Document:

EX-10.10

  
  Exhibit 10.10
 
 

EQUITY COMMITMENT AGREEMENT
 THIS AGREEMENT made as of the 31st day of March, 2020
 B E T W E E N:

BROOKFIELD INFRASTRUCTURE HOLDINGS (CANADA) INC.
("Canada HoldCo"), a corporation existing under the laws of the Province of Ontario

- and -
 BROOKFIELD INFRASTRUCTURE CORPORATION
("BIPC"), a corporation existing under the laws of the Province of
British Columbia
 RECITALS:
 A. WHEREAS
Canada HoldCo will subscribe for, or cause one of its Affiliates (as defined below) to subscribe for, Class C Shares or Preferred Shares of BIPC, on the terms and conditions set forth in this Equity Commitment Agreement and, as applicable, the
articles of incorporation of BIPC, as the same may be amended and/or restated from time to time; and

B. WHEREAS BIPC intends to call on Canada HoldCo's Commitment, from time to time and as
necessary, to fund growth capital investments and acquisitions, or for working capital purposes;
 NOW THEREFORE in consideration of the mutual covenants and agreements herein contained and other good and
valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:
 1. Interpretation

1.1 Definitions.  In this Equity Commitment Agreement, the following terms shall have
the following meanings:
 1.1.1 "Affiliate" means, with respect to a Person, any other
Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person; 

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1.1.2 "BIP Group" means the BIP Partnership, the Infrastructure Partnership, the Holding
Entities, the Operating Entities and any other direct or indirect Subsidiary of a Holding Entity, other than any member of the BIPC Group;
 1.1.3 "BIPC" has the meaning assigned thereto in the preamble;
 1.1.4 "BIPC Group" means BIPC and any of its direct or indirect Subsidiaries;
 1.1.5 "BIP Partnership" means Brookfield Infrastructure Partners L.P.;
 1.1.6 "Business Day" means any day that the Principal Stock Exchange is open for trading, other than any legal holiday recognized as such in the Province of Ontario or the
Province of British Columbia;
 1.1.7 "Canada HoldCo" has the meaning assigned thereto
in the preamble;
 1.1.8 "Class A Shares" means the class A subordinate voting shares
in the capital of BIPC;
 1.1.9 "Class C Shares" means the class C non-voting shares
in the capital of BIPC;
 1.1.10 "Commitment" has the meaning assigned thereto in
Section 2.1;
 1.1.11 "Commitment Period" means the period commencing on the Effective
Date and ending on the tenth anniversary following the Effective Date;

1.1.12 "Control" means the control of one Person of another Person in accordance with the
following:  a Person ("A") controls another Person ("B") where A has the power to determine the management and policies of B by contract or status (for example the status of A being the general partner of B) or by virtue of beneficial ownership
of a majority of the voting interests in B; and for certainty and without limitation, if A owns shares to which more than 50% of the votes permitted to be cast in the election of directors to the board of B or A is the general partner of B, a
limited partnership, then in each case A Controls B for this purpose;
 
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 1.1.13 "Draw-Down Notice" means a notice to Canada HoldCo of a draw-down on the
Commitment;
 1.1.14 "Effective Date" means the date hereof;

1.1.15 "Equity Commitment Agreement" means this equity commitment agreement as it may be
amended or restated from time to time;
 1.1.16 "Holding Entity" has the meaning
assigned thereto in the BIP Partnership Agreement;
 1.1.17 "Infrastructure Partnership"
means Brookfield Infrastructure L.P.;
 1.1.18 "Operating Entity" has the meaning
assigned thereto in the BIP Partnership Agreement;
 1.1.19 "Person" means any
individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal
representative, regulatory body or agency, government or governmental agency, authority or entity however designated or constituted;
 1.1.20 "Preferred Shares" means the class A senior preferred shares and the class B junior preferred shares in the capital of BIPC;

1.1.21 "Principal Stock Exchange" means the New York Stock Exchange or if the Class A
Shares are not listed on the New York Stock Exchange, the principal stock exchange on which the Class A Shares are listed;
 

