an average determination price of $6.95 per unit) for a payment of $1,411,720 for taxes when the foregoing PPSUs are exchanged. These PSUs and PPSUs were issued to Mr. Lutnick in
connection with prior
year-end
compensation grants under the BGC Incentive Plan and were previously included under column (g) at full notional value for the applicable period. To date,
Mr. Lutnick has not exercised this right to exchange and has not sold any shares in connection with these rights. PPSUs are not included in our fully-diluted share count.
The $2,428,920 amount in column (e) for Mr. Merkel for 2018 represents (a) 200,000 of Mr. Merkels
non-exchangeable
BGC Holdings PSUs that were made exchangeable and exchanged by the Company at $12.79, which was the average price per unit of the sale proceeds of shares of our Class A common stock under our
Controlled Equity Offering on April 2, 2018, which was the date of such exchange, less 2%, totaling $1,406,520, and (b) 90,000
non-exchangeable
BGC Holdings PPSUs that were made exchangeable and exchanged
by the Company at the weighted-average determination price of $11.36 per unit, totaling $1,022,400, for a total aggregate amount of $2,428,920.
Column (e) does not include the (i) 4,000,000 BGC Holdings NPSUs granted to Mr. Lutnick and 1,000,000 BGC Holdings NPSUs granted to
Mr. Lynn in 2015; (ii) 1,500,000 BGC Holdings NPSUs granted to Mr. Lutnick, 3,000,000 BGC Holdings NPSUs granted to Mr. Lynn, 1,000,000 BGC Holdings NPSUs granted to Mr. Merkel, and 75,000 BGC Holdings NPSUs granted to
Mr. Windeatt in 2016; (iii) 400,000 BGC Holdings NPSUs granted to Mr. Windeatt in 2017; or (iv) 500,000 NPSUs in Newmark Holdings granted to Mr. Lutnick in 2019 for 2018, in each case, because such NPSUs do not represent a right to
acquire shares of Class A common stock and had no grant date fair value for accounting purposes. Of the 4,000,000 BGC Holdings NPSUs granted to Mr. Lutnick in 2014, (i) 2,000,000 were in 2015 replaced by a total of 1,100,000
non-exchangeable
BGC Holdings PSUs and 900,000
non-exchangeable
BGC Holdings PPSUs; and (ii) 1,000,000 were in 2016 replaced by 720,000
non-exchangeable
BGC Holdings PSUs and 280,000
non-exchangeable
BGC Holdings PPSUs. Of the 1,000,000 BGC Holdings NPSUs granted to Mr. Merkel in 2014, (i) in 2015,
142,858 were replaced by 78,571
non-exchangeable
BGC Holdings PSUs and 64,286
non-exchangeable
BGC Holdings PPSUs, of which (a) 5,607 BGC Holdings PSUs and 4,588 BGC
Holdings PPSUs were made exchangeable and repurchased by the Company at the average price of shares of our Class A common stock under our Controlled Equity Offering, less 2%, for an aggregate of $91,558; (b) 8,536 BGC Holdings PSUs were made
exchangeable and repurchased by the Company at a price of $8.34 per share, the closing price of our Class A common stock on the date the Compensation Committee approved the transaction, for an aggregate of $71,190; and (c) 6,983 BGC Holdings
PPSUs were made exchangeable and repurchased by the Company at a price of $9.15 per share, the closing price of our Class A common stock on December 31, 2014, for an aggregate $63,894, for a total aggregate of $226,643; and (ii) in
2016, 142,858 BGC Holdings NPSUs were replaced by 78,571
non-exchangeable
BGC Holdings PSUs and 64,286
non-exchangeable
BGC Holdings PPUs, of which (a) 60,103 BGC
Holdings PSUs were made exchangeable and repurchased by the Company at a price of $6.51 per BGC Holdings PSU, for an aggregate of $391,270; and (b) 49,175 BGC Holdings PPSUs were made exchangeable and repurchased by the Company at a price of $6.51
per BGC Holdings PPSU, for an aggregate of $320,129, for a total aggregate of $711,399. The remaining 714,826 BGC Holdings NPSUs of the 1,000,000 BGC Holdings NPSUs granted to Mr. Merkel in 2014 were surrendered by Mr. Merkel in 2016 (see
NPSU Grants and Related Replacement and Exchange Right Grants).
