UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K/A

 (Amendment No. 1)

 FOR ANNUAL AND TRANSITION REPORTS

 PURSUANT TO SECTION 13 OR 15(d)

 OF THE SECURITIES EXCHANGE ACT OF 1934

 (Mark One)

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31,
 2024

 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from
to

 Commission File Number: 001-35591

 BGC Group, Inc.

 (Exact Name of Registrant as Specified in Its
Charter)

 Delaware

 13-4063515

 (State or Other Jurisdiction of
 Incorporation or Organization)

 (I.R.S. Employer
 Identification No.)

 499 Park Avenue, New York, NY

 10022

 (Address of Principal Executive Offices)

 (Zip Code)

 (212) 610-2200

 (Registrant's telephone number, including
area code)

 Securities registered pursuant to Section 12(b)
of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 Class A Common Stock, $0.01 par value

 BGC

 The Nasdaq Stock Market, LLC

 Securities registered pursuant to Section 12(g)
of the Act: None

 Indicate by check mark if the registrant is
a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is
not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

 Indicate by check mark whether the
registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes No

 Indicate by check mark whether the
registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to
submit such files). Yes No

 Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large Accelerated Filer

 Accelerated Filer

 Non-accelerated Filer

 Smaller Reporting Company

 Emerging growth company

 If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared
or issued its audit report.

 If securities are registered pursuant to Section 12(b)
of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of
an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 The aggregate market value of voting common equity
held by non-affiliates of the registrant, based upon the closing price of the Class A common stock on June 30, 2024 as reported on
Nasdaq, was approximately $ 4,622,726,641.

 Indicate the number of shares outstanding of each
of the registrant's classes of common stock, as of the latest practicable date.

 Class

 Outstanding at April 25, 2025

 Class A Common Stock, par value $0.01 per share

 378,485,575 shares

 Class B Common Stock, par value $0.01 per share

 109,452,953 shares

 Auditor Name: Ernst & Young, LLP
 Auditor Location: New York, New York
 PCAOB ID Number: 42

 BGC Group, Inc.

 2024 FORM 10-K/A ANNUAL REPORT

 Page

 EXPLANATORY NOTE

 ii

 ITEM 10.

 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 ITEM 11.

 EXECUTIVE COMPENSATION

 ITEM 12.

 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 ITEM 13.

 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 ITEM 14.

 PRINCIPAL ACCOUNTANT FEES AND SERVICES

 ITEM 15.

 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 i

 EXPLANATORY NOTE

 On July 1, 2023, we, BGC Partners, Inc. ("BGC
Partners") and BGC Holdings, L.P. ("BGC Holdings"), along with certain other entities, completed our conversion from
an Up-C to a "Full C-Corporation" through a series of mergers and related transactions (the "Corporate Conversion"),
pursuant to a Corporate Conversion Agreement dated as of November 15, 2022 (the "Corporate Conversion Agreement"), simplifying
our organizational structure. As a result of the Corporate Conversion, BGC Group, Inc. ("BGC Group") became the public holding
company for, and successor to, BGC Partners, and its Class A common stock began trading on the Nasdaq Global Select Market, in place of
BGC Partners' Class A common stock, under the ticker symbol "BGC" at market open on July 3, 2023. After completion of
the Corporate Conversion, the former stockholders of BGC Partners and the former limited partners of BGC Holdings now participate in the
economics of the BGC businesses through BGC Group.

 Except as otherwise indicated or the context
otherwise requires, as used herein, the terms the "Company," "BGC," "we," "our," and "us"
refer to: (i) following the closing of the Corporate Conversion, effective at 12:02 am Eastern Time on July 1, 2023, BGC Group and its
consolidated subsidiaries, including BGC Partners; and (ii) prior to the closing of the Corporate Conversion, BGC Partners and its consolidated
subsidiaries. References to Class A common stock and Class B common stock refer to the Class A common stock and Class B common stock,
respectively, of: (i) following the closing of the Corporate Conversion, BGC Group; and (ii) prior to the closing of the Corporate Conversion,
BGC Partners.

 On March 3, 2025, BGC filed its Annual Report
on Form 10-K for the fiscal year ended December 31, 2024 (the "Original Form 10-K"). Certain Part III information was
omitted from the Original Form 10-K in reliance on General Instruction G(3) to Form 10-K. General Instruction G(3) to Form 10-K provides
that registrants may incorporate by reference certain information from a definitive proxy statement which involves the election of directors
if such definitive proxy statement is filed with the Securities and Exchange Commission (the "SEC") within 120 days after
the end of the fiscal year. The Company does not anticipate that its definitive proxy statement involving the election of directors in
connection with its 2025 annual meeting of stockholders will be filed by April 30, 2025 (i.e., within 120 days after the end of the
Company's 2024 fiscal year). Accordingly, this Amendment No. 1 (this "Amendment") hereby amends and restates Part
III, Items 10 through 14 of the Original Form 10-K as set forth below. The information included herein as required by Part III, Items
10 through 14 of the Original Form 10-K is more limited than what is required to be included in the definitive proxy statement to be filed
in connection with our 2025 annual meeting of stockholders. Accordingly, the definitive proxy statement to be filed at a later date will
include additional information related to the topics herein and additional information not required by Part III, Items 10 through 14 of
Form 10-K.

 This Amendment also restates Item 15 of Part
IV of the Original Form 10-K. In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), new certifications by our principal executive officers and principal financial officer are filed as exhibits to this Amendment
under Item 15 of Part IV hereof.

 No other amendments are being made hereby to the
Original Form 10-K. Except as stated herein, this Amendment does not reflect events occurring after the filing of the Original Form 10-K
with the SEC on March 3, 2025, and no attempt has been made in this Amendment to modify or update other disclosures as presented in the
Original Form 10-K. Terms used but not defined herein have the meanings given to them in the Original Form 10-K.

 ii

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 Our Board of Directors (the "Board")
is currently composed of six members. Information with respect to our directors is set forth below.

 INFORMATION ABOUT OUR DIRECTORS

 Name

 Age

Since

 Biographies

 2025

 Mr. Merkel has been a director of our Company since February 2025 and serves as Chairman of our Board. Mr. Merkel has served as our Executive Vice President and General Counsel since 2001. He is also on the board of directors of our Fenics Market Exchange, LLC ("FMX") business. Mr. Merkel is Executive Vice Chairman, Executive Managing Director, and General Counsel for the Cantor Fitzgerald, L.P. ("Cantor") group of companies, including Cantor, which is our parent, CF Group Management, Inc. ("CFGM"), which is also our parent, and Cantor Fitzgerald & Co ("CF&Co"). He has served as Newmark Group, Inc.'s ("Newmark") Chief Legal Officer and Executive Vice President since 2019. CF&Co and Newmark are our affiliates. Since 2025, Mr. Merkel has served as a director of Newmark and as Chairman of Newmark's board of directors. Mr. Merkel also holds offices at and provides services to various other affiliates of Cantor and provides services to BGC's and Newmark's operating partnerships and subsidiaries, as applicable. Prior to joining Cantor in 1993, Mr. Merkel was Vice President and Assistant General Counsel at Goldman Sachs & Co., dedicated to the J. Aron Division, and prior to that, he was an associate with the law firm of Paul, Weiss, Rifkind, Wharton & Garrison. Prior to that, he was a law clerk for the Honorable Irving R. Kaufman of the U.S. Court of Appeals for the Second Circuit. Mr. Merkel received a Bachelor's degree with a major in History and Sociology of Science from the University of Pennsylvania and received his law degree from the University of Michigan Law School.

 Brandon G. Lutnick

 2025

 Mr. Brandon G. Lutnick ("Mr. B. Lutnick") has been a director
of our Company since February 2025. Mr. B. Lutnick is Chief Executive Officer and Chairman of Cantor and our affiliate Cantor Fitzgerald
Securities, and Chief Executive Officer of CFGM. Mr. B. Lutnick joined Cantor in 2022 and most recently has worked in the Office of the
Chairman, managing strategy and overseeing other special projects relating to Cantor and its affiliates. Since 2024, Mr. B. Lutnick has
also served as the Chairman and Chief Executive Officer of Cantor's special purpose acquisition companies, commonly referred to
as SPACs, including our affiliates Cantor Equity Partners, Inc. and Cantor Equity Partners I, Inc. Mr. B. Lutnick joined Cantor in 2022
in equity sales and trading. Prior to his positions at Cantor, Mr. B. Lutnick began his career as a Credit Analyst at Oak Hill Advisors,
L.P. In 2021, B. Lutnick graduated from Stanford University with a Bachelor's degree in Symbolic Systems. Mr. B. Lutnick is the
son of our former Chairman and Chief Executive Officer, Mr. Howard W. Lutnick.

 Linda A. Bell

 2013

 Dr. Bell has been a director of our Company since July 2013. Dr. Bell is currently the Claire Tow Professor of Economics and Provost Emerita of Barnard College, Columbia University, which she previously served as Provost and Dean of Faculty since 2012. Prior to joining Barnard, Dr. Bell was the Provost and John B. Hurford Professor of Economics at Haverford College from 2007 to 2012 and a member of the faculty since 1992. Prior to her tenure at Haverford, Dr. Bell held visiting faculty appointments at Stanford University; the University of California, San Diego; the John F. Kennedy School of Government at Harvard University; and the Woodrow Wilson School of Public Administration at Princeton University and has taught at the Leonard N. Stern School of Business at New York University. Dr. Bell has also served as a research fellow at the Institute for the Study of Labor (IZA) in Bonn, Germany since 2003, and as a senior consultant for the labor practice group of the National Economic Research Associates since 2006. Dr. Bell holds a Ph. D. in Economics from Harvard University.

 David P. Richards

 2017

 Mr. Richards has been a director of our Company since December 2017. Mr. Richards is the Chairman of Prodrive Holdings Ltd., a British motorsport and advanced engineering group, a position in which he has served since the firm's founding in 1984. He previously served as Chairman of Aston Martin Lagonda Ltd., a British manufacturer of luxury sports cars, from 2007 until 2013, and as a non-executive director of BGC European GP Limited from May 2009 until June 2017. Mr. Richards currently serves in the role of Chairman of the U.K. governing body of the Motor Sports Association. In December 2023, Mr. Richards was appointed as Chairman of the Board of Trustees at the FIA Foundation, an international charity focused on issues in the automotive world. Mr. Richards previously served as a director of Phytome Life Sciences, a U.K. plant-based medical research company from 2019 to 2023. In the 2005 Queen's New Year's Honours, Mr. Richards was made a Commander of the British Empire ("CBE") for his services to motorsport. Mr. Richards attended Brynhyfryd School in North Wales followed by five years of articles with a Liverpool firm of chartered accountants. He holds honorary doctorates and fellowships from the Universities of Wales, Coventry, Warwick and Cranfield.

 Arthur U. Mbanefo

 2021

 Mr. Mbanefo has been a director of our Company since October 2021. Since January 2023, Mr. Mbanefo has been the Managing Partner of Phoenix Merchant Partners LP, a merchant banking and private credit business, where he previously served in the same role from September 2019 until February 2020. From February 2020 to June 2022, Mr. Mbanefo was the Chief Investment Officer and Head of Principal Business and Asset Management for ORIX Corporation USA, the U.S. subsidiary of ORIX Corporation, a publicly owned, Tokyo-based international financial services company. In this role, he led investments across private equity, private credit and real estate, with a focus on the U.S. middle market. He was also an Advisory Director of the Board of ORIX Corporation USA. Mr. Mbanefo served as the Chief Investment Officer of Barclays Bank PLC from March 2017 until June 2019 where he was responsible for all the investment of the balance sheet of Barclays Bank PLC across corporate and investment banking, markets, pension and asset management, cards and payments. Prior to this role, he was a Head of Markets at Barclays from September 2015 to February 2017 and a Managing Director at the firm in various market leadership roles from May 2009 to September 2015. Prior to Barclays, Mr. Mbanefo served as Chief Investment Officer and Chief Executive Officer of two alternative investment management firms. In addition, since May 23, 2022, he has been the Chairman of the advisory board of Datatailr Inc., a financial and data analytics and development firm, and since September 1, 2022, he has been a senior adviser to Banyan LLC, an e-commerce data solutions firm. Mr. Mbanefo graduated with a BSc with Honours from Loughborough University. He is also a Fellow Chartered Accountant.

 William Addas

 2023

 Mr. Addas has been a director of our Company since July 2023. From 2008 to 2023, Mr. Addas held numerous senior positions at BofA Securities, Inc., including Co-Head of Global Financial Institutions Group from 2021 to 2023, Co-Head of Americas Financial Institutions Group from 2019 to 2021, and Head of Specialty Finance from 2018 to 2019. From 2003 to 2008, he was a Managing Director and Head of Financial Technology and Specialty Finance at Deutsche Bank. From 2005 to 2006, he served on the board of Delta Financial Corp., a residential mortgage company. From 1996 to 2003, he was a Managing Director at Credit Suisse and Donaldson, Lufkin & Jenrette, a U.S. investment bank. From 1993 to 1996, he served as a Director of NatWest Markets Securities, a U.S. based broker-dealer. From 1984 to 1992, he practiced as an attorney at Manatt, Phelps, Phillips, Rothenberg and Tunney, where he was an Associate and later a Partner, and Wasserstein Perella, where he was an Associate. Mr. Addas holds a Bachelor of Arts from Brandeis University, and a Juris Doctor from the George Washington University Law School.

 INFORMATION ABOUT OUR EXECUTIVE OFFICERS

 Our executive officers are appointed annually by,
and serve at the discretion of, our Board. In addition to Mr. Merkel, our General Counsel, who also serves as a member of the Board, our
executive officers, their respective ages and positions, and certain other information with respect to each of them are as follows:

 John J. Abularrage, 47, has served as
our Co-Chief Executive Officer since February 18, 2025 and our Chief Executive Officer of the Americas since 2021. He has previously
served as a Global Co-Head of Financial Services Brokerage from 2021 to 2025. Mr. Abularrage joined BGC Group in 2021, bringing more
than 20 years of financial services experience to the business. Prior to BGC, Mr. Abularrage held various senior positions at TP
ICAP plc, a financial services firm, from 2011 to 2021, including Chief Executive Officer of the Americas and Head of Global
Brokering. Prior to that, Mr. Abularrage held positions at Collin Stewart, Inc. from 2000 to 2011 including Chief Executive Officer
of North America and prior to that Head of Equities. In 1999, Mr. Abularrage graduated from Georgetown University McDonough School
of Business with a Bachelor's degree in Business Administration.

 JP Aubin, 57, has served as our Co-Chief
Executive Officer since February 18, 2025 and our Chief Executive Officer of EMEA since 2008. He has previously served as a Global Co-Head
of Financial Services Brokerage from 2020 to 2025. Mr. Aubin joined BGC in 2005 and helped drive the company's rapid expansion in
Europe, which included the acquisitions of ETC Pollak in 2005 and Aurel BGC in 2006, of which he was made President in 2012. In 2008,
Mr. Aubin was named Global Head for Listed Products. Prior to these positions, from 2008 to 2020, Mr. Aubin was an Executive Managing
Director for BGC and from 2005 to 2008, Mr. Aubin was President of the Continental European region for BGC. Prior to his positions at
BGC, Mr. Aubin began his career at the Viel-Tradition Group in 1999 after being part of the Barclays Bank student training program. After
trading futures and options for 10 years in both London and Paris, he was promoted in 2000 to President and Global Head of Listed Products
for Continental Europe. Mr. Aubin has been a member of the board of the French cultural organization R union des Mus es
Nationaux since 2015. In 2022, JP Aubin founded the JP Aubin Family Foundation, a charitable organization which focuses on providing children
with access to museums and other cultural opportunities. In 2023, Mr. Aubin was awarded Commandeur des Arts et des Lettres. Mr. Aubin
graduated in 1989 from the French business school Ecole d'Administration et de Direction des affaires (EAD) with a Master's
degree in economics.

 Sean A. Windeatt, 51, has served as
our Co-Chief Executive Officer since February 18, 2025 and our Chief Operating Officer since 2009. He has previously served as a Global
Co-Head of Financial Services Brokerage from 2023 to 2025 and Chief Executive Officer of BGC Brokers, L.P. from 2012 to 2025. Prior to
that, Mr. Windeatt served as our Interim Chief Financial Officer from 2018 until 2019. Prior to these positions, Mr. Windeatt was our
Executive Managing Director and Vice President from 2007 to 2009 and served as a Director of our affiliate Cantor Fitzgerald International
from 2004 to 2007. Mr. Windeatt also served as a Business Manager and member of the finance department of Cantor Fitzgerald International
from 1997 to 2003. Mr. Windeatt also provides services to our operating partnerships and subsidiaries. Mr. Windeatt began his career at
United Assurance in 1996. In 1996, Mr. Windeatt graduated from the University of Bedfordshire with a Bachelor's degree in Business
Administration (Finance).

 Jason W. Hauf, 56, has been our Chief
Financial Officer since June 6, 2022. Prior to his time at the Company, Mr. Hauf was at Exos Technology and Financial Partners,
a private firm specializing in financial services for B2B institutional finance starting in 2017, and where he served as Managing Director
and Chief Financial Officer from 2018 to 2022. Prior to his time at Exos, Mr. Hauf was Managing Director and Chief Financial Officer
at Royal Bank of Scotland, Corporate and Institutional Banking Division, Americas and Vice President of AIG Financial Products Corp. He
began his career at Coopers & Lybrand, where he was a Manager. Mr. Hauf holds a Bachelor of Science in Accounting from the
University of Delaware.

 CORPORATE GOVERNANCE

 Independence of Directors

 Our Board has determined that each of Dr. Bell
and Messrs. Richards, Mbanefo and Addas qualifies as an "independent director" in accordance with the published listing requirements
of the Nasdaq Stock Market LLC ("Nasdaq"). The Nasdaq independence definition consists of a series of objective tests, including
that the director is not an officer or employee of ours and has not engaged in various types of business dealings with us. In addition,
as further required by Nasdaq rules, our Board has made a subjective determination with respect to each independent director that no relationships
exist which, in the opinion of our Board, would interfere with the exercise of independent judgment by each such director in carrying
out the responsibilities of a director. In making these determinations, our Board has reviewed and discussed information provided by the
individual directors and us with regard to each director's business and personal activities as they may relate to us and our management,
including participation on any boards of other organizations in which other members of our Board are members.

 Recent Board of Directors and Executive Officers Changes

 On February 18, 2025, Howard W. Lutnick ("Mr. H. Lutnick")
was confirmed by the United States Senate as the 41st Secretary of Commerce. Following his confirmation, on February 18, 2025, Mr. H.
Lutnick stepped down as Chairman of the Board and Chief Executive Officer. On the same day, the Board appointed Mr. B. Lutnick, son of
Mr. H. Lutnick, to serve as a member of the Board. Additionally, the Board appointed our Executive Vice President and General Counsel,
Mr. Stephen M. Merkel to serve as a member of the Board and as Chairman of the Board and the Board appointed Messrs. John A. Abularrage,
JP Aubin, and Sean A. Windeatt as Co-Chief Executive Officers and as the Principal Executive Officers of the Company following Mr. H.
Lutnick's departure.

 Meetings and Committees of Our Board of Directors

 Our Board held 15 meetings during the year ended
December 31, 2024. In addition to meetings, our Board and its committees reviewed and acted upon matters by unanimous written consent
from time to time. During 2024, each independent director attended 100% of the total number of meetings of the Board and the committees
of which he or she was a member, except Mr. Mbanefo, who attended 100% of the meetings of the Board and more than 90% of all meetings
of the committees of which he is a member. In addition to regular committee meetings, which are indicated below, the independent directors
of the Board held 38 joint or special project committee meetings in 2024.

 Audit Committee

 Our Board has an Audit Committee. The members of
the Committee are currently Dr. Bell and Messrs. Richards, Mbanefo and Addas, all of whom qualify as "independent" in
accordance with the published listing requirements of Nasdaq. Mr. Mbanefo serves as chair. The members of the Committee also each
qualify as "independent" under special standards established by the SEC for members of audit committees. Each of Messrs. Richards,
Mbanefo and Addas is an independent director who has been determined to be an audit committee financial expert. The Committee operates
pursuant to an Audit Committee Charter, which is available at www.bgcg.com/esg/governance under the heading "Audit Committee
Charter" or upon written request from BGC free of charge.

 Our Audit Committee selects our independent registered
public accounting firm (our "Auditors"), consults with our Auditors and with management with regard to the adequacy of our
financial reporting, internal control over financial reporting and the audit process and considers any permitted non-audit services to
be performed by our Auditors. The Committee also approves all related party transactions, oversees the management of our enterprise risk
management program, oversees compliance with our Code of Business Conduct and Ethics (the "Code of Ethics"), and administers
our Whistleblower Complaint and Investigation Policy ("Whistleblower Policy"), including the establishment of procedures with
respect to the receipt, retention and treatment of complaints received by us regarding accounting, internal controls and auditing matters,
and the anonymous submission by employees of complaints involving questionable accounting or auditing matters. The Committee held 14 meetings
during the year ended December 31, 2024.

 During 2024, our Audit Committee engaged Ernst &
Young LLP ("Ernst & Young") as our Auditors for the year ending December 31, 2024. Ernst & Young was
also approved to perform reviews of each of our quarterly financial reports for the year ending December 31, 2024, and certain other
audit-related services such as accounting consultations. Pursuant to our Audit Committee Charter, the Committee will pre-approve audit
services, internal control-related services and permitted non-audit services (including the fees and other terms thereof) to be performed
for us by Ernst & Young, as set forth in the Audit Committee Charter.

 Compensation Committee

 Our Board has a Compensation Committee. The members
of the Committee are currently Dr. Bell and Messrs. Richards, Mbanefo and Addas, all of whom qualify as "independent"
in accordance with the published listing requirements of Nasdaq. Dr. Bell serves as chair.

 The Compensation Committee is responsible for reviewing
and approving all compensation arrangements for our executive officers and for administering the BGC Group, Inc. Long Term Incentive Plan
(the "BGC Group Equity Plan" or the "Equity Plan") and the BGC Group, Inc. Incentive Bonus Compensation Plan (the
"BGC Group Incentive Plan" or the "Incentive Plan," and together with the BGC Group Equity Plan, the "BGC
Group Compensation Plans"). Prior to the Corporate Conversion, the BGC Partners Compensation Committee was responsible for reviewing
and approving all compensation arrangements for our executive officers and for administering the BGC Partners, Inc. Eighth Amended and
Restated Long Term Incentive Plan (the "BGC Partners Equity Plan"), the BGC Partners, Inc. Incentive Bonus Compensation Plan
(the "BGC Partners Incentive Plan") and the BGC Holdings Participation Plan (the "Participation Plan," and together
with the BGC Partners Equity Plan and BGC Partners Incentive Plan, the "BGC Partners Compensation Plans," and the BGC Partners
Compensation Plans together with the BGC Group Compensation Plans, the "BGC Compensation Plans").

 The Compensation Committee operates pursuant to
a Compensation Committee Charter, which is available at www.bgcg.com/esg/governance under the heading "Compensation Committee
Charter" or upon written request from BGC free of charge. The Committee held 11 meetings during the year ended December 31,
2024.

 ESG Committee

 Our Board also has an Environmental, Social and
Governance ("ESG") Committee. The members of the Committee are currently Dr. Bell and Messrs. Richards, Mbanefo and Addas,
each of whom qualifies as "independent" in accordance with the published listing requirements of Nasdaq. Mr. Mbanefo
serves as chair. The Committee is responsible for working with management to review ESG initiatives and procedures appropriate to the
Company, to provide periodic reviews of ESG practices and policies, to review management's current ESG strategy to ensure the Company
engages in appropriate practices and technologies and to otherwise make recommendations on these matters to the full Board. The Committee
operates pursuant to an Environmental, Social and Governance Committee Charter, which is available at www.bgcg.com/esg/governance
under the heading "Environmental, Social and Governance Committee Charter" or upon written request from us free of charge.
The Committee held six meetings during the year ended December 31, 2024.

 Nominating Process

 All directors participate in the consideration of
director nominees recommended for selection by a majority of the independent directors as defined by the published listing requirements
of Nasdaq. Accordingly, our Board does not have a separate nominating committee or committee performing similar functions and does not
have a nominating committee charter. Our Board believes that such participation of all directors is appropriate given the size of our
Board and the level of participation of all of our independent directors in the nomination process. Our Board will also consider qualified
director candidates identified by a member of senior management or by a stockholder. However, it is our general policy to re-nominate
qualified incumbent directors, and, absent special circumstances, our Board will not consider other candidates when a qualified incumbent
consents to stand for re-election. A stockholder wishing to submit a recommendation for a director candidate should follow the instructions
set forth herein under the section below entitled "Communications with Our Board of Directors."

 Qualification Criteria

 Our Board considers the following minimum criteria
when reviewing a director nominee: director candidates must (1) have the highest character and integrity, (2) be free of any
conflict of interest which would violate applicable laws or regulations or interfere with the proper performance of the responsibilities
of a director, (3) possess substantial and significant experience which would be of particular importance in the performance of the
duties of a director, (4) have sufficient time available to devote to our affairs in order to carry out the responsibilities of a
director, and (5) have the capacity and desire to represent the best interests of our stockholders. The Board also considers diversity
of skills and experience, as well as geographic background. Our Board screens candidates, does reference checks and conducts interviews,
as appropriate. Our Board does not evaluate nominees for director any differently because the nominee is or is not recommended by a stockholder.

 With respect to qualifications of the members of
the Board, the Board generally values the broad business experience and independent business judgment in the financial services or in
other fields of each member. Specifically, Mr. B. Lutnick is qualified based on his business experience and brokerage experience, Mr.
Merkel is qualified based on his extensive business and legal experience and prior public company service, Dr. Bell is qualified
based on her experience as a university academic manager, as an academic researcher and professor in economics, and as a former director
of a fully electronic exchange, Mr. Richards is qualified based on his global business experience and his status as an audit committee
financial expert, and Messrs. Mbanefo and Addas are qualified as a result of their broad experience in the financial services industry,
their general business experience, and their status as audit committee financial experts.

 The director qualifications matrix below summarizes
some of the key attributes that the Board has identified as particularly valuable to the effective oversight of the Company and the execution
of the Company's corporate strategy. This director qualifications matrix is not intended to be an exhaustive list of each of the
director's skills or contributions to the Board.

 Skills and Experience

 Merkel

 B.
 Lutnick

 Bell

 Richards

 Mbanefo

 Addas

 Business Operations

 X

 X

 X

 X

 X

 X

 Finance/Accounting

 X

 X

 X

 X

 X

 X

 Risk Management

 X

 X

 X

 X

 X

 Global Business

 X

 X

 X

 X

 X

 X

 Human Capital Management

 X

 X

 X

 M&A

 X

 X

 X

 X

 Other Public Company Board Service and Governance

 X

 X

 X

 Environmental

 X

 X

 X

 X

 X

 Global Financial Markets

 X

 X

 X

 X

 X

 Brokerage

 X

 X

 X

 X

 Regulatory

 X

 X

 Innovation and Strategy

 X

 X

 X

 X

 X

 X

 Ethics and Integrity

 X

 X

 X

 X

 X

 X

 Senior Leadership/CEO

 X

 X

 X

 X

 X

 X

 Technology/Information Security

 X

 X

 Chairman of the Board

 Our Board has determined that in light of the current
ownership structure of the Company and Mr. Merkel's experience and deep leadership experience with the Company, having a non-executive
Chairman of the Board is not efficient or appropriate for our Company. Additionally, our Board does not have a lead independent director
for the same reasons.

 We believe that the Company and its stockholders
are currently best served by having Mr. Merkel, our General Counsel, serve as Chairman of the Board. Our strong and independent Board
effectively oversees our management and provides vigorous oversight of our business and affairs and any proposed related party transactions.
Our Board is composed of independent, active and effective directors. Four of our current six directors meet the independence qualifications
in accordance with the published listing requirements of Nasdaq and the SEC and our Board's standards for determining director independence.
Mr. Merkel is the only member of executive management who is also a director. Requiring that the Chairman of the Board be an independent
director is not necessary to ensure that our Board provides independent and effective oversight of our business and affairs. Such oversight
is maintained at the Company through the composition of our Board, the strong leadership of our independent directors and Board committees,
and our highly effective corporate governance structures and processes.

 Corporate Governance Guidelines

 The Board has adopted Corporate Governance Guidelines
that provide the framework for the governance of the Company. The Corporate Governance Guidelines address, among other things, the composition
and structure of the Board, including membership criteria, independence standards and limits on other directorships, duties and responsibilities
of directors, meeting procedures, committees of the Board, executive officer leadership development and stockholder engagement, including
with respect to ESG matters. The Board reviews these principles and other aspects of governance annually. The Corporate Governance Guidelines
are available at www.bgcg.com/esg/governance under the heading "Corporate Governance Guidelines" or upon written request
from the Company free of charge.

 Executive Sessions

 In order to comply with Nasdaq rules, the Board
has resolved that it will continue to schedule and/or provide opportunities during at least two meetings per year in which the independent
directors will meet without the presence of the non-independent directors.

 Annual Meetings

 The Corporate Governance Guidelines provide that
each member of the Board is expected to attend annual meetings of stockholders of the Company. At the 2024 annual meeting of stockholders,
held on September 16, 2024, all of the Company's directors were in attendance.

 Communications with Our Board of Directors

 Stockholders may contact any member of our Board,
including to recommend a candidate for director, by addressing their correspondence to the director, c/o BGC Group, Inc., 499 Park Avenue,
New York, NY 10022, Attention: Corporate Secretary. Our Corporate Secretary will forward all such correspondence to the named
director.

 The Board's Role in Risk Oversight

 Risk oversight is an integral part of Board and
Committee deliberations throughout the year. The Audit Committee oversees the management of our enterprise risk management program, and
it annually reviews an assessment prepared by management of the critical risks facing us, their relative magnitude and management's
actions to monitor and mitigate these risks.

 Our management implemented an enterprise risk management
program to enhance our existing processes through an integrated effort to identify, evaluate and manage risks that may affect our ability
to execute our corporate strategy and fulfill our business objectives. The activities of the enterprise risk management program entail
the identification, prioritization and assessment of a broad range of risks (e.g., strategic, operational, cybersecurity and information
security, financial, legal/regulatory, credit, reputational and market) and the formulation of plans to mitigate their effects.

 Our Board and the Audit Committee receive periodic
reports regarding the Company's cybersecurity and information security risks from the Chief Information Security Officer ("CISO"),
the Chief Information Officer ("CIO") and our Global Chief Information Officer as applicable. Material events and updates
related to such risks are reported to the full Board and Audit Committee annually and on an ad hoc basis where warranted, including based
on the level of materiality of any cybersecurity incidents as determined by the incident reporting and escalation process led by our CISO
and CIO. Our processes are regularly evaluated by internal and external experts, with the results of those reviews reported to senior
management and, where appropriate, the Board and Audit Committee.

 Similarly, in designing and implementing our executive
compensation program, the Compensation Committee takes into consideration our operating and financial objectives, including our risk profile,
and considers executive compensation decisions based in part on incentivizing our executive officers to take appropriate business risk
consistent with our overall goals and risk tolerance.

 Non-executive brokers, managers and other professionals
are generally compensated based upon production or commissions, which may involve our committing to certain transactions. These transactions
may expose the Company to risks by individual employees, who are motivated to increase production. While we have in place management oversight
and risk management policies, there is an inevitable conflict of interest between our compensation structure and certain trading, transactional,
or similar risks for a portion of our businesses.

 Succession Planning

 From time to time, the Board discusses succession
planning, including our consideration of succession strategy, the impact of any potential absence due to illness or leave of certain key
executive officers or employees, as well as competing demands on the time of certain of our executive officers who also provide services
to Cantor, Newmark, and various other ventures and investments sponsored by Cantor. Our Board also discusses from time to time, as part
of its succession planning, engagement and encouragement of future business leaders and the process of introducing directors to leaders
in our business lines, including discussing business strategies and challenges with our existing senior business leaders. The Board may
also discuss short-term succession in the event that certain of the senior executive officers should, on an interim or unexpected basis,
become temporarily unable to fulfill their duties. The Board also considers hiring, promotion and retention of leaders required for the
changing business landscape and to lead future business lines. At the business and departmental levels, managers discuss and identify
potential talent, opportunities for employee growth, successors, and future leaders.

 Our succession discussions were particularly relevant
in 2024, as in November 2024, Mr. H. Lutnick was nominated as the 41st U.S. Secretary of Commerce. Mr. H. Lutnick was confirmed by the
U.S. Senate on February 18, 2025 and stepped down from all his positions with BGC and as Chairman of the Board. Our Board has elected
Mr. B. Lutnick and Mr. Merkel to join our Board of Directors and Mr. Merkel to serve as Chairman of the Board. Mr. Windeatt became Co-Chief
Executive Officer along with Mr. John Abularrage and Mr. JP Aubin, our former Co-Heads of Brokerage. Messrs. Windeatt, Abularrage and
Aubin also serve as Co-Principal Executive Officers of the Company. See "—Recent Board of Directors and Executive Officers
Changes" above.

 ENVIRONMENTAL, SOCIAL AND GOVERNANCE POLICIES
AND PRACTICES (ESG / SUSTAINABILITY)

 We believe that our business-focused corporate
responsibility, governance, ESG and related policies and practices will create sustainable long-term value for BGC, our stockholders and
other stakeholders, our clients and our employees while also helping us mitigate risks, reduce costs, protect brand value, and identify
market opportunities.

 Our Board-level ESG Committee provides oversight
with respect to our ESG, corporate responsibility and sustainability policies and practices. The ESG Committee charter may be found on
our website at www.bgcg.com/esg/governance under the heading "Environmental, Social and Governance Committee Charter."
With the Board's and the ESG Committee's oversight, we are embedding social and human capital, employment, environmental,
sustainability, charitable and corporate governance policies and practices into our corporate strategy, compensation, disclosure, and
goals to maintain and advance long-term stockholder value.

 For more information about these topics, initiatives
and specific examples of policies and practices, see our website at www.bgcg.com/esg.

 Our Fundamental Values

 BGC is an organization built on strong values,
employee engagement and ownership. At our core, we are committed to our employees by providing an opportunity to participate in our success.
We believe that by cultivating a dynamic mix of people and ideas, we enrich the performance of our business, the experience of our employee
base and the dynamism of the communities in which we operate. We value hard work, innovation, superior client service, strong ethics and
governance, equal opportunities, and philanthropy. These values are woven into our corporate culture. We believe these values foster sustainable,
profitable growth. We strive to be exemplary corporate citizens and honor high ethical principles in our interactions with other businesses,
our employees and the communities in which we live and work.

 Human Capital and Social Policies and Practices

 We are committed to our people, our stockholders
and the community as a whole. We have a variety of programs to incentivize and support our employees, from employee ownership to comprehensive
benefits and training. We have a passionate commitment to charity.

 Attracting and Retaining the Best Talent

 Our recruitment, promotion and compensation processes
are designed to enable us to treat employees fairly with respect to pay and opportunity and our compensation decisions are differentiated
based on performance. Our success depends on our ability to attract and retain talented, productive and skilled brokers and technologists
and other employees to transact with our customers in a challenging and regulated environment that is experiencing ever-increasing competition
for talent. We are investing in creating an inclusive and incentivized work environment where our people can deliver their best work every
day.

 Talent remains at the core of who we are as a company,
and we remain committed to having a culture built around equal employment opportunity. We continue to work to enhance our ability to attract,
develop and retain top talent with a range of backgrounds, experiences, and perspectives, encompassing people early in their careers and
experienced personnel, and hiring, retention, and development initiatives.

 Retention Measures

 To facilitate the retention of our employees, we
have maintained some flexible work arrangements, where appropriate, made compensation adjustments, and provided additional benefits, including
a 401(k) match for many of our U.S. support employees.

 We have taken significant measures to develop a
safe work environment for all employees, which is conducive to work in our office locations, particularly for front-office brokers and
revenue generating employees, subject to applicable state and local regulatory requirements. We have established a more flexible hybrid
approach in many instances for non-revenue generating roles or for roles which are not office dependent, where appropriate. We continue
to offer employee assistance programs and additional avenues for mental health consultation and wellness.

 Performance-Based and Highly Retentive Compensation Structure

 Many of our key brokers, salespeople, managers,
technology professionals and other front office professionals have a substantial amount of their own capital invested in our business,
aligning their interests with our stockholders. We believe that our emphasis on equity-based compensation promotes alignment of interest
with shareholders, recruitment, and motivation of our brokers and employees. Virtually all of our executives and front-office employees
have equity stakes in the Company and generally receive grants of deferred equity as part of their compensation. We believe that by having
investments in us, our executives and key brokers and other employees feel a sense of responsibility for the health and performance of
our business and have a strong incentive to maximize our revenues and profitability. As of December 31, 2024, our employees, executive
officers and directors, including our former CEO Mr. H. Lutnick, individually owned approximately 12% of our equity, on a fully diluted
basis. See the organizational chart under the heading "Item 1, Business – Our Organizational Structure" in the Original
Form 10-K for more information.

 We currently issue restricted stock units ("RSUs"),
as well as other forms of equity-based compensation, to provide liquidity to our employees, to align the interests of our employees and
management with those of common stockholders, to help motivate and retain key employees, and to encourage a collaborative culture that
drives cross-selling and revenue growth. These awards contain vesting schedules which we consider to be highly retentive, that vary based
upon compensation level and role, and in most cases are largely dependent upon continued service.

 We also enter into various agreements with certain
of our employees whereby these individuals receive loans which may be either wholly or in part repaid from proceeds of the sales of the
employees' shares of BGC Class A common stock or may be forgiven over a period of time. We believe that these loans incentivize
and promote retention of our employees. From time to time, the Company may also enter into agreements with employees to grant bonus and
salary advances or other types of loans. These advances and loans are payable in the timeframes outlined in the underlying agreements.

 Retentive Nature of Equity Awards

 We consider our RSUs and restricted stock awards
("RSAs") to be highly retentive due to the vesting and forfeiture provisions relating to these awards, which have long-term
vesting provisions conditioned upon, among other things, continued service through the vesting date.

 Compensation Recovery/Clawback Policy

 The Company has adopted a compensation recovery
policy ("Clawback Policy") for its executive officers, effective as of December 1, 2023, with retroactive applicability to
October 2, 2023. The Clawback Policy applies to compensation received by the Company's executive officers that results from the
attainment of a financial reporting measure based on or derived from financial information ("Incentive-Based Compensation").
The Clawback Policy provides for recovery of Incentive-Based Compensation received by a covered person in the event of an accounting restatement
due to material noncompliance with financial reporting requirements that is in excess of the Incentive-Based Compensation that such person
would have received based upon the restated financial reporting measure. The Clawback Policy only applies to Incentive-Based Compensation
and does not apply to compensation that is purely discretionary or purely based on subjective goals or goals unrelated to financial reporting
measures.