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1.1.22 "Subscriber" means Canada HoldCo or any other member of the BIP Group that Canada
HoldCo causes to subscribe for Class C Shares or Preferred Shares pursuant to this Equity Commitment Agreement;
 1.1.23 "Subscription Payment" has the meaning assigned thereto in Section 2.2;
 1.1.24 "Subscription Payment Date" means a date specified in a Draw-Down Notice on which a Subscription Payment is to be made to BIPC;

1.1.25 "Subsidiary" means, with  respect  to  any  Person,  (i)
any  other  Person  that is directly or indirectly Controlled by such Person, (ii) any trust in which such Person holds all of the beneficial interests or (iii) any partnership, limited liability company or similar entity in which
such Person holds all of the interests other than the interests of any general partner, managing member or similar Person; and
 1.1.26 "US$" means United States dollars.
 1.2 Headings.  The inclusion of headings and a table of contents in this Equity Commitment Agreement are for convenience of reference only and will not affect the
construction or interpretation hereof.
 1.3 Gender and Number.  In this Equity
Commitment Agreement, unless the context otherwise requires, words importing the singular include the plural and vice versa, words importing gender include all genders or the neuter, and words importing the neuter include all genders.

1.4 Invalidity of Provisions.  Each of the provisions contained in this Equity
Commitment Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision
hereof.  To the extent permitted by applicable law, the parties waive any provision of law which renders any provision of this Equity Commitment Agreement invalid or unenforceable in any respect.  The parties will engage in good faith
negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable provision which it replaces.

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1.5 Currency.  Except where otherwise expressly provided, all amounts in this Equity
Commitment Agreement are stated and shall be paid in US$. BIPC shall call all Subscription Payments in US$. Canada HoldCo shall make all Subscription Payments in US$ or in the equivalent amount of Canadian Dollars on the basis of rates quoted by
appropriate financial institutions of repute or by internationally recognized financial publications or news services. If it is necessary for any amounts to be converted from another currency into US$, then BIPC will convert the amount using rates
quoted by appropriate financial institutions of repute or by internationally recognized financial publications or news services.
 1.6 Waiver, Amendment.
 Except as expressly provided in this Equity Commitment Agreement, no amendment or waiver of
this Equity Commitment Agreement will be binding unless executed in writing by the party to be bound thereby.  No waiver of any provision of this Equity Commitment Agreement will constitute a waiver of any other provision nor will any waiver of
any provision of this Equity Commitment Agreement constitute a continuing waiver unless otherwise expressly provided.
 1.7 Governing Law
 This Equity Commitment Agreement shall be governed by and construed in accordance with the laws of
Ontario and the federal laws of Canada applicable therein.
 
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2. The Commitment

2.1 The aggregate commitment of Canada HoldCo to subscribe for Class C Shares and Preferred Shares
of BIPC pursuant to this Equity Commitment Agreement is $1 billion (the "Commitment").

2.2 Each draw-down shall not exceed $250,000,000, unless Canada HoldCo otherwise agrees, and each
subsequent draw-down shall be made a minimum of 120 days after the receipt of the last Draw-Down Notice from BIPC.
 2.3 Subject to Sections 3 and 4, on each Subscription Payment Date, the Subscriber shall pay to BIPC an amount of cash set out in a Draw-Down Notice (the "Subscription
Payment") in exchange for the issuance of Class C Shares and/or Preferred Shares pursuant to Section 6.
 2.4 The amount of the Commitment shall be permanently reduced by the amount of any Subscription Payment made to BIPC.

