Document:

Exhibit 10.1

 

YIRENDAI
Ltd.

 

2017 SHARE INCENTIVE PLAN

 

Article
1

 

PURPOSE

 

The purpose of this 2017
Share Incentive Plan (the “Plan”) is to promote the success and enhance the value of Yirendai Ltd., a company
formed under the laws of the Cayman Islands (the “Company”), by linking the personal interests of the Directors,
Employees, and Consultants to those of the Company’s shareholders and by providing such individuals with an incentive for
outstanding performance to generate superior returns to the Company’s shareholders. The Plan is further intended to provide
flexibility to the Company in its ability to motivate, attract, and retain the services of Directors, Employees, and Consultants
upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent.

 

Article
2

 

DEFINITIONS
AND CONSTRUCTION

 

Wherever the following
terms are used in the Plan, they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular
pronoun shall include the plural where the context so indicates.

 

2.1           “Applicable
Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate,
securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national
market system, of any jurisdiction applicable to Awards granted to residents therein. 

 

2.2           “Applicable
Accounting Standards” shall mean Generally Accepted Accounting Principles in the United States, International Financial
Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under
United States federal securities laws from time to time.

 

2.3           “Award”
means an Option, Restricted Share or Restricted Share Unit award granted to a Participant pursuant to the Plan or any other equity
incentive award granted to a Participant by the Company pursuant to the authorizations of the Committee.

 

2.4           “Award
Agreement” means any written agreement, contract, or other instrument or document evidencing the grant of an Award entered
into by and between the Company and a Participant and any amendment thereto, including through electronic medium.

 

2.5           “Board”
means the Board of Directors of the Company.

 

2.6           “Cause”
with respect to a Participant means (unless otherwise expressly provided in the applicable Award Agreement, or another applicable
contract with the Participant that defines such term for purposes of determining the effect that a “for cause” termination
has on the Participant’s Awards) a termination of employment or service based upon a finding by the Service Recipient, acting
in good faith and based on its reasonable belief at the time, that the Participant:

 

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(a)          has
been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties
or is incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties;

 

(b)          has
been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized
disclosure or use of inside information, customer lists, trade secrets or other confidential information;

 

(c)          has
breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Service
Recipient; or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations
or similar offenses);

 

(d)          has
materially breached any of the provisions of any agreement with the Service Recipient;

 

(e)          has
engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets
of, the Service Recipient; or

 

(f)          has
improperly induced a vendor or customer to break or terminate any contract with the Service Recipient or induced a principal for
whom the Service Recipient acts as agent to terminate such agency relationship.

 

A termination for Cause shall
be deemed to occur (subject to reinstatement upon a contrary final determination by the Committee) on the date on which the Service
Recipient first delivers written notice to the Participant of a finding of termination for Cause.

 

2.7           “Code”
means the Internal Revenue Code of 1986 of the United States, as amended.

 

2.8           “Committee”
means the Board or a committee of the Board described in Article 10.

 

2.9           “Consultant”
means any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services
rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction
and do not directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser
is a natural person who has contracted directly with the Service Recipient to render such services.

 

2.10         “Corporate
Transaction”, unless otherwise defined in an Award Agreement, means any of the following transactions, provided, however,
that the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination shall be
final, binding and conclusive:

 

(a)          an
amalgamation, arrangement or consolidation or scheme of arrangement (i) in which the Company is not the surviving entity, except
for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or (ii) following
which the holders of the voting securities of the Company do not continue to hold more than 50% of the combined voting power of
the voting securities of the surviving entity;

 

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(b)          the
sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

(c)          the
complete liquidation or dissolution of the Company;

 

(d)          any
reverse takeover or series of related transactions culminating in a reverse takeover (including, but not limited to, a tender offer
followed by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s equity securities outstanding
immediately prior to such takeover are converted or exchanged by virtue of the takeover into other property, whether in the form
of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined
voting power of the Company’s outstanding securities are transferred to a person or persons different from those who held
such securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such
transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction; or

 

(e)          acquisition
in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored
employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing
more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any
such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction.

 

2.11         “Director”
means a member of the Board or a member of the board of directors of any Parent, Subsidiary or Related Entity of the Company.

 

2.12         “Disability”
unless otherwise defined in an Award Agreement, means that the Participant qualifies to receive long-term disability payments under
the Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant
provides services regardless of whether the Participant is covered by such policy. If the Service Recipient to which the Participant
provides service does not have a long-term disability plan in place, “Disability” means that a Participant is unable
to carry out the responsibilities and functions of the position held by the Participant by reason of any medically determinable
physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered
to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion.

 

2.13         “Effective
Date” shall have the meaning set forth in Section 11.1.

 

2.14         “Employee”
means any person, including an officer or a Director of any Group Entity, who is in the employment of a Service Recipient, subject
to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance.
The payment of a director’s fee by a Service Recipient shall not be sufficient to constitute “employment” by
the Service Recipient.

 

2.15         “Exchange
Act” means the Securities Exchange Act of 1934 of the United States, as amended.

 

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2.16         “Fair
Market Value” means, as of any date, the value of Shares determined as follows:

 

(a)          If
the Shares are listed on one or more established stock exchanges or national market systems, including without limitation, the
New York Stock Exchange and the Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such shares (or
the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed (as determined
by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable,
on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal or such
other source as the Committee deems reliable;

 

(b)          If
the Shares are regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities
dealer, its Fair Market Value shall be the closing sales price for such shares as quoted on such system or by such securities dealer
on the date of determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between
the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date,
on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Committee deems
reliable; or

 

(c)          In
the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof
shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private
placement of the Shares and the development of the Company’s business operations and the general economic and market conditions
since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company’s
business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares,
or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value and relevant.

 

2.17         “Group
Entity” means any of the Company and Parents, Subsidiaries and Related Entities of the Company.

 

2.18         “Incentive
Share Option” means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision
thereto.

 

2.19         “Independent
Director” means (i) before the Shares or other securities representing the Shares are listed on a stock exchange, a member
of the Board who is a Non-Employee Director; and (ii) after the Shares or other securities representing the Shares are listed on
a stock exchange, a member of the Board who meets the independence standards under the applicable corporate governance rules of
the stock exchange.

 

2.20         “Non-Employee
Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3)
of the Exchange Act, or any successor definition adopted by the Board.

 

2.21         “Non-Qualified
Share Option” means an Option that is not intended to be an Incentive Share Option.

 

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2.22         “Option”
means a right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified
price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option.

 

2.23         “Participant”
means a person who, as a member of the Board, Consultant or Employee, has been granted an Award pursuant to the Plan.

 

2.24         “Parent”
means a parent corporation under Section 424(e) of the Code.

 

2.25         “Plan”
means this 2017 Share Incentive Plan, as it may be amended from time to time.

 

2.26         “Related
Entity” means any business, corporation, partnership, limited liability company or other entity in which the Company,
a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly, or controls through contractual
arrangements and consolidates the financial results according to the Applicable Accounting Standards, but which is not a Subsidiary
and which the Board designates as a Related Entity for purposes of the Plan.

 

2.27         “Restricted
Share” means a Share awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be
subject to risk of forfeiture.

 

2.28         “Restricted
Share Unit” means the right granted to a Participant pursuant to Article 7 to receive a Share at a future date.

 

2.29         “Securities
Act” means the Securities Act of 1933 of the United States, as amended.

 

2.30         “Service
Recipient” means the Company, any Parent, Subsidiary or Related Entity of the Company to which a Participant provides
services as an Employee, a Consultant or a Director.

 

2.31         “Share”
means ordinary shares, par value US$0.0001 per share, of the Company, and such other securities of the Company that may be substituted
for Shares pursuant to Article 9.

 

2.32         “Subsidiary”
means any corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially owned
directly or indirectly by the Company.

 

2.33         “Trading
Date” means the closing of the first sale to the general public of the Shares pursuant to a registration statement filed
with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act.

 

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Article
3

 

SHARES
SUBJECT TO THE PLAN

 

3.1           Number
of Shares.

 

(a)          Subject
to the provisions of Article 9 and Section 3.1(b), the maximum aggregate number of Shares which may be issued pursuant to all Awards
(including Incentive Share Options) under the Plan shall be 6,060,900.

 

(b)          To
the extent that an Award terminates, expires, or lapses for any reason, then any Shares subject to the Award shall again be available
for the grant of an Award pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise
of any Award under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted
or awarded hereunder, subject to the limitations of Section 3.1(a). If any Awards are forfeited by the Participant or repurchased
by the Company, the Shares underlying such Awards may again be optioned, granted or awarded hereunder, subject to the limitations
of Section 3.1(a). To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding
awards of any entity acquired in any form of combination by a Group Entity shall not be counted against Shares available for grant
pursuant to the Plan. Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted or awarded
if such action would cause an Incentive Share Option to fail to qualify as an incentive stock option under Section 422 of the Code.

 

3.2           Shares
Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares,
treasury shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, in the discretion of the Committee,
American Depositary Shares in an amount equal to the number of Shares which otherwise would be distributed pursuant to an Award
may be distributed in lieu of Shares in settlement of any Award. If the number of Shares represented by an American Depositary
Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American
Depositary Shares in lieu of Shares.

 

Article
4

 

ELIGIBILITY
AND PARTICIPATION

 

4.1           Eligibility.
Persons eligible to participate in this Plan include Employees, Consultants, and all Directors, as determined by the Committee.

 

4.2           Participation.
Subject to the provisions of the Plan, the Committee may, from time to time, select from among all eligible individuals, those
to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to
be granted an Award pursuant to this Plan.

 

4.3           Jurisdictions.
In order to assure the viability of Awards granted to Participants in various jurisdictions, the Committee may provide for such
special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable
in the jurisdiction in which the Participant resides or is employed. Moreover, the Committee may approve such supplements to, or
amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without
thereby affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements,
amendments, restatements, or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan. Notwithstanding
the foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable
Laws.

 

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Article
5

 

OPTIONS

 

5.1           General.
The Committee is authorized to grant Options to Participants on the following terms and conditions:

 

(a)          Exercise
Price. The exercise price per Share subject to an Option shall be determined by the Committee and set forth in the Award Agreement
which may be a fixed or variable price related to the Fair Market Value of the Shares. The exercise price per Share subject to
an Option may be amended or adjusted in the absolute discretion of the Committee, the determination of which shall be final, binding
and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws or any exchange rule, a downward adjustment
of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company’s
shareholders or the approval of the affected Participants.

 

(b)          Time
and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or
in part, including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed
ten years, except as provided in Section 12.1. The Committee shall also determine any conditions, if any, that must be satisfied
before all or part of an Option may be exercised.

 

(c)          Payment.
The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including,
without limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash
or check in Chinese Renminbi, (iii) cash or check denominated in any other local currency as approved by the Committee, (iv) Shares
held for such period of time as may be required by the Committee in order to avoid adverse financial accounting consequences and
having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof,
(v) after the Trading Date the delivery of a notice that the Participant has placed a market sell order with a broker with respect
to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net
proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds
is then made to the Company upon settlement of such sale, (vi) other property acceptable to the Committee with a Fair Market Value
equal to the exercise price, or (vii) any combination of the foregoing. Notwithstanding any other provision of the Plan to the
contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the meaning of
Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option in any method which would violate Section
13(k) of the Exchange Act.

 

(d)          Evidence
of Grant. All Options shall be evidenced by an Award Agreement between the Company and the Participant. The Award Agreement
shall include such additional provisions as may be specified by the Committee.

 

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(e)          Effects
of Termination of Employment or Service on Options. Termination of employment or service shall have the following effects on
Options granted to the Participants unless otherwise provided in the Award Agreement:

 

(i)          Dismissal
for Cause. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to the Service
Recipient is terminated by the Service Recipient for Cause, the Participant’s Options will terminate upon such termination,
whether or not the Option is then vested and/or exercisable;

 

(ii)         Death
or Disability. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to the Service
Recipient terminates as a result of the Participant’s death or Disability:

 

		(a)	the Participant (or his or her legal representative or
beneficiary, in the case of the Participant’s Disability or death, respectively), will have until the date that is 12 months
after the Participant’s termination of Employment to exercise the Participant’s Options (or portion thereof) to the
extent that such Options were vested and exercisable on the date of the Participant’s termination of Employment on account
of death or Disability;

 

		(b)	the Options, to the extent not vested and exercisable on
the date of the Participant’s termination of Employment or service, shall terminate upon the Participant’s termination
of Employment or service on account of death or Disability; and

 

		(c)	the Options, to the extent exercisable for the 12-month
period following the Participant’s termination of Employment or service and not exercised during such period, shall terminate
at the close of business on the last day of the 12-month period.

 

(iii)        Other
Terminations of Employment or Service. Unless otherwise provided in the Award Agreement, if a Participant’s employment
by or service to the Service Recipient terminates for any reason other than a termination by the Service Recipient for Cause or
because of the Participant’s death or Disability:

 

		(a)	the Participant will have until the date that is 90 days
after the Participant’s termination of Employment or service to exercise his or her Options (or portion thereof) to the
extent that such Options were vested and exercisable on the date of the Participant’s termination of Employment or service;

 

		(b)	the Options, to the extent not vested and exercisable on
the date of the Participant’s termination of Employment or service, shall terminate upon the Participant’s termination
of Employment or service; and

 

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		(c)	the Options, to the extent exercisable for the 90-day period
following the Participant’s termination of Employment or service and not exercised during such period, shall terminate at
the close of business on the last day of the 90-day period.

 

5.2           Incentive
Share Options. Incentive Share Options may be granted to Employees of the Company, a Parent or Subsidiary of the Company. Incentive
Share Options may not be granted to Employees of a Related Entity or to Independent Directors or Consultants. The terms of any
Incentive Share Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following
additional provisions of this Section 5.2:

 

(a)          Individual
Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect
to which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other
limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are
first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options.

 

(b)          Exercise
Price. The exercise price of an Incentive Share Option shall be equal to the Fair Market Value on the date of grant. However,
the exercise price of any Incentive Share Option granted to any individual who, at the date of grant, owns Shares possessing more
than ten percent of the total combined voting power of all classes of shares of the Company may not be less than 110% of Fair Market
Value on the date of grant and such Option may not be exercisable for more than five years from the date of grant.

 

(c)          Transfer
Restriction. The Participant shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive
Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of
such Shares to the Participant.

 

(d)          Expiration
of Incentive Share Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary
of the Effective Date.

 

(e)          Right
to Exercise. During a Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant.

 

Article
6

 

RESTRICTED
SHARES

 

6.1           Grant
of Restricted Shares. The Committee, at any time and from time to time, may grant Restricted Shares to Participants as the
Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted
Shares to be granted to each Participant.

 

6.2           Restricted
Shares Award Agreement. Each Award of Restricted Shares shall be evidenced by an Award Agreement that shall specify the period
of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion,
shall determine. Unless the Committee determines otherwise, Restricted Shares shall be held by the Company as escrow agent until
the restrictions on such Restricted Shares have lapsed.

 

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6.3           Issuance
and Restrictions. Restricted Shares shall be subject to such restrictions on transferability and other restrictions as the
Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive
dividends on the Restricted Share). These restrictions may lapse separately or in combination at such times, pursuant to such circumstances,
in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter.

 

6.4           Forfeiture/Repurchase.
Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment
or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited
or repurchased in accordance with the Award Agreement; provided, however, the Committee may (a) provide in any Restricted
Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in
whole or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part
restrictions or forfeiture and repurchase conditions relating to Restricted Shares.

 

6.5           Certificates
for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Committee shall
determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear
an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company
may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse.

 

6.6           Removal
of Restrictions. Except as otherwise provided in this Article 6, Restricted Shares granted under the Plan shall be released
from escrow as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate
the time at which any restrictions shall lapse or be removed. After the restrictions have lapsed, the Participant shall be entitled
to have any legend or legends under Section 6.5 removed from his or her Share certificate, and the Shares shall be freely transferable
by the Participant, subject to applicable legal restrictions. The Committee (in its discretion) may establish procedures regarding
the release of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens on
the Company.

 

Article
7

 

RESTRICTED
SHARE UNITS

 

7.1           Grant
of Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted Share Units to Participants
as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of
Restricted Share Units to be granted to each Participant.

 

7.2           Restricted
Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award Agreement that shall specify
any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in
its sole discretion, shall determine.

 

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7.3           Performance
Objectives and Other Terms. The Committee, in its discretion, may set performance objectives or other vesting criteria which,
depending on the extent to which they are met, will determine the number or value of Restricted Share Units that will be paid out
to the Participants.

 

7.4           Form
and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the date or dates on which
the Restricted Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may
pay Restricted Share Units in the form of cash, in Shares or in a combination thereof.

