Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of December 13, 2017 (this “Agreement”), is made by and among Newmark
Group, Inc., a Delaware corporation (“Newmark”), BGC Partners, Inc., a Delaware corporation (“BGC Partners”), and Cantor Fitzgerald, L.P., a Delaware limited partnership (“Cantor”). 

W I T N E S S E T H: 
 WHEREAS,
Cantor, BGC Partners and Newmark have entered into the Separation and Distribution Agreement, dated as of December 13, 2017 (as amended from time to time, the “Separation and Distribution Agreement”), with BGC Holdings, L.P., a
Delaware limited partnership, BGC Partners, L.P., a Delaware limited partnership, Newmark Holdings, L.P., a Delaware limited partnership (“Newmark Holdings”), and Newmark Partners, L.P., a Delaware limited partnership, to effect the
Contribution and the Distribution. 
 WHEREAS, BGC Partners and Cantor and their respective Affiliates received or may receive Newmark
Common Stock (as defined below), including in connection with the Contribution or the Distribution or upon the exchange of Newmark Holdings Exchangeable Limited Partnership Interests (as defined below). 

WHEREAS, Cantor, BGC Partners and Newmark desire to enter into this Agreement to set forth the terms and conditions of the registration rights
and obligations of Newmark and the Holders. 
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, it
is agreed as follows: 
 Article I 

Definitions 
 Section 1.1
Definitions. As used in this Agreement, the following capitalized terms shall have the meanings ascribed to them below: 

“Affiliate” means, with respect to any Person, any other Person that directly, or through one or more intermediaries, controls
or is controlled by or is under common control with such Person. For the purposes of this definition, “control,” with respect to any Person, means the direct or indirect possession of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” has the meaning set forth in the Preamble. 

“Article III Notice” has the meaning set forth in Section 3.1. 

 “BGC Partners” has the meaning set forth in the Preamble, including any
successor to BGC Partners, Inc., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 

“BGC Partners Group” means BGC Partners and any of its Affiliates (other than Newmark and its Subsidiaries). 

“Business Day” means any day other than a Saturday, Sunday or a day on which banks are authorized or required to be closed
for business in New York City, New York, United States of America. 
 “Cantor” has the meaning set forth in the Preamble,
including any successor to Cantor Fitzgerald, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. 

“Cantor Group” means Cantor and any of its Affiliates (other than Newmark and its Subsidiaries). 

“Closing” means “Closing” as defined in the Separation and Distribution Agreement. 

“Contribution” means “Contribution” as defined in the Separation and Distribution Agreement. 

“Damages” has the meaning set forth in Section 6.1. 

“Demand Registration” has the meaning set forth in Section 2.1. 

“Demand Request” has the meaning set forth in Section 2.1. 

“Disclosure Package” means, with respect to any offering of securities, (i) the preliminary Prospectus, (ii) each
Free Writing Prospectus (if any) and (iii) all other information prepared by or on behalf of Newmark, in each case, that is deemed under Rule 159 promulgated under the Securities Act to have been conveyed to purchasers of securities at the time
of sale of such securities (including a contract of sale). 
 “Distribution” means “Distribution” as defined in
the Separation and Distribution Agreement. 
 “Distribution Effective Time” means “Distribution Effective Time”
as defined in the Separation and Distribution Agreement. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934,
as from time to time amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Free Writing Prospectus”
means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act. 

  
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 “Holder” shall mean (i) prior to the Distribution Effective Time, any
member of the BGC Partners Group or any member of the Cantor Group holding Registrable Securities and (ii) after the Distribution Effective Time, any member of the Cantor Group holding Registrable Securities. 

“Holder Covered Persons” has the meaning set forth in Section 6.1. 

“Holder Free Writing Prospectus” means each Free Writing Prospectus prepared by or on behalf of (unless prepared by Newmark
or on behalf of Newmark) a Holder and used or referred to by such Holder in connection with the offering of Registrable Securities. 

“Indemnified Party” has the meaning set forth in Section 6.3. 

“Indemnifying Party” has the meaning set forth in Section 6.3. 

“Newmark” has the meaning set forth in the Preamble, including any successor to Newmark, Inc., whether by merger,
consolidation, sale of all or substantially all of its assets or otherwise. 
 “Newmark Class A Common Stock” means
the Class A common stock, par value $0.01 per share, of Newmark (it being understood that if the Newmark Class A Common Stock, as a class, shall be reclassified, exchanged or converted into another security (including as a result of a
merger, consolidation or otherwise) or the right to receive such security, each reference to Newmark Class A Common Stock in this Agreement shall refer to such other security into which the Newmark Class A Common Stock was reclassified,
exchanged or converted). 
 “Newmark Class B Common Stock” means the Class B common stock, par value $0.01 per share, of
Newmark (it being understood that if the Newmark Class B Common Stock, as a class, shall be reclassified, exchanged or converted into another security (including as a result of a merger, consolidation or otherwise) or the right to receive such
security, each reference to Newmark Class B Common Stock in this Agreement shall refer to such other security into which the Newmark Class B Common Stock was reclassified, exchanged or converted). 

“Newmark Common Stock” means the Newmark Class A Common Stock and the Newmark Class B Common Stock, as applicable. 

“Newmark Covered Person” has the meaning set forth in Section 6.2. 

“Newmark Free Writing Prospectus” means each Free Writing Prospectus prepared by or on behalf of Newmark, other than a Holder
Free Writing Prospectus. 
 “Newmark Holdings” has the meaning set forth in the Recitals. 

“Newmark Holdings Exchangeable Limited Partnership Interest” means an “Exchangeable Limited Partnership Interest”
as defined in the Newmark Holdings Limited Partnership Agreement. 
 “Newmark Holdings Limited Partnership Agreement” means
the Amended and Restated Limited Partnership Agreement of Newmark Holdings, L.P., as amended from time to time. 

  
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 “Person” means any individual, firm, corporation, partnership, trust,
incorporated or unincorporated association, joint venture, joint stock company, limited liability company, governmental entity or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 

“Piggy-back Registration” has the meaning set forth in Section 3.1. 

“Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus
supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement or any other amendments and supplements to such prospectus, including any preliminary prospectus, any
pre-effective or post-effective amendment and all material incorporated by reference in any prospectus. 
 “Public
Offering” has the meaning set forth in Section 3.1. 
 “Registrable Securities” means shares of Newmark
Class A Common Stock, including shares of Newmark Class A Common Stock issued or transferred or to be issued or transferred to any Holder pursuant to and in accordance with the Newmark Holdings Limited Partnership Agreement, the
Contribution or the Distribution, any shares of Newmark Class A Common Stock issued or issuable in respect of or in exchange for any shares of Newmark Class B Common Stock and any other shares of Newmark Class A Common Stock that may be
acquired by any Holder. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (i) a Registration Statement with respect to the sale of such securities shall have become effective
under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (ii) such securities shall have been sold to the public pursuant to Rule 144 (or any successor provision) under the
Securities Act, (iii) such securities shall have ceased to be outstanding, or (iv) such securities may be sold in the public market of the United States, in unlimited amounts, under Rule 144(k), without registration under the Securities
Act. For any calculations relating to Registrable Securities herein, the Newmark Holdings Exchangeable Limited Partnership Interests are counted as the number of shares of Newmark Common Stock issuable in respect of such Newmark Holdings
Exchangeable Limited Partnership Interests (whether or not issued), in accordance with the Newmark Holdings Limited Partnership Agreement. 

“Registration Expenses” has the meaning set forth in Section 5.1. 

“Registration Statement” means any registration statement of Newmark that covers Registrable Securities pursuant to the
provisions of this Agreement, all amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement. 

“Rule 144” has the meaning set forth in Section 7.1. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as from time to time amended, and the rules and regulations of the
SEC promulgated thereunder. 

  
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 “Selling Stockholders” has the meaning set forth in Section 3.2. 

