in full. Certificates representing shares of Stock
issued under the Plan will be subject to such stop-transfer orders and other restrictions as may be applicable under such laws, requirements, regulations and other obligations of the Company, including any requirement that a legend or legends be
placed thereon. 
 (b) Limitations on Transferability. Awards and other rights under the Plan shall not be transferable by a
Participant except by will or the laws of descent and distribution or to a Beneficiary in the event of the Participant’s death, shall not be pledged, mortgaged, hypothecated or otherwise encumbered, or otherwise subject to the claims of
creditors, and, in the case of ISOs and SARs in tandem therewith, shall be exercisable during the lifetime of a Participant only by such Participant or his guardian or legal representative; provided, however, that such Awards and other rights (other
than ISOs and SARs in tandem therewith) may be transferred to one or more transferees during the lifetime of the Participant to the extent and on such terms and conditions as then may be permitted by the Committee. A Beneficiary, transferee, or
other person claiming any rights under the Plan from or through any Participant shall be subject to all of the terms and conditions of the Plan and any Award Agreement applicable to such Participant, except as otherwise determined by the Committee,
and to any additional terms and conditions determined by the Committee, whether imposed at or subsequent to the grant or transfer of the Award. 

(c) No Right to Continued Employment or Service. Neither the Plan nor any action taken hereunder shall be construed as giving any
employee, director or other person the right to be retained in the employ or service of the Company, its Parent or any Subsidiary, nor shall it interfere in any way with the right of the Company, its Parent or any Subsidiary to terminate any
employee’s employment or other person’s service at any time or with the right of the Board or stockholders to remove any director. Unless otherwise specified in the applicable Award Agreement, (i) an approved leave of absence shall
not be considered a termination of employment or service for purposes of an Award, and (ii) any Participant who is employed by or performs services for a Parent or a Subsidiary shall be considered to have terminated employment or service for
purposes of an Award if such Parent or Subsidiary no longer qualifies as a Parent or Subsidiary, unless such Participant remains employed by the Company, a Parent, or a Subsidiary. 

(d) Taxes. The Company, its Parent and Subsidiaries are authorized to withhold from any delivery of Stock in connection with an
Award, any other payment relating to an Award or any payroll or other payment to a Participant amounts of withholding and other taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as
the Committee may deem necessary or advisable to enable the Company, its Parent and Subsidiaries and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall
include authority to withhold or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations. 

(e) Changes to the Plan and Awards. The Board may amend, alter, suspend, discontinue or terminate the Plan or the
Committee’s authority to grant Awards under the Plan without the consent of stockholders or Participants, except that any such action shall be subject  

  
 -14- 

 
to the approval of the Company’s stockholders at or before the next annual meeting of stockholders for which the record date is after such Board action if such stockholder approval is
required by any federal or state law or regulation or the applicable rules of any stock exchange, and the Board may otherwise determine to submit other such changes to the Plan to stockholders for approval; provided, however, that, without the
consent of an affected Participant, no such action may materially impair the rights of such Participant under any Award theretofore granted to him or her (as such rights are set forth in the Plan and the Award Agreement). The Committee may waive any
conditions or rights under, or amend, alter, suspend, discontinue, or terminate, any Award theretofore granted and any Award Agreement relating thereto; provided, however, that, without the consent of an affected Participant, no such action may
materially impair the rights of such Participant under such Award (as such rights are set forth in the Plan and the Award Agreement). Notwithstanding the foregoing, the Board or the Committee may take any action, including, without limitation,
actions affecting or terminating outstanding Awards if and to the extent permitted by the Plan or applicable Award Agreement. The Board or the Committee shall also have the authority to establish separate sub-plans under the Plan with respect to
Participants resident in a particular jurisdiction (the terms of which shall not be inconsistent with those of the Plan) if necessary or advisable to comply with applicable law or regulation of such jurisdiction. 

(f) No Rights to Awards; No Stockholder Rights. No person shall have any claim to be granted any Award under the Plan, and there
is no obligation for uniformity of treatment of Participants. No Award shall confer on any Participant any of the rights of a stockholder of the Company unless and until Stock is duly issued or transferred and delivered to the Participant in
accordance with the terms of the Award or, in the case of an Option, the Option is duly exercised. 
 (g) Unfunded Status of
Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan
or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company; provided, however, that the Committee may authorize the creation of trusts or make other arrangements to meet the
Company’s obligations under the Plan to deliver cash, Stock, other Awards, or other property pursuant to any Award, which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee
otherwise determines with the consent of each affected Participant. 
 (h) Non-exclusivity of the Plan. Neither the
adoption of the Plan by the Board nor any submission of the Plan or amendments thereto to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or the Committee to adopt such other
compensatory arrangements as it may deem necessary or advisable, including, without limitation, the granting of stock options otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

 (i) No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award.
The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 

  
 -15- 

 (j) Compliance with Law and Regulation. It is the intent of the Company that
employee Options, SARs and other Awards designated as Awards subject to Section 7(e) shall constitute “qualified performance-based compensation” within the meaning of Section 162(m) of the Code. Accordingly, if any provision of
the Plan or any Award Agreement relating to an Award intended by the Company to be “qualified performance-based compensation” does not comply or is inconsistent with the requirements of Section 162(m) of the Code, such provision shall
be construed or deemed amended to the extent necessary to conform to such requirements, and no provision shall be deemed to confer upon the Committee or any other person discretion to increase the amount of compensation otherwise payable in
connection with any such Award upon attainment of the performance objectives. With respect to persons subject to Section 16 of the Exchange Act, it is the intent of the Company that the Plan and all transactions under the Plan comply with
applicable provisions of Rule 16b-3. In addition, it is the intent of the Company that ISOs comply with applicable provisions of Section 422 of the Code, and that, to the extent applicable, Awards comply with the requirements of Sections 409A
and 280G of the Code or an exception from such requirements. The Committee may revoke any Award if it is contrary to law or regulation or modify an Award to bring it into compliance with any applicable law or regulation. 

(k) Governing Law. The validity, construction and effect of the Plan, any rules and regulations relating to the Plan and any
Award Agreement shall be determined in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of laws, and applicable federal law. 

(l) Plan Effective Date. The Plan shall be effective as of the date it is adopted by the Board (the “Effective
Date”); provided that it has been approved or is thereafter approved by the stockholders of the Company in accordance with all applicable laws, regulations, and rules and listing standards of the applicable stock exchange. 

(m) Plan Termination. The Plan shall continue in effect until terminated by the Board. 

  
 -16-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}]]