3. Subscription Payments on Draw-Downs

3.1 Canada HoldCo shall cause one or more Subscribers to make a Subscription Payment to BIPC
following receipt of a Draw-Down Notice from BIPC and in such amount as BIPC shall specify in the Draw-Down Notice; provided that no Subscription Payment shall be less than $10 million or in excess of the undrawn amount of the Commitment at the time
the Subscription Payment is to be made.
 3.2 BIPC shall give the Draw-Down Notice to Canada
HoldCo in the manner specified in Section 10 hereof.  The Draw-Down Notice shall:

3.2.1 specify (i) the place at which such Subscription Payment is to be made, including, if
applicable, the account of BIPC or one or more of its subsidiaries to which such Subscription Payment should be made, (ii) the security to be issued, (iii) the amount of such Subscription Payment to be made, and (iv) the Subscription Payment Date
and time at which such Subscription Payment is to be made, which shall not be earlier than 12:00 p.m., Toronto time, generally on the tenth Business Day, but in no event earlier than the fifth Business Day, after the giving of the Draw-Down
Notice; and
 
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3.2.2 confirm that (i) BIPC is able to pay its liabilities as they become due; and (ii) there
has been no material adverse effect with respect to BIPC or its affairs or financial condition.

3.3 If BIPC deems it advisable, BIPC may reduce the amount of or cancel any call for a
Subscription Payment by giving notice to Canada HoldCo in accordance with Section 10, subject to Section 3.1.
 4. Conditions Precedent
 Canada HoldCo's obligations pursuant to Section 3.1 are subject to compliance, as of
the Subscription Payment Date, with each of the following conditions precedent which are for the sole and exclusive benefit of Canada HoldCo and may be waived by Canada HoldCo in its sole discretion:

4.1 a member of the BIP Group shall Control BIPC and a member of the BIP Group shall have the
ability to elect a majority of the directors of BIPC;
 4.2 a Draw-Down Notice shall have been
provided to Canada HoldCo in accordance with Section 3.2;
 4.3 a majority of the directors of
BIPC shall have authorized the issuance of Class C Shares or Preferred Shares pursuant to Section 6; and

4.4 on each of the five Business Days immediately preceding the Subscription Payment Date, Class A
Shares shall have traded on the Principal Stock Exchange.
 5. Expiration of the
Commitment Period and Termination
 Upon the earlier of (i) the expiration of the Commitment Period, subject to the ongoing obligation to satisfy a previously issued Draw-Down Notice, and
(ii) the making of Subscription Payments equal to the full amount of the Commitment, no Subscriber shall be required to make Subscription Payments and this Equity Commitment Agreement shall terminate and no longer be of any effect.

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6. Issuance of Class C Shares or Preferred Shares

6.1 Upon making a Subscription Payment to BIPC, BIPC, at BIPC's election, shall:

6.1.1 issue a number of Class C Shares equal to the cash amount of the Subscription Payment
divided by the volume-weighted average of the trading price for one Class A Share on the Principal Stock Exchange for the five trading days immediately preceding the Subscription Payment Date;

6.1.2 issue a number of Preferred Shares equal to the cash amount of the Subscription Payment
divided by the issue price and redemption price for one Preferred Share (being $25.00); or

6.1.3 issue a number of any combination of Class C Shares and/or Preferred Shares with an
aggregate issue price, as calculated in accordance with this Section 6.1, equal to the cash amount of the Subscription Payment.
 6.2 Prior to the issuance of Preferred Shares to the Subscriber, BIPC shall deliver to Canada HoldCo the terms of the applicable Preferred Shares. If Canada HoldCo does not
accept the terms of such Preferred Shares, BIPC shall issue Class C Shares to the Subscriber pursuant to this Section 6.
 7. Representations and Warranties
 7.1 Canada HoldCo hereby represents and warrants to BIPC that:
 7.1.1 
it is validly organized and existing under the laws of the Province of Ontario;
 
 
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 7.1.2 it has the power, capacity and authority
to enter into this Equity Commitment Agreement and to perform its duties and obligations hereunder;

7.1.3 it has taken all necessary action to authorize the execution, delivery and performance of
this Equity Commitment Agreement;
 7.1.4 the execution and delivery of this Equity
Commitment Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its articles, by-laws, constituent documents or other organizational documents;