 Equal Employment Opportunity

 We believe that by cultivating a fair and inclusive
work environment, we improve the performance of our business and enrich the experience of our employees. We are committed to equal employment
opportunity and other policies and practices that seek to further our development of a productive and motivated workplace. We also participate
in job fairs, college recruitment initiatives and job boards that are focused on reaching a broad applicant pool of qualified applicants
with a range of backgrounds, perspectives and experiences.

 We consider all qualified applicants for job openings
and promotions without regard to race, color, religion or belief, sex, sexual orientation, gender, national origin or ancestry, age, disability,
service in the armed forces, pregnancy or maternity, familial status, marriage and civil partnership, genetic information or any other
protected characteristic. We continue to develop initiatives to support these values.

 Employee Resource Groups

 In order to incentivize and enable our employees
to grow both professionally and personally, we build employee resource groups, which are open to all employees. A number of initiatives
across our geographic regions are in place to promote our corporate values and foster greater inclusion and belonging. Examples include
a range of career-oriented work experiences and internship programs, mentorship programs, and leadership development programs that are
open to all.

 For example, the Rising Professionals League ("RPL")
was introduced to build upon the legacy of Cantor Fitzgerald by inspiring career growth professionally and socially while promoting a
cohesive environment and positively impacting the community. RPL strives to instill a strong sense of inclusion and belonging for rising
professionals through a variety of opportunities that promote professional development and support the community through acts of thoughtful
service.

 Employee Engagement, Communication, Career Management and Training
and Development

 We invest in our employees' long-term development
and engagement, by delivering training and development programs and fostering a culture where our people can thrive and maximize their
potential. We require annual regulatory and mandatory training on various topics, including anti-money laundering and anti-crime, global
sanctions, ethics, cyber-security and anti-harassment and anti-discrimination, among other topics. We also provide or support periodic
job-specific and other developmental training for our employees so they can maximize their potential, as well as a tuition reimbursement
program for eligible employees.

 We provide virtual and in-person leadership training
to managers on topics including management effectiveness, communication skills, interview skills and delivering effective performance
evaluations, managing teams with a range of backgrounds and experiences, and other topics. This training is supplemented by a library
of online training courses that managers and employees have access to on a number of topics to assist them in their career development
and, if applicable, management skills. Our individual business lines offer ongoing learning and development opportunities tied to deepening
the understanding of the subject matter expertise of their professionals. We also have intern and early career programs throughout the
year in various parts of our business.

 Our success depends on our employees' understanding
of how their work and engagement contribute to our strategy, culture, values, and regulatory environment. We use various channels to facilitate
open and direct communication, including internal calls and meetings with employees, training and policy updates, employee resource groups,
and social outings and events. We have also rolled out organizational Core Values (Integrity, Commitment and Opportunity), appointed Culture
Champions in our London office and implemented other initiatives which seek to embed these values and drive an enhanced culture across
our workforce.

 Charitable Policies and Practices

 Beyond our own business, we have a passionate commitment
to community service and charity. One way to give back to those communities is through volunteering and fundraising. At BGC, we have partnered
with various organizations, such as Crossroads Community Services, NYC Parks, and Samaritan Village, to create opportunities for employees
to volunteer and give back to local communities. We have also partnered with Cents Ability to launch a financial literacy program which
benefits high school-level students in the New York metropolitan area.

 Global Charity Day

 Never has our relationship with our people
and others been so evident as on September 11, 2001. Following the devastating attack on our headquarters at the World Trade
Center on that day, our former Chairman and CEO, Mr. Howard W. Lutnick, and our surviving employees and our affiliates created
The Cantor Fitzgerald Relief Fund ("Cantor Relief Fund") to take care of the families of the 658 colleagues and friends
who perished on that day. We and our affiliates committed 25% of profits for five years and committed to pay for
10 years of healthcare for the families of those we lost.

 Since 2001, that commitment to people has never
faltered. Once a year, on the September 11 th anniversary, BGC and its affiliates, in conjunction with the Cantor Relief
Fund, commemorate these 658 friends and colleagues, and 61 Eurobrokers employees, who perished on September 11, 2001. We host an
annual Charity Day, where we donate our global revenue to the Cantor Relief Fund, which distributes these funds to over 150 charities
worldwide. Charity Day is a unique way of creating something positive and life-affirming from the tragedy. For more information on Charity
Day, please visit www.bgcg.com/charity-day.

 In 2021, we marked the 20-year anniversary of
the loss of our colleagues with a 20 th anniversary Charity Day event honoring our legacy of charitable and community work and
reminding others to "Never forget; Give back."

 Additionally, BGC currently matches 100% of individual
employee donations to the Cantor Relief Fund made in September of each year up to $5,000 per individual employee. Employees have the option
of designating a bona fide charity as the beneficiary of the donation and the match.

 Disaster Relief and Volunteer Time Off

 We also support victims of disasters because we
were there once and understand that feeling all too well. Over the years, Cantor Relief Fund volunteers, along with some of our employee
volunteers, have supported schools and communities devastated by natural disasters. Our volunteers often travel to those in need. For
more information on the Cantor Relief Fund and its mission to deliver financial aid to people facing disasters around the world, please
visit www.cantorrelief.org.

 As part of these values in action, we offer a Volunteer
Time Off program to support individual employee volunteerism in the communities in which they work and live. All full and part-time regular
employees are eligible to utilize one paid workday (one whole day or two half-days) each calendar year to volunteer with bona fide
charitable organizations of their choice.

 Additional charitable initiatives are in effect
from time to time.

 Our Environmental Focus, Workplace Strategies and Sustainable Business
Practices

 As a responsible business operating within financial
services, we are aware of climate change and other major issues affecting the environment. Our philosophy is that long-term change in
the way in which we use energy, and our collective impact on the environment, cannot happen without the involvement of the world's
capital markets.

 Sustainable Business Practices

 We aim to be a leading broker for the green economy,
and we believe our Energy, Commodities and Shipping business is a world leader in the environmental and energy transition markets. Our
Energy, Commodities and Shipping business provides expert innovative carbon offset solutions and advice to the world's green energy
markets, from transactions and financing to technology and consulting. For decades, we have helped clients worldwide navigate complex
financial requirements in order to achieve their environmental initiatives, thereby supporting our clients' efforts to meet their
emission reduction goals through the provision of brokerage services.

 In 2023, we announced the launch of our Weather
Derivatives business, expanding BGC's brokerage business into the weather and climate space. The Weather Derivatives business helps
market participants analyze climate-related risks and mitigate their financial exposure. We are providing liquidity to these increasingly
important markets as the role of weather and climate change impacts the way risk is managed. The launch of this business highlights BGC's
commitment to expand and explore new opportunities across the global energy and commodities space.

 For more information on BGC Environmental Brokerage
Services, please visit www.bgcebs.com.

 Workplace Strategies

 In our workplaces, we are studying how to make
our own contribution to state, national and global environmental initiatives and consider vendors and suppliers when doing business with
us. As part of this, we are considering how to minimize our future carbon footprint when planning office renovations and will continue
to focus our attention in the near term on methods of reducing our greenhouse gas emissions, increasing use of renewable energy, conserving
water, and reducing waste generation.

 BGC supports sustainable business practices and
is focused on the steps necessary to continue developing our sustainability program internally as we focus on our own energy usage. We
believe it is our responsibility to improve energy efficiency and reduce energy consumption to protect the environment through continuous
improvement of our energy use practices and increased scrutiny on the energy efficiency of the buildings we utilize for our space. We
intend to continue to work on these initiatives.

 For more information about these initiatives as
they evolve, visit our website at www.bgcg.com/esg/environmental.

 Corporate Governance Policies and Practices

 Our commitment to good corporate governance policies
and practices is demonstrated by our Corporate Governance Guidelines, our rigorous Code of Ethics, the charters of the Audit, Compensation
and ESG Committees of our Board, our Insider Trading Policy, our Policy on Hedging ("Hedging Policy"), our Clawback Policy,
and our other corporate governance policies and practices. Some highlights of our corporate governance policies and practices include
the following:

 Independence of a majority of the members of
the Board;

 Only independent directors serve on each committee;

 Annual independence review of independent outside directors;

 Diverse array of personal characteristics and professional
experience of the Board;

 Strict ethical and other criteria for membership on the Board;

 Annual election of each member of the Board — we
do not have a classified ("staggered") Board;

 Annual evaluation of the performance of our Co-Chief Executive
Officers;

 Procedures for establishing and disseminating agendas and
materials for meetings of the Board and its committees in advance;

 Periodic executive sessions of independent directors;

 Detailed processes and review of all related party transactions
and required approval by independent directors;

 Access of the Board and its committees to management and
ability to retain outside independent advisors;

 Insider Trading Policy, including prohibitions against trading
while in possession of material, non-public information;

 Prohibitions against hedging;

 Clawback Policy for Incentive-Based Compensation;

 The ability of our Board to accept the required resignation
of a director who fails to obtain a majority vote for election;

 No stockholder rights plan or other "poison pill"
or similar anti-takeover device;

 A prohibition on personal loans to directors and executive
officers;

 Requirement for directors to inform the Board of changes
in their principal job responsibilities;

 Limits on the service of directors and executive officers
on other public company boards;

 Director orientation and continuing education;

 Annual self-assessments of the performance of our Board and
its committees and individual directors;

 Annual review of our corporate governance policies and practices;

 Strict procedures and enforcement of our ethical standards
and our conflict of interest policies, including our robust Whistleblower Policy — completely confidential and with a
whistleblower hotline available 24/7;

 Diversified mix of cash and short- and long-term equity awards
designed to be highly retentive and risk appropriate and to align the interests of our executive officers with those of our stockholders;

 Executive officers holding much of their personal net worth
in our and our affiliates' equity;

 Robust global annual review and oversight of Code of Ethics
responses;

 Succession planning and management development of executive
officers and potential senior managers having significant responsibility for business areas;

 Annual stockholder say-on-pay votes;

 Annual ratification of the appointment of our independent
registered public accounting firm; and

 Our Board-level ESG Committee.

 Business Continuity and Resiliency

 We have begun implementing sustainability policies
and practices to protect the continuity of our businesses and operations to maintain and advance long-term stockholder value. These policies
and practices include disaster recovery and crisis management protocols to minimize the impact of health emergencies, including global
pandemics, and natural or other disasters, such as Hurricane Sandy and the September 11, 2001 terrorist attacks, on our operations.
We maintain three concurrent data centers in the United States and three data centers in the United Kingdom, providing backup of
our computer systems and capacity for our employees to work remotely during crises. These policies and practices have enabled our employees
to maintain a high level of performance while working in offices or remotely during the COVID-19 pandemic or other global events in compliance
with relevant rules and regulations in applicable jurisdictions and in preservation of the health, safety and welfare of our workforce.

 Whistleblower Complaint and Investigation Policy

 We have a policy regarding reporting of complaints
about accounting, internal controls, employment and labor practices, auditing matters, or questionable financial practices. The policy
is designed to provide a channel of communication for employees and others who have concerns about our conduct or any of our directors
or employees. Complaints are treated seriously and handled expeditiously. Any person may submit a complaint to our independent outside
law firm through a dedicated hotline and email account available 24 hours a day, 7 days a week. Complaints that are accounting
or financial in nature ("Accounting Complaints") will be handled by the chair of our Audit Committee and/or by our General
Counsel, Corporate Secretary or designee.

 Employees submitting an Accounting Complaint need
not provide their names or other personal information, and reasonable efforts will be used to conduct the investigation that follows from
an Accounting Complaint from an employee in a manner that protects the confidentiality and anonymity of the employee submitting the complaint.

 Employees are reminded of the Whistleblower Policy
at least annually and information is provided in more than a dozen local languages. We honor a culture of investigation, confidentiality
and non-retaliation. Persons submitting complaints in good faith will not be subject to retaliation and the policy does not prohibit other
actions protected under applicable law. Our Whistleblower Policy is publicly available on our website at www.bgcg.com/esg/governance
under the heading "Whistleblower Complaint and Investigation Policy."

 Code of Business Conduct and Ethics

 Our corporate values and strong policies and procedures
regarding ethics, conflicts of interests, related party transactions and similar matters are contained in our Code of Ethics. This commitment
applies to members of our Board, executive officers, other officers and our other covered employees globally. The Code of Ethics and its
training modules are circulated in multiple local languages, and training and certifications are conducted annually worldwide using our
online training platform. Annual written certifications are required. Potential violations and disclosures globally are reviewed annually
by executive management and escalated to the Audit Committee. Director and executive officer disclosures are reviewed by the Audit Committee
on an annual basis. The Code of Ethics is available on our website at www.bgcg.com/esg/governance/ under the heading "Code
of Business Conduct and Ethics."

 Compliance and Anti-Financial Crime Program Policy Statement

 We are committed globally to our policy regarding
anti-money laundering and anti-financial crime, including anti-bribery and corruption, counter-terrorism financing, anti-fraud and anti-market
abuse. We are also committed to compliance and training regarding all relevant laws, rules, and regulations designed to combat bribery
and corruption. Further information on this policy can be found on our website at www.bgcg.com/esg/governance under the heading
"Compliance and Anti-Financial Crime Program Policy Statement."

 In addition, our Code of Ethics provides that we
will not enter into a business relationship or engage in an activity if we know or have reasonable grounds to suspect that a business
relationship or activity is connected with or facilitates bribery or corruption. It is the responsibility of each person covered under
the Code of Ethics to comply with applicable anti-bribery and corruption laws. Persons covered under the Code of Ethics are required to
report any suspicions of bribery or corruption to the Compliance Officer or, as appropriate, to the Audit Committee or the Board, or in
accordance with our Whistleblower Policy. For more information on our Code of Ethics and Whistleblower Policy, see the section entitled
"Code of Ethics and Whistleblower Procedures" herein.

 Global Anti-Bribery and Corruption Policy Statement

 We have a specific global policy to combat bribery
and corruption through a clear set of policies and procedures outlining anti-bribery and corruption standards, procedures and annual employee
training. The policy specifically defines "Bribery and Corruption" and provides for management and Board oversight. Further
information on this policy can be found on our website at www.bgcg.com/esg/governance under the heading "Global Anti-Bribery
and Corruption Policy Statement."

 Annual Risk Evaluation and Board-Level Risk Oversight

 The Board of Directors meets at least annually with
our senior risk officer to review and evaluate our enterprise risk framework, risk management policies and practices, credit and risk
mitigation policies and practices, and other related issues.

 Focus on Our Internal Control Environment

 As described more fully in its charter, the primary
function of the Audit Committee is to assist the Board of Directors in its general oversight of the Company's financial reporting,
internal control over financial reporting and audit process. Management is responsible for the preparation, presentation and integrity
of the Company's financial statements; accounting and financial reporting principles; internal control over financial reporting;
disclosure controls; and procedures designed to ensure compliance with accounting standards, applicable laws and regulations. In particular,
our overall control environment is a focal point for our management, the Audit Committee and the Board. With this focus and with the oversight
of the Audit Committee and the Board, management has taken steps to further enhance our overall control environment.

 Cybersecurity Program Policy Statement

 We are committed to combating the global threat
of cyberattacks and to securing our business through our information security programs to operate with confidence, through a deep
understanding of cybersecurity risks, vulnerabilities, mitigations, and threats. These processes are managed by our cybersecurity team
headed by our CISO and supported by our business continuity teams. We conduct periodic internal and external vulnerability audits and
assessments and penetration testing and provide periodic cybersecurity training to employees. Further information on these processes can
be found on our website at www.bgcg.com/esg/governance under the heading "Cybersecurity Program Policy Statement."
Further information on our cybersecurity risk management strategy and the role of our Board and management in cybersecurity matters can
be found in Part I, Item 1C, Cybersecurity of the Original 10-K.

 Data Privacy Program Policy Statement

 We have a global data privacy policy statement applicable
to all subsidiaries and business lines. We are committed to conducting our business in line with the right to privacy set forth in the
Universal Declaration of Human Rights (Article 12). As such, we are committed to handling personal data responsibly and recognize
the privacy rights of persons involved in our business dealings. Our policy provides a mechanism for data subjects to raise concerns about
personal data and privacy as well as a right of access to personal information, rights to correct or amend such information and the right
to request deletion of such personal information. Further information on this program can be found on our website at www.bgcg.com/esg/governance
 under the heading "Data Privacy Program Policy Statement."

 Insider Trading Policy

 We have an Insider Trading Policy applicable to
transactions by, among others, our directors, officers and employees, in BGC or Newmark equity securities ("Covered Equity Securities")
and transactions in other companies' securities, which prohibits trading while in possession of material, non-public information
about BGC, Newmark or other companies. Additionally, all trades involving Covered Equity Securities must be disclosed to the Company's
compliance department before such trades are made. The Insider Trading Policy states that it is our policy to comply with all applicable
securities and other laws and regulations when engaging in transactions in Covered Equity Securities or the securities of other companies.

 Additionally, under the Insider Trading Policy,
we have pre-clearance procedures and processes for transactions in Covered Equity Securities that all our directors, executive officers,
and other designated persons. Under these procedures and processes, such persons' transactions in Covered Equity Securities are
subject to pre-clearance through our legal and compliance department. Persons subject to pre-clearance requirements are also required
to receive approval in advance of entering into or modifying any trading plans designed to be compliant with Rule 10b5-1 under the
Exchange Act. Further information can be found on our website at www.bgcg.com/esg/governance under the heading "Insider Trading
Policy."

 Hedging Policy

 We have a Hedging Policy with respect to equity
securities issued by BGC. In this regard, we prohibit our directors, officers, and employees, including leased employees, brokers and
independent contractors, from purchasing financial instruments (including prepaid variable forward contracts, equity swaps, collars, and
exchange funds), or otherwise engaging in transactions that are designed to or have the effect of hedging or offsetting any decrease in
the market value of equity securities issued by BGC held by such persons, except with the explicit approval of our Audit Committee or
its designees. For avoidance of doubt, Cantor and its affiliated entities or any securities issued by such entities other than the Company
are not covered under the Hedging Policy. Further information can be found on our website at www.bgcg.com/esg/governance under
the heading "Policy Statement on Hedging."

 Additional ESG/Sustainability Information

 To learn more about our policies and practices and
our continuing efforts related to Human Capital Management, ESG and sustainability matters, please refer to the ESG and sustainability
section of our website at www.bgcg.com/esg and to our periodic reports filed under the Exchange Act for further information.
You may also find our Corporate Governance Guidelines, Code of Ethics, the charters of the committees of our Board of Directors, Insider
Trading Policy, Hedging Policy, information about our charitable initiatives and other ESG and sustainability policies and practices on
our website.

 The information contained on, or that may be accessed
through, our websites or other websites referenced herein, is not part of, and not incorporated into, this Amendment.

 STOCKHOLDER ENGAGEMENT

 Our Board and management value the opportunity to
engage with our stockholders and gain insight year-round on their views on a broad range of topics, including our strategy, financial
performance, executive compensation, corporate governance, human capital management, and environmental and social goals. Our Board receives
reporting on feedback from investors and stockholder voting results. In addition, our management routinely engages with investors at conferences
and other forums. We also speak with proxy advisors to discuss, and receive feedback on, our governance practices and executive compensation
programs. Feedback from investors informs our Board's ongoing review of governance and compensation matters.

 In recent years, we have also enhanced our
engagement strategy through:

 Information available on our website including SEC alerts,
earnings transcripts, more detailed financial and operational disclosures in our investor presentations and supplemental Excel tables;
and

 Investor meetings, analyst and investor days, and conferences,
including over 500 investor and analyst interactions in 2024.

 In 2024 we reached out to institutions who collectively
represented the majority of our shares held by active investors. These interactions covered topics including industry and business trends,
strategic initiatives and acquisitions, changes to management and key personnel, capital allocation, geographic and business line expansion,
our recruitment and retention policies, key drivers of our growth, ESG, corporate governance matters, board changes and composition, our
executive compensation program, and ways to enhance our disclosures. We also periodically engage a third-party research firm to conduct
anonymous surveys of our top institutional owners and the broader investment community to solicit candid feedback on these and other issues.

 We look forward to further expanding our communication
with stockholders and will continue to consider their views and perspectives, as appropriate, in making governance decisions and establishing
strategic direction for the Company going forward.

 DELINQUENT SECTION 16(a) REPORTS

 Under the securities laws of the United States,
our directors, executive officers and any person beneficially owning more than 10% of our Class A common stock are required to file
initial forms of ownership of our Class A common stock and reports of changes in that ownership with the SEC. Based solely on our
review of the copies of such forms received by us through the date hereof, other than as previously disclosed, the Company believes that
all reports were filed on a timely basis.

 CODE OF BUSINESS CONDUCT AND ETHICS AND

 WHISTLEBLOWER PROCEDURES

 Our Board has adopted a Code of Business Conduct
and Ethics that applies to members of our Board, our executive officers, other officers and our covered employees globally. The Code of
Ethics is publicly available on our website at www.bgcg.com/esg/governance/ under the heading "Code of Business Conduct and
Ethics." If we make any substantive amendments to the Code of Business Conduct and Ethics or grant any waiver, including any implicit
waiver, from a provision of the Code of Ethics to our directors or executive officers, we intend to disclose such amendment or waiver
by posting information about such amendment or waiver on our website.

 In accordance with the requirements of the Sarbanes-Oxley
Act, the Audit Committee has established the Whistleblower Policy, which sets forth procedures for the receipt, retention and treatment
of complaints regarding accounting, internal controls, or auditing matters, and for the confidential, anonymous reporting of employee
concerns regarding questionable accounting or auditing matters. The General Counsel and the Chairman of the Audit Committee will direct
the investigation of any such complaints in accordance with the procedures. Our whistleblower policy is publicly available on our website
at www.bgcg.com/esg/governance/ under the heading "Whistleblower Complaint and Investigation Policy."

 ITEM 11. EXECUTIVE COMPENSATION

 Explanatory Note Relating to Our Corporate
Conversion from BGC Partners on July 1, 2023

 On July 1, 2023, BGC
Group, BGC Partners, and BGC Holdings, along with certain other entities, completed the Corporate Conversion. To the extent statements
in Compensation Discussion and Analysis and Executive Compensation, below, relate to compensation philosophy and to awards made under
the Incentive Plan and Equity Plan prior to the closing of the Corporate Conversion, such statements refer to BGC Partners. To the extent
statements relate to compensation philosophy and to awards under the Incentive Plan and Equity Plan following the closing of the Corporate
Conversion and on a going forward basis, and to awards made under the BGC Group Incentive Plan and BGC Group Equity Plan, such statements
refer to BGC Group.

 In connection with the
Corporate Conversion, our compensation structure was changed from a structure based on cash and partnership units in BGC Holdings to a
structure based on cash and equity awards in BGC Group. Upon the closing of the Corporate Conversion, the Participation Plan was terminated
and the BGC Holdings limited partnership agreement was terminated and the BGC Group Equity Plan became the sole vehicle for
granting equity-based incentive compensation. Accordingly, we no longer use partnership units in BGC Holdings to compensate our employees
and other service providers, and all of our equity-based compensation awards are granted under the BGC Group Equity Plan, including
those awarded in payment of bonuses under the BGC Group Incentive Plan.

 Upon the close of the Corporate
Conversion, all equity-based awards and cash tax account awards ("Tax Accounts") outstanding under the BGC Partners Equity
Plan were assumed by BGC Group as awards under the BGC Group Equity Plan with the same terms and conditions that were applicable prior
to the Corporate Conversion. All outstanding BGC Holdings limited partnership units, including those held by our executive officers as
set forth below, were substituted with awards under the BGC Group Equity Plan, with terms and conditions as set forth in the Corporate
Conversion Agreement. The details of these assumed and substitute awards are set forth below under "Compensation Discussion
and Analysis— Compensation Actions Taken in Connection with the Corporate Conversion."

 Historical Discretionary and Retentive
Partnership Opportunities Prior to the Corporate Conversion

 Prior to the Corporate
Conversion, to incentivize executive officers and hold them accountable to stockholders, our Compensation Committee used a variety of
partnership units issued under the Participation Plan. The total number of BGC Holdings limited partnership units issuable under the Participation
Plan was determined from time to time by our Board, provided that exchange rights or cash settlement awards relating to units were only
granted pursuant to other stock-based awards granted under our Equity Plan. These partnership awards were granted as a tax-efficient,
strongly retentive, and risk-appropriate means to align the interests of the executive officers with those of our long-term stockholders.
For executive officers, these grants included NPSUs, along with PSUs and PPSUs for our U.S.-based executives and LPUs and PLPUs for
our U.K.-based executives who have executed deeds of adherence to BGC Services (Holdings) LLP, a U.K. limited liability partnership
(the "U.K. Partnership"). The Committee believed that the features of the units, coupled with the discretion of the Committee
to grant the right of partnership distributions, exchangeability into shares of Class A common stock and various liquidity opportunities,
created effective incentive awards for our executives. Until such units were made granted exchange rights such that they were exchangeable
into a share of Class A common stock or exchanged for cash or, in some cases, made exchangeable into another partnership unit with
a capital account such as an HDU, at the discretion of the Committee, these units were generally forfeitable for any reason, subject to
certain exceptions. We believe this incentivized performance given that except for certain units purchased by the partners, these partnership
units were able to be redeemed for zero by the Committee at its discretion while in non-exchangeable form.

 NPSUs had no value for
accounting or other purposes at the time of grant, did not participate in quarterly partnership distributions, were not allocated any
items of profit or loss and were not exchangeable into shares of Class A common stock. Grants of NPSU awards were highly discretionary
and provided additional flexibility for the Compensation Committee to determine the timing and circumstances of replacing such units with
units that earn partnership distributions and any rights to exchange such units for shares of Class A common stock or cash. NPSUs
have generally been granted to our executives in the event of business developments, changing compensation requirements or other factors,
or in connection with execution of long-term employment arrangements.

 From time to time, our
Compensation Committee replaced an NPSU with a non-exchangeable PSU or HDU in the U.S. or an LPU in the U.K. A non-exchangeable PSU
may also have been replaced with a non-exchangeable HDU. A non-exchangeable PSU that has been granted the right to convert
into a non-exchangeable HDU is referred to as a "PSU-H," and a non-exchangeable PPSU that has been granted the right
to be converted into cash upon conversion of the underlying PSU-H into an HDU is referred to as a "PPSU-H." PSUs/LPUs
participated in quarterly partnership distributions, but otherwise had no value for accounting purposes and were not exchangeable into
shares of Class A common stock until such exchange rights were granted by the Committee. HDUs had a stated capital account and were
valued based upon such capital account which is initially based on the closing trading price of Class A common stock at the time
the HDU right was granted. HDUs participated in quarterly partnership distributions and were not exchangeable into shares of Class A
common stock unless such exchange rights were granted by the Committee.

 Executive officers also
received PPSUs in the U.S. or PLPUs in the U.K. These units were preferred limited partnership units awarded to holders of,
or contemporaneously with the grant of, PSUs or LPUs, respectively. PPSUs were entitled to a preferred distribution of net profits of
BGC Holdings but otherwise were not entitled to participate in quarterly distributions. PPSUs/PLPUs could not be made exchangeable into
shares of Class A common stock and could only be exchanged for cash, at the determination price on the date of grant, in connection
with an exchange of PSUs, LPUs or HDUs, respectively, and therefore were not included in our fully diluted share count. PPSUs/PLPUs were
utilized to provide a mechanism for issuing fewer aggregate share equivalents than traditionally issued in connection with our compensation
to have a lesser overall impact on our fully diluted share count. The ratio of the grant of PPSUs/PLPUs to traditional units (e.g., PSUs/LPUs)
approximated the compensatory tax rate applicable in the relevant country jurisdiction of the partner recipient. The determination price
used to exchange PPSUs/PLPUs for cash was determined by the Compensation Committee on the date of the grant of such unit and was based
on a closing trading price of Class A common stock identified by the Committee on such date.

 Prior to the Corporate
Conversion and commencing with respect to the 2020 year-end compensation cycle, the executive officers received NPSUs, NPPSUs, NLPUs
or, NPLPUs that were non-distribution earning initially and converted to distribution earning units 20% per year provided that the
Company, inclusive of its affiliates, earned, in aggregate, at least $5,000,000 in gross revenues, and the executive officer met certain
service conditions, for the calendar quarter in which the conversion was to occur. These units are designated with "-CV" following
the unit type for internal purposes.

 Executive officers in the
U.K. also received certain LPUs ("LPU-NEWs") and PLPUs ("PLPU-NEWs") or certain non-distribution earnings
NLPUs ("NLPU-NEWs") and non-distribution earning NPLPUs ("NPLPU-NEWs") that had certain employment-related conditions
to the grant of exchangeability.

 Over time, as compensation
goals were met and our executives were awarded other incentives, the Compensation Committee from time to time chose, in its sole discretion,
to grant an exchange right with respect to a PSU/LPU, thereby creating a potential liquidity event for the executive and creating value
for accounting purposes. The life cycle of these units, as they evolved from NPSUs to shares of Class A common stock, provided the
Committee and the Board with opportunities to retain and incentivize executives and employees in a tax-efficient and discretionary
manner. Until non-exchangeable units were made exchangeable into a share of Class A common stock in connection with a grant
of exchange rights or otherwise monetized at the discretion of the Committee, they were generally forfeitable for any reason, subject
to certain exceptions.

 Historical Information Regarding Newmark
IPO, Separation Transaction and Spin-Off and Its Effect on BGC's Compensation

 On December 19, 2017,
BGC Partners' former subsidiary Newmark completed its initial public offering (the "IPO"). Through the following series
of transactions prior to and following the completion of the Separation (as defined below) and the IPO, Newmark became a separate publicly
traded company. Prior to the closing of the IPO, on December 13, 2017, BGC Partners, BGC Holdings, BGC U.S. OpCo, Newmark, Newmark
Holdings, L.P. ("Newmark Holdings"), Newmark OpCo and, solely for certain provisions listed therein, Cantor and BGC Global
OpCo entered into the Separation and Distribution Agreement (such agreement, as amended from time to time, the "Original Separation
and Distribution Agreement"). Pursuant to the Original Separation and Distribution Agreement, BGC, BGC Holdings and BGC U.S. OpCo
and their respective subsidiaries (other than the Newmark group (defined below), the "BGC group") transferred to Newmark,
Newmark Holdings and Newmark OpCo and their respective subsidiaries (the "Newmark group") the assets and liabilities of the
BGC group relating to BGC's real estate services business (such series of transactions that resulted in the transfer are herein
referred to as the "Separation").

 In connection with the
Separation, Newmark Holdings limited partnership interests, Newmark Holdings founding partner interests, Newmark Holdings working partner
interests and Newmark Holdings limited partnership units were distributed to holders of BGC Holdings limited partnership interests, BGC
Holdings founding partner interests, BGC Holdings working partner interests and BGC Holdings limited partnership units in proportion to
such interests of BGC Holdings held by such holders immediately prior to the Separation. Executive officers of the Company who were holders
of BGC Holdings limited partnership units received units of Newmark Holdings in connection with the Separation.

 On November 30, 2018,
BGC Partners completed its distribution (the "Spin-Off") of all of the shares of Class A common stock and Class B
common stock of Newmark held by BGC to BGC Partners' stockholders as of the close of business on November 23, 2018 through
a special pro rata stock dividend pursuant to which shares of Newmark's Class A common stock held by BGC were distributed to
holders of the Class A common stock of BGC and shares of Newmark's Class B common stock held by BGC were distributed to
holders of the Class B common stock of BGC. Following the Spin-Off, BGC no longer held any shares of Newmark.

 As a result of the Separation
and Spin-Off, and due to the fact that (i) certain BGC awards granted pursuant to the BGC Partners Compensation Plans prior to the
Separation became, upon the Separation, awards of interests in both BGC and Newmark entities and (ii) prior to the Spin-Off, (a) certain
awards granted pursuant to the BGC Partners Compensation Plans were previously exchangeable for interests in Newmark and (b) certain
executives received awards under the Newmark Compensation Plans (as defined below), when we refer generally to partnership units that
may be awarded as part of compensation (i.e., NPSUs, PSUs, PPSUs, LPUs and PLPUs) we are referring to such units as may be awarded under
both the BGC Partners Compensation Plans, prior to the Corporate Conversion, and the Newmark Group, Inc. Incentive Bonus Compensation
Plan (the "Newmark Incentive Plan"), and the Newmark Holdings, L.P. Participation Plan (with the Newmark Incentive Plan,
the "Newmark Compensation Plans"). When we refer to specific awards, we are referring to awards under the BGC Compensation
Plans, unless otherwise indicated. The partnership transactions described herein refer generally to BGC Holdings units and refer specifically
to Newmark Holdings units where applicable.

 U.S. generally accepted
accounting principles ("GAAP") compensation charges for all compensation paid by Newmark to Messrs. H. Lutnick and Merkel,
including units and other equity awards acquired by them as a result of the Separation and Spin-Off, were taken by Newmark and appear
in the Newmark compensation disclosures because such compensation relates to the issuer for which the services are rendered. Conversely,
GAAP compensation charges with respect to compensation relating to Newmark units and other equity awards acquired by the other BGC executive
officers, such as Mr. Windeatt, and by BGC's independent directors, as a result of the Separation and Spin-Off are taken by
BGC and appear in the BGC compensation disclosures because such executive officers (and independent directors) provide services to BGC
and not to Newmark.

 The Compensation Committee
is aware that certain of our current and former executive officers, including Messrs. H. Lutnick and Merkel, may also receive or have
received compensation from our affiliates, including Cantor and/or Newmark, but it generally does not specifically review the nature or
amount of such compensation. The portion of Messrs. H. Lutnick's and Merkel's compensation paid directly by Newmark is reviewed
and approved by the compensation committee of the Newmark board of directors.

 COMPENSATION DISCUSSION AND ANALYSIS

 Background

 The following Compensation Discussion and Analysis
describes the material elements of our executive compensation program for 2024, including aspects of our executive compensation program
which were designed and implemented by the Compensation Committee in January 2025, at which time 2024 year-end compensation decisions
with respect to each of our executive officers were reviewed and approved.

 Our principal executive officer for 2024 was
our former Chief Executive Officer, Mr. Howard W. Lutnick, and our principal financial officer for 2024 was our Chief Financial
Officer, Jason Hauf. Our other two executive officers for 2024 were Sean Windeatt and Stephen M. Merkel.

 For 2022, 2023 and 2024, the compensation determined
and approved by our Compensation Committee for BGC matters before and after our Corporate Conversion for Messrs. H. Lutnick, Hauf, Windeatt,
and Merkel is reflected in full below. In each case compensation includes salary, other cash compensation and non-cash compensation.

 On February 18, 2025, Mr. H. Lutnick was confirmed
by the United States Senate as the 41st Secretary of Commerce. Following his confirmation, Mr. H. Lutnick stepped down as Chairman of
the Board and Chief Executive Officer of the Company and as principal executive officer. Also on February 18, 2025, the Board appointed
John Abularrage, JP Aubin, and Sean Windeatt as Co-Chief Executive Officers and Co-Principal Executive Officers of the Company, effective
as of February 18, 2025. Messrs. Abularrage and Aubin were not executive officers for 2024 and are therefore not included in the tables
under "Executive Compensation."

 Compensation Philosophy

 Our executive compensation program, which is under
the direction and control of our Compensation Committee, is designed to integrate compensation with the achievement of our short- and
long-term business objectives and to assist us in attracting, motivating and retaining the highest quality executive officers and rewarding
them for superior performance. Different components of our executive compensation program are geared to shorter- and longer-term performance,
with the goal of increasing stockholder value over the long term.

 In determining the compensation of our executive
officers, our Compensation Committee considers a variety of factors, both qualitative and quantitative, consistent with our overall goals.
Our objectives include a program that reflects the retentive effect of the payment of appropriate compensation for each executive officer,
the pay practices of the Company's peer group and other companies, the Company's financial performance as a whole and the
performance of various business lines, including as compared to peer data, and the Company's and the executives' success in
meeting corporate objectives including attracting and retaining qualified brokers and professionals, market position, revenue and profitability
and other financial criteria, strategic growth and business positioning, and objectives for long-term competitive advantage. While many
of our brokers and other professionals are paid commissions, the compensation received by our executive officers is not typically specifically
tied to mathematical formula-based performance targets. Unless compensation is specifically set forth in an applicable employment agreement,
the compensation of our most senior control officers under our program is determined based on a holistic review of all relevant compensation
factors by the Compensation Committee with no particular weighting toward any specific metric or other factor. Such compensation factors
may also include the ability to respond to extraordinary events and manage the business under changing financial, global, health, environmental
and other circumstances. Further, although the vote is advisory and non-binding on the Board, the Compensation Committee considers the
results of the "say-on-pay" vote.

 We also believe that executive compensation should
reflect the achievement of any individual managerial objectives established for specific executive officers. Specific significant events
led by executives, including acquisitions, dispositions and other significant transactions, should also be given significant weight. The
performance of our executives in managing our Company, and in the provision of services to our operating partnerships and subsidiaries,
considered in light of general economic and specific Company, industry and competitive conditions should be the basis for determining
their overall compensation.

 In designing and implementing our executive compensation
program, our Compensation Committee considers our Company's operating and financial objectives, including our risk profile, and
the effect that its executive compensation decisions will have on encouraging our executive officers to take an appropriate level of business,
operational and market risk consistent with our overall goal of enhancing long-term stockholder value. In particular, the Committee considers
risks and known trends and uncertainties, including those identified in our public filings, and considers how our executive compensation
program serves to achieve our operating, financial and other strategic objectives while at the same time mitigating any incentives for
our executive officers to engage in excessive risk-taking to achieve short-term results that may not be sustainable in the long term.
Our Committee may also consider specific performance measures or grants based on specific events including catalyst transactions or significant
acquisitions or particular strategic efforts, hires or transactions. The Committee generally reviews these objectives and goals and makes
its decisions with no particular weighting toward any specific metric or other factor.

 Although reviewed by the Committee, our policy is
generally that the compensation of our executive officers should not be based on the short-term performance of our Class A common
stock, whether favorable or unfavorable, since we believe that the price of our stock will, in the long term, reflect our overall performance
and, ultimately, the management of our Company by our executives. Long-term stock performance is reflected in executive compensation through
the grant of various equity awards, as described below.