“Separation and Distribution Agreement” has the meaning set forth in the Recitals. 

Article II 
 Demand
Registrations 
 Section 2.1 Requests for Registration. Subject to the provisions of this Article II, any Holder or group of
Holders may at any time make a written request (a “Demand Request”) for registration under the Securities Act of Registrable Securities (a “Demand Registration”). Such Demand Requests shall specify the amount of
Registrable Securities to be registered and the intended method or methods of disposition. Newmark shall, subject to the provisions of this Article II and to the Holders’ compliance with their obligations under the provisions of this Agreement,
use its reasonable best efforts to file with the SEC a Registration Statement registering all Registrable Securities included in such Demand Request, for disposition in accordance with the intended method or methods set forth therein;
provided that if the managing underwriter(s) for a Demand Registration in which Registrable Securities are proposed to be included pursuant to this Article II that involves an underwritten offering shall advise Newmark that, in its reasonable
opinion, the number of Registrable Securities to be sold is greater than the amount that can be offered without adversely affecting the success of the offering (taking into consideration the interests of Newmark and the Holders), then Newmark will
be entitled to reduce the number of Registrable Securities included in such registration to the number that, in the opinion of the managing underwriter(s), can be sold without having the adverse effect referred to above; provided,
further, that in the event of such a reduction in the number of Registrable Securities included in such registration, the number of Registrable Securities registered shall be allocated in the following priority: first, pro rata among
the Holders participating in the Demand Registration, based on the number of Registrable Securities included by such Holder in the Demand Request; second, shares of Newmark Class A Common Stock proposed to be registered for offer and
sale by Newmark; and third, shares of Newmark Class A Common Stock proposed to be registered pursuant to any piggy-back registration rights of security holders of Newmark other than any Holder. Newmark shall use its reasonable best
efforts to cause such Registration Statement to be declared effective as soon as practicable after filing and to remain effective until the earlier of (i) 90 days following the date on which it was declared effective and (ii) the date on
which all of the Registrable Securities covered thereby are disposed of in accordance with the method or methods of disposition stated therein. 

Section 2.2 Timing of Registrations. Notwithstanding anything in this Article II to the contrary, Newmark shall not be obligated to
effect a Demand Registration (i) if a Piggy-back Registration had been available to any Holder within the 180 days preceding the date of the Demand Request or (ii) during any period (not to exceed 180 days) following the closing of the
completion of an offering of securities by Newmark if such Demand Registration would cause Newmark to breach a “lock-up” or similar provision contained in the underwriting agreement for such offering. 

Section 2.3 Suspension of Registration. Notwithstanding the foregoing, if in the good faith judgment of the Board of Directors of
Newmark it would be materially detrimental to Newmark and its stockholders for any Registration Statement to be filed or continued to be used 

  
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or for any Registration Statement or Prospectus to be amended or supplemented because such filing, continued use, amendment or supplement would (i) require disclosure of material non-public
information, the disclosure of which would be reasonably likely to materially and adversely affect Newmark and its subsidiaries taken as a whole, or (ii) materially interfere with any existing or prospective business transaction or negotiation
involving Newmark, Newmark shall have the right to suspend the use of the applicable Registration Statement or delay delivery or filing, but not the preparation, of the applicable Registration Statement or Prospectus or any document incorporated
therein by reference, in each case for a reasonable period of time; provided, however, that Newmark shall not be able to exercise such suspension right more than twice in each 12-month period aggregating not more than 150 days in such
12-month period. In the event that the ability of the Holders to sell shall be suspended for any reason, the period of such suspension shall not count towards compliance with the 90-day period referred to in clause (i) of Section 2.1. 

Article III 
 Piggy-back
Registrations 
 Section 3.1 Right to Include Registrable Securities. If at any time Newmark proposes to register (including for
this purpose a registration effected by Newmark for security holders of Newmark other than any Holder) securities which may include any shares of Newmark Common Stock and to file a Registration Statement with respect thereto under the Securities
Act, whether or not for sale for its own account (other than pursuant to (i) a registration statement on Form S-4, Form S-8 or any successor or similar forms; or (ii) a registration statement for the sales of Registrable Securities
issuable or issued upon exchange, conversion or sale of any Newmark Holdings Exchangeable Limited Partnership Interests held by any member of the Cantor Group), in a manner that would permit registration of Registrable Securities for resale to the
public under the Securities Act (a “Public Offering”), Newmark will each such time promptly give written notice to the Holders of (a) its intention to do so, (b) the form of registration statement of the SEC that has been
selected by Newmark and (c) the rights of Holders under this Article III (the “Article III Notice”). Newmark will include in any Public Offering all Registrable Securities that Newmark is requested in writing, within 15 days
after the date the Article III Notice is delivered by Newmark, to register by the Holders thereof (each, a “Piggy-back Registration”); provided, however, that (A) if, at any time after giving the Article III
Notice and prior to the effective date of the Registration Statement filed in connection therewith, Newmark shall determine to abandon such Public Offering, Newmark may give written notice of such determination to all Holders who so requested
registration, and thereafter Newmark shall be relieved of its obligation to register any Registrable Securities in connection with such abandoned Public Offering (without prejudice to the other rights of Holders under this Article III), and
(B) Newmark shall be permitted to delay such Public Offering for the same period and under the same circumstances as set forth in Section 2.3. No Piggy-back Registration effected by Newmark under this Article III shall relieve Newmark of
its obligations to effect Demand Registrations under Article II, except as otherwise set forth in Section 2.2. 
 Section 3.2
Priority; Registration Form. If the managing underwriter(s) for a Piggy-back Registration that involves an underwritten offering shall advise Newmark in good faith that in its opinion, the number of shares of Newmark Common Stock to be sold
for the account of persons other than Newmark (collectively, “Selling Stockholders”) is greater than the amount 

  
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that can be offered without adversely affecting the success of the offering (taking into consideration the interests of Newmark and the Holders), then the number of shares of Newmark Common Stock
to be sold for the account of Selling Stockholders (including Holders) may be reduced to a number that, in the reasonable opinion of the managing underwriter(s), may reasonably be sold without having the adverse effect referred to above. The reduced
number of shares of Newmark Common Stock that may be registered in such Public Offering shall be allocated in the following priority: first, to shares of Newmark Common Stock proposed to be registered for offer and sale by Newmark;
second, to shares of Newmark Common Stock proposed to be registered pursuant to any demand registration rights of security holders of Newmark other than any Holder; and third, to Registrable Securities proposed to be registered by
Holders as a Piggy-back Registration. If the number of Registrable Securities proposed to be registered by Holders as a Piggy-back Registration is reduced pursuant to this Section 3.2, such Registrable Securities included in the Registration
Statement shall be allocated pro rata among the Holders participating in the Piggy-back Registration based on the number of Registrable Securities beneficially owned by the respective Holders. If, as a result of the proration provisions of this
Section 3.2, any Holder shall not be entitled to include all Registrable Securities in a registration pursuant to this Article III that such Holder has requested be included, such Holder may elect to withdraw its Registrable Securities from
such registration. 
 Article IV 

Registration Procedures 

Section 4.1 Use Reasonable Best Efforts. In connection with Newmark’s registration obligations pursuant to Article II and Article
III, Newmark shall use its reasonable best efforts to effect such registrations to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition thereof and pursuant thereto Newmark shall as
expeditiously as reasonably practicable: 
 (a) prepare and file with the SEC a Registration Statement or Registration Statements relating to
the registration on any appropriate form under the Securities Act, and to cause such Registration Statement to become effective as soon as reasonably practicable and to remain continuously effective for the time period required by this Agreement to
the extent permitted under the Securities Act; 
 (b) prepare and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary to keep such Registration Statement effective for the time period required by this Agreement; cause the Registration Statement and the related Prospectus to be supplemented by any required Prospectus
supplement, and as so supplemented to be filed in accordance with the Securities Act and any rules and regulations promulgated thereunder; and otherwise comply with the provisions of the Securities Act as may be necessary to facilitate the
disposition of all Registrable Securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of disposition by the selling Holders thereof set forth in such Registration Statement or
such Prospectus or Prospectus supplement; 
 (c) notify the selling Holders and the managing underwriter(s), if any, promptly if at any time
(i) any Prospectus, Registration Statement or amendment or supplement 

