X0202 4 2005-05-20 1 0000931707 MAXCOR FINANCIAL GROUP INC MAXF 0001021541 STEVENS JAMES W C/O MAXCOR FINANCIAL GROUP INC. ONE SEAPORT PLAZA, 19TH FLOOR NEW YORK NY 10038 1 0 0 0 Common Stock, par value $.001 2005-05-20 4 D 0 10000 14.00 D 0 D Option (right to buy) 2.00 2005-05-20 4 D 0 10000 12.00 D 2006-08-26 Common Stock 10000 0 D Option (right to buy) 2.00 2005-05-20 4 D 0 10000 12.00 D 2008-08-13 Common Stock 10000 0 D Option (right to buy) 2.60 2005-05-20 4 D 0 10000 11.40 D 2009-11-08 Common Stock 10000 0 D Option (right to buy) 3.00 2005-05-20 4 D 0 10000 11.00 D 2011-07-02 Common Stock 10000 0 D Option (right to buy) 6.00 2005-05-20 4 D 0 10000 8.00 D 2012-06-30 Common Stock 10000 0 D Option (right to buy) 10.70 2005-05-20 4 D 0 10000 3.30 D 2013-07-21 Common Stock 10000 0 D Option (right to buy) 8.945 2005-05-20 4 D 0 10000 5.055 D 2014-08-02 Common Stock 10000 0 D These options, which provided for vesting over one year (50% per six months) from the date of grant, August 27, 1996, were canceled in the merger of Magnet Acquisition Corp. with and into the Issuer (the "Merger") pursuant to the Agreement and Plan of Merger, dated as of April 4, 2005, by and among the Issuer, BGC Partners, L.P. and Magnet Acquisition Corp. in exchange for a cash payment of $120,000, representing the difference between the exercise price of the option and the $14.00 per share of Common Stock payable as consideration in the Merger. These options, which provided for vesting over one year (50% per six months) from the date of grant, August 14, 1998, were canceled in the Merger in exchange for a cash payment of $120,000, representing the difference between the exercise price of the option and the $14.00 per share of Common Stock payable as consideration in the Merger. These options, which provided for vesting over one year (50% per six months) from the date of grant, November 9, 1999, were canceled in the Merger in exchange for a cash payment of $114,000, representing the difference between the exercise price of the option and the $14.00 per share of Common Stock payable as consideration in the Merger. These options, which provided for vesting over one year (50% per six months) from the date of grant, July 3, 2001, were canceled in the Merger in exchange for a cash payment of $110,000, representing the difference between the exercise price of the option and the $14.00 per share of Common Stock payable as consideration in the Merger. These options, which provided for vesting over one year (50% per six months) from the date of grant, July 1, 2002, were canceled in the Merger in exchange for a cash payment of $80,000, representing the difference between the exercise price of the option and the $14.00 per share of Common Stock payable as consideration in the Merger. These options, which provided for vesting over one year (50% per six months) from the date of grant, July 22, 2003, were canceled in the Merger in exchange for a cash payment of $33,000, representing the difference between the exercise price of the option and the $14.00 per share of Common Stock payable as consideration in the Merger. These options, which provided for vesting over one year (50% per six months) from the date of grant, August 3, 2004, were canceled in the Merger in exchange for a cash payment of $50,550, representing the difference between the exercise price of the option and the $14.00 per share of Common Stock payable as consideration in the Merger. ROGER E. SCHWED, By Roger E. Schwed, Attorney-in-fact 2005-05-24