 Overview of Compensation and Processes

 For 2024, executive compensation was composed of
the following principal components: (i) a base salary, which was designed to retain talented executive officers and contribute to
motivating, retaining and rewarding individual performance; (ii) an incentive bonus award under our Incentive Plan, that was intended
to tie financial rewards to the achievement of our short- or longer-term performance objectives; and (iii) an incentive program under
our Equity Plan, which was designed to promote the achievement of short- and long-term performance goals, and to align the long-term interests
of our executive officers with those of our stockholders through the grant of awards. In all cases, performance objectives and goals relate
to the performance of our executives at the Company and in the provision of services to our operating partnerships and subsidiaries.

 From time to time, we may also restructure the existing
compensation arrangements of our executive officers. We may also adopt various policies related to or in addition to such restructurings,
including with respect to the acceleration of the lapse of restrictions on restricted stock or acceleration of the vesting of RSUs. We
may also issue potential extraordinary grants to executive officers which could be based on performance measures, including stock price
increase or other measures to be specified.

 From time to time, we have also used employment
agreements, change in control agreements, retention agreements, and other arrangements, including some with specified target or guaranteed
bonus components, and extraordinary bonuses to attract, motivate and retain talented executives. Any such specific current arrangements
with our executive officers are summarized under "Executive Compensation – Employment Agreements and Deeds of Adherence."

 Our Compensation Committee, with the assistance
where appropriate of special project committees or advisors, approves and recommends to our Board that it approve the salaries, bonuses
and other compensation of our executive officers. In addition, the Committee approves grants to executive officers under and otherwise
administers the Incentive Plan and the Equity Plan.

 From time to time, our Compensation Committee has
engaged a compensation consultant in connection with its compensation decisions. With respect to 2024, Korn Ferry (the "Advisor")
advised the Committee. The Committee retained the Advisor to provide surveys, information, and other assistance with respect to pay practices
and compensation levels at our peer group and other companies, and the Committee discussed with the Advisor all compensation arrangements
for 2024. For 2024, the Committee and the Advisor also reviewed pay for performance considerations and metrics and other measures including
GAAP and non-GAAP financial results, total revenues, total shareholder return, results and metrics of certain businesses such as Fenics,
progress with respect to strategic transactions and acquisitions, growth in margins, growth in market share and penetration of certain
businesses, strategy and management responsibility, challenges and risk management, and other specific line items and measures in order
to review performance and consider compensation awards. The Committee reviewed the Company's total revenues as a key performance
measure for 2024. The Committee and the Advisor reviewed additional performance metrics and goals for 2024, including the market penetration
of the Company's products and businesses in new geographies or markets, strategic acquisitions, joint ventures, and dispositions,
and strategic hires or retention of key employees in competitive market conditions and considered various discretionary factors. The Committee
reviewed this data with no particular weighting toward any specific metric or other factor. While the Committee does take into consideration
peer data and percentiles, the Committee does not attempt solely to benchmark our executive compensation against any level, range, or
percentile of compensation paid at any other companies, does not apply any specific measures of internal or external pay equity in reaching
its conclusions, and does not employ tally sheets, wealth accumulation, or similar tools in its analysis.

 Our Compensation Committee considered whether the
Advisor had any conflicts of interest in advising the Committee. In doing so, the Committee considered whether the Advisor had been providing
services of any other nature to us; the amount of fees received from us by the Advisor; the policies and procedures adopted by the Advisor
that have been designed to prevent conflicts of interest; whether any business or personal relationships existed between the consultants
employed by the Advisor who worked on Company matters and any member of the Committee; whether any business or personal relationship existed
between such consultants and any of our executive officers; and whether the Advisor or such consultants hold any of our Class A common
stock. The Advisor is also providing similar services to Newmark. Upon evaluating such considerations, the Committee found no conflicts
of interest in the Advisor advising the Committee.

 In attempting to strike an appropriate balance,
our Compensation Committee seeks to provide our executive officers with an appropriately diversified mix of fixed and variable cash and
non-cash compensation opportunities, time-based and performance-based awards, and short- and long-term incentives. In particular, our
performance-based bonuses under our Incentive Plan have focused on a mix of Company-wide and product-specific operating and financial
metrics, in some cases based upon our absolute performance and in other cases based upon our performance relative to our peer group or
other companies. In addition, our Incentive Plan award opportunities provide for the exercise of discretion by the Committee to reduce,
but not increase, amounts granted to our executive officers under the Incentive Plan, and to take individual as well as corporate performance
into account in exercising that discretion. Further, the Committee retains the discretion to pay out any amounts finally awarded under
the Incentive Plan in equity, rather than cash, and to include restrictions on vesting, resale and forfeiture in any such equity.

 Our policy for allocating between currently paid
short- and long-term compensation is designed to ensure adequate base compensation to attract and retain talented executive officers,
while providing incentives to maximize long-term value for our Company and our stockholders. Cash compensation is provided in the form
of base salary to meet competitive salary norms and reward superior performance on an annual basis, and in the form of bonuses and awards
for achievement of specific short-term goals or in the discretion of the Compensation Committee. Equity awards have traditionally rewarded
superior performance against specific objectives and long-term strategic goals and assist in retaining executive officers and aligning
their interests with those of our Company and our stockholders. From time to time, we may provide additional equity awards on a periodic
basis to reward superior performance, which awards may provide further long-term retention incentives.

 Base salaries for the following year are generally
set for our executive officers at year-end meetings of our Compensation Committee or in the early part of the applicable year. At these
meetings, the Committee also approves the incentive bonuses under our Incentive Plan and any discretionary bonuses for executive officers
and grants of equity awards under our Equity Plan to our executive officers.

 We provide long-term incentives to our executive
officers through grants of equity awards which include RSAs, RSUs and other equity grants under our Equity Plan, with the number of awards
determined by reference to the market price of a share of our Class A common stock on the date that the award was granted or such
other date that awards to executive officers are made generally. Historically, grants under our Equity Plan that have had vesting provisions
have had time-based, rather than performance-based, vesting schedules, although the plan is flexible enough to provide for performance-based
vesting schedules.

 For compensation for fiscal year 2024 and historically
in prior years, at or around the year-end, first quarter or second quarter Compensation Committee meetings, Mr. H. Lutnick, in his
now-former roles as Chairman of the Board and Chief Executive Officer made compensation recommendations to the Committee with respect
to the other executive officers. Such executive officers were not present at the time of these deliberations. The Committee has historically
deliberated on compensation decisions with respect to all executive officers other than Mr. H. Lutnick in the presence of Mr. H.
Lutnick, and separately in executive sessions with the Advisor as to all executive officers, including Mr. H. Lutnick, outside
of the presence of Mr. H. Lutnick. With respect to the determination of compensation for executive officers, including historically
for Mr. H. Lutnick, the Committee reviewed information from Mr. H. Lutnick as it deemed necessary or appropriate and the input
from the Advisor, but ultimately the Committee made the sole determination of the compensation of all of our executive officers, including
that of Mr. H. Lutnick during the periods where he served as an executive officer.

 Going forward, we expect that the Co-Chief Executive
Officers will make compensation recommendations with respect to the executive officers for the Compensation Committee's consideration, and the Compensation Committee will continue to maintain the process of deliberation and will continue to make the sole determination
of the compensation of our executive officers.

 During the first half of each fiscal year, it has
been the practice of our Compensation Committee to establish annual incentive performance goals or guidelines for executive officers under
the Incentive Plan, with the Committee retaining discretion to determine any bonuses earned at the end of the year. In all cases, such
performance measures relate to the performance of our executive officers at the Company and in the provision of services to our operating
partnerships and subsidiaries. All executive officers in office at that time are eligible to participate in the Incentive Plan.

 Timing of Awards

 Equity awards to our executive officers that are
in payment of Incentive Plan or discretionary bonuses are typically granted annually in conjunction with our Compensation Committee's
review of Company and individual performance of our executive officers, although interim grants may be considered and approved from time
to time. The Committee's annual review generally takes place at year-end meetings, which are generally held in the first quarter
of each year, although the reviews may be held at any time and from time to time throughout the year. Grants to executive officers may
be made on a mid-year or other basis in the event of business developments, changing compensation requirements or other factors, in the
discretion of the Committee.

 Our policy in recent years has generally been
to award year-end grants to executive officer recipients by the end of the calendar year or in or shortly after the first quarter thereafter,
with grants to non-executive employees occurring closer to the end of the first quarter of the following year. Grants, if any, to newly
hired employees are generally effective on the first day of the quarter following the employee's first day of employment.
In addition, from time to time the Company may offer compensation enhancements or modifications to employees that it does not offer to
its executive officers.

 The exercise price of all exercisable equity-based
compensation is set at the closing price of our Class A common stock on Nasdaq on the date of grant. With respect to limited partnership
units prior to the Corporate Conversion and other equity-based awards in general, grants were made based on a dollar value, with the number
of units or shares determined by reference to the market price of our Class A common stock on the date of grant or other factors
such as the number of outstanding units intended to receive exchange rights or distribution-earning rights.

 Equity Plan Awards

 It is the Compensation Committee's general
policy to award RSUs and other equity awards (or partnership awards prior to the Corporate Conversion) to our executive officers in order
to align their interests with those of our long-term investors and to help attract and retain qualified individuals. Our Equity Plan permits
the Committee to grant restricted stock, stock options, stock appreciation rights, deferred stock such as RSUs, bonus stock, performance
awards, dividend equivalents, and other stock-based awards, including, prior to the Corporate Conversion, to provide exchange rights for
shares of our Class A common stock and cash settlement awards relating to BGC Holdings limited partnership units.

 Our Compensation Committee retains the right to
grant a combination of forms of such awards under our Equity Plan to executive officers as it considers appropriate or to differentiate
among executive officers with respect to different types of awards. Following the departure of Mr. H. Lutnick, the Committee has also
granted joint authority to Messrs. Abularrage, Aubin, and Windeatt, our Co-Chief Executive Officers, to grant awards to non-executive
officer employees of our Company under the Equity Plan and to establish sub-plans for such persons.

 Retentive Nature of Equity Awards

 We consider our RSUs to be highly retentive due
to the long-term vesting and forfeiture provisions relating to these awards. These awards contain extended vesting schedules which we
consider to be highly retentive and that vary based upon compensation level and role, which in most cases are largely dependent upon continued
service.

 Our executive officers currently hold much of their
personal net worth in a combination of our equity-based awards in addition to stock held outright. Messrs. Merkel, Abularrage, Aubin,
Windeatt and Hauf hold RSUs. As a result of the Corporate Conversion, our executive officers no longer hold any limited partnership units
of BGC Holdings; however, Messrs. Hauf and Windeatt hold equity awards that are substitutes for the non-exchangeable limited partnership
units of BGC Holdings that they held prior to the Corporate Conversion. Messrs. H. Lutnick and Merkel also hold partnership
interests in Cantor, which through its and CFGM's ownership of shares of our Class B common stock, controls approximately 65.4%
of the total voting power of the outstanding BGC common stock as of April 1, 2025.

 Tax and Accounting Treatment

 Section 162(m) of the U.S. Internal
Revenue Code of 1986 (the "Code") eliminates a corporation's tax deduction in a given year for payments to certain executive
officers in excess of $1,000,000. We do not currently expect that decisions relating to compensation will be significantly impacted by
the limitations of Section 162(m) on a going-forward basis.

 Our management and Compensation Committee recognize
that we are subject to certain Financial Accounting Standards Board and SEC guidance on share-based awards and other accounting charges
with respect to the compensation of our executive officers and other employees. However, our management and the Committee do not believe
that these accounting charges should necessarily determine the appropriate types and levels of compensation to be made available. Where
material to the Committee's decisions, these accounting charges will be described in our compensation discussion and analysis, compensation
tables and related narratives.

 Prior to the Corporate Conversion, the BGC Partners
Compensation Committee granted equity and partnership awards to our executive officers in a variety of ways under the BGC Partners Compensation
Plans, including restricted stock, RSUs, exchange rights, cash settlement awards, options and other equity grants under the BGC Partners
Equity Plan and non-exchangeable limited partnership unit awards under the Participation Plan. Grants of such awards may have different
accounting treatment and may be reported differently in the compensation tables and related narratives depending upon the type of award
granted and how and when it is granted. Currently, our Compensation Committee may grant equity awards to our executive officers in a variety
of ways under the BGC Group Compensation Plans, including RSUs, RSAs, cash awards, options and other equity awards under our Equity Plan.
Grants of such awards may have different accounting and tax treatments and may be reported differently in the compensation tables and
related narratives depending on the type of award granted and how and when it is granted.

 For U.S. GAAP purposes, a compensation charge
is recorded on PSUs, LPUs and similar limited partnership units if and when an exchange right is granted to such units to acquire shares
of Class A common stock, and the charge is based on the market price of our Class A common stock on the date on which the exchange
right is granted, regardless of when such exchange occurs.

 Additionally, when the exchange actually occurs,
a U.S. federal income tax deduction is generally allowed equal to the fair market value of a share of our Class A common stock
on the date of exchange. In relation to this, prior to the Corporate Conversion there were certain LPUs in which a compensation charge
is recorded ratably over the awards' stated vesting schedule using the grant-date fair value. These LPUs vested into exchangeable
units or Class A shares.

 If shares of restricted stock granted are not subject
to continued employment or service with us or any affiliate or subsidiary of ours, even if they are subject to compliance with our customary
non-compete obligations, the grant-date fair value of the restricted stock will be expensed on the date of grant.

 Furthermore, equity-based compensation expense recognized
under U.S. GAAP during the period, for equity-based awards with a stated vesting schedule, is based on the value of the portion of
equity-based payment awards that is ultimately expected to vest. The grant-date fair value of equity-based awards with a stated vesting
schedule is amortized to expense ratably over the awards' vesting periods. As this equity-based compensation expense recognized
in the Company's Consolidated Statements of Operations is based on awards ultimately expected to vest, it is reviewed for estimated
forfeitures. Further, forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures
differ from those estimates. In cases where actual forfeitures change original forfeiture assumptions, then an adjustment to previously
recognized compensation cost and the related deferred tax asset will be recorded. In addition, equity-based compensation for LPU awards
with no stated vesting schedule is recognized at fair value on the date the award is granted exchangeability or is redeemed in connection
with the issuance of shares of common stock.

 For tax purposes, a U.S. federal income tax
deduction is generally allowed on RSUs and restricted stock when the vesting occurs. The tax deduction for RSUs and restricted stock generally
is measured as the restrictions lapse (i.e., as the employee vests in the award). At that time, the Company will determine if there is
any excess tax benefit or deficiency by reference to the current stock price in relation to the grant date fair value.

 Compensation Recovery/Clawback Policy

 The Company adopted the Clawback Policy for its
executive officers effective as of December 1, 2023, with retroactive applicability to October 2, 2023. The Clawback Policy
applies to Incentive-Based Compensation. The Clawback Policy provides for recovery of Incentive-Based Compensation received by a covered
person in the event of an accounting restatement due to material noncompliance with financial reporting requirements that is in excess
of the Incentive-Based Compensation that such person would have received based upon the restated financial reporting measure. The Clawback
Policy applies to Incentive-Based Compensation and not to compensation that is purely discretionary or based on subjective goals or goals
unrelated to financial reporting measures.

 2024 Compensation Actions Taken by the Compensation Committee

 The compensation approved by our Compensation Committee
and paid to our executive officers for 2024 is described in full in our Summary Compensation Table herein and the footnotes thereto. Below
are descriptions of the various considerations and actions taken by our Compensation Committee for the determination of year-end compensation
for our executive officers.

 Consideration of Peer Data for 2024 and Other Factors

 As part of its compensation process, in addition
to qualitative and strategic factors, the Compensation Committee considered various peer, financial and market metrics by reviewing the
latest public financial information available at the time as compared with the disclosed growth of these same metrics for BGC's
traditional public peers, Compagnie Financi re Tradition SA and TP ICAP Group plc, compared to the prior year. These metrics included
total consolidated revenue, year-to-date share price and market capitalization changes, cumulative 1, 3, and 5-year total shareholder
return, changes in margins, and other financial measures including financial results and metrics of certain businesses such as Fenics,
and growth in market share and penetration of certain of our businesses. The Committee also reviewed the year-on-year growth of the Company's
inter-dealer broker market share as compared to its peers over the same time frame. The data indicated that growth in our total consolidated
revenue outpaced industry peers over the time periods presented and change in growth in our share price outperformed our peer group in
the aggregate over the prior 5-year period as presented.

 Performance data, including both financial and market
data, are often reviewed by the Committee as presented by management and by the Advisor. As part of its compensation process, the Committee
reviewed this peer data broadly and as part of its mix of factors, with no particular weighting toward any specific metric or other factor.
Further, as discussed under "— Overview of Compensation and Processes," while we use market data from peer companies
as a reference point for evaluating our executive compensation program among other qualitative and quantitative factors, we do not benchmark
against any specific compensation level or metric.

 Base Salary

 Our executive officers receive base salaries or
similar cash payments intended to reflect their skills, expertise and responsibilities. Subject to any applicable employment or other
agreements, such payments and subsequent adjustments, if any, will be reviewed and approved by our Compensation Committee annually, based
on a variety of factors, which may include, from time to time, a review of relevant salaries of executives at our peer group of companies
and others and each executive officer's individual performance for the prior year, including each executive officer's experience
and responsibilities.

 We generally establish base pay at levels comparable
to our peer group and other companies which employ similarly skilled personnel, including CME Group, Inc., Compagnie Financi re
Tradition SA, Evercore Inc., Houlihan Lokey, Inc., Interactive Brokers Group, Inc., Intercontinental Exchange, Inc., Lazard Ltd., LPL
Financial Holdings Inc., MarketAxess Holdings, Inc., Nasdaq, Inc., Oppenheimer Holdings Inc., Piper Sandler Companies, Raymond James Financial,
Inc., The Charles Schwab Corporation, Stifel Financial Corp., TP ICAP Group plc, Tradeweb Markets Inc. and Virtu Financial, Inc. While
we determine these levels by reviewing publicly available information with respect to our peer group of companies and others, we have
not traditionally engaged in benchmarking against a certain market percentile or otherwise, either individually or in aggregate.

 For each of the executive officers, for 2024 the
Company allocated and paid an appropriate portion of their cash and equity-based compensation in respect of their approximate time spent
on BGC matters and specifically allocated such compensation to BGC, as appropriate and applicable.

 In 2024, Messrs. H. Lutnick, Merkel, Windeatt and
Hauf spent approximately 50%, 35%, 100% and 100% of their working time, respectively, on our matters. Mr. Merkel expects to spend approximately
35% of his working time on our matters in 2025. Our other current executive officers expect to spend 100% of their time working on our
matters in 2025. These percentages may vary during 2025 depending on business developments at BGC, Newmark, Cantor or any of our or Cantor's
affiliates.

 Base Salaries for 2024

 Annual base salary rates for 2024 were established
in March 2024 by our Compensation Committee for all of our executive officers. In setting the base salary rates for 2024, the Committee
considered the qualifications, experience and responsibilities of our executive officers. The base salary rates for 2024 were continued
at $1,000,000 for Messrs. H. Lutnick and Merkel, $700,000 for Mr. Hauf, and 700,000 (approximately $896,000 as of March 7,
2024) for Mr. Windeatt.

 Base Salaries for 2025

 Annual base salary rates for 2025 were established
in January 2025 by our Compensation Committee for all of our executive officers in office at the time. In setting the base rates for 2025,
the Committee considered the qualifications, experience and responsibilities of our executive officers. The base salary rates for 2025
were continued at $1,000,000 for Messrs. H. Lutnick and Merkel, and $700,000 for Mr. Hauf, and increased to 750,000 (approximately
$911,438 as of January 13, 2025) for Mr. Windeatt. Base salaries for our newly appointed executive officers, Mr. Aubin and Mr. Abularrage,
were approved by the Compensation Committee on February 18, 2025 in connection with their respective employment agreements. Mr. Aubin's
base salary for 2025 is 705,000 (approximately $739,439 as of February 18, 2025) and Mr. Abularrage's base salary for 2025
is $750,000. See "Executive Compensation – Employment Agreements and Deeds of Adherence."

 Incentive Plan Awards

 We generally intend to award performance-based compensation
in the form of bonuses to our executive officers, including pursuant to the Incentive Plan. The Compensation Committee believes that such
performance-based compensation appropriately aligns the interests of our executive officers with the interests of our stockholders.

 With respect to each performance period, our Compensation
Committee specifies the applicable performance criteria and targets to be used under the Incentive Plan for that performance period. These
performance criteria, which may vary from participant to participant, will be determined by the Committee and may be based upon one or
more of the following performance measures and may be expressed on an absolute and/or relative basis and on a GAAP or non-GAAP basis:

 pre-tax or after-tax net income;

 pre-tax or after-tax operating income;

 total or gross revenues or similar items;

 profit, earnings or other margins;

 stock price, dividends and/or total stockholder return;

 EBITDA measures;

 cash flow(s);

 market share;

 pre-tax or after-tax earnings per share;

 pre-tax or after-tax operating earnings per share;

 expenses;

 return on investment or equity;

 environmental, social, and governance, sustainability, or
similar criteria; or

 strategic business criteria, consisting of one or more objectives
based upon meeting specific revenue, market penetration, or geographic business expansion goals, cost targets and goals relating to acquisitions
or divestitures or any combination thereof or similar objectives or criteria as determined by the Compensation Committee.

 The actual Incentive Plan bonus paid to any given
participant at the end of a performance period is based upon the extent to which the applicable performance goals for such performance
period are achieved, subject to the exercise of negative discretion to determine bonuses based on such factors as the Compensation Committee
determines, and may be paid in cash or in equity awards. These awards also serve as incentives for future performance and retention.

 In addition, from time to time, our Compensation
Committee may provide for target or guaranteed bonuses in employment or other agreements in order to attract and retain talented executives,
or may grant ad hoc discretionary bonuses when an executive officer is not eligible to participate in the Incentive Plan award opportunities
for that performance period or when it otherwise considers such bonuses to be appropriate. Such bonuses may also be paid in cash or in
equity awards.

 Incentive Plan Bonus Goals for 2024

 In March 2024, our Compensation Committee determined
that Messrs. H. Lutnick, Merkel, Windeatt and Hauf would be participating executives for 2024 in our Incentive Plan. In the case of our
U.K.-based executive officer, Mr. Windeatt, the bonus award opportunities are governed by the Incentive Plan and administered by
the Committee.

 For 2024, the Compensation Committee established performance
criteria for all executive officers and determined that each individual would be eligible for the opportunity to be paid a bonus equal
to the maximum value allowed for each individual pursuant to the terms of the Incentive Plan (i.e., $25 million) provided that (i) the
Company achieved operating profits or Adjusted Earnings annually for 2024, as calculated on substantially the same basis as in the Company's
earnings release for the fiscal year ended December 31, 2023, (ii) the Company achieved improvement or percentage growth in
gross revenue or total or net transaction volumes for any product for 2024 as compared to 2023 over any of its peer group members or other
industry measures, as reported in the Company's earnings release for the fiscal year ended December 31, 2024, in each case
calculated on substantially the same basis as in the Company's 2023 earnings release and compared to the most recently available
peer group information or other industry measures, (iii) the Company increased its market penetration for any product or business
into any new market or geography in 2024 as compared to 2023, (iv) the Company achieved the successful execution in 2024 of any material,
significant, accretive, or strategic acquisition, entry into any joint venture, or disposition of any business or asset, (v) the
Company achieved in 2024 the strategic hire or retention of key personnel in competitive market conditions, or (vi) the Company achieved
in 2024 other strategic or significant performance as recognized by the Compensation Committee in its sole discretion (collectively, the
"Performance Goals").

 The Compensation Committee determined that the payment
of any such bonus may be in the form of cash, shares of our Class A common stock, other equity awards permitted under our Equity
Plan or otherwise. The Committee, in its sole and absolute discretion, retained the right to reduce the amount of any Incentive Plan bonus
payment based upon any factors it determines, including whether and the extent to which the Performance Goals or any other corporate,
as well as individual, performance objectives have been achieved.

 Incentive Plan Bonuses Awarded for 2024

 On January 13, 2025, having determined that the
Performance Goals established in the first quarter of 2024 had been met for 2024, our Compensation Committee made awards to the participating
executive officers for 2024 under our Incentive Plan. The equity awards were granted using a stock price of $9.45 and provided a combination
of short- and long-term incentives that align the Company's financial performance with its executive compensation. In addition to
short-term cash compensation awarded to the participating executives, the Committee awarded significant portions of its 2024 compensation
to the participating executives in the form of equity awards, which included RSUs and RSUs-LLP (which are RSUs that have a 3-year cliff
vesting and are specific to individuals that are members of the U.K. Partnership) in the case of Mr. Windeatt. The approval and issuance
of the equity awards was effective April 1, 2025.

 In
making its bonus determinations for 2024, our Compensation Committee considered various qualitative and quantitative compensation factors,
including the Performance Goals, the retentive effect of the payment of appropriate compensation for each executive officer, and the Company's
financial performance as a whole and the performance of various business lines, including as compared to peer data. The impact of any
of these measures during 2024 or beyond may materially impact the value of current and previous equity awards, thus aligning the interests
of the executive officers with those of our stockholders. The Compensation Committee also considered the pay practices of the Company's
peer group and other companies, including a compensation survey prepared by, and advice from, the Advisor. The Compensation Committee
reviewed specific compensation data provided by the Advisor relating to compensation practices at other people-based and brokerage businesses.
 The Compensation Committee also reviewed data provided by the Advisor relating to compensation and monetization of other executives
departing public companies for public service. By choosing to pay a portion of
Messrs. Merkel's, Windeatt's, and Hauf's award in equity, the Compensation Committee expects to incentivize our executive
officers with respect to future performance and encourage ongoing contributions to management, our results and our existing and future
businesses. The specific Incentive Plan awards to our executive officers were as follows:

 Mr. Howard W. Lutnick's 2024 award consisted of
an aggregate bonus of $14,000,000, all of which was paid in current cash compensation. The value of the bonus for Mr. H. Lutnick
is the same as what Mr. H. Lutnick was awarded with respect to calendar year 2023. In exercising its discretion regarding
the amount and form of this award, the Committee focused on Mr. H. Lutnick's leadership efforts, strategic guidance
and business initiatives as well as Mr. H. Lutnick's historical leadership of the Company. In addition to this award, subject
to and upon Mr. H. Lutnick being reported out favorably by the U.S. Senate Committee on Commerce, Science & Transportation
in connection with his confirmation hearings, the Committee approved the acceleration of vesting of Mr. H. Lutnick's then-outstanding
1,304,864 RSUs, less applicable taxes and withholdings. The event occurred, which resulted in the acceleration of the RSUs and net delivery
of 583,274 shares of Class A common stock.

 Mr. Merkel's
2024 award consisted of an aggregate bonus of $1,750,000 and was paid (i) $1,062,500 in cash compensation; and (ii) $687,500
in a long-term award of 72,751 RSUs, granted using a stock price of $9.45 and which vest ratably on each of the first (1 st)
through fifth (5 th) anniversaries of the grant date provided he is substantially providing services to BGC on each vesting
date, and contingent upon BGC and its affiliates generating at least $5 million in revenue for the quarter in which the vesting
occurs. The aggregate value of the bonus for Mr. Merkel is $450,000 higher than what Mr. Merkel was awarded with respect to
calendar year 2023. In exercising its discretion regarding the amount and form of this award, the Committee considered retention and
his broad role in managing legal and regulatory issues during the year, his guidance on regulatory and other matters for new business
initiatives and overall leadership on business, legal and regulatory matters in 2024, as well as his additional expected management responsibilities before and after Mr. H. Lutnick's departure.

 Mr. Windeatt's 2024 award consisted of an aggregate bonus
of 2,508,000 ($3,047,847 as of January 13, 2025) and was paid (i) 1,925,000 in current cash compensation; and (ii) 583,000
in a long-term award of 73,098 RSUs-LLP, granted using a stock price of $9.45 after application of a 2.5% adjustment for the U.K. Partnership
administration fee, and which vest April 1, 2028, provided he remains a member in good standing of the U.K. Partnership on the
vesting date and has complied at all times with his then-current Deed of Adherence with the U.K. Partnership and all other agreements
with BGC and its affiliates, and that U.K. Partnership senior management has reasonably determined that he has at all times satisfactorily
performed his duties for the U.K. Partnership, taking into account, inter alia, as applicable, his performance evaluation(s) and
adherence to regulatory obligations, compliance requirements, and applicable law. Vesting of the long-term award is also contingent upon
BGC and its affiliates generating at least $5 million in revenue for the quarter in which the vesting occurs. The RSUs-LLP reflect
the revised design and terms of the U.K. Partnership structure generally based on current tax guidance. The aggregate value of the
bonus for Mr. Windeatt is 750,000 higher than what Mr. Windeatt was awarded with respect to calendar year 2023. In exercising
its discretion regarding the amount and form of this award, the Committee considered his responsibilities and duties including management
of brokerage relationships and brokers, acquisitions and the Company's financial performance, internal and external peer data, as
well as his additional front-office and management responsibilities.

 Mr. Hauf's 2024 award of $750,000 was paid (i) $387,500
in current cash compensation; and (ii) $362,500 in a long-term award of 38,360 RSUs granted using a stock price of $9.45 and which
vest ratably on each of the first (1 st) through fifth (5 th) anniversaries of the grant date provided he is substantially
providing services to BGC on each vesting date, and contingent upon BGC and its affiliates generating at least $5 million in revenue
for the quarter in which the vesting occurs. The aggregate value of the bonus for Mr. Hauf is $100,000 higher than what Mr. Hauf was
awarded with respect to calendar year 2023. In exercising its discretion regarding the amount and form of this award, the Committee considered
his strong efforts in managing the financial reporting function and participation in acquisitions and strategy.

 For all compensation that relied upon converting
U.S. dollars into pounds, the GBP FX exchange rate on January 13, 2025, the date that our Compensation Committee approved the 2024
year-end compensation, was used, which was 1.21525 USD to 1 GBP.

 In 2024, the Incentive Plan cash bonus for Messrs.
H. Lutnick, Merkel, Windeatt, and Hauf as a percentage of the overall total compensation paid to them by BGC was approximately 93.33%,
38.64%, 60.01%, and 26.72%, respectively.

 Incentive Plan Bonus Goals for 2025

 In April 2025, our Compensation Committee determined
that Messrs. Merkel, Abularrage, Aubin, Windeatt and Hauf, our current executive officers, would be participating executives for 2025
in our Incentive Plan. For 2025, the Committee established performance criteria for all executive officers and determined that each individual
would be eligible for the opportunity to be paid a bonus equal to the maximum value allowed for each individual pursuant to the terms
of the Incentive Plan (i.e., $25 million) provided that (i) the Company achieves operating profits or adjusted earnings annually
for 2025, as calculated on substantially the same basis as in the Company's earnings release for the fiscal year ended December
31, 2024 (the "2024 earnings release"), (ii) the Company achieves improvement or percentage growth in gross revenue or total
or net transaction volumes for any product for 2025 as compared to 2024 over any of its peer group members or other industry measures,
as reported in the Company's earnings release for the fiscal year ended December 31, 2025, in each case calculated on substantially
the same basis as in the Company's 2024 earnings release and compared to the most recently available peer group information or other
industry measures, (iii) the Company increases its market penetration for any product or business into any new market or geography in
2025 as compared to 2024, (iv) the Company increases its revenue for any product or business so as to achieve greater diversification
of its existing businesses in 2025 as compared to 2024, (v) the Company achieves the successful execution in 2025 of any material, significant,
accretive, or strategic acquisition, entry into any joint venture, or disposition of any business or asset, (vi) the Company achieves
in 2025 the strategic hire, retention or development of key personnel in competitive market conditions, or (vii) the Company achieves
in 2025 other strategic or significant performance as recognized by the Committee in its sole discretion (collectively, the "2025
Performance Goals").

 The 2025 Performance Goals, in each case, are expected
to be reviewed by the Compensation Committee with no particular weighting toward any specific 2025 Performance Goal or other factor and
are subject to any appropriate corporate adjustment to reflect stock splits, reverse stock splits, mergers, spin offs or any other extraordinary
corporate transactions. As each of the Company's executive officers also provides services to certain of our operating partnerships
and subsidiaries, potential bonuses for 2025 are also on behalf of all such operating partnerships and subsidiaries, as may be applicable.

 The Compensation Committee determined that the payment of any such
amount may be in the form of cash, shares of Class A common stock, or other equity awards permitted under our Equity Plan. To the
extent determined to reflect the portion of an executive officer's compensation related to services performed for a particular subsidiary,
entity or affiliate, as noted above, the cost of compensation awarded under any of the BGC Group Compensation Plans shall be borne by
such operating partnership or entity. The Committee, in its sole and absolute discretion, retains the right to reduce the amount of any
Incentive Plan bonus payment based upon any factors it determines, including whether and the extent to which the 2025 Performance Goals
or any other corporate, as well as individual, performance objectives have been achieved. The Committee further retains discretion to
authorize bonuses and other awards to the participating executives regardless of whether or not such bonuses and awards are tax deductible
under tax law in effect at the time of such bonuses and awards.

 Transactions with Executive Officers and Directors

 From time to time, the Compensation Committee generally
approves the acceleration of the vesting of RSUs or other awards or other repurchase or monetization transactions (and prior to the Corporate
Conversion, the monetization of previously issued and outstanding partnership units) in order to provide liquidity to the executives,
taking into consideration the retentive impact of the remaining awards held by the executives.

 2025 Actions Regarding Outstanding Awards

 On February 5, 2025, the Company accelerated the
vesting of 1,304,864 of H. Lutnick's RSUs granted under the BGC Group Equity Plan, which each represented a contingent right to
receive one share of Class A common stock, delivered less 721,590 shares withheld by the Company for taxes at $9.38 per share, in the
amount of 583,274 net shares. The acceleration of the vesting of the RSUs and the withholding of shares for taxes was approved by the
Compensation Committee.

 2024 Actions Regarding Outstanding Awards

 On October 7, 2024, the Compensation Committee approved
the redemption of 327,127 non-exchangeable Newmark Holdings LPUs and 30,285 non-exchangeable Newmark Holdings PLPUs with a determination
amount of $278,258, held by Mr. Windeatt. In connection with this redemption, Mr. Windeatt received 271,362 shares of Newmark Class A
common stock (239,428 Newmark Holdings LPUs multiplied by the then-current exchange ratio applicable for exchanges of Newmark Holdings
LPUs into shares of Newmark Class A common stock) and a cash payment of $251,128 (27,332 Newmark Holdings PLPUs). The remaining 31,700
of Newmark Holdings LPUs and 2,953 Newmark Holdings PLPUs, with a determination amount of $27,130, were redeemed for zero in connection
with the administration fee of the U.K. Partnership of which Mr. Windeatt is a member.

 On April 1, 2024, 158,449 of Mr. Windeatt's
RSAs vested pursuant to the terms of the grant of RSAs resulting from the Corporate Conversion issued in connection with the terms of
the grant of the former 103,812 non-exchangeable BGC Holdings LPU-NEWs and 55,899 BGC Holdings PLPU-NEWs issued to Mr. Windeatt on April
1, 2022.

 2023 Actions Regarding Outstanding Awards

 On July 10, 2023, the Compensation Committee
approved accelerating the vesting of 720,509 of the Company's RSUs held by Mr. Windeatt (calculated based upon the closing
price of the Company's Class A common stock on July 10, 2023 which was $4.45) and the vesting of $780,333 of the RSU Tax
Account held by Mr. Windeatt. Such RSUs and RSU Tax Account amount vested on July 12, 2023, and the total value of this transaction
was approximately $3,986,600.

 On May 18, 2023, all of Messrs.
Merkel's and H. Lutnick's BGC Holdings LPUs were redeemed or exchanged. See "—Compensation Actions Taken in
Connection with the Corporate Conversion" and "—Standing Policy for Mr. Howard W. Lutnick" for a discussion
of the treatment of partnership unit awards held by our executive officers in connection with the Corporate Conversion.

 On April 1, 2021, the Compensation Committee
granted Mr. Windeatt 128,279 non-exchangeable BGC Holdings LPUs. Pursuant to the exchange rights schedule of the grant,
on April 1, 2023, the 128,279 non-exchangeable BGC Holdings LPUs became immediately exchangeable. On June 8, 2023, the
Company repurchased all of Mr. Windeatt's 128,279 exchangeable BGC Holdings LPUs at a price of $4.79 per unit, which was the
closing price of a share of our Class A common stock on June 8, 2023.

 2022 Actions Regarding
Outstanding Awards

 Pursuant to the terms
of the "NEW" awards previously approved by the Compensation Committee and issued to Mr. Windeatt in March 2020, Mr. Windeatt's
135,514 non-exchangeable BGC Holdings LPU-NEWs and 27,826 non-exchangeable PLPU-NEWs (at the average determination
price of $4.84 per unit) became exchangeable on March 2, 2022. On August 11, 2022, the Company repurchased 135,514 exchangeable
BGC Holdings LPU-NEWs held by Mr. Windeatt at the price of $4.08 per unit, which was the closing price of our Class A
common stock on August 11, 2022, and redeemed 27,826 exchangeable PLPU-NEWs held by Mr. Windeatt for $134,678, less applicable
taxes and withholdings.

 Effective January 1,
2021, the Compensation Committee awarded 458,425 NLPUs and 246,844 NPLPUs to Mr. Windeatt, with the expectation of attributing twenty
percent (20%) of such award, valued at 292,000, to compensation for each of 2020, 2021, 2022, 2023 and 2024. On March 14,
2022, the Committee approved the conversion of twenty percent (20%) of such NLPUs and NPLPUs into non-exchangeable BGC Holdings LPUs
and PLPUs for each of calendar years 2020 through 2024. As a result, because such award was included for calendar years 2020
and 2021, forty percent (40%) of such award was converted in 2022. Prior to the Corporate Conversion, it was expected that 91,685 BGC
Holdings NLPUs and 49,369 NPLPUs would be converted in each of 2023, 2024 and 2025. As a result of the Corporate Conversion, Mr. Windeatt
received RSUs and RSU Tax Accounts in substitution for these units. When determining Mr. Windeatt's compensation for 2022,
2023 and 2024, the Compensation Committee attributed 292,000 of compensation to him for each fiscal year in connection with such
award.

 Standing Policy for Mr. Howard W. Lutnick

 BGC Group Standing Policy

 On July 1, 2023, in connection with the Corporate
Conversion, the Board of Directors and Audit Committee of BGC Group approved the BGC Group standing policy, which provided Mr. H. Lutnick
the same right, subject to certain conditions, to accept or waive opportunities that have previously been offered, or that may be offered
in the future, to any other BGC Group executive officer to participate in (i) any opportunity to monetize or otherwise provide liquidity
with respect to some or all of his BGC Group equity awards, or to accelerate the lapse of or eliminate any restrictions on transferability
with respect to shares of BGC Group Class A common stock, as well as (ii) any opportunity to change or modify the terms of any
equity interest or awards of BGC Group.

