Lynn Shaun D 4
4 · BGC Partners, Inc. · Filed Jul 31, 2020
Insider Transaction Report
Form 4
Lynn Shaun D
President
Transactions
- Disposition to Issuer
BGC Holdings Exchangeable Limited Partnership Interests
2020-07-30−883,348→ 0 total→ Class A common stock, par value $0.01 per share (883,348 underlying)
Footnotes (2)
- [F1]On March 2, 2020, BGC Partners, Inc. (the "Company") granted the reporting person 883,348 exchange rights with respect to 883,348 non-exchangeable limited partnership interests of BGC Holdings, L.P. ("BGC Holdings") that were previously granted to the reporting person. The resulting 883,348 exchangeable limited partnership interests of BGC Holdings were immediately exchangeable by the reporting person for an aggregate of 883,348 shares of Class A common stock, par value $0.01 per share, of the Company ("Class A common stock"). The grant was approved by the Compensation Committee of the Board of Directors of the Company (the "Compensation Committee") and was exempt pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
- [F2]On July 30, 2020, the Company repurchased 797,222 of such 883,348 exchangeable limited partnership interests held by Mr. Lynn at a price of $2.76, the closing price of shares of Class A common stock on July 30, 2020. In connection with such repurchase, the remaining 86,126 of such 883,348 exchangeable limited partnership interests held by Mr. Lynn were redeemed for zero. The transactions were approved by the Compensation Committee and are exempt pursuant to Rule 16b-3 under the Exchange Act.