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MarketScreener Homepage  >  Equities  >  Nasdaq  >  BGC Partners, Inc.    BGCP

BGC PARTNERS, INC.

(BGCP)
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BGC PARTNERS, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

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08/14/2020 | 06:09pm EDT

Item 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On August 14, 2020, BGC Partners, Inc. (the "Registrant," "BGC Partners," "BGC," or the "Company") announced that Shaun D. Lynn has been appointed Vice Chairman of the Company, effective October 1, 2020, and will transition from his current role of President through September 2020. Mr. Howard W. Lutnick, Chairman of the Board and Chief Executive Officer of the Company, will continue to manage the day-to-day activities of the business alongside the Company's other executives and senior management. In his new role, Mr. Lynn will no longer serve as an executive officer of the Company.

A copy of the press release announcing these changes is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

On August 14, 2020, in connection with Mr. Lynn's appointment to Vice Chairman of the Company, Mr. Lynn entered into an amended deed of adherence (the "Amended Deed") with BGC Services (Holdings) LLP (the "U.K. Partnership") which amends the Amended and Restated Deed of Adherence, dated December 14, 2016, between Mr. Lynn and the U.K. Partnership (the "Lynn Deed"). The Amended Deed amends the Lynn Deed by, among other things, (i) stating that effective as of October 1, 2020, Mr. Lynn shall no longer be responsible for the day-to-day operations of the brokerage business of BGC Partners, Inc.; (ii) reducing the target allocation of profit for each Financial Period (as that term is defined in the Lynn Deed) during the term of the Deed, effective October 1, 2020, from 300% to 100% of annualized Allocation Monthly Advanced Drawings (as that term is defined in the Lynn Deed); and (iii) adjusting the portion paid in cash and non-cash grants effective on the same date. The Compensation Committee of the Company's Board of Directors approved the Amended Deed.

The foregoing description of the Amended Deed does not purport to be complete and is qualified in its entirety by reference to the full text of such document that is filed as Exhibit 10.1, to this Current Report on Form 8-K and incorporated herein by reference.

Discussion of Forward-Looking Statements about BGC

Statements in this document and the attached press release regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The exhibit index set forth below is incorporated by reference in response to this Item 9.01.

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© Edgar Online, source Glimpses


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