 

7.5           Forfeiture/Repurchase.
Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment
or service during the applicable restriction period, Restricted Share Units that are at that time unvested shall be forfeited or
repurchased in accordance with the Award Agreement; provided, however, the Committee may (a) provide in any Restricted Share
Unit Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived
in whole or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part
restrictions or forfeiture and repurchase conditions relating to Restricted Share Units.

 

Article
8

 

PROVISIONS
APPLICABLE TO AWARDS

 

8.1           Award
Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations
for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment
or service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind
an Award.

 

8.2           No
Transferability; Limited Exception to Transfer Restrictions.

 

8.2.1       Limits
on Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 8.2, by Applicable Laws and by the Award
Agreement, as the same may be amended:

 

(a)          all
Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge,
encumbrance or charge;

 

(b)          Awards
will be exercised only by the Participant; and

 

(c)          amounts
payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and, in the case of Shares,
registered in the name of, the Participant.

 

In addition, the shares shall
be subject to the restrictions set forth in the applicable Award Agreement.

 

8.2.2           Further
Exceptions to Limits on Transfer. The exercise and transfer restrictions in Section 8.2.1 will not apply to:

 

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(a)          transfers
to the Company or a Subsidiary;

 

(b)          transfers
by gift to “immediate family” as that term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act;

 

(c)          the
designation of a beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises
by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of
descent and distribution;

 

(d)          if
the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by the Participant’s
duly authorized legal representative; or

 

(e)          subject
to the prior approval of the Committee or an executive officer or director of the Company authorized by the Committee, transfer
to one or more natural persons who are the Participant’s family members or entities owned and controlled by the Participant
and/or the Participant’s family members, including but not limited to trusts or other entities whose beneficiaries or beneficial
owners are the Participant and/or the Participant’s family members, or to such other persons or entities as may be expressly
approved by the Committee, pursuant to such conditions and procedures as the Committee or may establish. Any permitted transfer
shall be subject to the condition that the Committee receives evidence satisfactory to it that the transfer is being made for estate
and/or tax planning purposes and on a basis consistent with the Company’s lawful issue of securities.

 

Notwithstanding anything
else in this Section 8.2.2 to the contrary, but subject to compliance with all Applicable Laws, Incentive Share Options, Restricted
Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards
or necessary to maintain the intended tax consequences of such Awards. Notwithstanding clause (b) above but subject to compliance
with all Applicable Laws, any contemplated transfer by gift to “immediate family” as referenced in clause (b) above
is subject to the condition precedent that the transfer be approved by the Administrator in order for it to be effective.

 

8.3           Beneficiaries.
Notwithstanding Section 8.2, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise
the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary,
legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions
of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise
provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and
resides in a community property state, a designation of a person other than the Participant’s spouse as his or her beneficiary
with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written
consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant, payment shall be
made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to
the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation
is filed with the Committee.

 

    	 	12	 

     

    

 

8.4           Share
Certificates. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates
evidencing the Shares pursuant to the exercise of any Award, unless and until the Committee has determined, with advice of counsel,
that the issuance and delivery of such certificates is in compliance with all Applicable Laws. All Share certificates delivered
pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable
to comply with all Applicable Laws. The Committee may place legends on any Share certificate to reference restrictions applicable
to the Shares. In addition to the terms and conditions provided herein, the Committee may require that a Participant make such
reasonable covenants, agreements, and representations as the Committee, in its discretion, deems advisable in order to comply with
any such Applicable Laws. The Committee shall have the right to require any Participant to comply with any timing or other restrictions
with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion
of the Committee.

 

8.5           Paperless
Administration. Subject to Applicable Laws, the Committee may make Awards, provide applicable disclosure and procedures for
exercise of Awards by an internet website or interactive voice response system for the paperless administration of Awards.

 

8.6           Stand-Alone
and Tandem Awards. Awards granted pursuant to the Plan may, in the discretion of the Committee, be granted either alone, in
addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other
Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

 

8.7           Foreign
Currency. A Participant may be required to provide evidence that any currency used to pay the exercise price of any Award was
acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign
exchange control laws and regulations. In the event the exercise price for an Award is paid in Chinese Renminbi or other foreign
currency, as permitted by the Committee, the amount payable will be determined by conversion from U.S. dollars at the official
rate promulgated by the People’s Bank of China for Chinese Renminbi, or for jurisdictions other than the People’s Republic
of China, the exchange rate as selected by the Committee on the date of exercise.

 

Article
9

 

changes
in capital structure

 

9.1           Adjustments.
In the event of any dividend, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, spin-off,
recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change
affecting the shares of Shares or the share price of a Share, the Committee shall make such proportionate adjustments, if any,
as the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and type
of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b)
the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria
with respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan.

 

    	 	13	 

     

    

 

9.2           Corporate
Transactions. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and
between the Company and a Participant, if the Committee anticipates the occurrence, or upon the occurrence, of a Corporate Transaction,
the Committee may, in its sole discretion, provide for (i) any and all Awards outstanding hereunder to terminate at a specific
time in the future and shall give each Participant the right to exercise the vested portion of such Awards during a period of time
as the Committee shall determine, or (ii) the purchase of any Award for an amount of cash equal to the amount that could have been
attained upon the exercise of such Award (and, for the avoidance of doubt, if as of such date the Committee determines in good
faith that no amount would have been attained upon the exercise of such Award, then such Award may be terminated by the Company
without payment), or (iii) the replacement of such Award with other rights or property selected by the Committee in its sole discretion
or the assumption of or substitution of such Award by the successor or surviving corporation, or a Parent or Subsidiary thereof,
with appropriate adjustments as to the number and kind of Shares and prices, or (iv) payment of Award in cash based on the value
of Shares on the date of the Corporate Transaction plus reasonable interest on the Award through the date when such Award would
otherwise be vested or have been paid in accordance with its original terms, if necessary to comply with Section 409A of the Code.

 

9.3           Outstanding
Awards – Other Changes. In the event of any other change in the capitalization of the Company or corporate change other
than those specifically referred to in this Article 9, the Committee may, in its absolute discretion, make such adjustments
in the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant
or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights.

 

9.4           No
Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or
consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class
or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided
in the Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of shares of any class, or securities
convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number
of shares subject to an Award or the grant or exercise price of any Award.

 

Article
10

 

ADMINISTRATION

 

10.1         Committee.
The Plan shall be administered by the Board or a committee of one or more members of the Board to whom the Board shall delegate
the authority to grant or amend Awards to Participants other than any of the Committee members. Any grant or amendment of Awards
to any Committee member shall then require an affirmative vote of a majority of the Board members who are not on the Committee.

 

    	 	14	 

     

    

 

10.2         Action
by the Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of the members of the Committee
present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting,
shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report
or other information furnished to that member by any officer or other employee of a Group Entity, the Company’s independent
certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist
in the administration of the Plan.

 

10.3         Authority
of the Committee. Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion
to:

 

(a)          designate
Participants to receive Awards;

 

(b)          determine
the type or types of Awards to be granted to each Participant;

 

(c)          determine
the number of Awards to be granted and the number of Shares to which an Award will relate;

 

(d)          determine
the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price,
or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions
on the exercisability of an Award, and accelerations or waivers thereof, any provisions related to non-competition and recapture
of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines;

 

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

 

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

 

(g)          decide
all other matters that must be determined in connection with an Award;

 

(h)          establish,
adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;

 

(i)          interpret
the terms of, and any matter arising pursuant to, the Plan or any Award Agreement;

 

(j)          reduce
the exercise price per Share underlying an Option; and

 

(k)          make
all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable
to administer the Plan.

 

10.4         Decisions
Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and
all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties.

 

    	 	15	 

     

    

 

Article
11

 

EFFECTIVE
AND EXPIRATION DATE

 

11.1         Effective
Date. This Plan shall become effective on the date of its adoption by the Board (the “Effective Date”).

 

11.2         Expiration
Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after the tenth anniversary of the Effective
Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms
of the Plan and the applicable Award Agreement.

 

Article
12

 

AMENDMENT,
MODIFICATION, AND TERMINATION

 

12.1         Amendment,
Modification, And Termination. With the approval of the Board, at any time and from time to time, the Committee may terminate,
amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable Laws
or stock exchange rules, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree
as required, unless the Company decides to follow home country practice, and (b) unless the Company decides to follow home country
practice, shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under
the Plan (other than any adjustment as provided by Article 9), or (ii) permits the Committee to extend the term of the Plan or
the exercise period for an Option beyond ten years from the date of grant.

 

12.2         Awards
Previously Granted. Except with respect to amendments made pursuant to Section 12.1, no termination, amendment, or modification
of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written
consent of the Participant.

 

Article
13

 

GENERAL
PROVISIONS

 

13.1         No
Rights to Awards. No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan,
and neither the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly.

 

13.2         No
Shareholders Rights. No Award gives the Participant any of the rights of a Shareholder of the Company unless and until Shares
are in fact issued to such person in connection with such Award.

 

    	 	16	 

     

    

 

13.3         Taxes.
No Shares shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the Committee
for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The relevant Group Entity
shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by Applicable
Laws to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee
may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold
Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required
to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the
issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such
Shares were acquired by the Participant from the Company) in order to satisfy any income and payroll tax liabilities applicable
to the Participant with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved
by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase equal
to the aggregate amount of such liabilities based on the minimum statutory withholding rates for the applicable income and payroll
tax purposes that are applicable to such supplemental taxable income.

 

13.4         No
Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right
of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant
any right to continue in the employment or services of any Service Recipient.

 

13.5         Unfunded
Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any
payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the
Participant any rights that are greater than those of a general creditor of the relevant Group Entity.

 

13.6         Indemnification.
To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the Board shall be indemnified and held
harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member
in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or
she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid
by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided he or she gives
the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend
it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as
a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

 

13.7         Relationship
to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any
pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of any Group Entity except to the
extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

 

13.8         Expenses.
The expenses of administering the Plan shall be borne by the Group Entities.

 

13.9         Titles
and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of
any conflict, the text of the Plan, rather than such titles or headings, shall control.

 

    	 	17	 

     

    

 

13.10         Fractional
Shares. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given
in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate.

 

13.11         Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan, and any Award granted or awarded
to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth
in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act)
that are requirements for the application of such exemptive rule. To the extent permitted by the Applicable Laws, the Plan and
Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

13.12         Government
and Other Regulations. The obligation of the Company to make payment of awards in Shares or otherwise shall be subject to all
Applicable Laws, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register
any of the Shares paid pursuant to the Plan under the Securities Act or any other similar law in any applicable jurisdiction. If
the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or
other Applicable Laws, the Company may restrict the transfer of such Shares in such manner as it deems advisable to ensure the
availability of any such exemption.

 

13.13         Governing
Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands.

 

13.14         Section
409A. To the extent that the Committee determines that any Award granted under the Plan is or may become subject to Section
409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A
of the Code. To the extent applicable, the Plan and the Award Agreements shall be interpreted in accordance with Section 409A of
the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without
limitation any such regulation or other guidance that may be issued after the Effective Date. Notwithstanding any provision of
the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject
to Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may
be issued after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award agreement or
adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other
actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or
preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of
Section 409A of the Code and related U.S. Department of Treasury guidance.

 

13.15         Appendices.
With the approval of the Board, the Committee may approve such supplements, amendments or appendices to the Plan as it may consider
necessary or appropriate for purposes of compliance with Applicable Laws or otherwise and such supplements, amendments or appendices
shall be considered a part of the Plan; provided, however, that no such supplements shall increase the share limitation contained
in Section 3.1 of the Plan.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	18EX-10.1

 Exhibit 10.1 

CF REAL ESTATE FINANCE HOLDINGS, L.P. 

AMENDED AND RESTATED 

AGREEMENT 
 OF 

LIMITED PARTNERSHIP 
 THE EQUITY
INTERESTS IN THE PARTNERSHIP ISSUED PURSUANT TO THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE
OR OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS THEY ARE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION
IS AVAILABLE. SUCH EQUITY INTERESTS ARE SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN THIS AGREEMENT. 

 TABLE OF CONTENTS 

 

									
	 	 	 	    	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
				
		 	Section 1.1	    	Definitions	  	 	1	 
		
	 ARTICLE II FORMATION OF LIMITED PARTNERSHIP
	  	 	10	 
				
		 	Section 2.1	    	Organization	  	 	10	 
		 	Section 2.2	    	Partnership Name	  	 	10	 
		 	Section 2.3	    	Purposes and Business	  	 	10	 
		 	Section 2.4	    	Principal Business Office, Registered Office and Registered Agent	  	 	10	 
		 	Section 2.5	    	Qualification in Other Jurisdictions	  	 	10	 
		 	Section 2.6	    	Powers	  	 	11	 
		
	 ARTICLE III BOOKS AND RECORDS, TAX ELECTIONS AND REPORTS
	  	 	11	 
				
		 	Section 3.1	    	Books and Accounts	  	 	11	 
		 	Section 3.2	    	Records Available	  	 	11	 
		 	Section 3.3	    	Financial Statements	  	 	11	 
		 	Section 3.4	    	Tax Information	  	 	12	 
		 	Section 3.5	    	Reliance on Accountants	  	 	12	 
		 	Section 3.6	    	Tax Matters Partner; Certain Expenses	  	 	12	 
		 	Section 3.7	    	Fiscal Year	  	 	13	 
		 	Section 3.8	    	Partnership Classification	  	 	13	 
		 	Section 3.9	    	Safe Harbor Election	  	 	13	 
		 	Section 3.10	    	Tax Acknowledgments	  	 	13	 
		 	Section 3.11	    	Partner Representations	  	 	13	 
		
	 ARTICLE IV PARTNERS; PARTNERSHIP INTERESTS
	  	 	14	 
				
		 	Section 4.1	    	Partners	  	 	14	 
		 	Section 4.2	    	Partnership Interests	  	 	14	 
		 	Section 4.3	    	Requirements for Admission as Limited Partner	  	 	15	 
		 	Section 4.4	    	Partner Withdrawal Rights	  	 	15	 
		
	 ARTICLE V CAPITAL ACCOUNTS AND ALLOCATIONS
	  	 	15	 
				
		 	Section 5.1	    	Capital Accounts	  	 	15	 
		 	Section 5.2	    	Allocation of Net Profits and Net Losses	  	 	16	 
		 	Section 5.3	    	Allocations in Respect of Section 704(c) Property	  	 	18	 
		 	Section 5.4	    	Minimum Gain Chargebacks and Non-Recourse Deductions	  	 	18	 
		 	Section 5.5	    	Qualified Income Offset	  	 	19	 
		 	Section 5.6	    	Reserved	  	 	19	 
		 	Section 5.7	    	Loss Limitation.	  	 	19	 
		 	Section 5.8	    	Code Section 704(b) Compliance	  	 	19	 
		 	Section 5.9	    	Corresponding Allocations of Taxable Income and Loss	  	 	19	 
		 	Section 5.10	    	Allocation Conventions	  	 	20	 
		
	 ARTICLE VI DISTRIBUTIONS
	  	 	20	 
				
		 	Section 6.1	    	Distributions	  	 	20	 

  
 i 

							
	 	 	 	    	 	  	Page
				
		 	Section 6.2	    	Distributions Upon an Extraordinary Transaction or Liquidation	  	20
		 	Section 6.3	    	Withholding and Other Tax Liabilities	  	21
		 	Section 6.4	    	Tax Distributions	  	21
		 	Section 6.5	    	Limitations on Distributions	  	22
		
	ARTICLE VII MANAGEMENT	  	22
				
		 	Section 7.1	    	Management by the General Partner	  	22
		 	Section 7.2	    	Role and Voting Rights of Limited Partners; Authority of Partners	  	22
		 	Section 7.3	    	Removal and Replacement of the General Partner	  	23
		 	Section 7.4	    	Expense Reimbursement	  	24
		 	Section 7.5	    	Affiliated Transactions	  	24
		
	ARTICLE VIII INDEMNIFICATION AND EXCULPATION	  	24
				
		 	Section 8.1	    	Exculpation	  	24
		 	Section 8.2	    	Indemnification	  	25
		 	Section 8.3	    	Insurance	  	26
		 	Section 8.4	    	Subrogation	  	26
		 	Section 8.5	    	No Duplication of Payments	  	26
		 	Section 8.6	    	Survival	  	27
		
	ARTICLE IX TRANSFERS OF EQUITY INTERESTS	  	27
				
		 	Section 9.1	    	Transfers of Equity Interests Generally Prohibited	  	27
		 	Section 9.2	    	Permitted Transfers	  	27
		 	Section 9.3	    	Admission as a Partner upon Transfer	  	28
		 	Section 9.4	    	Transfer of Units and Capital with the Transfer of an Interest	  	28
		 	Section 9.5	    	Redemption	  	28
		 	Section 9.6	    	Legend	  	29
		 	Section 9.7	    	Effect of Transfer Not in Compliance with this Article	  	30
		
	ARTICLE X LIMITED LIABILITY OF THE LIMITED PARTNERS	  	30
				
		 	Section 10.1	    	Limited Liability	  	30
		
	ARTICLE XI DURATION AND TERMINATION OF THE PARTNERSHIP	  	30
				
		 	Section 11.1	    	Duration	  	30
		 	Section 11.2	    	Bankruptcy of a Partner	  	30
		 	Section 11.3	    	Events of Dissolution; Termination of the Partnership	  	30
		
	ARTICLE XII LIQUIDATION OF THE PARTNERSHIP	  	31
				
		 	Section 12.1	    	General	  	31
		 	Section 12.2	    	Priority on Liquidation; Distributions	  	31
		 	Section 12.3	    	Source of Distributions	  	32
		 	Section 12.4	    	Statements on Termination	  	32
		 	Section 12.5	    	Deficit Restoration	  	32
		 	Section 12.6	    	Reconstitution	  	32
		
	ARTICLE XIII POWER OF ATTORNEY	  	32
				
		 	Section 13.1	    	General	  	32
		 	Section 13.2	    	Survival of Power of Attorney	  	33
		 	Section 13.3	    	Written Confirmation of Power of Attorney	  	33

  
 ii 

							
	 	 	 	    	 	  	Page
		
	ARTICLE XIV MISCELLANEOUS	  	33
				
		 	Section 14.1	    	Further Assurances	  	33
		 	Section 14.2	    	Successors and Assigns	  	33
		 	Section 14.3	    	Governing Law	  	33
		 	Section 14.4	    	Confidentiality	  	33
		 	Section 14.5	    	Severability	  	34
		 	Section 14.6	    	Counterparts	  	34
		 	Section 14.7	    	Entire Agreement	  	34
		 	Section 14.8	    	Amendment; Waiver	  	34
		 	Section 14.9	    	Construction	  	34
		 	Section 14.10	    	Force Majeure	  	34
		 	Section 14.11	    	Opportunity; Duties	  	35
		 	Section 14.12	    	Notices	  	36
		 	Section 14.13	    	No Right of Partition for Redemption	  	36
		 	Section 14.14	    	Third-Party Beneficiaries	  	36
		 	Section 14.15	    	Choice of Forum, Appointment of Agent and Consent to Service of Process	  	36
		 	Section 14.16	    	UCC Treatment of Units	  	37
		
	Schedules and Exhibits:	  	
				
		 	Schedule A	    	List of Partners	  	A-1

  
 iii 

 CF REAL ESTATE FINANCE HOLDINGS, L.P. 

AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP 

This AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (as further amended or restated from time to time, this
“Agreement”) of CF Real Estate Finance Holdings, L.P., a Delaware limited partnership (the “Partnership”), is entered into as of [●], 2017, by and among CF Real Estate Finance Holdings GP, LLC, a Delaware
limited liability company, as the general partner (the “General Partner”), those persons and entities listed on Schedule A hereto as limited partners (those limited partners listed on Schedule A hereto and those
limited partners subsequently admitted pursuant to the terms of this Agreement, together with their respective permitted successors and assigns, collectively, the “Limited Partners”). 

W I T N E S S E T H: 

WHEREAS, the Partnership was formed as a limited partnership under the Delaware Revised Uniform Limited Partnership Act (as in effect
from time to time, the “Act”) by the filing of a Certificate of Limited Partnership with the Office of the Secretary of State of the State of Delaware on July 10, 2017 (as it may be further amended or restated from time to
time, the “Certificate”); 
 WHEREAS, on July 10, 2017, the General Partner and Cantor Commercial Real Estate
Investor, L.P., a Delaware limited partnership, as a limited partner of the Partnership, entered into a Limited Partnership Agreement of the Partnership (the “Prior Agreement”); 

WHEREAS, on July 17, 2017, the Partnership, the General Partner, Cantor, BGC Partners and BGC Partners, L.P. entered into a Transaction
Agreement (the “Transaction Agreement”), pursuant to which (a) BGC Partners or its designated Subsidiary agreed to purchase and acquire from the Partnership newly issued Series A Units, with the rights and privileges as set
forth in this Agreement, in exchange for $100 million in cash, and (b) Cantor or its designated Subsidiary agreed to purchase and acquire from the Partnership newly issued Series B Units, with the rights and privileges as set forth in this
Agreement, in exchange for $266.67 million in cash or non-cash assets (collectively, the “Investment”); 

WHEREAS, upon execution of this Agreement, and concurrently with the Investment, the Partnership shall issue to Cantor or another
member of the Cantor Group 100% of the Special Voting Limited Partnership Interest, with the rights and privileges as set forth in this Agreement (the “Special Voting Limited Partnership Issuance”); and 

WHEREAS, the execution of this Agreement (which amends and restates the Prior Agreement in its entirety) shall effect the Investment
and the Special Voting Limited Partnership Issuance, and shall set forth the rights, privileges and obligations of the Partners in respect of the Partnership; 

NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained and intending to be legally bound
hereby, the Partners agree that the Prior Agreement shall be amended and restated in its entirety as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1    Definitions. Capitalized terms used in this Agreement shall have the meanings set forth or
referred to as follows: 

 “40 Act” means the Investment Company Act of 1940, as amended. 

“Act” has the meaning set forth in the recitals hereto. 

“Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s
Capital Account after giving effect to the following adjustments: (a) credit to such Capital Account (i) 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) any amounts such Partner is obligated to restore pursuant to any provision of this Agreement or under applicable
law, and (b) debit to such Capital Account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (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. 
 “Adjusted Taxable Income” means, with respect to each Partner for a Fiscal Year,
(a) the cumulative U.S. federal taxable income allocated to such Partner with respect to its Units for such Fiscal Year, less (b) any losses from prior Fiscal Years to the extent such prior losses are of a character that would permit such
losses to be deducted against the U.S. federal taxable income of such Partner for the current Fiscal Year and have not been previously taken into account pursuant to this clause (b). 

“Affiliate” means, with respect to any Person as of a particular time, any other Person that as of such time directly or
indirectly, through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, such first Person; provided that, for purposes of this Agreement, members of the BGC Partners Group and the Newmark Group shall
not be considered Affiliates of any of the members of the Cantor Group, and members of the Cantor Group shall not be considered Affiliates of any of the members of the BGC Partners Group or the Newmark Group. 

“Aggregate Investment Amount” means, as of any time, the sum of (a) the BGC Investment Amount as of such time and
(b) the CF Investment Amount as of such time. 
 “Agreement” has the meaning set forth in the Introduction
hereto. 
 “Applicable Tax Rate” means, with respect to each Partner for each Fiscal Year (or each Fiscal Quarter of a
Fiscal Year), the highest combined marginal statutory U.S. federal, state and local income, franchise and branch profit tax rate (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) applicable to such Partner on income of the same character and source as the income allocated to such Partner pursuant to Article V for such Fiscal Year
(or Fiscal Quarter), as determined by the General Partner in its discretion; provided, that in the case of a Partner that is a partnership, grantor trust, or other pass-through entity for U.S. federal income tax purposes, such 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 General 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 General Partner in its discretion to determine the tax rate of such member, grantor-owner or other beneficial owner. 

“Available Cash” means, with respect to any Distribution Period: 

  
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	 	(a)	the sum of: (i) all cash and cash equivalents of the Partnership on hand at the end of such Distribution Period; and (ii) if the General Partner so determines in its sole discretion, all or any portion of
additional cash and cash equivalents of the Partnership on hand on the date of determination of Available Cash with respect to such Distribution Period resulting from borrowings made subsequent to the end of such Distribution Period; less

  

	 	(b)	the amount of any cash reserves established by the General Partner for the Partnership or any of its Subsidiaries on the date of determination of Available Cash with respect to such Distribution Period, to
(i) provide for the proper conduct of the business of the Partnership or any of its Subsidiaries (including reserves for working capital, operating expenses, future capital expenditures, potential acquisitions and for anticipated future credit
needs of the Partnership or any of its Subsidiaries); or (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which the Partnership or any of its Subsidiaries
is a party or by which it is bound or its assets are subject (it being understood that disbursements made by the Partnership or its Subsidiaries or cash reserves established, increased or reduced after the end of such Distribution Period but on or
before the date of determination of Available Cash with respect to such Distribution Period shall, if the General Partner so determines, be deemed to have been made, established, increased or reduced, for purposes of determining Available Cash,
within such Distribution Period). 

 “BGC Investment Amount” means initially $100 million, as adjusted
upward and downward after the Closing Date by the same amount that the Capital Accounts of the Limited Partners that are holders of Series A Units are collectively adjusted (including the allocation of Net Profits, allocation of Net Losses and any
Distribution). 
 “BGC Investment Percentage” means, as of any time, the percentage obtained by dividing (a) the BGC
Investment Amount as of such time, by (b) the Aggregate Investment Amount as of such time. 
 “BGC Partners” means BGC
Partners, Inc., a Delaware corporation. 
 “BGC Partners Group” means BGC Partners and its Subsidiaries (other than any
member of the Partnership Group). 
 “BGC Preferred Return Amount” means, with respect to any taxable year (or other
taxable period), five percent (5%) per annum of the BGC Investment Amount as of the end of such taxable year (or other taxable period) (it being understood that (a) for purposes of calculating five percent (5%) per annum of the BGC Investment
Amount as of the end of such taxable year (or other taxable period), the BGC Investment Amount shall not include any amounts of Net Profits (or items thereof) or Net Losses (or item thereof) previously allocated pursuant to
Section 5.2 for such taxable year (or other taxable period), and (b) for any taxable period that is less than a taxable year, such five percent (5%) per annum rate shall be proportionately reduced to reflect the
proportion of a taxable year represented by such taxable period). 
 “BGC Shortfall Amount” has the meaning set forth in
Section 5.2(a)(iii). 
 “Cantor” means Cantor Fitzgerald, L.P., a Delaware limited partnership.

 “Cantor Group” means Cantor and its Subsidiaries (other than any member of the BGC Partners Group or any member of the
Partnership Group). 

  
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 “Capital Account” has the meaning set forth in Section 5.1(a). 

“Capital Contribution” means, as to each Partner, the amount actually contributed in cash or other assets or deemed to have
been contributed under the terms of this Agreement to the Partnership by such Partner as of the time the determination is made. 

“Certificate” has the meaning set forth in the recitals hereto. 

“CF Investment Amount” means initially $266.67 million, as adjusted upward and downward after the Closing Date by the
same amount that the Capital Accounts of the Limited Partners that are holders of Series B Units are collectively adjusted (including the allocation of Net Profits, allocation of Net Losses and any Distribution). 

“CF Investment Percentage” means, as of any time, the percentage obtained by dividing (a) the CF Investment Amount as of
such time, by (b) the Aggregate Investment Amount as of such time. 
 “CF Preferred Return Amount” means, with respect
to any taxable year (or other taxable period), five percent (5%) per annum of the CF Investment Amount as of the end of such taxable year (or other taxable period) (it being understood that (a) for purposes of calculating five percent (5%) per
annum of the CF Investment Amount as of the end of such taxable year (or other taxable period), the CF Investment Amount shall not include any amounts of Net Profits (or items thereof) or Net Losses (or item thereof) previously allocated pursuant to
Section 5.2 for such taxable year (or other taxable period), and (b) for any taxable period that is less than a taxable year, such five percent (5%) per annum rate shall be proportionately reduced to reflect the
proportion of a taxable year represented by such taxable period). 
 “CF Shortfall Amount” has the meaning set forth in
Section 5.2(a)(v). 
 “Change of Control Transaction” means one or a series of related transactions as a result
of which (a) Cantor and its Affiliates, taken together, cease to own at least fifty percent (50%) of the voting equity interests of the General Partner or (b) any Person (other than Cantor and its Affiliates) acquires (including by means
of a merger, consolidation or otherwise) Units representing a greater than fifty percent (50%) interest in the capital or profits of the Partnership immediately prior to such transaction or series of related transactions. 

“Closing Date” means [●], 2017. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Confidential Information” has the meaning set forth in Section 14.4. 

“Control” means the possession, directly or indirectly, of the power, alone or together with others, to direct or cause the
direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Corporate Opportunity” means any business opportunity that the Partnership is financially able to undertake, that is, from
its nature, in any of the Partnership’s lines of business, is of practical advantage to the Partnership and is one in which the Partnership has an interest or a reasonable expectancy, and in which, by embracing the opportunities, the
self-interest of a member of the BGC Partners Group, a member of the Cantor Group, the General Partner or their respective Representatives will be brought into conflict with the Partnership’s self-interest. 

  
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 “DGCL” has the meaning set forth in Section 8.2(a).

 “Distribution” has the meaning set forth in Section 6.1(a). 

“Distribution Period” means each fiscal year of the Partnership, unless otherwise determined by the General Partner;
provided that the first Distribution Period shall commence on the Closing Date and end on the last day of the fiscal year in which the Closing Date occurs (unless otherwise determined by the General Partner). 

“ECI” has the meaning set forth in Section 3.10. 

“Equity Interest” means, with respect to any Partner, the entire right, title and interest of such Partner in the Partnership
and any appurtenant rights, including any voting or approval rights and any right or obligation to contribute capital to the Partnership. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Estimated Adjusted Taxable Income” means, with respect to each Partner for a Fiscal Year (or a Fiscal Quarter), (a) the
cumulative estimated U.S. federal taxable income allocated (or allocable) to such Partner with respect to its Units for such Fiscal Year (or the portion of the Fiscal Year ending with the end of such Fiscal Quarter), less (b) any losses from
prior Fiscal Years to the extent such prior losses are of a character that would permit such losses to be deducted against the U.S. federal taxable income of such Partner for such Fiscal Year (or the portion of the Fiscal Year ending with the end of
such Fiscal Quarter) and have not been previously taken into account pursuant to this clause (b). 
 “Estimated Tax Due
Date” means the 15th date of each of April, June, September and December. 

“Extraordinary Transaction” means (a) an Initial Public Offering, (b) a sale of all or substantially all of the
assets of the Partnership Group outside the ordinary course of business or (c) a Change of Control Transaction. 
 “Fiscal
Quarter” means each of the four (4) three (3)-month periods into which the Fiscal Year can be divided, which, unless the Fiscal Year is changed otherwise pursuant to Section 3.7 and the Code, shall be the
three (3)-month periods beginning on January 1, April 1, July 1 and October 1 of each Fiscal Year. 
 “Fiscal
Year” has the meaning set forth in Section 3.7. 
 “GAAP” has the meaning set forth in
Section 3.1. 
 “General Partner” has the meaning set forth in the Introduction hereto.

 “General Partner Unit” means a Unit having the rights and obligations specified with respect to a “General Partner
Unit” in this Agreement. 
 “Gross Asset Value” means, with respect to any asset of the Partnership, such asset’s
adjusted basis for U.S. federal income tax purposes, except as follows: 
 (a)    the initial Gross Asset
Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such asset at the time of contribution; 

  
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 (b)    the Gross Asset Values of all assets of the
Partnership may be adjusted to equal their respective gross fair market values, immediately prior to the following events: 

(i)    a capital contribution to the Partnership by a new or existing Partner as consideration for an
interest in the Partnership; 
 (ii)    the distribution by the Partnership to a Partner of the property
of the Partnership as consideration for the redemption of an interest in the Partnership; 
 (iii)    the
grant of an interest in the Partnership as consideration for the provision of services to or for the benefit of the Partnership by a new or existing Partner; and 

(iv)    the liquidation of the Partnership within the meaning of Treasury Regulations Section 1.704-l(b)(2)(ii)(g); and 
 (c)    the Gross Asset
Values of assets of the Partnership distributed to any Partner shall be the gross fair market values of such assets as reasonably determined by the General Partner as of the date of distribution. 

“Gross Income” means, with respect to any period, the gross income of the Partnership for U.S. federal income tax purposes
computed with the following adjustments: (a) items of gain, loss and deduction shall be computed based on the book values of the Partnership’s assets rather than upon the assets’ adjusted bases for U.S. federal income tax purposes;
(b) the amount of any adjustment to the book value of any assets of the Partnership pursuant to Code Section 743 shall not be taken into account; (c) any tax-exempt income received by the
Partnership shall be deemed for purposes of this Agreement (including for purposes of calculating Net Profits and Net Losses) to be an item of Gross Income; and (d) any expenditure of the Partnership described in Code Section 705(a)(2)(B)
and any expenditure considered to be an expenditure described in Code Section 705(a)(2)(B) pursuant to Treasury Regulations under Code Section 704(b) shall be treated as a deductible expense; provided that the General Partner
may determine to take into account in calculating Gross Income, Net Losses or Net Profits (or any items thereof) for any year such items of income or expense (including charges or reserves) as it deems appropriate or necessary to more properly
reflect the income or loss of the Partnership. 
 “Gross Percentage Return on Capital” means, for any period, the
percentage calculated by dividing (a) the Net Profits for such period by (b) the Aggregate Investment Amount as of the end of such period (it being understood that, for purposes of calculating Gross Percentage Return on Capital for such
period, the Aggregate Investment Amount as of the end of such period shall not include any amounts of Net Profits (or items thereof) or Net Losses (or item thereof) allocated pursuant to Section 5.2 for such period). 

