<SEC-DOCUMENT>0001193125-23-181058.txt : 20230703
<SEC-HEADER>0001193125-23-181058.hdr.sgml : 20230703
<ACCEPTANCE-DATETIME>20230703092955
ACCESSION NUMBER:		0001193125-23-181058
CONFORMED SUBMISSION TYPE:	S-8 POS
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20230703
DATE AS OF CHANGE:		20230703
EFFECTIVENESS DATE:		20230703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BGC Partners, Inc.
		CENTRAL INDEX KEY:			0001094831
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		IRS NUMBER:				134063515
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-259263
		FILM NUMBER:		231063831

	BUSINESS ADDRESS:	
		STREET 1:		499 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-610-2200

	MAIL ADDRESS:	
		STREET 1:		499 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESPEED INC
		DATE OF NAME CHANGE:	19990913
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8 POS
<SEQUENCE>1
<FILENAME>d506400ds8pos.htm
<DESCRIPTION>S-8 POS
<TEXT>
<HTML><HEAD>
<TITLE>S-8 POS</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on July&nbsp;3, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-259263</FONT> </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>POST-EFFECTIVE AMENDMENT NO.&nbsp;1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>TO </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-8</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BGC Group, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">86-3748217</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>499 Park Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BGC Group, Inc. Deferral Plan for Employees of BGC Group, Inc., Cantor Fitzgerald, L.P. and Their Affiliates </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full title of the plan) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stephen M. Merkel </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Executive Vice President, General Counsel and Assistant Corporate Secretary </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BGC Group, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>499 Park
Avenue </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name and address of agent for service) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(212)&nbsp;610-2200</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Telephone number, including area code, of agent for service) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT>
filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company&#148; and &#147;emerging growth company&#148; in Rule <FONT
STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="58%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated</FONT> filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging growth company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Post-Effective Amendment No.&nbsp;1 is filed by BGC Group, Inc., a Delaware corporation (&#147;BGC Group&#148;), pursuant to Rule 414
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and relates to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-259263)</FONT> filed
with the Securities and Exchange Commission (the &#147;Commission&#148;) on September&nbsp;2, 2021 (the &#147;Registration Statement&#148;) by BGC Partners, Inc., a Delaware corporation (&#147;BGC Partners&#148; or the &#147;Predecessor
Registrant&#148;), and by the BGC Partners, Inc. Deferral Plan for Employees of BGC Partners, Inc., Cantor Fitzgerald, L.P. and their Affiliates (the &#147;Predecessor Plan&#148;). The Registration Statement registered 1,000,000 shares of BGC
Partners Class&nbsp;A common stock, par value $0.01 per share (&#147;BGC Partners Class&nbsp;A common stock&#148;), of which 803,890 shares remain unsold, together with an indeterminate amount of plan interests pursuant to Rule 416(c) under the
Securities Act to be offered or sold pursuant to the Predecessor Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;15, 2022, BGC Partners, along with certain other
entities, entered into a corporate conversion agreement, which was amended as of March&nbsp;29, 2023, in order to reorganize and simplify the organizational structure of the BGC entities by converting BGC Partners from an <FONT
STYLE="white-space:nowrap">&#147;Up-C&#148;</FONT> to a &#147;Full <FONT STYLE="white-space:nowrap">C-Corporation&#148;</FONT> through a series of mergers and related transactions (collectively, the &#147;Corporate Conversion Transactions&#148;).
Pursuant to the Corporate Conversion Transactions, each share of BGC Partners Class&nbsp;A common stock outstanding at the effective time of the Corporate Conversion Transactions was converted into one share of Class&nbsp;A common stock, par value
$0.01 per share, of BGC Group (&#147;BGC Group Class&nbsp;A common stock&#148;) and BGC Group became the public holding company for BGC Partners. The Corporate Conversion Transactions were completed on July&nbsp;1, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, in connection with the Corporate Conversion Transactions, BGC Group assumed and adopted the Predecessor Plan, as amended and
restated as the BGC Group, Inc. Deferral Plan for Employees of BGC Group, Inc., Cantor Fitzgerald, L.P. and Their Affiliates (the &#147;Deferral Plan,&#148; and together with BGC Group, the &#147;Registrants&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the Corporate Conversion Transactions, in accordance with Rule 414(d) under the Securities Act, each of BGC Group, as the successor
issuer to the Predecessor Registrant, and the Deferral Plan, as the successor issuer to the Predecessor Plan, hereby expressly adopts the Registration Statement as modified by this Post-Effective Amendment No.&nbsp;1 as its own registration
statement for all purposes under the Securities Act. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART I </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Plan Information. * </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Registrant Information and Employee Plan Annual Information. * </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B>Information required by Part I of <FONT STYLE="white-space:nowrap">Form&nbsp;S-8,&nbsp;including</FONT>
with respect to BGC Group, BGC Group Class&nbsp;A common stock, the Deferral Plan, and the plan interests registered herein to be offered and sold pursuant to the Deferral Plan, is omitted from this Registration Statement in accordance with Rule 428
under the Securities Act and the Note to Part I of Form <FONT STYLE="white-space:nowrap">S-8.</FONT><B> </B> </P></TD></TR></TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Incorporation of Documents by Reference. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following documents previously filed with the Commission are incorporated by reference into this Registration Statement: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Deferral Plan&#146;s <A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000162828023023581/bgcp2022form11-k.htm">Annual
 Report on Form <FONT STYLE="white-space:nowrap">11-K</FONT></A> for the fiscal year ended December&nbsp;31, 2022, filed with the Commission on June&nbsp;27, 2023; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">BGC Partners&#146; <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000162828023005839/bgcp-20221231.htm">Annual
 Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended December&nbsp;31, 2022, filed with the Commission on March&nbsp;1, 2023; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000119312523126920/d429604d10ka.htm">Amendment
 No.<U></U>&nbsp;1 to BGC Partners&#146; Annual Report on Form <FONT STYLE="white-space:nowrap">10-K/A</FONT></A> for the fiscal year ended December&nbsp;31, 2022, filed with the Commission on April&nbsp;28, 2023; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">BGC Partners&#146; <A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312523154748/d476089ddefm14a.htm">Definitive
 Consent Solicitation Statement</A>, filed with the Commission on May&nbsp;26, 2023; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">BGC Partners&#146; <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000162828023016861/bgcp-20230331.htm">Quarterly
 Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT></A> for the fiscal quarter ended March&nbsp;31, 2023, filed with the Commission on May&nbsp;9, 2023; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">BGC Partners&#146; Current Reports on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed with the
Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001094831/000119312523017544/d425448d8k.htm">January<U></U>&nbsp;
27, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001094831/000162828023005160/bgcp-20230227.htm">February<U></U>&nbsp;
27, 2023</A> (other than as indicated therein), <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001094831/000119312523069639/d409846d8k.htm">March<U></U>&nbsp;
14, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001094831/000162828023014997/bgcp-20230503.htm">May<U></U>&nbsp;
3, 2023</A> (other than as indicated therein), <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001094831/000119312523150779/d451153d8k.htm">May<U></U>&nbsp;
23, 2023</A>, and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001094831/000119312523154320/d410538d8k.htm">May<U></U>&nbsp;25, 2023</A>; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">BGC Group&#146;s <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000119312523180979/d521017d8k12b.htm">Current
 Report on Form <FONT STYLE="white-space:nowrap">8-K12B</FONT></A>, filed with the Commission on July&nbsp;3, 2023; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The description of BGC Group Class&nbsp;
A common stock contained in BGC Group&#146;s <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000119312523180979/d521017d8k12b.htm">Current Report on Form <FONT STYLE="white-space:nowrap">8-K12B</FONT></A>,
including <A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312523180979/d521017dex41.htm">Exhibit 4.1</A> thereto, filed with the Commission on July&nbsp;3, 2023, including any amendments or reports filed for the purpose of updating
such description. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All documents subsequently filed by BGC Group or the Deferral Plan pursuant to Sections 13(a), 13(c),
14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), prior to the filing of a post-effective amendment which indicates that all securities offered herein have been sold or which deregisters all securities
then remaining unsold shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of the filing of such documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any statement contained herein or in a document, all or a portion of which is incorporated or deemed to be incorporated by reference herein,
shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Description of Securities. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Interests of Named Experts and Counsel. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity of the BGC Group Class&nbsp;A common stock offered and sold pursuant to this Registration Statement has been passed upon for BGC
Group by Stephen M. Merkel, its Executive Vice President, General Counsel and Assistant Corporate Secretary. Mr.&nbsp;Merkel&#146;s address is c/o BGC Group, Inc., 499 Park Avenue, New York, New York 10022. As of July&nbsp;3, 2023 (other than as
indicated), Mr.&nbsp;Merkel owned (i) 136,891 shares of BGC Group Class&nbsp;A common stock held directly, (ii) 43,012 shares of BGC Partners Class&nbsp;A common stock held in Mr.&nbsp;Merkel&#146;s Deferral Plan account as of May&nbsp;31, 2023,
which were converted into an equivalent number of shares of BGC Group Class&nbsp;A common stock in connection with the Corporate Conversion Transactions, and (iii) 6,258 shares of BGC Group Class&nbsp;A common stock held in various trusts for the
benefit of Mr.&nbsp;Merkel&#146;s family, of which Mr.&nbsp;Merkel&#146;s spouse is the sole trustee. </P>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Indemnification of Directors and Officers. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;145 of the Delaware General Corporation Law (the &#147;DGCL&#148;) provides that a corporation may indemnify directors and
officers as well as other employees and individuals against expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending or
completed actions, suits or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee or agent of the Registrant. The DGCL provides that Section&nbsp;145 is not exclusive of other
rights to which those seeking indemnification may be entitled under any bylaws, agreement, vote of stockholders or disinterested directors or otherwise. BGC Group&#146;s Amended and Restated Certificate of Incorporation and Amended and Restated
Bylaws provide for indemnification by BGC Group of its directors and officers to the fullest extent permitted by the DGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director or officer of the
corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability of (1)&nbsp;a director or officer for any breach of the
director&#146;s or officer&#146;s duty of loyalty to the corporation or its stockholders, (2)&nbsp;a director or officer for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3)&nbsp;a
director under Section&nbsp;174 of the DGCL, (4)&nbsp;a director or officer for any transaction from which the director or officer derived an improper personal benefit or (5)&nbsp;an officer in any action by or in the right of the corporation. BGC
Group&#146;s Amended and Restated Certificate of Incorporation provides for such limitation of liability to the fullest extent permitted by the DGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC Group maintains standard policies of insurance under which coverage is provided (1)&nbsp;to its directors and officers against loss
arising from claims made by reason of breach of duty or other wrongful act, while acting in their capacity as directors and officers of BGC Group, and (2)&nbsp;to BGC Group with respect to payments which may be made by it to such directors and
officers pursuant to any indemnification provision contained in its Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws or otherwise as a matter of law. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exemption from Registration Claimed. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Exhibit Index Set Forth below is incorporated by reference in response to this Item 8. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"><FONT STYLE="font-size:10pt"><B>Exhibit Index</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"><B>Exhibit&nbsp;No.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Description</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312523180979/d521017dex31.htm">Amended and Restated Certificate of Incorporation of BGC Group, Inc. (incorporated by reference to Exhibit 3.1 to the Form <FONT
STYLE="white-space:nowrap">8-K12B</FONT> filed by BGC Group, Inc. on July&nbsp;3, 2023) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312523180979/d521017dex32.htm">Amended and Restated Bylaws of BGC Group, Inc. (incorporated by reference to Exhibit 3.2 to the Form <FONT STYLE="white-space:nowrap">8-K12B
</FONT> filed by BGC Group, Inc. on July&nbsp;3, 2023) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.3*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506400dex43.htm">BGC Group, Inc. Deferral Plan for Employees of BGC Group, Inc., Cantor Fitzgerald, L.P. and Their Affiliates </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506400dex51.htm">Opinion of Stephen M. Merkel </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506400dex231.htm">Consent of Ernst&nbsp;&amp; Young LLP</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506400dex51.htm">Consent of Stephen M. Merkel (included in the opinion filed as Exhibit 5.1) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506400ds8pos.htm#sig">Powers of Attorney (included on the signature pages of this Registration Statement) </A></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed herewith. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Undertakings. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned Registrant hereby undertakes: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the
most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) To include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Provided, however</I>, that paragraphs (1)(i) and (1)(ii) of this section do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference
in the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) That, for the purposes of determining any liability under the Securities Act, each filing of BGC
Group&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and where applicable, each filing of the Deferral Plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is incorporated
by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and
controlling persons of BGC Group pursuant to the provisions, or otherwise, BGC Group has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of BGC Group in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, BGC Group will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sig"></A>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, BGC Group, Inc. certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form <FONT STYLE="white-space:nowrap">S-8</FONT> and has duly caused this Post-Effective Amendment No.&nbsp;1 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of New York, State of New York, on July&nbsp;3, 2023. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BGC Group, Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Howard W. Lutnick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Howard W. Lutnick</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chairman of the Board and
Chief Executive Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Deferral Plan. </I>Pursuant to the requirements of the Securities Act, the Administrator of the BGC
Group, Inc. Deferral Plan for Employees of BGC Group, Inc., Cantor Fitzgerald, L.P. and Their Affiliates has duly caused this Post-Effective Amendment No.&nbsp;1 to the Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on July&nbsp;3, 2023. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BGC Group, Inc. Deferral Plan for Employees of BGC Group, Inc., Cantor Fitzgerald, L.P. and Their Affiliates</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jason Hauf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BGC Group, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">on behalf of the BGC Group, Inc. Deferral Plan Committee,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The
Deferral Plan Administrator</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below hereby constitutes and appoints Howard W. Lutnick and Stephen M. Merkel, and each of them, with full
power to act without the other, as his or her true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent, with full power of substitution and resubstitution, for such person and in his
or her name, place and stead, in any and all capacities, to sign any and all amendments to this registration statement, including post-effective amendments under the Securities Act and other instruments necessary or appropriate in connection
therewith, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, and hereby grants to said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT>
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary or desirable to be done, and to take or cause to be taken any and all such further actions in connection with such
registration statement as such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents, in each of their sole discretion, deems necessary or appropriate, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent, or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No.&nbsp;1 to the Registration
Statement has been signed by the following persons in the capacities and on the date indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="38%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Howard W. Lutnick</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Howard W. Lutnick</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chairman of the Board and Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Principal Executive Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July&nbsp;3, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jason W. Hauf</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Jason W. Hauf</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Principal Financial
and Accounting Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July&nbsp;3, 2023</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="38%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William D. Addas</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">William D. Addas</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July&nbsp;3, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Linda A. Bell</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Linda A. Bell</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July&nbsp;3, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Arthur U. Mbanefo</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Arthur U. Mbanefo</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July&nbsp;3, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David P. Richards</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">David P. Richards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July&nbsp;3, 2023</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>d506400dex43.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>BGC GROUP, INC. DEFERRAL PLAN FOR </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EMPLOYEES OF BGC GROUP, INC., CANTOR FITZGERALD, L.P. AND THEIR </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AFFILIATES </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(As
Amended and Restated Effective as of the Corporate Conversion Closing Date) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BGC GROUP, INC. DEFERRAL PLAN FOR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYEES OF BGC GROUP, INC., CANTOR FITZGERALD, L.P. AND THEIR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AFFILIATES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF
CONTENTS </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE&nbsp;I</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">DEFINITIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Account Balance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Affiliate</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">After-Tax</FONT> Election</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Annual Additions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Basic Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Beneficiary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Benefit Commencement Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Catch-Up</FONT> Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Code</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Collective Bargaining Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Collective Bargaining Unit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.14</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Committee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Compensation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Coronavirus-Affected Participant</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Disability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Earned Income</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.20</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Eligible Employee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.21</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.22</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.23</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.24</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Entry Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.25</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ERISA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Highly Compensated Employee or HCE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-i- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.27</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Hours of Service</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.28</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Investment Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Investment Manager</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.30</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Limitation Year</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.31</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Matching Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.32</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Non-Highly</FONT> Compensated Employee or NHCE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.33</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Normal Retirement Date and Normal Retirement Age</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.34</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Owner-Employee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.35</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Participant</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.36</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Participating Employer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.37</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Period of Service</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.38</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Period of Severance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.39</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Plan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.40</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Plan Year</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.41</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-Tax</FONT> Deferral</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.42</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Qualified Nonelective Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.43</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Rollover Contribution</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.44</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Roth Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.45</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Salary Reduction Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.46</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Salary Reduction Election</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.47</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Section&nbsp;415 Compensation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.48</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Self-Employed Individual</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.49</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Spouse</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.50</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Surviving Spouse</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.51</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.52</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trust Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.53</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.54</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Valuation Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">1.55</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year of Service</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE&nbsp;II</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">PARTICIPATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Admission as a Participant</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">2.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Provision of Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">2.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Termination of Participation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">2.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Rollover Membership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">2.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Special Rules Relating to Veterans Reemployment Rights Under USERRA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-ii- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE&nbsp;III</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ACCOUNTS, CONTRIBUTIONS AND ALLOCATIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Participant Accounts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employer Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Participant Salary Reduction Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Roth Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Rollover Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Allocations to Salary Reduction Accounts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Allocations to Rollover Accounts and Matching Contributions Accounts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Limitations on Salary Reduction Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Maximum Amount of Salary Reduction Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Excess Elective Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Actual Deferral Percentage Test</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Excess Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.14</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Limitations on <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions and Matching Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ACP Test</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Excess Aggregate Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Defined Contribution Limitation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">3.18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Catch-up</FONT> Contributions for Individuals Age 50 or Over</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE IV</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MAXIMUM CONTRIBUTIONS AND BENEFITS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Determination of Vesting</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vesting for Matching Contribution Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE V</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BENEFITS FOR PARTICIPANTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Retirement Benefit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">5.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Death Benefit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">5.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Termination of Employment Benefit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE VI</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">AMOUNT AND PAYMENT OF BENEFITS TO PARTICIPANTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">6.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Separation from Employment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">6.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Benefit Commencement Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">6.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Forms of Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">6.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Spouse</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">6.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Direct Rollover of Eligible Rollover Distributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-iii- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE&nbsp;VII</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LOANS AND WITHDRAWALS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">7.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Withdrawals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">7.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hardship Withdrawals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">7.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">7.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional Distribution Events</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">7.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disaster Relief</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">7.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Coronavirus-Related Distribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">7.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Qualified Birth or Adoption Distributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE&nbsp;VIII</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DEATH BENEFITS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of Account Balances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">8.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Beneficiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">8.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Qualified Election</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE IX</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FIDUCIARIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">9.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Named Fiduciaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">9.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employment of Advisers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">9.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Multiple Fiduciary Capacities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">9.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">9.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE X</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PLAN ADMINISTRATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Committee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Powers and Duties of the Committee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investment of Accounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Individual Investment Funds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">10.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Valuation of Accounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">10.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">10.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delegation of Responsibility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">10.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investment Manager</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE XI</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">APPOINTMENT OF TRUSTEE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">11.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE XII</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PLAN AMENDMENT OR TERMINATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">12.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Plan Amendment or Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">12.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitations on Plan Amendment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">12.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Right of the Company to Terminate Plan or Discontinue Contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12.4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Effect of Partial or Complete Termination or Complete Discontinuance of Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12.5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Bankruptcy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-iv- </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE&nbsp;XIII</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">TOP-HEAVY</FONT> PROVISIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">13.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Top-Heavy</FONT> Plan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">13.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Top-Heavy</FONT> Determination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">13.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Calculation of <FONT STYLE="white-space:nowrap">Top-Heavy</FONT> Ratios</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">13.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cumulative Accounts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">13.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Additional Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">13.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Discontinuance of Article</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE XIV</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MISCELLANEOUS PROVISIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exclusive Benefit of Participants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Plan Not a Contract of Employment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Source of Benefits</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Benefits Not Assignable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Claims Procedure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Income Tax Withholding</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Benefits Payable to Minors, Incompetents and Others</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Merger or Transfer of Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Missing Participants / Uncashed Checks</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Participation in the Plan by an Affiliate</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Gender and Number</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Headings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Controlling Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">14.14</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Conditional Adoption</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE XV</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MULTIPLE EMPLOYER PROVISIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">15.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Application</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">15.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Adoption of the Plan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">15.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Service</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">15.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Plan Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">15.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Transferring Employees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">15.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certain Qualification Rules</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">15.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delegation of Authority</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">15.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">APPENDIX A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">NEWMARK PLAN PARTICIPANTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">APPENDIX B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">NEWMARK CORPORATE <FONT STYLE="white-space:nowrap">SPIN-OFF</FONT> AND TRANSFER OF ASSETS TO THE NEW NEWMARK PLAN</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>BGC GROUP, INC. DEFERRAL PLAN FOR </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EMPLOYEES OF BGC GROUP, INC., CANTOR FITZGERALD, L.P. AND THEIR </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AFFILIATES </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Amended and Restated Effective as of the Corporate Conversion Closing Date) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>BACKGROUND </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Cantor
Fitzgerald, L.P., a Delaware limited partnership (the &#147;Company&#148;), and BGC Partners, Inc., a Delaware corporation, maintained and <FONT STYLE="white-space:nowrap">co-sponsored</FONT> the BGC Partners, Inc. Deferral Plan for Employees of BGC
Partners, Inc., Cantor Fitzgerald, L.P., and their Affiliates (previously the eSpeed, Inc. Deferral Plan for Employees of Cantor Fitzgerald, L.P. and its Affiliates) (the &#147;Plan&#148;) to provide benefits to the Company&#146;s Employees and the
Employees of Affiliates that adopt the Plan in recognition of their contributions to the successful operation of the Company and such adopting Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Pursuant to the Corporate Conversion Agreement, dated as of November&nbsp;15, 2022, and amended as of March&nbsp;29, 2023, by and between 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 (collectively, the &#147;BGC Entities&#148;) and, for certain purposes as identified in such agreement, the
Company (the &#147;Corporate Conversion Agreement&#148;), the BGC Entities will be reorganized through a series of mergers and related transactions resulting in the formation of a new public holding company, BGC Group, Inc., effective upon the
closing of the Corporate Conversion (the &#147;Corporate Conversion Closing Date&#148;). Also, effective upon the Corporate Conversion Closing Date, BGC Partners, Inc. transfers <FONT STYLE="white-space:nowrap">co-sponsorship</FONT> of the Plan to
BGC Group, Inc. Thereafter, the Company and BGC Group, Inc. maintain and <FONT STYLE="white-space:nowrap">co-sponsor</FONT> the Plan, and the Plan is renamed The BGC Group, Inc. Deferral Plan for Employees of BGC Group, Inc., Cantor Fitzgerald, L.P.