 Under the policy, Mr. H. Lutnick would be treated
no less favorably than, and in proportion to, any other executive officer with respect to the change, right or modification of equity
awards, which include but are not limited to, opportunities (i) to have stock, RSUs, restricted stock or other equity or similar
grants replaced by other stock or equity; (ii) to have stock awards, RSUs or equity received upon such replacement redeemed by BGC
Group for cash; (iii) to accelerate the lapse of or eliminate any restrictions on transferability with respect to RSUs, restricted
shares, equity grants or any similar stock or equity awards of Class A common stock; and (iv) to replace non-distributing equity
units with distributing equity and replace any preferred equity with non-preferred equity. The policy may also include vesting or exchange
of equity and the issuance of new shares, RSUs, RSAs, equity grants or any stock or equity awards.

 Under the policy, Mr. H. Lutnick would
have the right to accept or waive in advance some or all of the foregoing offers of opportunities that the Company may offer to any other
executive officer. In each case, Mr. H. Lutnick's right to accept or waive any opportunity offered to him to participate
in any such opportunity would be cumulative (and, accordingly, Mr. H. Lutnick would again have the right to accept or waive
the opportunity to participate with respect to such portion previously waived if and when any additional opportunity is offered to any
other executive officer) and be equal to the greatest percentage of shares of stock, RSUs, RSAs, equity grants or any similar stock or
equity awards in BGC Group with respect to which any other executive officer has been or is offered with respect to all of such opportunities.

 As of February 18, 2025, the date that Mr. H. Lutnick stepped down from his positions with the Company, and as of the date of this Amendment, Mr. H. Lutnick no longer had
units for which he had previously waived monetization rights and for which he could have future monetization rights pursuant to the standing
policy.

 Historical BGC Partners Standing Policy
Prior to the Corporate Conversion

 In December 2010, as amended in 2013 and in 2017,
the BGC Partners Audit Committee and Compensation Committee approved a standing policy that gave Mr. H. Lutnick the same right,
subject to certain conditions, to accept or waive opportunities offered to other executive officers to monetize or otherwise provide liquidity
with respect to some or all of their limited partnership units of BGC Holdings or to accelerate the lapse of or eliminate any restrictions
on equity awards, and provided generally that Mr. H. Lutnick would be treated no less favorably than, and in proportion to, any
other executive officer with respect to the change, right or modification of partnership or equity awards. The description of the standing
policy prior to the Corporate Conversion was generally consistent with the existing policy except that it included partnership units,
which are no longer outstanding following the Corporate Conversion. Mr. H. Lutnick historically has elected to waive his right
to participate in most such opportunities under the standing policy.

 In connection with the Corporate Conversion, on
May 18, 2023 the BGC Partners Compensation Committee approved the redemption of all of the non-exchangeable BGC Holdings
units held by Mr. Merkel at that time. On May 18, 2023, Mr. Merkel's 148,146 NPSU-CVs, 33,585 PSU-CVs, and
74,896 PSUs were redeemed for zero and an aggregate of 256,627 shares of Class A common stock were granted to Mr. Merkel, and
148,146 NPPSU-CVs with a total determination amount of $681,250 and 33,585 PPSU-CVs with a total determination amount
of $162,500 were redeemed for an aggregate cash payment of $843,750. After deduction of shares of BGC Partners Class A common stock
to satisfy applicable tax withholding through the surrender of shares of BGC Partners Class A common stock valued at $4.61 per share,
Mr. Merkel received 196,525 net shares of Class A common stock.

 Since Mr. H. Lutnick had previously repeatedly
waived his rights under the standing policy, as of May 18, 2023 his rights had accumulated for 7,879,736 non-exchangeable PSUs,
and 103,763 non-exchangeable PPSUs with a determination amount of $474,195. Due to the May 18, 2023 monetization of all
of Mr. Merkel's then-remaining non-exchangeable BGC Holdings units, on such date Mr. H. Lutnick received additional
incremental monetization rights for his then-remaining 3,452,991 non-exchangeable PSUs, and 1,348,042 non-exchangeable PPSUs
with a determination amount of $6,175,805.

 In connection with the Corporate Conversion and,
as a result of the monetization event for Mr. Merkel, on May 18, 2023 Mr. H. Lutnick elected to exercise in full his monetization
rights under the standing policy, which he had previously waived in prior years. All of the non-exchangeable BGC Holdings units
that Mr. H. Lutnick held at that time were monetized as follows: 11,332,727 PSUs were redeemed for zero and 11,332,727 shares of Class A
common stock were granted to Mr. H. Lutnick, and 1,451,805 PPSUs with an aggregate determination amount of $6,650,000 were redeemed for
an aggregate cash payment of $6,650,000. After deduction of applicable tax withholding through the surrender of shares of BGC Partners
Class A common stock valued at $4.61 per share, Mr. H. Lutnick received 5,710,534 net shares of Class A common stock.

 On May 18, 2023, Mr. H. Lutnick also exchanged
his then-remaining 520,380 exchangeable PSUs for 520,380 shares of Class A common stock. After deduction of applicable tax withholding
through the surrender of shares of BGC Partners Class A common stock valued at $4.61 per share, Mr. H. Lutnick received 232,610 net
shares of Class A common stock. In addition, on May 18, 2023, Mr. H. Lutnick's then-remaining 1,474,930 non-exchangeable HDUs
were redeemed for a cash capital account payment of $9,148,000, $2.1 million of which was paid by BGC Partners with the remainder
paid by Newmark Group, Inc. As a result of the various transactions on May 18, 2023 described above, on May 18, 2023, Messrs. H.
Lutnick and Merkel no longer held any limited partnership units of BGC Holdings.

 Compensation Actions Taken in Connection with the Corporate Conversion

 In connection with the Corporate Conversion, certain
of the following current and former executive officers, the executive officers as a group, the non-executive directors as a
group, and the non-executive officer employees and service providers as a group of BGC Partners held outstanding awards (other
than exchangeable rights) under the BGC Partners Equity Plan or non-exchangeable partnership unit awards under the Participation
Plan that were assumed or replaced by substitute awards under the BGC Group Equity Plan as a result of the Corporate Conversion. The assumed
and substitute awards issued under the BGC Group Equity Plan at the closing of the Corporate Conversion are detailed in the table below.

 Name and Position

 Assumed

RSUs

(BGC Group

common stock) (2)

 Assumed

RSAs

(BGC Group

common

stock) (2)

 Substitute

RSUs

(BGC Group

common

stock) (3)

 Substitute

RSAs

(BGC Group

common

stock) (4)

 Substitute Tax

 Account

(Cash)

($) (5)

 Mr. Howard W. Lutnick, former Chief Executive Officer and Chairman (1)

 —

 —

 —

 —

 $
 —

 Mr.
 Stephen M. Merkel, Executive Vice President and General Counsel (1)

 —

 —

 —

 —

 $
 —

 Mr. Sean A. Windeatt, Co-Chief Executive Officer and Chief Operating Officer

 —

 —

 930,547
 (6)

 398,439
 (7)

 $1,292,575
 (8)

 Mr. Jason W. Hauf, Chief Financial
 Officer

 —

 —

 43,900
 (9)

 —

 $
 156,249

 Executive Group

 —

 —

 974,447

 398,439

 $1,448,824
 (10)

 Non-Executive Director Group

 62,193
 (11)

 —

 —

 —

 $
 —

 Non-Executive Officer Employee and Service Provider Group

 12,224,374

 4,982,463

 46,830,010

 38,211,794

 $
 121,670,595

 Total

 12,286,567

 4,982,463

 47,804,457

 38,610,233

 $
 123,119,419

 (1)
 As
a result of the May 18, 2023 redemption and exchange transactions described under "Compensation Discussion and Analysis — Standing
Policy for Mr. Howard W. Lutnick," all of the outstanding partnership units held by Messrs. H. Lutnick and Merkel were redeemed
on that date, and neither held any partnership units at the closing of the Corporate Conversion.

 (2)
 Assumed RSUs and RSAs consist of BGC Group Equity Plan awards
relating to BGC Partners RSUs and RSAs that were outstanding immediately prior to closing of the Corporate Conversion. In each case,
such assumed BGC Group RSUs and RSAs have the same terms and conditions as were applicable to the BGC Partners awards to which they relate.

 (3)
 Substitute RSUs consist of BGC Group Equity Plan awards that
replaced certain non-exchangeable BGC Holdings limited partnership units, including Grant Units, HD-Units, REUs, RPUs, PSUs, PSIs, PSEs,
NPSU-CVs, and NPSUs. The terms of the substitute RSUs vary depending upon the type of limited partnership unit that they replaced, in
accordance with the terms of the Corporate Conversion Agreement.

 (4)
 Substitute RSAs consist of BGC Group Equity Plan awards that
replaced certain non-exchangeable BGC Holdings limited partnership units, including LPU-NEWs, LPUs, NLPU-CVs, NLPU-NEWs, NLPUs, PLPUs,
and NPLPUs. The terms of the substitute RSAs vary depending upon the type of limited partnership unit that they replaced, in accordance
with the terms of the Corporate Conversion Agreement.

 (5)
 Substitute cash Tax Account awards consist of BGC Group Equity
Plan awards that replaced certain non-exchangeable BGC Holdings Preferred Units, including PPSUs, PPSIs, PPSEs, PREUs, PRPUs, NPPSU-CVs,
and NPPSUs. The terms of the substitute cash Tax Account awards vary depending upon the type of Preferred Unit that they replaced, in
accordance with the terms of the Corporate Conversion Agreement.

 (6)
 Consists of (i) 673,570 RSUs that will vest on July 1,
2033, provided that Mr. Windeatt remains employed through such vesting date, and (ii) 256,977 RSUs that will vest on July 1,
2033, provided that Mr. Windeatt remains employed through such vesting date, and contingent upon BGC Group and its affiliates generating
at least $5 million in revenue for the quarter in which the vesting occurs. See "Compensation Discussion and Analysis —2023
Actions Regarding Outstanding Awards" for discussion of the accelerated vesting of certain of these RSUs on July 12, 2023.

 (7)
 Consists of (i) 239,990 RSAs that vested on April 1,
2025, and (ii) 158,449 RSAs that vested on April 1, 2024.

 (8)
 These substitute cash Tax Account awards relate to the substitute
RSUs described in footnote (6) and are settled for cash to cover withholding taxes paid when the related RSUs vest. See "Compensation
Discussion and Analysis —2023 Actions Regarding Outstanding Awards" for discussion of the accelerated vesting of certain
of these substitute Tax Account awards on July 12, 2023.

 (9)
 Consists of (i) 6,808 RSUs which will vest on July 1,
2033, provided that Mr. Hauf remains employed through such vesting date, and contingent upon BGC Group and its affiliates generating
at least $5 million in revenue for the quarter in which the vesting occurs, and (ii) 37,092 RSUs which will vest on July 1,
2033, provided that Mr. Hauf remains employed through such vesting date.

 (10)
 These substitute cash Tax Account awards relate to the substitute
RSUs described in footnote (9) and will be settled for cash to cover withholding taxes paid when the related RSUs vest.

 (11)
 Consists of assumed RSUs held by Dr. Bell and Messrs.
Mbanefo and Richards.

 Perquisites

 Historically, from time to time, we have provided
certain of our executive officers with perquisites and other personal benefits that we believe are reasonable. While we do not view perquisites
as a significant element of our executive compensation program, we do believe that they can be useful in attracting, motivating and retaining
the executive talent for which we compete. From time to time, these perquisites might include travel, transportation and housing benefits,
particularly for executives who live overseas and travel frequently to our other office locations. We believe that these additional benefits
may assist our executive officers in performing their duties and provide time efficiencies for them in appropriate circumstances, and
we may consider their use in the future. All present or future practices regarding executive officer perquisites will be subject to periodic
review and approval by our Compensation Committee. The perquisites and other personal benefits, if any, provided to such executive officers
generally have not had an aggregate incremental cost to us per individual that exceeds $10,000.

 We offer medical, dental, and life insurance, short-
and long-term disability insurance and a 401(k) plan to all employees on a non-discriminatory basis. Medical insurance premiums are
charged to certain of our employees at varying levels based on total cash compensation, and all of our executive officers were charged
at the maximum contribution level in light of their compensation.

 Post-Employment Compensation

 Pension Benefits

 We do not currently provide pension arrangements
or post-retirement health coverage for our employees in the U.S., although we may consider such benefits in the future. For our employees
in the U.K., other than executives who are members of the U.K. Partnership, we provide a pension arrangement as required by law.

 Retirement Benefits

 Our executive officers in the U.S. are generally
eligible to participate in our 401(k) contributory defined contribution plan, which we refer to as our "Deferral Plan."
Pursuant to the Deferral Plan, all U.S. eligible employees, including our executive officers, are provided with a means of saving
for their retirement. We currently do not match any of our executive officers' contributions to our Deferral Plan.

 Nonqualified Deferred Compensation

 We do not provide any nonqualified deferred compensation
plans to our employees, although we may consider such benefits in the future.

 COMPENSATION COMMITTEE REPORT

 The Compensation Committee has reviewed and discussed
the Compensation Discussion and Analysis, which we refer to as the "CD&A," set forth herein with management of the Company
and, based on such review and discussions, the Compensation Committee recommended to the Company's Board of Directors that the CD&A
be included herein.

 Dated: April 29, 2025

 THE COMPENSATION COMMITTEE

 Linda A. Bell, Chair

 David P. Richards

 Arthur U. Mbanefo

 William Addas

 EXECUTIVE COMPENSATION

 Summary Compensation Table

 (a)

 Name and Principal Position

 (b)

Year

 (c)

Salary

($)

 (d)

Bonus

($)

 (e)

(Related

 to Prior

Periods)

($) (1)(2)

 (f)

($)

 (g)

Non-Equity

Incentive Plan

($) (3)

 (h)

Change in

Pension

Value and

Nonqualified

Deferred

Earnings

 ($)

 (i)

 All Other

($) (4)

 (j)

 Total

 ($)

 Howard W. Lutnick,

 2024

 —

 —

 —

 14,000,000

 —

 —

 15,000,000

 Former Chairman of the

 2023

 —

 2,044,535

 —

 14,000,000

 —

 —

 17,044,535

 Board of Directors and

 Chief Executive Officer

 2022

 —

 —

 —

 12,000,000

 —

 —

 13,000,000

 Stephen M. Merkel,

 2024

 —

 —

 —

 1,750,000

 —

 —

 2,750,000

 Executive Vice President

 2023

 —

 —

 —

 1,300,000

 —

 —

 2,300,000

 and General Counsel

 2022

 —

 —

 —

 —

 —

 2,000,000

 Sean A. Windeatt,

 2024

 850,675
 (5)

 —

 —

 —

 3,047,847
 (6)

 —

 3,898,522

 Chief Operating Officer

 2023

 896,630
 (5)

 —

 1,220,725

 —

 2,251,822
 (6)

 —

 420,002

 4,789,179

 2022

 745,920
 (5)

 —

 —

 —

 2,113,440

 —

 —

 2,859,360

 Jason W. Hauf

 2024

 700,000

 —

 —

 —

 750,000

 —

 —

 1,450,000

 Chief
 Financial Officer

 2023

 700,000

 —

 —

 —

 650,000

 —

 —

 1,350,000

 2022

 344,083
 (7)

 —

 —

 —

 650,000

 —

 —

 994,083

 (1)
 Column
(e) does not include units, or the monetization thereof, that have previously appeared in the Summary Compensation Table as compensation
in prior years and were reflected in column (g) of the table for each of those prior years at their full notional dollar
values.

 See "Compensation Discussion and Analysis — Standing
Policy for Mr. Howard W. Lutnick," "Compensation Discussion and Analysis — Compensation Actions Taken in Connection
with the Corporate Conversion," and "Compensation Discussion and Analysis — Transactions with Executive Officers
and Directors" for a discussion of the monetization events relating to these previously reported units.

 (2)
 The 2023 amount of $2,044,535 under column (e) for
Mr. H. Lutnick represents the aggregate fair value of the redemption of 443,500 BGC Holdings PSUs for zero and the issuance of 443,500
shares of BGC Class A common stock at $4.61 per share as a result of the May 18, 2023 exercise of Mr. H. Lutnick's monetization
rights under the standing policy. These 443,500 BGC Holdings PSUs were issued to Mr. H. Lutnick in connection with the monetization of
long-term incentive awards originally issued to Mr. H. Lutnick in 2019 in the form of NPSUs, which were not previously included
in column (g) at full notional value. They were included in the 11,332,727 BGC Holdings PSUs which were redeemed for zero and the
11,332,727 shares of BGC Class A common stock issued on May 18, 2023. The remaining 10,889,227 BGC Holdings PSUs which were
redeemed had been issued to Mr. H. Lutnick in connection with previous year-end compensation grants under the BGC Incentive Plan
and were previously included under column (g) at full notional value for the applicable period. See "Compensation Discussion
and Analysis — Standing Policy for Mr. Howard W. Lutnick" for more information on the standing policy.

 The 2023 amount of $1,220,725 under column (e) for
Mr. Windeatt represents the fair value of $1,218,494 of 275,055 RSUs issued to Mr. Windeatt on July 1, 2023 in connection
with the Corporate Conversion and the incremental value of $2,231 in connection with their vesting on July 12, 2023. These RSUs were
issued to Mr. Windeatt in exchange for certain long-term incentive awards in the form of former NLPUs granted to Mr. Windeatt
in 2021, which were not previously included in column (g) at full notional value and converted into RSUs in connection with the Corporate
Conversion. Column (e) does not include the other RSUs and/or RSAs issued to Messrs. Windeatt and Hauf in connection with the Corporate
Conversion because they were issued in substitution of long-term incentive awards previously included in column (g) at full notional
value. See "Compensation Discussion and Analysis — Compensation Actions Taken in Connection with the Corporate Conversion,"
for more information.

 (3)
 The amounts in column (g) reflect the bonus awards to
the named executive officers under our Incentive Plan. The awards represented in column (g) for 2024 were approved on January 13,
2025. The approval and issuance of the equity portions of the awards are effective as of April 1, 2025, reflecting a stock price of $9.45
per share. The awards represented in column (g) for 2023 were approved on March 7, 2024 with additional adjustments to Mr. Merkel's
award approved on March 22, 2024. The approval and issuance of the equity portions of the awards were effective April 1, 2024,
reflecting a stock price of $8.43 per share. The awards represented in column (g) for 2022 were made on April 18, 2023 and
reflected a stock price of $4.59 per share.

 For 2024, Mr. H. Lutnick's Incentive Plan bonus
for BGC was $14,000,000 paid in cash; Mr. Merkel's Incentive Plan bonus for BGC was $1,750,000 paid $1,062,500 in cash and
$687,500 in a grant of 72,751 RSUs which vest ratably on each of the first (1 st) through fifth (5 th) anniversaries
of the grant date provided he is substantially providing services to BGC on each vesting date, and contingent upon BGC and its affiliates
generating at least $5 million in revenue for the quarter in which the vesting occurs; Mr. Windeatt's Incentive Plan bonus
was $3,047,847 ( 2,508,000) paid $2,339,356 ( 1,925,000) in cash and a total of $708,491 ( 583,000) in a grant of 73,098
RSUs-LLP (after application of a 2.5% adjustment for the U.K. Partnership administration fee) which vest on April 1, 2028 provided
that, (a) he remains a member in good standing of the U.K. Partnership on the vesting date and has complied at all times with his
then-current Deed of Adherence with the U.K. Partnership and all other agreements with BGC and its affiliates, (b) the U.K. Partnership
senior management has reasonably determined that he has at all times satisfactorily performed his duties for the U.K. Partnership,
taking into account, inter alia, as applicable, his performance evaluation(s) and adherence to regulatory obligations, compliance
requirements, and applicable laws, and (c) BGC and its affiliates generate at least $5 million in revenue for the quarter in which
the vesting occurs; Mr. Hauf's Incentive Plan bonus for BGC was $750,000 paid $387,500 in cash and $362,500 in a grant of 38,360
RSUs which vest ratably on each of the first (1 st) through fifth (5 th) anniversaries of the grant date provided
he is substantially providing services to BGC on each vesting date, and contingent upon BGC and its affiliates generating at least $5 million
in revenue for the quarter in which the vesting occurs.

 For 2023, Mr. H. Lutnick's Incentive Plan
bonus for BGC was $14,000,000 paid $3,000,000 in cash and $11,000,000 in a grant of 1,304,864 RSUs which vest ratably on each of the
first (1 st) through fifth (5 th) anniversaries of the grant date provided he is substantially providing
services to BGC on each vesting date, and contingent upon BGC and its affiliates generating at least $5 million in revenue for
the quarter in which the vesting occurs; Mr. Merkel's Incentive Plan bonus for BGC was $1,300,000 paid $650,000 in cash
and $650,000 in a grant of 77,106 RSUs which vest ratably on each of the first (1 st) through fifth (5 th)
anniversaries of the grant date provided he is substantially providing services to BGC on each vesting date, and contingent upon BGC
and its affiliates generating at least $5 million in revenue for the quarter in which the vesting occurs;
Mr. Windeatt's Incentive Plan bonus was $2,251,822 ( 1,758,000) paid $640,450 ( 500,000) in cash and a total
of $1,611,372 ( 1,258,000) in two grants of RSUs and RSUs-LLP as follows: (i) 60,095 RSUs which vest ratably on each of
the first (1 st) through fifth (5 th) anniversaries of the grant date provided he is substantially providing
services to BGC on each vesting date, and contingent upon BGC and its affiliates generating at least $5 million in revenue for
the quarter in which the vesting occurs; and (ii) 131,053 RSUs-LLP which vest on April 1, 2027, provided that (a) he still
remains a member in good standing of the U.K. Partnership on the vesting date and has complied at all times with his
then-current Deed of Adherence with the U.K. Partnership and all other agreements with BGC and its affiliates, (b) the
U.K. Partnership senior management has reasonably determined that he has at all times satisfactorily performed his duties for
the U.K. Partnership, taking into account, inter alia, as applicable, his performance evaluation(s) and adherence
to regulatory obligations, compliance requirements, and applicable laws, and (c) BGC and its affiliates generate at least
$5 million in revenue for the quarter in which the vesting occurs; Mr. Hauf's Incentive Plan bonus for BGC was
$650,000 paid $312,500 in cash and $337,500 in a grant of 40,036 RSUs which vest ratably on each of the first (1 st)
through fifth (5 th) anniversaries of the grant date provided he is substantially providing services to BGC on each
vesting date, and contingent upon BGC and its affiliates generating at least $5 million in revenue for the quarter in which the
vesting occurs.

 For 2022, Mr. H. Lutnick's Incentive Plan bonus
for BGC was $12,000,000 paid $2,000,000 in cash and $10,000,000 in a partnership award represented by 1,416,122 non-exchangeable BGC Holdings
PSUs and 762,527 non-exchangeable BGC Holdings PPSUs at $4.59 per unit; Mr. Merkel's Incentive Plan bonus was $1,000,000 paid
$500,000 in cash and $500,000 in a partnership award represented by 54,466 non-exchangeable BGC Holdings NPSU-CVs and 54,466 non-exchangeable
BGC Holdings NPPSU-CVs at $4.59 per unit; Mr. Windeatt's Incentive Plan bonus was $2,113,440 ( 1,700,000) paid $310,800
( 250,000) in cash and $1,439,626 ( 1,158,000) in the form of 40,625 non-exchangeable BGC Holdings NLPU-CVs and 36,026 non-exchangeable
BGC Holdings NPLPU-CVs at $4.59 per unit, as well as 154,046 non-exchangeable BGC Holdings LPU-NEWs and 82,948 BGC Holdings PLPU-NEWs
at $4.59 per unit, which were scheduled to have certain exchange rights beginning April 1, 2025 upon certain conditions, and $363,014
( 292,000) attributed to Mr. Windeatt's previously issued BGC Holdings NLPU/NPLPU award effective January 1, 2021
based upon the expectation of including $400,000 of the January 1, 2021 award as part of Mr. Windeatt's annual compensation
for calendar years 2020 through 2024; and Mr. Hauf's Incentive Plan bonus was $650,000 paid $337,500 in cash and $62,500
in a partnership award represented by 6,808 non-exchangeable BGC Holdings NPSU-CVs and 6,808 non-exchangeable BGC Holdings NPPSU-CVs at
$4.59 per unit and $250,000 attributed to Mr. Hauf's previously issued BGC Holdings PSUs/PPSUs award effective July 1,
2022 in connection with Mr. Hauf's sign-on bonus.

 (4)
 The 2023 amount of $420,002 under column (i) for
Mr. Windeatt represents value of the RSU Tax Account granted to Mr. Windeatt on July 1, 2023, which vested on July 12,
2023 in connection with the accelerated vesting of the associated RSUs. The RSU Tax Account was granted to Mr. Windeatt in exchange
for certain long-term incentive awards in the form of former NPLPUs granted to Mr. Windeatt in 2021, which were not previously included
in column (g) at full notional value and were substituted with RSU Tax Accounts in connection with the Corporate Conversion.

 (5)
 For 2024, Mr. Windeatt's base salary was 700,000
and the $850,675 base salary reflected in the table was calculated using an exchange rate of 1.21525 which was the exchange rate in effect
as of January 13, 2025. For 2023, Mr. Windeatt's base salary was 700,000 and the $896,630 base salary reflected in
the table was calculated using an exchange rate of 1.2809 which was the exchange rate in effect as of March 7, 2024. For 2022, Mr. Windeatt's
base salary was 600,000 and the $745,920 base salary reflected in the table was calculated using an exchange rate of 1.2432, which
was the exchange rate in effect as of April 18, 2023.

 (6)
 The amount reflected in column (g) for Mr. Windeatt
excludes (i) $354,853 ( 292,000)) that the Compensation Committee attributed to compensation year 2024 when determining Mr. Windeatt's
compensation and (ii) $374,023 ( 292,000) that the Compensation Committee attributed to compensation year 2023 when determining
Mr. Windeatt's compensation. Effective January 1, 2021, the Compensation Committee awarded 458,425 NLPUs and 246,844
NPLPUs to Mr. Windeatt, with the expectation of attributing twenty percent (20%) of such award, valued at 292,000, to compensation
for each of 2020, 2021, 2022, 2023 and 2024. The units were converted into RSUs and RSU Tax Accounts in the Corporate Conversion, and
the RSUs that were not previously reported in column (g) (RSUs that Mr. Windeatt received in substitution of units that the
Compensation Committee attributed to compensation for fiscal years 2023 and 2024) are included in column (e) for 2023.

 (7)
 Mr. Hauf started as Chief Financial Officer of the Company
on June 6, 2022. The amount reflected in column (c) for Mr. Hauf for 2022 is Mr. Hauf's actual (not annualized)
paid amount.

 Grants of Plan-Based Awards

 The following table shows all grants of plan-based
awards to the named executive officers in 2024:

 (a)

 (b)

 (c)

 (d)

 (e)

 (f)

 (g)

 (h)

 (i)

 (j)

 (k)

 (l)

 Estimated Possible Payouts
 Under Non-Equity
 Incentive Plan Awards

 Estimated Future Payouts
 Under Equity
 Incentive Plan Awards

 All Other
 Stock
 Shares of
 Stock or

 All Other
 Securities
 Underlying

 Exercise
 or Base
 Price of

 Grant Date
 Fair Value
 of Stock
 and Option

 Name

 Grant
 Date

 Threshold
 ($)

 Target ($)

 Maximum

 ($) (1)

 Threshold
 (#)

 Target
 (#)

 Maximum

 (#)

 Units
 (#)

 Options
 (#)

 ($/Sh)

 ($)

 Howard W. Lutnick

 —

 —

 —

 25,000,000

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 25,000,000

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 25,000,000

 —

 —

 —

 —

 —

 —

 —

 Jason W. Hauf

 —

 —

 —

 25,000,000

 —

 —

 —

 —

 —

 —

 —

 (1)
 The amounts in column (e) reflect the maximum possible
individual payment under our Incentive Plan. During 2024, there were no specific minimum and target levels under the Incentive Plan.
The $25,000,000 maximum amount was the maximum annual amount available for payment to any one executive officer under the Incentive Plan
for 2024, and our Compensation Committee retained negative discretion to award less than this amount. Actual amounts paid to each named
executive officer for 2024 are set forth in column (g) of the Summary Compensation Table.

 Outstanding Equity Awards at Fiscal Year End

 None of the named executive officers held any unexercised
options as of December 31, 2024. The following table shows all equity awards for services to the registrant held by each of the named
executive officers as of December 31, 2024:

 Option Awards

 Stock Awards

 (a)
 Name

 (b)
 Securities
 Underlying
 Unexercised
 Options/
 (#)

 (c)
 Securities
 Underlying
 Unexercised
 Options/
 (#)

 (d)
 Incentive
 Plan
 Securities
 Underlying
 Unexercised
 Unearned
 Options
 (#)

 (e)
 Exercise
 Price
 ($)

 (f)
 Expiration
 Date

 (g)
 Shares of
 Stock That
 Have Not
 Vested
 (#) (1)

 (h)
 Market
 Value of
 Shares of
 Stock That
 Have Not
 Vested (1)

 (i)
 Incentive
 Plan
 Unearned
 Shares,
 or Other
 Rights
 That
 Have Not
 Vested
 (#)

 (j)
 Incentive
 Plan
 Market
 or Payout
 Value of
 Unearned
 Shares,
 or Other
 Rights
 That
 Have Not
 Vested
 ($)

 Howard W. Lutnick

 —

 —

 —

 —

 —

 1,304,864

 $
 11,822,068

 —

 —

 —

 —

 —

 —

 —

 77,106

 $
 698,580

 —

 —

 —

 —

 —

 —

 —

 72,751

 $
 659,124

 —

 —

 —

 —

 —

 —

 —

 60,095

 $
 544,461

 —

 —

 —

 —

 —

 —

 —

 239,990

 $
 2,174,309

 —

 —

 —

 —

 —

 —

 —

 131,053

 $
 1,187,340

 —

 —

 —

 —

 —

 —

 —

 210,037

 $
 1,902,935

 —

 —

 —

 —

 —

 —

 —

 73,098

 $
 662,268

 —

 —

 Jason Hauf

 —

 —

 —

 —

 —

 40,036

 $
 362,726

 —

 —

 —

 —

 —

 —

 —

 43,900

 $
 397,734

 —

 —

 —

 —

 —

 —

 —

 38,360

 $
 347,542

 —

 —

 (1)
 The number in column (g) for Mr. H. Lutnick includes
the number of RSUs granted to Mr. H. Lutnick in connection with the 2023 year-end compensation which were approved by the Compensation
Committee on March 7, 2024, with such approval and issuance of the RSUs effective April 1, 2024. These 1,304,864 RSUs had an
aggregate market value of $11,822,068 as of December 31, 2024, based on the closing price of our Class A common stock of $9.06
on December 31, 2024.

 The number in column (g) for Mr. Merkel represents
the following: (1) 77,106 RSUs granted to Mr. Merkel in connection with the 2023 year-end compensation which were approved by the
Compensation Committee on March 7, 2024 with additional adjustments approved by the Compensation Committee on March 22, 2024,
and with such approval and issuance of the RSUs effective April 1, 2024. These 77,106 RSUs had an aggregate market value of $698,580
as of December 31, 2024, based on the closing price of our Class A common stock of $9.06 on December 31, 2024; and (2)
72,751 RSUs granted to Mr. Merkel in connection with the 2024 year-end compensation which were approved by the Compensation Committee
on January 13, 2025, with such approval and issuance of the RSUs effective as of April 1, 2025. These 72,751 RSUs would have had an aggregate
market value of $659,124 as of December 31, 2024, based on the closing price of our Class A common stock of $9.06 on December 31,
2024.

 For Mr. Windeatt, the numbers in column (g) represent
the following: (1) 60,095 RSUs granted to Mr. Windeatt in connection with the 2023 year-end compensation which were approved
by the Compensation Committee on March 7, 2024, with such approval and issuance of the RSUs effective April 1, 2024. These 60,095
RSUs had an aggregate market value of $544,461 as of December 31, 2024, based on the closing price of our Class A common stock
of $9.06 on December 31, 2024; (2) 239,990 RSAs issued to Mr. Windeatt in connection with the Corporate Conversion related
to the conversion of certain former units of BGC Holdings held by Mr. Windeatt immediately prior to the Corporate Conversion. These
RSAs had an aggregate value of $2,174,309 as of December 31, 2024, based on the closing price of our Class A common stock of
$9.06 on December 31, 2024; (3) 131,053 RSUs-LLP granted to Mr. Windeatt in connection with the 2023 year-end compensation
were approved by the Compensation Committee on March 7, 2024 and issued on April 1, 2024. These 131,053 RSUs-LLP had an aggregate
market value of $1,187,340 as of December 31, 2024, based on the closing price of our Class A common stock of $9.06 on December 31,
2024; (4) 210,037 RSUs issued to Mr. Windeatt in connection with the Corporate Conversion related to the conversion of certain
former units of BGC Holdings held by Mr. Windeatt immediately prior to the Corporate Conversion. These RSUs had an aggregate value
of $1,902,935 as of December 31, 2024, based on the closing price of our Class A common stock of $9.06 on December 31,
2024; and (5) 73,098 RSUs-LLP granted to Mr. Windeatt in connection with the 2024 year-end compensation which were approved by the Compensation
Committee on January 13, 2025, with such approval and issuance of the RSUs effective as of April 1, 2025. These 73,098 RSUs-LLP would
have had an aggregate market value of $662,268 as of December 31, 2024, based on the closing price of our Class A common stock
of $9.06 on December 31, 2024.

 For Mr. Hauf, the numbers in column (g) represent
the following: (1) 40,036 RSUs granted to Mr. Hauf in connection with the 2023 year-end compensation which were approved by
the Compensation Committee on March 7, 2024, with such approval and issuance of the RSUs effective April 1, 2024. These 40,036
RSUs had an aggregate market value of $362,726 as of December 31, 2024, based on the closing price of our Class A common stock
of $9.06 on December 31, 2024; (2) 43,900 RSUs issued to Mr. Hauf in connection with the Corporate Conversion related to
the conversion of the units of BGC Holdings held by Mr. Hauf immediately prior to the Corporate Conversion. These 43,900 RSUs had
an aggregate market value of $397,434 as of December 31, 2024, based on the closing price of our Class A common stock of $9.06
on December 31, 2024; and (3) 38,360 RSUs granted to Mr. Hauf in connection with the 2024 year-end compensation which were approved
by the Compensation Committee on January 13, 2025, with such approval and issuance of the RSUs effective as of April 1, 2025. These 38,360
RSUs would have had an aggregate market value of $347,542 as of December 31, 2024, based on the closing price of our Class A
common stock of $9.06 on December 31, 2024.

 Option Exercises and Stock Vested

 During 2024, BGC had no outstanding stock options
and no options were exercised by any of the named executive officers. During 2024, certain RSAs held by Mr. Windeatt vested, as detailed
in the following table:

 Option Awards

 Stock Awards

 (a)
 Name

 (b)
 shares
 acquired on
 exercise

 (c)
 Value
 realized on
 exercise
 ($)

 (d)
 shares
 acquired on
 vesting

 (e)
 Value
 realized on
 vesting
 ($) (1)

 —

 —

 158,449

 $
 1,213,719

 (1)
 Represents the fair market value of Mr. Windeatt's
158,449 shares of Class A common stock that vested on April 1, 2024 calculated based upon the closing price of the Company's
Class A common stock on April 1, 2024, which was $7.66.

 Potential Payments upon Termination and Change in Control

 The following table provides information regarding
the estimated amounts payable to the named executive officers listed below if the specified event had occurred on December 31, 2024
under their change in control and other agreements, described below, in effect on December 31, 2024. Accordingly, the following disclosure
does not reflect changes in circumstances after December 31, 2024, such as Mr. H. Lutnick stepping down from his positions at the Company
and the termination of his Change in Control Agreement. The amounts are determined, where applicable, using the $9.06 closing market price
of our Class A common stock as of December 31, 2024 in accordance with SEC rules. All amounts, including estimated vesting of
equity compensation and tax gross-up payments, are subject to the specific terms and conditions set forth in the applicable change in
control or other agreements and applicable law. Terms used below are as defined in the applicable agreement.

 Name

 Base
 Salary
 ($)

 Bonus
 ($)

 Vesting of
 ($) (1)

 Consultancy
 Fees
 ($) (2)

 Welfare
 Benefit
 Continuation
 ($)

 Tax
 Gross-Up
 Payment
 ($) (3)

 Total
 ($)

 Howard W. Lutnick

 Termination of Employment by Mr. H. Lutnick

 2,000,000

 28,000,000

 —

 —

 136,016

 —

 30,136,016

 Extension of Employment

 14,000,000

 —

 —

 136,016

 —

 15,136,016

 Termination of Employment by the Company within 3 years

 14,000,000

 —

 —

 —

 —

 15,000,000

 Termination of Employment by Mr. Merkel

 2,000,000

 3,500,00

 —

 —

 117,881

 —

 5,617,881

 Extension of Employment

 1,750,000

 —

 —

 117,881

 —

 1,867,881

 Termination of Employment by the Company within 3 years

 1,750,000

 —

 —

 —

 —

 2,750,000

 Sean A. Windeatt (4)

 Termination of Employment

 1,701,350

 6,095,694

 6,321,288

 256,180

 17,605

 —

 14,392,117

 Extension of Employment

 850,675

 3,047,847

 6,321,288

 —

 —

 —

 10,219,810

 Termination of Employment not in connection with a Change in Control

 —

 —

 —

 256,180

 —

 —

 256,180

 (1)
 At December 31, 2024, immediately prior to a Change in
Control of the Company, with respect to Messrs. H. Lutnick and Merkel, and upon a Change of Control in the Company, with respect
to Mr. Windeatt, unless otherwise provided in the applicable award agreement, all stock options, RSUs, and other awards based on
shares of the Company's Class A common stock and Class B common stock, as well any associated RSU Tax Accounts would
have vested in full and become immediately exercisable, as applicable.

 At December 31, 2024, Mr. H. Lutnick held 1,304,864
RSUs which had a value of $11,822,068 based on the closing price of the BGC Class A common stock of $9.06 on December 31, 2024.

 At December 31, 2024, Mr. Merkel held 77,106 RSUs which had
a value of $698,580 based on the closing price of the BGC Class A common stock of $9.06 on December 31, 2024.

 At December 31, 2024, Mr. Windeatt held (i) 239,990
RSAs, (ii) 131,053 RSU-LLPs, (iii) 270,135 RSUs and (iv) $512,242 in RSU Tax Accounts. Based on the closing price of the BGC
Class A common stock of $9.06 on December 31, 2024, the aggregate value of the shares and cash underlying such grants for Mr. Windeatt
was $6,321,288.