“Indebtedness” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money or for
the deferred purchase price of assets, and all other obligations of such Person evidenced by a note, bond, debenture or similar instrument (but only to the extent disbursed with respect to lines of credit, credit facilities or similar arrangements
that, by their nature, are drawn upon), (b) the face amount of all letters of credit issued for the account of such Person and, without duplication, all unreimbursed amounts drawn thereunder, (c) all capitalized leases, (d) all net payment
obligations of such Person under any rate hedging agreements, and (e) all liabilities of others of the kinds described in clauses (a) through (d) above that such Person has guaranteed or, subject to the limitations of the following
sentence, that are secured by a lien to which any assets of such Person are subject, whether or not the obligations secured thereby shall have been assumed by such Person or shall otherwise be such Person’s

  
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legal liability. If the obligations so secured have not been assumed by such Person or are not otherwise such Person’s legal liability, then the Indebtedness attributable to such obligations
shall be deemed to be in an amount equal to the lesser of the full amount of such obligations or the fair market value of the assets of such Person by which such obligations are secured. 

“Initial Public Offering” means an initial underwritten public offering, pursuant to an effective registration statement
under the Securities Act, of equity securities of the Partnership, any successor to the Partnership by way of merger, consolidation or otherwise or any Subsidiary of the Partnership or any Affiliate of the Partnership formed for the purpose of
completing such offering. 
 “Investment” has the meaning set forth is the recitals hereto. 

“Limited Partners” has the meaning set forth in the Introduction hereto. 

“Limited Partnership Interests” means the Regular Limited Partnership Interests and the Special Voting Limited Partnership
Interests. 
 “Liquidating Agent” has the meaning set forth in Section 12.1(a). 

“Net Losses” means, with respect to any period, the taxable loss of the Partnership for such period for U.S. federal income
tax purposes computed with the same adjustments that Gross Income is calculated with, but excluding any item of gross income, gain, deduction or loss, if any, specially allocated to any Partner pursuant to any provision of Article V other
than Section 5.2. Solely for purposes of determining the Net Losses of the Partnership allocable to the Partners according to the priorities set forth in Section 5.2(b), the term “Net
Losses” shall refer to the Net Losses, if any, of the Partnership determined after excluding all items of gross income, gain, loss and deduction specially allocated under any provision of Article V other than
Section 5.2, even if, prior to excluding all such specially allocated items, the Partnership earned a Net Profit. Notwithstanding the foregoing, the General Partner may determine to take into account in calculating Net
Losses or Net Profits (or any items thereof) for any year such items of income or expense (including charges or reserves) as it deems appropriate or necessary to more properly reflect the income or loss of the Partnership. 

“Net Profits” means, with respect to any period, the taxable income of the Partnership for such period for U.S. federal
income tax purposes computed with the same adjustments that Gross Income is calculated with, but excluding any item of gross income, gain, deduction or loss, if any, specially allocated to any Partner pursuant to any provision of Article V
other than Section 5.2. Solely for purposes of determining the Net Profits of the Partnership allocable to the Partners according to the priorities set forth in Section 5.2(a), the term “Net
Profits” shall refer to the Net Profits, if any, of the Partnership determined after excluding all items of gross income, gain, loss and deduction specially allocated under any provision of Article V other than
Section 5.2, even if, prior to excluding all such specially allocated items, the Partnership earned a Net Loss. Notwithstanding the foregoing, the General Partner may determine to take into account in calculating Net Losses
or Net Profits (or any items thereof) for any year such items of income or expense (including charges or reserves) as it deems appropriate or necessary to more properly reflect the income or loss of the Partnership. 

“Newmark” means NRE Delaware, Inc., a Delaware corporation (as such name may be amended from time to time). 

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

  
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 “Newmark Separation” has the meaning set forth in
Section 9.2(c). 
 “Non-recourse deductions” has the
meaning set forth in Section 5.4(b). 
 “Partner” means each of the General Partner and the
Limited Partners. 
 “Partner Minimum Gain” has the meaning set forth in Section 5.4(c). 

“Partner Non-recourse Debt” has the meaning set forth in
Section 5.4(b). 
 “Partner Non-recourse deductions” has
the meaning set forth in Section 5.4(b). 
 “Partnership” has the meaning set forth in the
Introduction hereto. 
 “Partnership Group” means the Partnership and its Subsidiaries. 

“Person” means a corporation, association, retirement system, international organization, joint venture, partnership, limited
liability company, trust or individual. 
 “Prior Agreement” has the meaning set forth in the recitals hereto. 

“proceeding” has the meaning set forth in Section 8.2(a). 

“Profits Interest” has the meaning set forth in Section 3.9. 

“Proposed Rules” has the meaning set forth in Section 3.9. 

“Quarterly Tax Distribution” has the meaning set forth in Section 6.4(a). 

“Quarterly Tax Distribution Amount” means, with respect to each Partner for each Fiscal Quarter of a Fiscal Year, an amount
equal to (a) the excess of (i) the product of (A) such Partner’s Estimated Adjusted Taxable Income for the portion of such Fiscal Year ending with the end of such Fiscal Quarter (which portion shall be the entire Fiscal Year in
the case of the fourth Fiscal Quarter of such Fiscal Year) and (B) such Partner’s Applicable Tax Rate over (ii) the aggregate amount of all prior Quarterly Tax Distributions made to such Partner with respect to such Fiscal Year
pursuant to Section 6.4(a), less (b) the lesser of (i) the amount of the excess described in clause (a) above and (ii) the sum of the aggregate amount of all prior distributions made in such Fiscal Year
pursuant to Section 6.1 or Section 6.2 (other than any distributions made pursuant to Section 6.4(a) or Section 6.4(b) that are, pursuant to
Section 6.4(c), treated as distributions made pursuant to Section 6.1 or Section 6.2). 

“Regular Limited Partner” means any Person who has acquired a Regular Limited Partnership Interest pursuant to and in
compliance with this Agreement and who shall have been admitted to the Partnership as a Regular Limited Partner in accordance with this Agreement and shall not have ceased to be a Regular Limited Partner under the terms of this Agreement. 

“Regular Limited Partnership Interest” means, with respect to any Regular Limited Partner, such Partner’s Units
designated under “Regular Limited Partners” on Schedule A hereto 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. 
 “Representatives” means, with respect to any Person, the Affiliates, directors, officers, employees,
general partners, agents, accountants, managing member, employees, counsel and other 

  
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advisors and representatives of such Person; provided that, for purposes of this Agreement, members of the Cantor Group shall not be considered Representatives of any of the members of the
BGC Partners Group or the Newmark Group, and members of the BGC Partners Group and the Newmark Group shall not be considered Representatives of any of the members of the Cantor Group. 

“Safe Harbor Election” has the meaning set forth in Section 3.9. 

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

“Series A Unit” means a Unit having the rights and obligations specified with respect to a “Series A Unit” in this
Agreement. 
 “Series B Unit” means a Unit having the rights and obligations specified with respect to a
“Series B Unit” in this Agreement. 
 “Special Voting Limited Partner” means any Person who has acquired a
Special Voting Limited Partnership Interest pursuant to and in compliance with this Agreement and who shall have been admitted to the Partnership as a Special Voting Limited Partner in accordance with this Agreement and shall not have ceased to be a
Special Voting Limited Partner under the terms of this Agreement. 
 “Special Voting Limited Partnership Interest” means,
with respect to any Special Voting Limited Partner, such Partner’s Units designated under “Special Voting Limited Partner” on Schedule A hereto 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. 
 “Special Voting Limited
Partnership Issuance” has the meaning set forth in the recitals hereto. 
 “Special Voting Limited Partnership
Units” means a Unit having the rights and obligations specified with respect to a “Special Voting Limited Partnership Unit” in this Agreement, including the right to remove and replace the general partner of the Partnership in
accordance with Section 7.3. 
 “Subscription Agreement” has the meaning set forth in
Section 4.3. 
 “Subsidiary” means, with respect to any Person, any other Person of which fifty
percent (50%) or more of the voting power of the outstanding voting equity securities or fifty percent (50%) or more of the outstanding economic equity interest is held, directly or indirectly, by such Person. 

“TMP” has the meaning set forth in Section 3.6(a). 

“Transaction Agreement” has the meaning set forth in the recitals hereto. 

“Transfer” means any transfer, sale, conveyance, assignment, gift, hypothecation, pledge or other disposition of all or any
part of an Equity Interest or any right, title or interest therein. 
 “Transferee” means the transferee in a Transfer or
proposed Transfer. 
 “Treasury Regulations” means the regulations promulgated under the Code, as such regulations may be
amended from time to time. 
 “UBTI” has the meaning set forth in Section 3.10. 

  
 9 

 “Unit” means a unit representing a fractional part of the Equity Interests of
all of the Partners and shall include all types and classes and/or series of Units; provided that any type, class or series of Unit shall have the designations, preferences and/or special rights set forth in this Agreement and the Equity
Interests represented by such type or class or series of Unit shall be determined in accordance with such designations, preferences and/or special rights. 

“Withholding Payment” has the meaning set forth in Section 6.3(a). 

“Year End Tax Distribution Amount” means, with respect to each Partner for each Fiscal Year, an amount equal to (a) the
excess of (i) the product of (A) such Partner’s Adjusted Taxable Income for such Fiscal Year and (B) such Partner’s Applicable Tax Rate, over (ii) the aggregate amount of all prior Quarterly Tax Distributions made to
such Partner with respect to such Fiscal Year pursuant to Section 6.4(a), less (b) the lesser of (i) the amount of the excess described in clause (a) above and (ii) the aggregate amount of all prior
distributions made in such Fiscal Year to such Partner pursuant to Section 6.1 or Section 6.2 (other than any distributions made pursuant to Section 6.4(a) or
Section 6.4(b) that are, pursuant to Section 6.4(c), treated as distributions made pursuant to Section 6.1 or Section 6.2). 

ARTICLE II 
 FORMATION
OF LIMITED PARTNERSHIP 
 Section 2.1    Organization. The Partnership was formed by the filing of the
Certificate with the Secretary of State of the State of Delaware on July 10, 2017. The rights, powers, duties, obligations and liabilities of the Partners shall be determined pursuant to the Act and this Agreement. To the extent that the
rights, powers, duties, obligations and liabilities of any Partner are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Act, control. The
General Partner shall deliver a copy of the Certificate and any amendment thereto to any Partner who so requests. 

Section 2.2    Partnership Name. The name of the Partnership shall be “CF Real Estate Finance Holdings,
L.P.” or any other name selected by the General Partner. 
 Section 2.3    Purposes and Business. The
Partnership is formed for the purpose of conducting any acts or activities (including investments) in any real estate related business or asset-backed securities related business (including any financing, capital markets or trading activities
related or ancillary thereto, including mortgages) or any extensions thereof and ancillary activities thereto, and engaging in any and all activities necessary or incidental to the foregoing. 

Section 2.4    Principal Business Office, Registered Office and Registered Agent . The principal business
office of the Partnership shall be located at c/o Cantor Fitzgerald, L.P., 110 East 59th Street, New York, NY 10022. The principal business office of the Partnership may be changed from time to time by the General Partner. The registered office of
the Partnership in the State of Delaware shall be c/o Corporation Service Company, 251 Little Falls Dr., Wilmington, New Castle County, Delaware 19808. The name and address of the registered agent for service of process on the Partnership pursuant
to the Act shall be Corporation Service Company, 251 Little Falls Dr., Wilmington, New Castle County, Delaware 19808. The registered agent and registered office of the Partnership may be changed by the General Partner from time to time. The General
Partner shall promptly notify the Limited Partners of any such change. 
 Section 2.5    Qualification in Other
Jurisdictions. The General Partner may cause the Partnership to be qualified or registered under applicable laws in such states as the General Partner 

  
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determines appropriate in its sole and absolute discretion to avoid any material adverse effect on the business of the Partnership and shall be authorized to execute, deliver and file any
certificates and documents necessary to effect such qualification or registration, including the appointment of agents for service of process in such jurisdictions. 

Section 2.6    Powers. In furtherance of its purposes set forth in Section 2.3, but subject to all
of the provisions of this Agreement, the Partnership shall have and may exercise all of the powers and rights which can be conferred upon limited partnerships formed pursuant to the Act. 

ARTICLE III 
 BOOKS AND
RECORDS, TAX ELECTIONS AND REPORTS 
 Section 3.1    Books and Accounts. Complete and accurate books and
accounts shall be kept and maintained for the Partnership by the General Partner at the office of the Partnership. Such books and accounts shall be kept in accordance with U.S. generally accepted accounting principles (“GAAP”) consistently
applied, including, to the extent applicable, fair value accounting under ASC-820 (formerly referred to as FASB 157), the provisions of Article V and on such other basis, if any, as the General Partner
determines is appropriate to properly reflect the operations of the Partnership. Each Limited Partner or its duly authorized representative may, at its own expense, during ordinary business hours and upon reasonable prior written notice to the
General Partner, have access to and inspect such books and accounts for any purpose reasonably related to such Partner’s interest as a Partner of the Partnership. 

Section 3.2    Records Available. 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 GAAP. 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 (during ordinary business hours and upon reasonable prior written notice to the General Partner) for any
purpose reasonably related to their Equity Interests. 
 Section 3.3    Financial Statements. The
Partnership’s auditors shall be an independent accounting firm of international reputation to be appointed from time to time by the General Partner. 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. The Partnership shall use its reasonable efforts to prepare, or cause to be prepared, financial statements for the Partnership, prepared in accordance with GAAP, for each Fiscal Year, and
any other financial statements reasonably requested by the holders of a majority of the outstanding Series A Units or the holders of a majority of the outstanding Series B Units. No later than one-hundred and
ten (110) days after the end of each Fiscal Year, the General Partner shall furnish to the holders of a majority of the outstanding Series A Units and the holders of a majority of the outstanding Series B Units (or to such former
Partner’s legal representative, as applicable) the following items: (a) a balance sheet of the Partnership as of the end of the Fiscal Year; (b) statements of operations of the Partnership as of the end of the Fiscal
Year; and (c) a statement of the Partners’ equity interests in the Partnership and cash flow for such Fiscal Year, in each case, prepared in accordance with GAAP together with the auditors’ report thereon indicating that the
audit was performed in accordance with GAAP. No later than forty (40) days after the end of each Fiscal Quarter, the General Partner shall furnish to the holders of a majority of the outstanding Series A Units and the holders of a
majority of the outstanding Series B Units an unaudited balance sheet, an unaudited statement of operations and an unaudited statement of cash flow of the Partnership as of the end of such Fiscal Quarter. 

  
 11 

 Section 3.4    Tax Information. The General Partner shall use
commercially reasonable efforts to prepare and mail, deliver by fax, email or other electronic means or otherwise make available to each Limited Partner (and each other Person that was a Limited Partner during such Fiscal Year or its legal
representatives) within one hundred eighty (180) days after the end of each Fiscal Year, or as soon as practicable thereafter, U.S. Internal Revenue Service Schedule K-1, “Partner’s Share of
Income, Deductions, Credits, etc.”, or any successor schedule or form, for such Person. 

Section 3.5    Reliance on Accountants. All decisions as to accounting matters, except as specifically
provided to the contrary herein, shall be made by the General Partner, to the extent consistent with the terms of this Agreement, in accordance with GAAP and procedures applied in a consistent manner. The General Partner may in good faith rely upon
the advice of the Partnership’s accountants as to whether such decisions are in accordance with GAAP and procedures applied in a consistent manner. 

Section 3.6    Tax Matters Partner; Certain Expenses. 

(a)    The General Partner shall designate an entity to serve as (i) the tax matters partner as defined in Code
Section 6231(a)(7) prior to the amendment by the Bipartisan Budget Act of 2015 and (ii) the partnership representative as defined in Code Section 6223(a) (the tax matters partner or the partnership representative, as applicable, the
“TMP”) with respect to operations conducted by the Partnership pursuant to this Agreement. The initial TMP shall be Cantor Commercial Real Estate Investor, L.P. The Partnership shall make such elections pursuant to the provisions of
the Code, enter into such settlement agreements or closing agreements, and conduct and settle any audits or other tax proceedings in such a manner as the TMP deems appropriate; provided that, in the case of any such election, agreement or
audit or other tax proceeding that is material, no such election shall be made, no such agreement shall be entered into and no such audit or other tax proceeding shall be settled, without the consent of the holders of a majority of the outstanding
Series A Units or the holders of a majority of the outstanding Series B Units (such consent not to be unreasonably withheld, delayed or conditioned) if such election or agreement would adversely and disproportionately affect the holders of the
Series A Units relative to the holders of the Series B Units or would adversely and disproportionately affect the holders of the Series B Units relative to the holders of Series A Units, respectively. The TMP may engage one or more tax advisors.