and Their Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Effective as of the Corporate Conversion Closing Date, the Company hereby amends and restates the Plan as provided
herein. BGC Partners, Inc. and BGC Group, Inc. consent to this amendment and restatement. The Company intends that the Plan as amended and restated meet all applicable requirements of Code Section&nbsp;401(a) and that the Trust maintained with
respect thereto be tax exempt under Code Section&nbsp;501(a). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-vi- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>DEFINITIONS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
following terms shall have the following meanings for purposes of this Plan and any amendments thereto: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.1
</B><B><U>Account</U></B><B>. </B>On any date of determination, the value of a Participant&#146;s share of the Trust Fund, and consisting of the following subaccounts, which may be further divided into additional subaccounts as determined necessary
by the Committee: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Salary Reduction Account</U>: The portion of the Participant&#146;s Account derived from Basic
Contributions under Section&nbsp;3.3 and <FONT STYLE="white-space:nowrap">Catch-up</FONT> Contributions under Section&nbsp;3.18, and any earnings or losses thereon. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Roth Contribution Account</U>: The portion of the Participant&#146;s Account derived from Roth Contributions under
Section&nbsp;3.4 and any earnings or losses thereon. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U><FONT STYLE="white-space:nowrap">After-Tax</FONT> Account</U>:
The portion of the Participant&#146;s Account derived from <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions, and any earnings or losses thereon. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Rollover Account</U>: The portion of the Participant&#146;s Account derived from amounts transferred to the Trust Fund
under Section&nbsp;3.6, and any earnings or losses thereon. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Matching Contributions Account</U>: The portion of the
Participant&#146;s Account derived from Matching Contributions and any earnings or losses thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.2 </B><B><U>Account
Balance</U></B><B>. </B>The value of an Account determined as of any Valuation Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.3 </B><B><U>Affiliate</U></B><B>. </B>Any
corporation, partnership or other entity (other than the Company) that is: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) a member of a &#147;controlled group of
corporations&#148; (as Code Section&nbsp;414(b) defines that term) of which the Company is a member; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) a member of any
trade or business under &#147;common control&#148; (as Code Section&nbsp;414(c) defines that term) with the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) a
member of an &#147;affiliated service group&#148; (as Code Section&nbsp;414(m) defines that term) that includes the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) a &#147;leasing organization&#148; that &#147;leases&#148; (as Code Section&nbsp;414(n) defines those terms) its employees
to the Company and that otherwise satisfies the requirements of Code Sections 414(n)(l) through (4)&nbsp;and that employees who are so leased to the Company are not covered by a retirement plan described in Code Section&nbsp;414(n)(5) and/or if
covered by a retirement plan described in Code Section&nbsp;414(n)(5), constitute more than twenty percent (20%) of the Company&#146;s <FONT STYLE="white-space:nowrap">non-highly</FONT> compensated workforce within the meaning of Code
Section&nbsp;414(n)(5)(C)(ii); or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-1- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) an entity required to be aggregated with the Company pursuant to Code
Section&nbsp;414(o) and the Treasury Regulations issued thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.4 </B><B><U><FONT STYLE="white-space:nowrap">After-Tax</FONT>
Contributions</U></B><B>. </B>Any contribution a Participant elects to have contributed to the Plan on an <FONT STYLE="white-space:nowrap">after-tax</FONT> basis under Sections 3.5 of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.5 </B><B><U><FONT STYLE="white-space:nowrap">After-Tax</FONT> Election</U></B><B>. </B>The election by a Participant to have part of his
Compensation be contributed to the Plan as an <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contribution in accordance with Section&nbsp;3.5. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.6 </B><B><U>Annual Additions</U></B><B>. </B>The sum for any Limitation Year of (i)&nbsp;employer contributions, (ii)&nbsp;employee
contributions, (iii)&nbsp;forfeitures and (iv)&nbsp;amounts described in Code Sections 415(l)(1) and 419A(d)(2), which are allocated to the account of a Participant under the terms of a plan subject to Code Section&nbsp;415. &#147;Annual
Additions&#148; shall include excess contributions as defined in Code Section&nbsp;401(k)(8)(B), excess aggregate contributions as defined in Code Section&nbsp;401(m)(6)(B) and excess deferrals as described in Code Section&nbsp;402(g), regardless of
whether such amounts are distributed or forfeited. &#147;Annual Additions&#148; shall not include contributions made under Section&nbsp;3.6. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.7 </B><B><U>Basic Contributions</U></B><B>. </B>Any contribution made on behalf of a Participant pursuant to Section&nbsp;3.3 of the Plan
that is not includible in the Participant&#146;s gross income at the time deferred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.8 </B><B><U>Beneficiary</U></B>. Any individual,
trust, estate, or charitable organization designated or deemed designated by a Participant to receive any payment of Plan benefits due after the Participant&#146;s death. A &#147;Primary Beneficiary&#148; means an individual who is named as a
Beneficiary hereunder and has an unconditional right to all or a portion of the Participant&#146;s Account Balance under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.9
</B><B><U>Benefit Commencement Date</U></B><B>. </B>The first day on which all events have occurred that entitle a Participant or a Beneficiary to receive payment of his or her benefit under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.9A. </B><B><U>BGC</U></B><B>.</B> BGC Group, Inc. and any successor thereto. Prior to the Corporate Conversion Closing Date, BGC meant
BGC Partners, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.10 </B><B><U><FONT STYLE="white-space:nowrap">Catch-Up</FONT> Contributions</U></B><B>. </B>Any contribution made
on behalf of a Participant pursuant to Section&nbsp;3.18<B> </B>of the Plan that is not includible in the Participant&#146;s gross income at the time deferred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.11 </B><B><U>Code</U></B>. The Internal Revenue Code of 1986, as amended from time to time. Reference to a specific provision of the Code
shall include such provision and any valid regulation promulgated thereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.12 </B><B><U>Collective Bargaining Agreement</U></B><B>. </B>A collective bargaining
agreement between an Employer and employee representatives, provided retirement benefits were the subject of good faith bargaining. For this purpose, the term &#147;employee representatives&#148; does not include any organization more than half of
whose members are Employees who are owners, officers or executives of an Employer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.13 </B><B><U>Collective Bargaining
Unit</U></B><B>. </B>A unit of Employees recognized by an Employer for purposes of negotiating a Collective Bargaining Agreement between the Employer and a recognized employee representative. For purposes of the Plan, a Collective Bargaining Unit
shall not exist until the effective date of the first Collective Bargaining Agreement reached through good faith bargaining </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.14
</B><B><U>Committee</U></B>. The individual or individuals appointed pursuant to, and having the responsibilities specified in, Sections 10.1 and 10.2 of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.15 </B><B><U>Company</U></B>. Cantor Fitzgerald, L.P. and any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.16 </B><B><U>Compensation</U></B><B>. </B>Section&nbsp;415 Compensation, exclusive of amounts contributed to or the value of benefits
under any other deferred compensation, employee benefit or fringe benefit program or plan or any other extraneous form of compensation. For a Participant&#146;s initial year of participation, the Plan shall recognize Compensation paid to the
Participant by an Employer during the entire Plan Year. The determination of Compensation shall be in accordance with records maintained by the Employer and shall be conclusive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.17 </B><B><U>Coronavirus-Affected Participant</U></B>.<B> </B>Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the
&#147;CARES Act&#148;) and any applicable guidance published in the Internal Revenue Bulletin, including but not limited to Internal Revenue Service (&#147;IRS&#148;) Notice 2020&#150;50, a &#147;Coronavirus-Affected Participant&#148; shall mean a
Participant who certifies to the Committee that he or she has: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Been diagnosed, or whose Spouse or dependent (as
defined in Code Section&nbsp;152) is diagnosed, with the virus <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">SARS-CoV-2</FONT></FONT> or with coronavirus disease 2019 (collectively,
<FONT STYLE="white-space:nowrap">&#147;COVID-19&#148;)</FONT> by a test approved by the Centers for Disease Control and Prevention (including a test authorized under the Federal Food, Drug, and Cosmetic Act); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Experienced adverse financial consequences as a result of the Participant, the Participant&#146;s Spouse, or an individual
who shares the Participant&#146;s principal residence: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Being quarantined, being furloughed or laid off, or having work
hours reduced due to <FONT STYLE="white-space:nowrap">COVID-19;</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Being unable to work due to lack of child care
due to <FONT STYLE="white-space:nowrap">COVID-19;</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Closing or reducing hours of a business owned or operated by
the Participant, the Participant&#146;s Spouse, or an individual who shares the Participant&#146;s principal residence due to <FONT STYLE="white-space:nowrap">COVID-19;</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Having a reduction in pay (or self-employment income) due to <FONT STYLE="white-space:nowrap">COVID-19;</FONT> or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Having a job offer rescinded or start date for a job delayed due to <FONT
STYLE="white-space:nowrap">COVID-19.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.18 </B><B><U>Disability</U></B><B>. </B>A condition that renders a Participant eligible
for Social Security disability benefits or a condition by which a Participant is deemed to be disabled for purposes of the Employer&#146;s long-term disability plan in effect at the time of Participant&#146;s termination of Employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.19 </B><B><U>Earned Income</U></B><B>. </B>The net earnings from self-employment in the trade or business with respect to which the Plan
is established, and for which the personal services of the individual are a material income-producing factor. Net earnings will be determined without regard to items not included in gross income and the deductions allocable to such items. Net
earnings are reduced by contributions to a qualified plan to the extent deductible under Code Section&nbsp;404. Net earnings shall be determined with regard to the deduction allowed to the employer by Code Section&nbsp;164(f). Contributions to the
Plan on behalf of an Owner-Employee may be made only with respect to the Earned Income of such Owner-Employee which is derived from the trade or business with respect to which the Plan is established. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.20 </B><B><U>Eligible Employee</U></B><B>. </B>Any Employee of an Employer, including any Self-Employed Individual who is considered a
partner of an Employer, other than (i)&nbsp;a nonresident alien who receives no earned income from an Employer that constitutes income from sources within the United States; (ii)&nbsp;an employee who is a member of a Collective Bargaining Unit,
unless the Collective Bargaining Agreement specifically provides for participation in the Plan; (iii)&nbsp;a temporary employee, who for purposes of the Plan is any Employee who works on a customary work schedule of up to eight hours per day, for up
to five days per week (40 hours) with definite limits set upon the duration of his or her employment; (iv)&nbsp;a casual employee, who for purposes of the Plan is any Employee who is called into work on occasion (most likely the duration of his or
her work is one day to one week), to be performed on the basis of a customary work schedule of eight hours or less; and (v)&nbsp;any Employee who, for any pay period, is eligible to participate in the TriNet Select 401(k) Plan or any other <FONT
STYLE="white-space:nowrap">tax-qualified</FONT> defined contribution plan sponsored by TriNet HR IV, LLC or its affiliate. Notwithstanding the foregoing, a temporary or casual employee shall be an Eligible Employee if he or she completes 1,000 hours
of service, as determined under Department of Labor Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;2530.200b-2,</FONT> during the <FONT STYLE="white-space:nowrap">12-month</FONT> period beginning on his first date of hire or any Plan Year
thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.21 </B><B><U>Employee</U></B><B>. </B>Any person who is engaged in rendering personal services under the direction or
control of an Employer, including Self-Employed Individuals who are considered partners of an Employer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">No person whom the Employer
classifies as a &#147;leased employee&#148; or an independent contractor shall be eligible to participate in this Plan, regardless of any later or retroactive reclassification of the individual&#146;s employment status. Self-Employed Individuals who
are considered partners of an Employer shall not be treated as independent contractors for purposes of the Plan. A &#147;leased employee&#148; shall mean any person who is not an Employee but who provides services to an Employer if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) such person provides the services pursuant to an agreement between the Employer and any leasing organization; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) such person has performed services for the Employer (or for the Employer
and any related person within the meaning of Code Section&nbsp;414(n)(6)) on a substantially full-time basis for a period of at least one (1)&nbsp;year; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the person performs such services under the primary direction or control of the Employer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Except as provided below, the Plan shall treat a &#147;leased employee&#148; as an employee of an Employer only for nondiscrimination testing
and other purposes specified in Code Section&nbsp;414(n). However, contributions or benefits provided by the leasing organization, which are attributable to services performed for the Employer, shall be treated as provided by the Employer. The Plan
shall not treat a &#147;leased employee&#148; as an employee if such &#147;leased employee&#148; is covered by a money purchase pension plan of the leasing organization, and the number of leased employees does not constitute more than twenty percent
(20%) of the Employer&#146;s <FONT STYLE="white-space:nowrap">&#147;non-highly</FONT> compensated work force&#148; as defined by Code Section&nbsp;414(n)(5)(C). The money purchase pension plan of the leasing organization must provide benefits equal
to or greater than: (i)&nbsp;a <FONT STYLE="white-space:nowrap">non-integrated</FONT> employer contribution rate of at least ten percent (10%) of compensation, (ii)&nbsp;immediate participation, and (iii)&nbsp;full and immediate vesting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.22 </B><B><U>Employer</U></B><B>. </B>The Company and each Affiliate that adopts, and has not terminated participation or withdrawn from,
the Plan in accordance with Section&nbsp;14.10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.23 </B><B><U>Employment</U></B><B>. </B>An Employee&#146;s employment with an
Employer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.24 </B><B><U>Entry Date</U></B><B>. </B>The first day of the calendar month coincident with or next following the date the
Eligible Employee meets the requirements of Section&nbsp;2.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.25 </B><B><U>ERISA</U></B><B>. </B>The Employee Retirement Income
Security Act of 1974,<B> </B>as amended from time to time. Reference to a specific provision of ERISA shall include such provision and any valid regulation promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.26 </B><B><U>Highly Compensated Employee or HCE</U></B><B>. </B>An individual described in Code Section&nbsp;414(q)<B> </B>including both
Highly Compensated active Employees and Highly Compensated former Employees. A Highly Compensated active Employee is an Employee who performs services for the Company or an Affiliate and who was a five percent (5%) owner as defined in Code
Section&nbsp;416(i)(l) at any time during the Plan Year or the preceding Plan Year or who received Section&nbsp;415 Compensation in excess of $135,000 (as indexed) in the preceding Plan Year and was a member of the
<FONT STYLE="white-space:nowrap">top-paid</FONT> group consisting of the top twenty percent (20%) of Employees when ranked on the basis of Section&nbsp;415 Compensation paid for such preceding year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A Highly Compensated former Employee includes any Employee who separated from service (or was deemed to have separated) before the
determination year, performs no service for the Company or an Affiliate during the determination year, and was a Highly Compensated active Employee for either the determination year during which he or she separated from service (or was deemed to
have separated) or any determination year ending on or after the Employee&#146;s 55th birthday. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The determination of who is a Highly Compensated Employee, including the determination of
the number and identity of the Employees in the <FONT STYLE="white-space:nowrap">top-paid</FONT> group, and the compensation that is considered, will be made in accordance with Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;1.414(q)-1T.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.27 </B><B><U>Hours of Service</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each hour for which an Employee is directly or indirectly paid or entitled to payment by an Employer for the performance of
duties, provided that an Employee paid on a salaried basis shall be credited with 45 Hours of Service for each week for which the Employee would be credited with at least one Hour of Service; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each hour for which an Employee is directly or indirectly paid, or entitled to payment, by an Employer for reasons (such as
vacation, sickness, disability, or similar leave of absence) other than for the performance of duties, and for military leaves, maternity/paternity leaves or leaves for jury duty; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each hour for which back pay, irrespective of mitigation of damages, has been either awarded or agreed to by an Employer
provided that the same Hours of Service shall not be credited under this Section (c)&nbsp;and Sections (a)&nbsp;or (b) above, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) An Employee shall also be credited with one Hour of Service for each hour that would normally have been credited to the
Employee but during which such Employee is absent from work for any period (i)&nbsp;by reason of the Employee&#146;s pregnancy, (ii)&nbsp;by reason of the birth of the Employee&#146;s child, (iii)&nbsp;by reason of the placement of a child with such
Employee in connection with an adoption of such child by the Employee or (iv)&nbsp;for purposes of caring for a child for a period beginning immediately following birth or placement, provided that an Employee shall be credited with no more than 501
Hours of Service on account of any single continuous period of absence by reason of any such pregnancy, birth or placement and provided further that Hours of Service credited to an individual on account of such a period of absence shall be credited
only for the Plan Year in which such absence begins if an Employee would otherwise fail to be credited with 501 or more Hours of Service in such Plan Year or, in any other case, in the immediately following Plan Year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Hours of Service computed hereunder shall be computed in accordance with Department of Labor Regulation Sections <FONT
STYLE="white-space:nowrap">2530.200b-2</FONT> (b) and (c), which are incorporated herein by reference. In no event shall more than 501 Hours of Service be credited for any one continuous period of absence during or for which the employee receives
payment for nonperformance of duties whether or not such period occurs in a single computation period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.28 </B><B><U>Investment
Fund</U></B><B>. </B>An investment fund established or selected by the Company or the Committee pursuant to Section&nbsp;10.3. The Investment Funds will include both regular investments made by the Committee on behalf of Participants who have not
directed investments pursuant to Section&nbsp;10.3 as well as investments made by the Trustee in accordance with Participants&#146; investment instructions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.29 </B><B><U>Investment Manager</U></B>. Any person appointed by the Committee to serve
as an investment manager in accordance with Section&nbsp;10.8<B> </B>of the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.30 </B><B><U>Limitation Year</U></B>. The
consecutive twelve-month period commencing on each January&nbsp;1 and ending on the next following December 31. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.31
</B><B><U>Matching Contributions</U></B><B>.</B> Matching contributions made (i)&nbsp;pursuant to Section&nbsp;3.19 or (ii)&nbsp;pursuant to the terms of the Plan as in effect for Plan Years prior to 2007. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.32 </B><B><U><FONT STYLE="white-space:nowrap">Non-Highly</FONT> Compensated Employee or NHCE</U></B><B>. </B>An Employee who is not a
Highly Compensated Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.33 </B><B><U>Normal Retirement Date and Normal Retirement Age</U></B><B>. </B>The first day of the
month coincident with or immediately following a Participant&#146;s attainment of Normal Retirement Age. A Participant&#146;s Normal Retirement Age will be the later of the date on which a Participant attains age fifty-nine and <FONT
STYLE="white-space:nowrap">one-half</FONT> <FONT STYLE="white-space:nowrap">(59-1/2)</FONT> years or completes five Years of Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.34 </B><B><U>Owner-Employee</U></B>. An &#147;owner-employee&#148; within the meaning of Section&nbsp;401(c)(3). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.35 </B><B><U>Participant</U></B><B>. </B>An Eligible Employee who has commenced, but not terminated, participation in the Plan pursuant
to the provisions of Article II of the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.36 </B><B><U>Participating Employer</U></B>. A corporation or other entity that
(a)&nbsp;is not an Affiliate, (b)&nbsp;has adopted this Plan for its employees in accordance with Section&nbsp;15.1, and (c)&nbsp;has not terminated its participation or withdrawn from the Plan in accordance with Section&nbsp;15.6. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.37 </B><B><U>Period of Service</U></B><B>. </B>The period beginning on the date the Employee first performs an Hour of Service and ending
on the date a Period of Severance begins. Notwithstanding the foregoing, if an Employee quits, retires or is discharged, such Employee&#146;s Period of Service shall include the period commencing on the date the Employee terminates Employment and
ending on the first date on which the Employee again performs an Hour of Service, if such date is within 12 months of the date on which the Employee last performed an Hour of Service. If the Employee is absent from work for any other reason and,
within 12 months of the first day of such absence, the Employee quits, retires or is discharged, the period commencing on the first day of such absence and ending on the first day the Employee again performs an Hour of Service if such date is within
12 months of the date his or her absence began, shall be included in the Period of Service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.38 </B><B><U>Period of
Severance</U></B><B>. </B>A period equal to the number of consecutive Plan Years in which an Employee is credited with less than 501 Hours of Service in each such year. The Period of Severance shall commence at the end of the first Plan Year in
which the Employee has less than 501 Hours of Service. For purposes of calculating a Period of Service, a Period of Severance means the period commencing on the earliest of the date an Employee quits, retires, is discharged or dies, or the first
anniversary of the date that an Employee is absent from work (with or without pay) for any other reason, and ending on the date the Employee completes an Hour of Service. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Anything contained herein to the contrary notwithstanding, a Period of Severance shall not
commence if the Participant is: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) on a leave of absence in excess of twelve (12)&nbsp;months authorized by an Employer
in accordance with standard personnel policies applied in a nondiscriminatory manner to all Employees similarly situated and returns to active Employment for an Employer immediately upon the expiration of such leave of absence; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) on military leave in excess of twelve (12)&nbsp;months while such Employee&#146;s reemployment rights are protected by law
and returns to active Employment with an Employer within 90 days after his or her discharge or release (or such longer period as may be prescribed by law); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) on layoff in excess of twelve (12)&nbsp;months and returns to work within such period of time and in such a manner as to
maintain seniority according to the rules of the Employer in effect on the date of return. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.39 </B><B><U>Plan</U></B><B>. </B>The BGC
Group, Inc. Deferral Plan for Employees of BGC Group, Inc., Cantor Fitzgerald, L.P. and their Affiliates, as amended from time to time. For the period beginning on January&nbsp;1, 2008, and ending as of the Corporate Conversion Closing Date, the
Plan was formerly known as the BGC Partners, Inc. Deferral Plan for Employees of BGC Partners, Inc., Cantor Fitzgerald, L.P. and their Affiliates. Prior to January&nbsp;1, 2008, the Plan was formerly known as the eSpeed, Inc. Deferral Plan for
Employees of Cantor Fitzgerald, L.P. and its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.40 </B><B><U>Plan Year</U></B><B>. </B>Each twelve (12)&nbsp;consecutive
month period beginning on January&nbsp;1 and ending on the next following December 31. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.41
</B><B><U><FONT STYLE="white-space:nowrap">Pre-Tax</FONT> Deferral</U></B><B>. </B>Any Basic Contribution or <FONT STYLE="white-space:nowrap">Catch-Up</FONT> Contribution made on behalf of a Participant under Sections 3.3 and 3.18, respectively,
that is not includible in the Participant&#146;s gross income at the time deferred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.42 </B><B><U>Qualified Nonelective
Contributions</U></B><B>. </B>Company contributions described m Section&nbsp;3.2(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.43 </B><B><U>Rollover Contribution</U></B><B>.