 (2)
 Mr. Windeatt is entitled to receive consulting fees in
the event of a termination of his membership in the U.K. Partnership as described below.

 (3)
 Mr. H. Lutnick was entitled to a tax gross-up for excess parachute payments, if any, that would have been due in respect of the impact a change
in control would have on certain of his outstanding equity awards as stated in footnote (1). There would be no tax-gross up payment due
to Mr. H. Lutnick upon either a termination of employment, or upon an extension of employment, in connection with a Change in
Control based upon the equity compensation in footnote (1), base salary, bonus, and welfare benefit continuation calculated as of December 31,
2024.

 Mr. Merkel is entitled to a tax gross-up for excess parachute
payments, if any, that would be due in respect of the impact a change in control would have on certain of his outstanding equity awards
as stated in footnote (1). There would be no tax-gross up payment due to Mr. Merkel upon either a termination of employment, or upon an
extension of employment, in connection with a change in control when calculated based upon the equity compensation in footnote (1), base
salary, bonus, and welfare benefit continuation as of December 31, 2024.

 (4)
 For 2024, Mr. Windeatt received 700,000 in salary
and his bonus was 2,508,000. The $850,675 salary and $3,047,847 bonus reflected in the table were calculated using an exchange
rate of 1.21525, the exchange rate in effect as of January 13, 2025. In addition, in the event that Mr. Windeatt remains a member
in the U.K. Partnership on the second anniversary of the change of control as described below, Mr. Windeatt will receive an
additional payment equal to the payment he received at the time of the change of control.

 Change in Control Agreements

 On August 3, 2011, each of Messrs. H. Lutnick
and Merkel entered into an amended and restated Change in Control Agreement with us, which we refer to as the "Change in Control
Agreements," providing that, upon a change in control, all stock options, RSUs, restricted stock, and other awards based on shares
of Class A common stock held by them immediately prior to such change in control shall vest in full and become immediately exercisable,
and all limited partnership units in BGC Holdings shall, if applicable, vest in full and be granted immediately exchangeable exchange
rights for shares of Class A common stock. The amended and restated Change in Control Agreements also clarify the provisions relating
to the continuation of medical and life insurance benefits for two years following termination or extension of employment, as applicable.

 Under the Change in Control Agreements, if a change
in control of the Company occurs (which will occur in the event that Cantor or one of its affiliates ceases to have a controlling interest
in us) and Mr. H. Lutnick or Mr. Merkel elects to terminate his employment with us, such executive officer will receive in a
lump sum in cash an amount equal to two times his annual base salary and the annual bonus paid or payable by us for the most recently
completed year, including any bonus or portion thereof that has been deferred, and receive medical benefits for two years after the
termination of his employment (provided that, if Mr. H. Lutnick or Mr. Merkel becomes re-employed and is eligible to receive medical
benefits under another employer-provided plan, the former medical benefits will be secondary to the latter). If a change in control occurs
and Mr. H. Lutnick or Mr. Merkel does not so elect to terminate his employment with us, such executive officer will receive
in a lump sum in cash an amount equal to his annual base salary and the annual bonus paid or payable for the most recently completed fiscal
year, including any bonus or portion thereof that has been deferred, and receive medical benefits, provided that in the event that, during
the three-year period following the change in control, such executive officer's employment is terminated by us (other than by reason
of his death or disability), he will receive in a lump sum in cash an amount equal to his annual base salary and the annual bonus paid
or payable for the most recently completed fiscal year, including any bonus or portion thereof that has been deferred. The Change in Control
Agreements further provide for certain tax gross-up payments, provide for no duty of Mr. Merkel or Mr. H. Lutnick to mitigate
amounts due by seeking other employment and provide for payment of legal fees and expenses as a result of any dispute with respect to
the Change in Control Agreements. The Change in Control Agreements further provide for indemnification of Mr. H. Lutnick and Mr. Merkel
in connection with a challenge thereof. In the event of death or disability, or termination in the absence of a change in control, such
executive officer will be paid only his accrued salary to the date of death, disability, or termination. The Change in Control Agreements
are terminable by the Company upon two years' advance notice.

 Following the Corporate Conversion, the Change in
Control Agreements BGC Partners had entered into with Messrs. H. Lutnick and Merkel were assumed by BGC Group, with such modifications
thereto as were necessary to reflect the Corporate Conversion (but not with any changes to the benefits provided thereunder).

 Employment Agreements and Deeds of Adherence

 Beginning December 2012, many of our senior
members of staff in the U.K. (including Mr. Windeatt) became members of the U.K. Partnership. Mr. Windeatt continues to
serve as an executive officer, though it is intended that the majority of his day-to-day activities will be performed as a member
of the U.K. Partnership.

 Members of the U.K. Partnership render services
to us as partners following their execution of Deeds of Adherence to the U.K. Partnership. Members receive Allocated Monthly
Advance Drawings, which we refer to as "Drawings," which are comparable to the salary payments under prior employment agreements
and are eligible for discretionary allocations of the U.K. Partnership's profits. Prior to the Corporate Conversion, the members
could use their discretionary profit allocations to acquire partnership units in BGC Holdings. Any such Drawings or allocations, as well
as any equity or partnership grants, are or were subject to the direction and control of our Compensation Committee and, in the case of
allocations and equity or partnership grants, are or were made under the Incentive Plan, the Equity Plan, or the Participation Plan. The
employment contract of a U.K. employee is terminated upon their becoming a member of the U.K. Partnership.

 In connection with their participation in the U.K. Partnership,
U.K. members were issued BGC Holdings NLPU-NEWs and BGC Holdings NPLPU-NEWs. The U.K. Partnership is intended to improve the flexibility
of our operating model in the U.K. and also to make certain benefits available to us and the relevant individuals from a U.K. employment,
tax and regulatory perspective. Our Compensation Committee continues to review the performance and determine the compensation of the U.K.
executive officers under its compensation philosophy and processes.

 Sean A. Windeatt Agreements

 Mr. Windeatt originally had a standard employment
agreement with BGC Brokers pursuant to which he was initially paid an annual base salary 200,000 per year (which was subsequently
adjusted). He was also eligible for discretionary and Incentive Plan, Equity Plan and Participation Plan awards.

 On December 31, 2012, Mr. Windeatt's
employment with BGC Brokers terminated, and he executed a deed of adherence as a member of the U.K. Partnership. Effective January 22,
2014, Mr. Windeatt executed an amended and restated deed of adherence to the U.K. Partnership (the "Windeatt Deed").
On November 5, 2020, Mr. Windeatt executed a Deed of Amendment (the "2020 Deed of Amendment") with the U.K. Partnership
which amends the Windeatt Deed, dated January 22, 2014, between Mr. Windeatt and the U.K. Partnership and the Deed of Amendment,
dated February 24, 2017, between Mr. Windeatt and the U.K. Partnership (together, the "Deed"). On July 12,
2023, Mr. Windeatt executed a Deed of Amendment (the "2023 Deed of Amendment") with the U.K. Partnership which amends
the Deed. Under the 2023 Deed of Amendment, Mr. Windeatt's membership in the U.K. Partnership was extended from September 30,
2025 to December 31, 2028 (as extended, the "Initial Period").

 The Deed states that Mr. Windeatt may (i) not
compete with the U.K. Partnership or its affiliates or solicit clients or counterparties of the U.K. Partnership or any affiliate
for 24 months after his termination, and (ii) not solicit members or employees of the U.K. Partnership or any affiliate
to leave their employment of or to discontinue the supply of his or her services to the U.K. Partnership or any affiliate for 24 months
after his termination.

 In the event of a change of control of the U.K. Partnership
(which will occur if the Company is no longer controlled by Cantor or a person or entity controlled by, controlling or under common control
with Cantor), the individual or entity that acquires control would have the option to either extend the term of Mr. Windeatt's
membership in the U.K. Partnership for a period of three years from the date the change of control took effect (if the remaining
term of the Windeatt Deed at the time of the change of control is less than three years), or to terminate Mr. Windeatt's
membership. If the membership period is extended, Mr. Windeatt will be entitled to receive an amount equal to his aggregate profit
allocation for the most recent full 12-month financial period ( 700,000 in salary and any bonus paid) in addition to any other allocation
that Mr. Windeatt would have been entitled to under the Deed. In addition, in the event that Mr. Windeatt remains a member in
the U.K. Partnership on the second anniversary of the change of control (unless he is not engaged on such date solely as a result
of termination by the continuing company under circumstances that constitute a fundamental breach of contract by it) and has not materially
breached the Windeatt Deed, Mr. Windeatt will receive an additional payment equal to the payment he received at the time of the change
of control. If Mr. Windeatt's membership is terminated, he is entitled to receive two times his aggregate profit allocation
under the Windeatt Deed for the most recent full financial period in full and final settlement of all claims.

 In each case, Mr. Windeatt would receive full
vesting and immediate exchangeability of all options, RSUs, restricted stock, and, if prior to the Corporate Conversion, LPUs, PLPUs and
any other BGC Holdings partnership units held by Mr. Windeatt at the time of the change of control (but excluding certain units that
were granted solely for the purpose of participation in BGC Holdings quarterly distributions and would be redeemed for zero and unless
otherwise provided in the applicable award agreement and including any such awards or units issued to him in connection with or related
to such change in control) into either shares of Company Class A common stock or cash to the extent that any partnership units, such
as PLPUs, cannot be exchanged into shares. Mr. Windeatt is also entitled to a continuation of benefits (e.g., health insurance) for
two years and a pro rata discretionary profit allocation for the year of termination.

 In the event of a change of control of the U.K. Partnership
while Mr. Windeatt was providing substantial services to the Company or an affiliate thereof (the date such event takes effect, the
"Windeatt Change of Control"), then (i) prior to the Corporate Conversion, BGC Holdings would grant exchangeable LPUs
in replacement of any of the NPSUs then held by Mr. Windeatt, and any such non-exchangeable BGC Holdings LPUs then held by Mr. Windeatt
would become exchangeable for shares of the Company's Class A common stock as follows, and (ii) following the Corporate
Conversion, the vesting period for Mr. Windeatt's RSUs and RSAs would be as follows: (a) in a lump sum following the third
anniversary of the Windeatt Change of Control if Mr. Windeatt continuously provides substantial services (as an employee, member,
partner, consultant or otherwise) to the Company, any of the individual(s) or entity(ies) which acquire(s) control of the Company
(the "Windeatt Controller"), or any affiliate thereof for the three years after the Windeatt Change of Control, or (b) ratably
on or about the first through third anniversaries following the Windeatt Change of Control if the Windeatt Controller permanently terminates
Mr. Windeatt's services in all capacities to the Company, the Windeatt Controller, and all affiliates thereof prior to the
third anniversary of the Windeatt Change of Control (provided that, in the event of a termination between the first and third anniversaries
of the Windeatt Change of Control, the portion of the payment attributed to the anniversary(ies) that passed prior to such termination
shall be delivered in a lump sum following such termination, with the outstanding portion to be delivered in accordance with the remaining
anniversary(ies)). These rights were subject to compliance by Mr. Windeatt of certain terms and conditions set forth in the applicable
agreements, including not engaging in Competitive Activity (as such term is defined under the Partnership Agreement, as amended) at any
time prior to the applicable grant of exchangeability. The grant of exchangeability with respect to such LPUs and the acceleration of
the vesting with respect to such RSUs and RSAs would be determined in accordance with the Company's practices when determining discretionary
bonuses or awards, and any grants of exchangeability or acceleration of vesting would be subject to the approval of the Compensation Committee.

 On February 18, 2025, Mr. Windeatt and the U.K. Partnership executed a Deed of Amendment (the "2025 Deed of
Amendment"), which amended the Deed and extends the Initial Period of Mr. Windeatt's membership in the U.K. Partnership to
June 30, 2034. In addition, under the 2025 Deed of Amendment, commencing July 1, 2032, either party may terminate the Deed by giving
written notice to the other party at least 24 months prior to the expiration of the Initial Period. Mr. Windeatt's membership in
the U.K. Partnership, unless terminated earlier in accordance with the terms of the Deed, will continue following June 30, 2034 on the
same terms and conditions set forth in the Deed until written notice to terminate is provided and the 24-month notice period expires.

 Pursuant to the 2025 Deed of Amendment, Mr. Windeatt
was entitled to an increase in drawings from an aggregate amount of 700,000 per year ( 58,333 per month) (approximately $881,615
per year or $73,467 per month as of February 18, 2025) to an aggregate amount of 750,000 per year ( 62,500 per month) (approximately
$944,587 per year or $78,716 per month as of February 18, 2025) effective January 1, 2025, which shall be reviewed by the Compensation
Committee annually. Additionally, in connection with the execution of the 2025 Deed of Amendment, Mr. Windeatt was awarded a one-time
allocation of profit in the sum of $460,000 (less applicable income tax deductions and insurance contributions).

 The 2025 Deed of Amendment extends Mr. Windeatt's
employee non-solicitation provision duration to thirty-six (36) months. All other terms and conditions of Mr. Windeatt's membership
in the U.K. Partnership are unaffected by the 2025 Deed of Amendment.

 In addition, the Compensation Committee approved
a separate consultancy agreement between Mr. Windeatt and the U.K. Partnership dated February 24, 2017, under which Mr. Windeatt
will be paid a fee of 8,333.33 per month ( 100,000 per year) for his services, commencing upon the termination of his membership
in the U.K. Partnership until the earlier of two years following such termination or such time as the U.K. Partnership
chooses to terminate the engagement (the "Windeatt Consultancy Agreement"). The Windeatt Consultancy Agreement subjects Mr. Windeatt
to restrictive covenants on substantially the same terms as set forth in the Windeatt Deed, which will be applicable for a two-year period
subsequent to his consultancy termination.

 John Abularrage Agreements

 Abularrage Employment Agreement

 On February 18, 2025, BGC Financial, L.P.
("BGCF") entered into an amended and restated employment agreement with John J. Abularrage, effective as of February 18,
2025 (the "Abularrage Employment Agreement"). Pursuant to the terms of the Abularrage Employment Agreement, Mr.
Abularrage will receive a base salary of $750,000 ("Base Salary") per year and an annual bonus of $2,500,000 (with the
Base Salary, the "Guaranteed Total Compensation") provided that Mr. Abularrage remains in Good Standing (as defined in
the Abularrage Employment Agreement). The Board may determine in its discretion to award up to twenty-five percent (25%) of Mr.
Abularrage's annual Guaranteed Total Compensation in the form of an equity award of RSUs vesting in equal annual installments
over 5 years.

 The Abularrage Employment Agreement provides for
a term through at least December 31, 2034 (the "Abularrage Employment Term") except the Company may terminate the Abularrage
Employment Term earlier than the expiration of the Abularrage Employment Term by written notice (i) in the case of disability, or (ii)
for Cause (as each term is defined therein). Mr. Abularrage shall remain an employee of the Company after the expiration of the Abularrage
Employment Term except if either party provides at least thirty-six (36) months' written notice (the "Termination Notice").
If the Abularrage Employment Term is terminated via the Termination Notice, any of Mr. Abularrage's RSUs granted under the Abularrage
Employment Agreement shall continue to vest for a period of one (1) year following the termination of the Abularrage Employment Term,
or two (2) years following the termination of the Abularrage Employment Term if Mr. Abularrage was paid at least $3,250,000 in excess
of his Guaranteed Total Compensation, including any signing bonus previously distributed pursuant to Mr. Abularrage's prior employment
agreement, during the Abularrage Employment Term, provided that in each case Mr. Abularrage has not materially breached any of the provisions
of the Abularrage Employment Agreement during the Abularrage Employment Term and complies with the non-competition and non-solicitation
provisions as described below.

 The Abularrage Employment Agreement provides for
customary confidentiality provisions. Pursuant to the Abularrage Employment Agreement, Mr. Abularrage is subject to (i) a non-competition
provision during the Term and for a period of one (1) year following the termination of the Abularrage Employment Term or two (2) years
in the case that Mr. Abularrage was paid at least $3,250,000 in excess of his Guaranteed Total Compensation, including any signing bonus
previously distributed pursuant to Mr. Abularrage's prior employment agreement, during the Abularrage Employment Term (the "Restrictive
Period"), (ii) a non-solicitation provision relating to the Company's clients (as described therein) for the Restrictive Period,
and (iii) a non-solicitation provision relating to the Company's employees for a period of three (3) years following the termination
of the Abularrage Employment Term. During the Restrictive Period. Mr. Abularrage shall be paid monthly an amount equal to one-twelfth
(1/12th) of his annualized salary at the time of the termination of the Abularrage Employment Term, provided that Mr. Abularrage is in
compliance with all restrictive covenants set forth in the Abularrage Employment Agreement.

 Abularrage Bonus Pool Letter

 On February 18, 2025, BGCF entered into an
amended and restated bonus pool letter with John J. Abularrage, effective as of February 18, 2025 (the "Abularrage Bonus
Letter"). Under the terms of the Abularrage Bonus Letter, Mr. Abularrage is eligible for a seventy-five percent (75%)
allocation ("Pool Allocation") of an incentive bonus pool (the "Bonus Pool") relating to the Profit Before
Tax ("PBT") of the Core Business, Americas Acquisitions, and Portfolio Match businesses of the Company, each as
described therein, during the Abularrage Employment Term. The Compensation Committee shall determine the Bonus Pool annually and
make all final determinations on a calendar year basis. Pursuant to the terms of the Abularrage Bonus Letter, up to twenty-five
percent (25%) of Mr. Abularrage's bonus compensation under the Abularrage Bonus Letter may be awarded in the form of an equity
award of RSUs containing ratable 5-year vesting periods, as determined annually by the Compensation Committee.

 With respect to each calendar year of the Abularrage
Employment, the Bonus Pool shall be calculated as: (1) the applicable Bonus Pool Payout Rate (as defined in the Abularrage Bonus Letter)
multiplied by the Bonus PBT (as defined in the Abularrage Bonus Letter) plus (2) five percent (5%) of the incremental Portfolio Match
PBT (as defined in the Abularrage Bonus Letter), if any, above fifteen million dollars ($15,000,000) ("Bonus PM PBT"), provided
that Mr. Abularrage shall only be eligible for Pool Allocation based on a Bonus PM PBT to the extent he has not met his Total Contractual
Compensation (as defined in the Abularrage Bonus Letter) cap of $15,000,000 with respect to the same calendar year. If the Bonus PBT is
a negative number (the "Bonus PBT Deficit"), then that Bonus PBT Deficit shall be carried forward year to year and offset
on a dollar-for-dollar basis as part of the calculation of the Bonus Pool in each subsequent calculation period until such Bonus PBT Deficit
has been fully offset. In order to receive bonuses under the Abularrage Bonus Letter, Mr. Abularrage must be in Good Standing (as defined
in the Abularrage Employment Agreement) as of the applicable award or grant date of any bonus awards.

 Additionally, Mr. Abularrage will be eligible to
receive discretionary incentive bonus awards under the BGC Group, Inc. Incentive Bonus Compensation Plan and BGC Group, Inc. Long Term
Incentive Plan.

 JP Aubin Agreements

 Aubin Employment Agreement

 On February 18, 2025, BGC Brokers LP ("BGC
Brokers"), a subsidiary of the Company, entered into an amended and restated employment agreement with JP Aubin, effective as of
February 18, 2025 (the "Aubin Employment Agreement"). Pursuant to the terms of the Aubin Employment Agreement, Mr. Aubin will
receive a base salary of 705,000 per year (approximately $739,439 per year as of February 18, 2025) and additional benefits as described
therein, including an annual housing allowance of 240,000 per year (approximately $302,892 per year as of February 18, 2025) and
company car. Additionally, Mr. Aubin will be eligible to receive discretionary incentive bonus awards under the BGC Group, Inc. Incentive
Bonus Compensation Plan and BGC Group, Inc. Long Term Incentive Plan.

 The Aubin Employment Agreement provides for a term
through at least December 31, 2029 (the "Aubin Employment Term"), except in the case that either party provides at least (i)
two (2) years' notice to terminate with such notice not to expire prior to the last day of the Aubin Employment Term, (ii) three
(3) months' notice to terminate the Aubin Employment Term in the case of injury or sickness for six (6) consecutive months in any
period of twelve (12) months, or (iii) for cause.

 The Aubin Employment Agreement provides for customary
confidentiality provisions. Pursuant to the Aubin Employment Agreement, Mr. Aubin is subject to (i) a non-competition provision during
the Aubin Employment Term and for a period of two (2) years following the termination of the Aubin Employment Term and relating to Restricted
Business (as defined therein) and (ii) a non-solicitation provision relating to the Company's clients (as described therein) for
a period of twelve (12) months and employees for a period of thirty-six (36) months following the termination of the Aubin Employment
Term.

 Aubin Consultancy Agreement

 On February 18, 2025, the U.K. Partnership entered
into a consultancy contract with JP Aubin, effective as of February 18, 2025 (the "Aubin Consultancy Agreement"). Pursuant
to the terms of the Aubin Consultancy Agreement, Mr. Aubin will receive a consultancy fee of 100,000 per year (approximately $104,885
per year as of February 17, 2025). The Aubin Consultancy Agreement provides for a term commencing on the earlier of the termination date
of the Aubin Employment Agreement and the Aubin Employment Term, and provides for a term of up to three (3) years following the commencement
date, unless otherwise terminated by Mr. Aubin at an earlier date (the "Consultancy Term").

 The Aubin Consultancy Agreement provides for customary
confidentiality provisions. Pursuant to the Aubin Consultancy Agreement, Mr. Aubin is subject to (i) a non-competition provision during
the Consultancy Term and for a period of twelve (12) months following the termination of the Consultancy Term and relating to Restricted
Business (as defined therein) and (ii) a non-solicitation provision relating to the Company's clients and employees (as described
therein) for a period of twelve (12) months following the termination of the Consultancy Term.

 2024 CEO Pay Ratio

 The following information contains the relationship
of the median annual total compensation of employees and independent contractors and brokers of BGC and its subsidiaries to the annual
total compensation of Mr. H. Lutnick, the Chief Executive Officer and Chairman of the Board of Directors of the Company during 2024.

 For 2024, we determined a new median employee in accordance with SEC
rules. Our median employee was a Customer Support Associate in the United States.

 We selected December 31, 2024 as the date used to identify our "median
employee" whose annual total compensation was the median of the annual total compensation of all our applicable employees (other
than our Chief Executive Officer) for 2024. Based on our internal records, our global employee population as of December 31, 2024 consisted
of approximately 4,750 individuals, including full-time, part-time, and temporary employees, with approximately 33% of these employees
working in the United States and approximately 67% working in our various non-U.S. locations consisting of Australia, Bahrain, Brazil,
Canada, Chile, Colombia, Denmark, France, Germany, Hong Kong, India, Ireland, Israel, Italy, Japan, New Zealand, People's Republic of
China, Philippines, Republic of Korea, Republic of Mexico, Russian Federation, Singapore, South Africa, Spain, Switzerland, United Arab
Emirates and the United Kingdom.

 To identify the "median employee,"
we aggregated actual base salary earnings or commission draw in 2024, overtime earnings paid in 2024 for employees eligible to earn overtime,
bonus awards earned in 2024 and paid in the first quarter of 2025 and the grant date fair value of any equity awards granted in 2024.
Bonus awards can consist of discretionary bonuses, forgivable loans, cash advance distribution agreements and promissory notes. We annualized
the compensation of employees who began employment during the fiscal year. In addition, for any persons who provide services to Cantor
and its affiliates (other than BGC and its consolidated subsidiaries), the total compensation of such persons for purposes of calculating
the pay ratio was consistent with the allocations used by the Company for financial accounting purposes in its 2024 consolidated financial
statements. We then converted any compensation paid in foreign currency to U.S. dollars using the published rate for December 31, 2024
on  The sum of these amounts served as our "consistently applied compensation measure," we used
in identifying the median employee. We did not apply a cost of living adjustment to the data.

 Once the median employee was identified, the pay ratio for the annual
total compensation of the median employee to the CEO was calculated for the 2024 fiscal year in accordance with the requirements of Item 402(c)(2)(x) of
Regulation S-K and the pay ratio was determined to be as follows:

 the annual total compensation of the median employee of the
Company (other than the CEO) was $128,205;

 the annual total compensation of the CEO, as reported in
the Summary Compensation Table, was $15,000,000; and

 the ratio of the annual total compensation of the CEO to
the median employee of the Company was approximately 117 to 1.

 Pay Versus Performance

 We are required by SEC rules to disclose
information regarding the relationship between "compensation actually paid," as that term is used in Item 402(v) of
Regulation S-K, to our named executive officers ("NEOs"), including Mr. H. Lutnick, who served as our principal
executive officer ("PEO") during the periods described below and the NEOs listed in the following table other than the
PEO (the "non-PEO NEOs"), and the financial performance of the Company. The following table sets forth additional
compensation information for our PEO and non-PEO NEOs during the periods described below along with total stockholder return
("TSR"), net income, and the "Company Selected Measure," which we have selected as Total Revenues, each for
fiscal years 2020, 2021, 2022, 2023 and 2024. The amounts set forth below under the headings "Compensation Actually Paid
to PEO" and "Average Compensation Actually Paid to Non-PEO NEOs" differ significantly from the Summary
Compensation Table calculation of compensation, as well as from the way in which we and our Compensation Committee view annual
compensation decisions, as discussed in the Compensation Discussion and Analysis. It does not reflect the amount of compensation
actually realized or received by our NEOs during the applicable year. Footnote (5) below sets forth the adjustments from the Total
Compensation for the PEO and Average Total Compensation for the non-PEO NEOs reported in the Summary Compensation Table to arrive at
the values presented for "compensation actually paid" for each of the fiscal years shown.

 Average

 Value of Initial Fixed $100

 Summary
 Table Total
 for PEO (1)

 Actually Paid
 to PEO (1)(5)

 Summary
 Table Total
 for Non-PEO
 NEOs (2)

 Average
 Actually Paid
 to Non-PEO
 NEOs (2)(5)

 Total
 Shareholder
 Return

 Peer Group
 Total
 Shareholder
 Return (3)

 Net Income
 (in thousands)

 Total
 Revenues
 (in thousands) (4)

 Year

(a)

 (b)

 (c)

 (d)

 (e)

 (f)

 (g)

 (h)

 (i)

 2024

 $
 15,000,000

 $
 16,895,142

 $
 2,699,507

 $
 3,382,160

 $
 163.72

 $
 121.70

 $
 123,228

 $
 2,262,818

 2023

 $
 17,044,535

 $
 17,129,973

 $
 2,813,060

 $
 2,875,959

 $
 129.49

 $
 84.99

 $
 38,775

 $
 2,025,401

 2022

 $
 13,000,000

 $
 13,098,272

 $
 1,677,060

 $
 1,742,607

 $
 67.10

 $
 66.34

 $
 58,867

 $
 1,795,302

 2021

 $
 19,831,245

 $
 19,926,553

 $
 2,144,445

 $
 2,189,041

 $
 81.89

 $
 62.03

 $
 153,488

 $
 2,015,364

 2020

 $
 12,000,000

 $
 12,156,610

 $
 2,847,239

 $
 2,906,417

 $
 69.88

 $
 76.07

 $
 50,918

 $
 2,056,761

 (1)
 The PEO was Mr. H. Lutnick during all periods presented.

 (2)
 The non-PEO NEOs in fiscal years 2023 and 2024 consisted of
Messrs. Merkel, Windeatt, and Hauf. The non-PEO NEOs in fiscal year 2022 consisted of Messrs. Merkel, Windeatt, Hauf and Steven Bisgay.
Mr. Bisgay served as Chief Financial Officer of the Company until June 6, 2022, and Mr. Hauf began serving as Chief Financial
Officer on that date. When calculating the average compensation for the non-PEO NEOs in fiscal year 2022, each of Messrs. Bisgay and
Hauf are included in the denominator of such calculation. The non-PEO NEOs in fiscal year 2021 consisted of Messrs. Merkel, Windeatt,
and Bisgay, who each served for the entirety of the year. The non-PEO NEOs in fiscal year 2020 consisted of Messrs. Merkel, Windeatt,
Bisgay, and Shaun Lynn. Mr. Lynn served as President of the Company until October 1, 2020, when he became Vice Chairman of
the Company and no longer served as an executive officer. Accordingly, when calculating the average compensation for the non-PEO NEOs
in fiscal year 2020, Mr. Lynn's compensation for the entire year is included, as he continued his service to the Company after
ceasing to be an executive officer. When calculating Mr. Windeatt's portion of the average compensation for the non-PEO NEOs
for each fiscal year, his portion was calculated using the applicable exchange rate as set forth in the notes to the Summary Compensation
Table.

 (3)
 The peer group consists of Compagnie Financi re Tradition
SA and TP ICAP plc. The returns of the peer group companies have been weighted according to their U.S. dollar stock market capitalization
for purposes of arriving at a peer group average. TSR is calculated as the cumulative total stockholder return, on a gross dividend reinvestment
basis, of $100 invested in shares of each of the Company and the peer group on December 31, 2019.

 (4)
 The Company selected Total Revenues to be the most important
financial performance measure that is not otherwise required to be disclosed in the table above used by the Company to link "compensation
actually paid" to its NEOs for the most recently completed fiscal year to its performance. While Total Revenues was chosen for
this table, our executive compensation programs use a balanced portfolio of measures to drive short and long-term objectives aligned
with our strategy and shareholder interests as further described in our Compensation Discussion and Analysis above.

 (5)
 "Compensation Actually Paid to PEO" in column (c) and
"Average Compensation Actually Paid to Non-PEO NEOs" in column (e) reflect the following adjustments from Total Compensation
amounts reported in the Summary Compensation Table (all amounts are averages for the non-PEO NEOs).

 Because our Incentive Plan bonus opportunities are initially
denominated in cash and do not include a right to receive stock, as described in the footnotes to the Summary Compensation Table, when
the Compensation Committee decides after the performance year is over to pay a portion of the Incentive Plan awards for such fiscal year
in RSUs we present such RSUs as Non-Equity Incentive Plan Compensation in column (g) of the Summary Compensation Table for the performance
year rather than as Equity Awards in column (e) of the Summary Compensation Table in the year of grant. To avoid double-counting such
awards when calculating "Compensation Actually Paid to PEO" in column (c) and "Average Compensation Actually Paid to
Non-PEO NEOs" in column (e), they are neither deducted nor added in the year of grant, consistent with their presentation in the
Summary Compensation Table. Similarly, for periods prior to the Corporate Conversion, the adjustments below do not include partnership-unit
based awards granted pursuant to the Incentive Plan and reported in column (g) in the Summary Compensation Table in the applicable performance
year at full notional value and not subsequently reportable as "Equity Awards" in column (e) of the Summary Compensation Table.

 For full fiscal years after the Corporate
Conversion, "Compensation Actually Paid to PEO" in column (c) and "Average Compensation Actually Paid to Non-PEO NEOs"
in column (e) reflect the following adjustments from Total Compensation amounts reported in the Summary Compensation Table: (i) the dividend
or dividend equivalents paid in the applicable period; (ii) the increase or decrease in fair market value of any unvested RSUs or RSAs
issued in previous years and held by the PEO or non-PEO NEOs as of December 31 of the applicable period from their fair market value as
of December 31 of the prior period; (iii) the increase or decrease from the grant date in fair market value of any unvested RSUs issued
in the applicable period held by the PEO and non-PEO NEOs as of December 31 of the applicable period from their grant date; and (iv) the
increase or decrease in fair market value from December 31 of the prior year of any RSUs or RSAs issued in previous years that vested
during the applicable period.

 Adjustments to Determine Compensation
 Actually Paid to PEO

 2024

 2023

 2022

 2021

 2020

 Deduction for change in actuarial present value of accumulated benefit under all defined benefit and actuarial pension plans reported in the Summary Compensation Table

 —

 —

 —

 —

 —

 Increase for aggregate of service cost and prior service cost for all defined benefit and actuarial pension plans reported in the Summary Compensation Table

 —

 —

 —

 —

 —

 Deduction for amounts reported under the "Equity Awards" column in the Summary Compensation Table

 —

 $
 ( 2,044,535
)

 —

 $
 ( 7,831,243
)

 —

 Deduction for amounts reported under the "Option Awards" column in the Summary Compensation Table

 —

 —

 —

 —

 —

 Increase/decrease for change in fair value from grant date of stock and option awards granted during year that are outstanding and unvested as of year-end

 $
 1,895,142

 —

 —

 —

 —

 Increase/deduction for change in fair value as of year-end (from prior year-end) of stock and option awards granted in any prior year that were outstanding and unvested as of year-end

 —

 —

 —

 —

 —

 Increase for fair value as of vesting date
 of stock and option awards granted
 and vested in the same year

 —

 $
 2,044,535

 —

 $
 7,831,243

 —

 Increase/deduction for change in fair value as of vesting date (from prior year-end) of stock and option awards granted in any prior year for which all vesting conditions were satisfied during year or at year-end

 —

 —

 —

 —

 Deduction for fair value as of prior year-end of stock and option awards granted in any prior year that were forfeited during year

 —

 —

 —

 —

 —

 Increase for dollar value of any dividends or other earnings paid on stock or option awards in the year prior to the vesting date that are not otherwise included in total compensation for the year

 $
 62,899

 $
 87,397

 $
 44,596

 $
 59,178

 Total Adjustments

 $
 1,895,142

 $
 62,899

 $
 87,397

 $
 44,596

 $
 59,178

 Adjustments to Determine Compensation
 Actually Paid to Non-PEO NEOs

 2024

 2023

 2022

 2021

 2020

 Deduction for change in actuarial present value of accumulated benefit under all defined benefit and actuarial pension plans reported in the Summary Compensation Table

 —

 —

 —

 —

 —

 Increase for aggregate of service cost and prior service cost for all defined benefit and actuarial pension plans reported in the Summary Compensation Table

 —

 —

 —

 —

 —

 Deduction for amounts reported under the "Equity Awards" column in the Summary Compensation Table

 —

 $
 ( 406,908
)

 —

 $
 ( 111,565
)

 $
 ( 418,239
)

 Deduction for amounts reported under the "Option Awards" column in the Summary Compensation Table

 —

 —

 —

 —

 —

 Increase/deduction for change in fair value from grant date of stock and option awards granted during year that are outstanding and unvested as of year-end

 $
 149,256

 —

 —

 —

 —

 Increase/deduction for change in fair value as of year-end (from prior year-end) of stock and option awards granted in any prior year that were outstanding and unvested as of year-end

 $
 306,511

 —

 —

 —

 —

 Increase for fair value as of vesting date of
 stock and option awards granted and
 vested in the same year

 —

 $
 406,908

 —

 $
 111,565

 $
 418,239

 Increase/deduction for change in fair value as of vesting date (from prior year-end) of stock and option awards granted in any prior year for which all vesting conditions were satisfied during year or at year-end

 —

 —

 —

 —

 —

 Deduction for fair value as of prior year-end of stock and option awards granted in any prior year that were forfeited during year

 $
 174,057

 —

 —

 —

 —

 Increase for dollar value of any dividends or other earnings paid on stock or option awards in the year prior to the vesting date that are not otherwise included in total compensation for the year

 $
 52,829

 $
 62,899

 $
 87,397

 $
 44,596

 $
 59,178

 Total Adjustments

 $
 682,653

 $
 62,899

 $
 87,397

 $
 44,596

 $
 59,178

 Analysis of the Information Presented in the
Pay Versus Performance Table

 While we utilize several performance measures to
align executive compensation with Company performance, not all of those measures are presented in the Pay Versus Performance table set
forth above. Moreover, in determining the compensation of our executive officers, our Compensation Committee considers a holistic view
of a variety of factors, both qualitative and quantitative, consistent with our periodic overall goals and therefore we do not specifically
align our performance measures with compensation that is actually paid (as computed in accordance with SEC rules) for a particular year.
See "Compensation Discussion and Analysis — Compensation Philosophy" for more information.

 In accordance with Item 402(v) of Regulation S-K,
we are providing the following descriptions of the relationships between (1) "compensation actually paid" to our PEO
and "average compensation actually paid" to our non-PEO NEOs and (2) the Company's performance with respect to
TSR, net income and Total Revenues, our Company Selected Measure:

 TSR. The graphs below show the relationship
between (1) "compensation actually paid" to our PEO and the average of "compensation actually paid" to our
non-PEO NEOs and our cumulative TSR and (2) our cumulative TSR and peer group TSR, over the five fiscal years ended December 31,
2024.

 Net Income. The graph below shows the
relationship between "compensation actually paid" to our PEO and the average of the "compensation actually paid"
to our non-PEO NEOs and net income, as reported in our consolidated financial statements, over the five fiscal years ended December 31,
2024.

 Company Selected Measure (CSM). The
graph below shows the relationship between "compensation actually paid" to our PEO and the average of the "compensation
actually paid" to our non-PEO NEOs and our Total Revenues over the five fiscal years ended December 31, 2024.

 Performance Measures Tabular List

 The table below lists our most important performance
measures, including the Company Selected Measure, used to link "compensation actually paid" for our NEOs to Company performance
for the fiscal year ended December 31, 2024. The performance measures included in this table are not ranked by relative importance.

 Performance Measures

 Total Revenues

 Total Fenics Revenues

 Pre-tax Adjusted Earnings

 Data, Software & Post-Trade Growth

 Catalyst Transactions and Hires, Acquisitions, and Strategy Development

 Retentive Compensation Considerations

 Compensation of Directors

 Directors who are also our employees or those of
our affiliates do not receive additional compensation for serving as directors. The compensation schedule for our directors who are not
our employees or those of our affiliates, collectively referred to as "non-employee directors," is as follows: the annual
cash retainer is $100,000, the annual stipend for the chair of our Compensation Committee is $15,000, the annual stipend for the chair
of our Audit Committee is $25,000 and the annual stipend for the chair of our ESG Committee is $15,000. We also pay $2,000 for each meeting
of our Board and $1,000 for each meeting of a committee of our Board actually attended, whether in person or by telephone. Under our policy,
none of our non-employee directors is paid more than $3,000 in the aggregate for attendance at meetings held on the same date. Only one
meeting of our Board and Committees shall occur on each calendar day for which payment shall be provided. Non-employee directors
may also receive additional per diem fees for services as a director at the rate of $1,000 per day, with a limit of $5,000 per matter,
for additional time spent on Board or Committee matters as directed from time to time by the Board, including interviewing candidates.
Non-employee directors also are reimbursed for all out-of-pocket expenses incurred in attending meetings of our Board or committees of
our Board on which they serve. From time to time, our Board and Committees may receive an additional stipend for service on other special
committees or similar service.