 (b)    The Partnership shall indemnify and reimburse the TMP for all expenses, including legal and accounting fees,
claims, liabilities, losses and damages incurred by the TMP in connection with any administrative or judicial proceeding with respect to the tax liability of the Partners, in connection with any audit of the Partnership’s U.S. federal income
tax returns, or otherwise in connection with the performance of any of its duties hereunder, except to the extent such expenses, claims, liabilities, losses and damages are determined in a judgment by a court of competent jurisdiction to have been
attributable to the TMP’s fraud, gross negligence or willful misconduct. The payment of all such expenses that are then due and payable and to which the indemnification applies, shall be made before any distributions pursuant to Article
VI. The taking of any action and the incurring of any expense by the TMP in connection with any such proceeding or audit, or otherwise in connection with the performance of any of its duties hereunder, except to the extent required by law and
subject to Section 3.6(a), is a matter within the sole and absolute discretion of the TMP and the provisions on limitations of liability of the General Partner and indemnification set forth in Article VIII shall be
fully applicable to the TMP. 

  
 12 

 Section 3.7    Fiscal Year. The fiscal year (the “Fiscal
Year”) of the Partnership shall be the same as its taxable year and shall be the period ending on December 31 of each year, or such other taxable year as the Code may require or such other period as the General Partner may designate as
the taxable year of the Partnership, consistent with the requirements of the Code. 
 Section 3.8    Partnership
Classification. The Partnership shall not elect to be treated other than as a partnership for U.S. federal income tax purposes, unless approved by the General Partner with the consent of the holders of a majority of the outstanding Series A
Units and the holders of a majority of the outstanding Series B Units (with each such consent not to be unreasonably withheld, delayed or conditioned). 

Section 3.9    Safe Harbor Election. The General Partner is authorized to cause the Partnership to make an
election to value any “profits interest” granted in consideration for services to the Partnership (a “Profits Interest”), including, potentially the interests of the General Partner in the Partnership, at liquidation value
(the “Safe Harbor Election”) as the same may be permitted pursuant to or in accordance with the finally promulgated successor rules to Proposed Treasury Regulations
Section 1.83-3(l) and IRS Notice 2005-43 whether promulgated in the form of Treasury Regulations, revenue rulings, revenue procedure notices and/or other IRS
guidance (collectively, the “Proposed Rules”). Any such Safe Harbor Election shall be binding on the Partnership and on all of the Partners with respect to all transfers of the Profits Interest thereafter made while a Safe Harbor
Election is in effect. Each Partner, by signing this Agreement or by accepting a transfer of an interest in the Partnership, agrees to comply with all requirements of the Safe Harbor Election with respect to the General Partner’s Profits
Interest while the Safe Harbor Election remains effective. The General Partner is authorized, without the consent of any other Partner, to amend this Agreement as necessary to comply with the Proposed Rules or any rule, including the allocation
provisions of this Agreement, in order to provide for a Safe Harbor Election and the ability to maintain or revoke the same, and shall have the authority to execute any such amendment by and on behalf of each Partner; provided,
however, that the General Partner shall not make any such amendments which could have an adverse and disproportionate effect on any Partner without the prior written consent of such Partner. Each Partner agrees to cooperate with the General
Partner to perfect and maintain any Safe Harbor Election, and to timely execute and deliver any documentation with respect thereto reasonably requested by the General Partner. 

Section 3.10    Tax Acknowledgments. Each Partner that is a tax-exempt
Person in the United States acknowledges that it is expected to be allocated “unrelated business taxable income” within the meaning of Sections 511-514 of the Code (“UBTI”) by the
Partnership. Each Partner that is a foreign Person acknowledges that it is expected to be allocated income that is or is deemed to be effectively connected with a U.S. trade or business under the Code and the Treasury Regulations
(“ECI”) by the Partnership. Neither the General Partner nor the Partnership shall be liable for the recognition of any UBTI or ECI by a Partner with respect to its Equity Interest, and each Partner acknowledges that some or all of
its income and gains from or with respect to the Partnership may be UBTI or ECI. 
 Section 3.11    Partner
Representations. Each Partner shall furnish the Partnership with any representations and forms as shall be reasonably needed, including where such representations and forms are needed due to changes in law made after the date hereof (a) to
assist the Partnership and/or any Subsidiary in determining the extent of, and in fulfilling, its withholding, reporting or other tax obligations, (b) as will permit payments or allocations of income made to or by the Partnership and/or
any Subsidiary to be made without withholding or at a reduced rate of withholding, or (c) in order to reduce the amount of taxes borne by the Partnership and/or any Subsidiary. In addition, each Partner (i) represents and
warrants that any such information and forms it furnishes (except with respect to any such information that was provided to such Partner, or that is based upon incorrect information that was provided to such Partner, by the Partnership) are and at
all times shall be true, correct and complete, and (ii) agrees to promptly update any such information or forms if at any time such Partner becomes aware that such previously provided information or forms are no longer true, correct and
complete. 

  
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 ARTICLE IV 

PARTNERS; PARTNERSHIP INTERESTS 

Section 4.1    Partners. The Partnership shall have (a) a General Partner and (b) one or more
Limited Partners (including Regular Limited Partners and Special Voting Limited Partners). Schedule A sets forth the name and address of the Partners. Schedule A shall be amended by the General Partner 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 4.2    Partnership Interests 

(a)    Generally. The Equity Interests of the Partners in the Partnership shall be divided into two classes:
(i) a General Partnership Interest; and (ii) Limited Partnership Interests (including Regular Limited Partnership Interests and Special Voting Limited Partnership Interests). The General Partnership Interest and the Limited Partnership
Interests shall consist of, and be issued as, Units and capital in the Partnership. The Units may be divided into one (1) or more classes or series, with each class or series having the rights, obligations and privileges set forth in this
Agreement. As of the Closing Date, the Partnership shall have four (4) series of Units outstanding: the Series A Units and the Series B Units (which shall be associated with the Regular Limited Partnership Interests), the Special Voting Limited
Partnership Units (which shall be associated with the Special Voting Limited Partnership Interests) and the General Partner Units (which shall be associated with General Partnership Interests). Ownership of a Unit (or any fractional interest
thereof) shall not entitle a Partner to call for a partition or division of any property of the Partnership or for any accounting. No Partner shall be entitled to receive any interest on any Capital Contributions to the Partnership. 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. 
 (b)    Issuance of Additional Units. The Partnership, without the consent of any Partner
other than the General Partner, is hereby authorized to accept additional Capital Contributions and to issue additional Units of existing classes or series or Units of new classes and series of Units; provided that the Partnership shall not
issue (i) additional Special Voting Limited Partnership Units without the prior written consent of the holders of a majority of the outstanding Special Voting Limited Partnership Units prior to such issuance; or (ii) additional General
Partner Units without the prior written consent of the holders of a majority of the outstanding General Partner Units prior to such issuance; provided, further, that, without the consent of the holders of a majority of the Series A
Units and the holders of a majority of the Series B Units, the Partnership shall not issue additional Units to the extent such issuance would materially and negatively affect the existing terms of this Agreement setting forth the allocation of
economic rights between the Series A Units as a class, on the one hand, and the Series B Units as a class, on the other hand (excluding any such effect resulting solely from the additional capital received by the Partnership in connection with the
issuance of such Units). Upon the issuance of any Units in accordance with this Section 4.2(b), the General Partner is authorized, without the consent of any other Partner, to amend this Agreement to reflect such issuance,
to establish the Units to be included in each such class or series and to fix the relative rights, obligations, preferences and limitations of the Units of each such class or series. 

  
 14 

 (c)    General Partnership Interest. The Partnership shall have one
General Partnership Interest, which shall be represented by one General Partner Unit. The General Partner Unit shall be non-economic, and shall not entitle its holder to any allocation of profits or losses of
the Partnership or distributions, except as otherwise expressly set forth in this Agreement. 
 (d)    Limited
Partnership Interests. The Partnership shall have one or more Limited Partnership Interests. There shall be two types of Limited Partnership Interests: (i) Regular Limited Partnership Interests; and (ii) Special Voting Limited
Partnership Interests. As of the Closing Date, the Regular Limited Partnership Interests shall be represented by the Series A Units and the Series B Units, and the Special Voting Limited Partnership Interests shall be represented by the Special
Voting Limited Partnership Units. Each of the Series A Units and the Series B Units shall be economic, and shall entitle its holder to the allocation of profits and losses of the Partnership as described in Article V of this Agreement and the
distributions as described in Article VI of this Agreement. The Special Voting Limited Partnership Units shall be non-economic, and shall not entitle its holder to any allocation of profits or losses of
the Partnership or distributions, except as otherwise expressly set forth in this Agreement. 

Section 4.3    Requirements for Admission as Limited Partner. Each Person desiring to become a Limited Partner
shall execute and deliver to the General Partner a subscription or other agreement, which shall provide, among other things, certain representations, warranties and covenants required by the Partnership, and such other documents as shall be deemed
appropriate by the General Partner in its sole and absolute discretion (each such agreement, a “Subscription Agreement”). Under the Subscription Agreement and such other documents, such subscriber shall, subject to acceptance of its
subscription by the General Partner, execute and agree to be bound by this Agreement. 
 Section 4.4    Partner
Withdrawal Rights. No Partner shall be permitted to withdraw profits, gains or capital from the Partnership prior to liquidation without the prior written approval of the General Partner, which approval may not be unreasonably withheld. 

ARTICLE V 
 CAPITAL
ACCOUNTS AND ALLOCATIONS 
 Section 5.1    Capital Accounts. 

(a)    A separate capital account (each, a “Capital Account”) shall be maintained for each Partner in
accordance with the rules of Treasury Regulations Section 1.704-1(b)(2)(iv), and this Section 5.1 shall be interpreted and applied in a manner consistent therewith. 

(b)    The Partnership may adjust the Capital Accounts of the Partners in accordance with the principles set forth in
Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Partnership property to its gross fair market value as of immediately before such times as contemplated or permitted
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) (and the Partnership generally shall so adjust the Capital Account of the Partners unless the General Partner determines otherwise). In
the event that the Capital Accounts of the Partners are so adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Partnership property,
(a) the Capital Accounts of the Partners shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and
gain or loss, as computed for book purposes, with respect to such property, (b) the Partners’ distributive shares of depreciation, depletion, amortization and gain or loss, as computed for tax purposes, with respect to such property shall
be determined so as to take account of the variation between the adjusted tax basis and book value of such 

  
 15 

 
property in the same manner as under Code Section 704(c), and (c) the amount of upward and/or downward adjustments to the book value of the Partnership property shall be treated as
income, gain, deduction and/or loss for purposes of applying the allocation provisions of this Article V. In the event that Code Section 704(c) applies to Partnership property, the Capital Accounts of the Partners shall be adjusted in
accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain and loss, as computed for book purposes, with respect to such
property. 
 Section 5.2    Allocation of Net Profits and Net Losses. 

(a)    Allocation of Net Profits. Except as otherwise provided in Section 5.4 and
Section 5.5, and subject to the other provisions of this Article V, Net Profits (or items thereof) for any taxable year (or other taxable period) shall be allocated among the Capital Accounts of the Partners as
follows: 
 (i)    First, to the Partners so as to reverse all allocations of Net Losses
(or items thereof) allocated to their respective Capital Accounts for any prior taxable year (or other prior taxable period) pursuant to Section 5.2(b) (to the extent not previously reversed pursuant to this
Section 5.2(a)(i)), in the reverse priority of the respective amounts of Net Losses (or items thereof) so allocated; 

(ii)    Second, to the Limited Partners that are holders of Series A Units, on a pro rata
basis in accordance with the number of their respective Series A Units, until such Limited Partners have collectively been allocated for such taxable year (or other taxable period) pursuant to this
Section 5.2(a)(ii) an aggregate amount equal to the BGC Preferred Return Amount for such taxable year; 

(iii)    Third, if the aggregate amount of Net Profits (or items thereof) allocated to the Limited
Partners that are holders of Series A Units for all periods prior to such taxable year (or such other taxable period) pursuant to Section 5.2(a)(ii) is less than the sum of the BGC Preferred Return Amounts of each prior
taxable year (any such shortfall, the “BGC Shortfall Amount”), to the Limited Partners that are holders of Series A Units, on a pro rata basis in accordance with the number of their respective Series A Units, until such
Limited Partners have collectively been allocated pursuant to this Section 5.2(a)(iii) an aggregate amount equal to the BGC Shortfall Amount; 

(iv)    Fourth, to the Limited Partners that are holders of Series B Units, on a pro rata
basis in accordance with the number of their respective Series B Units, until such Limited Partners have collectively been allocated for such taxable year (or other taxable period) pursuant to this
Section 5.2(a)(iv) an aggregate amount equal to the CF Preferred Return Amount for such taxable year; 

(v)    Fifth, if the aggregate amount of Net Profits (or items thereof) allocated to the Limited
Partners that are holders of Series B Units for all periods prior to such taxable year (or such other taxable period) pursuant to Section 5.2(a)(iv) is less than the sum of the CF Preferred Return Amounts of each prior
taxable year (any such shortfall, the “CF Shortfall Amount”), to the Limited Partners that are holders of Series B Units, on a pro rata basis in accordance with the number of their respective Series B Units, until such
Limited Partners have collectively been allocated pursuant to this Section 5.2(a)(v) an aggregate amount equal to the CF Shortfall Amount; and 

  
 16 

 (vi)    Sixth, (A) to the Limited Partners that
are holders of Series A Units, on a pro rata basis in accordance with the number of their respective Series A Units, until such Limited Partners have collectively been allocated for such taxable year (or other taxable period) pursuant to
Section 5.2(a)(ii) and this Section 5.2(a)(vi) an aggregate amount equal to the product of (I) sixty percent (60%) of the Gross Percentage Return on Capital for such taxable year multiplied by
(II) the BGC Investment Amount as of the end of such taxable year (or other taxable period) (it being understood that, for purposes of calculating the Aggregate Investment Amount, the BGC Investment Amount or the CF Investment Amount as of the
end of such taxable year (or other taxable period), none of Aggregate Investment Amount, the BGC Investment Amount or the CF Investment Amount shall include any amounts of Net Profits (or items thereof) or Net Losses (or item thereof) previously
allocated pursuant to this Section 5.2 for such taxable year (or such other taxable period)); and (B) to the Limited Partners that are holders of Series B Units, on a pro rata basis in accordance with the number
of their respective Series B Units, any remaining Net Profits for such taxable year (or other taxable period). 

(b)    Allocation of Net Losses. Except as otherwise provided in Section 5.4 and
Section 5.5, and subject to the other provisions of this Article V, including Section 5.7, Net Losses (or items thereof) for any taxable year (or other taxable period) shall be allocated to
the Capital Accounts of the Partners as follows: 
 (i)    First, to the Limited Partners that are
holders of Series A Units or Series B Units, on a pro rata basis in accordance with the number of their respective Series A Units and Series B Units, an amount equal to all Net Profits (or items thereof) allocated to their respective Capital
Accounts for any prior taxable year (or other prior taxable period) pursuant to Section 5.2(a)(vi) (less any amount allocated to such Limited Partners pursuant to this
Section 5.2(b)(i) in any prior taxable year (or other prior taxable period)); 

(ii)    Second, to the Limited Partners that are holders of Series B Units, on a pro rata
basis in accordance with the number of their respective Series B Units, an amount equal to all Net Profits (or items thereof) allocated to their respective Capital Accounts for any prior taxable year (or other prior taxable period) pursuant to
Section 5.2(a)(iv) or Section 5.2(a)(v) (less any amount allocated to such Limited Partners pursuant to this Section 5.2(b)(ii) in any prior taxable year (or other prior
taxable period)); 
 (iii)    Third, to the Limited Partners that are holders of Series A Units,
on a pro rata basis in accordance with the number of their respective Series A Units, an amount equal to all Net Profits (or items thereof) allocated to their respective Capital Accounts for any prior taxable year (or other prior taxable
period) pursuant to Section 5.2(a)(ii) or Section 5.2(a)(iii) (less any amount allocated to such Limited Partners pursuant to this Section 5.2(b)(iii) in any prior taxable
year (or other prior taxable period)); 
 (iv)    Fourth, to the Limited Partners that are holders
of Series B Units, on a pro rata basis in accordance with the number of their respective Series B Units, until such Limited Partners have collectively been allocated for such taxable year (or other taxable period) pursuant to this
Section 5.2(b)(iv) an aggregate amount equal to $36.67 million for such taxable year (or, in the case of a taxable period that is less than a taxable year, such $36.67 million proportionately reduced to reflect
the proportion of a taxable year represented by such taxable period); 
 (v)    Fifth, (A) to
the Limited Partners that are holders of Series A Units, on a pro rata basis in accordance with the number of their respective Series A Units, an amount equal 

  
 17 

 
to the BGC Investment Percentage of any remaining Net Losses (or items thereof) for such taxable year (or other taxable period); and (B) to the Limited Partners that are holders of Series B
Units, on a pro rata basis in accordance with the number of their respective Series B Units, an amount equal to the CF Investment Percentage of any remaining Net Losses (or items thereof) for such taxable year (or other taxable period); and

 (vi)    Sixth, to the General Partner, any Net Losses (or items thereof) that may not be
allocated to any of the Limited Partners that are holders of Series A Units or Series B Units pursuant to this Section 5.2(b) by reason of the limitation set forth in Section 5.7. 