</B>An amount received from a deferred compensation plan that qualifies under Code Section&nbsp;401(a), 403(a), 403(b) or 457(b), and that a Participant rolls over to the Plan pursuant to Code Section&nbsp;402(c). A Rollover Contribution can include
both Direct Rollovers and amounts distributed to a Participant and then rolled over. In addition, if an Employee had deposited a &#147;qualified total distribution&#148; within the meaning of Code Section&nbsp;402(a)(5)(E) (as in effect prior to
January&nbsp;1, 1993) or an Eligible Rollover Distribution into an individual retirement account as defined in Code Section&nbsp;408, the Employee may transfer the amount of the distribution plus earnings from the individual retirement account to
the Plan provided, however, that the rollover amount is deposited with the Trustee within sixty (60)&nbsp;days after receipt from the individual retirement account. Notwithstanding any provision of the Plan to the contrary, an Eligible Rollover
Distribution recontributed to the Plan in accordance with Section&nbsp;7.6 or 7.7 will be treated as a Rollover Contribution for all Plan purposes. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.44 </B><B><U>Roth Contributions</U></B><B>. </B>Any contribution made on behalf of a
Participant pursuant to Section&nbsp;3.4 of the Plan that is includible in the Participant&#146;s gross income at the time deferred and that have been irrevocably designated as Roth Contributions by the Participant in his or her deferral election.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.45 </B><B><U>Salary Reduction Contributions</U></B><B>. </B>The amount contributed to the Plan pursuant to a Participant&#146;s
Salary Reduction Election in accordance with Section&nbsp;3.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.46 </B><B><U>Salary Reduction Election</U></B><B>. </B>The election
by a Participant to have part of the amount that otherwise would have been paid as Compensation converted to an Employer contribution in accordance with Section&nbsp;3.3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.47 </B><B><U>Section</U></B><B><U></U></B><B><U>&nbsp;415 Compensation</U></B><B>. </B>The total compensation paid by the Employer to an
Employee with respect to each Plan Year that is currently includible in gross income and required to be reported as wages on the Employee&#146;s Form <FONT STYLE="white-space:nowrap">W-2,</FONT> plus amounts that would be includible in the
Employee&#146;s gross income but for an election under Code Section&nbsp;125(a) (including &#147;deemed section 125 compensation&#148; as defined in Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.415(c)-2(g)(6)(ii)),</FONT>
132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b). The annual amount of Section&nbsp;415 Compensation of each Employee taken into account under the Plan shall not exceed $330,000, as adjusted by the Commissioner of Internal Revenue for <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cost-of-living</FONT></FONT> in accordance with Code Section&nbsp;401(a)(17)(B). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;415 Compensation shall not include compensation paid after a Participant ceases to be an Employee except for (i)&nbsp;payments to
an individual who does not presently perform services for Employer by reason of service in the Uniformed Services to the extent such payments do not exceed the amounts that the individual would have received if he or she had continued to perform
service for the Employer rather than entering service in the Uniformed Services; and (ii)&nbsp;compensation that absent severance from employment would have qualified as Section&nbsp;415 Compensation under this definition and would have been paid to
the Employee while the Employee continued in employment with the Employer, and that is received within two and <FONT STYLE="white-space:nowrap">one-half</FONT>
(2<SUP STYLE="vertical-align:top">1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB>)&nbsp;months of the Employee&#146;s severance from employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.48 </B><B><U>Self-Employed Individual</U></B><B>. </B>An individual who has Earned Income for the taxable year from the trade or business
for which the Plan is established or who would have had such Earned Income but for the fact that the trade or business had no net profits for the taxable year. Self-Employed Individuals include Owner-Employees, <I>i.e.,</I> sole proprietors or
partners who own more than ten percent (10%) of either the capital or profits interest of the partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.49
</B><B><U>Spouse</U></B><B>. </B>A Participant&#146;s Spouse shall be the legal spouse or Surviving Spouse of the Participant, provided that the Plan will treat a former spouse as the Spouse or Surviving Spouse to the extent provided under a
qualified domestic relations order as described in Code Section&nbsp;414(p). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.50 </B><B><U>Surviving Spouse</U></B><B>. </B>The
person legally married to a Participant on the earlier of the date of his death or Benefit Commencement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.51
</B><B><U>Trust</U></B><B>. </B>The trust established under the Plan to which Plan contributions arc made and in which Plan assets are held. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.52 </B><B><U>Trust Fund</U></B><B>. </B>The assets of the Trust held by or in the name
of the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.53 </B><B><U>Trustee</U></B><B>. </B>The person appointed as trustee pursuant to, and having the responsibilities
specified in, the provisions of Article XI of the Plan, and any successor trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.54 </B><B><U>Valuation Date</U></B><B>. </B>Each
business day of each Plan Year on which the New York Stock Exchange is open, or any other day of the Plan Year as determined by the Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.55 </B><B><U>Year of Service</U></B><B>. </B>An Employee shall be credited with one Year of Service for each <FONT
STYLE="white-space:nowrap">12-month</FONT> period coinciding with the Plan Year (including periods commencing prior to the adoption of the Plan), in which the Employee is credited with at least 1,000 Hours of Service. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PARTICIPATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.1 </B><B><U>Admission as a Participant</U></B><B>. </B>Each Employee who was eligible to participate in the Plan immediately prior to the
Corporate Conversion Closing Date, shall continue to be eligible to participate in the Plan as amended and restated effective as of the Corporate Conversion Closing Date. Each other Eligible Employee shall be eligible to participate in the Plan on
the first Entry Date coinciding with or next following the date he has attained age <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;and has performed an Hour of Service on or after the Corporate Conversion Closing Date or first performs
an Hour of Service following a break in service on or after such date. An Eligible Employee described in the preceding sentence who fails to make an affirmative election on the appropriate form (or electronic media) in advance of such Entry Date to
participate or not participate in the Plan shall be automatically enrolled as a Participant in the Plan one month after the Entry Date (an &#147;Auto-Enrolled Participant&#148;). Salary Reduction Contributions shall be made in accordance with
Section&nbsp;3.3 on behalf of Auto-Enrolled Participants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.2 </B><B><U>Provision of Information</U></B><B>. </B>Each Employee who
becomes a Participant shall execute such forms as the Committee requires and shall make available to the Committee any information it reasonably requests. By virtue of his or her participation in this Plan, an Employee agrees, on his or her own
behalf and on behalf of all persons who may have or claim any right by reason of the Employee&#146;s participation in the Plan, to be bound by all provisions of the Plan and by any agreement entered into pursuant thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.3 </B><B><U>Termination of Participation</U></B><B>. </B>A Participant shall cease to be a Participant: (i)&nbsp;upon his or her death;
or (ii)&nbsp;upon the payment to him or her of all benefits due to him or her under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.4 </B><B><U>Rollover
Membership</U></B>. An Eligible Employee who makes a Rollover Contribution shall become a Participant as of the date of such contribution, even if the Eligible Employee has not previously become a Participant. Such an Eligible Employee shall be a
Participant only for the purposes of such Rollover Contribution and shall not be eligible to make other contributions or to share in contributions made by an Employer until the Eligible Employee has met the requirements of Section&nbsp;2.1. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-10- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.5 </B><B><U>Special Rules Relating to Veterans Reemployment Rights Under
USERRA</U></B>. The following special provisions shall apply to an Employee or Participant who is reemployed in accordance with the reemployment provisions of the Uniformed Services Employment and Reemployment Rights Act (&#147;USERRA&#148;)
following a period of qualifying military service (as determined under USERRA): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each period of qualifying military
service served by an Employee or Participant shall, upon such reemployment with an Employer, be deemed to constitute service with the Employer for all purposes of the Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Plan shall permit the Participant to make up Salary Reduction Contributions and/or
<FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions missed during the period of qualifying military service. The Participant shall have a period of time beginning on the date of the Participant&#146;s reemployment with the Employer
following his or her period of qualifying military service and extending over the lesser of (i)&nbsp;the Participant&#146;s period of qualifying military service multiplied by three, and (ii)&nbsp;five years, to make up such missed Salary Reduction
Contributions and/or <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If the reemployed Participant
elects to make up Salary Reduction Contributions and/or <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions in accordance with paragraph (b)&nbsp;above and directs that some or all of such Salary Reduction Contributions and/or <FONT
STYLE="white-space:nowrap">After-Tax</FONT> Contributions (subject to the limitations set forth in Section&nbsp;10.3) be invested in the BGC Fund (as defined in Section&nbsp;10.3), the Employer shall make any Matching Contributions that would have
been made on behalf of such Participant had the Participant made such Salary Reduction Contributions and investment decisions during the period of qualifying military service. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If the Employer made any Qualified Nonelective Contributions to the Plan during the period of qualifying military service,
the Employer shall make a Qualified Nonelective Contribution on behalf of the Participant upon the Participant&#146;s reemployment following his or her period of qualifying military service, in the amount that would have been made on behalf of such
Participant had the Participant been employed during the period of qualifying military service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Plan shall not
(i)&nbsp;credit earnings to a Participant&#146;s Accounts with respect to any Salary Reduction Contribution, <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contribution, or Matching Contribution before such contribution is actually made, or
(ii)&nbsp;make up any allocation of forfeitures, with respect to the period of qualifying military service. A reemployed Participant shall be entitled to accrued benefits attributable to Salary Reduction Contributions only if such contributions are
actually made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) For all purposes under the Plan, including an Employer&#146;s liability for making contributions on
behalf of a reemployed Participant as described above, the Participant shall be treated as having received Compensation from the Employer based on the rate of Compensation the Participant would have received during the period of qualifying military
service, or if that rate is not reasonably certain, on the basis of the Participant&#146;s average rate of Compensation during the twelve (12)-month period immediately preceding such period. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) If a Participant makes a Salary Reduction Contribution or the Employer
makes a Matching Contribution in accordance with the foregoing provisions of this Section&nbsp;2.5: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) such contributions
shall not be subject to any otherwise applicable limitation under Code Section&nbsp;402(g), 404(a) or 415, and shall not be taken into account in applying such limitations to other Participant or Company contributions under the Plan or any other
plan with respect to the year in which such contributions are made. Such contributions shall be subject to these limitations only with respect to the year to which such contributions relate and only in accordance with Treasury Regulations; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Plan shall not be treated as failing to meet the requirements of Code Section&nbsp;401(a)(4), 401(a)(26), 401(k)(3),
401(k)(11), 401(k)(12), 401(m), 410(b) or 416 by reason of such contributions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) A Participant who dies or incurs a
Disability after December&nbsp;31, 2006 while performing qualified military service with respect to the Employer shall be treated as if the Participant had resumed employment in accordance with the individual&#146;s reemployment rights on the day
preceding death or Disability and terminated employment on the actual date of death or Disability. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) A Participant
receiving differential wage payments, as defined in Code Section&nbsp;3401(h)(2), from the Employer shall be treated an Employee of the Employer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Effective January&nbsp;1, 2009, notwithstanding Section&nbsp;2.5(i), for purposes of Code Section&nbsp;401(k)(2)(B)(i)(I)
and Article VI of the Plan a Participant shall be treated as having severed from employment during any period the Participant is performing service in the uniformed services while on active duty for a period of more than 30 days. If the Participant
elects to receive a distribution by reason of such deemed severance from employment, he or she may not make any Salary Reduction Contributions or <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions during the six (6)-month period
beginning on the date of distribution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) For purposes of this Section&nbsp;2.5(k), a &#147;Qualified Reservist
Distribution&#148; means a distribution from a Participant&#146;s Salary Deferral Account if (i)&nbsp;the Participant was, by reason of being a member of a reserve component (as defined for purposes of Code Section&nbsp;72(t)(2)(G)(iii)(II)),
ordered or called to active duty for a period in excess of 179 days or for an indefinite period, and (ii)&nbsp;the distribution is made during the beginning on the date of such order and ending at the close of the active duty period. Notwithstanding
any provision of the Plan to the contrary, a Participant described in clause (i)&nbsp;of the preceding sentence may elect to receive a Qualified Reservist Distribution within the period described in clause (ii)&nbsp;of the preceding sentence. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>ACCOUNTS, CONTRIBUTIONS AND ALLOCATIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.1 <U>Participant Accounts</U>. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Participant for whom Employer contributions are made on account of a Salary Reduction Election as described in
Section&nbsp;3.3 below shall have a Salary Reduction Account to which the Trustee shall credit, or cause to be credited, all amounts allocable to each such Participant pursuant to the Salary Reduction Election. The Trustee shall invest the
individual Account established for each Participant in accordance with the provisions of Sections 10.3 and 10.4. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each
Participant who makes a Rollover Contribution to the Plan pursuant to Section&nbsp;3.4 below shall have a Rollover Account to which the Trustee shall credit, or cause to be credited, all Rollover Contributions made by the Participant. The Trustee
shall invest the individual Account established for each Participant in accordance with the provisions of Sections 10.3 and 10.4. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each Participant who makes a Roth Contribution to the Plan pursuant to Section&nbsp;3.4 below shall have a Roth
Contribution Account to which the Trustee shall credit, or cause to be credited, all Roth Contributions made by the Participant. The Trustee shall invest the individual Account established for each Participant in accordance with the provisions of
Sections 10.3 and 10.4. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Each Participant who makes an <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contribution
to the Plan pursuant to Section&nbsp;3.5 below shall have an <FONT STYLE="white-space:nowrap">After-Tax</FONT> Account to which the Trustee shall credit, or cause to be credited, all <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions
made by the Participant. The Trustee shall invest the individual Account established for each Participant in accordance with the provisions of Sections 10.3 and 10.4. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Each Participant for whom Matching Contributions are made pursuant to Section&nbsp;3.19 below shall have a Matching
Contributions Account to which the Trustee shall credit, or cause to be credited, all Matching Contributions made on the Participant&#146;s behalf. The Trustee shall invest the individual Account established for each Participant in accordance with
the provisions of Sections 10.3 and 10.4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.2 </B><B><U>Employer Contributions</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) For each Plan Year, the Employers shall contribute to the Plan (i)&nbsp;the amount of the total Salary Reduction
Contributions of all Participants made pursuant to Section&nbsp;3.3, and (ii)&nbsp;the amount of the total Matching Contributions for all eligible Participants made pursuant to Section&nbsp;3.19. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Pursuant to the Company&#146;s discretion, the Company or an Employer
may contribute to the Plan an amount necessary to satisfy the Actual Deferral Percentage Test, characterized as Qualified Nonelective Contributions, within two and <FONT STYLE="white-space:nowrap">one-half</FONT>
<FONT STYLE="white-space:nowrap">(2-1/2)</FONT> months following the Plan Year for which such contributions are allocated. Qualified Nonelective Contributions can only be allocated to the Salary Reduction Accounts of Participants who were NHCEs, and
such contributions are subject to the same restrictions with respect to distributions as are Salary Reduction Contributions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding the foregoing, however, the Employer&#146;s contributions for any Plan Year shall not exceed the maximum
amount allowable as a deduction to the Employer under the provisions of Code Section&nbsp;404 unless such contribution is made to provide minimum allocations under the <FONT STYLE="white-space:nowrap">Top-Heavy</FONT> requirements in Article XIII.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) All contributions by an Employer shall be in cash or in property as is acceptable to the Trustee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Employer shall deliver to the Trustee the amount contributed pursuant to Section&nbsp;3.2(a)(ii) or Section&nbsp;3.2(b)
no later than the due date, including extensions, for filing the Employers&#146; federal income tax returns for the taxable year coincident with or within which the Plan Year with respect to which such contributions arc to be made ended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.3 </B><B><U>Participant Salary Reduction Contributions</U></B><B>. </B>Each Eligible Employee who becomes eligible to participate may
elect that his or her Employer contribute on the Employee&#146;s behalf any whole percentage of the Employee&#146;s Compensation, as the Employee shall elect, subject to the following rules: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <B><U>Amount</U></B><B>. </B>A Participant may specify a Salary Reduction Contribution amount equal to any whole percentage
of his or her Compensation, not to exceed eighty percent (80%) thereof; provided that the Committee may specify a lower percentage amount of contribution from time to time to prevent excess contributions or otherwise to ensure compliance with the
Code or ERISA. A Participant may make a separate Salary Reduction Election with respect to the portion of his or her Compensation attributed to bonus pay. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <B><U>Change</U></B>. A Participant may change the specified percentage of Salary Reduction Contributions at any time, but
not retroactively, by making a revised election, unless the Committee shall specify that it permits changes less frequently. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <B><U>Suspension</U></B>. A Participant may suspend his or her Salary Reduction Election at any time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <B><U>Salary Reduction</U></B>.<B> </B>A Participant&#146;s compensation for a Plan Year shall be reduced by the amount of
the contribution that the Participant elects for such Plan Year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <B><U>Election</U></B><B>. </B>All elections shall be
made at the time, in the manner, and subject to the conditions specified by the Committee, which shall prescribe uniform and nondiscriminatory rules for such elections. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <B><U>Automatic Enrollment</U></B><B>. </B>Notwithstanding the foregoing, unless the Committee receives notice to the
contrary, on the appropriate form (or electronic media), Salary Reduction Contributions at the Auto-Enrollment Percentage of each Auto-Enrolled </P>
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Participant&#146;s Compensation shall automatically be made to the Plan each payroll period until the Auto-Enrolled Participant elects to the contrary. The &#147;Auto-Enrollment Percentage&#148;
means (i)&nbsp;six percent (6%) for each Auto-Enrolled Participant whose Entry Date is on or after January&nbsp;1, 2014, and (ii)&nbsp;four percent (4%) for each Auto-Enrolled Participant whose Entry Date was on or after January&nbsp;1, 2011 and
before January&nbsp;1, 2014, and (iii)&nbsp;two percent (2%) for each Auto-Enrolled Participant whose Entry Date was before January&nbsp;1, 2011. Amounts deferred under this paragraph shall be initially invested in such investment fund or funds
directed by the Committee, provided that an Auto-Enrolled Participant may direct at any time that the deferred amount be invested in such one or more investment funds available under the Plan as the Auto-Enrolled Participant may designate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Contributions made by the Employers under this Section shall be allocated to the Salary Reduction Accounts for those Participants from whose
Compensation the contributions were withheld in an amount equal to the amount withheld. Such contributions shall be deemed to be employer contributions made on behalf of Participants to a qualified cash or deferred arrangement (within the meaning of
Code Section&nbsp;401(k)(2)). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Committee may reduce the amount of any Salary Reduction Election, or make such other modifications as
necessary, so that the Plan complies with the provisions of Code Section&nbsp;401(k). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.4 </B><B><U>Roth Contributions</U></B><B>.
</B>A Participant may elect to designate irrevocably (but not retroactively) any portion of his Salary Reduction Contributions (including <FONT STYLE="white-space:nowrap">Catch-Up</FONT> Contributions) as Roth 401(k) contributions (&#147;Roth
Contributions&#148;). Such designation may be revoked only with respect to Salary Reduction Contributions made after the date of revocation. Roth Contributions shall be includible in the Participant&#146;s income at the time the Participant would
have received such amount in cash if the Participant had not made such Salary Reduction Election. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.5 </B><B><U><FONT
STYLE="white-space:nowrap">After-Tax</FONT> Contributions</U></B><B>. </B>Each Eligible Employee who becomes eligible to participate may elect that his or her Employer contribute on the Employee&#146;s behalf any whole percentage of the
Employee&#146;s Compensation, on an <FONT STYLE="white-space:nowrap">after-tax</FONT> basis, subject to the following rules: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <B><U>Amount</U></B><B>. </B>A Participant may specify an <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contribution
amount equal to any whole percentage of his or her Compensation, provided that the sum of such percentage and the percentage elected in such Participant&#146;s Salary Reduction Election shall not exceed eighty percent (80%) of his or her
Compensation, and that the Committee may specify a lower percentage amount of contribution from time to time to prevent excess contributions or otherwise to ensure compliance with the Code or ERISA. A Participant may make a separate <FONT
STYLE="white-space:nowrap">After-Tax</FONT> Election with respect to the portion of his or her Compensation attributed to bonus pay. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <B><U>Change</U></B>. A Participant may change the specified percentage of
<FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions at any time, but not retroactively, by making a revised election, unless the Committee shall specify that it permits changes less frequently. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <B><U>Suspension</U></B><B>. </B>A Participant may suspend his or her <FONT STYLE="white-space:nowrap">After-Tax</FONT>
Election at any time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <B><U>Salary Withholding</U></B><B>. </B>The amount of a
Participant&#146;s <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contribution shall be withheld on an <FONT STYLE="white-space:nowrap">after-tax</FONT> basis from the Compensation to which it applies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <B><U>Election</U></B><B>. </B>All elections shall be made at the time, in the manner, and subject to the conditions
specified by the Committee, which shall prescribe uniform and nondiscriminatory rules for such elections. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Contributions under this
Section shall be allocated to the <FONT STYLE="white-space:nowrap">After-Tax</FONT> Accounts for those Participants from whose Compensation the contributions were withheld in an amount equal to the amount withheld. Such contributions shall be
treated as employee contributions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Committee may reduce the amount of any <FONT STYLE="white-space:nowrap">After-Tax</FONT> Election,
or make such other modifications as necessary, so that the Plan complies with the provisions of Code Section&nbsp;401 (m). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.6
</B><B><U>Rollover Contributions</U></B><B>. </B>With the approval of the Committee, any Eligible Employee who is a Participant, or who would be a Participant but for a failure to satisfy the requirements of Article II, may make a Rollover
Contribution to the Plan. A Rollover Contribution shall be in cash or in such other property as is acceptable to the Trustee. If an Eligible Employee makes a contribution pursuant to this Section that was intended to be a Rollover Contribution that
the Trustee later discovers not to be a Rollover Contribution, the Trustee shall distribute to such Participant as soon as practicable after such discovery the Account Balance of his or her Rollover Account determined as of the Valuation Date
coincident with or immediately preceding such discovery. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.7 </B><B><U>Allocations to Salary Reduction Accounts</U></B><B>. </B>No
later than the time specified in Section&nbsp;3.3, all contributions made pursuant to a Salary Reduction Election shall be allocated to the Salary Reduction Account of the electing Participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.8 </B><B><U>Allocations to Rollover Accounts and Matching Contributions Accounts</U></B><B>. </B>No later than the time specified in
Section&nbsp;3.2(e), all Rollover Contributions and Matching Contributions made since the last day of the previous month shall be allocated to the Rollover Account or Matching Contributions Account, respectively, of the Participants on behalf of
whom such contributions were made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.9 </B><B><U>Limitations on Salary Reduction Contributions</U></B><B>. </B>These terms have the
following meanings for purposes of the following Sections 3.9 through 3.13: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#147;Actual Deferral Percentage&#148; or
&#147;ADP&#148; means the ratio of (i)&nbsp;Salary Reduction Contributions on behalf of the Eligible Participant for the Plan Year to (ii)&nbsp;the Eligible Participant&#146;s Compensation for the Plan Year. In calculating the ADP, Salary Reduction
Contributions include Excess Elective Contributions for HCEs (whether they were made under plans of unrelated employers or plans of the same or related employers) but do not include Excess Elective Contributions for NHCEs. The ADP of an Eligible
Participant who does not make a Salary Reduction Election is zero. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#147;Average Actual Deferral Percentage&#148;
means the average of the Actual Deferral Percentages of the Eligible Participants in a group. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-16- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#147;Eligible Participant&#148; means, for purposes of determining the
ADP, any Eligible Employee who is eligible to have Salary Reduction Contributions allocated to his or her Salary Reduction Account for the Plan Year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#147;Excess Contribution&#148; means for any Plan Year, the excess of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the aggregate amount of Salary Reduction Contributions actually made on behalf of HCEs for the Plan Year, over </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the maximum amount of those contributions permitted under the ADP test in Section&nbsp;3.12 (determined by reducing
contributions made on behalf of HCEs in the order of their Actual Deferral Percentages beginning with the highest ADP). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) &#147;Excess Elective Contribution&#148; means the amount of Salary Reduction Contributions for a calendar year that is
includible in a Participant&#146;s gross income under Code Section&nbsp;402(g) to the extent the Participant&#146;s Salary Reduction Contributions exceed the dollar limitation under Code Section&nbsp;402(g). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.10 </B><B><U>Maximum Amount of Salary Reduction Contributions</U></B><B>. </B>A Participant may not have Salary Reduction Contributions
under this Plan, or any other qualified plan of the Company or an Affiliate, during any taxable year in excess of the dollar limitation in Code Section&nbsp;402(g) in effect for that taxable year (e.g., $22,500 for 2023). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.11 </B><B><U>Excess Elective Contributions</U></B><B>. </B>The Plan shall distribute Excess Elective Contributions and income allocable
to those amounts no later than the first April&nbsp;15 following the close of a Participant&#146;s taxable year to Participants who claim allocable Excess Elective Contributions for the preceding calendar year, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Participant&#146;s claim must be written and submitted to the Committee no later than March&nbsp;15, The claim must
