SEC Contract Filing

Filing Date: 2017-12-19

Document Content:
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<TYPE>EX-10.7
<SEQUENCE>10
<FILENAME>d451437dex107.htm
<DESCRIPTION>EX-10.7
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<TITLE>EX-10.7</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.7 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>EXECUTION VERSION </U></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRANSITION SERVICES AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This TRANSITION SERVICES AGREEMENT, dated as of December&nbsp;13, 2017 (this &#147;<U>Agreement</U>&#148;), is by and between (i)&nbsp;BGC
PARTNERS, INC., a Delaware corporation (including any successor to BGC Partners, Inc., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise, &#147;<U>BGCP</U>&#148;), on behalf of itself and its direct and
indirect, current and future, subsidiaries, other than Newmark Group, Inc. and its direct and indirect, current and future, subsidiaries (collectively, &#147;<U>BGC Partners</U>&#148;); and (ii)&nbsp;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, &#147;<U>Newmark, Inc.</U>&#148;), on behalf of itself and its direct and indirect, current and future,
subsidiaries (collectively, &#147;<U>Newmark</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E S S E T H: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, BGCP, Newmark, Inc. and the other parties thereto have entered into the Separation and Distribution Agreement, dated as of
December&nbsp;13, 2017 (as amended from time to time, the &#147;<U>Separation and Distribution Agreement</U>&#148;), to effect the Contribution and the Distribution (each as defined in the Separation and Distribution Agreement); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, in order to facilitate and provide for an orderly transition under the Separation and Distribution Agreement, the parties desire to
enter into this Agreement to set forth the terms and conditions pursuant to which the parties shall provide Transition Services (as defined herein). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises contained herein, it is agreed as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1. <B><U>Term</U></B><B>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The term of this Agreement shall commence at the Closing (as such term is defined in the Separation and Distribution Agreement) and shall
remain in effect until the second anniversary of the Distribution (the &#147;<U>Term</U>&#148;); <U>provided</U>, <U>however</U>, that in the event that Newmark, Inc. terminates this Agreement, BGC Partners 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&nbsp;5 of this Agreement) until the second anniversary of the
Distribution; <U>provided</U>, <U>further</U>, that Newmark shall not be required to repair or replace any such hardware or equipment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
This Agreement may be terminated by a party as provided herein or, as provided in Section&nbsp;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. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2. <B><U>Services</U></B><B>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) During the Term, and upon the terms and conditions set forth herein, BGC Partners shall provide to Newmark the Transition Services as
reasonably requested by Newmark, Inc. from time to time, to the extent BGC Partners provided such Transition Services to Newmark prior to the date hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) During the Term, and upon the terms and conditions set forth herein, Newmark shall provide to BGC Partners the Transition Services as BGCP
may reasonably request from time to time, to the extent Newmark provided such Transition Services to BGC Partners prior to the date hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) As used in this Agreement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(1) &#147;<U>Transition Services</U>&#148; means the following services, but only to the extent that the Providing Party
provides such services