Company: BBU
Filing Date: 2025-03-10
Form Type: 424B3
Source: 0001104659-25-022184
Chunk: 24

Company: Brookfield Business Partners L.P.
Filing Date: 2025-03-10
Form: 424B3
Chunk 24
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 exchangeable shares), as applicable, without a corresponding distribution of rights, options or warrants by the other entity; (iv) if the partnership distributes to all or substantially all holders of units evidences of its indebtedness or assets (including securities), or assets or rights, options or warrants to convert into, exchange for or subscribe for or to purchase or to otherwise acquire such securities but excluding all distributions where a comparable distribution (or the cash equivalent) is made by BBUC; or (v) if the partnership or one of its subsidiaries makes a payment in respect of a tender or exchange offer for the units (but excluding for all purposes any exchange or tender offer to exchange units for exchangeable shares or any other security economically equivalent to units), to the extent that the cash and value of any other consideration included in the payment per unit exceeds certain thresholds.

#### Secondary Exchange Rights
Brookfield is party to the Rights Agreement with Wilmington Trust, National Association (the “

#### rights agent
”), pursuant to which Brookfield has agreed that, until March 15, 2027, upon an exchange of exchangeable shares, in the event that, on the applicable specified exchange date with respect to any subject exchangeable shares, (i) BBUC has not satisfied its obligation under the BBUC articles by delivering the unit amount or its cash equivalent amount and (ii) the partnership has not, upon its election in its sole and absolute discretion, acquired such subject exchangeable share from the holder thereof and delivered the applicable unit or cash amount, Brookfield will satisfy, or cause to be satisfied, the obligations pursuant to the BBUC articles

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to exchange such exchangeable shares for the unit amount or its cash equivalent. The holders of exchangeable shares have a right to receive units or the cash amount in such circumstances (“

#### Secondary Exchange Rights
”). Brookfield currently intends to satisfy any exchange requests on the exchangeable shares through the delivery of units rather than cash. The Secondary Exchange Rights are a part of the terms of the exchangeable shares and may not be evidenced, transferred or assigned separate or apart from the exchangeable shares.

Brookfield Consent Right. The Master Services Agreement provides, so long as Brookfield is a party to the Rights Agreement, Brookfield shall have a consent right prior to the issuance by BBUC of any exchangeable shares, subject to certain exceptions.

Appointment of Rights Agent . The rights agent has agreed to act as the rights agent for the holders, as a