specify the amount of the Participant&#146;s Excess Elective Contributions for the preceding calendar year and must be accompanied by the Participant&#146;s written statement that if those amounts are not distributed, the Excess Elective
Contributions, when added to amounts deferred under other plans or arrangements described in Code Section&nbsp;401(k), 402(h)(1)(B), 403(b), 457, or 501 (c)( 18) exceeds the limit imposed on the Participant by Code Section&nbsp;402(g) for the year
in which the deferral occurred. The written claim required under this Section&nbsp;3.11(a) shall be deemed to have been provided to the Committee if the Committee discovers that a Participant has made Excess Elective Contributions under the Plan and
other plans of the Company or an Affiliate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Excess Elective Contributions distributed to a Participant shall be
adjusted for income or loss through the close of the Plan Year in which the Excess Elective Contributions were made. Income and loss allocable to Excess Elective Contributions for a Participant shall be determined in a nondiscriminatory manner
(within the meaning of Code Section&nbsp;401 (a)(4)) consistent with the valuation of Participant Accounts under Section&nbsp;10.5. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-17- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The amount of Excess Elective Contributions distributed to a Participant
is reduced by any Excess Contributions previously distributed pursuant to Section&nbsp;3.11 to the Participant for the Plan Year beginning with or within that taxable year. In no event may the amount distributed exceed the Participant&#146;s total
Salary Reduction Contributions for the taxable year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Excess Elective Contributions distributed prior to the first
April&nbsp;15 following the close of the Participant&#146;s taxable year arc not treated as Annual Additions under Section&nbsp;3.17 for the preceding Limitation Year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Any Salary Reduction Contributions that are properly distributed under Section&nbsp;3.17 as excess Annual Additions are
disregarded in determining if there are Excess Elective Contributions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) A Participant may designate the extent to which
any Excess Elective Contributions are comprised of Salary Reduction Contributions and Roth Contributions, but only to the extent such types of deferrals were made for the Plan Year. In the absence of such designation, Excess Elective Contributions
shall be deemed to consist first of Salary Reduction Contributions to the extent thereof, and then (to the extent necessary) of Roth Contributions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.12 </B><B><U>Actual Deferral Percentage Test</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Average Actual Deferral Percentage for Eligible Participants who are HCEs for the Plan Year may not exceed: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Average Actual Deferral Percentage for Eligible Participants who are NHCEs for the Plan Year multiplied by 1.25; or
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Average Actual Deferral Percentage for Eligible Participants who are NHCEs for the Plan Year multiplied by 2,
provided that the Average Actual Deferral Percentage for Eligible Participants who are HCEs does not exceed the Average Actual Deferral Percentage for Eligible Participants who are NHCEs by more than 2 percentage points. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The provisions of Code Section&nbsp;401(k)(3) and Department of Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;1.401(k)-2</FONT> are incorporated by reference. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Qualified Nonelective
Contributions for any Plan Year will be treated as Salary Reduction Contributions in the Actual Deferral Percentage test under this Section&nbsp;3.12; provided, however, that a Qualified Nonelective Contribution shall not be taken into account for
this purpose to the extent it exceeds the greater of five percent (5%) of the Participant&#146;s Compensation or the Plan&#146;s representative contribution rate for NHCEs for the Plan Year. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-18- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The ADP for any Employee who is an HCE for the Plan Year and who is
eligible to have elective contributions allocated to his or her account under two (2)&nbsp;or more plans or arrangements described in Code Section&nbsp;401(k) that are maintained by the Company or an Affiliate is determined as if all Salary
Reduction Contributions were made under a single arrangement. If the cash or deferred arrangements have different plan years, all cash or deferred arrangements ending within the same calendar year are treated as a single arrangement. Notwithstanding
the foregoing, certain plans shall be treated as separate if mandatorily disaggregated under Code Section&nbsp;401(k) and the Treasury Regulations issued thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding the foregoing, at the election of the Committee and in accordance with rules uniformly applicable to all
affected Participants, the Actual Deferral Percentage reduction described in this Section may be accomplished, in whole or in part, by recharacterizing Excess Elective Contributions as <FONT STYLE="white-space:nowrap">Catch-Up</FONT> Contributions
made pursuant to Section&nbsp;3.18 and to the extent permitted by Code Section&nbsp;414(v). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If this Plan satisfies the
requirements of Code Section&nbsp;401(a)(4), 401(k), or 410(b) only if aggregated with one or more other plans, or if one or more other plans satisfy the requirements of one or more of those Code Sections only if aggregated with this Plan, then this
Section&nbsp;3.12 is applied by determining the ADP of Eligible Participants as if all the plans were a single plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)
The Committee also may treat one or more plans as a single plan with this Plan whether or not the aggregated plans satisfy Code Sections 401(a)(4) and 410(b). However, those plans must then be treated as one plan under Code Sections 401(a)(4),
401(k), and 410(b). Plans may be aggregated under this Section&nbsp;3.12(g) only if they have the same plan year and use the same testing method. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Salary Reduction Contributions and Qualified Nonelective Contributions are considered made for a Plan Year if made no later
than the end of the <FONT STYLE="white-space:nowrap">12-month</FONT> period beginning on the day after the close of the Plan Year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The determination and treatment of the Salary Reduction Contributions, Qualified Nonelective Contributions, and ADP of any
Participant must satisfy such other requirements as the Secretary of the Treasury may prescribe including, without limitation, record retention requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.13 </B><B><U>Excess Contributions</U></B><B>. </B>Excess Contributions and income allocable to those contributions will be distributed no
later than the last day of each Plan Year to Participants to whose Account the Excess Contributions were made for the preceding Plan Year. The Committee anticipates that the Excess Contributions will be distributed to affected Participants within 2-<SUP
STYLE="vertical-align:top">1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB><B> </B>months after the close of the Plan Year in which the Excess Contributions occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">First, the Committee shall determine the dollar amount of excess contributions for each affected HCE, by reducing the actual deferral
percentage for each HCE whose actual deferral percentage(s) is (are) the highest at any one time in the following manner until the ADP Test in Section&nbsp;3.12 is satisfied. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the ADP of each HCE whose ADP is the greatest shall be reduced by <FONT STYLE="white-space:nowrap">one-</FONT> hundredth
(1/100) of one percentage point. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If more reduction is needed, the ADP of each HCE whose ADP is the
greatest (including the ADP of any HCE whose ADP was adjusted under (a)) shall be reduced by <FONT STYLE="white-space:nowrap">one-hundredth</FONT> (1/100) of one percentage point. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If more reduction is needed, the Committee will repeal the procedures of step (b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">However, in applying steps (a)&nbsp;through (c) above, rather than actually distributing the amount of Salary Reduction Contributions
necessary to reduce the ADP of each affected HCE to an amount sufficient to satisfy the ADP Test in order of such HCE&#146;s actual deferral percentages, the Committee will determine the total of the dollar amounts calculated in steps
(a)&nbsp;through (c) above (the &#147;excess contributions&#148;) and distribute such amounts as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Salary
Reduction Contributions of the HCE with the highest dollar amount of Salary Reduction Contributions will be reduced by the amount required to cause that HCE&#146;s Salary Reduction Contributions to equal the dollar amount of the Salary Reduction
Contributions of the HCE with the next highest dollar amount of Salary Reduction Contributions. The Committee then would distribute this amount to the HCE with the highest dollar amount of Salary Reduction Contributions. However, if a lesser
reduction, when added to the total dollar amount already distributed under this step, would equal the total excess contributions, the Committee will distribute the lesser dollar amount, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) If the total amount distributed under step (d)&nbsp;is less than the total excess contributions, then the Committee will
repeat step (d). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any refund made in accordance with this Section to a Participant shall be drawn from the Participant&#146;s Salary
Reduction Account. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Excess Contributions distributed to a Participant shall be adjusted for income and losses
through the end of the Plan Year in which the Excess Contributions were made. The income or loss attributable to Excess Contributions shall be determined in a nondiscriminatory manner (within the meaning of Code Section&nbsp;401(a)(4)), consistent
with the valuation of Participant Accounts under Section&nbsp;10.5. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Excess Contributions distributed to a
Participant are reduced by the amount of Excess Elective Contributions distributed to the Participant. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Excess
Contributions are treated as Annual Additions under Section&nbsp;3.17. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.14 </B><B><U>Limitations on
<FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions</U></B><B><U> and Matching Contributions</U></B><B>. </B>These terms have the following meanings for purposes of the following Sections 3.14 through 3.16: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#147;Average Contribution Percentage&#148; or &#147;ACP&#148; means the average of the Contribution Percentages of the
Eligible Participants in a group. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#147;Contribution Percentage&#148; means the ratio of (i)&nbsp;the sum of the <FONT
STYLE="white-space:nowrap">After-Tax</FONT> Contributions and Matching Contributions of the Eligible Participant to (ii)&nbsp;the Eligible Participant&#146;s Compensation for such Plan Year. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#147;Eligible Participant&#148; means, for purposes of determining the
ACP, any Eligible Employee who is eligible to make contributions under Section&nbsp;2.1 at any time during a Plan Year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#147;Excess Aggregate Contribution&#148; means for any Plan Year the excess of the aggregate amount of <FONT
STYLE="white-space:nowrap">After-Tax</FONT> Contributions and Matching Contributions allocated on behalf of HCEs for such Plan Year over the maximum amount of such contributions that could be allocated to HCEs under Section&nbsp;3.15(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.15 </B><B><U>ACP Test</U></B><B>. </B>In no event shall the ACP for Participants who are HCEs for any Plan Year bear a relationship to
the ACP for Participants who are NHCEs that does not satisfy either Section&nbsp;3.15(a) or (b)&nbsp;below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The
requirement shall be satisfied for a Plan Year if the ACP for the Eligible Participants who are HCEs is not more than the ACP for the Plan Year for all Eligible Participants who are NHCEs multiplied by 1.25. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The requirement shall be satisfied for a Plan Year if (i)&nbsp;the excess of the ACP for the Eligible Participants who are
HCEs for the Plan Year over the ACP of all Eligible Participants who are NHCEs for the Plan Year is not more than two percentage points and (ii)&nbsp;the ACP for Participants who are HCEs is not more than the ACP for the Plan Year of all Eligible
Participants who are NHCEs multiplied by two. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.16 </B><B><U>Excess Aggregate Contributions</U></B><B>. </B>If the relationship of the
Average Contribution Percentages does not satisfy the provisions of Section&nbsp;3.15 for any Plan Year, then the Committee shall direct the Trustee to distribute the Excess Aggregate Contribution for such Plan Year (plus any income and minus any
loss allocable thereto including the period between the end of the Plan Year and the date of distribution) by the last day of the following Plan Year to the HCEs, as determined under this Section. If such Excess Aggregate Contributions are
distributed more than <FONT STYLE="white-space:nowrap">2-1/2</FONT> months after the last day of the Plan Year in which such excess amounts arose, a ten percent (10%) excise tax will be imposed on the Employer maintaining the Plan with respect to
those amounts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The portion of the Excess Aggregate Contribution attributable to an HCE is determined and resolved
under the procedures specified in Section&nbsp;3.13. For purposes of determining the sources of a distribution of Excess Aggregate Contributions, the sources will be distributed in the following order: (i)&nbsp;After- Tax Contributions, and
(ii)&nbsp;Matching Contributions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Excess Aggregate Contributions distributed to a Participant shall be adjusted
for income and losses through the end of the Plan Year in which the Excess Aggregate Contributions were made. The income or loss attributable to Excess Aggregate Contributions shall be determined in a nondiscriminatory manner (within the meaning of
Code Section&nbsp;401(a)(4)), consistent with the valuation of Participant Accounts under Section&nbsp;10.5. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-21- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Contribution Percentage for any Participant who is an HCE for the
Plan Year and who is eligible to make <FONT STYLE="white-space:nowrap">after-tax</FONT> contributions to any plan subject to Code Section&nbsp;415 maintained by an Employer or Affiliate or to have Employer matching contributions within the meaning
of Code Section&nbsp;401(m)(4)(A) allocated to his or her account under two or more plans described in Code Section&nbsp;401(a) that are maintained by an Employer or an Affiliate shall be determined as if the total of such Participant contributions
and Employer contributions was made under this Plan and each other plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In the event that this Plan satisfies the
requirements of Code Section&nbsp;401(a)(4) or 410(b) only if aggregated with one or more other plans, or if one or more other plans satisfy the requirements of Code Section&nbsp;410(b) only if aggregated with this Plan, then Section&nbsp;3.15 shall
be applied by determining the &#147;contribution percentages&#148; of Participants as if all such plans were a single plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.17
</B><B><U>Defined Contribution Limitation</U></B><B>. </B>The Annual Additions allocated to any Participant under this Plan plus the Annual Additions allocated to such Participant under any other plan maintained by an Employer any Limitation Year
shall not exceed the lesser of (i) $66,000 (as adjusted under Code Section&nbsp;415(d)) or (ii)&nbsp;one hundred percent (100%) of such Participant&#146;s Compensation for such Limitation Year. If a short Limitation Year is created because of an
amendment changing the Limitation Year to a different consecutive <FONT STYLE="white-space:nowrap">12-month</FONT> period, the defined contribution dollar limitation will be prorated based on the number of months in the short Limitation Year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Internal Revenue Service&#146;s Employee Plans Compliance Resolution System (EPCRS) shall be the sole available correction method in the
event Annual Additions exceed the foregoing limit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.18 </B><B><U><FONT STYLE="white-space:nowrap">Catch-up</FONT> Contributions for
Individuals Age 50 or Over</U></B><B>. </B>The Plan will permit each &#147;Age 50 and Over Participant&#148; to make additional Salary Reduction Contributions <FONT STYLE="white-space:nowrap">(&#147;Catch-Up</FONT> Contributions&#148;) in any Plan
Year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Plan shall not permit <FONT STYLE="white-space:nowrap">Catch-Up</FONT> Contributions for any year in an
amount greater than the lesser of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) $7,500 (as adjusted by the Commissioner of Internal Revenue for <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cost-of-living</FONT></FONT> in accordance with Code Section&nbsp;414(v)(2)(C)), or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the excess (if any) of (I)&nbsp;the Age 50 and Over Participant&#146;s compensation (as defined in Code
Section&nbsp;415(c)(3)) for the year, over (II)&nbsp;any other Salary Reduction Contributions the Age 50 and Over Participant makes for the Plan Year, other than under this subsection. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <FONT STYLE="white-space:nowrap">Catch-Up</FONT> Contributions to the Plan under this subsection shall not, with respect to
the Plan Year in which the contribution is made: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) be subject to any otherwise applicable limitation contained in
Section&nbsp;402(g), 402(h), 403(b), 404(a), 404(h), 408(k), 408(p), 415, or 457, or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) be taken into account in applying such limitations to other
contributions or benefits under the Plan or any other plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Plan will not be treated as failing to meet the
requirements of Code Section&nbsp;401(a)(4), 40l(a)(26), 40l(k)(3), 401(k)(11), 40l(k)(12), 403(b)(12), 408(k), 408(p), 408B, 410(b), or 416 by reason of the making of (or the right to make) <FONT STYLE="white-space:nowrap">Catch-Up</FONT>
Contributions. For all other purposes of the Plan, <FONT STYLE="white-space:nowrap">Catch-up</FONT> Contributions shall be treated as Salary Reduction Contributions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) For purposes of this subsection, the term &#147;Age 50 and Over Participant&#148; means, with respect to any Plan Year,
each Participant in the Plan: (i)&nbsp;who has attained the age of 50 before the close of the Plan Year, and (ii)&nbsp;with respect to whom no other Salary Reduction Contributions may (without regard to this subsection) be made to the Plan for the
Plan Year by reason of the application of any limitation or other restriction described in Code Section&nbsp;402(g), 402(h), 403(b), 404(a), 404(h), 408(k), 408(p), 415, or 457 or comparable limitation or restriction contained in the terms of the
Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.19 </B><B><U>Matching Contributions</U></B>. Effective as of January&nbsp;1, 2021, for each Plan Year, the Company may make a
discretionary Matching Contribution, in cash, to be allocated to Match Eligible Participants (defined below) who make Salary Reduction Contributions, including Roth Contributions. A &#147;Match Eligible Participant&#148; is a Participant who meets
the following requirements: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the Participant is an Employee of an Employer employed in a shared service or technology
role, or an Employee of Cantor Fitzgerald&nbsp;&amp; Co. employed in a <FONT STYLE="white-space:nowrap">non-revenue</FONT> generating support or executive support role; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the Participant does not have Compensation (without regard to the Code Section&nbsp;401(a)(17)(B) limit) in excess of
$500,000 during the Plan Year; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Participant is employed by an Employer on December&nbsp;31 of the Plan Year,
has not previously either provided to or received from an Employer notice of termination of employment, and has completed 1,000 Hours of Service during such Plan Year; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Matching Contribution, if any, shall be allocated to Match Eligible Participants based on the number of Plan Years the
Participant has been a Match Eligible Participant, with the 2021 Plan Year being the first Plan Year any Participant may be a Match Eligible Participant. (A Participant may be a Match Eligible Participant for a Plan Year even if he or she does not
make a Salary Reduction Contribution, including a Roth Contribution; however, for any Plan Year in which a Match Eligible Participant does not make a Salary Reduction Contribution, including a Roth Contribution, the amount of any Matching
Contribution shall be zero.) Matching Contributions for a Plan Year, if any, shall be allocated to each Match Eligible Participant in the manner determined by the Company, based on a percentage of Compensation contributed by the Match Eligible
Participant to the Plan as Salary Reduction Contributions, including Roth Contributions. In the first year a Participant is a Match Eligible Participant, he or she may receive 20% of the Matching Contribution; in the second year a Participant is a
Match Eligible Participant, he or she </P>
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may receive 40% of the Matching Contribution; in the third year a Participant is a Match Eligible Participant, he or she may receive 60% of the Matching Contribution; in the fourth year a
Participant is a Match Eligible Participant, he or she may receive 80% of the Matching Contribution; and in the fifth and later years a Participant is a Match Eligible Participant, he or she may receive 100% of the Matching Contribution. The
Committee shall establish a Matching Contributions Account for each Match Eligible Participant. The Matching Contributions Account shall be fully vested. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>MAXIMUM
CONTRIBUTIONS AND BENEFITS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.1 </B><B><U>Determination of Vesting</U></B><B>. </B>A Participant shall have a vested percentage
of one hundred percent (100%)<B> </B>in his or her Salary Reduction Account, Roth Contribution Account, <FONT STYLE="white-space:nowrap">After-Tax</FONT> Account, and Rollover Account at all times. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.2 </B><B><U>Vesting for Matching Contribution Account</U></B>. A Participant&#146;s interest in his Matching Contributions Account shall
be fully (100%) vested. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>BENEFITS FOR PARTICIPANTS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
following are the only post-Employment benefits provided by the Plan: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.1 </B><B><U>Retirement Benefit</U></B><B>. </B>Each
Participant shall be one hundred percent (100%) fully vested in his or her Account on and after the Participant&#146;s Normal Retirement Date. The Participant&#146;s Account shall be distributed on or after the Participant&#146;s Normal Retirement
Date in accordance with Section&nbsp;6.2. A Participant who continues Employment beyond his or her Normal Retirement Date shall continue to participate in the Plan. A Participant&#146;s Account shall become nonforfeitable upon attainment of his or
her Normal Retirement Date as an Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.2 </B><B><U>Death Benefit</U></B><B>. </B>In the event of a Participant&#146;s death
before actual retirement or termination, the Participant&#146;s vested Account balance shall be distributed, pursuant to Article VIII, to the Participant&#146;s designated Beneficiary or, if no Beneficiary designation is then in effect, to the
Beneficiary determined pursuant to Section&nbsp;8.2. In the event of the death of a retired or terminated Participant before distribution of his or her Account has been made to him, the Participant&#146;s vested Account balance shall constitute a
death benefit and shall be distributed (i)&nbsp;to the Participant&#146;s designated Beneficiary or (ii)&nbsp;if no Beneficiary designation is then in effect, to the Beneficiary determined pursuant to Section&nbsp;8.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.3 </B><B><U>Termination of Employment Benefit</U></B><B>. </B>In the event a Participant terminates Employment with all Employers and all
Affiliates and Participating Employers, other than by reason of retirement on or after his or her Normal Retirement Date, the Participant shall be entitled to receive a benefit equal to 100% of his or her Salary Reduction Account, Roth Contribution
Account, <FONT STYLE="white-space:nowrap">After-Tax</FONT> Account, Matching Contributions Account and Rollover Account. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-24- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AMOUNT AND PAYMENT OF BENEFITS TO PARTICIPANTS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.1 </B><B><U>Separation from Employment</U></B>. A Participant&#146;s benefits upon his or her separation from Employment for any reason
shall be the Account Balance of his or her Account determined as of the Valuation Date coincident with or immediately succeeding the Participant&#146;s termination of Employment. The Plan shall pay the Participant&#146;s benefits as soon as
practicable after such Valuation Date; provided, however, if such Participant&#146;s benefits (excluding the Participant&#146;s Rollover Account) exceed $5,000, the Participant may elect to defer the distribution of his or her benefits until his or
her Normal Retirement Date, but may request in writing such form of distribution at any time between the date of deferral and such Normal Retirement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, except as provided in Section&nbsp;6.2, in no event shall a Participant who, upon the Valuation Date coincident
with or immediately succeeding his or her termination of Employment, has an Account Balance (excluding the Participant&#146;s Rollover Account) of more than $5,000 receive such amount without his or her written consent. If the Committee does not
obtain the Participant&#146;s written consent because the Account Balance (excluding the Participant&#146;s Rollover Account) is $5,000 or less, the distribution will be paid in a Direct Rollover to an individual retirement plan designated by the
Committee. If the Participant&#146;s Account Balance (excluding the Participant&#146;s Rollover Account) exceeds $5,000, benefits shall be paid as soon as practicable after his or her written request, and shall be equal to the Participant&#146;s
Account Balance as of the Valuation Date coincident with or immediately succeeding his or her request for payment. The Committee shall notify a Participant of his or her right to defer commencement of benefits, which notice shall be provided not
less than thirty (30)&nbsp;days nor more than ninety (90)&nbsp;days before the Benefit Commencement Date. However, distribution may commence less than thirty (30)&nbsp;days after the notice required under Treasury Regulation <FONT
STYLE="white-space:nowrap">Section&nbsp;1.411(a)-11(c)</FONT> is given (as described above); provided that the Committee clearly informs the Participant that the Participant has a right to a period of at least thirty (30)&nbsp;days after receiving
the notice to consider the decision of whether or not to elect a distribution and the Participant after receiving the notice, affirmatively elects a distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.2 </B><B><U>Benefit Commencement Date</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Except as provided in Section&nbsp;6.2(b), and subject to the consent requirement contained in Section&nbsp;6.1, unless a
Participant otherwise elects, the Plan shall make payment of benefits under Section&nbsp;6.1 as soon as practicable after the Participant&#146;s termination of Employment, but no later than the sixtieth (60<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP>) day after the close of the Plan Year in which the latest of the following events occurs: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) The Participant&#146;s Normal Retirement Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) The tenth (10<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) anniversary of the year in which the Participant
commenced participation; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) The Participant&#146;s termination of Employment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the amount of benefits payable to or in respect of a Participant cannot
be determined within this sixty (60)-day period, or if it is not possible to pay such benefits within such period because the Committee has been unable to locate the Participant or the Participant&#146;s Beneficiary, as the case may be, after making
reasonable efforts to do so, then a payment, retroactive to such sixtieth (60<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) day, shall be made no later than sixty (60)&nbsp;days after the earliest date on which the amount of such benefits
can be determined or the Participant can be located, as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to the contrary in
Section&nbsp;6.2(a), the Participant&#146;s distribution of benefits must commence on or before April 1st of the calendar year following the calendar year in which occurs the later of (1)&nbsp;the Participant attains age <FONT
STYLE="white-space:nowrap">seventy-two</FONT> (72) (or age seventy and <FONT STYLE="white-space:nowrap">one-half</FONT> (70-<SUP STYLE="vertical-align:top">1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB>), in the case of a Participant who
attained age seventy and <FONT STYLE="white-space:nowrap">one-half</FONT> <FONT STYLE="white-space:nowrap">(70-</FONT><SUP STYLE="vertical-align:top">1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB>) prior to January&nbsp;1, 2020), or
(2)&nbsp;the Participant terminates Employment; except that, for any Participant who is a five percent (5%) owner of an Employer, the distributions of benefits must commence by April&nbsp;1 of the calendar year following the calendar year in which
the Participant attains age <FONT STYLE="white-space:nowrap">seventy-two</FONT> (72) (or age seventy and <FONT STYLE="white-space:nowrap">one-half</FONT> (70-<SUP STYLE="vertical-align:top">1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB>),
in the case of a Participant who attained age seventy and <FONT STYLE="white-space:nowrap">one-half</FONT> <FONT STYLE="white-space:nowrap">(70-</FONT><SUP STYLE="vertical-align:top">1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB>) prior to
January&nbsp;1, 2020). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Except as otherwise provided in Section&nbsp;6.2(d), for calendar years beginning on and after
January&nbsp;1, 2003, the Plan shall apply the minimum distribution requirements under Code Section&nbsp;401(a)(9) in accordance with final and temporary Treasury Regulations under Code Section&nbsp;401(a)(9) that were issued by the Internal Revenue
Service on April&nbsp;17, 2002 and June&nbsp;15, 2004 (as corrected on November&nbsp;22, 2004) as amended, including Treasury Regulations Sections <FONT STYLE="white-space:nowrap">1.401(a)(9)-2</FONT> through
<FONT STYLE="white-space:nowrap">1.401(a)(9)-9</FONT> and the incidental death benefit requirement in Code Section&nbsp;401(a)(9)(G). Provisions reflecting Code Section&nbsp;401(a)(9) and the Treasury Regulations issued thereunder override any
distribution options in the Plan inconsistent with Code Section&nbsp;401(a)(9). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) 2020 Temporary Suspension.