  
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thereto is filed, (ii) any Registration Statement, or any post-effective amendment thereto, becomes effective, (iii) the SEC or any other federal or state governmental authority
requests any amendment or supplement to, or any additional information in respect of, any Registration Statement or Prospectus, (iv) the SEC or any other federal or state governmental authority issues any stop order suspending the effectiveness
of a Registration Statement or initiates any proceedings for that purpose, (v) Newmark receives any notice that the qualification of any Registrable Securities for sale in any jurisdiction has been suspended or that any proceeding has been
initiated for the purpose of suspending such qualification, (vi) upon the discovery of any event which requires that any changes be made in such Registration Statement or any related Prospectus so that such Registration Statement or Prospectus
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, in light of the circumstances under which they were made
(provided, however, that, in the case of this subclause (vi), such notice need only state that an event of such nature has occurred, without describing such event), (vii) of the determination by counsel of Newmark that a
post-effective amendment to a Registration Statement is advisable; or (viii) if, at any time, the representations and warranties of Newmark in any applicable underwriting agreement cease to be true and correct in all material respects. Newmark
hereby agrees to promptly reimburse any selling Holders for any reasonable out-of-pocket losses and expenses incurred in connection with any uncompleted sale of any Registrable Securities in the event that Newmark fails to timely notify such Holder
that the Registration Statement then on file with the SEC is no longer effective; 
 (d) make every reasonable effort to obtain the
withdrawal of any order suspending the effectiveness of a Registration Statement, or the qualification of any Registrable Securities for sale in any jurisdiction, at the earliest reasonably practicable time; 

(e) if requested by the managing underwriter(s) or any Holder of Registrable Securities being sold in connection with an underwritten offering,
incorporate into a Prospectus supplement or a post-effective amendment to the Registration Statement any information which the managing underwriter(s), such Holder and Newmark reasonably agree is required to be included therein relating to such sale
of Registrable Securities; and file such supplement or post-effective amendment as soon as practicable in accordance with the Securities Act and the rules and regulations promulgated thereunder; 

(f) furnish to each selling Holder and each managing underwriter, if any, one signed copy of the Registration Statement or Registration
Statements, any Newmark Free Writing Prospectus and any post-effective amendment thereto, including all financial statements and schedules thereto, all documents incorporated therein by reference and all exhibits thereto (including exhibits
incorporated by reference) as promptly as practicable after filing such documents with the SEC; 
 (g) deliver to each selling Holder and
each underwriter, if any, as many copies of the Prospectus or Prospectuses (including each preliminary Prospectus) and any amendment, supplement or exhibit thereto as such Persons may reasonably request; and consent to the use of such Prospectus or
any amendment, supplement or exhibit thereto by each such selling Holder and underwriter, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus, amendment, supplement or exhibit, in each case in
accordance with the intended method or methods of disposition thereof; 

  
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 (h) prior to any public offering of Registrable Securities, register or qualify, or cooperate
with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration or qualification of, such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions as
may be requested by the Holders of a majority of the Registrable Securities included in such Registration Statement; keep each such registration or qualification effective during the period that the applicable Registration Statement is required to
be maintained effective under this Agreement; and do any and all other acts or things necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by such Registration Statement; provided, however,
that Newmark will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action that would subject it to general service of process in any jurisdiction where it is not then so
subject; 
 (i) furnish to counsel selected by the Holders, prior to the filing of a Registration Statement or Prospectus or any supplement
or post-effective amendment or any Newmark Free Writing Prospectus thereto with the SEC, copies of such documents and with a reasonable and appropriate opportunity to review and comment on such documents, subject to such documents being under
Newmark’s control; 
 (j) cooperate with the selling Holders and the underwriter(s), if any, in the preparation and delivery of
certificates representing the Registrable Securities to be sold, such certificates to be in such denominations and registered in such names as such selling Holders or underwriter(s) may request at least five (5) Business Days prior to any sale
of Registrable Securities represented by such certificates; 
 (k) subject to Section 4.3, upon the occurrence of any event described in
clause (vi) of Section 4.1(c), promptly prepare and file a supplement or post-effective amendment to the applicable Registration Statement or Prospectus or any document incorporated therein by reference, and any other required documents,
so that such Registration Statement and Prospectus will not thereafter contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading, in light of the circumstances under
which they were made, and to cause such supplement or post-effective amendment to become effective as soon as practicable; 
 (l) take all
other actions in connection therewith as are reasonably necessary or desirable to expedite or facilitate the disposition of the Registrable Securities included in such Registration Statement and, in the case of an underwritten offering:
(i) enter into an underwriting agreement in customary form with the managing underwriter(s) (such agreement to contain standard and customary indemnities, representations, warranties and other agreements of or from Newmark, as the case may be);
(ii) obtain opinions of counsel to Newmark (which, if reasonably acceptable to the underwriter(s), may be Newmark’s inside counsel) addressed to the underwriter(s), such opinions to be in customary form; and (iii) obtain
“comfort” letters from Newmark’s independent certified public accountants addressed to the underwriter(s), such letters to be in customary form; 

  
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 (m) with respect to each Newmark Free Writing Prospectus or other materials to be included in the
Disclosure Package, ensure that no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such Newmark Free Writing Prospectus or other materials without the Holders whose Registrable
Securities are being registered having first been provided with a reasonable opportunity to review and comment on such documents; 
 (n)
within the deadlines specified by the Securities Act, make all required filings of all Prospectuses and Newmark Free Writing Prospectuses with the SEC; 

(o) make available for inspection by any selling Holder of Registrable Securities, any underwriter(s) participating in any disposition pursuant
to such Registration Statement, and any attorney, accountant or other agent retained by any such selling Holder or underwriter(s) all reasonably requested financial and other records, pertinent corporate documents and properties of Newmark; and
cause Newmark’s officers, directors, employees, attorneys and independent accountants to supply all information reasonably requested by any such selling Holders, underwriter(s), attorneys, accountants or agents in connection with such
Registration Statement (each selling Holder of Registrable Securities agrees, on its own behalf and on behalf of all its underwriter(s), accountants, attorneys and agents, that the information obtained by it as a result of such inspections shall be
kept confidential by it and, except as required by law, not disclosed by it, in each case, unless and until such information is made generally available to the public other than by such selling Holder; and each selling Holder of Registrable
Securities further agrees, on its own behalf and on behalf of all its underwriter(s), accountants, attorneys and agents, that it will, upon learning that disclosure of such information is sought in a court of competent jurisdiction, promptly give
notice to Newmark and allow Newmark at its expense, to undertake appropriate action to prevent disclosure of the information deemed confidential); 

(p) consider in good faith any reasonable request of the selling Holders and underwriters for the participation of management of Newmark in
“road shows” and similar sales events; 
 (q) reasonably cooperate with the selling Holders and each underwriter or agent
participating in the disposition of such Registrable Securities and their respective counsel, in connection with any filings required to be made with the National Association of Securities Dealers; 

(r) cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any
Newmark Common Stock is then listed or quoted; and 
 (s) take all other customary steps reasonably necessary to effect the registration of
the Registrable Securities contemplated hereby. 
 Section 4.2 Holders’ Obligation to Furnish Information. Newmark may require
each Holder of Registrable Securities as to which any registration is being effected to furnish to Newmark such information regarding the distribution of such Registrable Securities as Newmark may from time to time reasonably request in writing.