7.1.5 no authorization, consent or approval, or filing with or notice to any Person is required
in connection with the execution, delivery or performance by it of this Equity Commitment Agreement; and
 7.1.6 this Equity Commitment Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to (i) applicable
bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors' rights and remedies generally and (ii) general principles of equity, including standards of
materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

7.2 BIPC hereby represents and warrants to Canada HoldCo that:

7.2.1 it is validly organized and existing under the laws of the Province of British
Columbia;
 7.2.2 it has the power, capacity and authority to enter into this Equity
Commitment Agreement and to perform its duties and obligations hereunder;
 
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10 -
 
 7.2.3 it has taken all necessary action to authorize the execution, delivery
and performance of this Equity Commitment Agreement;
 7.2.4 the execution and delivery of
this Equity Commitment Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its articles, by-laws, constituent documents or other organizational documents;

7.2.5 no authorization, consent or approval, or filing with or notice to any Person is required
in connection with the execution, delivery or performance by it of this Equity Commitment Agreement; and
 7.2.6 this Equity Commitment Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to (i) applicable
bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors' rights and remedies generally and (ii) general principles of equity, including standards of
materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

8. Further Assurances

Each of the parties hereto shall promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party hereto may
reasonably require from time to time for the purpose of giving effect to this Equity Commitment Agreement and shall use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions
of this Equity Commitment Agreement.
 
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9. Successors and Assigns

No party may assign its right or benefits under this Equity Commitment Agreement without the prior written consent of the other parties hereto provided that Canada HoldCo may assign its rights and
benefits under this Equity Commitment Agreement to any member of the BIP Group without obtaining the prior written consent of the other parties.  This provision of this Equity Commitment Agreement shall enure to the benefit of and be binding on
the parties to this Equity Commitment Agreement and their respective successors and assigns.

10. Notice
 Any notice
or other communication required or permitted to be given hereunder shall be in writing and shall be given by prepaid mail, by facsimile or other means of electronic communication or by delivery as hereafter provided.  Any such notice or other
communication, if mailed by prepaid mail at any time other than during a general discontinuance of postal service due to strike, lockout or otherwise, shall be deemed to have been received on the fourth Business Day after the post-marked date
thereof, or if sent by facsimile or other means of electronic communication, shall be deemed to have been received on the Business Day following the sending, or if delivered by hand shall be deemed to have been received at the time it is delivered
to the applicable address noted below either to the individual designated below or to an individual at such address having apparent authority to accept deliveries on behalf of the addressee.  Notice of change of address shall also be governed
by this section.  In the event of a general discontinuance of postal service due to strike, lock-out or otherwise, notices or other communications shall be delivered by hand or sent by facsimile or other means of electronic communication and
shall be deemed to have been received in accordance with this section.  Notices and other communications shall be addressed as follows:
 (a) if to Canada HoldCo:
Brookfield Place, Suite 300
 181 Bay Street

Toronto, ON M5J 2T3
 
 
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 (b) if to BIPC:

Brookfield Infrastructure Corporation
Brookfield Place
 250 Vesey
Street, 15th Floor
New York NY 10281

11. Counterparts

This Equity Commitment Agreement may be signed in counterparts and each of such counterparts shall constitute an original document and such counterparts, taken together, shall constitute one and the
same instrument.
 [NEXT PAGE IS THE SIGNATURE PAGE]
 
 IN
WITNESS WHEREOF the parties hereto have executed this agreement as of the date first written above.

	  
 	 BROOKFIELD INFRASTRUCTURE HOLDINGS (CANADA) INC.
  
