Newmark tightens partner non-compete, non-solicit, clawback in partnership amendment

NEWMARK GROUP, INC.

Amends Section 3.03 to impose duty of loyalty, non-compete (6 mo), non-solicit of customers (1 yr) and employees (2 yr), and non-disparagement (4 yr) on partners.
Breach of obligations triggers redemption of units at Base Amount and forfeiture of Additional Amounts (earn-out payments).
Expands definitions of Competing Business, Protected Affiliate, Client, and Client Representative to broaden restriction scope.
Requires departing partners to certify no breach before receiving Additional Amounts; false certification triggers liability for damages plus interest.
Cantor Companies are exempt from the new partner obligations and restrictions.

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