  
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 Section 4.3 Suspension of Sales Pending Amendment of Prospectus. Each Holder shall, upon
receipt of any notice from Newmark of the happening of any event of the kind described in clauses (iii) through (vi) of Section 4.1(c), suspend the disposition of any Registrable Securities covered by such Registration Statement or
Prospectus until such Holder’s receipt of the copies of a supplemented or amended Prospectus or until it is advised in writing by Newmark that the use of the applicable Prospectus may be resumed, and, if so directed by Newmark such Holder will
deliver to Newmark all copies, other than permanent file copies, then in such Holder’s possession of any Prospectus covering such Registrable Securities. If Newmark shall have given any such notice during a period when a Demand Registration is
in effect, the 90-day period referred to in clause (i) of Section 2.1 shall be extended by the number of days of such suspension period. 

Article V 
 Registration
Expenses 
 Section 5.1 Registration Expenses. Except as otherwise expressly provided herein to the contrary, all reasonable and
documented expenses incident to Newmark’s performance of or compliance with its obligations under this Agreement, including all (i) registration and filing fees, (ii) fees and expenses of compliance with securities or blue sky laws,
(iii) printing expenses, (iv) fees and disbursements of its counsel and its independent certified public accountants (including the expenses of any special audit or “comfort” letters required by or incident to such performance or
compliance), (v) securities acts liability insurance (if Newmark elects to obtain such insurance) and (vi) the expenses and fees for listing securities to be registered on any securities exchange, shall be borne by Newmark (all such
expenses being herein referred to as “Registration Expenses”); provided, however, that Registration Expenses shall not include any underwriting discounts or commissions or transfer taxes, which underwriting discounts
or commissions and transfer taxes shall in all cases be borne solely by the Holders. 
 Article VI 

Indemnification 
 Section
6.1 Indemnification by Newmark. In the event of any registration of any securities of Newmark under the Securities Act pursuant to Article II or Article III, Newmark will indemnify and hold harmless each selling Holder of any Registrable
Securities covered by such Registration Statement, its directors, officers and agents and each other Person, if any, who controls such selling Holder within the meaning of Section 15 of the Securities Act (each such selling Holder and such
other Persons, collectively, “Holder Covered Persons”), against any and all out-of-pocket losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees and expenses) (collectively,
“Damages”) actually and as incurred by such Holder Covered Person under the Securities Act, common law or otherwise, to the extent that such Damages (or actions or proceedings in respect thereof) arise out of or result from
(i) any untrue statement or alleged untrue statement of a material fact contained in the Disclosure Package, any Registration Statement, the Prospectus, or in any amendment or supplement thereto, under which 

  
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such securities were registered under the Securities Act or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, or (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary Prospectus, together with the documents incorporated by
reference therein (as amended or supplemented if Newmark shall have filed with the SEC any amendment thereof or supplement thereto), if used prior to the effective date of such Registration Statement, or contained in the Prospectus, together with
the documents incorporated by reference therein (as amended or supplemented if Newmark shall have filed with the SEC any amendment thereof or supplement thereto), or the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that Newmark shall not be liable to any Holder Covered Person in any such case to
the extent that any such Damage (or action or proceeding in respect thereof) arises out of or relates to any untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement or amendment thereof or
supplement thereto or in any such preliminary, final or summary Prospectus in reliance upon and in conformity with written information furnished to Newmark by or on behalf of any such Holder Covered Person specifically for use in the preparation
thereof. 
 Section 6.2 Indemnification by the Selling Holders. Each Holder selling Registrable Securities in any Registration
Statement filed pursuant to Article II or Article III will indemnify and hold harmless, severally and not jointly, Newmark, its directors, officers and agents and each Person controlling Newmark within the meaning of Section 15 of the
Securities Act (each, a “Newmark Covered Person”) against any and all Damages actually and as incurred by such Newmark Covered Person under the Securities Act, common law or otherwise, to the extent that such Damages (or actions or
proceedings in respect thereof) arise out of or result from any statement or alleged statement in or omission or alleged omission from the Disclosure Package, such Registration Statement, any preliminary, final or summary Prospectus contained
therein, any Holder Free Writing Prospectus for such Holder or any amendment or supplement thereto, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished
to Newmark or its representatives by or on behalf of any selling Holder specifically for use in the preparation of such Disclosure Package, Registration Statement, preliminary, final or summary Prospectus, Holder Free Writing Prospectus or amendment
or supplement thereto. In no event shall the liability of any Holder hereunder be greater than the net proceeds received by such Holder under the sale of the Registrable Securities giving rise to such indemnification obligation. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of Newmark or any of its directors, officers, agents or controlling Persons. Newmark may require as a condition to its including Registrable Securities in any
Registration Statement filed hereunder that each such selling Holder acknowledge its agreement to be bound by the provisions of this Agreement (including this Article VI) applicable to it. 

Section 6.3 Notices of Claims. Promptly after receipt by a Holder Covered Person or a Newmark Covered Person (each, an
“Indemnified Party”) of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Article VI, such Indemnified Party will, if a claim in respect
thereof is to be made against, respectively, Newmark, on the one hand, or any selling Holder, on 

  
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the other hand (such Person or Persons, the “Indemnifying Party”), give written notice to the latter of the commencement of such action; provided, however, that the
failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its or their obligations under this Article VI, except to the extent that the Indemnifying Party is actually materially prejudiced by such
failure to give notice, and in no event shall such failure relieve the Indemnifying Party from any other liability that it may have to such Indemnified Party. If any such claim or action shall be brought against an Indemnified Party, and it shall
notify the Indemnifying Party thereof in accordance with this Section 6.3, the Indemnifying Party shall be entitled to participate therein, and, to the extent that it wishes, to assume the defense thereof with counsel reasonably satisfactory to
the Indemnified Party, and after notice from the Indemnifying Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party shall not be liable to such Indemnified Party under this Article VI for any legal or
other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof, other than reasonable cost of investigation; provided, further, that if, in the Indemnified Party’s reasonable judgment, a
conflict of interest between the Indemnified Party and the Indemnifying Party exists in respect of such claim, then such Indemnified Party shall have the right to participate in the defense of such claim and to employ one firm of attorneys at the
Indemnifying Party’s expense to represent such Indemnified Party. No Indemnified Party will consent to entry of any judgment or enter into any settlement without the Indemnifying Party’s written consent to such judgment or settlement,
which shall not be unreasonably withheld, conditioned or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of any judgment or enter into any settlement in respect of which the
Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim
or proceeding. 
 Section 6.4 Contribution. If the indemnification provided for in this Article VI is unavailable or insufficient to
hold harmless an Indemnified Party under this Article VI, then each Indemnifying Party shall have a several and not joint obligation to contribute to the amount paid or payable by such Indemnified Party as a result of the Damages referred to in this
Article VI in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, in connection with the offering that resulted in such Damages, as well as any
other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether an untrue or alleged untrue statement of a material fact or an omission or alleged omission to state a material fact relates
to information supplied by the Indemnifying Party or the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statements or omission. Notwithstanding anything in
this Section 6.4 to the contrary, no Holder shall be required to contribute any amount pursuant to this Section 6.4 in excess of the amount by which (i) the net proceeds received by such Holder from the sale of Registrable Securities
in the offering to which the misstatement or omission relates exceeds (ii) the amount of any Damages which such Holder has otherwise been required to pay by reason of such misstatement or omission. Newmark and the Holders agree that it would
not be just and equitable if contributions pursuant to this Section 6.4 were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this
Section 6.4. The amount paid by an Indemnified Party as a 

  
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result of the Damages referred to in the first sentence of this Section 6.4 shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in connection
with investigating or defending any action or claim (which shall be limited as provided in Section 6.3 if the Indemnifying Party has assumed the defense of any such action in accordance with the provisions thereof) that is the subject of this
Section 6.4. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Promptly
after receipt by an Indemnified Party under this Section 6.4 of notice of the commencement of any action against such party in respect of which a claim for contribution may be made against an Indemnifying Party under this Section 6.4, such
Indemnified Party shall notify the Indemnifying Party in writing of the commencement thereof if the notice specified in Section 6.3 has not been given with respect to such action; provided, however, that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its or their obligations under this Article VI, except to the extent that the Indemnifying Party is actually materially prejudiced by such failure to
give notice, and in no event shall such failure relieve the Indemnifying Party from any other liability that it may have to such Indemnified Party. 