 
	 By:
 	 /s/ Edward Kress
 
	  
 	 Name:  Edward Kress
 Title:    Director
 
	  
 	  
 	  
 
	  
 	 BROOKFIELD INFRASTRUCTURE CORPORATION
  
 
	 By:
 	 /s/ Aaron Kline
 
	  
 	 Name:  Aaron Kline
 Title:    Vice President
  
 

[Equity Commitment Agreement – Signature Page]EX-10.11

  
  Exhibit 10.11
 
 BIF
III NORONHA AIV LLC 
- and - 
BIP NORONHA AIV LLC 
- and - 
BROOKFIELD INFRASTRUCTURE CORPORATION
 VOTING AGREEMENT
 Effective
March 30, 2020
 

	TABLE OF CONTENTS
	 	 
	ARTICLE 1 INTERPRETATION	2
	1.1 Definitions	2
	1.2 Headings and Table of Contents	3
	1.3 Interpretation	3
	1.4 Invalidity of Provisions	4
	1.5 Entire Agreement	4
	1.6 Waiver Amendment	4
	1.7 Governing Law	5
	ARTICLE 2 VOTING	5
	2.1 Voting at the Direction of BIPC	5
	2.2 General Guidelines	5
	2.3 Standard of Care	6
	ARTICLE 3 REPRESENTATIONS AND WARRANTIES	6
	3.1 Representations and Warranties of BIF III AIV	6
	3.2 Representations and Warranties of BIP AIV	7
	3.3 Representations and Warranties of BIPC	7
	ARTICLE 4 TERMINATION	8
	4.1 Term	8
	4.2 Termination	8
	ARTICLE 5 GENERAL PROVISIONS	8
	5.1 Assignment	8
	5.2 Enurement	9
	5.3 Notices	9
	5.4 Further Assurances	10
	5.5 Counterparts	10

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VOTING AGREEMENT
 THIS AGREEMENT made effective as of the 30th day of March, 2020.
 AMONG:

BIF III NORONHA AIV LLC 
("BIF III AIV")
 - and -
 BIP NORONHA AIV
LLC 
("BIP AIV")
 - and -
 BROOKFIELD INFRASTRUCTURE CORPORATION
("BIPC")

RECITALS:
 A. WHEREAS, BIF III AIV and BIP AIV
own approximately 74.69% and 25.31%, respectively, of the limited liability company interests (the "LLC Interests") of ValveCo (BIII) LLC ("ValveCo");
 B. AND WHEREAS, ValveCo has entered into the Master Governance Agreement with each of PipeCo (B) LLC, GasCo (S) LLC and LineCo (C) LLC (together with ValveCo,
collectively, the "Companies"), which governs, among other things, certain voting arrangements relating thereto;
 C. AND WHEREAS, that certain voting agreement by and among Brookfield Infrastructure Partners L.P. ("BIP"), BIF III AIV and BIP AIV, dated April 4, 2017 is being
terminated effective as of the date hereof upon BIP ceasing to own, directly or indirectly, through wholly-owned Affiliates of BIP or Brookfield Infrastructure L.P., any interest in ValveCo pursuant to Section 4.2 thereof;

D. AND WHEREAS, BIF III AIV and BIP AIV have each determined that it is necessary and
advisable for BIPC or BIPC's designated Affiliates, each an affiliate of BIF III AIV and BIP AIV, to have control over the voting of the LLC Interests and voting interests of the Companies;

E. AND WHEREAS, BIF III AIV, BIP AIV and BIPC wish to enter into this Agreement to
govern their relationship with respect to the voting of the LLC Interests and voting interests of the Companies;
 NOW THEREFORE, effective as of the Effective Date, in consideration of one
dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties covenant and agree, each with the other, as follows:

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 ARTICLE
1
INTERPRETATION
 1.1 Definitions

In this Agreement, except where the context otherwise requires, the following terms will have the following meanings:
 (a) "Affiliate" means with respect to a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by such
Person, or is under common Control of a third Person;
 (b) "Agreement" means this Voting
Agreement;
 (c) "BIF III Funds" has the meaning ascribed thereto in Section 2.3.

(d) "BIF III GP" has the meaning ascribed thereto in Section 2.3.