Effective<B> </B>March&nbsp;27, 2020: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) A Participant or Beneficiary who would have been required to receive required
minimum distributions in 2020 (or paid in 2021 for the 2020 calendar year for a participant with a required beginning date of April&nbsp;1, 2021) but for the enactment of Code Section&nbsp;401(a)(9)(I) (&#147;2020 RMDs&#148;), and who would have
satisfied that requirement by receiving distributions that are either (i)&nbsp;equal to the 2020 RMDs or (ii)&nbsp;one or more payments (that include the 2020 RMDs) in a series of substantially equal periodic payments made at least annually and
expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancies) of the Participant and the Participant&#146;s designated Beneficiary, or for a period of at least ten (10)&nbsp;years, shall not
receive those distributions for 2020 unless the Participant or Beneficiary chooses to receive such distributions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) For
purposes of Section&nbsp;6.5, a Direct Rollover shall be offered only for distributions that would be Eligible Rollover Distributions without regard to Code Section&nbsp;401(a)(9)(I). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) This Section&nbsp;6.2(d) shall be subject in all respects to the
provisions of Code Section&nbsp;401(a)(9)(I), and in the event of any inconsistencies between this Section&nbsp;6.2(d) and Code Section&nbsp;401(a)(9)(I) the provisions of Code Section&nbsp;401(a)(9)(I) shall control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.3 </B><B><U>Forms of Payment</U></B><B>. </B>All benefits under this Plan shall be payable in the form of a single, lump sum
distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.4 </B><B><U>Consent of Spouse</U></B>. If in the opinion of the Committee any Spouse shall, by reason of the law of
any jurisdiction, appear to have any interest in any benefit that might become payable to a Participant, the Committee may, as a condition precedent to the making of any election or distribution under this Plan, require such written release or
releases, or such other documents, as in its discretion it shall determine to be necessary, desirable or appropriate to prevent or avoid any conflict or multiplicity of claims with respect to payment of any benefits under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.5 </B><B><U>Direct Rollover of Eligible Rollover Distributions</U></B><B>. </B>Notwithstanding any provision of the Plan to the contrary
that would otherwise limit an &#147;Eligible Distributee&#146;s&#148; election under this plan, an Eligible Distributee may elect, at the lime and in the manner prescribed by the Committee, to have any portion of an &#147;Eligible Rollover
Distribution&#148; paid directly to an &#147;Eligible Retirement Plan&#148; specified by the Eligible Distributee in a Direct Rollover. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#147;Eligible Rollover Distribution&#148; means any distribution of $200 or more of all or any portion of the balance to
the credit of the Eligible Distributee, except that an Eligible Rollover Distribution shall not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life
expectancy) of the distributee or the joint lives (or joint life expectancies) of the Eligible Distributee and the Eligible Distributee&#146;s designated Beneficiary, or for a specified period of ten years or more; any distribution to the extent
such distribution is required under Code Section&nbsp;401(a)(9); the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities);
and any hardship distribution. A portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of <FONT STYLE="white-space:nowrap">after-tax</FONT> employee contributions which are not
includible in gross income. However, such portion may be transferred only to an individual retirement account or annuity described in Code Section&nbsp;408(a) or (b), or to a qualified defined contribution plan described in Code Section&nbsp;401(a)
or 403(a) that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. If a
direct trustee to trustee transfer is made to an individual retirement plan established for the purpose of receiving the distribution on behalf of an individual who is a nonspouse designated Beneficiary of a deceased Participant, the distribution
shall be treated as an eligible rollover distribution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#147;Eligible Retirement Plan&#148; means an individual
retirement account described in Code Section&nbsp;408(a), an individual retirement annuity described in Code Section&nbsp;408(b), an annuity plan described in Code Section&nbsp;403(a), or a qualified trust described in Code Section&nbsp;401(a), that
accepts the Eligible Distributee&#146;s rollover </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-27- </P>

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distribution; and an eligible deferred compensation plan described in Code Section&nbsp;457(b) which is maintained by an eligible employer described in Code Section&nbsp;457(e)(1)(A), if such
plan separately accounts for distributions from a plan such as this Plan, and annuity contracts described in Code Section&nbsp;403(b). Effective for distributions made after December&nbsp;31, 2007, an eligible retirement plan shall include a Roth
IRA. Notwithstanding the foregoing, a distribution from a Roth Contribution Account may only be rolled over into another Roth designated account or a Roth IRA. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#147;Eligible Distributee&#148; means Employee or former Employee. In addition, the Employee&#146;s or former
Employee&#146;s Surviving Spouse and the Employee&#146;s or former Employee&#146;s Spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section&nbsp;414(p), are Eligible Distributees with regard to the
interest of the Spouse or former Spouse. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#147;Direct Rollover&#148; means a payment by the Plan to the Eligible
Retirement Plan specified by the Eligible Distributee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If a distribution is one to which Code Sections 401(a)(11) and 417 do not apply,
such distribution may commence less than 30 days after the notice required under Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.411(a)-11(c)</FONT> is given, provided that: (i)&nbsp;the Committee clearly informs the Participant
that he or she has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable, a particular distribution option); and (ii)&nbsp;the Participant, after
receiving the notice, affirmatively elects a distribution. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>LOANS AND WITHDRAWALS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.1 </B><B><U>Withdrawals</U></B><B>. </B>Each Participant, prior to termination of Employment, may elect to withdraw all or any part of
his or her Rollover Account and <FONT STYLE="white-space:nowrap">After-Tax</FONT> Account in accordance with such rules or procedures as the Committee may adopt. A Participant who has attained age fifty-nine and
<FONT STYLE="white-space:nowrap">one-half</FONT> (59-<SUP STYLE="vertical-align:top">1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB>) may withdraw all or part of his or her Account in accordance with such rules or procedures as the
Committee may adopt. Any withdrawal under this Section will be as of the Valuation Date coincident with or immediately preceding the date of distribution to the Participant, and upon such notice as the Committee may require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.2 </B><B><U>Hardship Withdrawals</U></B><B>. </B>Except as provided in the first sentence of Section&nbsp;7.1 and Sections 7.6 and 7.7,
prior to age fifty-nine and <FONT STYLE="white-space:nowrap">one-half</FONT> (59-<SUP STYLE="vertical-align:top">1</SUP>&#8260;<SUB STYLE="vertical-align:bottom">2</SUB>), a Participant may make a withdrawal from his or her vested Account only if
the Participant demonstrates to the Committee that either he has incurred a Disability or that the withdrawal is necessitated by hardship as a result of the Participant&#146;s immediate and heavy financial needs. Prior to January&nbsp;1, 2019, all
such hardship withdrawals from the Participant&#146;s Salary Reduction Account and/or Roth Contribution Account shall (i)&nbsp;be limited to the contributions made pursuant to the Salary Reduction Election, and (ii)&nbsp;include only earnings
thereon allocable to the Participant&#146;s Salary Reduction Account as of December&nbsp;31, 1988. On and after January&nbsp;1, 2019, hardship withdrawals from the Participant&#146;s Salary Reduction Account and/or Roth Contribution Account shall
include the contributions made </P>
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pursuant to the Salary Reduction Election and all earnings thereon. Distributions under this Section&nbsp;7.2 shall be limited to the amount demonstrated by the Participant to be necessary to
meet the immediate financial need created by the hardship and not reasonably available from the Participant&#146;s other resources, including, without limitation, any other <FONT STYLE="white-space:nowrap">in-service</FONT> withdrawals,
distributions and <FONT STYLE="white-space:nowrap">non-taxable</FONT> loans available under this Plan from time to time or any other plan maintained by the Company. All determinations regarding financial hardship, which may be made upon a
Participant&#146;s written representations, shall be made in accordance with objective criteria and shall be made in accordance with written procedures established by the Committee. Such written procedures shall specify the requirements for
requesting and receiving distributions on account of financial hardship. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A distribution will be deemed to be on account of an immediate
and heavy financial need of the Participant if the distribution is on account one of the following circumstances: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
expenses for (or necessary to obtain) medical care that would be deductible under Code Section&nbsp;213(d) (determined without regard to whether the expenses exceed seven and <FONT STYLE="white-space:nowrap">one-half</FONT> percent (7.5%) of
adjusted gross income); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) costs directly related to the purchase of a principal residence for the Participant (excluding
mortgage payments); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) payment of tuition, related educational fees, and room and board expenses, for up to the next 12
months of post-secondary education for the Participant or the Participant&#146;s spouse, children, or dependents (as defined in Code Section&nbsp;152 without regard to Code Sections 152(b)(1), (b)(2) and (d)(1)(B)); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) payments necessary to prevent the eviction of the Participant from his or her principal residence or foreclosure on the
mortgage on that residence; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) payments for burial or funeral expenses for the Participant&#146;s deceased parent,
spouse, children, or dependents (as defined in Section&nbsp;152 without regard to Code Section&nbsp;152(d)(1)(B)); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)
effective for hardship distribution applications made on or after January&nbsp;1, 2019, expenses for the repair of damage to the Participant&#146;s principal residence that would qualify for the casualty deduction under Code Section&nbsp;165
(determined without regard to Code Section&nbsp;165(h) or whether the loss exceeds ten percent (10%) of adjusted gross income); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) effective as of January&nbsp;1, 2020, expenses and losses (including loss of income) incurred by the Participant on account
of a disaster declared by the Federal Emergency Management Agency (&#147;FEMA&#148;) under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, Public Law <FONT STYLE="white-space:nowrap">100-707,</FONT> provided that the
Participant&#146;s principal residence on principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disaster; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-29- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) such other circumstances as the Internal Revenue Service may designate
in regulations, rulings, or other documents of general applicability as giving rise to a deemed immediate and heavy financial need. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
amount of any heavy and immediate financial need shall include any amount reasonably necessary to pay any federal, state or local taxes or penalties reasonably anticipated to result from the distribution. Effective January&nbsp;1, 2010, a hardship
withdrawal will also be available under Sections 7.2(a), (c), and (e)&nbsp;with respect to a Primary Beneficiary under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any
Participant who receives a hardship distribution under this Section&nbsp;7.2 prior to January&nbsp;1, 2019<B> </B>shall be suspended from making any contributions pursuant to Section&nbsp;3.3 or 3.5 for six (6)&nbsp;months after receiving such
distribution, or under any other plan maintained by the Company or any Affiliate, whether qualified or nonqualified, including a stock option, stock purchase, or similar plan, but excluding welfare plans and cafeteria plans. Such Participant can
resume participation as of the first day of the month following the expiration of the six (6)&nbsp;month suspension period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any
withdrawal under this Section will be as of the Valuation Date coincident with or immediately preceding the date of the distribution to the Participant, and upon such notice as the Committee may require. The Committee shall establish such rules and
procedures with respect to any withdrawal as it shall from time to time determine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.3 </B><B><U>Loans</U></B><B>. </B>Pursuant to
this Section&nbsp;7.3, the Committee may establish a loan program. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) At such time as the Committee permits, a
Participant who is a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">party-in-interest</FONT></FONT> within the meaning of ERISA Section&nbsp;3(14) may submit an application to borrow from his or her vested Account (on such terms
and conditions as the Committee shall prescribe) an amount, when added to the outstanding balance of all other loans from the Plan or any other qualified plan maintained by the Company or any Affiliate, not in excess of the lesser of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) $50,000, reduced by the excess (if any) of (i)&nbsp;the highest outstanding loan balance of all loans from the Plan or any
other qualified plan maintained by the Company or any Affiliate during the one (1)-year period preceding the loan over (ii)&nbsp;the outstanding balance on the date of the loan; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Fifty percent (50%) of the Participant&#146;s vested Account on the Valuation Date coincident with or immediately
preceding the date the loan is made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If approved, each such loan shall comply with the following conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) it shall be evidenced by a negotiable promissory note; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the rate of interest payable on the unpaid balance of such loan shall not be less than the prevailing prime rate in effect
at a commercial bank selected by the Committee on the first business day of the month preceding the date on which the loan is made; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the loan, by its terms, must be entirely repaid within five
(5)&nbsp;years; provided, however, that if the proceeds of the loan are used to acquire the Participant&#146;s principal residence, the repayment schedule, in the Committee&#146;s discretion applied in a nondiscriminatory manner, may be for a term
in excess of five (5)&nbsp;years; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the loan shall be secured by the Participant&#146;s vested Account; provided,
however, that notwithstanding the foregoing, no more than fifty percent (50%) of a Participant&#146;s vested Account shall serve as security for a loan hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If a Participant is granted a loan, a &#147;Loan Account&#148; shall be established for such Participant. All Loan Accounts
shall be held by the Trustee, as part of the Trust Fund. The loan amount shall be transferred from a Participant&#146;s other Accounts and shall be disbursed from the Loan Account. Subject to such ordering rules as the Committee may adopt, the
Participant may specify in the loan request from which Account(s) or Investment Funds the loan amount is to be transferred. The promissory note executed by the Participant shall be deemed deposited in his or her Loan Account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Principal and interest payments of a Participant&#146;s loan shall be credited initially to such Participant&#146;s Loan
Account and shall be transferred as soon as reasonably practicable thereafter to such Participant&#146;s Account. Any loss caused by nonpayment or other default on a Participant&#146;s loan obligations shall be borne solely by such
Participant&#146;s Loan Account. Anything contained herein to the contrary notwithstanding, in the event of a default, foreclosure on the promissory note and attainment of security will not occur until a distributable event occurs under the Plan.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Committee shall charge a Participant such fees as incurred by the Plan pursuant to agreement with the Trustee
and/or Investment Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Loan payments will cease as of the last day a Participant is employed by an Employer;
provided, however, that notwithstanding the foregoing, such Participant may elect to repay the outstanding balance of the loan at such time; and provided further, that notwithstanding the foregoing, a Participant whose employment with an Employer
terminates in connection with a Disability may continue to repay the loan in accordance with the repayment schedule in effect as of such Participant&#146;s date of termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) A Participant shall be in default with respect to a loan on the last day of the quarter following the quarter in which a
loan repayment was missed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Committee shall establish such rules and procedures with respect to loans pursuant to
this Section as it shall from time to time determine. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Notwithstanding any provision of the Plan to the contrary, in accordance
with rules and procedures established by the Committee, the amount of any loan requested by a Coronavirus-Affected Participant during the period beginning on April&nbsp;23, 2020 and ending on September&nbsp;22, 2020, when added to the outstanding
balance of all other loans to the Coronavirus-Affected Participant from the Plan or any other qualified plan maintained by the Company or any Affiliate, shall not exceed the lesser of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) $100,000, reduced by the excess (if any) of (i)&nbsp;the Coronavirus-Affected Participant&#146;s highest outstanding loan
balance of all loans from the Plan or any other qualified plan maintained by the Company or any Affiliate during the one (1)-year period preceding the loan over (ii)&nbsp;the outstanding balance of such loans on the date of the loan; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) One hundred percent (100%) of the Coronavirus-Affected Participant&#146;s vested Account on the Valuation Date coincident
with or immediately preceding the date the loan is made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, a Coronavirus-Affected Participant with an
outstanding Plan loan on or after March&nbsp;27, 2020 may elect to suspend, for up to one (1)&nbsp;year, loan repayments that would otherwise be due during the period beginning on April&nbsp;23, 2020 and ending on December&nbsp;31, 2020 (the
&#147;Suspension Period&#148;). Provided the Coronavirus-Affected Participant elects to suspend loan repayments in accordance with this subsection (i), the following shall apply: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) The Coronavirus-Affected Participant&#146;s loan repayments shall resume after December&nbsp;31, 2020. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Notwithstanding the repayment period limitation in Section&nbsp;7.3(b)(3), the original loan payoff date shall be extended
by one year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) The Coronavirus-Affected Participant&#146;s loan repayments shall be reamortized to reflect the interest
accrued during the Suspension Period and the new loan payoff date in Section&nbsp;7.3(i)(4) above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.4 </B><B><U>Additional
Distribution Events</U></B><B>. </B>In addition to the other distribution events set forth in this Article VII, a Participant shall be eligible to receive a distribution from the Plan upon the occurrence of any of the following events: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Termination of the Plan without the establishment of another defined contribution plan, other than an employee stock
ownership plan (as defined in Code Section&nbsp;4975(e)(7) or Code Section&nbsp;409) or a simplified employee pension plan as defined in Code Section&nbsp;408(k): or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) A Participant&#146;s severance from Employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.5 </B><B><U>Disaster Relief</U></B><B>. </B>Pursuant to relief provided by the IRS in guidance published in the Internal Revenue
Bulletin, the following rules will apply to a Federally Declared Disaster Participant (defined below): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) A distribution
will be deemed to be on account of an &#147;immediate and heavy financial need&#148; if the distribution is for any hardship of a Federally Declared Disaster Participant; such hardship need is not limited to the reasons set forth in Sections
7.2(a)-(g). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The post-distribution contribution restrictions set forth in
Section&nbsp;7.2 will not apply to a Federally Declared Disaster Participant, and a Federally Declared Disaster Participant will continue to be eligible to make Salary Reduction Contributions, Roth Contributions and
<FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions as otherwise provided under the Plan after such Participant&#146;s receipt of a hardship distribution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) To be eligible for the relief under this Section&nbsp;7.5, any hardship distribution received by a Federally Declared
Disaster Participant who&nbsp;is&nbsp;a: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Hurricane Harvey Participant must be made on or after August&nbsp;23, 2017,
and no later than January&nbsp;31, 2018; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Hurricane Irma Participant must be made on or after September&nbsp;4,
2017, and no later than January&nbsp;31, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For purposes of this Section&nbsp;7.5, a &#147;Federally Declared Disaster
Participant&#148; includes the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#147;Hurricane Harvey Participant&#148; means a Participant adversely
affected by Hurricane Harvey whose (x)&nbsp;principal residence or place of employment on August&nbsp;23, 2017, was located in one of the Texas counties identified for individual assistance by the Federal Emergency Management Agency
(&#147;FEMA&#148;) because of the devastation caused by Hurricane Harvey, determined in accordance with IRS Announcement <FONT STYLE="white-space:nowrap">2017-11;</FONT> or (y)&nbsp;whose lineal ascendant or descendant, dependent, or spouse had a
principal residence or place of employment in one of these areas defined in (x)&nbsp;above on that date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)
&#147;Hurricane Irma Participant&#148; means a Participant adversely affected by Hurricane Irma whose (x)&nbsp;principal residence or place of employment on September&nbsp;4, 2017, was located in one of the Florida counties identified for individual
assistance by FEMA because of the devastation caused by Hurricane Irma, determined in accordance with IRS Announcement <FONT STYLE="white-space:nowrap">2017-13;</FONT> or (y)&nbsp;whose lineal ascendant or descendant, dependent, or spouse had a
principal residence or place of employment in one of these areas defined in (x)&nbsp;above on that date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.6
</B><B><U>Coronavirus-Related Distribution</U></B>.<B> </B>Notwithstanding any provision of the Plan to the contrary, a Coronavirus-Affected Participant may elect, in accordance with rules and procedures established by the Committee, to receive a
coronavirus-related distribution from the Coronavirus-Affected Participant&#146;s vested Account during the period beginning on April&nbsp;23, 2020 and ending on December&nbsp;31, 2020. The following rules shall apply to a coronavirus-related
distribution: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The total amount of all coronavirus-related distributions from the Plan and any other qualified plan
maintained by the Company or any Affiliate shall not exceed the lesser of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) One hundred percent (100%) of the
Coronavirus-Affected Participant&#146;s vested Account balance; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) $100,000. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) A distribution to a Coronavirus-Affected Participant under this
Section&nbsp;7.6 shall be made in the form of a single sum cash payment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any distribution under this Section&nbsp;7.6
shall be as of the Valuation Date coincident with or immediately preceding the date of the distribution to the Coronavirus-Affected Participant, and upon such notice as the Committee may require. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) A Coronavirus-Affected Participant who receives a coronavirus-related distribution under this Section&nbsp;7.6 may
recontribute such distribution to the Plan in the form of a Rollover Contribution, provided that (i)&nbsp;the Coronavirus-Affected Participant is eligible to make Rollover Contributions to the Plan under Section&nbsp;3.6, (ii) the
coronavirus-related distribution is eligible for <FONT STYLE="white-space:nowrap">tax-free</FONT> rollover treatment, and (iii)&nbsp;such recontribution is made during the three (3)-year period commencing on the day after the distribution date. The
total amount the Coronavirus-Affected Participant recontributes to this Plan or any other eligible retirement plan cannot, in aggregate, exceed the total amount of the coronavirus-related distribution received under this Section&nbsp;7.6. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.7 </B><B><U>Qualified Birth or Adoption Distributions</U></B>.<B> </B>Effective as of April&nbsp;23, 2020, a Participant may elect, in
accordance with rules and procedures established by the Committee, to receive a distribution from his or her vested Account at any time during the one (1)-year period commencing on the date on which any child of the Participant is born or any legal
adoption by the Participant of an eligible adoptee is finalized. For purposes of this Section&nbsp;7.7, &#147;eligible adoptee&#148; means any individual (other than a child of the Participant&#146;s Spouse) who has not attained age 18 or is
physically or mentally incapable of self-support. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The total amount of all qualified birth or adoption distributions from the Plan and any
other qualified plan maintained by the Company or any Affiliate shall not exceed the lesser of (i) $5,000 or (ii)&nbsp;the Participant&#146;s vested Account balance on the Valuation Date coincident with or immediately preceding the date the
distribution is made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A Participant who receives a qualified birth or adoption distribution under this Section&nbsp;7.7 may recontribute
such distribution to the Plan in the form of a Rollover Contribution, provided the Participant is eligible to make Rollover Contributions to the Plan under Section&nbsp;3.6 and the qualified birth or adoption distribution is eligible for <FONT
STYLE="white-space:nowrap">tax-free</FONT> rollover treatment. The total amount the Participant recontributes to this Plan or any other eligible retirement plan cannot, in aggregate, exceed the total amount of the qualified birth or adoption
distribution received under this Section&nbsp;7.7. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>DEATH BENEFITS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.1 </B><B><U>Payment of Account Balances</U></B><B>. </B>The benefits payable to the Beneficiary of a Participant who dies shall be the
sum of the Participant&#146;s vested Account Balances as of the Valuation Date coincident with or immediately preceding the date of payment, and shall be payable within ninety (90)&nbsp;days of the date the Committee is given notice of the
Participant&#146;s death; provided, however, that with respect to distributions on account of the events of September&nbsp;11, 2001, the Committee shall have received a valid request for distribution from the Beneficiary. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Benefits payable to a Beneficiary under this Article shall be paid in the form of a single,
lump sum distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.2 </B><B><U>Beneficiaries</U></B><B>. A </B>Participant shall designate one or more Beneficiaries to whom
amounts due after the Participant&#146;s death shall be paid. In the event a Participant fails to make such a designation, or in the event that no designated Beneficiary survives the Participant, any amounts due after the Participant&#146;s death
shall be paid to the Participant&#146;s Surviving Spouse or if records relating to Beneficiary designations are destroyed or lost, or if there is no Surviving Spouse, to the legal representative of his or her estate. No Beneficiary shall have any
right to benefits under the Plan unless he shall survive the Participant. A Beneficiary may disclaim a benefit in accordance with Code Section&nbsp;2518.<B> </B>For purposes of distributing amounts due under Section&nbsp;8.1<B> </B>by reason of the
events of September&nbsp;11, 2001,<B> </B>a Participant shall be treated as having failed to designate a Beneficiary if, at the time of distribution, no valid Beneficiary designation form has been presented. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.3 </B><B><U>Qualified Election</U></B><B>. </B>If a married Participant designates a Beneficiary other than the Participant&#146;s Spouse
as the Participant&#146;s sole, primary Beneficiary, such designation must be in writing and consented to by the Participant&#146;s Spouse. The Spouse&#146;s consent to the waiver must be witnessed by a notary public. Any subsequent change of
Beneficiary shall also require such spousal consent. Notwithstanding this consent requirement, if the Participant establishes to the satisfaction of the Committee that such written consent cannot be obtained because there is no Spouse or the Spouse
cannot be located, the election will be deemed effective. In addition, if the Spouse is legally incompetent to give consent, the Spouse&#146;s legal guardian, even if the guardian is the Participant, may give consent. Also, if a Participant is
legally separated or has been abandoned (within the meaning of the law of the Participant&#146;s residence) and the Participant has a court order to that effect, spousal consent is not required unless a qualified domestic relations order provides
otherwise. Any consent necessary under this provision will be valid only with respect to the Spouse who signs the consent, or in the event of a deemed effective election, the designated Spouse. Additionally, a revocation of a prior waiver may be
made by the Participant without the consent of the Spouse at any time before the commencement of benefits. The number of revocations shall not be limited. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>FIDUCIARIES </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.1
</B><B><U>Named Fiduciaries</U></B><B>. </B>The Committee shall be a &#147;named Fiduciary&#148; of the Plan, as that term is defined in ERISA Section&nbsp;402(a)(2), with authority to control and manage the operation and administration of the Plan,
including the authority to manage and control Plan assets in the manner and to the extent set forth in the Plan, and to direct the investment of assets in the Trust and to select Investment Funds and Investment Managers, except to the extent such
authority is allocated under the Plan or delegated to an Investment Manager, an insurance company or to the Participants. The Committee shall also be the &#147;administrator&#148; and &#147;plan administrator&#148; with respect to the Plan, as those
terms are defined in ERISA Section&nbsp;3(16)(A) and in Code Section&nbsp;414(g), respectively. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Trustee shall be a &#147;named fiduciary&#148; of the Plan, as that term is defined in
ERISA Section&nbsp;402(a)(2), with authority to manage and control all Trust assets, except to the extent such authority is allocated under the Plan to the Committee or is delegated to an Investment Manager, an insurance company, or the Plan
Participants at the direction of the Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Committee and the Trustee are the only named fiduciaries of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.2 </B><B><U>Employment of Advisers</U></B><B>. </B>A named fiduciary, and any fiduciary appointed by a named fiduciary, may employ one or
more persons to render advice with regard to any responsibility of such named fiduciary or other fiduciary under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.3
</B><B><U>Multiple Fiduciary Capacities</U></B><B>. </B>Any named fiduciary and any other fiduciary may serve in more than one fiduciary capacity with respect to the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.4 </B><B><U>Payment of Expenses</U></B><B>. </B>Subject to applicable fiduciary requirements, all Plan expenses, including, but not
limited to, expenses of the Committee, the Trustee, any Investment Manager and any insurance company shall be paid by the Trust Fund, provided, however, that the Company may direct an Employer to pay any of such expenses. The Committee may elect
that all transactional costs or charges imposed or incurred (if any) for an Investment Fund shall be charged to the Account of the Participant directing such investment. Transactional costs and charges shall include, but shall not be limited to,
charges for the acquisition, sale or exchange of assets, brokerage commissions, service charges and professional fees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.5
</B><B><U>Indemnification</U></B><B>. </B>To the extent not prohibited by state or federal law, the Company or an Affiliate, by the adoption of this Plan or by becoming an Employer therein, agrees to, and shall, indemnify and save harmless any named
fiduciary (other than a third-party Trustee) or any other Employee, officer or director of the Company or an Affiliate, from all claims for liability, loss or damage (including payment of expenses in connection with defense against any such claim)
that result from any exercise or failure to exercise any responsibilities with respect to the Plan, other than willful misconduct or willful failure to act. The rights of indemnification provided hereunder shall be in addition to any right to which
any person concerned may otherwise be entitled by contract or as a matter of law, and shall inure to the benefit of the heirs, executors and administrators of any such person. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PLAN
ADMINISTRATION </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.1 </B><B><U>The Committee</U></B><B>. </B>The Committee shall be initially appointed by the Company and may
be removed by the Company. Any member of the Committee who is an Employee of the Company or an Affiliate at the time of his appointment will be considered to have resigned from the Committee when no longer an Employee. Employees of the Company or an