Article VII 
 Rule 144

 Section 7.1 Rule 144. Newmark shall file the reports required to be filed by it under the Securities Act and the Exchange Act
and the rules and regulations promulgated thereunder, so long as it is subject to such reporting requirements, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the
Securities Act within the limits of the exemptions provided by Rule 144 of the Securities Act (“Rule 144”). Upon the request of a Holder, Newmark shall deliver to such Holder a written statement stating whether it has complied with
such requirements and will take such further action as such Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the
limits of the exemptions provided by Rule 144. 
 Article VIII 

Underwritten Registrations 

Section 8.1 Selection of Underwriter(s). In each registration under Article II or Article III, the underwriter or underwriters and
managing underwriter or managing underwriters that will administer the offering shall be selected by Newmark; provided, however, that in the case of a registration under Article II, such underwriter(s) and managing underwriter(s) shall
be subject to the approval by the Holders of a majority in aggregate amount of Registrable Securities included in such offering, which approval shall not be unreasonably withheld or delayed. 

Section 8.2 Agreements of Selling Holders. No Holder shall sell any of its Registrable Securities in any underwritten offering pursuant
to a registration hereunder unless such Holder (i) agrees to sell such Registrable Securities on a basis provided in any underwriting agreement in customary form, including the making of customary representations, warranties and 

  
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indemnities and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting
agreements or as reasonably requested by Newmark (whether or not such offering is underwritten). 
 Article IX 

Holdback Agreements 

Section 9.1 Restrictions on Public Sales by Holders. To the extent not inconsistent with applicable law, each Holder that is timely
notified in writing by the managing underwriter(s) or underwriter(s) shall not effect any public sale or distribution (including a sale pursuant to Rule 144) of any securities of Newmark of the same class or series being registered in an
underwritten offering (other than pursuant to an employee stock option, stock purchase, stock bonus or similar plan, or pursuant to a merger, exchange offer or transaction of the type specified in Rule 145(a) under the Securities Act) or any
securities of Newmark convertible into or exchangeable or exercisable for securities of the same class or series, during the seven-day period prior to the effective date of the applicable Registration Statement, if such date is known, or during the
period beginning on such effective date and ending either (i) 60 days after such effective date or (ii) any such earlier date as may be requested by the managing underwriter(s) or underwriter(s) of such registration, except as part of such
registration. 
 Article X 

Representations and Warranties 

Section 10.1 Representations and Warranties of the Parties. Newmark, BGC Partners, and Cantor hereby represent and warrant to each
other as follows: 
 (a) The execution, delivery and performance by such party of this Agreement and the consummation by such party of the
transactions contemplated by this Agreement are within its corporate powers and have been duly authorized by all necessary corporate (or similar) action on its part. This Agreement constitutes a legal, valid and binding agreement of such party
enforceable against it in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditor’s rights and
to general equity principles (it being understood that such exception shall not in itself be construed to mean that this Agreement is not enforceable in accordance with its terms). 

(b) The execution, delivery or performance of this Agreement by such party and the consummation by it of the transactions contemplated hereby
do not and will not contravene or conflict with such party’s certificate of incorporation, bylaws or similar governing documents, or conflict with, result in a breach or constitute a default under any statute, loan agreement, mortgage,
indenture, deed or other agreement to which it is a party or to which any of its properties is subject, except in each case as would not reasonably be expected to have a material adverse effect on such party. 

  
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 Article XI 

Effectiveness and Termination 

Section 11.1 Effectiveness. This Agreement shall take effect on the date hereof and shall remain in effect until it is terminated
pursuant to Section 11.2. 
 Section 11.2 Termination. Other than the termination provisions applicable to particular Sections
of this Agreement that are specifically provided elsewhere in this Agreement, this Agreement shall terminate upon the earliest to occur of : (a) the mutual written agreement of each of the parties hereto to terminate this Agreement and
(b) the date on which no Registrable Securities shall remain outstanding. 
 Article XII 

Miscellaneous 
 Section
12.1 Interpretation. Article, Section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex and schedule references not attributed to a particular
document shall be references to such exhibits, annexes and schedules to this Agreement. All references to instruments, documents, contracts, and agreements are references to such instruments, documents, contracts, and agreements as the same may be
amended, supplemented, and otherwise modified from time to time. The word “or” is not exclusive unless the context clearly requires otherwise. The words “including,” “includes,”
“included” and “include” are deemed to be followed by the words “without limitation.” Definitions in this Agreement apply equally to both the singular and plural forms of the defined terms.
References to the masculine gender include the feminine gender. The section, paragraph, clause and article headings contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this
Agreement. The terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular article, section, paragraph or subdivision.

 Section 12.2 Amendments and Waivers. This Agreement may be amended, and waivers or consents to departures from the provisions
hereof may be given, only by a written instrument duly executed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver or consent, by the party against whom the waiver or consent, as the case may be, is to be
effective. 
 Section 12.3 Successors and Assigns; Third-Party Beneficiaries. This Agreement shall be binding upon and shall inure to
the benefit of parties hereto and their respective successors, assigns and transferees, including binding upon any Person that will be a successor to a party hereto, whether by merger, consolidation or sale of all or substantially all of its assets.
This Agreement and any rights or obligations hereunder may not be assigned or transferred without the written consent of the other parties hereto; provided that (a) Cantor may assign any of its rights or obligations hereunder to another
member of the Cantor Group or any Person that will be a successor to any member of the Cantor Group, whether by merger, consolidation or sale of all or substantially all of its assets, and (b) BGC Partners may assign any of its rights or
obligations hereunder to another member of the BGC Partners Group or any Person that will be a successor 

  
 -16- 

 
to any member of the BGC Partners Group, whether by merger, consolidation or sale of all or substantially all of its assets, in each of cases (a) and (b), without the written consent of the
other parties hereto. Nothing herein expressed or implied shall give or be construed to give to any other Person any legal or equitable rights hereunder, express as expressly set forth herein (including Holder Covered Persons and Newmark Covered
Persons). 
 Section 12.4 Integration. This Agreement and the documents referred to herein or delivered pursuant hereto that form a
part hereof contain the entire understanding of parties hereto with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof
other than those expressly set forth herein. This Agreement supersedes all prior agreements and understandings (written or oral) between the parties with respect to its subject matter. 

Section 12.5 Notices. All notices and other communications to be given to any party hereunder shall be sufficiently given for all
purposes hereunder if in writing and delivered by hand, by courier or overnight delivery service, by certified or registered mail, return receipt requested, with appropriate postage prepaid, or by facsimile, and shall be directed to the address set
forth below (or at such other address or facsimile number as such party shall designate by like notice): 
 If to Cantor: 

Cantor Fitzgerald, L.P. 

110 East 59th Street 

New York, New York 10022 

Attention:             General Counsel 

Fax No:                 (212) 829-4708

 If to BGC Partners: 

BGC Partners, Inc. 

499 Park Avenue 

New York, New York 10022 

Attention:             General Counsel 

Fax No:                 (212) 829-4708

 If to Newmark: 

Newmark Group, Inc. 

125 Park Avenue 

New York, New York 10017 

Attention:             General Counsel 

Fax No:                (312) 276-8715 

All such notices, demands and other communications shall be deemed to have been duly given when delivered, if delivered by hand; when
delivered, if delivered by courier or overnight delivery service; three (3) Business Days after being deposited in certified or registered mail; and when receipt is mechanically acknowledged, if delivered by facsimile. 

