Preheat oven to 350 degrees F (175 degrees C). Line a 10x15-inch jelly roll pan with aluminum foil.
Mix 2 cups flour, butter, and white sugar together into a smooth dough in a large bowl. Press evenly into prepared pan to make crust.
Bake in the preheated oven until crust is lightly golden, about 12 minutes. Remove from oven and let cool.
Whisk eggs in a large bowl until fluffy, 2 to 3 minutes. Add brown sugar, 1/4 cup flour, baking powder, and salt; mix well until smooth. Fold in walnuts and maraschino cherries. Spread filling over baked crust.
Bake in the preheated oven until filling is set and golden brown, 20 to 25 minutes. Remove oven and allow to cool completely, 30 to 45 minutes.