(e) "Business Day" means every day except a Saturday or Sunday, or a day which is a
statutory or civic holiday in the State of Delaware;
 (f) "Control" means the control
by one Person of another Person in accordance with the following: a Person ("A") controls another Person ("B") where A has the power to determine the management and policies of B by contract or status (for example, the status of A being the general
partner or the manager of B) or by virtue of the beneficial ownership of or control over a majority of the voting interests in B; and, for greater certainty and without limitation, if A owns or has control over shares or other securities to which
are attached more than 50% of the votes permitted to be cast in the election of directors to the Governing Body of B or A is the general partner of B, a limited partnership, then in each case A Controls B for this purpose; and the term
"Controlled" has the corresponding meaning;
 (g) "Effective Date" means March 30,
2020;
 (h) "Governing Body" means: (i) with respect to a corporation or limited company,
the board of directors of such corporation or limited company; (ii) with respect to a limited liability company, the manager(s), director(s) or managing partner(s) of such limited liability company; (iii) with respect to a partnership, the board,
committee or other body of each general partner or managing partner of such partnership that serves a similar function (or if any such general partner or managing partner is itself a partnership, the board, committee or other body of such general or
managing partner's general or managing partner that serves a similar function); and (iv) with respect to any other Person, the body of such Person that serves a similar function, and in the case of each of (i) through (iv) includes any committee or
other subdivision of such body and any Person to whom such body has delegated any power or authority, including any officer or managing director;
 

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 (i) "Master
Governance Agreement" means that certain Master Governance Agreement, dated as of April 4, 2017, among the Companies and other parties thereto from time to time, as the same may be amended or modified from time to time;

(j) "Person" means any natural person, partnership, limited partnership, limited
liability partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company, unincorporated association, trust,
trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or governmental agency, authority or entity however designated or constituted, and pronouns have a similarly extended meaning; and

(k) "Term" has the meaning ascribed thereto in Section 4.1.

1.2 Headings and Table of Contents

The inclusion of headings and a table of contents in this Agreement are for convenience of reference only and will not affect the construction or interpretation hereof.

1.3 Interpretation
 In this
Agreement, unless the context otherwise requires:
 (a) words importing the singular shall
include the plural and vice versa, words importing gender shall include all genders or the neuter, and words importing the neuter shall include all genders;
 (b) the words "include", "includes", "including", or any variations thereof, when following any general term or statement, are not to be construed as limiting the general term or
statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement;

(c) references to any Person include such Person's successors and permitted assigns;

(d) except as otherwise provided in this Agreement, any reference in this Agreement to a statute,
regulation, policy, rule or instrument shall include, and shall be deemed to be a reference also to, all rules and regulations made under such statute, in the case of a statute, all amendments made to such statute, regulation, policy, rule or
instrument, and any statute, regulation, policy, rule or instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule or instrument so referred to;

(e) any reference to this Agreement or any other agreement, document or instrument shall be
construed as a reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time be, amended, varied, replaced, amended and restated, supplemented or otherwise
modified;
 
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(f) in the event that any day on which any amount is to be determined or any action is required
to be taken hereunder is not a Business Day, then such amount shall be determined or such action shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day; and

(g) except where otherwise expressly provided, all amounts in this Agreement are stated and shall
be paid in U.S. currency.
 1.4 Invalidity of Provisions

Each provision contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction
will not affect the validity or enforceability of any other provision hereof. To the fullest extent permitted by applicable law, the parties waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any
respect. The parties will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect of which comes as close as possible to that of the invalid or
unenforceable provision which it replaces.
 1.5 Entire Agreement

This Agreement constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement. There are no warranties, conditions, or representations (including any that
may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion, advice or assertion of
fact made either prior to, contemporaneous with, or after entering into this Agreement, or any amendment or supplement hereto, by any party to this Agreement or its directors, officers, employees or agents, to any other party to this Agreement or
its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included as a term of this Agreement, and none of the parties to this Agreement has been induced to enter into this Agreement or any
amendment or supplement by reason of any such warranty, representation, opinion, advice or assertion of fact. Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion,
advice or assertion of fact, except to the extent contemplated above.
 1.6 Waiver
Amendment
 Except as expressly provided in this Agreement, no amendment or waiver of this Agreement will be binding unless executed in writing by the party to be bound thereby. No waiver of
any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. A party's failure or delay in exercising any
right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a party from any other or further exercise of that right or the exercise of any other right.