  
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 Section 12.6 Survival. The representations and warranties made herein shall survive
through the term of this Agreement. 
 Section 12.7 Severability. In the event that any one or more of the provisions hereof is held
invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, in every other respect and of the remaining provisions hereof shall not be in any way impaired, it being intended that
all rights, powers and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
 Section 12.8 Governing
Law. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. Each party agrees that all actions or proceedings
arising out of or in connection with this Agreement, or for recognition and enforcement of any judgment arising out of or in connection with this Agreement, shall be determined exclusively in the state or federal courts in the State of New York, and
each party hereby irrevocably submits with regard to any such action or proceeding for itself and with respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each party hereby expressly waives
any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the aforesaid courts for
any reason; (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; and (c) that (i) any of the aforesaid courts is an inconvenient or inappropriate forum
for such action or proceeding, (ii) venue is not proper in any of the aforesaid court, and (iii) this Agreement, or the subject matter hereof, may not be enforced in or by any of the aforesaid courts. 

Section 12.9 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. 
 Section 12.10 Specific Performance. The parties hereto agree
that, to the extent permitted by law, (a) the obligations imposed on them pursuant to this Agreement are special, unique and of an extraordinary character, and that in the event of a breach by any such party, damages would not be an adequate
remedy; and (b) each of the other parties shall be entitled to specific performance and injunctive and other equitable relief in addition to any other remedy to which it may be entitled at law or in equity. 

[Remainder of page left intentionally blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
set forth above. 
  

			
	NEWMARK GROUP, INC.
		
	By:	 	 /s/ James Ficarro

		 	Name: James Ficarro
		 	Title: Chief Operating Officer
	
	BGC PARTNERS, INC.
		
	By:	 	 /s/ Stephen M. Merkel

		 	Name: Stephen M. Merkel
		 	Title: Executive Vice President
	
	CANTOR FITZGERALD, L.P.
		
	By:	 	CF Group Management, Inc.
		 	its Managing General Partner
		
	By:	 	 /s/ Stephen M. Merkel

		 	Name: Stephen M. Merkel
		 	Title: Executive Managing Director

 [Signature Page to Registration Rights Agreement, dated as of December 13, 2017, 

by and among Newmark Group, Inc., BGC Partners, Inc. and Cantor Fitzgerald, L.P.] 

  
 -19-EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 

ADMINISTRATIVE SERVICES AGREEMENT 

This ADMINISTRATIVE SERVICES AGREEMENT, dated as of December 13, 2017 (this “Agreement”), is by and between
(i) CANTOR FITZGERALD, L.P., a Delaware limited partnership (including any successor to Cantor Fitzgerald, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise, “CFLP”), on behalf
of itself and its direct and indirect, current and future, subsidiaries and affiliates, other than BGC Partners (as defined below) and Newmark (as defined below) (collectively, “Cantor”); and (ii) NEWMARK GROUP, INC., a
Delaware corporation (including any successor to Newmark Group, Inc., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise, “Newmark, Inc,”), on behalf of itself and its direct and indirect,
current and future, subsidiaries (collectively, “Newmark”). 
 W I T N E S S E T H: 

WHEREAS, Cantor has the resources and capacity to provide certain Administrative Services (as defined below); 

WHEREAS, Cantor is willing to provide or arrange for the provision of Administrative Services to Newmark, upon the terms and conditions set
forth herein; 
 WHEREAS, in the absence of obtaining such services from Cantor, Newmark would require additional staff and would need to
enhance its existing administrative infrastructure; and 
 WHEREAS, Newmark may develop the resources and capacity to provide certain
Administrative Services to Cantor, and is willing to provide or arrange for the provision of such services to Cantor, all upon the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises contained herein, it is agreed as follows: 

1. Term. 
 (a) The
term of this Agreement shall commence at the Closing (as such term is defined in the Separation and Distribution Agreement (the “Separation and Distribution Agreement”), by and among CFLP, BGC Partners, Inc., BGC Holdings, L.P., BGC
Partners, L.P., Newmark, Inc., Newmark Holdings, L.P. and Newmark Partners, L.P.) and shall remain in effect for a three-year period (the “Initial Term”). Thereafter, this Agreement shall be renewed automatically for successive
one-year terms (each, an “Extended Term”), unless any party shall give written notice to the other parties at least 120 days before the end of the Initial Term or the then current Extended Term, as the case may be, of its desire to
terminate this Agreement, in which event this Agreement shall end with respect to the terminating party on the last day of the Initial Term or the then current Extended Term, as the case may be; provided, however, that in the event
that Newmark, Inc. terminates this Agreement, Cantor shall be entitled to continued use of any hardware and equipment that it used prior to the date of this Agreement upon the terms and conditions set forth herein (including, without limitation, the
payment terms in Section 5 of this Agreement); provided, further, that the Providing Party shall not be required to repair or replace any such hardware or equipment. 

 (b) This Agreement may be terminated by a party as provided herein or, as provided in
Section 12 of this Agreement, with respect to a particular service or group of services only, in which case it shall remain in full force and effect with respect to the other services described herein. The terminating party shall pay to the
other party an amount equal to the costs incurred by the Providing Party as a result of such termination, including, without limitation, any severance or cancellation fees. The Initial Term and the Extended Term are referred to herein as the
“Term.” 
 2. Services. 

(a) During the Term, and upon the terms and conditions set forth herein, Cantor shall provide to Newmark the Administrative Services as
reasonably requested by Newmark, Inc. from time to time, it being the intention of the parties that Cantor will continue to provide to Newmark all services provided by Cantor to Newmark and its businesses prior to the date hereof. 

(b) During the Term, and upon the terms and conditions set forth herein, Newmark shall provide to Cantor the Administrative Services as CFLP
may reasonably request from time to time, to the extent Newmark provided such Administrative Services to Cantor prior to the date hereof. 

(c) As used in this Agreement: 

(1) “Administrative Services” means the following services, but only to the extent that the Providing Party
provides such services to its own businesses: (i) administration and benefits services, (ii) employee benefits, human resources and payroll services, (iii) financial and operations services, (iv) internal auditing services,
(v) legal related services, (vi) risk and credit services, (vii) accounting and general tax services, (viii) office space, (ix) personnel, hardware and equipment services, (x) communication and data facilities,
(xi) facilities management services, (xii) promotional, sales and marketing services, (xiii) procuring of insurance coverage and (xiv) such other miscellaneous services as the parties may reasonably agree. 

(2) “BGC Partners” means BGC Partners, Inc. and its direct and indirect, current and future, subsidiaries,
other than Newmark. 
 (3) “Providing Party” means the party providing any particular Administrative
Service. 
 (4) “Receiving Party” means the party receiving any particular Administrative Service. 

(d) Each Providing Party shall use that degree of skill, care and diligence in the performance of Administrative Services hereunder that
(i) a reasonable person would use acting in like circumstances in accordance with industry standards and all applicable laws and regulations and (ii) is no less than that exercised by such Providing Party with respect to such
Administrative Services that it performs with respect to its own businesses. 

  
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 (e) The applicable Providing Party and Receiving Party shall cooperate with each other in all
reasonable respects in matters relating to the provision and receipt of the Administrative Services. Such cooperation shall include obtaining all consents, licenses or approvals necessary to permit each party to perform its obligations hereunder.

 (f) In the event the Receiving Party uses assets that are subject to an operating lease between the Providing Party and a third party to
provide services hereunder, the Receiving Party shall comply with the terms and conditions of such operating lease. 
 3. Intellectual
Property. 
 (a) No Intellectual Property (as such term is defined in the Separation and Distribution Agreement) that is owned or
licensed by a Providing Party shall transfer to a Receiving Party as a result of this Agreement or the provision of Administrative Services hereunder. 