(c)    The General Partner will supervise the Capital Account allocations (including the allocation of Net Profits and the
allocation of Net Losses) and the allocation of items of income, gain, loss and deduction for tax purposes among the Partners by the Partnership’s accountants in accordance with this Agreement. These determinations, reasonably made in good
faith by the General Partner (after reasonable consultation with the Partnership’s tax advisors), will be final and binding on all Partners (absent manifest error). 

Section 5.3    Allocations in Respect of Section 704(c) Property. In accordance with
Sections 704(b) and 704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the Partnership shall, solely for U.S. federal income tax purposes, be
allocated among the Partners so as to take into account any variation between the adjusted basis of such property to the Partnership for U.S. federal income tax purposes and the initial Gross Asset Value of such property using the “traditional
method” (without “curative allocations”) set forth in Treasury Regulations Section 1.704-3(b) (or such other method provided for under Section 704(c) of the Code and the Treasury Regulations promulgated
thereunder as the General Partner may determine). If the Gross Asset Value of any Partnership property is adjusted as described in the definition of “Gross Asset Value,” subsequent allocations of income, gain, loss and deduction with
respect to such property shall take account of any variation between the adjusted basis of such property for U.S. federal income tax purposes and the Gross Asset Value of such property in the manner prescribed under Sections 704(b) and 704(c) of the
Code and the Treasury Regulations thereunder using the “traditional method” (without “curative allocations”) set forth in Treasury Regulations Section 1.704-3(b) (or such other
method provided for under Section 704(c) of the Code and the Treasury Regulations promulgated thereunder as the General Partner may determine). 

Section 5.4    Minimum Gain Chargebacks and Non-Recourse Deductions.

 (a)    Notwithstanding any other provisions of this Agreement, in the event there is a net decrease in Partner
Minimum Gain during a taxable year, the Partners shall be allocated items of income and gain in accordance with Treasury Regulations Section 1.704-2(f). For purposes of this Agreement, any Partner’s
share of Partner Minimum Gain shall be determined in accordance with Treasury Regulations Section 1.704-2(g)(1). This Section 5.4(a) is intended to comply with the minimum gain
charge-back requirement of Treasury Regulations Section 1.704-2(f) and shall be interpreted and applied in a manner consistent therewith. 

(b)    Non-recourse deductions for any taxable year shall be allocated to the
Partners in proportion to the allocations for such taxable year of Net Profits or Net Losses, as applicable, under Section 5.2. Partner non-recourse deductions for any taxable
year shall be allocated to the Partner that bears the economic risk of loss with respect to the Partner non-recourse Debt to which such Partner Non-recourse deductions
are attributable in accordance with Treasury Regulations Section 1.704-2(i)(1). “Non-recourse deductions” shall have the meaning set forth in
Treasury Regulations Section 1.704-2(b)(1); “Partner Non-recourse deductions” shall have the meaning set forth in Treasury Regulations Section 1.704-2(i)(1); and “Partner Non-recourse Debt” shall have the meaning set forth in Treasury Regulations
Section 1.704-2(b)(4). 
  

  
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 (c)    Notwithstanding any other provisions of this Agreement, in the event
there is a net decrease in Partner Minimum Gain attributable to a Partner Non-recourse Debt during any taxable year, each Partner that has a share of such Partner Minimum Gain shall be allocated items of
income and gain in accordance with Treasury Regulations Section 1.704-2(i). For purposes of this Agreement, any Partner’s share of any Partner Minimum Gain shall be determined in accordance with
Treasury Regulations Section 1.704-2(i)(4). This Section 5.4(c) is intended to comply with Treasury Regulations Section 1.704-2(i)
and shall be interpreted and applied in a manner consistent therewith. “Partner Minimum Gain” has the same meaning as the term “partner non-recourse debt minimum gain” set forth in
Treasury Regulations Section 1.704-2(i)(2). 

Section 5.5    Qualified Income Offset. Any Partner that unexpectedly receives an adjustment, allocation or
distribution described in Treasury Regulations Section l.704-l(b)(2)(ii)(d)(4), (5) or (6) that causes or increases a deficit balance in such Partner’s Capital
Account (increased by the amount of such Partner’s obligation to restore a deficit in such Partner’s Capital Account, including any deemed obligation pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5)) shall be allocated items of income and gain in an amount and manner sufficient to eliminate, to the extent required by the Treasury
Regulations, such deficit balance as quickly as possible. This Section 5.5 is intended to comply with the alternate test for economic effect set forth in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted and applied in a manner consistent therewith. 

Section 5.6    Reserved. 

Section 5.7    Loss Limitation. Net Losses allocated pursuant to Section 5.2(b) shall not exceed
the maximum amount of Net Losses that can be allocated without causing any Partner to have an Adjusted Capital Account Deficit at the end of any taxable year (or increase any existing Adjusted Capital Account Deficit). In the event that some but not
all of the Partners would have an Adjusted Capital Account Deficit (or an increase in any existing Adjusted Capital Account Deficit) as a consequence of an allocation of Net Losses pursuant to Section 5.2(b), the limitation set forth in
this Section 5.7 shall be applied on a Partner-by-Partner basis and Net Losses not allocable to a Partner under Section 5.2(b) as a result of
such limitation shall be allocated to the other Partners pursuant to Section 5.2(b), in accordance with the positive balances in such other Partner’s respective Capital Accounts so as to allocate the maximum permissible Net Losses
under Section 5.2(b) to each Partner otherwise entitled to allocations of Net Losses pursuant to such Section under Treasury Regulations Section 1.704-1(b)(2)(ii)(d). 

Section 5.8    Code Section 704(b) Compliance. The allocation provisions contained in this
Article V are intended to comply with Code Section 704(b) and the Treasury Regulations promulgated thereunder, and shall be interpreted and applied in a manner consistent therewith. To the extent that the regulatory allocations
described in Section 5.4 and Section 5.5 are inconsistent with the intent of this Agreement, the General Partner shall have the discretion to disregard such allocations. The General Partner in its reasonable discretion may
modify the allocations in this Article V and make such special allocations or other Capital Account adjustments as it determines are necessary or appropriate to comply with Code Section 704 and such regulations. 

Section 5.9    Corresponding Allocations of Taxable Income and Loss. Any election or other decision relating
to the allocation of Partnership items of income, gain, loss, deduction or credit for U.S. federal income tax purposes shall be made by the General Partner (after reasonable consultation with the Partnership’s tax advisors) in a manner that
reasonably reflects the intent of this Agreement and any such 

  
 19 

 
election or decision so made shall be final and binding on all Partners, absent manifest error. It is intended that, for U.S. federal income tax purposes, all items of income, gain, loss,
deduction or credit shall be allocated to the Partners in the same manner as are Net Profits and Net Losses; provided, however, that (a) if the book value of any property of the Partnership differs from its adjusted tax basis or
(b) to the extent there are liabilities assumed by the Partnership with respect to property contributed by the Partnership that have not been taken into account for tax purposes, then items of income, gain, loss, deduction or credit, for
tax purposes, shall be allocated among the Partners in a manner that takes into account the variation between the adjusted tax basis of the property for tax purposes and its book value using the “traditional method” (without “curative
allocations”) set forth in Treasury Regulations Section 1.704-3(b) (or such other method provided for under Section 704(c) of the Code and the Treasury Regulations promulgated
thereunder as the General Partner may determine). 
 Section 5.10    Allocation Conventions. 

(a)    Except as determined to be necessary by the General Partner to carry out the purposes of this Agreement or except
as otherwise required by applicable law, all allocations of Net Profits and Net Losses under this Article V shall be made as of the last day of any taxable year (or other taxable period). 

(b)    Allocations of Net Profits and Net Losses under this Article V in any taxable year (or other taxable period)
in which the interest of a Partner in the Partnership varies over the course of a taxable year (or other taxable period) shall be made so as to take account of the varying interests of the Partners in the Partnership in such manner as the General
Partner shall reasonably determine. 
 ARTICLE VI 

DISTRIBUTIONS 

Section 6.1    Distributions. 

(a)    Subject to the other provisions of this Article VI, the Partnership shall distribute to the Partners from
the Partners’ Capital Accounts, as promptly as practicable after the end of each Distribution Period, an aggregate amount equal to the Available Cash for such Distribution Period (any such distribution, a “Distribution”). 

(b)    With respect to any Distribution, (i) an amount equal to the product of (A) the BGC Investment Percentage
as of the end of such Distribution Period, multiplied by (B) the aggregate Distribution for such Distribution Period, shall be distributed to the Limited Partners that are holders of the Series A Units, on a pro rata basis in
accordance with their respective positive Capital Account balances, and (ii) an amount equal to the product of (A) the CF Investment Percentage as of the end of such Distribution Period, multiplied by (B) the aggregate
Distribution for such Distribution Period, shall be distributed to the Limited Partners that are holders of the Series B Units, on a pro rata basis in accordance with their respective positive Capital Account balances. 

(c)    The General Partner shall have the right to change the manner of any Distribution to reflect the intended
allocations of Net Profits and Net Losses set forth in Article V. 
 Section 6.2    Distributions
Upon an Extraordinary Transaction or Liquidation. Subject to the other provisions of this Article VI, upon the consummation of an Extraordinary Transaction or a liquidation of the Partnership in accordance with Article
XII, all cash amounts received by the Partnership in connection with such Extraordinary Transaction or liquidation that are available for distribution shall 

  
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be distributed by the Partnership, at such time (unless otherwise determined by the General Partner in its sole and absolute discretion), to Limited Partners that are holders of Series A Units
and Limited Partners that are holders of Series B Units (treated for this purpose as a single class) on a pro rata basis in accordance with each such Limited Partner’s respective positive Capital Account balances (determined after giving
effect to all allocations of items of income, gain, loss and deduction resulting from, and for all periods prior to, such Extraordinary Transaction or liquidation). 

Section 6.3    Withholding and Other Tax Liabilities. 

(a)    The Partnership shall at all times be entitled to make payments with respect to any Partner in amounts required to
discharge any obligation of the Partnership to withhold from a distribution or make payments to any governmental authority with respect to any foreign, federal, state or local tax liability of such Partner arising as a result of such Partner’s
interest in the Partnership (a “Withholding Payment”). Any Withholding Payment made from funds withheld upon a distribution will be treated as distributed to such Partner for all purposes of this Agreement. Any other Withholding
Payment shall be repaid to the Partnership, as determined by the General Partner in its sole and absolute discretion, in whole or in part, (i) upon demand by the Partnership or (ii) by deduction from any distributions payable to such
Partner pursuant to this Agreement (with the amount of such deduction treated as distributed to the Partner). Each Partner does hereby agree to indemnify and hold harmless the Partnership and the General Partner from and against any and all
liability with respect to Withholding Payments required on behalf of, or with respect to, such Partner, except with respect to liabilities resulting solely from the fraud, bad faith, gross negligence or willful misconduct of the General Partner.

 (b)    In the event that the distributions or proceeds to the Partnership from an investment are reduced on account
of taxes withheld at the source or any taxes are otherwise required to be paid by the Partnership or any of its Subsidiaries or any entity in which it invests, and such taxes are imposed on or with respect to one or more, but not all of the Partners
in the Partnership, the amount of the reduction or payment shall be borne by the relevant Partners and treated as if it were paid by the Partnership as a Withholding Payment with respect to such Partners pursuant to
Section 6.3(a). Taxes imposed on the Partnership or its Subsidiaries (or any other entity in which it invests) where the rate of tax varies depending on characteristics of the Partners shall be treated as taxes imposed on
or with respect to the Partners for purposes of this Section 6.3. This Section 6.3 and the other provisions of this Agreement shall be applied consistently with the requirements of Treasury
Regulations Section 1.704-1. 
 (c)    Withholding, income and similar
taxes paid by or imposed on the Partnership and/or any Subsidiary in respect of a particular investment shall be treated as having been distributed to a particular Partner to the extent any of such taxes are, in the reasonable judgment of the
General Partner, attributable to the failure of such Partner to comply with the provisions of Section 3.11 or on account of the incompleteness, inaccuracy, obsolescence, expiration or invalidity of any documentation
delivered by such Partner pursuant to Section 3.11, or delivered on behalf of a Partner pursuant to Section 13.1. 

Section 6.4    Tax Distributions. Notwithstanding anything to the contrary in this Agreement, but subject in
each case to Section 6.5: 
 (a)    On or prior to each Estimated Tax Due Date, the Partnership shall make a
cash distribution to each Partner in an aggregate amount equal to such Partner’s Quarterly Tax Distribution Amount for the Fiscal Quarter with respect to which quarterly installments of estimated tax are due on such Estimated Tax Due Date (each
such distribution, a “Quarterly Tax Distribution”). 

  
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 (b)    As promptly as practicable after the end of each Fiscal Year, the
Partnership shall make a cash distribution to each Partner in an aggregate amount equal to such Partner’s Year End Tax Distribution Amount for such Fiscal Year. 

(c)    All amounts distributed pursuant to Section 6.4(a) and
Section 6.4(b) shall be treated as an advance against and shall be deducted from the next succeeding distribution made (or that would otherwise be made) to such Partner with respect to such Partner’s Units (whether
pursuant to Section 6.1, Section 6.2, Section 9.5, Section 12.2 or otherwise), and if necessary, from any succeeding distributions thereafter,
until such amounts have been fully deducted from such distribution(s). Any such amounts applied as an advance against one or more succeeding distributions pursuant to the immediately preceding sentence shall be treated for purposes of this Agreement
as having been distributed under those provisions of this Agreement under which distributions would have been made with respect to such Partner’s Units but for the immediately preceding sentence. 

Section 6.5    Limitations 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 

MANAGEMENT 

Section 7.1    Management by the General Partner. 

(a)    Except as expressly limited by the provisions of this Agreement, the General Partner (i) shall have the duty,
responsibility, authority and power to manage and administer the affairs and business of the Partnership; (ii) shall, in its sole and absolute discretion, exercise all powers necessary, convenient or appropriate to carry out the purposes,
conduct the business and exercise the powers of the Partnership, but subject to the limitations and restrictions expressly set forth herein; and (iii) shall have all of the powers, duties and obligations conferred by the Act on a general
partner. Except as expressly limited by the provisions of this Agreement, the General Partner is authorized and empowered, on behalf and in the name of the Partnership, to carry out and implement, directly or through such agents and designees 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. For purposes of this Article
VII, references to the Partnership shall include its Subsidiaries, unless the context requires otherwise. 

(b)    The General Partner may appoint officers, managers or agents of the Partnership and its Subsidiaries and may
delegate to such officers, managers or agents or any other person or body all or part of the powers, authorities, duties or responsibilities possessed by or imposed on the General Partner pursuant to this Agreement. 

(c)    The General Partner shall use reasonable best efforts to ensure that the Partnership is and continues throughout
its term to be classified as a partnership (but not a publicly traded partnership) for U.S. federal income tax purposes. 

Section 7.2    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 

  
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status as a Limited Partner except as otherwise expressly 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, a Limited Partner (directly or through an Affiliate) (i)
may consult with and advise the General Partner or any other Person with respect to any matter, including the business of the Partnership, (ii) may transact business with the General Partner or the Partnership, and (iii) may be an officer,
director, partner or equityholder of the General Partner or have its Representatives serve as officers or directors of the General Partner without incurring additional liabilities to third parties. 

(b)    No Limited Partner Voting Rights. To the fullest extent permitted by 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 expressly provided in this
Agreement. 
 (c)    Authority of Partners. 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, no
Limited Partner, in such Partner’s capacity as a Limited Partner, shall, except as so authorized by the General Partner, 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 Partnership and will not attempt to act for or bind the Partnership. 
 Section 7.3    Removal and
Replacement of the General Partner. Any General Partner may be removed at any time, with or without cause, by the holders of a majority of the outstanding Special Voting Limited Partnership Units, and the General Partner may resign from the
Partnership for any reason; provided, however, that, as a condition to any such removal or resignation, (a) the holders of a majority of the outstanding Special Voting Limited Partnership Units 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. 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. Effective immediately upon the Transfer of the
General Partner’s entire General Partnership Interest as provided in this Section 7.3 or Section 9.2(b), such Partner shall cease to have any interest in the profits, losses, assets,
properties or capital of the Partnership with respect to such General Partnership Interest and shall cease to be the General Partner.  