Of the 4,000,000 BGC Holdings NPSUs granted to
Mr. Lutnick in 2015, (i) in 2016, 1,000,000 were replaced by 550,000
non-exchangeable
BGC Holdings PSUs and 450,000
non-exchangeable
BGC Holdings PPSUs, and
(ii) in 2017, 1,000,000 were replaced by 720,000
non-exchangeable
BGC Holdings PSUs and 280,000
non-exchangeable
BGC Holdings PPSUs. Of the 1,000,000 BGC Holdings
NPSUs granted to Mr. Lynn in 2015, in each of 2016, 2017, 2018 and 2019, 250,000 were replaced by 180,000
non-exchangeable
BGC Holdings LPUs and 70,000
non-exchangeable
BGC Holdings PLPUs for an aggregate of 720,000
non-exchangeable
BGC Holdings LPUs and 280,000
non-exchangeable
BGC Holdings PLPUs.
Of the 1,500,000 BGC Holdings NPSUs granted to Mr. Lutnick in 2016, in 2017, 375,000 were replaced by 270,000
non-exchangeable
BGC Holdings PSUs and 105,000
non-exchangeable
BGC Holdings PPSUs. Of the 3,000,000 BGC Holdings NPSUs granted to Mr. Lynn in 2016, in each of 2017 and
2018 and 2019, 500,000 were replaced by 360,000
non-exchangeable
BGC Holdings LPUs and 140,000
non-exchangeable
BGC Holdings PLPUs for an aggregate of 1,080,000
non-exchangeable
BGC Holdings LPUs and 420,000
non-exchangeable
BGC Holdings PLPUs. Of the 1,000,000 BGC Holdings NPSUs granted to Mr. Merkel in 2016, (i) in 2016,
200,000 of such BGC Holdings NPSUs were replaced by (a) 110,000
non-exchangeable
BGC Holdings PSUs, which were made exchangeable and repurchased by the Company for an aggregate of $952,600, based on the
closing price of $8.65 of our Class A common stock on November 7, 2016; and (b) 90,000
non-exchangeable
BGC Holdings PPSUs, which were made exchangeable and repurchased by the Company for an
aggregate of $773,599, at the weighted-average determination price of $8.60 per unit, for a total aggregate of $1,726,199; (ii) in 2017, 200,000 of such BGC Holdings NPSUs were replaced by (a) 110,000
non-exchangeable
BGC Holdings PSUs, which were made exchangeable and repurchased by the Company at $11.06, the average price of shares of our Class A common stock under our Controlled Equity Offering,
less 2%, for an aggregate of $1,216,911; and (b) 90,000
non-exchangeable
BGC Holdings PPSUs, which were made exchangeable and repurchased by the Company for an aggregate of $847,033 at the weighted-average
determination price of $9.41 per unit; and (iii) in 2018, (i) 110,000 of such BGC Holdings NPSUs were replaced by (a) 110,000
non-exchangeable
BGC Holdings PSUs, which were made exchangeable and
exchanged for cash by the Company at $12.79, the average price of shares of our Class A common stock sold under our Controlled Equity Offering on April 2, 2018, the date of such exchange, less 2%; and (b) 90,000
non-exchangeable
BGC Holdings PPSUs, which were made exchangeable and exchanged for cash by the Company at the weighted-average determination price of $11.36 per unit, for a total aggregate cash proceeds of
$2,428,920. Of the 75,000 BGC Holdings NPSUs granted to Mr. Windeatt in 2016, in each of 2017 and 2018, and 2019, 18,750 were replaced by 13,500
non-exchangeable
BGC Holdings LPUs and 5,250
non-exchangeable
BGC Holdings PLPUs for an aggregate of 40,500
non-exchangeable
BGC Holdings LPUs and 15,750
non-exchangeable
BGC
Holdings PLPUs. Of the 400,000 BGC Holdings NPSUs granted to Mr. Windeatt in 2017, in 2019 100,000 were replaced by 100,000
non-exchangeable
BGC Holdings LPUs for an aggregate of 200,000
non-exchangeable
BGC Holding LPUs.
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