 In addition to the cash compensation described above,
under our current policy, upon the appointment or initial election of a non-employee director, we grant to such non-employee director
RSUs equal to the value of shares of our Class A common stock that could be purchased for $70,000 based on the closing price of our
Class A common stock on the trading date of the appointment or initial election of the non-employee director (rounded down to the
next whole share). These RSUs vest equally on each of the first two anniversaries of the grant date, provided that the non-employee director
is a member of our Board at the opening of business on such dates.

 Thereafter, we annually grant to each non-employee director RSUs equal
to the value of shares of our Class A common stock that could be purchased for $50,000 based on the closing price of our Class A
common stock on the date of his or her re-election (rounded down to the next whole share) in consideration for services provided. These
RSUs vest equally on each of the first two anniversaries of the grant date, provided that the non-employee director is a member of our
Board at the opening of business on such dates.

 2024 Director Compensation Payments

 The table below summarizes the compensation paid
to our non-employee directors for the year ended December 31, 2024:

 (a)

Name (1)

 (b)

Fees

Earned or

Paid in Cash

($)

 (c)

Stock

($) (2)

 (d)

($) (3)

 (e)

Non-Equity

Incentive

Plan

($)

 (f)

Change in

Pension

Value and

Nonqualified

Deferred

Earnings

($)

 (g)

All Other

($)

 (h)

Total

($)

 Linda A. Bell

 162,000

 50,000

 —

 —

 —

 —

 212,000

 David P. Richards

 147,000

 50,000

 —

 —

 —

 —

 197,000

 Arthur U. Mbanefo

 187,000

 50,000

 —

 —

 —

 —

 237,000

 William Addas

 147,000

 50,000

 —

 —

 —

 —

 197,000

 (1)
 Mr. H. Lutnick is not included in this table as during 2024 he was
an employee of our Company and thus received no compensation for his services as director in 2024. The compensation received by Mr. H.
Lutnick for 2024 as an employee of our Company is shown in the Summary Compensation Table, which includes compensation paid with respect
to 2024.

 (2)
 Reflects the grant date fair value of RSUs granted on September
16, 2024 to each of Messrs. Richards, Mbanefo, Addas, and Dr. Bell. More information with respect to the calculation of these amounts
is included in "Note 18. Compensation" in the notes to the consolidated financial statements included in the Original
10-K. As of December 31, 2024, Messrs. Richards and Mbanefo and Dr. Bell each had 15,615 RSUs outstanding, and Mr. Addas
had 16,126 RSUs outstanding.

 (3)
 No options were granted to non-employee directors in 2024. As
of December 31, 2024, none of the non-employee directors had any options outstanding.

 Policies and Practices Related to the Grant of Certain Equity Awards
Close in Time to the Release of Material Nonpublic Information

 The Company does not currently grant new awards
of stock options, stock appreciation rights, or similar option-like instruments. Accordingly, the Company has no specific policy or practice
on the timing of awards of such options in relation to the disclosure of material nonpublic information by the Company. In the event the
Company determines to grant new awards of such options, the Board and the Committee will evaluate the appropriate steps to take in relation
to the foregoing.

 Compensation Committee Interlocks and Insider Participation

 During 2024, the Compensation Committee of our Board
consisted of Dr. Bell and Messrs. Richards, Mbanefo and Addas. All the members who served on our Compensation Committee during 2024
were independent directors. No member of the Committee had any relationship with the Company during 2024 pursuant to which disclosure
would be required under applicable SEC rules. With the exception of Mr. H. Lutnick, during 2024, none of our executive officers served
as a member of the board of directors or the compensation committee, or similar body, of a corporation where any of its executive officers
served on our Compensation Committee or on our Board. In 2024, Mr. H. Lutnick served on the board of directors of Newmark but did
not serve on Newmark's compensation committee.

 ITEM 12. SECURITY OWNERSHIP
OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 The following table sets forth certain information, as of April 1,
2025, with respect to the beneficial ownership of our Common Equity by: (i) each stockholder, or group of affiliated stockholders,
that we know owns more than 5% of any class of our outstanding capital stock, (ii) each of our current and former named executive
officers, (iii) each of our current directors and (iv) the current executive officers and directors as a group. Unless otherwise
indicated in the footnotes, the principal address of each of the stockholders, executive officers and directors identified below is located
at 499 Park Avenue, New York, NY 10022. Shares of our Class B common stock are convertible into shares of our Class A
common stock at any time in the discretion of the holder on a one-for-one basis. Accordingly, a holder of Class B common stock is
deemed to be the beneficial owner of an equal number of shares of our Class A common stock for purposes of this table.

 Class B
 Common Stock

 Common Stock

 Name

 Shares

 %

 Shares

 %

 5% Beneficial Owners (1):

 Cantor Fitzgerald, L.P. (2)

 93,340,477
 (3)

 85.3
 (4)

 93,340,477
 (5)

 19.8
 (6)

 CF Group Management, Inc.

 96,313,001
 (7)

 88.0
 (4)

 96,313,001
 (8)

 20.3
 (9)

 BlackRock, Inc. (1)

 —

 —

 51,134,044

 13.5

 The Vanguard Group (1)

 —

 —

 32,775,445

 8.7

 Executive
 Officers and Directors (1):

 Executive Officers

 Howard W. Lutnick (former Chief Executive Officer)

 109,232,871
 (10)

 99.8
 (4)

 126,889,457
 (11)

 26.1
 (12)

 —

 —

 68,666
 (13)

 *

 —

 —

 246,360
 (14)

 *

 John J. Abularrage

 —

 —

 114,147
 (15)

 *

 JP Aubin

 —

 —

 576,214
 (16)

 *

 Jason W. Hauf

 —

 —

 4,780
 (17)

 *

 Directors

 Brandon G. Lutnick

 4,119,184
 (18)

 3.8
 (4)

 6,103,987
 (19)

 1.6
 (20)

 Linda A. Bell

 —

 —

 26,614
 (21)

 *

 David P. Richards

 —

 —

 10,569
 (22)

 *

 Arthur U. Mbanefo

 —

 —

 40,682
 (23)

 *

 William Addas

 —

 —

 11,079
 (24)

 *

 All current executive officers and directors as a group (10 persons)

 4,119,184

 3.8

 7,203,098

 1.9
 (20)

 *
 Less than 1%.

 (1)
 Based upon information supplied by directors, executive officers
and 5% beneficial owners in filings under Sections 13(d), 13(g), and 16(a) of the Exchange Act. The address of The Vanguard
Group, Inc. is 100 Vanguard Blvd., Malvern, Pennsylvania 19355. The address of BlackRock, Inc. is 50 Hudson Yards, New York, New York
10001.

 (2)
 Cantor has pledged to a financial institution, pursuant to a
Put and Pledge Agreement, dated as of July 21, 2017 and as amended and restated effective as of October 5, 2023 with such modifications
thereto as necessary to reflect the Corporate Conversion, 10,000,000 shares of our Class A common stock in connection with a loan
program established for certain employees and partners of Cantor and its affiliates. On November 23, 2018, those Class A shares
were converted into 10,000,000 shares of our Class B common stock and remain pledged in connection with the partner loan program.

 (3)
 Consists of 93,340,477 shares of our Class B common stock
held directly.

 (4)
 Percentage based on 109,452,953 shares of our Class B common
stock outstanding as of April 1, 2025.

 (5)
 Consists of 93,340,477 shares of our Class A common stock
acquirable upon conversion of 93,340,477 shares of our Class B common stock held directly.

 (6)
 Percentage based on (i) 377,574,357 shares of our Class A
common stock outstanding as of April 1, 2025, and (ii) 93,340,477 shares of our Class A common stock acquirable upon conversion
of 93,340,477 shares of our Class B common stock.

 (7)
 Consists of (i) 2,972,524 shares of our Class B common
stock held by CFGM, and (ii) 93,340,477 shares of our Class B common stock held by Cantor. CFGM is the managing general partner
of Cantor.

 (8)
 Consists of (i) 2,972,524 shares of our Class A common
stock acquirable upon conversion of 2,972,524 shares of our Class B common stock held by CFGM, and (ii) 93,340,477 shares of
our Class A common stock acquirable upon conversion of 93,340,477 shares of our Class B common stock held by Cantor.

 (9)
 Percentage based on (i) 377,574,357 shares of our Class A
common stock outstanding as of April 1, 2025, (ii) 93,340,477 shares of our Class A common stock acquirable upon conversion
of 93,340,477 shares of our Class B common stock held by Cantor, and (iii) 2,972,524 shares of our Class A common stock
acquirable upon conversion of 2,972,524 shares of our Class B common stock held by CFGM.

 (10)
 Mr. H. Lutnick's holdings consist of:

 (i)
 8,973,721 shares of our Class B common stock held directly;

 (ii)
 2,972,524 shares of our Class B common stock held by
CFGM;

 (iii)
 93,340,477 shares of our Class B common stock held by
Cantor;

 (iv)
 1,610,182 shares of our Class B common stock held by
a limited liability company (the "LLC Holder"); and

 (v)
 2,335,967 shares of our Class B common stock held by
KBCR, by virtue of Mr. H. Lutnick being the managing member of KBCR, which is a non-managing General Partner of Cantor.

 (11)
 Mr. H. Lutnick's holdings consist of:

 (i)
 5,616,612 shares of our Class A common stock held directly;

 (ii)
 611,535 shares of our Class A common stock held in Mr. H. Lutnick's 401(k) account (as of March 31, 2025);

 (iii)
 10,827,501 shares of our Class A common stock held in
various trust and retirement consisting of (A) 10,489,582 shares held in Mr. H. Lutnick's personal asset trust, of
which he is the sole trustee, (B) 293,049 shares held in a Keogh retirement account for Mr. H. Lutnick, (C) 8,907
shares held by trust accounts for the benefit of Mr. H. Lutnick, (D) 34,921 shares held in other retirement accounts, and
(E) 1,042 shares held in other retirement accounts for the benefit of Mr. H. Lutnick's spouse;

 (iv)
 2,972,524 shares of our Class A common stock acquirable
upon conversion of 2,972,524 shares of our Class B common stock held by CFGM;

 (v)
 93,340,477 shares of our Class A common stock acquirable
upon conversion of 93,340,477 shares of our Class B common stock held by Cantor;

 (vi)
 8,973,721 shares of our Class A common stock acquirable
upon conversion of 8,973,721 shares of our Class B common stock held directly;

 (vii)
 1,610,182 shares of our Class A common stock acquirable
upon conversion of 1,610,182 shares of our Class B common stock held by the LLC Holder;

 (viii)
 2,335,967 shares of our Class A common stock acquirable
upon conversion of 2,335,967 shares of our Class B common stock held by KBCR; and

 (ix)
 600,938 shares of our Class A common stock owned of
record by KBCR.

 (12)
 Percentage based on (i) 377,574,357 shares of our Class A
common stock outstanding as of April 1, 2025, (ii) 93,340,477 shares of our Class A common stock acquirable upon conversion
of 93,340,477 shares of our Class B common stock held by Cantor, (iii) 2,972,524 shares of our Class A common stock acquirable
upon conversion of 2,972,524 shares of our Class B common stock held by CFGM, (iv) 8,973,721 shares of our Class A common
stock acquirable upon conversion of 8,973,721 shares of our Class B common stock held by Mr. H. Lutnick, (v) 1,610,182
shares of our Class A common stock acquirable upon conversion of 1,610,182 shares of our Class B common stock held by the LLC
Holder, and (vi) 2,335,967 shares of our Class A common stock acquirable upon conversion of 2,335,967 shares of our Class B
common stock held by KBCR.

 (13)
 Mr. Merkel's holdings consist of (i) 16,511
shares of our Class A common stock held directly, (ii) 45,897 shares of our Class A common stock held in Mr. Merkel's
401(k) account (as of March 31, 2025) and (iii) 6,258 shares of our Class A common stock held in trusts for the benefit
of Mr. Merkel's immediate family, of which Mr. Merkel's spouse is the sole trustee.

 (14)
 Mr. Windeatt's holdings consist of 246,360 shares
of our Class A common stock held directly.

 (15)
 Mr. Abularrage's holdings consist of 114,147 shares of our Class A common stock held directly.

 (16)
 Mr. Aubin's holdings consist of 576,214 shares of our Class A common stock held directly.

 (17)
 Mr. Hauf's holdings consist of 4,780 shares of our Class A common stock held directly.

 (18)
 Mr. B. Lutnick's holdings consist of:

 (i)
 1,610,182 shares of our Class B common stock held by
the LLC Holder;

 (ii)
 2,335,967 shares of our Class B common stock held by
KBCR, by virtue of Mr. B. Lutnick being the managing member of KBCR, which is a non-managing General Partner of Cantor; and

 (iii)
 173,035 shares of our Class B common stock held by LFA.

 (19)
 Mr. B. Lutnick's holdings consist of:

 (i)
 1,333,625 shares of our Class A common stock held in
various trusts and custodial accounts consisting of (A) 8,777 shares held in a custodial account for the benefit of Mr. B. Lutnick
under the Uniform Gifts for Minors Act, (B) 794,308 shares held by various trust accounts for the benefit of the descendants of
Mr. H. Lutnick and his immediate family, through Mr. B. Lutnick's position as trustee with decision making control, (C) 530,540
shares held by trust accounts for the benefit of Mr. H. Lutnick's immediate family members;

 (ii)
 600,938 shares of our Class A common stock owned of
record by KBCR;

 (iii)
 50,240 shares of our Class A common stock owned of record
by LFA;

 (iv)
 1,610,182 shares of our Class A common stock acquirable
upon conversion of 1,610,182 shares of our Class B common stock held by the LLC Holder;

 (v)
 2,335,967 shares of our Class A common stock acquirable
upon conversion of 2,335,967 shares of our Class B common stock held by KBCR; and

 (vi)
 173,035 shares of our Class A common stock acquirable
upon conversion of 173,035 shares of our Class B common stock held by LFA.

 (20)
 Percentage based on (i) 377,574,357 shares of our Class A
common stock outstanding as of April 1, 2025, (ii) 1,610,182 shares of our Class A common stock acquirable upon conversion
of 1,610,182 shares of our Class B common stock held by the LLC Holder, (iii) 2,335,967 shares of our Class A common stock
acquirable upon conversion of 2,335,967 shares of our Class B common stock held by KBCR, and (iv) 173,035 shares of our Class A
common stock acquirable upon conversion of 173,035 shares of our Class B common stock held by LFA.

 (21)
 Dr. Bell's holdings consist of 26,614 shares of our
Class A common stock held directly.

 (22)
 Mr. Richards' holdings consist of 10,569 shares of
our Class A common stock held directly.

 (23)
 Mr. Mbanefo's holdings consist of 40,682 shares of
our Class A common stock held directly.

 (24)
 Mr. Addas' holdings consist of 11,079 shares of our
Class A common stock held directly.

 Equity Compensation Plan Information
as of December 31, 2024

 Number of securities to
 be issued upon exercise
 of outstanding
 restricted stock units,
 options, warrants and
 rights
 (a)

 Weighted average
 exercise price of
 outstanding options,
 warrants, and rights
 (b)

 Number of securities
 remaining available for
 future issuance under
 equity compensation
 plans (excluding
 securities reflected in
 column (a))
 (c)

 Equity Plan (approved by security holders)

 72,543,790

 $
 5.24

 440,808,693

 Equity compensation plans not approved by security holders

 —

 —

 —

 Total

 72,543,790

 $
 5.24

 440,808,693

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
AND DIRECTOR INDEPENDENCE

 Review, Approval and Ratification of Transactions with Related Persons

 The general policy of our Company and our Audit
Committee is that all material transactions with a related party, including transactions with Cantor or Newmark, the relationship between
us and Cantor or Newmark and agreements with related parties, as well as all material transactions in which there is an actual, or in
some cases, perceived, conflict of interest, including repurchases of Class A common stock or, historically, purchases of BGC Holdings
limited partnership interests or other equity interests in our subsidiaries, including from Cantor or our executive officers (see "— Stock
Repurchase Program"), are subject to prior review and approval by our Audit Committee, which will determine whether such transactions
or proposals are fair and reasonable to our stockholders. In general, potential related party transactions are identified by our management
and discussed with the Audit Committee at Audit Committee meetings. Detailed proposals, including, where applicable, financial and legal
analyses, alternatives and management recommendations, are provided to the Audit Committee with respect to each issue under consideration
and decisions are made by the Audit Committee with respect to the foregoing related-party transactions after an opportunity for discussion
and review of materials. When applicable, the Audit Committee requests further information and, from time to time, requests guidance or
confirmation from internal or external counsel or auditors. Our policies and procedures regarding related party transactions are set forth
in our Audit Committee Charter and Code of Ethics, both of which are publicly available on our website at www.bgcg.com/esg/governance/
under the headings "Audit Committee Charter" and "Code of Business Conduct and Ethics," respectively. Related
party transactions with Newmark are also reviewed by the Newmark board and its audit committee under their own policies.

 Transactions with Executive Officers

 On January 2, 2024, Mr. Merkel sold 136,891
shares of Class A common stock to BGC Group at $6.98 per share, the closing price of a share of Class A common stock on January 2,
2024. The transaction was approved by the Audit and Compensation Committees of the Board and was made pursuant to BGC Group's stock
buyback authorization.

 From time to time, the Compensation Committee approves
the acceleration of RSUs or other awards (and prior to the Corporate Conversion, the monetization of previously issued and outstanding
partnership units) in order to provide liquidity to the executives, taking into consideration the retentive impact of the remaining units
held by the executives. See "Compensation Discussion and Analysis — Transactions with Executive Officers and Directors"
and "Compensation Discussion and Analysis — Standing Policy for Mr. Howard W. Lutnick" for more information.

 Corporate Conversion

 On July 1, 2023, pursuant to the Corporate
Conversion Agreement, BGC Partners completed the Corporate Conversion to a Full C-Corporation in order to reorganize and simplify its
organizational structure. As a result of the Corporate Conversion, BGC Group became the public holding company for, and successor to,
BGC Partners, and its Class A common stock began trading on Nasdaq, in place of BGC Partners' Class A common stock, under
the ticker symbol "BGC." Upon completion of the Corporate Conversion, the former stockholders of BGC Partners and the former
limited partners of BGC Holdings now participate in the economics of the BGC businesses through BGC Group.

 The Corporate Conversion was made pursuant to the
Corporate Conversion Agreement which was approved by the Board of Directors of BGC Partners, at the recommendation of the Joint Committee.
The Joint Committee was advised by independent financial and legal advisors selected by the Joint Committee. Houlihan Lokey, Inc., as
financial advisor, provided a fairness opinion to the Joint Committee.

 The Corporate Conversion was effected pursuant to
the terms of the Corporate Conversion Agreement dated as of November 15, 2022 by and among BGC Group, BGC Partners, BGC Holdings,
BGC GP, LLC, a Delaware limited liability company and general partner of BGC Holdings, BGC Partners II, Inc., a Delaware corporation
and wholly owned subsidiary of BGC Group ("Merger Sub 1"), BGC Partners II, LLC, a Delaware limited liability company
and wholly owned subsidiary of BGC Group ("Merger Sub 2"), BGC Holdings Merger Sub, LLC, a Delaware limited liability company
and wholly owned subsidiary of BGC Holdings ("Holdings Merger Sub"), and, solely for the purposes of certain provisions therein,
Cantor.

 Effective as of 12:01 a.m., Eastern Time, on
July 1, 2023, BGC Holdings reorganized from a Delaware limited partnership into a Delaware limited liability company through a merger
with and into Holdings Merger Sub (the "Holdings Reorganization Merger"), with Holdings Merger Sub continuing as a direct
subsidiary of BGC Partners. Effective as of 12:02 a.m., Eastern Time, on July 1, 2023, Merger Sub 1 merged with and into BGC
Partners (the "Corporate Merger"), with BGC Partners continuing as a direct subsidiary of BGC Group. At the same time, Merger
Sub 2 merged with and into Holdings Merger Sub (together with the Holdings Reorganization Merger and the Corporate Merger, the "Corporate
Conversion Mergers"), with Holdings Merger Sub continuing as a subsidiary of BGC Group. As a result of the Corporate Conversion
Mergers, BGC Partners and BGC Holdings became wholly owned subsidiaries of BGC Group.

 In the Holdings Reorganization Merger, each unit
of BGC Holdings outstanding as of immediately prior to the Holdings Reorganization Merger was converted into a substantially equivalent
equity interest in Holdings Merger Sub.

 In the Corporate Merger, each share of Class A
common stock, par value $0.01 per share, of BGC Partners and each share of Class B common stock, par value $0.01 per share, of BGC
Partners outstanding was converted into one share of Class A common stock, par value $0.01 per share, of BGC Group and one share
of Class B common stock, par value $0.01 per share, of BGC Group, respectively.

 As a result of the Corporate Conversion, on July 1,
2023:

 64.0 million units of BGC Holdings held by Cantor ("Cantor
units"), including 5.7 million purchased on June 30, 2023, were converted into shares of BGC Group Class B common
stock, subject to the terms and conditions of the Corporate Conversion Agreement, provided that a portion of the 64.0 million shares
of BGC Group Class B common stock issued to Cantor will exchange into BGC Group Class A common stock in the event that BGC
Group does not issue at least $75.0 million in shares of BGC Group Class A or B common stock in connection with certain acquisition
transactions prior to July 1, 2030, the seventh anniversary of the Corporate Conversion. As of April 1, 2025, the Company has issued
approximately $16.8 million of BGC Group Class A common stock in connection with acquisitions since the Corporate Conversion;

 BGC Group assumed all BGC Partners RSUs, RSU Tax Accounts
or RSAs outstanding as of June 30, 2023; and

 non-exchangeable limited partnership units of BGC Holdings
were converted into equity awards denominated in cash, restricted stock and/or RSUs of BGC Group, each as further set forth in the Corporate
Conversion Agreement. BGC Group granted 38.6 million RSAs, 25.3 million RSUs, and $74.0 million of RSU Tax Accounts upon
the conversion of the non-exchangeable shares of Holdings Merger Sub.

 In connection with the Corporate Conversion on July 1,
2023, the BGC Holdings limited partnership agreement was terminated. There were no limited partnership units of BGC Holdings remaining
after the Corporate Conversion was completed.

 Amendment to the BGC Group Certificate of Incorporation
and Bylaws

 In connection with the Corporate Conversion on July 1,
2023, BGC Group amended and restated its Certificate of Incorporation to reflect an increase in the authorized shares of BGC Group Class A
common stock to 1,500,000,000; an increase in the authorized shares of BGC Group Class B common stock to 300,000,000; and a provision
providing for exculpation to officers of BGC Group pursuant to Section 102(b)(7) of the Delaware General Corporation Law. Additionally,
BGC Group amended and restated its bylaws to adopt a provision providing that Delaware courts shall be the exclusive forum for certain
matters.

 Assumption of Intercompany Arrangements Following the
Corporate Conversion

 On July 1, 2023, in connection with BGC Group
as successor entity of BGC Partners following the Corporate Conversion, the Board of Directors and Audit Committee of BGC Group approved
the assumption of BGC Partners' previously approved agreements and arrangements with related parties, with such modifications thereto
as necessary to reflect the Corporate Conversion. Pursuant to the foregoing authorization, any existing agreements and arrangements between
BGC Partners and any executive officer, director or affiliate of BGC Partners were generally assumed unchanged by BGC Group, other than
making BGC Group a party thereto, or as otherwise described below.

 Transactions with and Related to Newmark

 Newmark IPO, Separation Transaction and Spin-Off

 In December 2017, Newmark completed its IPO
of an aggregate 23 million shares of its Class A common stock. Newmark received approximately $304.3 million in aggregate
net proceeds from the IPO, all of which Newmark used to partially repay indebtedness under a certain term loan that Newmark assumed from
BGC Partners prior to the closing of Newmark's IPO.

 Prior to the Newmark IPO, Newmark was our wholly
owned subsidiary. On December 13, 2017, prior to the Newmark IPO, pursuant to the Separation and Distribution Agreement (as described
below), we transferred substantially all of the assets and liabilities relating to our Real Estate Services business to Newmark via the
Separation. In connection with the Separation, Newmark assumed certain indebtedness and made a proportional distribution of interests
in Newmark Holdings to holders of interests in BGC Holdings.

 On November 30, 2018, BGC completed its Spin-Off
to its stockholders of all of the shares of common stock of Newmark owned by BGC as of immediately prior to the effective time of the
Spin-Off.

 On November 30, 2018, BGC also caused its subsidiary,
BGC Holdings to distribute pro-rata (the "BGC Holdings distribution") all of the 1,458,931 exchangeable limited partnership
units of Newmark Holdings held by BGC Holdings immediately prior to the effective time of the BGC Holdings distribution to its limited
partners entitled to receive distributions on their BGC Holdings units who were holders of record of such units as of the Spin-Off record
date (including Cantor and executive officers of BGC).

 Following the Spin-Off and the BGC Holdings distribution,
BGC ceased to be a controlling stockholder of Newmark, and BGC and its subsidiaries no longer held any shares of Newmark common stock
or other equity interests in Newmark or its subsidiaries. Cantor continues to control Newmark and its subsidiaries following the Spin-Off
and the BGC Holdings distribution.

 Separation and Distribution Agreement

 On December 13, 2017, prior to the closing
of Newmark's IPO, BGC Partners, BGC Holdings, BGC U.S. OpCo, Newmark, Newmark Holdings, Newmark OpCo, and, solely for the provisions
listed therein, Cantor and BGC Global OpCo entered into a Separation and Distribution Agreement. The Separation and Distribution Agreement
sets forth the agreements among BGC Partners, Cantor, Newmark and their respective subsidiaries regarding, among other things:

 the principal corporate transactions pursuant to which the
BGC group transferred to the Newmark group the assets and liabilities of the BGC group relating to BGC's Real Estate Services business,
effecting the Separation;

 the proportional distribution in the Separation of interests
in Newmark Holdings to holders of interests in BGC Holdings;

 the IPO and certain pre-IPO contributions of assets by BGC
Partners to Newmark in exchange for additional shares thereof;

 the assumption and repayment of indebtedness by the BGC group
and the Newmark group, as further described below;

 the Spin-Off, including the termination of certain arrangements
between the BGC group and the Newmark group immediately prior thereto;

 the BGC Holdings distribution;

 indemnities by and among the BGC group, the Newmark group
and Cantor and each of their respective directors, officers, general partners, managers and employees, from and against all liabilities
with respect to liabilities retained or assumed by the BGC group or the Newmark group, as applicable, and/or resulting from breaches
of the agreement; and

 future access to information, records and personnel necessary
or appropriate to comply with regulatory requests or inquiries, for the preparation of financial statements or tax returns, or to conduct
litigation.

 Employee Matters

 In connection with the Spin-Off, our Compensation
Committee had the exclusive authority to determine the treatment of RSAs and RSUs outstanding under the Equity Plan. BGC Partners RSUs
participated in the Spin-Off as if such holder held unrestricted shares of BGC Partners common stock, and following the Spin-Off, any
shares of Newmark common stock issued in respect of restricted BGC Partners common stock remain subject to any vesting, lapse or forfeiture
restrictions applicable to the restricted BGC Partners shares prior to the Spin-Off. RSUs outstanding under the Equity Plan were adjusted
so that each holder of a BGC Partners RSU award continued to hold a BGC RSU covering BGC Partners Class A common shares, but also
received a Newmark RSU covering Newmark Class A common shares on an "as distributed basis" in order to reflect the impact
of the Spin-Off on the pre Spin-Off BGC Partners RSUs. Such RSUs generally had the same terms, including vesting terms, as the pre-Spin-Off
BGC Partners RSUs, subject to any adjustments made by the Compensation Committee of the BGC Partners board of directors.

 As a result of a series of transactions prior to
and in anticipation of the Corporate Conversion, all BGC Holdings units held by active employees of Newmark were redeemed or exchanged,
in each case, for shares of BGC Class A common stock.

 Tax Matters Agreement

 On December 13, 2017, BGC Partners, BGC Holdings,
BGC U.S. OpCo, Newmark, Newmark Holdings and Newmark OpCo entered into a tax matters agreement in connection with the Separation
that governs the parties' respective rights, responsibilities and obligations after the Separation with respect to taxes (including
taxes arising in the ordinary course of business and taxes, if any, incurred as a result of any failure of the Spin-Off and certain related
transactions to qualify as tax-free for U.S. federal income tax purposes), tax attributes and tax benefits, the preparation and filing
of tax returns, the control of audits and other tax proceedings, tax elections, assistance and cooperation in respect of tax matters,
procedures and restrictions relating to the Spin-Off, if any, and certain other tax matters.

 In addition, the tax matters agreement imposes certain
restrictions on Newmark and its subsidiaries (including restrictions on share issuances, business combinations, sales of assets and similar
transactions) that will be designed to preserve the tax-free status of the Spin-Off and certain related transactions. The tax matters
agreement provides special rules to allocate tax liabilities in the event the Spin-Off, together with certain related transactions, is
not tax-free, as well as any tax liabilities incurred in connection with the Separation. In general, under the tax matters agreement,
each party is expected to be responsible for any taxes imposed on BGC Partners or Newmark that arise from the failure of the Spin-Off,
together with certain related transactions, to qualify as a transaction that is generally tax-free, for U.S. federal income tax purposes,
under Sections 355 and 368(a)(1)(D) and certain other relevant provisions of the Code, to the extent that the failure to so qualify
is attributable to actions, events or transactions relating to such party's respective stock, assets or business, or a breach of
the relevant representations or covenants made by that party in the tax matters agreement.

 Transactions with Cantor as a Result of the 2008 Merger

 The Merger

 BGC Partners was created as a result of the April 1,
2008 merger with eSpeed and the issuance of stock and limited partnership units in that transaction and the entry into a separation agreement
setting forth the rights, obligations and liabilities of the parties related to the transferred businesses (the "BGC separation
agreement").

 License

 We entered into a license agreement with Cantor
on April 1, 2008 with respect to a non-exclusive, perpetual, irrevocable, worldwide, non-transferable and royalty-free license to
all software, technology and intellectual property in connection with the operation of Cantor's business.

 The license is not transferable except to any purchaser
of all or substantially all of the business or assets of Cantor or its subsidiaries or to any purchaser of a business, division or subsidiary
of Cantor or its subsidiaries pursuant to a bona fide acquisition of a line of business of Cantor or its subsidiaries (provided that (a) such
purchaser agrees not to use the software, technology and intellectual property provided under the license to create a fully electronic
brokerage system that competes with eSpeed's fully electronic systems for U.S. Treasuries and foreign exchange, (b) we
are a third-party beneficiary of the transferee's agreement in clause (a) above and (c) Cantor enforces its rights against
the purchaser to the extent that it breaches its obligations under clause (a) above). Cantor has granted to us a non-exclusive, perpetual,
irrevocable, worldwide, non-transferable and royalty free license to all intellectual property used in connection with our business operations.
The license is not transferable except to a purchaser of all or substantially all of our business or assets or business, division or subsidiaries
pursuant to a bona fide acquisition of our line of business. Cantor also agreed that it will not use or grant any aspect of the license
to create a fully electronic brokerage system that competes with our fully electronic systems for U.S. Treasuries and foreign exchange.

 Corporate Governance Matters

 Until six months after Cantor ceases to hold
5% of our voting power, transactions or arrangements between us and Cantor will be subject to prior approval by a majority of the members
of our Board who have been found to qualify as "independent" in accordance with the published listing requirements of Nasdaq.
See "— Potential Conflicts of Interest and Competition Among Cantor, BGC and Newmark."

 During the same timeframe, we and Cantor also agreed
not to employ or engage any officer or employee of the other party without the other party's written consent. However, either party
may employ or engage any person who responds to a general solicitation for employment. Cantor may also hire any of our employees who are
not brokers and who devote a substantial portion of their time to Cantor or Cantor-related matters or who manage or supervise any such
employee, unless such hiring precludes us from maintaining and developing our intellectual property in a manner consistent with past practice.
Cantor provides an updated list of such persons to us promptly as necessary.

 Commissions; Market Data; Clearing

 Pursuant to the BGC separation agreement, Cantor
has a right, subject to certain conditions, to be our customer and to pay the lowest commissions paid by any other customer, whether by
volume, dollar or other applicable measure. This right will terminate upon the earlier of a change of control of Cantor and the last day
of the calendar quarter during which Cantor represents one of our 15 largest customers in terms of transaction volume. In addition, Cantor
has an unlimited right to internally use our market data without any cost but Cantor does not have the right to furnish such data to any
third party. Any future related-party transactions or arrangements between us and Cantor are subject to prior approval by our Audit Committee.
During the year ended December 31, 2024, we recorded revenues from Cantor entities of $0.3 million, related to commissions paid to us
by Cantor. These revenues are included as part of "Commissions" in our Consolidated Statements of Operations.

 BGC U.S. Administrative Services Agreement, U.K. Administrative
Service Agreement with Tower Bridge, and Regulatory Administrative Services Agreements

 We have entered into a series of administrative
services agreements between our affiliates and those of Cantor, in the U.S., and Tower Bridge International Services L.P. ("Tower
Bridge"), abroad. The specific agreements are described below:

 U.S. Master Administrative Services Agreement

 On March 6, 2008, Cantor and BGC Partners entered
into an Administrative Services Agreement ("ASA"), pursuant to which Cantor and its affiliates provided BGC Partners with
administrative services and other support (the "2008 U.S. Master ASA"). On July 1, 2023, BGC Group, Cantor and certain
affiliates of Cantor entered into an Amended and Restated Administrative Services Agreement (the "U.S. Master ASA").
The U.S. Master ASA updated the 2008 U.S. Master ASA to make BGC Group (rather than BGC Partners) a party and modifies certain
other provisions to reflect the Corporate Conversion. There were no material changes made in connection with the U.S. Master ASA.

 Under the U.S. Master ASA, Cantor and its affiliates
provide us with administrative services and other support, including administration and benefits services; employee benefits, human resources,
and payroll services; financial and operations services; internal auditing services; legal related services; risk and credit services;
accounting and general tax services; space, personnel, hardware and equipment services; communication and data facilities; facilities
management services; promotional, sales and marketing services; procuring of insurance coverage; and any miscellaneous services to which
the parties reasonably agree.

 The U.S. Master ASA provides that direct costs
incurred by the service provider are charged back to the service recipient. Additionally, for rental expense and insurance, costs are
determined based on each party's pro rata portion of (i) rental expense (based on square footage used) during the terms of
the leases for such spaces, (ii) general liability or business interruption insurance expense (based on total revenues), and (iii) property
and casualty insurance (based on headcount). In connection with the services Cantor provides, we and Cantor entered into an administrative
services agreement whereby certain employees of Cantor are deemed leased employees of ours. For the year ended December 31, 2024,
we were charged $107.6 million for the services provided by Cantor and its affiliates, of which $75.1 million was to cover compensation
to leased employees. The fees charged by Cantor for administrative and support services, other than those to cover the compensation costs
of leased employees, are included as part of "Fees to related parties" in our Consolidated Statements of Operations. The fees
charged by Cantor to cover the compensation costs of leased employees are included as part of "Compensation and employee benefits"
in our Consolidated Statements of Operations.

 The U.S. Master ASA has an initial term of
three years. Thereafter, the U.S. Master ASA renews automatically for successive one-year terms, unless any party provides written
notice to the other parties of its desire to terminate the agreement at least 120 days before the end of any such year ending during
the initial or extended term, in which event the U.S. Master ASA will end with respect to the terminating party on the last day
of such term. In addition, any particular service provided under the U.S. Master ASA may be cancelled by any party, with at least
90 days' prior written notice to the providing party, with no effect on the other services.

 The U.S. Master ASA provides that the service
recipient generally indemnifies the service provider for liabilities that it incurs arising from the provision of services, other than
liabilities arising from fraud or willful misconduct of the service provider. In accordance with the administrative service agreement,
we have not recognized any liabilities related to services provided to affiliates.

 The U.S. Master ASA allows Cantor to enter
into ancillary standalone administrative services agreements with us or our affiliates from time to time, pursuant to the terms of the
U.S. Master ASA. Cantor is entitled to continued use of hardware and equipment it used prior to the date of any applicable administrative
services agreement on the terms and conditions provided even in the event BGC Group terminates such administrative services agreement,
although there is no requirement to repair or replace.

 U.K. Master Administrative Services Agreement

 On August 9, 2007, BGC Partners, Tower Bridge
and certain affiliates of Tower Bridge entered into an Administrative Services Agreement, pursuant to which Tower Bridge provided Cantor
and us with administrative services, technology services and other support in the United Kingdom (the "2007 U.K. Master ASA").
On July 1, 2023, BGC Group, Tower Bridge and certain affiliates of Tower Bridge entered into an Amended and Restated Administrative
Services Agreement (the "U.K. Master ASA"). The U.K. Master ASA updates the 2007 U.K. Master ASA to make BGC
Group (rather than BGC Partners) a party and modifies certain other provisions to reflect the Corporate Conversion. There were no material
changes made in connection with the U.K. Master ASA.

 Under the U.K. Master ASA, Tower Bridge and
its affiliates provide us with administrative services and other support throughout Europe and Asia, including administration and benefits
services; employee benefits, human resources, and payroll services; financial and operations services; internal auditing services; legal
related services; risk and credit services; accounting and general tax services; space, personnel, hardware and equipment services; communication
and data facilities; facilities management services; promotional, sales and marketing services; procuring of insurance coverage; and any
miscellaneous services to which the parties reasonably agree. Additionally, under the U.K. Master ASA, we provide assets (principally
computer equipment), systems/infrastructure and office space in the United Kingdom and Europe to Cantor and Tower Bridge, and, to the
extent applicable, our affiliates do the same in Asia as well. These assets may be subject to operating leases with third-party leasing
companies. We believe that the rate on such leases, subleases or licenses is no greater than would be incurred with a third party on an
arm's-length basis.

 The U.K. Master ASA provides that direct costs
incurred by the service providers are charged back to the recipient, plus a mark-up (if any), as the parties may agree from time to time,
which has generally been 7.5% for services provided to Cantor. BGC charges Cantor on the
same basis as it charges Tower Bridge (although it charges Tower Bridge without any markup). Tower Bridge and its affiliates charge Cantor
on the basis described above for the assets and office space they provide. Additionally, for rental expense and insurance, costs are determined
based on each party's pro rata portion of (i) rental expense (based on square footage used) during the terms of the leases
for such spaces, and (ii) insurance expense (based on square footage used). Each recipient of services remains responsible for its
own regulatory and other compliance functions. These revenues are included as part of "Fees from related parties" in our Consolidated
Statements of Operations. For the year ended December 31, 2024, we recognized related party revenues of $20.7
million for the services provided to Cantor and its affiliates.