  
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 Section 7.4    Expense Reimbursement. 

(a)    All costs and expenses incurred in connection with the ongoing operation or management of the business of the
Partnership or its Subsidiaries (including such operation or management by the General Partner or its Representatives) shall be borne by the Partnership or its Subsidiaries, as the case may be, including the following costs and expenses: 

(i)    the costs and expenses of maintaining the Partnership’s (and its Subsidiaries’) bank
accounts or of any banks, custodians or depositories appointed for the safekeeping of the investments or other property of the Partnership or its Subsidiaries; 

(ii)    travel costs, fees and other costs and expenses incurred by the General Partner, the Partnership or
their respective Representatives related to the investigation and evaluation of investment opportunities (including those not consummated), the acquisition, ownership, management, financing, refinancing, hedging or sale or valuation of loans or
other assets, meetings with the Partners, taxes (and costs and expenses of the TMP, including attorneys’ and accountants’ fees and disbursements associated therewith), fees of auditors, counsel, third-party due diligence providers and
consultants, custodial expenses, insurance, indemnification expenses, litigation expenses, costs and expenses associated with the preparation and distribution of documents; and 

(iii)    compensation of the employees (including officers) of the General Partner, the Partnership and its
Subsidiaries (whether such employees are employed directly or leased from members of the BGC Partners Group or members of the Cantor Group) and related benefits costs and payroll taxes; and 

(b)    To the extent that any cost or expense to be borne by the Partnership are paid by the General Partner or its
Affiliates (other than the Partnership and its Subsidiaries), the Partnership shall reimburse the General Partner or Affiliate, as the case may be, for all such cost and expense promptly upon request. 

Section 7.5    Affiliated Transactions. The General Partner, acting in good faith, may enter, or cause
the Partnership to enter, into arrangements, contracts or other transactions with any Affiliate of the General Partner, Cantor or BGC Partners for (a) the provision or receipt of accounting, legal, treasury, human resources, information
technology, investor relations, office overhead and other administrative services pursuant to generally applicable intercompany services agreements, (b) investment advisory, investment banking, underwriting, valuation, risk management,
financial advisory and similar services and (c) other matters to the extent on arm’s length terms. 
 ARTICLE VIII

 INDEMNIFICATION AND EXCULPATION 

Section 8.1    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 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, 

  
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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 8.2    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 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 fullest extent permitted by law, only to the extent that such amendment permits the Partnership to provide broader indemnification rights than said law 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, judgments, fines, amounts paid or to be paid in settlement, and excise
taxes or penalties arising under ERISA) 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 8.2(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 8.2 shall be a contract
right and shall include the right to be paid by the Partnership the expenses, including attorneys’ fees, incurred in defending any such proceeding in advance of its financial disposition; provided, however, that if 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 8.2 or otherwise. 

(b)    To obtain indemnification under this Section 8.2, 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 are 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 8.2(b), a determination, if required by applicable law, with respect to the claimant’s entitlement
thereto shall be made by the Board of Directors of the General Partner. If it is so determined that the claimant is entitled to indemnification, payment to the claimant shall be made within twenty (20) days after such determination. 

  
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 (c)    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 required undertaking, if any is required, has been tendered to the Partnership) that the claimant has 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. 
 (d)    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 8.2 with respect to the indemnification and advancement of expenses of a General Partner or any directors and officers of the General Partner or of the Partnership. 

(e)    If any provision or provisions of this Section 8.2 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 8.2 (including each portion of this Section 8.2 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 8.2 (including each such portion of this Section 8.2 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. 
 (f)    Any notice, request or other communication
required or permitted to be given to the Partnership under this Section 8.2 shall be in writing and either delivered in person or sent by telecopy, telex, telegram, 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 8.3    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 8.2, 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 8.4    Subrogation. In the event of payment of indemnification to a Person described in
Section 8.2, 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 8.5    No Duplication of Payments. The Partnership shall not be liable under this Article VIII
to make any payment in connection with any claim made against a Person described in Section 8.2 to the extent such Person has otherwise received payment (under any insurance policy or otherwise) of the amounts otherwise
payable as indemnity hereunder. 

  
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 Section 8.6    Survival. This Article VIII shall survive
any termination of this Agreement. 
 ARTICLE IX 

TRANSFERS OF EQUITY INTERESTS 

Section 9.1    Transfers of Equity Interests 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 Equity Interest, except as permitted by the terms and conditions set forth in this Article IX. Schedule A shall be deemed to be
amended from time to time to reflect any change in the Partners or Equity Interests as a result of any Transfer permitted by this Article IX. 

Section 9.2    Permitted Transfers. 

(a)    Limited Partnership Interests. No Limited Partner 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 (including any Regular Limited Partnership Interest and any Special Voting Limited Partnership Interest), except any such Transfer (i) pursuant to
Section 9.2(c) or Section 9.5; (ii) by a member of the BGC Partners Group to another member of the BGC Partners Group; (iii) by a member of the Cantor Group to another member of the Cantor
Group; or (iv) for which the General Partner shall have provided its prior written consent (such consent not to be unreasonably withheld); provided that, without the consent of the General Partner, no Limited Partner 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 if the General Partner determines, in its sole discretion, that such Transfer would reasonably be expected to:

 (i)    jeopardize the status of the Partnership as a partnership for United States federal income tax
purposes or result in a termination of the Partnership under the Code; 
 (ii)    result in the
Partnership being classified or treated as a publicly traded partnership for U.S. federal income tax purposes; 

(iii)    cause a dissolution of the Partnership under the Act; 

(iv)    cause the Partnership or any Subsidiary to be an “investment company” within the meaning
of the 40 Act; 
 (v)    violate, or cause the Partnership to violate, any applicable law or regulation,
including any applicable federal or state securities laws; 
 (vi)    cause the Partnership or any
Subsidiary to have to make any filings or cause it to be subject to any reporting or other regulatory obligations to which it was not subject prior to such Transfer; 

(vii)    cause the Partnership, any Subsidiary or any Partner to be in violation of any contract, financing
(or other obligation legally binding upon any of them) or otherwise suffer any material adverse consequence which, in each case, has been identified by the General Partner as a violation or adverse consequence likely to occur as a result of such
Transfer; or 

  
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 (viii)    cause the assets of the Partnership to be
considered “plan assets” under ERISA. 
 (b)    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, unless (i) to a new General Partner in accordance with
Section 7.3, or (ii) with the prior written consent of the holders of a majority of the Special Voting Limited Partnership Units. 

(c)    Transfers from the BGC Partners Group to Affiliates. It is expressly understood that, as of the Closing
Date, members of the Newmark Group shall be members of the BGC Partners Group. It is possible that the members of the Newmark Group shall cease to be members of the BGC Partners Group, including as a result of an initial public offering of common
stock of Newmark, a distribution of all of the common stock in Newmark held by members of the BGC Partners Group, or a combination of the foregoing (the “Newmark Separation”). If (i) members of the BGC Partners Group
shall transfer all of their Equity Interests in the Partnership to members of the Newmark Group (which they expressly shall be permitted to do under this Agreement), or all such Equity Interests in the Partnership are otherwise held by members of
the Newmark Group, and (ii) the Newmark Separation occurs, then each reference to “BGC Partners” and the “BGC Partners Group” in this Agreement shall become references to “Newmark” and the “Newmark Group”
to extent necessary to reflect such ownership of the Equity Interests in the Partnership by the members of the Newmark Group following the Newmark Separation. 

Section 9.3    Admission as a Partner upon Transfer. Notwithstanding anything to the contrary set forth
herein, a Transferee that has otherwise satisfied the requirements of Section 9.2 shall become a Partner, and shall be listed as a “Regular Limited Partner,” “Special Voting Limited Partner” or “General
Partner” as applicable, on Schedule A, and shall be deemed to receive the Equity 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; provided, however, that if such Transferee is (a) at the time of such
Transfer a Partner of the applicable class of Units 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. 

Section 9.4    Transfer of Units and Capital with the Transfer of an Interest. Notwithstanding anything herein
to the contrary, each Partner that Transfers an Equity Interest shall be deemed to have Transferred the entire Equity Interest, including the associated Units and Capital Account with respect to such Equity Interest, or, if a portion of an Equity
Interest is being Transferred, each Partner that Transfers a portion of an Equity Interest shall specify the number of Units being so Transferred and such Transfer shall include a proportionate amount of such Partner’s Capital Account with
respect to such Equity Interest, to the Transferee. 
 Section 9.5    Redemption. 

(a)    Optional Redemption by the Series A Limited Partners. At the option of the Limited Partners that hold a
majority of the outstanding Series A Units delivered in writing to the Partnership not earlier than the fourth (4th) anniversary of the Closing Date, the Partnership shall redeem, on the date that is one (1) year following the date such option
is exercised (or such other date as may be agreed by the Partnership and the Limited Partners that hold a majority of the outstanding Series A Units), all outstanding Series A Units in exchange for an aggregate amount in cash equal to the BGC

  
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Investment Amount, adjusted as of immediately prior to such redemption. Such aggregate amount will be paid to the Limited Partners that are holders of the Series A Units being redeemed, pro
rata in accordance with their respective number of Series A Units. 
 (b)    Early Redemption by the
Partnership. At any time prior to the fifth anniversary of the Closing Date, at the option of the Limited Partners that hold a majority of the outstanding Series B Units, the Partnership shall have the right to redeem all outstanding Series A
Units in exchange for an aggregate amount in cash equal to (a) the BGC Investment Amount, adjusted as of immediately prior to such redemption plus (b) if there shall be any BGC Shortfall Amount as of such redemption, an amount equal
to such BGC Shortfall Amount as of such redemption. Such aggregate amount will be paid to the Limited Partners that are holders of the Series A Units being redeemed, pro rata in accordance with their respective number of Series A Units. To
effect such a redemption, the Partnership shall provide a written notice to BGC Partners that the Partnership intends to effect the redemption at least five (5) days prior to such redemption. 

(c)    Redemption by the Partnership. At any time on or after the fifth anniversary of the Closing Date, at the
option of the Limited Partners that hold a majority of the outstanding Series B Units, the Partnership shall have the right to redeem all outstanding Series A Units in exchange for an aggregate amount in cash equal to the BGC Investment Amount,
adjusted as of immediately prior to such redemption. Such aggregate amount will be paid to the Limited Partners that are holders of the Series A Units being redeemed, pro rata in accordance with their respective number of Series A Units. To
effect such a redemption, the Partnership shall provide a written notice to BGC Partners that the Partnership intends to effect the redemption at least five (5) days prior to such redemption. 

(d)    In the event of any redemption pursuant to this Section 9.5, any Net Profits (or items
thereof) or any Net Losses (or items thereof) not previously allocated pursuant to Section 5.2 shall be allocated pursuant to Section 5.2 as of immediately prior to such redemption. No redemption
pursuant to this Section 9.5 shall be considered an Extraordinary Transaction. 

(e)    Immediately following the closing of any redemption pursuant to this Section 9.5, the
members of the BGC Partners Group shall no longer have any interest in (i) the Partnership or any of its Subsidiaries or (ii) any Capital Account. 

Section 9.6    Legend. Each Partner agrees that any certificate issued to it to evidence its Equity Interests
shall have inscribed conspicuously on its front or back the following legend: 
 THE PARTNERSHIP INTEREST IN CF REAL ESTATE FINANCE HOLDINGS,
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, REGULATIONS

  
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THEREUNDER) AND SUCH OTHER APPLICABLE LAWS AND (B) IF PERMITTED BY THE LIMITED PARTNERSHIP AGREEMENT OF CF REAL ESTATE FINANCE HOLDINGS, 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). 

Section 9.7    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 IX shall, to the fullest extent permitted by law, be void ab initio and shall be of no effect. 

ARTICLE X 
 LIMITED
LIABILITY OF THE LIMITED PARTNERS 
 Section 10.1    Limited Liability. A Limited Partner that receives
the return of any part of its Capital Contribution shall be liable to the Partnership for the amount of its Capital Contribution so returned to the extent, and only to the extent, provided by the Act. Except as provided in the Act, the Limited
Partners shall not otherwise be liable to the Partnership for the repayment, satisfaction, or discharge of the Partnership’s debts, liabilities or obligations. Except as may be otherwise expressly provided in this Agreement, no Limited Partner
shall have any obligation to contribute money to the Partnership. No Limited Partner shall be personally liable to any third Person for any liability or other obligation of the Partnership. 

ARTICLE XI 
 DURATION
AND TERMINATION OF THE PARTNERSHIP 
 Section 11.1    Duration. The Partnership shall continue until
terminated in accordance with this Article XI. 
 Section 11.2    Bankruptcy of a Partner. The
bankruptcy, insolvency, dissolution or liquidation of, or the making of an assignment for the benefit of creditors by, or any other act or circumstance with respect to, a Partner shall not cause the dissolution or termination of the Partnership.

 Section 11.3    Events of Dissolution; Termination of the Partnership. The Partnership shall be dissolved
and terminate upon the first to occur of: 
 (a)    the written consent of the General Partner to the dissolution of the
Partnership; 
 (b)    at any time there are no Limited Partners of the Partnership; and 

(c)    the entry of a decree of judicial dissolution under Section 17-802 of
the Act. 

  
 30 

 ARTICLE XII 

LIQUIDATION OF THE PARTNERSHIP 

Section 12.1    General. 

(a)    Upon the dissolution of the Partnership, the Partnership shall be liquidated in accordance with this Article
XII and the Act. The termination, dissolution and liquidation shall be conducted and supervised by the General Partner (the General Partner being referred to in this Article XII as the “Liquidating Agent”). The
Liquidating Agent shall have all of the rights, powers, and authority with respect to the assets and liabilities of the Partnership in connection with the liquidation, dissolution and termination of the Partnership that the General Partner has with
respect to the assets and liabilities of the Partnership during the term of the Partnership, and subject to the same limitation on such powers as the General Partner has during the term of the Partnership, the Liquidating Agent is hereby expressly
authorized and empowered to execute any and all documents necessary or desirable to effectuate the liquidation of the Partnership and the transfer of any assets or liabilities of the Partnership. The Liquidating Agent shall have the right from time
to time, by revocable powers of attorney, to delegate to one or more Persons any or all of such rights and powers and such authority and power to execute documents and, in connection therewith, to fix the reasonable compensation of each such Person,
which shall be charged as an expense of liquidation. 
 (b)    The Liquidating Agent shall liquidate the Partnership in
an orderly fashion and taking into account prevailing market conditions and the assets and liabilities of the Partnership and shall have a reasonable time to dispose of all assets of the Partnership upon the best price and on such terms as the
Liquidating Agent is able to obtain in the then current market, as determined by the Liquidating Agent in its sole and absolute discretion. 

Section 12.2    Priority on Liquidation; Distributions. 

(a)    The proceeds of liquidation shall be applied and distributed in the following order of priority: 

(i)    to pay the reasonable costs and expenses of the dissolution and liquidation; 

(ii)    to pay matured debts and liabilities of the Partnership to all creditors of the Partnership
(including any liability to any Partner, which shall include the payment of any reimbursable costs and expenses under Section 7.4); 

(iii)    to establish any reserves which the Liquidating Agent may deem necessary or advisable for any
contingent or unmatured liability of the Partnership to all Persons who are not Partners; 
 (iv)    to
establish any reserves which the Liquidating Agent may deem necessary or advisable for any contingent or unmatured liability of the Partnership to Partners; and 

(v)    finally, any remaining proceeds or assets shall be distributed to the Partners, pro rata, in
accordance with their respective positive Capital Account balances. 

  
 31 

 (b)    If upon the liquidation and winding up of Partnership, assets of the
Partnership are to be distributed in kind, each such asset shall be valued to determine the amount of net gain or loss that would result if such asset were to be sold at fair market value, and such net gain or loss shall be allocated among, and
credited or charged, as the case may be, to the Capital Accounts of the Partners in accordance with Article V. 

Section 12.3    Source of Distributions. The General Partner shall not be liable out of its own assets for the
distribution of any amounts to the Limited Partners, it being expressly understood that any such distribution shall be made solely from the Partnership’s assets. 

Section 12.4    Statements on Termination. Each Partner shall be furnished with a statement prepared by the
Partnership’s accountant, which shall set forth the assets and liabilities of the Partnership as at the date of complete liquidation, and each Partner’s share thereof. Upon consummation of the liquidation of the Partnership set forth in
this Article XII, the Limited Partners shall cease to be such, and the Liquidating Agent shall execute, acknowledge and cause to be filed a certificate of cancellation of the Partnership. 