Affiliate shall receive no compensation for their services rendered to or as members of the Committee. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Committee shall act by a majority of its members at the time in
office and such action may be taken either by a vote at a meeting or in writing without a meeting. However, if less than three (3)&nbsp;members are appointed, the Committee shall act only upon the unanimous consent of its members. The Committee may
authorize in writing any person to execute any document or documents on its behalf, and any interested person, upon receipt of notice of such authorization directed to it, may thereafter accept and rely upon any document executed by such authorized
person until the Committee shall deliver to such interested person a written revocation of such authorization. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) A
member of the Committee who is also a Participant shall not vote or act upon any matter relating to himself. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.2 <U>Powers and Duties
of the Committee</U>. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Administrative Powers and Duties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) The Committee shall have the full discretion and power to construe the Plan and to determine all questions of fact or law
or mixed questions of fact and law or interpretation that may arise thereunder as well as the full discretion and power to construe the summary plan description under the Plan, and any such construction or determination shall be conclusively binding
upon all persons interested in the Plan. Benefits shall be payable under the Plan only if the Committee decides in its discretion that the claimant is entitled to them. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) The Committee shall have the power to promulgate such rules and procedures, to maintain or cause to be maintained such
records and to issue such forms as it shall deem necessary and proper for the administration of the Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Subject to
the terms of the Plan, the Committee shall determine the time and manner in which all elections authorized by the Plan shall be made or revoked. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Investment Powers and Duties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) The Committee shall have the power to make and deal with any investment of the Trust in any manner consistent with the Plan
that it deems advisable, except assets, if any, subject to the direction and control of Participants as described in Section&nbsp;10.3 or as otherwise provided in the Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) The Committee shall establish and carry out a funding policy and method consistent with the objectives of the Plan and the
requirements of ERISA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) The Committee shall have the power to select annuity contract providers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) The Committee shall have the power to direct that assets of the Trust be held in a master trust consisting of assets of
plans maintained by the Company or an Affiliate that are qualified under Code Section&nbsp;401(a). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Other Powers and Duties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) The Committee shall have all the rights, powers, duties and obligations granted or imposed upon it elsewhere in the Plan.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) The Committee shall exercise all of its responsibilities in a uniform and nondiscriminatory manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.3 </B><B><U>Investment of Accounts</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Committee has directed the Trustee to establish Investment Funds for the investment and reinvestment of Plan assets. A
Participant may direct the investment of his or her Accounts, subject to the terms of this Section&nbsp;10.3 and Section&nbsp;10.4. The Committee may establish additional Investment Funds or remove an Investment Fund from the Plan from time to time
in its sole discretion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company and BGC have, in their capacity as settlors of the Plan, directed the Trustee to
establish and maintain an Investment Fund (the &#147;BGC Fund&#148;) that invests primarily in shares of Class&nbsp;A common stock of BGC (&#147;BGC Stock&#148;). Each share of BGC Partners Class&nbsp;A common stock in the BGC Fund outstanding as of
immediately prior to the Corporate Conversion Closing Date converted into one share of BGC Group Class&nbsp;A common stock upon the Corporate Conversion Closing Date. For the avoidance of doubt, effective upon the Corporate Conversion Closing Date,
the BGC Fund invests primarily in shares of Class&nbsp;A common stock of BGC Group, Inc. Prior to the Corporate Conversion Closing Date, the BGC Fund invested primarily in shares of Class&nbsp;A common stock of BGC Partners, Inc. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) A Participant who satisfies the requirements of subparagraph (i)&nbsp;or (ii) below may direct the investment of such
Participant&#146;s Account and the investment of future Salary Reduction Contributions, Roth Contributions, <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions, Rollover Contributions and Matching Contributions, if applicable, into and
out of the BGC Fund pursuant to Section&nbsp;10.4: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) is employed by, or a terminated Participant who is a former
employee of, BGC (but, effective November&nbsp;30, 2018, is not an employee of Newmark Group, Inc. (&#147;Newmark&#148;) or one of Newmark subsidiaries), or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) is employed by another Employer that has, with the consent of the Board of Directors of BGC (the &#147;BGC Board&#148;),
agreed to offer the BGC Fund to its Employees (a &#147;BGC Fund Employer&#148;), and such Participant is regularly expected to allocate fifteen percent (15%) or more of his or her working hours to BGC, as determined by the BGC Fund Employer, and is
subject to BGC employee trading policies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As of the date a Participant becomes employed by Newmark (other than as a BGC/Newmark
Participant as defined in Appendix B) or an Employer that is not a BGC Fund Employer, or as of the date on which the Participant&#146;s schedule changes such that the Participant is no longer regularly expected to allocate fifteen percent (15%) or
more of his or her working hours to BGC, then such Participant may no longer direct the investment allocation of such Employee&#146;s Account and the investment allocation of future contributions into the BGC Fund. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Committee will designate a fiduciary for ensuring that
(i)&nbsp;procedures are maintained by the Plan to safeguard the confidentiality of information relating to the purchase, holding and sale of BGC Stock and the exercise of voting, tender and similar rights with respect to BGC Stock by Participants,
(ii)&nbsp;the procedures described in (i)&nbsp;above are sufficient to maintain confidentiality, except to the extent necessary to comply with federal law or state laws not preempted by ERISA, and (iii)&nbsp;an independent fiduciary is appointed, if
and to the extent necessary to satisfy applicable governmental regulations, to carry out activities relating to any situation involving a potential for undue influence upon Participants, with regard to the direct or indirect exercise of shareholder
rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) At the time of distribution pursuant to Article V, a Participant may elect to receive the BGC Stock
attributable to such Participant&#146;s investment in the BGC Fund either in BGC Stock or in cash. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding
anything contained in the Plan to the contrary, the Committee may establish procedures which prevent Salary Reduction Contributions, Roth Contributions, <FONT STYLE="white-space:nowrap">After-Tax</FONT> Contributions or Account Balances from being
directed into or out of the BGC Fund as may be necessary to ensure compliance with applicable laws, including Federal securities laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Effective November&nbsp;30, 2018, Newmark spun off from BGC. Treatment of the BGC Fund and Participants who are employees
on and after November&nbsp;30, 2018 is addressed in Appendix B. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.4 </B><B><U>Individual Investment Funds</U></B><B>. </B>Each
Participant, upon commencing or recommencing active participation under Section&nbsp;3.3 or 3.5, shall, at the time and in the manner prescribed by the Committee, direct the investment of contributions made on his behalf in any one or more of the
available Investment Funds, in whole dollar or whole percentage increments, subject to such limitations as the Committee may prescribe. Investment directions provided by the Participant shall remain in force until changed or revoked by the
Participant issuing such direction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Participant may change his investment direction with respect to the
investment of his future contributions at the time or times prescribed by the Committee, by making a new election in the manner prescribed by the Committee, at such time in advance, and in accordance with other procedures and subject to such
restrictions as the Committee or its delegate may prescribe. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Participant or Beneficiary of a deceased Participant
may elect to transfer all or a portion of his interest in any Investment Fund to any other available Investment Fund at the time or times prescribed by the Committee, by making a transfer election in the manner prescribed by the Committee, at such
time in advance, and in accordance with other procedures and subject to such restrictions as the Committee or its delegate may prescribe. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Plan is intended to constitute a plan described in ERISA
Section&nbsp;404(c) and Department of Labor Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;2550.404(c)-1.</FONT> The Trustee, the Company, the Committee, and any other fiduciary of the Plan are relieved of liability for losses which are
the direct and necessary result of investment instructions given by a Participant or Beneficiary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If the Participant
fails to direct one hundred percent (100%) of his or her contributions or a transfer of his Accounts to an Investment Fund, the balance not directed shall be invested in such Investment Fund as the Committee determines deems to be the most
conservative or in such other Investment Fund that the Committee determines to be a qualified default investment alternative pursuant to Department of Labor Regulations or other guidance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.5 </B><B><U>Valuation of Accounts</U></B><B>. </B>The Trustee shall value the Trust Fund and each Investment Fund at fair market value
as of each Valuation Date. The Accounts of each Participant shall then be adjusted by apportioning the Investment Fund, including income, as thus revalue, among Participants&#146; Accounts in proportion to the value of their respective interests in
the Investment Fund immediately preceding such revaluation. The &#147;adjusted net worth&#148; of an Investment Fund as of any Valuation Date means the net worth of that Investment Fund as determined by the Trustee in accordance with the provisions
of the Trust Agreement, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.6 </B><B><U>Compensation</U></B><B>. </B>The Trustee and any Investment Manager or insurance company shall
be paid such reasonable compensation, in addition to its expenses, as shall from time to time be agreed upon between the Company&#146;s Board of Directors and the Trustee, Investment Manager or insurance company; provided, however, that no such
compensation shall be paid to any person who is an Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.7 </B><B><U>Delegation of Responsibility</U></B><B>. </B>The Committee
may designate persons, including persons other than named fiduciaries, to carry out the specified responsibilities of the Committee and, except as otherwise provided by applicable law, shall not be liable for any act or omission of a person so
designated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.8 </B><B><U>Investment Manager</U></B><B>. </B>The Committee may, by an instrument in writing, appoint one or more
persons as an Investment Manager and may, subject to any restrictions upon investment imposed upon the Committee in respect of investments by ERISA or by any Treasury Regulation relating to the qualified status of the Trust as tax exempt, delegate
to an Investment Manager from time to time the power to manage and control, or to direct the Committee to manage and control, the investment of any Plan asset. Each person so appointed shall be (i)&nbsp;an investment adviser registered under the
Investment Advisers Act of 1940 (&#147;Investment Advisers Act&#148;), (ii) if not registered as an investment advisor under the Investment Advisers Act, by reason of paragraph (1)&nbsp;of Section&nbsp;203A(a) of the Investment Advisers Act, is
registered as an investment adviser under the laws of the state, referred to in such paragraph (1), in which it maintains its principal office and place of business, and at the time the fiduciary has filed the registration form most recently filed
by the fiduciary with such state in order to maintain the fiduciary&#146;s registration under the laws of such State, also filed a copy of such form with the Secretary of Labor; (iii)&nbsp;a bank as defined in that Act, or (iv)&nbsp;an insurance
company qualified to manage, acquire or dispose of any asset of the Plan under the laws of more than one state. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Investment Manager shall acknowledge in writing that it is a
fiduciary with respect to the Plan. The Committee shall enter into an agreement with each Investment Manager specifying the duties and compensation of such Investment Manager and the other terms and conditions under which such Investment Manager
shall be retained. The Committee shall not be liable for any act or omission of any Investment Manager, and shall not be liable for following the advice of any Investment Manager, with respect to any duties delegated to any Investment Manager. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Committee shall have the power to determine the Trust assets to be invested pursuant to the direction of a designated
Investment Manager and to set investment objectives and guidelines for the Investment Manager. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XI </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>APPOINTMENT OF TRUSTEE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.1 </B><B><U>Trustee</U></B><B>. </B>The Company shall appoint the Trustee, and may remove the Trustee. The Trustee shall accept its
appointment by executing the Trust Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) A Trustee shall be subject to direction by the Committee or an
Investment Manager or shall have such discretion with respect to management and control of Plan assets as specified by the Committee and as set forth in the Trust Agreement. Neither the Committee or any other Plan fiduciary shall be liable for any
act or omission of any Trustee with respect to any duties delegated to any Trustee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) A Trustee who is also a
Participant shall not vote or act upon any matter relating to himself. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XII </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PLAN AMENDMENT OR TERMINATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.1 </B><B><U>Plan Amendment or Termination</U></B><B>. </B>The Company&#146;s governing board (or, to the extent permitted by resolution
of such governing board, a duly authorized officer of the Company) shall have the right at any time, and from time to time, to amend the Plan, by an instrument in writing, effective retroactively or otherwise. No such amendment shall have any of the
effects specified in Section&nbsp;12.2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the Company&#146;s governing board (or, to the extent permitted by
resolution of such governing board, a duly authorized officer of the Company) may not amend any provision of the Plan concerning the Plan&#146;s investment in the BGC Fund or the purchase of BGC Stock by the Plan without the written consent of the
Board of Directors of BGC (or such committee of the Board of Directors of BGC as it may designate). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In the event that the Company seeks
to amend Section&nbsp;9.5, the Company shall give notice to the members of the Committee outlining the amendment(s) sought to be made. Each member of the Committee shall have five (5)&nbsp;business days to consent to the amendment(s). In the event
that a member of the Committee does not reject the amendment(s) by the end of the five (5) </P>
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business day period, he or she shall be deemed to have consented to the amendment(s). In the event that a member of the Committee rejects the amendment(s) during the five (5)&nbsp;business day
period, he or she may resign from the Committee and the amendment(s) shall take effect after the end of the period. For the avoidance of doubt, the Committee is explicitly empowered to continue to carry out its duties while a replacement for the
resigning member(s) are appointed, notwithstanding any other provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.2 </B><B><U>Limitations on Plan Amendment</U></B>.
No Plan amendment shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) authorize any part of the Trust Fund to be used for, or diverted to, purposes other than for
the exclusive benefit of Participants or their Beneficiaries or defraying the reasonable expenses of administering the Plan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) decrease the accrued benefits of any Participant or his or her Beneficiary under the Plan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) reduce the vested percentage of any Participant; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) change the vesting schedule, unless each Participant having not less than three (3)&nbsp;Years of Service is permitted to
elect, within a reasonable period specified by the Committee after the adoption of such amendment, to have his or her vested percentage computed without regard to such amendment; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) eliminate or reduce an early retirement benefit or retirement-type subsidy (as defined in Code Section&nbsp;411) or an
optional form of benefit with respect to service prior to such amendment, except to the extent permitted by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The period during which the election
under Section&nbsp;12.2(d) may be made shall commence with the date the amendment is adopted and shall end as of the later of: (1)&nbsp;sixty (60) days after the amendment is adopted; (2)&nbsp;sixty (60) days after the amendment becomes effective;
or (3)&nbsp;sixty (60) days after the Participant is issued written notice by the Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding any provision of the Plan to the contrary,
any optional form of benefit, vesting schedule or other benefit right or feature that may not be reduced or eliminated pursuant to Code Section&nbsp;411(d)(6) and the Treasury Regulations and other guidance issued thereunder, including any such
protected benefit in any plan is merged into the Plan, shall continue to be available in the Plan (but only to the extent required by law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.3 </B><B><U>Right of the Company to Terminate Plan or Discontinue Contributions</U></B>. The Company intends to continue this Plan in
effect and to make contributions as herein provided. However, the Company reserves the right to terminate the Plan with respect to its Employees at any time by an instrument in writing delivered to the Committee and the Trustee, or to completely
discontinue its contributions thereto at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.4 </B><B><U>Effect of Partial or Complete Termination or Complete Discontinuance
of Contributions</U></B><B>. </B>As of<B> </B>the date of a partial termination of the Plan no further contributions or allocations of forfeitures shall he made after such date with respect to each affected Participant. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) As of the date of the complete termination of the Plan, or the complete
discontinuance of contributions under the Plan: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) each Participant who is then an Employee shall become one hundred
percent (100%) vested in his or her Accounts; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) no further contributions or allocations of forfeitures shall be made
after such date; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) no Eligible Employee shall become a Participant after such date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) All other provisions of the Plan shall remain in effect unless otherwise amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.5 </B><B><U>Bankruptcy</U></B><B>. </B>In the event the Company shall at any time be judicially declared bankrupt or insolvent without
any provisions being made for the continuation of this Plan, the Plan shall be completely terminated in accordance with Section&nbsp;12.3. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XIII </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U><FONT
STYLE="white-space:nowrap">TOP-HEAVY</FONT> PROVISIONS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.1 </B><B><U><FONT STYLE="white-space:nowrap">Top-Heavy</FONT>
Plan</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) For each Participant who is not a Key Employee (whether or not a former Key Employee), who is employed
by an Employer on the last day of the Plan Year and who participates in the Plan, the contribution for that Participant to that plan will satisfy the minimum <FONT STYLE="white-space:nowrap">Top-Heavy</FONT> contribution. The minimum contribution is
described in paragraph (b)&nbsp;of this Section&nbsp;13.1. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The minimum contribution is three percent (3%) of the
Participant&#146;s Compensation for the Plan Year, or if less, the highest percentage at which such contributions arc made under the Plan for the Plan Year on behalf of a Key Employee. For purposes of this paragraph (b), all defined contribution
plans required to be included in the Aggregation Group are treated as one Plan and Participant deferrals are included in the Compensation of Key Employees. In calculating the minimum contribution, any Participant deferral and any contributions or
benefits under Chapter 21 of the Code (relating to the Federal Insurance Contributions Act), Title II of the Social Security Act, or any other Federal or state law are not counted toward the minimum contribution. Allocated forfeitures will be taken
into account for purposes of providing the minimum contribution required by this paragraph (b)&nbsp;on behalf of each Participant who is not a Key Employee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.2 </B><B><U><FONT STYLE="white-space:nowrap">Top-Heavy</FONT> Determination</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If the Plan is not required to be included in an Aggregation Group with other plans, then it is <FONT
STYLE="white-space:nowrap">Top-Heavy</FONT> only if, when considered by itself, it is a <FONT STYLE="white-space:nowrap">Top-Heavy</FONT> Plan and it is not included in a permissive Aggregation Group that is not a
<FONT STYLE="white-space:nowrap">Top-Heavy</FONT> Group. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Plan is required to be included in an Aggregation Group with
other plans, it is <FONT STYLE="white-space:nowrap">Top-Heavy</FONT> only if the Aggregation Group, including any permissively aggregated plans, is <FONT STYLE="white-space:nowrap">Top-Heavy.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If the Plan is not <FONT STYLE="white-space:nowrap">Top-Heavy</FONT> and is not required to be included in an Aggregation
Group, then it is not <FONT STYLE="white-space:nowrap">Top-Heavy</FONT> even if it is permissively aggregated in an Aggregation Group that is a <FONT STYLE="white-space:nowrap">Top-Heavy</FONT> Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.3 </B><B><U>Calculation of <FONT STYLE="white-space:nowrap">Top-Heavy</FONT> Ratios</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For any Plan Year, the Plan is <FONT STYLE="white-space:nowrap">Top-Heavy</FONT> and an Aggregation Group is a
<FONT STYLE="white-space:nowrap">Top-</FONT> Heavy Group if, as of the Determination Date, the sum of the Cumulative Accrued Benefits and the Cumulative Accounts of Employees who are Key Employees for the Plan Year exceeds sixty percent (60%) of a
similar sum determined for all Employees, excluding former Key Employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.4 </B><B><U>Cumulative Accounts</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <B>Cumulative Account </B>means the sum of the amount of a Participant&#146;s accounts under the Plan or under all defined
contribution plans included in an Aggregation Group (for aggregated plans) determined as of the Determination Date, increased by any contributions due before the Determination Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <B>Cumulative Accrued Benefit </B>means the sum of the present value of a Participant&#146;s accrued benefits under a
defined benefit plan (for an unaggregated plan) or under all defined benefit plans included in an Aggregation Group (for aggregated plans), determined under the actuarial assumptions set forth in that plan or plans, as of the most recent plan
valuation date within a <FONT STYLE="white-space:nowrap">12-month</FONT> period ending on the Determination Date as if the Participant voluntarily terminated service as of such valuation date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Accounts and benefits are calculated by including all amounts attributable to both Employer and Employee contributions.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Accounts and benefits are increased by the aggregate distributions during the
<FONT STYLE="white-space:nowrap">one-year</FONT> period ending on the Determination Date made with respect to a Participant under the plan or plans as the case may be, or under a terminated plan that if it had not been terminated, would have been
required to be included in the Aggregation Group, In the case of a distribution made for a reason other than a severance from employment, death or disability, this paragraph (d)&nbsp;shall be applied by substituting &#147;five (5)-year period&#148;
for &#147;one (1)-year period.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.5 </B><B><U>Additional Definitions</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For purposes of this Article XIII, the following definitions apply: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <B>Aggregation Group </B>means a plan or group of plans that includes all plans maintained by any Participating Company in
which a Key Employee is a Participant or that enables any plan in which a Key Employee is a Participant to meet the requirements of Code Section&nbsp;401(a)(4) or Section&nbsp;410, as well as all other plans selected by any Employer for permissive
aggregation, the inclusion of which would not prevent the group of plans from continuing to meet the requirements of those sections. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <B>Compensation </B>means compensation within the meaning of Code
Section&nbsp;415(c)(3), including any elective deferral (as defined in Code Section&nbsp;402(g)(3)) and any amount that is contributed or deferred by an Employer at the election of the Employee and that is not includible in the gross income of the
Employee by reason of Code Section&nbsp;125, 132(f)(4) or 457. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The annual Compensation of each Employee taken into account
under the Plan for any Plan Year may not exceed the limitation set forth in Code Section&nbsp;401(a)(17). If a Plan Year is shorter than 12 months, the Code Section&nbsp;401(a)(17) limitation will be multiplied by a fraction, the numerator of which
is the number of months in the Plan Year and the denominator of which is twelve. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <B>Determination Date </B>means the
last day of the preceding Plan Year, or for the first Plan Year of the Plan, the first day of that Plan Year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)
<B>Employer </B>means any corporation which contributes to this Plan and any member of a controlled group or group of trades or businesses under common control (as defined in Code Section&nbsp;414(b) or (c)) or any member of an affiliated service
group (as defined in Code Section&nbsp;414(m)) to which any Participating Company belongs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <B>Key Employee </B>means
any Employee or former Employee (including a deceased Employee) if, during the Plan Year in question he or she is or was: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) an officer of any Employer having annual Compensation greater than $215,000 (as adjusted under Code
Section&nbsp;416(i)(l)); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) a five percent (5%) owner (as described in Code Section&nbsp;416(i)(2)(B)(i)) of any
Employer; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) a one percent (1%) owner (as described in Code Section&nbsp;416(i)(l)(B)(ii)) of any Employer having
annual Compensation of more than $150,000. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of clause (1), employees described in Section Code 414(q)(8) are
excluded and no more than 50 (or if less, the greater of three) or ten percent (10%) of the employees are treated as officers. The term Key Employee includes a beneficiary of a Key Employee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The determination period is the Plan Year containing the Determination Date and the four preceding Plan Years. The
determination of who is a Key Employee will be made in accordance with Code Section&nbsp;416(i)(l) and the Treasury Regulations issued thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.6 </B><B><U>Discontinuance of Article</U></B><B>. </B>In the event that any provisions of this Article are no longer required to qualify
the Plan under the Code, then such provisions shall thereupon be void without the necessity of further amendment of the Plan. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XIV </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>MISCELLANEOUS PROVISIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.1 </B><B><U>Exclusive Benefit of Participants</U></B><B>. </B>Notwithstanding anything in the Plan to the contrary, it shall be
prohibited at any time for any part of the Trust Fund (other than such part as is required to pay expenses) to be used for, or diverted to, purposes other than for the exclusive benefit of Participants or their Beneficiaries, except that, upon the
direction of the Committee: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Any contribution made by an Employer by a mistake of fact shall be returned within one
(1)&nbsp;year after the payment of the contribution; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any contribution made by an Employer shall be returned within one
year after the denial of initial qualification of the Plan under Code Section&nbsp;401(a); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any contribution made
by an Employer shall be returned to the extent disallowed as a deduction under Code Section&nbsp;404 within one (1)&nbsp;year after the disallowance of the deduction. With respect to Section&nbsp;14.1(a) and 14.1(c), the amounts recovered shall be
reduced by the amount of any losses attributable thereto, but shall not be increased by the amount of any earnings attributable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.2 </B><B><U>Plan Not a Contract of Employment</U></B>. The Plan is not a contract of employment, and the terms of Employment of any
Employee shall not be affected in any way by the Plan or related instruments except as specifically provided therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.3
</B><B><U>Source of Benefits</U></B><B>. </B>Benefits under the Plan shall be paid or provided for solely from the Trust, and the Employers assume no liability therefor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.4 </B><B><U>Benefits Not Assignable</U></B>. Benefits provided under the Plan may not, to the extent permissible by law be assigned or
alienated either voluntarily or involuntarily, but nothing contained herein shall preclude a Participant&#146;s pledging his or her Salary Reduction Account as security for a loan. The preceding shall also apply to the creation, assignment, or
recognition of a right to any benefit payable with respect to a Participant pursuant to a domestic relations order, unless such order is determined to be a qualified domestic relations order, as defined in Code Section&nbsp;414(p), or any domestic
relations order entered before January&nbsp;1, 1985. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any other provisions of the Plan to the contrary notwithstanding, the Committee
shall have all powers necessary with respect to the Plan for the proper operation of Code Section&nbsp;414(p) with respect to qualified domestic relations orders (or domestic relations orders treated as such). With respect to any qualified domestic
relations order relating to the Plan, the Committee shall permit distribution to an alternate payee under such order at any time, irrespective of whether the Participant has attained his or her &#147;earliest retirement age&#148; (within the meaning
of Code Section&nbsp;414(p)(4)(B)) under the Plan, if the qualified domestic relations order authorizes such a distribution. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a Participant&#146;s benefits under the Plan shall be offset
against an amount that the Participant is ordered or required to pay to the Plan if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the order or requirement to pay
arises (1)&nbsp;under a judgment of conviction for a crime involving the Plan, (2)&nbsp;under a civil judgment (including a consent order or decree) entered by a court in an action brought in connection with a violation (or alleged violation) of
part 4 of subtitle B of title I of ERISA, or (3)&nbsp;pursuant to a settlement agreement between the Participant and cither the Secretary of Labor or the Pension Benefit Guaranty Corporation, in connection with a violation (or alleged violation) of
part 4 of subtitle B of title I of ERISA by a fiduciary or any other person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the judgment, order, decree or settlement
agreement is entered into, on or after August&nbsp;5, 1997; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the judgment, order, decree or settlement agreement
expressly provides for the offset of all or part of the amount ordered or required to be paid to the Plan against the Participant&#146;s benefits provided under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.5 </B><B><U>Claims Procedure</U></B>. A claim for a Plan benefit shall be deemed filed when the Committee receives a written
communication made by a Participant or Beneficiary, or the authorized representative of cither (the &#147;claimant&#148;). If the Committee wholly or partially denies a claim, the Committee shall give written notice of such denial to the claimant
within 90 days (45 days for claims related to determinations of Disability by Former Newmark Plan Participants and Former ELX Plan Participants, as defined in Appendix A) after the Committee receives the claim, provided that if there are special
circumstances, the Committee may extend the period for up to 90 additional days if written notice of the extension is provided to the claimant prior to the expiration of the initial <FONT STYLE="white-space:nowrap">90-day</FONT> period.