(b) Any Intellectual Property owned by a Providing Party or third-party licensors or service providers that may be operated or used by a
Providing Party in connection with the provision of the Administrative Services hereunder will remain the property of the Providing Party or third-party licensors or service providers, and the Receiving Party shall have no rights or interests
therein, except as may otherwise be expressly provided in any separate agreement. 
 4. Authority. Notwithstanding anything to
the contrary contained in Section 2 of this Agreement, the parties hereto acknowledge and agree that each Providing Party shall provide the Administrative Services as set forth in Section 2 of this Agreement, subject to the ultimate
authority of the Receiving Party to control its own business and affairs. Each party acknowledges that the services provided hereunder by any Providing Party are intended to be administrative, technical and ministerial and are not intended to set
policy for the Receiving Party. 
 5. Charges for Services. 

(a) In consideration for providing the Administrative Services provided for in Section 2 of this Agreement (other than insurance
services and office space, which shall be governed by Section 5(b) and Section 5(c) of this Agreement, respectively), each Receiving Party shall pay to the Providing Party an amount equal to (i) the direct cost that the Providing
Party incurs in performing such Administrative Services plus (ii) a reasonable allocation of other allocated costs, including, without limitation, depreciation and amortization determined in a consistent and fair manner so as to cover
such Providing Party’s appropriate costs or in such other manner as the parties shall agree plus (iii) any costs or markup necessary or advisable, as reasonably determined by the Providing Party, to comply with any local
jurisdiction pricing or other requirements. The Providing Party shall not charge the Receiving Party any portion of any tax for which the Providing Party receives a rebate or credit, or to which the Providing Party is entitled to a rebate or credit.
 

  
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 (b) To the extent that Cantor provides Newmark with insurance services hereunder, such insurance
shall be invoiced to and paid by Newmark as follows: 
 The premiums for each insurance policy with respect to which Newmark receives
services hereunder shall be allocated to Newmark by Cantor and shall be determined by multiplying Cantor’s total actual insurance premiums for each such coverage by a fraction, (i) in the case of any general liability or business
interruption insurance, the numerator of which is the aggregate consolidated net revenues (determined in accordance with U.S. generally accepted accounting principles) of Newmark, and the denominator of which is the sum of the aggregate consolidated
net revenues of Cantor plus any consolidated net revenues of BGC Partners not included in the consolidated net revenues of Cantor, plus any consolidated net revenues of Newmark not included in the consolidated net revenues of Cantor,
excluding the revenues from any division or subsidiary which does not benefit from or which is not covered by the insurance to which these premiums relate, (ii) in the case of any property and casualty insurance, the numerator of which is the
number of employees of Newmark and the denominator of which is the number of employees of Cantor, BGC Partners and Newmark, and (iii) in the case of any other insurance, as mutually agreed to by Newmark, Inc. and CFLP. 

(c) To the extent that Cantor provides office space hereunder, such office space shall be invoiced to and paid by Newmark as follows: 

So long as Newmark uses any portion of Cantor’s offices (each, a “Cantor Office”), Newmark shall pay to Cantor on the
first day of each calendar month with respect to each such Cantor Office an amount equal to the product of (x) the average rate per square foot then being paid by Cantor for such Cantor Office and (y) the number of square feet requested by
Newmark and made available for use by Newmark. In addition, Newmark shall pay to Cantor on the first day of each calendar month an amount equal to the sum of the costs allocated under U.S. generally accepted accounting principles, including, without
limitation, leasehold amortization expenses, depreciation, overhead, taxes and repairs in relation to such Cantor Office for the preceding month multiplied by a fraction, the numerator of which equals the number of square feet requested by Newmark
and made available for use by Newmark and the denominator of which equals the total number of square feet leased by Cantor under the lease for the applicable Cantor Office. 

6. Exculpation and Indemnity; Other Interests. 

(a) Cantor (including, without limitation, its stockholders, managers, members, partners, officers, directors and employees) shall not be
liable to Newmark or the equityholders of Newmark for any acts or omissions taken or not taken in good faith on behalf of Newmark and in a manner reasonably believed by CFLP to be within the scope of the authority

  
 -4- 

 
granted to it by this Agreement and in the best interests of Newmark, except for acts or omissions constituting fraud or willful misconduct in the performance of CFLP’s duties under this
Agreement. Notwithstanding the foregoing, Cantor shall be liable to Newmark for any losses incurred by Newmark in connection with the provision of Administrative Services by Cantor hereunder to the extent Cantor is entitled to be reimbursed by an
unaffiliated third party for any such liability. Newmark shall indemnify, defend and hold harmless Cantor (and its stockholders, managers, members, partners, officers, directors and employees) from and against any and all claims or liabilities of
any nature whatsoever (including, without limitation, consequential damages and reasonable attorney’s fees) arising out of or in connection with any claim against Cantor with respect to its provision of Administrative Services hereunder, except
where attributable to the fraud or willful misconduct of Cantor. 
 (b) Newmark (including, without limitation, its stockholders, managers,
members, partners, officers, directors and employees) shall not be liable to Cantor or the equityholders of Cantor for any acts or omissions taken or not taken in good faith on behalf of Cantor and in a manner reasonably believed by Newmark, Inc. to
be within the scope of the authority granted to it by this Agreement and in the best interests of Cantor, except for acts or omissions constituting fraud or willful misconduct in the performance of Newmark, Inc.’s duties under this Agreement.
Notwithstanding the foregoing, Newmark shall be liable to Cantor for any losses incurred by Cantor in connection with the provision of Administrative Services by Newmark hereunder to the extent Newmark is entitled to be reimbursed by an unaffiliated
third party for any such liability. Cantor shall indemnify, defend and hold harmless Newmark (and its stockholders, managers, members, partners, officers, directors and employees) from and against any and all claims or liabilities of any nature
whatsoever (including, without limitation, consequential damages and reasonable attorney’s fees) arising out of or in connection with any claim against Newmark with respect to its provision of Administrative Services hereunder, except where
attributable to the fraud or willful misconduct of Newmark. 
 (c) Nothing in this Agreement shall prevent Cantor and its affiliates from
engaging in or possessing an interest in other business ventures of any nature or description, independently or with others, whether currently existing or hereafter created, and none of Newmark or any of its stockholders shall have any rights in or
to such independent ventures or to the income or profits derived therefrom as a result of this Agreement. 
 7. Relationship of the
Parties. 
 (a) The relationship of each Providing Party and each Receiving Party shall be that of contracting parties, and no
partnership, joint venture or other arrangement shall be deemed to be created by this Agreement. 
 (b) Except as expressly provided herein,
neither Cantor nor Newmark shall have any claim against the other or right of contribution by virtue of this Agreement with respect to any uninsured loss incurred by any of them nor shall any of them have a claim or right against the other by virtue
of this Agreement with respect to any loss that is deemed to be included within the deductible, retention or self-insured portion of any insured risk. 

  
 -5- 

 8. Audit. Any party hereto may request a review, by those certified public
accountants who examine Cantor’s or Newmark’s books and records, of the other party’s cost allocation to the requesting party to determine whether such allocation is proper under the procedures set forth herein. Such a review is to be
conducted at the requesting party’s expense unless such allocation is determined not to be proper, in which case such review shall be at the other party’s expense. 

9. Documentation. Each party’s charges to the other for all Administrative Services hereunder shall be substantiated
by appropriate schedules, invoices or other documentation. During the Term, each Providing Party shall use commercially reasonable efforts to maintain records relating to the Administrative Services being provided in a manner similar to record
maintenance with respect to other administrative services previously provided by such Providing Party, including, without limitation, data relating to the determination of charges payable by the Receiving Party of such Administrative Services, and
otherwise in accordance with the record management practices and with at least the same degree of care and completeness as applicable to such Providing Party at such time. 

10. Actual Cost. Any charges to the Receiving Party for Administrative Services provided by Cantor or Newmark, as the case
may be, or by third parties pursuant to Section 2 of this Agreement shall be based upon rates not intended to provide a profit to Cantor or Newmark, as applicable. Any sales, use, value added, turnover or similar taxes required to be charged in
respect of Administrative Services provided by a party to another party shall be charged in addition to any charges otherwise due hereunder, and shall be included in the relevant invoice. 