 The U.K. Master ASA has an initial term of
three years. Thereafter, the U.K. Master ASA renews automatically for successive one-year terms, unless any party provides written
notice to the other parties of its desire to terminate the agreement at least 120 days before the end of any such year ending during
the initial or extended term, in which event the U.K. Master ASA will end with respect to the terminating party on the last day
of such term. In addition, any particular service provided under the U.K. Master ASA may be cancelled by any party, with at least
90 days' prior written notice to the providing party, with no effect on the other services.

 The U.K. Master ASA allows Tower Bridge to
enter into ancillary standalone administrative services agreements with us or our affiliates from time to time, pursuant to the terms
of the U.K. Master ASA. As described below, we have adopted a form of administrative services agreement for our Regulated Entities
(as defined below).

 We own 52% of Tower Bridge and consolidate it, and
Cantor owns 48%. Cantor's interest in Tower Bridge is reflected as a component of "Noncontrolling interest in subsidiaries"
in our Consolidated Statements of Financial Condition, and the portion of Tower Bridge's income attributable to Cantor is included
as part of "Net income (loss) from continuing operations attributable to noncontrolling interest in subsidiaries" in our Consolidated
Statements of Operations. For the year ended December 31, 2024, Cantor's share of the net profit of Tower Bridge was $2.2
million.

 Administrative Services Agreements Between Tower Bridge
and Regulated Entities

 Previously, Tower Bridge entered into multiple administrative
services agreements (the "Original Regulated Entity ASAs") effective December 31, 2011, and amended from time to time,
under which Tower Bridge provides specified administrative services to each of our six U.K. regulated entity affiliates: BGC Brokers L.P.,
Cantor Fitzgerald Europe, BGC International, eSpeed International Limited, eSpeed Support Services Limited and Cantor Index Limited (the
"Regulated Entities"). On July 1, 2023, BGC Group adopted the form of its New ASAs (the "Form Regulated Entity
ASA" and together with the Original Regulated Entity ASAs, the "Regulated Entity ASAs") to be used going forward for
our Regulated Entities, and other applicable regulated entities from time to time. There were no material changes made in connection with
the Form Regulated Entity ASA.

 The Regulated Entity ASAs are compliant with relevant
regulatory requirements in the U.K. and comply with the Financial Conduct Authority rules relating to outsourcing of material functions
under Section 8 of the Senior Management Arrangements, Systems and Controls. The Regulated Entity ASAs provide for various provisions,
including additional service levels, a longer termination period, step-in rights for the Regulated Entities, continuation rights on insolvency,
audit rights for the Regulated Entities and their regulators, and provision of business continuity in the event of an outage or incident,
but otherwise do not materially change the services obligations between the parties under the U.K. Master ASA. In the event
of any conflict between the U.K. Master ASA and the Regulated Entity ASAs, the Regulated Entity ASAs govern.

 Each Regulated Entity ASA will remain in force until
terminated in accordance with its terms. A Regulated Entity may terminate its respective Regulated Entity ASA on 365 days'
notice, for material uncorrected breaches, insolvency of Tower Bridge or a force majeure event which continues for three months or
more. A Regulated Entity may also terminate specific services upon 365 days' notice (or a shorter period if the parties agree
in writing), and Tower Bridge may terminate specific services with a Regulated Entity's consent. Tower Bridge may terminate the
Regulated Entity ASA on 365 days' notice or for material uncorrected breaches, for failure to pay or a force majeure event
which continues for three months or more. The charges to a Regulated Entity for services are calculated using the direct cost to
Tower Bridge of providing the services plus a transfer pricing markup which varies according to which entity provides the services.

 If Tower Bridge becomes insolvent, then a Regulated
Entity can (i) terminate the Regulated Entity ASA at any time on written notice; or (ii) step in and take over the provision
of the services itself either directly or via a nominated third party (to the extent permitted under insolvency laws). Step-in rights
may only be exercised where the Regulated Entity reasonably believes that crucial functions have been substantially prevented, hindered
or delayed and only apply to the service in question. In such a situation, Tower Bridge is required to fully cooperate with the Regulated
Entity and the Regulated Entity must pay for third-party costs. Step-in rights cease when Tower Bridge is able to perform the services
again. Step-in rights are also available to a Regulated Entity on material breach, default or non-performance by Tower Bridge. If a Regulated
Entity becomes insolvent, Tower Bridge may terminate the Regulated Entity ASA in certain limited circumstances. Tower Bridge is required
to continue to provide the services for a period of 90 days post-insolvency (provided the Regulated Entity pays for those post insolvency
services) notwithstanding that it might be owed money by the Regulated Entity for services provided pre-insolvency.

 FMX Administrative Services Agreement

 In connection with the FMX Separation (as defined
below), on April 23, 2024, Tower Bridge and Fenics Markets Exchange, LLC ("FMX") entered into an Administrative Services
Agreement, pursuant to which Tower Bridge would provide certain administrative services and technology services to FMX. See "— FMX"
for additional information on FMX.

 Changes in Allocations Under Administrative Services
Agreements

 From time to time, our Audit Committee may approve
changes in the allocations under our various administrative services agreements. In each case, such total compensation shall be allocated
or credited to us only in respect of the period for which the awards were made (regardless of the ultimate charges associated with such
awards) and shall be calculated at the date of grant and equal the total cash paid by us to each employee plus the number of partnership
or equity units issued to such employee multiplied by the price of a share of our Class A common stock on the date of grant plus
the gross amount of any cash advance distribution loan made to such employee.

 Tower Bridge Lease Guarantee

 On September 21, 2018, we entered into agreements
to provide a guarantee and related obligation to Tower Bridge in connection with an office lease for the Company's headquarters
in London. We are obligated to guarantee the obligations of Tower Bridge in the event of certain defaults under the applicable lease and
ancillary arrangements. In July 2018, the Audit Committee also authorized our management to enter into similar guarantees or provide
other forms of credit support to Tower Bridge or other affiliates of ours from time to time in the future in similar circumstances and
on similar terms and conditions.

 Registration Rights Agreement

 In connection with the Corporate Conversion, BGC
Group and Cantor entered into an Amended, Restated and Consolidated Registration Rights Agreement, dated as of July 1, 2023 (the
"Amended, Restated and Consolidated Registration Rights Agreement"), to consolidate and restate the registration rights agreements
entered into between Cantor and BGC Partners (and its predecessors) in 1999 and 2008.

 Pursuant to the Amended, Restated and Consolidated
Registration Rights Agreement, among other things, BGC Group will be obligated to file registration statements to register the resale
of BGC Group common stock issued to Cantor, its affiliates, Qualified Class B Holders (as defined in BGC Group's Certificate
of Incorporation), and their transferees who agree to be bound by the terms of the agreement (collectively, the "holders"),
up to four times as requested by the holders. The Amended, Restated and Consolidated Registration Rights Agreement also provides unlimited
"piggy-back" registration rights. Any registration of shares of BGC Group common stock pursuant to the Amended, Restated and
Consolidated Registration Rights Agreement is subject to certain requirements and customary conditions.

 We will pay the costs of such registrations but
the holders will pay for any underwriting discounts or commissions or transfer taxes associated with all such registrations. We have agreed
to indemnify the holders reselling shares of BGC Group common stock pursuant to the Amended, Restated and Consolidated Registration Rights
Agreement against certain liabilities under the Securities Act of 1933, as amended (the "Securities Act").

 Notes Payable and Market-Making Transactions

 Notes Exchange Offers

 On October 6, 2023, BGC Group completed an
exchange offer, in which BGC Group offered to exchange BGC Partners' then-outstanding senior notes for new notes to be issued by
BGC Group with the same respective interest rates, maturity dates and substantially identical terms as the tendered notes, and cash (the
"Exchange Offer"). Cantor held $14.5 million of BGC Partners' 4.375% Senior Notes due 2025, which it exchanged
in the Exchange Offer for $14.5 million of our 4.375% Senior Notes due 2025, which Cantor held as of December 31, 2024.

 6.600% Senior Notes due 2029

 On June 10, 2024, BGC Group issued an aggregate
of $500.0 million principal amount of 6.600% Senior Notes due 2029. $0.4 million of underwriting fees were payable to CF&Co.

 Market-Making Transactions

 On October 19, 2023, the Company filed a resale
registration statement on Form S-3 pursuant to which CF&Co could make offers and sales of our 3.750% Senior Notes due 2024, our
4.375% Senior Notes due 2025 and our 8.000% Senior Notes due 2028 in connection with ongoing market-making transactions which could occur
from time to time.

 On November 8, 2024, the Company filed a resale
registration statement on Form S-3 pursuant to which CF&Co may make offers and sales of our 4.375% Senior Notes due 2025, our 8.000%
Senior Notes due 2028 and BGC Group 6.600% Senior Notes due 2029 in connection with ongoing market-making transactions which may occur
from time to time. Such market-making transactions in these securities may occur in the open market or may be privately negotiated at
prevailing market prices at the time of resale or at related or negotiated prices. Neither CF&Co, nor any other of the Company's
other affiliates, has any obligation to make a market in our securities, and CF&Co or any such other affiliate may discontinue market-making
activities at any time without notice. Also on November 8, 2024, market-making transactions pursuant to the resale registration statement
described in the paragraph above were terminated.

 6.150% Senior Notes due 2030

 On April 2, 2025, BGC Group issued an aggregate
of $700.0 million principal amount of 6.150% Senior Notes due 2030. $0.4 million of underwriting fees were payable to CF&Co.

 CEO Program

 On March 8, 2021, we filed a controlled equity
offering ("CEO Program") Shelf Registration Statement on Form S-3 with respect to the issuance and sale of up to an aggregate
of $300.0 million of shares of BGC Class A common stock from time to time on a delayed or continuous basis (the "March 2021
Form S-3 Registration Statement"). On July 8, 2022, we filed an amendment to the March 2021 Form S-3 Registration
Statement. On August 3, 2022, the March 2021 Form S-3 Registration Statement was declared effective by the SEC and we entered
into a Controlled Equity Offering SM sales agreement with CF&Co (the "August 2022 Sales Agreement") on
August 12, 2022. The Company did not sell any shares under the August 2022 Sales Agreement. On July 3, 2023, in connection
with the Corporate Conversion, BGC Group filed a post-effective amendment to the March 2021 Form S-3 Registration Statement,
pursuant to which it adopted the March 2021 Form S-3 Registration Statement as its own registration statement. Also on July 3,
2023, BGC Group assumed the August 2022 Sales Agreement, as amended and restated to replace references to BGC Partners with references
to BGC Group and to make other ministerial changes (the "July 2023 Sales Agreement"). BGC Group may sell up to an aggregate
of $300.0 million of shares of BGC Class A common stock pursuant to the terms of the July 2023 Sales Agreement. Under the
July 2023 Sales Agreement, we agreed to pay CF&Co 2% of the gross proceeds from the sale of shares. As of December 31, 2024,
we had not sold any shares of BGC Class A common stock or paid any commission to CF&Co under the July 2023 Sales Agreement.

 Certain Financial Advisory Fees and Commissions Paid by the Company
to CF&Co

 On August 2, 2010, we were authorized to engage
CF&Co and its affiliates to act as financial advisors in connection with one or more third-party business combination transactions
as requested by the Company on behalf of its affiliates from time to time on specified terms, conditions and fees. The Company may pay
finders', investment banking or financial advisory fees to broker-dealers, including, but not limited to, CF&Co and its affiliates,
from time to time in connection with certain business combination transactions, and, in some cases, the Company may issue shares of BGC
Class A common stock in full or partial payment of such fees. The Company did not pay any fees to CF&Co in connection with the disposition
transactions during the year ended December 31, 2024.

 On October 3, 2014, management was granted
approval by the Board and Audit Committee to enter into stock loan transactions with CF&Co utilizing equity securities. Such stock
loan transactions will bear market terms and rates. During the year ended December 31, 2024, we did not have any stock loan transactions
with CF&Co. Securities loaned in stock loan transactions are included in "Securities loaned" in our Consolidated Statements
of Financial Condition.

 Cantor Referral Fee

 On October 30, 2024, the Audit Committee approved
the receipt of a referral fee of $1.5 million paid to the Company by an affiliate of Cantor in connection with the introduction by
certain of the Company's brokers of a Cantor client to a Cantor affiliate. Additionally, the Audit Committee approved attributing
the entire referral fee to the individual brokers in the form of an award of the Company's RSUs.

 Transactions with the Cantor Relief Fund

 During the year ended December 31, 2015, we
committed to make charitable contributions to the Cantor Relief Fund in the amount of $40.0 million. The Company fully paid the $40.0 million
commitment during the third quarter of 2022.

 As of December 31, 2024, we had additional
liabilities to the Cantor Relief Fund and The Cantor Foundation (U.K.) for $13.2 million, which included $9.5 million of additional expense
taken in September 2024, above the original $40.0 million commitment.

 Clearing Agreements with Cantor

 We and our subsidiaries receive certain clearing
services from Cantor and its subsidiaries pursuant to several clearing agreements, including the Clearing Services Agreement, dated May 9,
2006 (the "Clearing Services Agreement"), between CF&Co and BGCF. These clearing services are provided in exchange for
payment by the Company and its subsidiaries for certain clearing costs and allocated costs. The costs associated with these payments are
included as part of "Fees to related parties" in the Company's Consolidated Statements of Operations.

 On June 7, 2024, we amended the Clearing Services
Agreement to modify the rate charged by CF&Co for posting margin in respect of trades cleared on behalf of BGCF to a rate equal to
CF&Co's cost of funding such margin through a draw on a third party credit facility provided to CF&Co for which the use
of proceeds is to finance clearinghouse margin deposits and related transactions.

 Clearing Capital Agreement with Cantor

 In November 2008, the Company entered into
a clearing capital agreement with Cantor (the "Clearing Capital Agreement") with Cantor to clear U.S. Treasury and U.S. government
agency securities transactions on the Company's behalf. In June 2020, the Clearing Capital Agreement was amended to cover Cantor
providing clearing services in all eligible financial products to the Company and not just U.S. Treasury and U.S. government
agency securities. Pursuant to the terms of this agreement, so long as Cantor is providing clearing services to BGC, Cantor shall be entitled
to request from the Company cash or other collateral acceptable to Cantor in the amount reasonably requested by Cantor under the Clearing
Capital Agreement or Cantor will post cash or other collateral on BGC's behalf for a commercially reasonable charge. On June 7,
2024 we amended the Clearing Capital Agreement to modify the rate charged by Cantor for posting margin in respect of trades cleared on
behalf of the Company to a rate equal to Cantor's cost of funding such margin through a draw on a third party credit facility provided
to Cantor for which the use of proceeds is to finance clearinghouse margin deposits and related transactions. The Clearing Capital Agreement
amendment also assigned BGC Partners' rights and obligations thereunder to BGC Group.

 During the year ended December 31, 2024, the
Company was charged $4.4 million by Cantor for the cash or other collateral posted by Cantor on BGC's behalf. Cantor held cash
or other property from the Company as collateral as of December 31, 2024 at a fair value of $124.6 million.

 FMX

 Separation and Investment

 On April 23, 2024, BGC, FMX, and Cantor entered
into a separation agreement pursuant to which BGC contributed the assets and liabilities related to FMX's business to FMX (the "FMX
Separation") and pursuant to which BGC and FMX agreed to certain restrictions in the operations of their respective businesses.
Following the FMX Separation, between April 23, 2024 and April 24, 2024, Bank of America, Barclays, Citadel Securities, Citi,
Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo contributed $172 million
into FMX in exchange for a 25.75% ownership interest in FMX at a post-money equity valuation of $667 million. The FMX Equity Partners
received an additional 10.3% of equity ownership subject to driving trading volumes and meeting certain volume targets across the FMX
ecosystem.

 Non-conforming Subordination Agreements

 On June 26, 2024, the Audit Committee of BGC
approved the entry into one or more Non-Conforming Subordination Agreements (any such agreement, a "NCSA") by BGC or its subsidiaries,
including FMX, with CF&Co (or its affiliates). Pursuant to any NCSA, the BGC party would acknowledge that its brokerage account(s) held
at CF&Co are not "customers" of CF&Co and would agree to subordinate its right to receive securities or funds held
in such accounts to the claims of Cantor's customers. This acknowledgment and agreement by the relevant BGC party enables CF&Co
to receive such securities or funds from the BGC party and post them with the Fixed Income Clearing Corporation ("FICC") without
requiring that they be segregated. CF&Co and FMX entered into an NCSA on July 11, 2024.

 FMX Administrative Services Agreement

 In connection with the FMX Separation, on April 23,
2024, Tower Bridge and FMX entered into an Administrative Services Agreement, pursuant to which Tower Bridge would provide certain administrative
services and technology services to FMX.

 Receivables from and Payables to Related Broker-Dealers

 We and Cantor formed Freedom International Brokerage
Company ("Freedom") to acquire a 66.7% economic interest in Freedom International Brokerage, a Canadian government securities
broker-dealer and Nova Scotia unlimited liability company, in April 2001. As of the closing of the merger, we became entitled to
100% of Freedom's capital interest in Freedom International Brokerage and we assumed 100% of Freedom's cumulative profits.
Amounts due to or from Cantor and Freedom, which is one of the Company's equity method investments, are for transactional revenues
under a technology and services agreement with Freedom, as well as for open derivative contracts. These are included as part of "Receivables
from broker-dealers, clearing organizations, customers and related broker-dealers" or "Payables to broker-dealers, clearing
organizations, customers and related broker-dealers" in the Company's Consolidated Statements of Financial Condition. As of
December 31, 2024, the Company had receivables from Freedom of $1.3 million. As of December 31, 2024, the Company had $4.8 million
in receivables from Cantor related to open derivative contracts. As of December 31, 2024, the Company had $4.0 million in payables
to Cantor related to open derivative contracts. As of December 31, 2024, the Company had $0.1 million in receivables from Cantor
related to fails and pending trades.

 Other Transactions with Cantor

 Treasury Fails

 We are authorized to enter into short-term arrangements
with Cantor to cover any delivery failures in connection with U.S. Treasury securities transactions and to share equally any net
income resulting from such transactions, as well as any similar clearing and settlement issues. As of December 31, 2024, Cantor had
not facilitated any repurchase agreements between the Company and Cantor for the purpose of financing fails.

 Reverse Repurchase Agreements

 As part of our cash management process, we may enter
into tri-party reverse repurchase agreements and other short-term investments, some of which may be with Cantor. As of December 31,
2024, we had no reverse repurchase agreements outstanding.

 FX Exposure

 To more effectively manage our exposure to changes
in FX rates, we and Cantor have agreed to jointly manage the exposure. As a result, we are authorized to divide the quarterly allocation
of any profit or loss relating to FX currency hedging between us and Cantor. The amount allocated to each party is based on the total
net exposure for us and Cantor. The ratio of gross exposures of Cantor and us is utilized to determine the shares of profit or loss allocated
to each for the period. During the year ended December 31, 2024, we recognized our share of FX loss of $4.1 million.

 Mutual Brokerage Services

 We and Cantor are authorized to utilize each other's
brokers to provide brokerage services for securities not brokered by such entity, so long as, unless otherwise agreed, such brokerage
services were provided in the ordinary course and on terms no less favorable to the receiving party than such services are provided to
typical third-party customers. We and Cantor enter into these agreements from time to time.

 Asset Backed Commercial Paper

 In August 2013, the Audit Committee authorized
us to invest up to $350.0 million in an asset-backed commercial paper program for which certain Cantor entities serve as placement
agent and referral agent. The program issues short-term notes to money market investors and is expected to be used from time to time as
a liquidity management vehicle. The notes are backed by assets of highly rated banks. We are entitled to invest in the program so long
as the program meets investment policy guidelines, including policies relating to ratings. Cantor will earn a spread between the rate
it receives from the short-term note issuer and the rate it pays to us on any investments in this program. This spread will be no greater
than the spread earned by Cantor for placement of any other commercial paper note in the program. As of December 31, 2024, we did
not have any investments in the program.

 Intercompany Credit Agreement with Cantor

 On March 19, 2018, BGC Partners entered into
a Credit Agreement with Cantor (the "Intercompany Credit Agreement"). The Intercompany Credit Agreement provides for each
party and certain of its subsidiaries to issue loans to the other party or any of its subsidiaries at the lender's discretion in
an aggregate principal amount up to $250.0 million outstanding at any time. The Intercompany Credit Agreement replaced the previous
Credit Facility between BGC Partners and an affiliate of Cantor. On August 6, 2018, BGC Partners entered into an amendment to the
Intercompany Credit Agreement, which increased the aggregate principal amount that could be loaned to the other party or any of its subsidiaries
from $250.0 million to $400.0 million that can be outstanding at any time. On October 6, 2023, BGC Group assumed all rights
and obligations of BGC Partners under the Intercompany Credit Agreement.

 On March 8, 2024, we entered into a second
amendment to the Intercompany Credit Agreement. The second amendment provides that the parties and their respective subsidiaries may borrow
up to an aggregate principal amount of $400.0 million from each other from time to time at an interest rate equal to 25 basis points
less than the interest rate on the respective borrower's short-term borrowing rate then in effect. Previously, the parties and their
respective subsidiaries could borrow up to an aggregate principal amount of $400.0 million from each other from time to time at an
interest rate equal to 1.00% higher than the higher of Cantor's or BGC's short-term borrowing rate then in effect. The Intercompany
Credit Agreement will mature on the earlier to occur of (a) if prior written notice of non-extension is given by a lending party
to a borrowing party at least six months in advance thereof, March 19, 2026, and if such notice is not timely given, then the
maturity date of the Intercompany Credit Agreement will continue to be extended for additional successive one-year periods unless prior
written notice of non-extension is given by a lending party to a borrowing party at least six months in advance of such renewal date
and (b) the termination of the Intercompany Credit Agreement by either party pursuant to its terms.

 On June 7, 2024, we entered into a third amendment
to the Intercompany Credit Agreement. The third amendment provides that the parties and their respective subsidiaries may borrow up to
an aggregate principal amount of $400.0 million pursuant to a new category of "FICC-GSD Margin Loans." FICC-GSD Margin
Loans are loans made by a party to the Intercompany Credit Agreement, the use of proceeds of which will be to directly or indirectly (i) post
margin at any clearinghouse, including without limitation the Government Securities Division of the FICC, (ii) keep funds available
for the purpose of posting such margin or (iii) otherwise facilitate the clearing and settlement of trades. FICC-GSD Margin Loans
will bear interest at a rate equal to the overnight interest rate actually earned by the borrower or its affiliates on borrowings under
the applicable FICC-GSD Margin Loan that are posted to clearinghouses or kept available for posting at clearinghouses. The maturity date
in respect of FICC-GSD Margin Loans will not exceed 35 days from the date the loan is made, unless otherwise agreed by the parties.
All other terms of the Intercompany Credit Agreement, including terms applicable to loans made thereunder that are not FICC-GSD Margin
Loans, remain the same.

 On March 12, 2024, we borrowed $275.0 million
from Cantor under the Intercompany Credit Agreement and used the proceeds from such borrowing to repay the principal and interest related
to all of the $240.0 million of borrowings outstanding under the Revolving Credit Agreement. The interest rate on this facility was
6.92%. On April 1, 2024, the Company repaid in full the $275.0 million of principal and interest amounts outstanding from the Intercompany
Credit Agreement. As of December 31, 2024, there were no borrowings by the Company outstanding under the Intercompany Credit Agreement.
We recorded interest expense related to the Intercompany Credit Agreement of $1.1 million for the year ended December 31, 2024.

 On June 10, 2024, Cantor borrowed $180.0 million
from us under the Intercompany Credit Agreement. Cantor partially repaid the Company $18.0 million on July 31, 2024, and $12.0 million
on September 25, 2024. On October 1, 2024, Cantor repaid in full to the Company the outstanding principal of $150.0 million borrowed from
the Company under the Intercompany Credit Agreement. As of December 31, 2024, there were no borrowings by Cantor outstanding under
the Intercompany Credit Agreement. These borrowings were not considered FICC-GSD Margin Loans. The average interest rate on borrowings
under this facility was 7.13% for the year ended December 31, 2024. We recorded interest income related to the Intercompany Credit Agreement
of $3.8 million for the year ended December 31, 2024.

 On April 4, 2025, Cantor borrowed $120.0 million
from us under the Intercompany Credit Agreement. The borrowing rate as of April 4, 2025 was 6.17%. Cantor partially repaid us $15.0 million
on April 14, 2025.

 Potential Conflicts of Interest and Competition Among Cantor, BGC
and Newmark

 General

 There is overlap in our Board and management with
Cantor's Board of Directors and management, including (i) Mr. Merkel, who serves as both the Chairman of our Board, Executive Vice
President and General Counsel and as Cantor's Executive Vice Chairman, Executive Managing Director, and General Counsel, and (ii)
Mr. B. Lutnick, who is a member of our Board also serves as Cantor's Chief Executive Officer and Chairman of Cantor's Board
of Directors.

 Each share of BGC Class B common stock is generally
entitled to the same rights as a share of BGC Class A common stock, except that, on matters submitted to a vote of our stockholders, each
share of BGC Class B common stock is entitled to 10 votes. The BGC Class B common stock generally votes together with the BGC Class A
common stock on all matters submitted to a vote of our stockholders. As of April 1, 2025, Cantor and CFGM held an aggregate of 96.3 million
shares of BGC Class B common stock, representing 88% of the outstanding shares of BGC Class B common stock and approximately 65.4% of
our total voting power.

 Various conflicts of interest between us, Newmark
and Cantor may arise in the future in a number of areas relating to our past and ongoing relationships, including potential acquisitions
of businesses or properties, the election of new directors, payment of dividends, incurrence of indebtedness, tax matters, financial commitments,
marketing functions, indemnity arrangements, service arrangements, issuances of capital stock, sales or distributions of shares of our
common stock and the exercise by Cantor of control over BGC's and Newmark's management and affairs.

 Conflicts of interest may arise between and among
BGC, Newmark and Cantor in a number of areas relating to each of their past and ongoing relationships, including:

 potential acquisitions and dispositions of businesses;

 the issuance or disposition of securities;

 the election of new or additional directors to the board
of directors of either BGC or Newmark;

 the payment of dividends by either BGC or Newmark (if any),
distribution of profits by Newmark OpCo and/or Newmark Holdings, as applicable, and repurchases of shares of either company's common
stock or purchases of Newmark Holdings limited partnership interests or other equity interests in subsidiaries of either BGC or Newmark,
as applicable, including from Cantor, BGC or executive officers of BGC or Newmark, other employees, partners and others, as applicable;

 business operations or business opportunities of BGC, Newmark
and Cantor that would compete with the other party's business opportunities;

 intellectual property matters;

 business combinations involving BGC or Newmark;

 conflicts between BGC's agency trading for primary
and secondary bond sales and Cantor's investment banking bond origination business;

 competition between BGC's and Cantor's other
equity derivatives and cash equity inter-dealer brokerage businesses;

 the Corporate Conversion;

 the terms of the Separation and Distribution agreement and
the ancillary agreements BGC and Newmark entered into in connection with the Separation;

 the nature, quality and pricing of administrative services
to be provided by BGC, Cantor and/or Tower Bridge;

 potential and existing loan arrangements; and

 provision of clearing capital pursuant to clearing agreements
with Cantor and its subsidiaries and potential and existing loan arrangements.

 We also expect that Cantor will manage its ownership
of BGC and Newmark so that no company will be deemed to be an investment company under the Investment Company Act of 1940, as
amended (the "Investment Company Act"), including by maintaining its voting power in BGC and/or Newmark, as applicable, above
a majority absent an applicable exemption from the Investment Company Act. This may result in conflicts with BGC and/or Newmark, including
those relating to acquisitions or offerings by BGC and/or Newmark involving issuances of shares of our Class A common stock, or securities
convertible or exchangeable into shares of Class A common stock, that would dilute the voting power in BGC of existing stockholders
and in Newmark of existing Newmark stockholders and the holders of Newmark Holdings exchangeable limited partnership interests.

 Moreover, the service of officers or partners of
Cantor as our executive officers and those persons' ownership interests in and payments from Cantor and their respective affiliates,
SPACs and similar investments or other entities, could create conflicts of interest when Newmark and those directors or executive officers
are faced with decisions that could have different implications for BGC and/or Newmark and them.

 Potential Conflicts Related to Cantor

 As noted above, Cantor is able to exercise control
over our management and affairs and all matters requiring stockholder approval, including the election of our directors and determinations
with respect to acquisitions and dispositions, as well as material expansions or contractions of our business, entry into new lines of
business and borrowings and issuances of our Class A and Class B common stock or other securities. Cantor's voting power
may also have the effect of delaying or preventing a change of control of us.

 In addition, Cantor has from time to time in the
past considered possible strategic realignments of its business and/or of the relationships that exist between and among Cantor and its
other affiliates and us. Any future related-party transactions or arrangements between us and Cantor, and its other affiliate and us until
Cantor ceases to hold 5% of our voting power, are subject to the prior approval by our Audit Committee, but generally will not otherwise
require the separate approval of our stockholders, and if such stockholder approval is required, Cantor would retain sufficient voting
power to provide any such requisite approval without the affirmative consent of the other stockholders.

 Our agreements and other arrangements with Cantor
and/or Newmark may be amended upon agreement of the parties to those agreements and approval of our Audit Committee. During the time that
we are controlled by Cantor, Cantor may be able to require us to agree to amendments to these agreements. We may not be able to resolve
any potential conflicts and, even if we do, the resolution may be less favorable to us than if we were dealing with an unaffiliated party.
As a result, the prices charged to or by us for services provided under agreements with Cantor may be higher or lower than prices that
may be charged to or by third parties, and the terms of these agreements may be more or less favorable to us than those that we could
have negotiated with third parties.

 To address potential conflicts of interest between
Cantor and its representatives and us, our Certificate of Incorporation contains provisions regulating and defining the conduct of our
affairs as they may involve Cantor and its representatives, and our powers, rights, duties and liabilities and those of our representatives
in connection with our relationship with Cantor and its affiliates, officers, directors, general partners or employees. Our Certificate
of Incorporation provides that, to the greatest extent permitted by law, no Cantor Company, as defined in our Certificate of Incorporation,
or any of the representatives, as defined in our Certificate of Incorporation, of a Cantor Company will owe any fiduciary duty to, nor
will any Cantor Company or any of their respective representatives be liable for breach of fiduciary duty to, us or any of our stockholders,
including with respect to corporate opportunities. In addition, to the greatest extent permitted by law, Cantor and its respective representatives
have no duty to refrain from engaging in the same or similar activities or lines of business as us or doing business with any of our customers.
The corporate opportunity policy that is included in our Certificate of Incorporation is designed to resolve potential conflicts of interest
between us and our representatives and Cantor and its representatives.

 If a third party presents a corporate opportunity
(as defined in our Certificate of Incorporation) to a person who is a representative of ours and a representative of a Cantor Company,
expressly and solely in such person's capacity as a representative of us, and such person acts in good faith in a manner consistent
with the policy that such corporate opportunity belongs to us, then such person:

 will be deemed to have fully satisfied and fulfilled any
fiduciary duty that person has to us;

 will not be liable to us or any of our stockholders for breach
of fiduciary duty by reason of such person's action or inaction with respect to the corporate opportunity;

 will be deemed to have acted in good faith and in a manner
that such person reasonably believed to be in, and not opposed to, our best interests; and

 will be deemed not to have breached such person's duty
of loyalty to us and our stockholders, and not to have derived an improper personal benefit therefrom.

 A Cantor Company may pursue such a corporate opportunity
if we decide not to.

 If a corporate opportunity is not presented to a
person who is both a representative of ours and a representative of a Cantor Company expressly and solely in such person's capacity
as a representative of us, such person will not be obligated to present the corporate opportunity to us or to act as if such corporate
opportunity belongs to us, and such person:

 will be deemed to have fully satisfied and fulfilled any
fiduciary duty that such person has to us as a representative of us with respect to such corporate opportunity;

 will not be liable to us or any of our stockholders for breach
of fiduciary duty by reason of such person's action or inaction with respect to such corporate opportunity;

 will be deemed to have acted in good faith and in a manner
that such person reasonably believed to be in, and not opposed to, our best interests; and

 will be deemed not to have breached a duty of loyalty to
us and our stockholders and not to have derived an improper personal benefit therefrom.

 No contract, agreement, arrangement or transaction
between any BGC Group Company, any Newmark Company, any Cantor Company or any of their respective representatives, on the one hand, and
BGC or any of BGC's representatives, on the other hand, will be void or voidable solely because any BGC Group Company, any Newmark
Company, any Cantor Company or any of their respective representatives has a direct or indirect interest in such contract, agreement,
arrangement or transaction, and any BGC Group Company, any Newmark Company, any Cantor Company or any of their respective representatives
(i) shall have fully satisfied and fulfilled its duties and obligations to BGC and BGC's stockholders with respect thereto;
and (ii) shall not be liable to BGC or BGC's stockholders for any breach of any duty or obligation by reason of the entering
into, performance or consummation of any such contract, agreement, arrangement or transaction, if:

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

 such contract, agreement, arrangement or transaction is approved
by BGC's stockholders by the affirmative vote of a majority of the voting power of all of BGC's outstanding shares of capital
stock entitled to vote thereon, excluding from such calculation shares of capital stock that are beneficially owned (as such term is
defined in Rule 16a-1(a)(2) promulgated by the SEC under the Exchange Act) by a BGC Group Company, a Newmark Company,
or a Cantor Company, respectively; or

 such contract, agreement, arrangement or transaction, judged
according to the circumstances at the time of the commitment, is fair to us.

 While the satisfaction of the foregoing conditions
shall be sufficient to show that any BGC Group Company, any Newmark Company, any Cantor Company or any of their respective representatives
(i) shall have fully satisfied and fulfilled its duties and obligations to BGC and BGC's stockholders with respect thereto;
and (ii) shall not be liable to BGC or BGC's stockholders for any breach of any duty or obligation by reason of the entering
into, performance or consummation of any such contract, agreement, arrangement or transaction, none of the foregoing conditions shall
be required to be satisfied for such showing.

 BGC's directors who are also directors or
officers of any BGC Group Company, any Newmark Company, any Cantor Company or any of their respective representatives may be counted in
determining the presence of a quorum at a meeting of our Board of Directors or of a committee that authorizes such contract, agreement,
arrangement or transaction. Shares of our common stock owned by any BGC Group Company, any Newmark Company, any Cantor Company or any
of their respective representatives may be counted in determining the presence of a quorum at a meeting of stockholders called to authorize
such contract, agreement, arrangement or transaction. Our directors who are also directors or officers of any BGC Group Company, any Newmark
Company, any Cantor Company or any of their respective representatives shall not owe or be liable for breach of any fiduciary duty to
BGC or any of BGC's stockholders for any action taken by any BGC Group Company, any Newmark Company, any Cantor Company or their
respective representatives, in their capacity as BGC's stockholder or affiliate.

 Potential Conflicts Related to Newmark and Cantor

 For purposes of the below:

 "BGC Group Company" means BGC Group or any of
its affiliates (other than, if applicable, Newmark and Newmark's subsidiaries);

 "Newmark Company" means Newmark or any of its
affiliates;

 "representatives" means, with respect to any
person, the directors, officers, employees, general partners or managing member of such person; and

 "corporate opportunity" means any business opportunity
that BGC or Newmark, respectively, are financially able to undertake, that is, from its nature, in BGC's or Newmark's lines
of business, respectively, is of practical advantage to BGC or Newmark, respectively, and is one in which BGC or Newmark, respectively,
has an interest or a reasonable expectancy, and in which, by embracing the opportunities, the self-interest of a BGC Group Company, a
Newmark Company or a Cantor Company or any of their respective representatives, as the case may be, will be brought into conflict with
one another's self-interest. The term includes situations when covered persons may be tempted to take for themselves business or
another advantageous opportunity that such covered persons became aware of as a result of, or in connection with, their duties and responsibilities
to BGC, the use of BGC information, funds, or other assets, or their position with BGC.

 Cantor will be able to exercise control over Newmark's
management and affairs and all matters requiring stockholder approval, including the election of Newmark's directors and determinations
with respect to acquisitions and dispositions, as well as material expansions or contractions of Newmark's business, entry into
new lines of business and borrowings and issuances of Newmark's common stock or other securities. Cantor's voting power may
also have the effect of delaying or preventing a change of control of Newmark.

 In addition, each of BGC and Cantor has from time
to time in the past and may in the future consider possible strategic realignments of its own businesses and/or of the relationships that
exist between and among BGC and/or Cantor and their other respective affiliates and Newmark. Any future material related-party transaction
or arrangement between BGC and/or Cantor and their other respective affiliates and Newmark is subject to the prior approval by Newmark's
Audit Committee, but generally does not require the separate approval of Newmark's stockholders, and if such stockholder approval
is required, Cantor may retain sufficient voting power to provide any such requisite approval without the affirmative consent of Newmark's
other stockholders.

 Newmark's agreements and other arrangements
with BGC Partners and Cantor, including the Separation and Distribution Agreement, may be amended upon agreement of the parties to those
agreements and approval of Newmark's Audit Committee. During the time that Newmark is controlled by Cantor, Cantor may be able to
require Newmark to agree to amendments to these agreements. Newmark may not be able to resolve any potential conflicts, and, even if Newmark
does, the resolution may be less favorable to Newmark than if Newmark were dealing with an unaffiliated party. As a result, the prices
charged to or by Newmark for services provided under Newmark's agreements with BGC Partners and/or Cantor may be higher or lower
than prices that may be charged to or by third parties, and the terms of these agreements may be more or less favorable to Newmark than
those that Newmark could have negotiated with third parties.

 In order to address potential conflicts of interest
between or among BGC, Cantor and their respective representatives and Newmark, Newmark's certificate of incorporation contains provisions
regulating and defining the conduct of Newmark's affairs as they may involve BGC Partners and/or Cantor and their respective representatives,
and Newmark's powers, rights, duties and liabilities and those of Newmark's representatives in connection therewith. Newmark's
certificate of incorporation provides that, to the greatest extent permitted by law, no Cantor Company or BGC Group Company, or any of
the representatives, as defined above, of a Cantor Company or BGC Group Company will, in its capacity as Newmark's stockholder or
affiliate, owe or be liable for breach of any fiduciary duty to Newmark or any of Newmark's stockholders. In addition, to the greatest
extent permitted by law, none of any Cantor Company, BGC Group Company or any of their respective representatives will owe any duty to
refrain from engaging in the same or similar activities or lines of business as Newmark or Newmark's representatives or doing business
with any of Newmark's or Newmark's representatives' clients or customers. If any Cantor Company, BGC Group Company or
any of their respective representatives acquires knowledge of a potential transaction or matter that may be a corporate opportunity (as
defined above) for any such person, on the one hand, and Newmark or any of Newmark's representatives, on the other hand, such person
will have no duty to communicate or offer such corporate opportunity to Newmark or any of Newmark's representatives, and will not
be liable to Newmark, any of Newmark's stockholders or any of Newmark's representatives for breach of any fiduciary duty by
reason of the fact that they pursue or acquire such corporate opportunity for themselves, direct such corporate opportunity to another
person or do not present such corporate opportunity to Newmark or any of Newmark's representatives, subject to the requirement described
in the following sentence. If a third party presents a corporate opportunity to a person who is both Newmark's representative and
a representative of a BGC Group Company and/or a Cantor Company, expressly and solely in such person's capacity as Newmark's
representative, and such person acts in good faith in a manner consistent with the policy that such corporate opportunity belongs to us,
then such person will be deemed to have fully satisfied and fulfilled any fiduciary duty that such person has to Newmark as Newmark's
representative with respect to such corporate opportunity, provided that any BGC Group Company, any Cantor Company or any of their respective
representatives may pursue such corporate opportunity if Newmark decides not to pursue such corporate opportunity.