Section 12.5    Deficit Restoration. Upon the termination of the Partnership, no Limited Partner shall be
required to restore to the Partnership any negative balance in his, her or its Capital Account. The General Partner shall be required to contribute to the Partnership an amount equal to its respective deficit Capital Account balances within the
period prescribed by Treasury Regulations Section 1.704-1(b)(2)(ii)(c). 

Section 12.6    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. 
 ARTICLE XIII 

POWER OF ATTORNEY 

Section 13.1    General. Each Partner irrevocably constitutes and appoints each officer and director of the
General Partner and each Liquidating Agent the true and lawful attorney-in-fact, with power of substitution, of such Partner to execute, acknowledge, swear to and file:
(a) any certificate or other instrument which may be required to be filed by the Partnership under the laws of any jurisdiction in which the Partnership or any Subsidiary does business, or which the General Partner shall deem advisable to file,
so long as no such certificate or instrument shall have the effect of amending this Agreement or imposing any liability or obligation on such Partner or result in a Partner no longer having limited liability under the Act or otherwise; (b) any
agreement, document, certificate or other instrument which any Partner is required to execute in connection with the transfer of such Partner’s interest in the Partnership pursuant to Article IX and which such Partner has failed to
execute and deliver within ten (10) days after written request therefor by the General Partner; (c) any instrument which the General Partner deems necessary or appropriate to facilitate the implementation of the terms of this Agreement, so
long as such instruments do not alter the rights or obligations of the Limited Partners under the terms of this Agreement; and (d) any certificate, document, agreement or other instrument necessary to obtain benefits to which the Partners are
otherwise entitled under an applicable tax treaty or the tax laws of any jurisdiction, including the authority to furnish to the relevant tax authorities information relating to a Partner’s tax residence, address, taxpayer identification number
and any other information required by such tax authorities in connection with the foregoing. The General Partner shall deliver a copy of each document executed pursuant to this power of attorney to each Partner in whose name such document was
executed.  

  
 32 

 Section 13.2    Survival of Power of Attorney. It is expressly
acknowledged by each Partner that the foregoing power of attorney is coupled with an interest and shall survive death, legal incapacity, bankruptcy, insolvency, assignment for the benefit of creditors and assignment by a Partner of its interest in
the Partnership; provided, however, that if a Partner shall assign all of its interest in the Partnership and the assignee shall, in accordance with the provisions of this Agreement, become a substitute Partner, then such power of
attorney shall survive such assignment only for the purpose of enabling the General Partner to execute, acknowledge, swear to and file any and all instruments necessary to effect such substitution. 

Section 13.3    Written Confirmation of Power of Attorney. Each Partner hereby agrees to execute, upon fifteen
(15) days’ prior written notice, a confirmatory or special power of attorney, containing the substantive provisions of this Article XIII. 

ARTICLE XIV 

MISCELLANEOUS 

Section 14.1    Further Assurances. The Partners agree to execute such instruments and documents as may be
required by the Act or by law or which the General Partner reasonably deems necessary or appropriate to carry out the intent of this Agreement so long as they do not alter the rights and obligations of the Partners under this Agreement. 

Section 14.2    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 14.3    Governing Law. This Agreement shall be governed by, and construed in
accordance with, the Act and judicial interpretations thereof to the extent applicable, and otherwise in accordance with the internal laws of the State of Delaware, without regard to conflict of law principles. 

Section 14.4    Confidentiality. Each Partner expressly agrees, whether or not at the time a Partner of the
Partnership or providing services to the Partnership or any of its Subsidiaries, to maintain the confidentiality of, and not disclose to any Person (other than the Partnership, the Partnership’s Representatives, such Partner’s
Representatives (provided that such Partner shall be liable to the Partnership for any breach of this Section 14.4 by such Partner’s Representatives) or another Partner), any information relating to the assets, liabilities,
business, clients, affairs or financial structure, position or results of the Partnership or its Subsidiaries or any dispute involving the Partnership or its Subsidiaries that shall not be generally known to the public or the securities industry
(“Confidential Information”); provided that such Partner may disclose any such Confidential Information (a) to the extent required by any applicable law, rule or regulation in the opinion of counsel or by the order of
any securities exchange, banking supervisory authority or other governmental or self-regulatory organization of competent jurisdiction (provided that such Partner notifies the Partnership of such requirement prior to making such disclosure
and cooperates with the Partnership in seeking to prevent or minimize such disclosure) or (b) with the prior written consent of the General Partner (not to be unreasonably withheld or delayed). Notwithstanding the foregoing, the General
Partner may disclose and use Confidential Information as the General Partner determines to be necessary or appropriate in connection with administering and managing the businesses and operations of the Partnership or its Subsidiaries.
Notwithstanding anything in this Agreement or any other express or implied agreement, arrangement or understanding to the contrary, each 

  
 33 

 
party to this Agreement (and each of its Representatives) may disclose to any and all Persons, without limitation of any kind (other than as provided in the proviso of this sentence), the tax
treatment and any facts that may be relevant to the tax structure of the transactions contemplated by this Agreement; provided, however, that no party (and no Representative thereof) shall disclose any other information that is not
relevant to understanding the tax treatment and tax structure of the transactions contemplated by this Agreement (including the identity of any party and any information that could lead another to determine the identity of any party). 

Section 14.5    Severability. If any one or more of the provisions contained in this Agreement, or any
application thereof, shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and all other applications thereof shall not in any way be affected or impaired
thereby, unless the absence of the invalid, illegal or unenforceable provision would materially affect the respective interests of the Partners, in which case the Partners shall use their best efforts to make such changes or adjustments in this
Agreement as would restore the respective economic interests of the Partners as originally contemplated hereby. 

Section 14.6    Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which taken together shall be deemed one and the same agreement. 

Section 14.7    Entire Agreement. This Agreement amends and restates in its entirety the Prior Agreement. This
Agreement, including the Schedules hereto, constitutes the entire agreement among the parties hereto and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. 

Section 14.8    Amendment; Waiver. This Agreement may be amended or waived at any time and from time to time
with the consent of the General Partner. Notwithstanding anything to the contrary contained in this Agreement, without the consent of the holders of a majority of the Series A Units and the holders of a majority of the Series B Units, the second
proviso set forth in Section 4.2(b), Section 5.2, Section 9.5 or this sentence (including any defined term used therein or herein) may not be amended in a manner that materially and negatively affects the existing
terms of this Agreement setting forth the allocation of economic rights between the Series A Units as a class, on the one hand, and the Series B Units as a class, on the other hand (excluding any such effect resulting solely from additional capital
received by the Partnership in connection with the issuance of additional Units). 

Section 14.9    Construction. The captions used herein are intended for convenience of reference only, and
shall not modify or affect in any manner the meaning or interpretation of any of the provisions of this Agreement. As used herein, the singular shall include the plural, the masculine gender shall include the feminine and neuter, and the neuter
gender shall include the masculine and feminine, unless the context otherwise requires. The words “hereof,” “herein” and “hereunder,” and words of similar import, when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement. Except as otherwise specifically described in this Agreement, the words and phrases “including,” “shall include,” “inclusive of” and words and
phrases of similar import are deemed to be followed by “without limitation” or “but not limited to.” 

Section 14.10    Force Majeure. Whenever any act or thing is required of the Partnership or the General
Partner hereunder to be done within any specified period of time, the Partnership or the General Partner, as the case may be, shall be entitled to do such act or thing within such additional time as shall equal the period of delay resulting from
causes beyond the reasonable control of the Partnership or the General Partner, as the case may be, including bank holidays, actions of governmental agencies, natural disasters, acts of war or terrorism, national emergency or financial crises of a
nature materially affecting the purchase and sale of securities; provided, that this provision shall not have the effect of relieving the Partnership or the General Partner from the obligation to perform any such act or thing. 

  
 34 

 Section 14.11    Opportunity; Duties. To the greatest extent
permitted by applicable law, and except as otherwise expressly set forth in this Agreement: 
 (a)    None of any member
of the BGC Partners Group, any member of the Cantor Group, the General Partner or any of their respective Representatives shall owe any duty (fiduciary or otherwise) to, nor shall any member of the BGC Partners Group, any member of the Cantor Group,
the General Partner or any of their respective Representatives be liable for breach of duty (fiduciary or otherwise) to, the Partnership or the holders of Equity Interests. In taking any action, making any decision or exercising any discretion with
respect to the Partnership, each member of the BGC Partners Group, each member of the Cantor Group, the General Partner and any of their respective Representatives shall 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 (i) to give any consideration to the interests of or factors affecting the Partnership, the holders of Equity Interests or any other Person, or (ii) to
abstain from participating in any vote or other action of the Partnership or any Affiliate thereof, or any board, committee or similar body of any of the foregoing. None of any member of the BGC Partners Group, any member of the Cantor Group, the
General Partner or any of their respective Representatives shall violate a duty or obligation to the Partnership merely because such Person’s conduct furthers such Person’s own interest. Any member of the BGC Partners Group, any member of
the Cantor Group, the General Partner 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
transaction between any member of the BGC Partners Group, any member of the Cantor Group, the General Partner or any of their respective Representatives, on the one hand, and the Partnership, its Subsidiaries or any of their respective
Representatives, on the other hand, shall be voidable solely because any member of the BGC Partners Group, any member of the Cantor Group, the General Partner or any of their respective Representatives has a direct or indirect interest in the
transaction. Nothing herein contained shall prevent any member of the BGC Partners Group, any member of the Cantor Group, the General Partner 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 member of the BGC Partners Group, any member of the Cantor Group, the General Partner 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 the event that any member of the BGC Partners Group, any member of the Cantor Group, the General Partner or any of their respective Representatives acquires knowledge of a potential transaction or
matter that may be a Corporate Opportunity for any member of the BGC Partners Group, any member of the Cantor Group, the General Partner or any of their respective Representatives, on the one hand, and the Partnership or its Subsidiaries, on the
other hand, such member of the BGC Partners Group, member of the Cantor Group, the General Partner or any of their respective Representatives, as the case may be, shall have no duty to communicate or offer such Corporate Opportunity to the
Partnership or its Representatives. None of any member of the BGC Partners Group, any member of the Cantor Group, the General Partner or any of their respective Representatives shall be liable to the Partnership, the holders of Equity Interests or
their Representatives for breach of any duty by reason of 

  
 35 

 
the fact that any member of the BGC Partners Group, any member of the Cantor Group, the General Partner 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. 

(c)    Any Person purchasing or otherwise acquiring any Equity Interest shall be deemed to have notice of and to have
consented to the provisions of this Section 14.11. 
 (d)    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. 

(e)    Neither the alteration, amendment, termination, expiration or repeal of this
Section 14.11 nor the adoption of any provision of this Agreement inconsistent with this Section 14.11 shall eliminate or reduce the effect of this Section 14.11 in
respect of any matter occurring, or any cause of action that, but for this Section 14.11, would accrue or arise, prior to such alteration, amendment, termination, expiration, repeal or adoption. 

Section 14.12    Notices. All notices, demands, solicitations of consent or approval, and other communications
hereunder shall be in writing and shall be sufficiently given if personally delivered, transmitted by facsimile or sent postage prepaid by overnight courier or registered or certified mail, return receipt requested, addressed as follows: if intended
for the Partnership or the General Partner, to the Partnership’s principal business office determined pursuant to Section 2.4, and if intended for any other Partner to the address of such Partner set forth on Schedule A
hereto, or to such other address as such Partner may designate from time to time by written notice to the Partnership. Notices shall be deemed to have been given when personally delivered or transmitted by facsimile with electronic confirmation of
receipt or, if mailed or sent by overnight courier, on the date on which received. The provisions of this Section 14.12 shall not prohibit the giving of written notice in any other manner; provided that, in any such case any such
written notice shall be deemed given only when actually received. 
 Section 14.13    No Right of Partition for
Redemption. No Partner and no successor-in-interest to any Partner shall have the right while this Agreement remains in effect to have the property of the
Partnership partitioned, or to file a complaint or institute any proceeding at law or in equity to have the property of the Partnership partitioned or, except pursuant to Section 9.5 or on such terms and conditions as the General Partner
may, in its sole and absolute discretion, approve, to require the redemption of its interest in the Partnership. 

Section 14.14    Third-Party Beneficiaries. Except as expressly provided for in Article VIII, the
provisions of this Agreement are not intended to be for the benefit of any creditor or other Person to whom any debts or obligations are owed by, or who may have any claim against, the Partnership or any of its Partners, except for Partners, in
their capacities as such. Notwithstanding any contrary provision of this Agreement, no such creditor or Person shall obtain any rights under this Agreement or shall, by reason of this Agreement, be permitted to make any claim against the Partnership
or any Partner. 
 Section 14.15    Choice of Forum, Appointment of Agent and Consent to Service of Process.

 (a) TO THE EXTENT NECESSARY AND PERMITTED BY APPLICABLE LAW, WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OBLIGATION HEREUNDER, EACH PARTNER AND THE PARTNERSHIP IRREVOCABLY AND UNCONDITIONALLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT IN 

  
 36 

 
WILMINGTON, DELAWARE; (II) WAIVES ANY OBJECTION SUCH PARTNER MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE IN ANY SUCH COURT AND ANY CLAIM THAT SUCH COURT IS AN INCONVENIENT FORUM;
(III) AGREES NOT TO CLAIM AND WAIVES ANY IMMUNITY WHICH THE PARTNER MAY BE ENTITLED TO CLAIM IN RESPECT OF ANY SUIT IN OR JURISDICTION OF ANY SUCH COURT; (IV) AGREES TO APPOINT PROMPTLY, UPON REQUEST FROM THE PARTNERSHIP OR THE GENERAL
PARTNER, AUTHORIZED AGENTS FOR THE PURPOSE OF RECEIVING SERVICE OF PROCESS IN ANY SUIT, ACTION OR PROCEEDING IN WILMINGTON, DELAWARE; (V) CONSENTS TO SERVICE OF PROCESS IN ANY SUIT, ACTION OR PROCEEDING IN SUCH JURISDICTIONS; AND
(VI) CONSENTS TO SERVICE OF PROCESS BY MAILING A COPY THEREOF TO THE ADDRESS OF THE PARTNER DETERMINED UNDER SECTION 14.12 BY UNITED STATES 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 (IV) OF THIS SECTION 14.15(A), OR BY ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. EACH OF THE PARTNERS HEREBY WAIVES ANY RIGHT TO CLAIM
OR RECEIVE AND NO COURT OF LAW SHALL HAVE ANY AUTHORITY TO AWARD SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING DAMAGES FOR LOST PROFITS AND LOST BUSINESS OPPORTUNITIES OR DAMAGES CALCULATED BASED UPON A MULTIPLE OF
EARNINGS APPROACH OR VARIANT THEREOF. 
 (b)    Each Partner and the Partnership 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. The “matters governed by this Agreement” shall include any and all matters and agreements
resulting from or referred to in this Agreement and any disputes arising with respect to any such matters and agreements. 

Section 14.16    UCC Treatment of Units. Solely for the purposes set forth in Article VIII of the Uniform
Commercial Code in effect in the State of Delaware from time to time, all Units heretofore or hereafter issued by the Partnership shall be and are designated “securities” and shall be subject to and treated in accordance with the
provisions of such Article VIII. 
 [The remainder of this page has been left blank intentionally.] 

  
 37 

 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed as of
the date first set forth above. 
  

							
	General Partner:	 		 	CF REAL ESTATE FINANCE HOLDINGS GP, LLC
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
	Limited Partners:	 		 	[BGC PARTNERS, L.P.]
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	[CANTOR COMMERCIAL REAL ESTATE INVESTOR, L.P.]
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 [Signature Page to the Amended and Restated Agreement of 

Limited Partnership of CF Real Estate Finance Holdings, L.P.] 

 SCHEDULE A 

LIST OF PARTNERS 

(as of [●], 2017) 

General Partner 
  

					
	 Name
	  	 Address
	  	 Number of

Units

	 CF Real Estate Finance Holdings GP, LLC
	  	 110 East 59th Street

New York, NY 10022
	  	1

 Special Voting Limited Partner 

 

					
	 Name
	  	 Address
	  	 Number of

Units

	 [Cantor Commercial Real Estate Investor, L.P. and/or one or more of its affiliates]
	  	 110 East 59th Street

New York, NY 10022
	  	1

 Regular Limited Partners 

Series A Limited Partners 
  

							
	 Name
	  	 Address
	  	 Number of

Units
	  	 Date of

Admission

	 [BGC Partners, L.P. and/or one or more of its affiliates]
	  	 c/o BGC Partners, Inc.

499 Park Avenue

New York, NY 10022
	  	1,000	  	[●], 2017

 Series B Limited Partners 
  

							
	 Name
	  	 Address
	  	 Number of

Units
	  	 Date of

Admission

	 [Cantor Commercial

Real Estate Investor,

L.P. and/or one or more of its affiliates]
	  	 110 East 59th Street

New York, NY 10022
	  	2,667	  	[●], 2017

  
 A-1

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