11. Invoicing and Billing. Each party shall invoice the other for charges for Administrative Services provided pursuant
hereto on a monthly basis as incurred, such invoices to be delivered to the other party within 15 days after the end of each calendar month. Such invoices may include third party charges incurred in providing Administrative Services pursuant to
Section 2 of this Agreement or, at the invoicing party’s option, Administrative Services provided by one or more third parties may be invoiced directly to the Receiving Party of those Administrative Services. Each Receiving Party shall pay
to the relevant Providing Party the aggregate charge for Administrative Services provided under this Agreement in arrears, subject to receipt of an invoice from the Providing Party in accordance with this Section 11, within 30 days after
the end of each calendar month. Amounts due by one party to the other party under this Agreement shall be netted against amounts due by the other party to the first party under this Agreement or any other agreement. 

12. Services by Third Parties or Affiliates. Either party may, without cause, procure any of the Administrative Services
specified in Section 2 of this Agreement from a third party or may provide such Administrative Services directly or through an affiliate. The Providing Party shall discontinue providing any Administrative Service to the Receiving Party upon
written notice by the Receiving Party, delivered at least 90 days before the requested termination date. The Receiving Party shall pay to the Providing Party an amount equal to the costs incurred by the Providing Party as a result of such
termination, including, without limitation, any severance or cancellation fees. 

  
 -6- 

 13. Failure to Perform the Administrative Services. In the event of any
breach of this Agreement by the Providing Party with respect to any error or defect in providing any Administrative Service, the Providing Party shall, at the Receiving Party’s request, without the payment of any further fees by the Receiving
Party, use its commercially reasonable best efforts to correct or cause to be corrected such error or defect or reperform or cause to be reperformed such Administrative Service, as promptly as practicable. 

14. Excused Performance. Neither party warrants that any of the Administrative Services agreed to be provided shall be
free of interruption caused by acts of God, strikes, lockouts, accidents, inability to obtain third-party cooperation or other causes beyond its control. No such interruption of Administrative Services shall be deemed to constitute a breach of any
kind whatsoever hereunder. 
 15. Survival of Payment Obligations. Notwithstanding any provision herein to the
contrary, all payment obligations hereof shall survive the happening of any event causing termination of this Agreement until all amounts due hereunder have been paid. 

16. Confidentiality. Except as otherwise provided in this Agreement, (a) the Providing Party shall, and shall cause
its affiliates (and their respective accountants, counsel, consultants, employees and agents to whom they disclose such information), to keep confidential all information in the possession of the Providing Party that in any way relates to the
Receiving Party and is received in connection with the provision of Administrative Services hereunder, and (b) the Receiving Party shall, and shall cause its affiliates (and their respective accountants, counsel, consultants, employees and
agents to whom they disclose such information), to keep confidential all information in possession of the Receiving Party that relates to the Providing Party, is not information related to the Receiving Party and is received in connection with the
receipt of Administrative Services hereunder. The provisions of this Section 16 do not apply to the disclosure by either party or their respective affiliates (and their respective accountants, counsel, consultants, employees and agents to whom
they disclose such information) of any information (i) which is, or becomes, publicly available, other than by reason of a breach of this Section 16 by the disclosing party or any affiliate of the disclosing party, (ii) received from
a third party not bound by any confidentiality agreement with the other party, (iii) required by applicable law to be disclosed by that party, or (iv) necessary to establish such party’s rights under this Agreement or the Separation
and Distribution Agreement or other agreements executed in connection herewith or therewith, provided that in the case of clauses (iii) and (iv), the person intending to make disclosure of confidential information will promptly notify the party
to whom it is obligated to keep such information confidential and, to the extent practicable, provide such party a reasonable opportunity to prevent public disclosure of such information. 

Upon the request of a Receiving Party and upon termination of the relevant Administrative Service and/or this Agreement, each Providing Party
shall provide the Receiving Party with any data or information generated with respect to the terminated Administrative Service(s) provided to the Receiving Party in a format usable by the Receiving Party. The Receiving Party shall pay the cost, if
any, of converting such data or information into the appropriate format. 

  
 -7- 

 17. Miscellaneous. 

(a) This Agreement shall be binding upon and shall inure to the benefit of parties hereto and their respective successors, assigns and
transferees, including binding upon any person that will be a successor to a party hereto, whether by merger, consolidation or sale of all or substantially all of its assets. This Agreement and any rights or obligations hereunder may not be assigned
or transferred without the written consent of the other party hereto; provided that CFLP may assign any of its rights or obligations hereunder to any other member of Cantor or any person that will be a successor to any member of Cantor,
whether by merger, consolidation or sale of all or substantially all of its assets, without the written consent of Newmark, Inc.. 
 (b) No
waiver by any party hereto of any of its rights under this Agreement shall be effective unless in writing and signed by an officer of the party waiving such right. References to writing include any method of reproducing words in a legible and
non-transitory form. No waiver of any breach of this Agreement shall constitute a waiver of any subsequent breach, whether or not of the same nature. This Agreement may not be modified or amended except by a writing signed by each of the parties
hereto. 
 (c) This Agreement and the Separation and Distribution Agreement constitutes the entire agreement of the parties with respect to
the subject matter hereof, and cancels and supersedes any and all prior written or oral contracts or negotiations between the parties with respect to the subject matter hereof. 

(d) This Agreement shall be strictly construed as independent from any other agreement or relationship between the parties, other than the
Separation and Distribution Agreement. 
 (e) This Agreement is made pursuant to and shall be governed and construed in accordance with the
laws of the State of New York, without regard to the principles of conflict of laws thereof. 
 (f) The descriptive headings of the several
sections hereof are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

(g) Any notice, request or other communication required or permitted in this Agreement shall be in writing and shall be sufficiently given if
personally delivered or sent by facsimile (with confirmation of receipt) or if sent by registered or certified mail, postage prepaid, addressed as follows: 
  

	 	(1)	If to CFLP: 

 110 East 59th Street 

New York, New York 10022 

Attention: General Counsel 
 Fax
No: (212) 829-4708 
  

	 	(2)	If to Newmark, Inc.: 

  
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 125 Park Avenue 

New York, New York 10017 

Attention: General Counsel 
 Fax
No: (312) 276-8715 
 The address of any party hereto may be changed on notice to the other party hereto duly served in accordance with the
foregoing provisions. 
 (h) The parties hereto understand and agree that any or all of the obligations of any Providing Party set forth
herein may be performed by any of its subsidiaries, other than for the avoidance of doubt the Receiving Party or any of its subsidiaries. CFLP may cause any or all of the benefits due to Cantor to be received by any of its subsidiaries, other than
for the avoidance of doubt Newmark. Newmark, Inc. may cause any or all of the benefits due to Newmark to be received by any of its subsidiaries. 

[Signature Page Follows] 

  
 -9- 

 IN WITNESS WHEREOF, the parties hereto have executed or caused this Administrative Services
Agreement to be executed in their respective names by their respective officers thereunto duly authorized, as of the date first written above. 
  

			
	CANTOR FITZGERALD, L.P.
		
	By:	 	CF Group Management, Inc.
		 	its General Partner
		
	By:	 	 /s/ Stephen M. Merkel

		 	Name: Stephen M. Merkel
		 	Title: Executive Managing Director

 [Signature Page for Administrative Services Agreement between Cantor Fitzgerald, L.P. and Newmark Group,
Inc.] 

  

 
			
	NEWMARK GROUP, INC.
		
	By:	 	 /s/ James Ficarro

		 	Name: James Ficarro
		 	Title: Chief Operating Officer

 [Signature Page for Administrative Services Agreement between Cantor Fitzgerald, L.P. and Newmark Group,
Inc.]

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