 No contract, agreement, arrangement or transaction
between any BGC Group Company, any Cantor Company or any of their respective representatives, on the one hand, and Newmark or any of Newmark's
representatives, on the other hand, will be void or voidable solely because any BGC Group Company, any Cantor Company or any of their
respective representatives has a direct or indirect interest in such contract, agreement, arrangement or transaction, and any BGC Group
Company, any Cantor Company or any of their respective representatives (i) shall have fully satisfied and fulfilled its duties and
obligations to Newmark and Newmark's stockholders with respect thereto; and (ii) shall not be liable to Newmark or Newmark's
stockholders for any breach of any duty or obligation by reason of the entering into, performance or consummation of any such contract,
agreement, arrangement or transaction, if:

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

 such contract, agreement, arrangement or transaction is approved
by Newmark's stockholders by the affirmative vote of a majority of the voting power of all of Newmark's outstanding shares
of capital stock entitled to vote thereon, excluding from such calculation shares of capital stock that are beneficially owned (as such
term is defined in Rule 16a-1(a)(2) promulgated by the SEC under the Exchange Act) by a BGC Group Company or a Cantor
Company, respectively; or

 such contract, agreement, arrangement or transaction, judged
according to the circumstances at the time of the commitment, is fair to Newmark.

 While the satisfaction of the foregoing conditions
shall be sufficient to show that any BGC Group Company, any Cantor Company or any of their respective representatives (i) shall have
fully satisfied and fulfilled its duties and obligations to Newmark and Newmark's stockholders with respect thereto; and (ii) shall
not be liable to Newmark or Newmark's stockholders for any breach of any duty or obligation by reason of the entering into, performance
or consummation of any such contract, agreement, arrangement or transaction, none of the foregoing conditions shall be required to be
satisfied for such showing.

 Newmark's directors who are also directors
or officers of any BGC Group Company, any Cantor Company or any of their respective representatives may be counted in determining the
presence of a quorum at a meeting of Newmark's Board of Directors or of a committee that authorizes such contract, agreement, arrangement
or transaction. Shares of Newmark's common stock owned by any BGC Group Company, any Cantor Company or any of their respective representatives
may be counted in determining the presence of a quorum at a meeting of stockholders called to authorize such contract, agreement, arrangement
or transaction. Newmark's directors who are also directors or officers of any BGC Group Company, any Cantor Company or any of their
respective representatives shall not owe or be liable for breach of any fiduciary duty to Newmark or any of Newmark's stockholders
for any action taken by any BGC Group Company, any Cantor Company or their respective representatives, in their capacity as Newmark's
stockholder or affiliate.

 Potential Changes Relating to Mr. H. Lutnick's
Divestment

 In connection with his confirmation as the 41st
Secretary of Commerce, Mr. H. Lutnick has stated his intention to divest his interests in our company, Cantor and CFGM to comply with
U.S. government ethics rules. We cannot predict the consequences of this divestiture. Further changes in Cantor's management, and
additional potential conflicts of interest, may occur pursuant to Mr. H. Lutnick's divestiture of his interests, which may impact
Cantor's control over and relationship with us in ways that we cannot currently predict.

 Leases

 We have offices in the United States, Canada,
Europe, the United Kingdom, Latin America, Asia, Africa and the Middle East. Our principal executive offices are located at 499 Park Avenue,
New York, New York. We also occupy a space at 199 Water Street, New York, New York and space at 55 Water Street, New York,
New York. Under the U.S. Master ASA and U.K. Master ASA, each with Cantor, we are obligated to Cantor for our pro rata
portion (based on square footage used) of rental expense during the terms of the leases for such spaces.

 Our largest presence outside of the New York
metropolitan area is in London, located at Five Churchill Place, London, E14 5RD.

 We currently occupy concurrent computing centers
in Weehawken, New Jersey, Secaucus, New Jersey and Trumbull, Connecticut. In addition, we occupy three data centers in the United Kingdom
located in Canary Wharf, Romford and City of London, and two data centers in Asia located in Hong Kong and Singapore. Our U.S. operations
also have office space in Iselin, New Jersey, Palm Beach Gardens, Florida, Garden City, New York, Sugar Land, Texas, Louisville,
Kentucky and Chicago, Illinois.

 Legal Proceedings

 On March 9, 2023, a purported class action complaint
was filed against Cantor, BGC Holdings, and Newmark Holdings in the U.S. District Court for the District of Delaware (Civil Action No.
1:23-cv-00265). The collective action, which was filed by seven former limited partners of the defendants on their own behalf and on behalf
of other similarly situated limited partners, alleges a claim for breach of contract against all defendants on the basis that the defendants
failed to make payments due under the relevant partnership agreements. Specifically, the plaintiffs allege that the non-compete and economic
forfeiture provisions upon which the defendants relied to deny payment are unenforceable under Delaware law. The plaintiffs allege a second
claim against Cantor and BGC Holdings for antitrust violations under the Sherman Act on the basis that the Cantor and BGC Holdings partnership
agreements constitute unreasonable restraints of trade. In that regard, the plaintiffs allege that the non-compete and economic forfeiture
provisions of the Cantor and BGC Holdings partnership agreements, as well as restrictive covenants included in partner separation agreements,
cause anticompetitive effects in the labor market, insulate Cantor and BGC Holdings from competition, and limit innovation. The plaintiffs
seek a determination that the case may be maintained as a class action, an injunction prohibiting the allegedly anticompetitive conduct,
and monetary damages of at least $5.0 million. On April 28, 2023, the defendants filed a motion to dismiss the complaint. In response,
the plaintiffs filed an amended complaint. On July 14, 2023, the defendants filed a motion to dismiss the amended complaint. The plaintiffs
then filed a second amended complaint in March 2024. On December 2, 2024, the Court granted the defendants' motion to dismiss the
second amended complaint in its entirety. On December 16, 2024, the plaintiffs filed a notice of appeal to the Third Circuit Court of
Appeals. The Company believes the lawsuit has no merit. However, as with any litigation, the outcome cannot be determined with certainty.

 On February 16, 2024, an alleged Company shareholder, Martin J. Siegel,
filed a putative class action lawsuit against Cantor Fitzgerald, LP and Mr. H. Lutnick in the Delaware Court of Chancery, asserting that
the Corporate Conversion was unfair to Class A shareholders of BGC Partners, Inc. because it increased Cantor's percentage voting
control over the Company. The suit is captioned Martin J. Siegel v. Cantor Fitzgerald, LP, C.A. 2024-0146-LWW. The defendants moved to
dismiss the complaint on April 22, 2024. The motion was argued at a hearing on January 9, 2025. On April 10, 2025, the court issued its
decision dismissing the complaint in full on the grounds that the plaintiff's claim is derivative in nature and the plaintiff failed
to make a demand on BGC's board of directors or plead that such a demand was futile. While the plaintiff may appeal the court's
decision, the Company believes any such appeal would lack merit.

 Transactions by Cantor with BGC in Equity Securities

 Our Board has determined that Cantor is a "deputized"
director of the Company for purposes of Rule 16b-3 under the Exchange Act with respect to transactions from time to time. Rule 16b-3
exempts from the short-swing profits liability provisions of Section 16(b) of the Exchange Act certain transactions in
an issuer's securities between the issuer or its majority-owned subsidiaries and its officers and directors in certain situations,
including if, among other things, the transaction is approved in advance by the issuer's board of directors or a disinterested committee
of the issuer's board of directors. The Rule 16b-3 exemption extends to any such transactions by an entity beneficially owning
more than 10% of a class of an issuer's equity securities if the entity is a "deputized" director because it has a representative
on the issuer's Board of Directors. Our Board's intent in determining that Cantor is a "deputized" director is
that Cantor's acquisitions or dispositions of shares of our common stock or interests in our common stock from or to us or their
respective majority-owned subsidiaries will be eligible for the Rule 16b-3 exemption from the short-swing profits liability provisions
of Section 16(b) of the Exchange Act.

 Stock Repurchase Program

 The BGC Partners Board and its Audit Committee
have authorized repurchases of our Class A common stock and redemptions of equity interests in our subsidiaries, including from Cantor,
our executive officers, other employees, and others, including Cantor employees and partners. On November 4, 2022, the BGC Partners
Board and its Audit Committee increased the BGC Partners share repurchase and unit redemption authorization to $400.0 million, which
could have included purchases from Cantor, its partners or employees or other affiliated persons or entities. On July 1, 2023, in
connection with the Corporate Conversion, the Board and Audit Committee of BGC Group approved the authorized repurchases of BGC Group
stock or Company Equity Securities from any holder of Company Equity Securities, including our directors, officers, and employees, of
up to $400.0 million. On October 30, 2024, the Board and Audit Committee of BGC Group re-authorized our share repurchase authorization
in an amount up to $400.0 million. As of December 31, 2024, BGC Group had approximately $350.0 million remaining under this
authorization.

 Debt Repurchase Program

 Our Board of Directors and its Audit Committee have
authorized a debt repurchase program for the repurchase by the Company of up to $50.0 million of the BGC Partners Notes, the Company's
existing Senior Notes, and any future debt securities issued by the Company or its subsidiaries (collectively, "Company Debt Securities").
Repurchases of Company Debt Securities, if any, are expected to reduce future cash interest payments, as well as future amounts due at
maturity or upon redemption. Under the authorization, the Company may make repurchases of Company Debt Securities for cash from time to
time in the open market or in privately negotiated transactions upon such terms and at such prices as management may determine. Additionally,
the Company is authorized to make any such repurchases of Company Debt Securities through CF&Co (or its affiliates), in its capacity
as agent or principal, or such other broker-dealers as management shall determine to utilize from time to time, and such repurchases shall
be subject to brokerage commissions which are no higher than standard market commission rates. As of December 31, 2024, the Company
had $50.0 million remaining under this debt repurchase authorization.

 CX Futures Transaction

 On June 7, 2021, our Board and Audit Committee
approved entry into agreements between certain affiliates of BGC and Cantor for the sale to BGC of Cantor's futures exchange and
related clearinghouse (the "Futures Transaction"). On June 21, 2021, BGC entered into a Purchase Agreement with Cantor,
providing that at closing BGC will purchase the direct and indirect equity of each of (i) CFLP CX Futures Exchange Holdings, LLC,
(ii) CFLP CX Futures Exchange Holdings, L.P., (iii) CX Futures Exchange Holdings, LLC, (iv) CX Clearinghouse Holdings,
LLC, (v) CX Futures Exchange, L.P. and (vi) CX Clearinghouse, L.P. (collectively, the "Futures Exchange Group"),
for a purchase price of approximately $4.9 million at closing, plus the cash held at closing by the Futures Exchange Group, and an
earn-out, only payable out of BGC's portion of the profits of the Futures Exchange Group, capped at the amount Cantor contributed
to the Futures Exchange Group prior to closing. The Futures Transaction closed on July 30, 2021.

 As part of the purchase of the Futures Exchange
Group, Cantor has agreed to indemnify the Company for certain expenses arising at the Futures Exchange Group up to a maximum of $1.0 million.
As of December 31, 2024, the Company had recorded assets of $1.0 million in the Company's Consolidated Statements of Financial
Condition for this indemnity.

 Cantor and Aurel Revenue Sharing Agreement

 On June 24, 2021, our Board and Audit Committee
authorized our French subsidiary, Aurel BGC SAS ("Aurel"), to enter into a revenue sharing agreement pursuant to which Cantor
shall provide services to Aurel to support Aurel's investment banking activities with respect to its SPACs ("SPAC Investment
Banking Activities"). The services provided by Cantor to Aurel in support of such SPAC Investment Banking Activities shall include
referral of clients, structuring advice, financial advisory services, referral of investors, deal execution services, and other advisory
services in support of Aurel's SPAC Investment Banking Activities pursuant to its French investment services license. As compensation,
Cantor shall receive a revenue share of 80% of Aurel's net revenue attributable to SPAC Investment Banking Activities. The term
of the revenue sharing agreement is for an initial period of 12 months, which automatically renews each year unless either party
provides notice of termination at least three months prior to the anniversary. Aurel is also authorized to serve as bookrunner, underwriter
or advisor in connection with French SPACs which are sponsored by Cantor at market rates for such services. For the year ended December 31,
2024, Aurel had no revenue or fees payable to Cantor attributable to SPAC Investment Banking Activities.

 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
FEES

 The following table sets forth the aggregate
fees incurred by us for audit and other services rendered by Ernst & Young during the years ended December 31, 2024
and 2023:

 Year Ended December 31,

 2024

 2023

 Audit fees

 $
 9,820,161

 $
 8,535,235

 Audit-related fees

 96,600

 96,600

 Tax fees

 542,087

 2,829,000

 All other fees

 -

 -

 Total

 $
 10,458,848

 $
 11,460,835

 "Audit-related fees" are fees for assurance
and related services that are reasonably related to the performance of the audit or review of the financial statements and internal control
over financial reporting, including audit fees for the Company's employee benefit plan. "Tax fees" are fees for tax
compliance, tax advice and tax planning, and "all other fees" are fees for any services not included in the other categories.

 AUDIT COMMITTEE'S PRE-APPROVAL POLICIES
AND PROCEDURES

 During 2024, our Audit Committee specifically approved
the appointment of Ernst & Young to be our independent auditors for the year ended December 31, 2024. Ernst & Young
was also approved to perform reviews of our quarterly financial reports within the year ended December 31, 2024 and certain other
audit-related services such as accounting consultations. Pursuant to our Audit Committee Charter, the Audit Committee will pre-approve
auditing services, internal control-related services and permitted non-audit services to be performed for us by our independent auditors.

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 (a) (1) Financial Statements. The consolidated
financial statements required to be filed in this Amendment are included in Part II, Item 8 of the Original Form 10-K.

 (a) (2) Schedule I, Parent Company Only Financial
Statements in the Original Form 10-K. All other schedules are omitted because they are not applicable or not required, or the required
information is in the financial statements or the notes thereto.

 (a) (3) The Exhibit Index set forth below
is incorporated by reference in response to this Item 15.

 The following exhibits are filed as part of this
Amendment. The exhibits designated by a dagger () are management contracts and compensation plans and arrangements required to
be filed as exhibits to this Amendment. Certain schedules and exhibits designated by one asterisk (*) have been omitted pursuant to Item
601(a)(5) of Regulation S-K promulgated by the SEC. Certain schedules and exhibits designated by two asterisks (**) have been omitted
pursuant to Item 601(b)(2) of Regulation S-K promulgated by the SEC. The Company agrees to furnish supplementally a copy of any omitted
schedule or exhibit to the SEC upon request.

 EXHIBIT INDEX

 1.1

 Amended and Restated Controlled Equity Offering SM Sales Agreement, dated as of July 3, 2023, between BGC Group, Inc. and Cantor Fitzgerald & Co. (incorporated by reference to Exhibit 1.1 to BGC Group, Inc.'s Post-Effective Amendment No. 1 to BGC Partners, Inc.'s Registration Statement on Form S-3 filed with the SEC on July 3, 2023)

 2.1

 Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to BGC Partners, Inc.'s. Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)

 2.2

 Amendment No. 1, dated as of November 5, 2007, to the Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to BGC Partners, Inc.'s. Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)

 2.3

 Amendment No. 2, dated as of February 1, 2008, to the Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to BGC Partners, Inc.'s. Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)

 2.4**

 Separation Agreement, dated as of March 31, 2008, by and among Cantor Fitzgerald, L.P., BGC Partners, LLC, BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to Exhibit 2.4 to BGC Partners, Inc.'s. Current Report on Form 8-K filed with the SEC on April 7, 2008)

 2.5**

 Purchase Agreement, dated as of April 1, 2013, by and among BGC Partners, Inc., BGC Partners, L.P., The NASDAQ OMX Group, Inc., and for certain limited purposes, Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s. Quarterly Report on Form 10-Q filed with the SEC on August 8, 2013)

 2.6**

 Tender Offer Agreement executed by BGC Partners, Inc., BGC Partners, L.P. and GFI Group Inc., dated February 19, 2015 (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s. Current Report on Form 8-K filed with the SEC on February 25, 2015)

 2.7

 Stock Purchase Agreement by and among GFINet, Inc., GFI TP Holdings Pte Ltd, Intercontinental Exchange, Inc., and, solely for the purposes set forth therein, GFI Group Inc. and BGC Partners, Inc. (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s. Current Report on Form 8-K filed with the SEC on November 18, 2015)

 2.8**

 Agreement and Plan of Merger, dated December 22, 2015, by and among BGC Partners, Inc., JPI Merger Sub 1, Inc., JPI Merger Sub 2, LLC, Jersey Partners Inc., New JP Inc., Michael Gooch and Colin Heffron (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s. Current Report on Form 8-K filed with the SEC on December 23, 2015)

 2.9**

 Transaction Agreement, dated as of July 17, 2017, by and among BGC Partners, Inc. BGC Partners, L.P., Cantor Fitzgerald, L.P., Cantor Commercial Real Estate Company, L.P., Cantor Sponsor, L.P., CF Real Estate Finance Holdings, L.P. and CF Real Estate Finance Holdings GP, LLC (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s. Current Report on Form 8-K filed with the SEC on July 21, 2017)

 2.10**

 Amended and Restated Separation and Distribution Agreement, dated as of November 23, 2018, by and among Cantor Fitzgerald, L.P., BGC Partners, Inc., BGC Holdings, L.P., BGC Partners, L.P., BGC Global Holdings, L.P., Newmark Group, Inc., Newmark Holdings, L.P. and Newmark Partners, L.P. (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed on November 27, 2018)

 2.11

 Agreement for the Sale and Purchase of the Share Capital of Ed Broking Group Limited and Besso Insurance Group Limited, dated May 26, 2021, by and Among Tower Bridge (One) Limited, Ardonagh Specialty Holdings 2 Limited, The Ardonagh Group Limited and BGC Partners, Inc. (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s. Quarterly Report on Form 10-Q filed with the SEC on August 6, 2021)

 2.12

 Deed of Variation in Respect of the Agreement for the Sale and Purchase of the Share Capital of Ed Broking Group Limited and Besso Insurance Group Limited, dated August 25, 2021, by and among Tower Bridge (One) Limited, Ardonagh Specialty Holdings 2 Limited, The Ardonagh Group Limited and BGC Partners, Inc. (incorporated by reference to Exhibit 2.2 to BGC Partners, Inc. Quarterly Report on Form 10-Q filed with the SEC on November 8, 2021)

 2.13

 Deed of Variation in Respect of the Agreement for the Sale and Purchase of the Share Capital of Ed Broking Group Limited and Besso Insurance Group Limited, dated October 31, 2021, by and among Tower Bridge (One) Limited, Ardonagh Specialty Holdings 2 Limited, The Ardonagh Group Limited and BGC Partners, Inc. (incorporated by reference to Exhibit 2.3 to BGC Partners, Inc.'s. Quarterly Report on Form 10-Q filed with the SEC on November 8, 2021)

 2.14*

 Corporate Conversion Agreement, dated as of November 15, 2022, by and among BGC Partners, Inc., BGC Group, Inc., BGC Holdings, L.P., BGC GP, LLC, BGC Partners II, Inc., BGC Partners II, LLC, BGC Holdings Merger Sub, LLC and, solely for the purposes of certain provisions therein, Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on November 16, 2022)

 2.15

 Amendment to the Corporate Conversion Agreement, dated as of March 29, 2023, by and among BGC Partners, Inc., BGC Group, Inc., BGC Holdings, L.P., BGC GP, LLC, BGC Partners II, Inc., BGC Partners II, LLC, BGC Holdings Merger Sub, LLC and, solely for the purposes of certain provisions therein, Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 2.15 to BGC Partners, Inc.'s Annual Report on Form 10-K/A filed with the SEC on April 28, 2023)

 3.1

 Amended and Restated Certificate of Incorporation of BGC Group, Inc. (incorporated by reference to Exhibit 3.1 to BGC Group, Inc.'s. Current Report on Form 8-K12B filed with the SEC on July 3, 2023)

 3.2

 Amended and Restated Bylaws of BGC Group, Inc. (incorporated by reference to Exhibit 3.2 to BGC Group, Inc.'s Current Report on Form 8-K12B filed with the SEC on July 3, 2023)

 4.1

 Description of BGC Group, Inc.'s Securities Registered under Section 12 of the Securities Exchange Act of 1934, as amended (incorporated by reference to Exhibit 4.1 to BGC Group, Inc.'s Annual Report on Form 10-K filed with the SEC on March 3, 2025)

 4.2

 Indenture, dated as of September 27, 2019, between BGC Partners, Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to BGC Partners, Inc.'s Form 8-K filed with the SEC on September 30, 2019)

 4.3

 Second Supplemental Indenture, dated as of July 10, 2020, between BGC Partners, Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.2 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on July 14, 2020)

 4.4

 Form of BGC Partners, Inc. 4.375% Senior Notes due 2025 (incorporated by reference to Exhibit 4.2 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on July 14, 2020)

 4.5

 Third Supplemental Indenture, dated as of May 25, 2023, between BGC Partners, Inc. and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.2 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on May 25, 2023)

 4.6

 Form of BGC Partners, Inc. 8.000% Senior Notes due 2028 (incorporated by reference to Exhibit 4.3 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on May 25, 2023)

 4.7

 Fourth Supplemental Indenture, dated as of September 19, 2023, between BGC Partners, Inc. and Computershare Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 of BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on October 6, 2023)

 4.8

 Indenture, dated as of October 6, 2023, between BGC Group, Inc. and UMB Bank, N.A., as trustee (incorporated by reference to Exhibit 4.2 of BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on October 6, 2023)

 4.9

 First Supplemental Indenture, dated as of October 6, 2023, between BGC Group, Inc. and UMB Bank, N.A., as trustee (incorporated by reference to Exhibit 4.3 of BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on October 6, 2023)

 4.10

 Second Supplemental Indenture, dated as of October 6, 2023, between BGC Group, Inc. and UMB Bank, N.A., as trustee (incorporated by reference to Exhibit 4.4 of BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on October 6, 2023)

 4.11

 Form of BGC Group, Inc.'s 4.375% Senior Notes due 2025 (incorporated by reference to Exhibit 4.4 of BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on October 6, 2023)

 4.12

 Third Supplemental Indenture, dated as of October 6, 2023, between BGC Group, Inc. and UMB Bank, N.A., as trustee (incorporated by reference to Exhibit 4.5 of BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on October 6, 2023)

 4.13

 Form of BGC Group, Inc.'s 8.000% Senior Notes due 2028 (incorporated by reference to Exhibit 4.5 of BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on October 6, 2023)

 4.14

 Indenture, dated as of June 10, 2024, between BGC Group, Inc. and Wilmington Trust, National
Association, as trustee (incorporated by reference to Exhibit 4.1 to BGC Group, Inc.'s Current Report on Form 8-K filed with the
SEC on June 10, 2024)

 4.15

 First Supplemental Indenture, dated as of June 10, 2024, between BGC Group, Inc. and Wilmington
Trust, National Association, as trustee (incorporated by reference to Exhibit 4.2 to BGC Group, Inc.'s Current Report on Form 8-K
filed with the SEC on June 10, 2024)

 4.16

 Form of BGC Group, Inc. 6.600% Senior Notes due 2029 (incorporated by reference to Exhibit 4.2
to BGC Group, Inc's Current Report on Form 8-K filed with the SEC on June 10, 2024)

 4.17

 Indenture, dated as of April 2, 2025, between BGC Group, Inc. and The Huntington National Bank, as trustee (incorporated by reference to Exhibit 4.1 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on April 2, 2025)

 4.18

 First Supplemental Indenture, dated as of April 2, 2025, between BGC Group, Inc. and The Huntington National Bank, as trustee (incorporated by reference to Exhibit 4.2 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on April 2, 2025)

 4.19

 Form of BGC Group, Inc. 6.150% Senior Notes due 2030 (incorporated by reference to Exhibit 4.2 to BGC Group, Inc's Current Report on Form 8-K filed with the SEC on April 2, 2025)

 10.1

 Amended, Restated and Consolidated Registration Rights Agreement, dated as of July 1, 2023, by and between BGC Group, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.3 to BGC Group, Inc.'s Current Report on Form 8-K12B filed with the SEC on July 3, 2023)

 10.2

 Amended and Restated Administrative Services Agreement, dated as of July 1, 2023, by and between Cantor Fitzgerald, L.P. and BGC Group, Inc. (incorporated by reference to Exhibit 10.4 to BGC Group, Inc.'s Current Report on Form 8-K12B filed with the SEC on July 3, 2023)

 10.3

 Amended and Restated Administrative Services Agreement, dated as of July 1, 2023, by and among Tower Bridge International Services L.P. and BGC Group, Inc. (incorporated by reference to Exhibit 10.5 to BGC Group, Inc.'s Current Report on Form 8-K12B filed with the SEC on July 3, 2023)

 10.4

 Form of Regulated Entity Administrative Services Agreement (incorporated by reference to Exhibit 10.6 to BGC Group, Inc.'s Current Report on Form 8-K12B filed with the SEC on July 3, 2023)

 10.5

 License Agreement, dated as of April 1, 2008, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.10 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on April 7, 2008)

 10.6

 Clearing Services Agreement, dated May 9, 2006, between Cantor Fitzgerald & Co. and BGC Financial, Inc. (incorporated by reference to Exhibit 10.1 to BGC Partners Inc. ' s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2008)

 10.7

 Amendment to Clearing Services Agreement, dated November 7, 2008, between Cantor Fitzgerald & Co. and BGC Financial, Inc. (incorporated by reference to Exhibit 10.2 to BGC Partners, Inc. ' s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2008)

 10.8

 Second Amendment, dated August 16, 2010, to the Clearing Services Agreement, dated May 9, 2006, between Cantor Fitzgerald & Co. and BGC Financial, Inc. (incorporated by reference to Exhibit 10.3 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on August 7, 2020)

 10.9

 Third Amendment, dated June 16, 2020, to the Clearing Services Agreement, dated May 9, 2006,
between Cantor Fitzgerald & Co. and BGC Financial, Inc. (incorporated by reference to Exhibit 10.4 to BGC Partners, Inc.'s Quarterly
Report on Form 10-Q filed with the SEC on August 7, 2020)

 10.10

 Fourth Amendment, dated as of June 7, 2024, to the Clearing Services Agreement, dated May 9,
2006, between Cantor Fitzgerald & Co. and BGC Financial, Inc. (incorporated by reference to Exhibit 10.3 to BGC Group, Inc.'s
Current Report on Form 8-K filed with the SEC on June 10, 2024)

 10.11

 Agreement dated November 5, 2008 between BGC Partners, Inc. and Cantor Fitzgerald, L.P. regarding clearing capital (incorporated by reference to Exhibit 10.3 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2008)

 10.12

 First Amendment, dated June 16, 2020, to the Agreement between BGC Partners, Inc. and Cantor Fitzgerald, L.P. regarding clearing capital, dated November 5, 2008 (incorporated by reference to Exhibit 10.5 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on August 7, 2020)

 10.13

 Assignment, Assumption and Second Amendment, dated as of June 7, 2024, by and between BGC Group,
Inc., BGC Partners, Inc., and Cantor Fitzgerald, L.P., to the Clearing Capital Agreement, dated November 5, 2008, between BGC Partners,
Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.4 to BGC Group, Inc.'s Current Report on Form 8-K filed
with the SEC on June 10, 2024)

 10.14

 Amended and Restated Change in Control Agreement, dated August 3, 2011 between Howard W. Lutnick and BGC Partners, Inc. (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on August 8, 2011)

 10.15

 Amended and Restated Change in Control Agreement, dated August 3, 2011 between Stephen M. Merkel and BGC Partners, Inc. (incorporated by reference to Exhibit 10.2 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on August 8, 2011)

 10.16

 Amended and Restated Deed of Adherence, dated as of January 22, 2014, between Sean Windeatt and BGC Services (Holdings) LLP (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on January 28, 2014)

 10.17

 Deed of Amendment, dated February 24, 2017, to the Amended and Restated Deed of Adherence, between Sean A. Windeatt and BGC Services (Holdings) LLP (incorporated by reference to Exhibit 10.86 to BGC Partners, Inc.'s Annual Report on Form 10-K filed with the SEC on February 28, 2017)

 10.18

 Deed of Amendment, dated November 5, 2020, to the Amended and Restated Deed of Adherence, between Sean A. Windeatt and BGC Services (Holdings) LLP (incorporated by reference to Exhibit 10.2 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on November 6, 2020)

 10.19

 Consultancy Agreement, dated February 24, 2017, between Sean A. Windeatt and BGC Services (Holdings) LLP (incorporated by reference to Exhibit 10.87 to BGC Partners, Inc.'s Annual Report on Form 10-K filed with the SEC on February 28, 2017)

 10.20

 Amendment, dated November 5, 2020, to the Consultancy Agreement, dated February 24, 2017, between Sean A. Windeatt and BGC Services (Holdings) LLP (incorporated by reference to Exhibit 10.3 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on November 6, 2020)

 10.21

 Deed of Amendment, dated July 12, 2023, to the Amended and Restated Deed of Adherence, between Sean A. Windeatt and BGC Services (Holdings) LLP (incorporated by reference to Exhibit 10.1 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on July 13, 2023)

 10.22

 Letter Agreement, dated as of August 24, 2015, among BGC Partners, Inc., BGC Partners, L.P. and GFI Group Inc., relating to shareholder litigation and the Tender Offer Agreement (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on November 9, 2015)

 10.23

 BGC Group, Inc. Long Term Incentive Plan (incorporated by reference to Exhibit 10.1 to BGC Group, Inc.'s Current Report on Form 8-K12B filed with the SEC on July 3, 2023)

 10.24

 BGC Group, Inc. Incentive Bonus Compensation Plan (incorporated by reference to Exhibit 10.2 to BGC Group, Inc.'s Current Report on Form 8-K12B filed with the SEC on July 3, 2023)

 10.25

 Amended and Restated Agreement of Limited Partnership of CF Real Estate Finance Holdings, L.P., dated as of September 8, 2017 (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on September 8, 2017)

 10.26**

 Second Amended and Restated Agreement of Limited Partnership of BGC Holdings, L.P., dated as of December 13, 2017 (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on December 19, 2017)

 10.27

 Amendment No. 1, dated November 8, 2018, to the Second Amended and Restated Agreement of Limited Partnership of BGC Holdings, L.P. (incorporated by reference to Exhibit 10.6 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on November 8, 2018)

 10.28**

 Second Amended and Restated Agreement of Limited Partnership of BGC Partners, L.P., dated as of December 13, 2017 (incorporated by reference to Exhibit 10.4 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on December 19, 2017)

 10.29**

 Second Amended and Restated Agreement of Limited Partnership of BGC Global Holdings, L.P., dated as of December 13, 2017 (incorporated by reference to Exhibit 10.5 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on December 19, 2017)

 10.30

 Second Amendment, dated as of March 10, 2023, to the Second Amended and Restated Agreement of Limited Partnership of BGC Holdings, L.P., dated as of December 13, 2017 (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on March 14, 2023)

 10.31

 Tax Matters Agreement, dated as of December 13, 2017, by and among BGC Partners, Inc., BGC Holdings, L.P., BGC Partners, L.P., Newmark Group, Inc., Newmark Holdings, L.P. and Newmark Partners, L.P. (incorporated by reference to Exhibit 10.8 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on December 19, 2017)

 10.32

 Credit Agreement, dated as of March 19, 2018, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on March 23, 2018)

 10.33

 Amendment, dated August 6, 2018, to the Credit Agreement, dated as of March 19, 2018, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on August 7, 2018)

 10.34

 Second Amendment, dated as of March 8, 2024, to the Credit Agreement, dated as of March 19,
2018, as amended as of August 6, 2018 and as assumed by BGC Group, Inc. as of October 6, 2023, by and between BGC Partners, Inc. and Cantor
Fitzgerald, L.P. (incorporated by reference to Exhibit 10.1 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on
March 12, 2024)

 10.35

 Third Amendment, dated as of June 7, 2024, by and between BGC Group, Inc. and Cantor Fitzgerald,
L.P., to the Credit Agreement, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P., dated as of March 19, 2018, as amended as
of August 16, 2018, assumed by BGC Group, Inc. as of October 6, 2023, and amended as of March 8, 2024 (incorporated by reference to Exhibit
10.2 BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on June 10, 2024)

 10.36

 Amended and Restated Credit Agreement, dated as of March 19, 2018, by and between BGC Partners,
Inc. and Newmark Group, Inc. (incorporated by reference to Exhibit 10.2 to BGC Partners, Inc.'s Current Report on Form 8-K filed
with the SEC on March 23, 2018)

 10.37

 Credit Agreement, dated as of November 28, 2018, by and among BGC Partners, Inc., as the Borrower, certain subsidiaries of the Borrower, as Guarantors, the several financial institutions from time to time as parties thereto, as Lenders, and Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on November 30, 2018)

 10.38

 First Amendment, dated December 11, 2019, to the Credit Agreement, dated as of November 28, 2018, by and among BGC Partners, Inc., as the Borrower, certain subsidiaries of the Borrower, as Guarantors, the several financial institutions from time to time as parties thereto, as Lenders, and Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on December 13, 2019)

 10.39

 Second Amendment, dated February 26, 2020, to the Credit Agreement, dated as of November 28, 2018, by and among BGC Partners, Inc., as the Borrower, certain subsidiaries of the Borrower, as Guarantors, the several financial institutions from time to time as parties thereto, as Lenders, and Bank of America, N.A., as the Administrative Agent. (incorporated by reference to Exhibit 10.47 to BGC Partners, Inc.'s Annual Report on Form 10-K filed with the SEC on March 1, 2021)

 10.40

 Assignment and Assumption Agreement, dated as of October 6, 2023, by and between BGC Group, Inc., BGC Partners, Inc., and Cantor Fitzgerald, L.P., relating to the Credit Agreement, dated as of March 19, 2018, as amended as of August 6, 2018, by and between BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.3 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on October 6, 2023)

 10.41*

 Support Agreement, dated as of November 15, 2022, by and among BGC Partners, Inc. and Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on November 16, 2022)

 10.42

 Second Amended and Restated Credit Agreement, dated as of April 26, 2024, by and among BGC Group,
Inc., as the Borrower, certain subsidiaries of the Borrower, as Guarantors, the several financial institutions from time to time as parties
thereto, as Lenders, and Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to BGC Group, Inc.'s
Current Report on Form 8-K filed with the SEC on April 30, 2024)

 10.43

 First Amendment to Second Amended and Restated Credit Agreement, dated as of December 6, 2024,
by and among BGC Group, Inc., as the Borrower, the several financial institutions from time to time as parties thereto, as Lenders, and
Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to BGC Group, Inc.'s Current Report on
Form 8-K filed with the SEC on December 6, 2024)

 10.44

 A mended and Restated Employment Agreement, dated February 18, 202 5, by and between John Abularrage and BGC Financial, L.P. (incorporate d by reference to Exhibit 10.1 to BGC Group, Inc. 's Current Report on Form 8-K filed with the SEC on February 19, 202 5)

 10.45

 Amended and Restated Bonus Letter, dated February 18, 2025, by and between John Abularrage and BGC Financial, L.P. (incorporated by reference to Exhibit 10. 2 to BGC Group, Inc. ' s Current Report on Form 8-K filed with the SEC on February 19, 2025)

 10.46

 Amended and Restated Employment Agreement, dated February 18, 2025, by and between JP Aubin and BGC Brokers L. P. (incorporated by reference to Exhibit 10. 3 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on February 19, 2025)

 10.47

 Amended and Restated Consultancy Contract, dated February 18, 2025, by and between JP Aubin and BGC Services (Holdings) LLP (incorporated by reference to Exhibit 10. 4 to BGC Group, Inc. ' s Current Report on Form 8-K filed with the SEC on February 19, 2025)

 10.48

 Deed of Amendment, dated February 18, 2025, to the Amended and Restated Deed of Adherence, between Sean A. Windeatt and BGC Services (Holdings) LLP (incorporated by reference to Exhibit 10. 5 to BGC Group, Inc. ' s Current Report on Form 8-K filed with the SEC on February 19, 2025)

 10.49

 Registration Rights Agreement, dated as of April 2, 2025, between BGC Group, Inc. and the parties named therein (incorporated by reference to Exhibit 10.1 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on April 2, 2025)

 19.1

 BGC Group, Inc. Insider Trading Policy (incorporated by reference to Exhibit 19.1 to BGC Group, Inc.'s Annual Report on Form 10-K filed with the SEC on March 3, 2025)

 21.1

 List of subsidiaries of BGC Group, Inc. (incorporated by reference to Exhibit 21.1 to BGC Group, Inc.'s Annual Report on Form 10-K filed with the SEC on March 3, 2025)

 23.1

 Consent of Ernst & Young LLP (incorporated by reference to Exhibit 23.1 to BGC Group, Inc.'s Annual Report on Form 10-K filed with the SEC on March 3, 2025)

 31.1

 Certification of Co-Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002

 31.2

 Certification of Co-Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002

 31.3

 Certification of Co-Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002

 31.4

 Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002

 32.1

 Certification by the Principal Executive Officers and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (incorporated by reference to Exhibit 32.1 to BGC Group, Inc.'s Annual Report on Form 10-K filed with the SEC on March 3, 2025)

 97.1

 BGC Group, Inc. Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to BGC Group, Inc.'s Annual Report on Form 10-K filed with the SEC on February 29, 2024)

 SIGNATURES

 Pursuant to the requirements of
Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No.1 to Annual Report
on Form 10-K/A for the fiscal year ended December 31, 2024 to be signed on its behalf by the undersigned, thereunto duly
authorized, on the 30th day of April, 2025.

 BGC Group, Inc.

 By:

 /s/ Sean A. Windeatt

 Name:

 Title:

 Co-Chief Executive Officer

 0001094831 true FY

 2024-06-30

 us-gaap: CommonClassAMember

 2025-04-25

 us-gaap: CommonClassBMember

 2025-04-25

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