Notwithstanding the foregoing, for claims related to determinations of Disability by Former Newmark Plan Participants and Former ELX Plan Participants, the Committee may extend the initial <FONT STYLE="white-space:nowrap">45-day</FONT> period twice,
by 30 days each time, if the Committee determines that each extension is necessary due to matters beyond the Plan&#146;s control and the Committee notifies the claimant of such circumstances and the date by which the Committee expects to render a
decision in advance of the expiration of the period. In the case of any extension for claims related to determinations of Disability by Former Newmark Plan Participants and Former ELX Plan Participants, the notice of extension shall specifically
explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve those issues, and the claimant shall be afforded at least 45 days within
which to provide the specified information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any notice of claim denial shall set forth, in a manner calculated to be understood by the
claimant: (1)&nbsp;the specific reason or reasons for the denial; (2)&nbsp;specific reference to pertinent Plan provisions on which the denial is based; (3)&nbsp;a description of any additional material or information necessary to perfect the claim
and an explanation of why such material or information is necessary; and (4)&nbsp;an explanation of the Plan&#146;s claim review procedure; and (5)&nbsp;a statement advising such Participant or Beneficiary of his or her right to bring a civil action
under ERISA Section&nbsp;502(a) following a denial of claim and that he or she is entitled to receive, upon request and free of charge, reasonable access to copies of all documents, records and other information relevant to the claim. For claims
related to determinations of Disability by Former Newmark Plan Participants and Former ELX Plan Participants, if the denial is based on a lack of medical necessity or because of an experimental, investigational, or unproven treatment or similar
exclusion, the notice of claim denial shall also set forth an explanation of the scientific or clinical judgment for </P>
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the claim determination, applying the terms of the Plan to the claimant&#146;s circumstances (or a statement that an explanation shall be provided free of charge upon request). For claims related
to determinations of Disability under the Plan filed by Former Newmark Plan Participants and Former ELX Plan Participants on or after April&nbsp;2, 2018 (&#147;New Disability Claims&#148;), such notice shall also include: (i)&nbsp;a statement that,
upon request and free of charge, the claimant shall be provided reasonable access to, and copies of, all documents, records, and other information relevant to the claimant&#146;s claim; (ii)&nbsp;either the specific internal rules, guidelines,
protocols, standards, or other similar criteria relied upon in making the claim determination, or a statement that such rules, guidelines, protocols, standards, or similar criteria do not exist; and (iii)&nbsp;if applicable, a discussion of the
decision, including the basis for disagreeing with or not following (A)&nbsp;the views of health care professionals treating the Participant and vocational professionals who evaluated the Participant that were provided by the claimant, (B)&nbsp;the
views of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the claim denial, without regard to whether the advice was relied upon in making the denial, and (C)&nbsp;a disability determination regarding
the Participant made by the Social Security Administration if provided by the claimant </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Within 90 days (180 days for claims related to
determinations of Disability by Former Newmark Plan Participants and Former ELX Plan Participants) from the receipt of the notice of denial, a claimant may appeal such denial to the Committee for a full and fair review. The review shall be
instituted by the filing of a written request for review by the claimant or his or her authorized representative within the applicable period stated above. A request for review shall be deemed filed as of the date the Committee receives such written
request. The claimant or his or her authorized representative shall have the right to review all pertinent documents, may submit issues and comments in writing and may do such other appropriate things as the Committee may allow. The Committee shall
consider all comments, documents, and other information submitted by the Participant or Beneficiary, without regard to whether such information was submitted or considered in the initial determination. The Committee shall make its decision on the
appealed claim not later than 60 days (45 days for claims related to determinations of Disability by Former Newmark Plan Participants and Former ELX Plan Participants) after it receives the request for review; unless special circumstances, such as
the need to hold a hearing, require an extension of time, in which case, the Committee shall render a decision not later than 120 days (90 days for claims related to determinations of Disability by Former Newmark Plan Participants and Former ELX
Plan Participants) after it receives a request for review, which decision shall be final and binding on such claimant. The Committee will notify the Participant or Beneficiary of the need and reasons for the extension prior to the expiration of the <FONT
STYLE="white-space:nowrap">60-day</FONT> period (the <FONT STYLE="white-space:nowrap">45-day</FONT> period for claims related to determinations of Disability by Former Newmark Plan Participants and Former ELX Plan Participants). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The decision on review shall set forth specific reasons for the decision, shall be written in a manner calculated to be understood by the
claimant containing the following information: the specific reason(s) for the denial; a specific reference to pertinent Plan provisions on which the denial is based; a statement that the claimant is entitled to receive, upon request and free of
charge, reasonable access to and copies of all documents and other information relevant to the claim; and a statement of the claimant&#146;s right to bring suit under ERISA Section&nbsp;502(a) (including for New Disability Claims, the applicable
time limits for doing so and the calendar date on which the time limit expires); and, for claims related to determinations of Disability by Former </P>
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Newmark Plan Participants and Former ELX Plan Participants, if the denial is based on a lack of medical necessity or because of an experimental, investigational, or unproven treatment or similar
exclusion, an explanation of the scientific or clinical judgment for the adverse benefit determination, applying the terms of the Plan to the claimant&#146;s circumstances (or a statement that an explanation shall be provided free of charge upon
request). For New Disability Claims, such notice shall also include: (i)&nbsp;either the specific internal rules, guidelines, protocols, standards, or other similar criteria relied upon in making the benefits determination, or a statement that such
rules, guidelines, protocols, standards, or similar criteria do not exist; and (ii)&nbsp;if applicable, a discussion of the decision, including the basis for disagreeing with or not following (A)&nbsp;the views of health care professionals treating
the Participant and vocation professionals who evaluated the Participant that were provided by the claimant, (B)&nbsp;the views of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the claim denial,
without regard to whether the advice was relied upon in making the denial, and (C)&nbsp;a disability determination regarding the Participant made by the Social Security Administration if provided by the claimant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For claims related to determinations of Disability by Former Newmark Plan Participants and Former ELX Plan Participants, the following rules
shall also apply: (i)&nbsp;the claim review shall be made by a person different from the person who made the initial determination, and such person will not be the original decision-maker&#146;s subordinate or afford deference to the initial claim
denial; (ii)&nbsp;in the case of a claim denied on the grounds of a medical judgment, the Plan administrator will consult with a health care professional with appropriate training and experience; (iii)&nbsp;the health care professional who is
consulted on appeal shall not be the individual who was consulted during the initial determination or a subordinate of such person; (iv)&nbsp;if the advice of a medical or vocational expert was obtained by the Plan in connection with the denial of a
claim, the Committee shall provide the claimant with the names of each such expert, regardless of whether the advice was relied upon. Effective for New Disability Claims, before the Committee may issue a denial on appeal, the Committee will provide
the claimant, free of charge, with any new or additional evidence that was considered, relied upon, or generated in connection with the claim. Before the Committee may issue a denial on appeal based on such new or additional rationale, the Committee
will provide the claimant, free of charge, with such rationale. The Committee will provide such evidence or rationale, as applicable, as soon as possible and sufficiently in advance of the date by which a response to the claimant&#146;s appeal must
be provided (as described above) in order to provide the claimant with a reasonable opportunity to respond prior to that date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Upon
exhausting the claims procedure herein, a Participant has the right to bring a civil action in federal court challenging the final decision of the Committee related to such Participant&#146;s claim for a Plan benefit. Any civil action brought in
federal court must be filed by no later than one year after the date listed on the latest notice that such Participant received stating that his or her claim for benefits under the Plan was denied by the Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">These claims procedures will be administered and interpreted in a manner consistent with the requirements of ERISA Section&nbsp;503 and the
Department of Labor Regulations thereunder. Any electronic notices provided by the Committee will comply with these regulations. All claims determinations made by the Committee will be made in accordance with the provisions of this Article 11, and
will be applied consistently to similarly situated claimants. The Committee will ensure that all claims and appeals are adjudicated in a manner designed to ensure the independence and impartiality of the persons involved in making the decision. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.6 </B><B><U>Income Tax Withholding</U></B><B>. </B>The Committee may direct that such
amounts be withheld from any payment due under this Plan as required to conform with applicable income tax law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.7
</B><B><U>Benefits Payable to Minors, Incompetents and Others</U></B><B>. </B>In the event any benefit is payable to a minor or an incompetent or to a person otherwise under a legal disability, or who, in the sole discretion of the Committee, is by
reason of advanced age, illness or other physical or mental incapacity incapable of handling and disposing of his or her property, or otherwise is in such position or condition that the Committee believes that he could not utilize the benefit for
his or her support or welfare, the Committee shall have discretion to apply the whole or any part of such benefit directly to the care, comfort, maintenance, support, education or use of such person, or pay the whole or any part of such benefit to
the parent of such person, the guardian, committee, conservator or other legal representative, wherever appointed, of such person, the person with whom such person is residing, or to any other person having the care and control of such person. The
receipt by any such person to whom any such payment on behalf of any Participant or Beneficiary is made shall be a sufficient discharge therefor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.8 </B><B><U>Merger or Transfer of Assets</U></B><B>. </B>The merger or consolidation of an Employer with any other person, or the
transfer of the assets of an Employer to any other person, or the merger of the Plan with any other plan shall not constitute a termination of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Plan may not merge or consolidate with, or transfer any assets or liabilities to, any other plan, unless each Participant would (if the
Plan then terminated) receive a benefit immediately after the merger, consolidation or transfer that is equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation or transfer (if the Plan
had then terminated). Subject to the foregoing, the Company reserves the right at any time and from time to time to merge or consolidate the Plan with, or to transfer any assets or liabilities to, or accept a transfer of any assets or liabilities
from, any other plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.9 </B><B><U>Missing Participants / Uncashed Checks</U></B>. Each Participant, Spouse, and Beneficiary must
file with the Committee from time to time in writing the Participant&#146;s, Spouse&#146;s, or Beneficiary&#146;s post office address and each change of post office address. Any communication, statement, or notice addressed to a Participant, Spouse,
or Beneficiary at the last post office address filed with the Committee, or if no address is filed with the Committee, then in the case of a Participant, at the Participant&#146;s last post office address as shown on the Employers&#146; records,
shall be considered a notification for purposes of the Plan and shall be binding on the Participant and the Participant&#146;s Spouse and Beneficiary for all purposes of the Plan. If the Committee notifies a Participant, Spouse, or Beneficiary of
the provisions of this Section&nbsp;14.9, and the Participant, Spouse, or Beneficiary fails to claim the Participant&#146;s, Spouse&#146;s, or Beneficiary&#146;s benefits or make such person&#146;s whereabouts known to the Committee, the Committee
will make reasonable efforts to locate the Participant, Spouse, or Beneficiary. Such measures may include: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Searching
Plan and related plan, Employer, and publicly-available records or directories for alternative contact information; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-50- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Utilizing a commercial locator service, credit reporting agency, or
proprietary internet search service; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Attempting contact with the Participant, Spouse, or Beneficiary via email and/or
telephone; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Sending a registered letter, return receipt requested to the last known address of such Participant,
Spouse, or Beneficiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If, within (i)&nbsp;five (5) years after a benefit becomes payable or (ii)&nbsp;six (6) months after the Employer
or Committee has made such reasonable efforts to locate the Participant, Spouse, or Beneficiary as described above, the Participant, Spouse, or Beneficiary has not been located or made their whereabouts known, the benefits of the Participant,
Spouse, or Beneficiary may be disposed of, to the extent permitted by applicable law, by one or more of the following methods: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) By retaining such benefits in the Plan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) By paying such benefits to a court of competent jurisdiction for judicial determination of the right thereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) By forfeiting such benefits in accordance with procedures established by the Committee. If a Participant, Spouse, or
Beneficiary is subsequently located, such benefits shall be restored to the Participant, Spouse, or Beneficiary under the Plan; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) By any equitable manner permitted by law under rules adopted by the Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Checks that are not cashed, deposited, or otherwise negotiated shall be handled (including the forfeiture and reinstatement of such amounts)
in accordance with rules and procedures established by the Committee, including those rules and procedures described above. This Section&nbsp;14.9 shall also apply to an alternate payee under a qualified domestic relations order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.10 </B><B><U>Participation in the Plan by an Affiliate</U></B><B>. </B>With the consent of the Company, any Affiliate, may become an
Employer under, the Plan. Such Affiliate shall determine the classes of its Employees who shall be Eligible Employees and the amount of its contribution to the Plan, if any, on behalf of such Employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) With the consent of the Company, an Employer, by appropriate action, may terminate its participation in the Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) With the consent of the Company, an Employer, by appropriate action, may withdraw from the Plan and the Trust. Such
withdrawal shall be deemed an adoption by such Employer of a plan and trust identical to the Plan and the Trust, except that all references to the Company shall be deemed to refer to such Employer. At such time and in such manner as the Committee
directs, the assets of the Trust allocable to Employees of such Employer shall be transferred to the trust deemed adopted by such Employer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-51- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) An Employer shall have no power with respect to the Plan except as
specifically provided herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Effective January&nbsp;1, 2006, the Company&#146;s Board of Directors consented to the
adoption of the Plan by Maxcor Financial Group, Inc. (&#147;Maxcor&#148;). Notwithstanding any provisions of the Plan to the contrary, any Employee of Maxcor or its subsidiaries shall be immediately eligible to participate in the Plan of such
Employee would otherwise be eligible to participate in the Plan but for not having reached age 21. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.11 </B><B><U>Gender and
Number</U></B><B>. </B>As used in this Plan, masculine pronouns shall include the feminine or vice versa, singular pronouns shall include the plural or vice versa and any reference to an Article, Section or Paragraph shall mean the Article, Section
or Paragraph so delineated in this Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.12 </B><B><U>Headings</U></B>. The headings or articles are included solely for
convenience of reference, and if there is any conflict between such headings and the text of this Plan, the text shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.13
</B><B><U>Controlling Law</U></B><B>. </B>The Plan is intended to qualify under Code Section&nbsp;401(a) and to comply with ERISA, and its terms shall be interpreted accordingly. If any Plan provision is subject to more than one construction, the
ambiguity will be resolved in favor of that interpretation or construction that is consistent with that intent. Similarly, in the event of any conflict between any provisions of the Plan or between any Plan provision and Beneficiary designation form
or other form submitted to the Committee, the Plan provisions necessary to retain qualified status under Code Section&nbsp;401(a) shall govern. Otherwise, to the extent not preempted by ERISA or as expressly provided herein, the laws of the State of
New York (other than its conflict of laws provisions) shall control the interpretation and performance of the terms of the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.14
</B><B><U>Conditional Adoption</U></B>. Anything in the foregoing to the contrary notwithstanding, the Plan has been adopted on the express condition that it will be considered by the Internal Revenue Service as qualifying under the provisions of
Code Section&nbsp;401(a) and the Trust qualifying for exemption from taxation under Code Section&nbsp;501(a). If the Internal Revenue Service determines that the Plan or Trust does not so qualify initially, the Plan shall be amended or terminated as
decided by the Company, provided, however, that notwithstanding the foregoing, with respect to other than the initial qualification, the Company shall not be able to recover any contributions to the Plan. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XV </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>MULTIPLE
EMPLOYER PROVISIONS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.1 </B><B><U>Application</U></B>.<B> </B>The provisions of this Article XV shall apply only in the event
a corporation or entity that is not an Affiliate adopts this Plan pursuant to Section&nbsp;15.2 or in the event an Employer ceases to be an Affiliate, but does not terminate its participation in the Plan, in which case such former Employer shall be
a Participating Employer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-52- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.2 </B><B><U>Adoption of the Plan</U></B><B>. </B>With the consent of the Committee,
any other corporation or entity that is not an Affiliate may adopt this Plan for the benefit of its employees and become a Participating Employer hereunder. For purposes of the adoption of and participation in the Plan by Participating Employers, an
&#147;Employee&#148; shall include an employee of a Participating Employer. All assets that relate to Employees of the Participating Employer shall either be held within the Trust, or a Participating Employer may maintain a separate trust
attributable to its portion of Plan assets. Separate accounting shall be maintained for the Accounts of Employees of each Participating Employer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.3 </B><B><U>Service</U></B><B>. </B>For purposes of vesting, eligibility to participate in the Plan, and determining eligibility for
allocation of Participating Employer contributions, an Employee shall be credited with all service with the Company, its Affiliates or any Participating Employer on or after the effective date of the Participating Employer&#146;s adoption of the
Plan. <FONT STYLE="white-space:nowrap">Pre-adoption</FONT> service with a Participating Employer may be credited in accordance with the terms of an adoption agreement and shall be credited where an Employer ceases to be an Affiliate, but remains a
Participating Employer, or as otherwise required by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.4 </B><B><U>Plan Contributions</U></B><B>. </B>All
contributions made by a Participating Employer, as provided for in this Plan and unless modified by the terms of an adoption agreement, shall be determined separately by each Participating Employer. Any forfeiture by an Employee of a Participating
Employer pursuant to Section&nbsp;4.4 during each Plan Year shall be utilized in accordance with Section&nbsp;4.4 only for the exclusive benefit of the Employees of such Participating Employer in accordance with the provisions of this Plan, unless
modified by the terms of the adoption agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.5 </B><B><U>Transferring Employees</U></B><B>. </B>The Committee may adopt
equitable procedures whereby contributions and forfeitures are equitably allocated in the case of Employees transferring from the employment of one Participating Employer to another Participating Employer, or from the employment of a Participating
Employer to the Company or an Affiliate and vice versa. Similarly, rules may be adopted whereby Account records may be transferred from the records of one Participating Employer to another Participating Employer or from the records of a
Participating Employer to the Company or an Affiliate and vice versa. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.6 </B><B><U>Certain Qualification Rules</U></B><B>.</B><B>
</B>For any period that the Plan is a multiple employer plan pursuant to this Article XV, each Related Employer shall be treated as a separate Employer for purposes of contributions, application of the &#147;ADP&#148; and &#147;ACP&#148; tests
described in Sections 3.9 and 3.14 of the Plan, minimum coverage requirements under Code Section&nbsp;410(b), <FONT STYLE="white-space:nowrap">top-heavy</FONT> determinations and application of the <FONT STYLE="white-space:nowrap">top-heavy</FONT>
requirements under Article XIII, and application of such other Plan provisions as the Committee determine to be appropriate or required by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.7 </B><B><U>Delegation of Authority</U></B><B>. </B>Each Participating Employer shall be deemed to have appointed the Company as its
agent to act on its behalf in all matters relating to the administration, amendment, and termination of the Plan and the investment of the assets of the Plan (the &#147;Agent Duties&#148;). Other than with respect to the Agent Duties, unless the
context of the Plan clearly indicates the contrary, or the Committee determines otherwise, the word &#147;Company&#148; shall be deemed to include each Participating Employer as related to its adoption of and participation in the Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-53- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.8 </B><B><U>Termination</U></B><B>. </B>The Committee may remove any Participating
Employer from the Plan. Any termination of the Plan or discontinuance of contributions by any one Participating Employer shall operate with regard only to the Participants that relate to that Participating Employer. All Participants affected thereby
shall have a one hundred percent (100%) nonforfeitable interest in their Accounts. Employees of a terminating Participating Employer will cease to be eligible to accrue additional benefits under this Plan with respect to Compensation earned on or
after the date of termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In the event any Participating Employer terminates its participation in this Plan, or in the event that
such Participating Employer shall cease to exist through sale, reorganization, or bankruptcy, the Trust shall be allocated by the Trustee, in accordance with the direction of the Committee, into separate trusts, including through a transfer to the
trust of a separate defined contribution plan. The amount to be allocated to the Trust of the terminating Participating Employer shall be equal to the value of the Account balances of its Participants as of the most recent Valuation Date, consistent
with Code Section&nbsp;414(l). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>APPENDIX A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NEWMARK PLAN PARTICIPANTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.
