On March 16, 2021, pursuant to the Newmark standing policy for Mr. Lutnick, the
Compensation Committee granted exchange rights and/or monetization rights with respect to rights available to Mr. Lutnick. Mr. Lutnick elected to waive such rights one-time with such future
opportunities to be cumulative. The aggregate number of Mr. Lutnicks units for which he waived exchange rights or other monetization rights was 4,015,168 non-exchangeable Newmark Holdings
PSUs/NPSUs, inclusive of the PSUs receiving an HDU conversion right and 1,443,850 non-exchangeable Newmark Holdings PPSUs with an aggregate determination amount of $18,369,722 at that time, inclusive of the
PPSUs receiving an HDU conversion right.
On April 27, 2021 and June 28, 2021, Mr. Lutnick received monetization rights
under the standing policy in connection the Compensation Committees approval of certain monetization rights for Mr. Merkel. The cumulative number of Mr. Lutnicks units for which he waived exchangeability, with such future
opportunities to be cumulative, was 4,658,804 non-exchangeable Newmark Holdings PSUs/PSU-Hs and 1,608,328 non-exchangeable
Newmark Holdings PPSUs/PPSU-Hs with an aggregate determination amount of $20,009,722.
In
connection with the 2021 Equity Event discussed above, Mr. Lutnick again received monetization rights under the Newmark standing policy. Pursuant to Mr. Lutnicks acceptance and exercise of certain of his rights under the standing
policy at that time, on June 28, 2021, (i) 2,909,819 of Mr. Lutnicks non-exchangeable Newmark Holdings PSUs were redeemed for zero in connection with the issuance of 2,736,103 shares of
our Class A common stock to Mr. Lutnick based upon the exchange ratio of 0.9403, and (ii) 689,183 of Mr. Lutnicks non-exchangeable Newmark Holdings PPSUs were redeemed for a tax
payment of $8,798,546. In addition, pursuant to Mr. Lutnicks exercise of his HDU conversion rights on June 28, 2021, (i) his 552,482 Newmark Holdings PSU-Hs were converted into 552,482
Newmark Holdings HDUs, and (ii) his 602,462 non-exchangeable Newmark Holdings PPSU-Hs were redeemed for a tax payment of $7,983,000.
On December 21, 2021, Mr. Lutnick elected to redeem all of his 193,530 then exchangeable (for cash) Newmark Holdings PPSUs for a
cash payment of $1,465,873. In addition, upon the Compensation Committees approval on December 21, 2021 of the monetization of Mr. Gosins remaining non-exchangeable Newmark Holdings PPSUs
and a number of Mr. Gosins non-exchangeable Newmark Holdings PSUs, Mr. Lutnick (i) elected to redeem 188,883 non-exchangeable Newmark Holdings PPSUs
for a cash payment of $1,954,728, and 127,799 non-exchangeable Newmark Holdings NPPSUs for a cash payment of $1,284,376, both for which he previously waived, but then accepted, his right under the
Companys standing policy for Mr. Lutnick; and (ii) received the right to monetize, and accepted the monetization of, his remaining 122,201 non-exchangeable Newmark Holdings NPPSUs for a cash
payment of $1,228,124, under such standing policy. In connection with the foregoing, Mr. Lutnick accepted the right to monetize approximately $4,406,915 by way of the Company causing 286,511 of Mr. Lutnicks non-exchangeable Newmark Holdings PSUs to be redeemed for zero and issuing 267,572 shares of Newmark Class A common stock, based upon the closing price of our Class A common stock on the date the Committee
approved the transaction (which was $16.47) and a 0.9339 exchange ratio, under the Companys standing policy applying to Mr. Lutnick, with such acceptance of rights granted in reference to Mr. Gosins December 2021 transactions
to the extent necessary to effectuate the foregoing (and otherwise Mr. Lutnick waived all remaining rights one-time, with all opportunities to be cumulative).
As of August 1, 2022, the number of Mr. Lutnicks remaining Newmark Holdings units for which he waived monetization under the
Newmark standing policy, with such future opportunities to be cumulative, included 1,044,150 non-exchangeable Newmark Holdings PSUs.
Partnership Enhancement Programs
We have from time to time undertaken partnership redemption and compensation restructuring programs to enhance our employment arrangements by
leveraging our unique partnership structure. Under these programs, participating partners generally may agree to extend the lengths of their employment or service agreements, to accept a larger portion of their compensation in partnership units and
to other contractual modifications sought by us. As part of these programs, we may also redeem limited partnership interests for cash and/or other units and grant exchangeability to certain units.