<U>Newmark</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Merger</U>. Effective December&nbsp;31, 2011 (the &#147;<U>Newmark Plan Merger Date</U>&#148;) the
Newmark&nbsp;&amp; Company Real Estate, Inc. 401k Plan (the &#147;<U>Newmark Plan</U>&#148;) was merged into the Plan. Effective January&nbsp;1, 2012 the Newmark Plan is amended and restated as set forth in this Plan document, including this
Appendix A. This Section&nbsp;1 applies to any individual (a &#147;<U>Former Newmark Plan Participant</U>s who formerly participated in the Newmark Plan and whose account balance was transferred to this Plan effective as of the Newmark Plan Merger
Date. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Transferred Accounts</U>. A Former Newmark Plan Participant&#146;s transferred accounts from the Newmark
Plan (&#147;<U>Newmark Accounts</U>&#148;) shall be comprised of the following subaccounts: Newmark <FONT STYLE="white-space:nowrap">Pre-Tax</FONT> Deferral Account, Newmark Roth Contribution Account, Newmark Matching Contribution Account, Newmark
Rollover Account, Newmark GMS/FAC Matching Contribution Account, and Newmark GMS/FAC Profit-Sharing Account. Except as provided in this Section&nbsp;1, each subaccount shall be subject to the provisions of the core Plan applicable to that money type
(for example, the Newmark Roth Contribution Account shall be subject to the core Plan provisions that apply to the Roth Contribution Account). The Newmark GMS/FAC Profit-Sharing Account shall be subject to the provisions of the core Plan applicable
to Matching Contributions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Meaning of &#147;Disability&#148;</U>. For purposes of applying Section&nbsp;7.2 of the Plan to a Former
Newmark Plan Participant&#146;s Newmark Accounts, in addition to the circumstances described in the definition of &#147;Disability&#148; in Article I of the core Plan, a &#147;Disability&#148; shall include the inability to engage in any
substantial, gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Carryover of Elections</U>. A Former Newmark Plan Participant&#146;s
<FONT STYLE="white-space:nowrap">pre-tax</FONT> deferral election, Roth election, and <FONT STYLE="white-space:nowrap">catch-up</FONT> election, as applicable, in effect under the Newmark Plan as of the Newmark Plan Merger Date shall until changed
constitute the Participant&#146;s corresponding respective elections under this Plan as of January&nbsp;1, 2012. A Former Newmark Plan Participant&#146;s beneficiary designation in effect under the Newmark Plan as of the Newmark Plan Merger Date
shall until changed constitute such Participant&#146;s Beneficiary designation under this Plan as of January&nbsp;1, 2012. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Vesting</U>. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A Participant&#146;s Newmark <FONT STYLE="white-space:nowrap">Pre-Tax</FONT> Deferral Account, Newmark Roth
Contribution Account, Newmark Rollover Account, Newmark GMS/FAC Matching Contribution Account, and Newmark GMS/FAC Profit-Sharing Account are fully vested. </P></TD></TR></TABLE>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For purposes of determining the vested percentage of a Participant&#146;s Newmark Matching Contribution
Account, (i)&nbsp;the Participant shall be credited as of January&nbsp;1, 2012 with the years of vesting service the Participant had accrued under the Newmark Plan as of the Newmark Merger Date and shall also be credited with any Years of Service
(as defined in the core Plan) accrued after December&nbsp;31, 2011, and (ii)&nbsp;the vested percentage shall be determined by applying the following schedule: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Years of Service Vested Percentage </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less than 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6 or more</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Participation During Transition Period by Newmark Family Properties LLC</U>. In connection with the transfer
of certain business assets and employees of Newmark&nbsp;&amp; Company Real Estate, Inc. (a Participating Affiliate) to Newmark Family Properties LLC (&#147;NFP&#148;) (the &#147;<U>Assignment</U>&#148;), and in order to provide NFP with an
opportunity to establish its own savings plan, NFP shall be a Participating Employer in the Plan for the temporary period (the &#147;<U>NFP Transition Period</U>&#148;) that begins on the closing date of the Assignment (the &#147;<U>NFP Transition
Date</U>&#148;) and ends on the earlier of December&nbsp;31, 2014 or the day immediately preceding the effective date of NFP&#146;s adoption of its own qualified savings plan. As NFP is not an Affiliate, the Plan&#146;s multiple employer plan rules
shall apply with respect to its participation during the NFP Transition Period. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Participation During Transition Period by Topline Game Labs, LLC</U>. In connection with the sale in
December 2013 of TopLine Game Labs Holdings, LLC, parent company of Topline Game Labs, LLC (&#147;<U>Topline</U>&#148;). Topline shall be a Participating Employer in the Plan for the temporary period (the &#147;<U>TopLine Transition
Period</U>&#148;) that begins on January&nbsp;1, 2014 and ends on the earlier of June&nbsp;30, 2014 or the day immediately preceding the effective date of TopLine&#146;s adoption of its own qualified savings plan. As TopLine is not an Affiliate
during the TopLine Transition Period, the Plan&#146;s multiple employer plan rules shall apply with respect to its participation during the TopLine Transition Period. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>ELX</U>. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Merger</U>. Effective January&nbsp;1, 2014 (the &#147;<U>ELX Plan Merger Date</U>&#148;) the ELX Futures LP
401k Plan (the &#147;<U>ELX Plan</U>&#148;) shall be merged into the Plan and such merger shall be effectuated as soon as administratively feasible thereafter. The ELX Plan is amended to indicate that the ELX Plan is merged into the Cantor Plan
effective January&nbsp;1, 2014. This Section&nbsp;1 applies to any individual (a &#147;<U>Former ELX Plan Participant</U>&#148;) who formerly participated in the ELX Plan and whose account balance will be transferred to this Plan effective as of the
ELX Plan Merger Date. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-56- </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Transferred Accounts</U>. A Former ELX Plan Participant&#146;s transferred accounts from the ELX Plan
(&#147;<U>ELX Accounts</U>&#148;) shall be comprised of the following subaccounts: ELX <FONT STYLE="white-space:nowrap">Pre-Tax</FONT> Deferral Account, ELX Roth Contribution Account, ELX Match Account (if applicable) ELX Rollover Account, of the
core Plan applicable to that money type (for example, the ELX Roth Contribution Account shall be subject to the core Plan provisions that apply to the Roth Contribution Account). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Meaning of &#147;Disability&#148;</U>. For purposes of applying Section&nbsp;7.2 of the Plan to a Former ELX
Plan Participant&#146;s ELX Accounts, in addition to the circumstances described in the definition of &#147;Disability&#148; in Article I of the core Plan, a &#147;Disability&#148; shall include the inability to engage in any substantial, gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Carryover of Elections</U>. A Former ELX Plan Participant&#146;s
<FONT STYLE="white-space:nowrap">pre-tax</FONT> deferral election, Roth election, and <FONT STYLE="white-space:nowrap">catch-up</FONT> election, as applicable, in effect under the ELX Plan as of the ELX Plan Merger Date shall until changed
constitute the Participant&#146;s corresponding respective elections under this Plan as of January&nbsp;1, 2014. A Former ELX Plan Participant&#146;s beneficiary designation in effect under the ELX Plan as of the ELX Plan Merger Date shall until
changed constitute such Participant&#146;s Beneficiary designation under this Plan as of January&nbsp;1,&nbsp;2014. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-57- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>APPENDIX B </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NEWMARK CORPORATE <FONT STYLE="white-space:nowrap">SPIN-OFF</FONT> AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRANSFER OF ASSETS TO THE NEW NEWMARK PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Corporate <FONT STYLE="white-space:nowrap">Spin-off</FONT></U>. Effective November&nbsp;30, 2018 (the &#147;Corporate Spin Date&#148;), Newmark Group
Inc. (&#147;Newmark&#148;) spun off from BGC. As a result of the <FONT STYLE="white-space:nowrap">spin-off,</FONT> on the Corporate Spin Date each share of BGC stock in the BGC Fund received a certain number of shares of Newmark stock as a dividend.
Effective on the Corporate Spin Date, the Plan will maintain an investment fund to hold the Newmark stock (the &#147;Newmark Fund&#148;). Also effective on the Corporate Spin Date, Newmark shall be a Participating Employer in the Plan pursuant to
Section&nbsp;15.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Definitions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) For purposes of this Appendix B, the term &#147;BGC Participants&#148; shall refer to all Participants in the Plan that, on and after the
Corporate Spin Date, are employed by BGC, the Company, or any other Affiliate (other than Newmark or one of its subsidiaries) that has adopted the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For purposes of this Appendix B, the term &#147;Newmark Participants&#148; shall refer to all Participants in the Plan that, on and after
the Corporate Spin Date, are employed by Newmark or any subsidiary of Newmark that is a Participating Employer in the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) For
purposes of this Appendix B, the term &#147;BGC/Newmark Participants&#148; shall refer to all Participants in the Plan that, on or after the Corporate Spin Date, are employed by Newmark or one of its subsidiaries as well as BGC, the Company or any
other Affiliate (other than Newmark or one of its subsidiaries) that has adopted the Plan for the same period of employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) For
purposes of this Appendix B, the term &#147;Discretionary Trustee&#148; shall be AdvisorTrust, appointed pursuant to the BGC Partners, Inc. Deferral Plan Discretionary-Trustee Agreement, dated November&nbsp;28, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Newmark Fund</U>. Effective as of the Corporate Spin Date, the Plan shall maintain an investment fund known as the Newmark Fund, which shall hold the
Newmark stock received by the Plan in the <FONT STYLE="white-space:nowrap">spin-off</FONT> of Newmark from BGC. Each Participant who was invested in the BGC Fund on the Corporate Spin Date shall have an interest in the Newmark Fund based upon his or
her relative investment in the BGC Fund on the Corporate Spin Date. The Newmark Fund shall be frozen to new investments. Each Participant with an interest in the Newmark Fund shall have the right to liquidate his or her investment in the Newmark
Fund pursuant to the rules and procedures established by the Committee under Section&nbsp;10.4, but no new investments shall be made in the Newmark Fund. No dividends paid on the Newmark stock in the Newmark Fund may be reinvested in additional
interests in the Newmark Fund; such dividends will be invested in in the qualified default investment fund identified pursuant to Section&nbsp;10.4(d). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-58- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Newmark Fund Sunset</U>. Effective on the Newmark Plan
<FONT STYLE="white-space:nowrap">Spin-off</FONT> Date (as defined in Section&nbsp;5(c) below (the &#147;Newmark Fund Sunset Date&#148;), the Trustee shall liquidate all remaining assets in the Newmark Fund held by BGC Participants. The proceeds of
the liquidation of the Newmark Fund shall be allocated on a pro rata basis, to the Accounts of BGC Participants who were invested in the Newmark Fund immediately prior to the Newmark Fund Sunset Date, based upon each BGC Participant&#146;s relative
investment in the Newmark Fund immediately prior to the Newmark Fund Sunset Date. All proceeds will be invested in the qualified default investment fund identified pursuant to Section&nbsp;10.6(d). Immediately thereafter, each affected BGC
Participant shall be entitled to direct the investment of such amounts among the Investment Funds as otherwise permitted under Section&nbsp;10.6. The Newmark Fund in the accounts of Newmark Participants and BCG/Newmark Participants shall be spun off
to the New Newmark Plan (as defined in Section&nbsp;5(c) below) on the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Newmark
Participants</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Newmark Participants will continue to participate in the Plan on and after the Corporate Spin Date, provided
however that they will no longer be entitled to invest contributions in the BGC Fund. With respect to Newmark Participants, no dividends paid on the BGC stock in the BGC Fund after the Corporate Spin Date will be reinvested in additional interests
in the BGC Fund; such dividends will be invested in in the qualified default investment fund identified pursuant to Section&nbsp;10.4(d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For Newmark Participants who have directed some or all of their contributions to be invested in the BGC Fund, those contributions made on
and after the Corporate Spin Date will be invested in the qualified default investment fund identified pursuant to Section&nbsp;10.4(d), until such time as the Participant modifies his or her investment direction pursuant to Section&nbsp;10.4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Newmark will adopt its own retirement plan qualified under Code Section&nbsp;401(a) for the Newmark Participants (the &#147;New Newmark
Plan&#148;) effective upon the close of business on November&nbsp;3, 2020 (the &#147;Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date&#148;). As of the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, assets and
liabilities equal to the aggregate Account Balances of Newmark Participants will be <FONT STYLE="white-space:nowrap">spun-off</FONT> from the Plan and transferred to the New Newmark Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) On or as soon as practicable following the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, the applicable assets of
the Trust attributable to Newmark Participants shall be transferred from the Trust to the trust for the New Newmark Plan. Such transfer shall be in cash, except that the Newmark Fund assets will be transferred in kind and the promissory notes
related to a Newmark Participant&#146;s loan(s) from the Plan shall be reregistered. As of the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, liabilities equal to the aggregate account balances being transferred, as adjusted
through such date, of each Newmark Participant shall be transferred to the New Newmark Plan and shall be credited to the corresponding accounts maintained under the New Newmark Plan as provided therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Effective as of the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, Newmark Participants will cease to participate in
the Plan. Each Newmark Participant shall become a participant in the New Newmark Plan on the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, subject to the conditions and limitations of the New Newmark Plan. In addition, each
Beneficiary and each alternate payee under a qualified domestic relations order as defined in Code Section&nbsp;414(p) of such Newmark Participant shall become a beneficiary or an alternate payee, as applicable, in the New Newmark Plan on the
Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, subject to the conditions and limitations of the New Newmark Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-59- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) All contributions required or permitted to be made under the terms of the Plan as of the
Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date shall be made to the New Newmark Plan to the extent not contributed hereunder prior to the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date and, if so contributed,
shall be credited to the accounts of the Newmark Participants under the New Newmark Plan pursuant to the terms of this Plan as though such contributions were contributed to this Plan prior to the Newmark Plan
<FONT STYLE="white-space:nowrap">Spin-off</FONT> Date. After the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, no additional contributions of any kind to any Newmark Participant will be required or permitted under the Plan.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The benefits that would have been provided under the Plan with respect to any Newmark Participant who retired or whose employment
otherwise terminated prior to the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date will be provided from the New Newmark Plan pursuant to the terms of the Plan in effect at the Participant&#146;s termination of employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Beginning at 9:00 a.m. EDT on October&nbsp;23, 2020 (the &#147;Newmark BGC Sunset Date&#148;), the Trustee shall liquidate all assets of
Newmark Participants in the BGC Fund. The proceeds of the liquidation of the assets of Newmark Participants in the BGC Fund shall be allocated on a pro rata basis, to the Accounts of Newmark Participants who were invested in the Newmark Fund
immediately prior to the Newmark BGC Sunset Date, based upon each Participant&#146;s relative investment in the Newmark Fund immediately prior to the Newmark BGC Sunset Date. All proceeds will be invested in the qualified default investment fund
identified pursuant to Section&nbsp;10.4(d). Immediately thereafter, each affected Participant shall be entitled to direct the investment of such amounts among the Investment Funds as otherwise permitted under Section&nbsp;10.4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>BGC/Newmark Participants</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
BGC/Newmark Participants will continue to participate in the Plan on and after the Corporate Spin Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) After the Corporate Spin
Date, BGC/Newmark Participants may continue to direct the investment of some or all of their contributions into the BGC Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The
BGC/Newmark Participants will not be entitled to invest additional amounts in the Newmark Fund in the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Newmark will adopt the
New Newmark Plan effective on the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date. Effective as of such date, the portion of the BGC/Newmark Participants&#146; Accounts invested in the Newmark Fund will be transferred to the New
Newmark Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) On or as soon as practicable following the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, the
applicable assets of the Trust attributable to BGC/Newmark Participants&#146; Account Balances invested in the Newmark Fund shall be transferred from the Trust to the trust for the New Newmark Plan. Such transfer shall be in in kind. As of the
Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, liabilities equal to the aggregate account balances being transferred, as adjusted through such date, of each BGC/Newmark Participant shall be transferred to the New Newmark Plan
and shall be credited to the corresponding accounts maintained under the New Newmark Plan as provided therein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-60- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Each BGC/Newmark Participant for whom a portion of his or her Account balance is
transferred to the Newmark Plan under this Appendix B shall become a participant in the New Newmark Plan on the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, subject to the conditions and limitations of the New Newmark Plan. In
addition, each Beneficiary and each alternate payee under a qualified domestic relations order as defined in Code Section&nbsp;414(p) of such BGC/Newmark Participant shall become a beneficiary or an alternate payee, as applicable, in the New Newmark
Plan on the Newmark Plan <FONT STYLE="white-space:nowrap">Spin-off</FONT> Date, subject to the conditions and limitations of the New Newmark Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.
<U>Discretionary Trustee</U>. The Discretionary Trustee has been engaged to monitor the BGC Fund and the Newmark Fund. The Discretionary Trustee will take such actions as it deems necessary and prudent under ERISA with respect to the BGC Fund and
Newmark Fund under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>Committee&#146;s Actions</U>. The Committee shall take such actions as it deems necessary or desirable to accomplish
the transfer as described in this Appendix B. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-61- </P>

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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d506400dex51.htm
<DESCRIPTION>EX-5.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BGC GROUP, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;3, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BGC Group, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">499 Park Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am the Executive Vice President,
General Counsel and Assistant Corporate Secretary of BGC Group, Inc., a Delaware corporation (&#147;<U>BGC Group</U>&#148;). You have requested my opinion with respect to the matters set forth below in connection with BGC Group&#146;s filing,
pursuant to Rule 414(d) under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), of Post-Effective Amendment No.&nbsp;1 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8,</FONT> File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-259263,</FONT> originally filed by BGC Partners, Inc., a Delaware corporation (&#147;<U>BGC Partners</U>&#148;), with the U.S. Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) on
September&nbsp;2, 2021 (the &#147;<U>Registration Statement</U>&#148;). The Registration Statement related to the registration under the Securities Act of the offer and sale of up to 1,000,000 shares of BGC Partners Class&nbsp;A common stock, par
value $0.01 per share (&#147;<U>BGC Partners Class</U><U></U><U>&nbsp;A Common Stock</U>&#148;), together with an indeterminate amount of plan interests to be offered or sold pursuant to the BGC Partners, Inc. Deferral Plan for Employees of BGC
Partners, Inc., Cantor Fitzgerald, L.P. and their Affiliates (the &#147;<U>Predecessor Plan</U>&#148;). As of this time, 803,890 shares of BGC Partners Class&nbsp;A Common Stock remain unsold pursuant to the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of a corporate conversion that was completed on July&nbsp;1, 2023 (the &#147;<U>Corporate Conversion</U>&#148;), BGC Group became the public
holding company for BGC Partners and, pursuant to Rule <FONT STYLE="white-space:nowrap">12g-3</FONT> under the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), succeeded to BGC Partners&#146; registration under the
Exchange Act. On July&nbsp;3, 2023, BGC Group filed a Form <FONT STYLE="white-space:nowrap">8-K12B</FONT> reporting that it was the successor registrant to BGC Partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Corporate Conversion, each share of BGC Partners Class&nbsp;A Common Stock outstanding at the effective time of the Corporate Conversion was
converted into one share of BGC Group Class&nbsp;A common stock, par value $0.01 per share (&#147;<U>BGC Group Class</U><U></U><U>&nbsp;A Common Stock</U>&#148;). In addition, in connection with the Corporate Conversion, BGC Group assumed and
adopted the Predecessor Plan, as amended and restated as the BGC Group, Inc. Deferral Plan for Employees of BGC Group, Inc., Cantor Fitzgerald, L.P. and their Affiliates (the &#147;<U>Deferral Plan</U>&#148;). The Registration Statement, as amended
by Post-Effective Amendment No.&nbsp;1, now relates to the offer and sale by BGC Group of up to 803,890 shares of BGC Group Class&nbsp;A Common Stock (the &#147;<U>Shares</U>&#148;) and an indeterminate amount of plan interests under the Deferral
Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purposes of this opinion letter, I, or attorneys working under my direction (collectively, &#147;<U>we</U>&#148;), have examined the
Registration Statement and Post-Effective Amendment No.&nbsp;1, the Deferral Plan and the originals, or duplicates or certified or conformed copies, of such corporate records, agreements, documents and other instruments, including the Amended and
Restated Certificate of Incorporation and the Amended and Restated Bylaws of BGC Group, and have made such other investigations as we have deemed relevant and necessary in connection with the opinions set forth below. As to questions of fact
material to this opinion letter, we have relied, with your approval, upon oral and written representations of officers and other representatives of BGC Group and certificates or comparable documents of public officials and of officers and other
representatives of BGC Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In making such examination and rendering the opinions set forth below, we have assumed without verification the genuineness
of all signatures, the authenticity of all documents submitted to us as originals, that all documents submitted to us as certified copies are true and correct copies of such originals, the authenticity of the originals of such documents submitted to
us as certified copies, the conformity to originals of all documents submitted to us as copies, the authenticity of the originals of such documents and the legal capacity of all individuals executing any of the foregoing documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have assumed that the Shares to be offered and sold from time to time will be duly authorized and issued in accordance with the Amended and Restated
Certificate of Incorporation and Amended and Restated Bylaws of BGC Group, the authorizing resolutions of the Board of Directors of BGC Group or a committee thereof, and applicable law, and that any certificates evidencing such Shares will be duly
executed and delivered against receipt of the consideration approved by BGC Group, which will be no less than the par value thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, I am
of the opinion that, when the Shares registered for sale under the Registration Statement, as amended by Post-Effective Amendment No.&nbsp;1, have been issued, delivered and paid for in the manner contemplated by and upon the terms and conditions
set forth in the Registration Statement, as amended by Post-Effective Amendment No.&nbsp;1, and the Deferral Plan, the Shares will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> I am also of the opinion
that the provisions of the written documents constituting the Deferral Plan are in compliance with the Employee Retirement Income Security Act of 1974, as amended (&#147;<U>ERISA</U>&#148;). My opinion expressed above is exclusively based on the
Deferral Plan as constituted as of the date hereof and on the requirements of ERISA in effect as of the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am a member of the bar of the
State of New York, and I do not express any opinion herein concerning any law other than the laws of the State of New York, Title I of ERISA, and the Delaware General Corporation Law (including the statutory provisions, all applicable provisions of
the Delaware Constitution and reported judicial decisions interpreting the foregoing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I hereby consent to the filing of this opinion letter as Exhibit
5.1 to Post-Effective Amendment No.&nbsp;1 and the use of my name in Post-Effective Amendment No.&nbsp;1. In giving such consent, I do not thereby admit that I am in the category of persons whose consent is required under Section&nbsp;7 of the
Securities Act, and the rules and regulations of the SEC promulgated thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Stephen M. Merkel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Stephen M. Merkel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Executive Vice President, General Counsel and</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Assistant Corporate Secretary</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BGC Group, Inc.</TD></TR>
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<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>d506400dex231.htm
<DESCRIPTION>EX-23.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Consent of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the incorporation by reference in Amendment No. 1 to the Registration Statement (Form <FONT STYLE="white-space:nowrap">S-8</FONT> <FONT
STYLE="white-space:nowrap">No.&nbsp;333-259263)</FONT> pertaining to the BGC Group, Inc. Deferral Plan for Employees of BGC Group, Inc., Cantor Fitzgerald, L.P. and their Affiliates of our reports (a)&nbsp;dated March&nbsp;1, 2022 with respect to
the consolidated financial statements and schedule of BGC Partners, Inc., and the effectiveness of internal control over financial reporting of BGC Partners, Inc. included in its Annual Report (Form <FONT STYLE="white-space:nowrap">10-K),</FONT> and
(b)&nbsp;dated June&nbsp;27, 2023, with respect to the financial statements and schedule of the BGC Partners, Inc. Deferral Plan for Employees of BGC Partners, Inc., Cantor Fitzgerald, L.P. and their Affiliates included in the Plan&#146;s Annual
Report (Form <FONT STYLE="white-space:nowrap">11-K),</FONT> both for the year ended December&nbsp;31, 2022, filed with the Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ernst&nbsp;&amp; Young LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;3, 2023 </P>
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