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1.7 Governing Law
 This
Agreement, all questions concerning the construction, interpretation and validity of this Agreement, the rights and obligations of the parties hereto, all claims or causes of action that may be based upon, arise out of or related to this Agreement
and the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon or arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to
enter this Agreement) shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether in New York or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than New York. Each party irrevocably attorns and submits to the exclusive jurisdiction of the courts situated in the City of New York in the Borough of Manhattan and waives objection
to the venue of any proceeding in such court or any argument that such court provides an inconvenient forum.
 ARTICLE 2
VOTING

2.1 Voting at the Direction of BIPC

Each of BIF III AIV and BIP AIV agrees that it will vote (and it will cause any other entity that it Controls to vote) or otherwise exercise rights with respect to the LLC Interests and the voting
interests of the Companies in accordance with the direction of BIPC (or its designated Affiliates) with respect to the approval or rejection of the following matters relating to ValveCo and the other Companies (as applicable):

(a) in favor of the election of a majority of directors (or their equivalent, if any) approved by
BIPC (or its designated Affiliates);
 (b) any sale of all or substantially all of its
assets;
 (c) any merger, amalgamation, consolidation, business combination or other material
corporate transaction, except in connection with any internal reorganization that does not result in a change of control;
 (d) any plan or proposal for a complete or partial liquidation or dissolution, or any reorganization or any case, proceeding or action seeking relief under any existing laws or
future laws relating to bankruptcy or insolvency;
 (e) any amendment to the limited liability
company agreement of ValveCo or the Master Governance Agreement; and
 (f) any commitment or
agreement to do any of the foregoing.
 2.2 General Guidelines

For purposes of Section 2.1, BIPC (or its designated Affiliates) may provide written direction to BIF III AIV and BIP AIV with respect to the approval or rejection of any matter in the form of
general guidelines, policies, procedures, delegation or similar practices in which case no approval or direction will be required by BIF III AIV or BIP AIV. Any such general guidelines, policies, procedures, delegations or similar practices may be
modified by BIPC or its designated Affiliates in its discretion, as applicable, in accordance with the terms hereof.
 

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 2.3 Standard of
Care
 BIPC agrees that it (or its designated Affiliates) will exercise its powers and discharge its rights under this Agreement having regard to the standard of care applicable to Brookfield
Infrastructure Fund III GP LLC ("BIF III GP") in its capacity as general partner of the entities that comprise the Brookfield Infrastructure Fund III family of funds ("BIF III Funds"), taking into account the fiduciary duties owed by
BIF III GP to the investors of the BIF III Funds as a whole (as such fiduciaries duties may be modified by the BIF III Funds governing documents).
 ARTICLE 3
REPRESENTATIONS AND WARRANTIES

3.1 Representations and Warranties of BIF III AIV

BIF III AIV hereby represents and warrants to BIPC and BIP AIV that:
 (a) it is validly organized and existing under the relevant laws governing its formation and existence;

(b) it has the power, capacity and authority to enter into this Agreement and to perform its
duties and obligations hereunder;
 (c) it has taken all necessary action to authorize the
execution, delivery and performance of this Agreement;
 (d) the execution and delivery of this
Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its articles, by-laws, constituent documents or other organizational documents;

(e) no authorization, consent or approval, or filing with or notice to any Person is required in
connection with the execution, delivery or performance by it of this Agreement; and

(f) this Agreement constitutes a valid and legally binding obligation of it enforceable against
it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors' rights and remedies generally; and
(ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at
law or in equity.
 
  - 7 -
 

3.2 Representations and Warranties of BIP AIV

BIP AIV hereby represents and warrants to BIF III AIV and BIPC that:
 (a) it is validly organized and existing under the relevant laws governing its formation and existence;

(b) it has the power, capacity and authority to enter into this Agreement and to perform its
duties and obligations hereunder;
 (c) it has taken all necessary action to authorize the
execution, delivery and performance of this Agreement;
 (d) the execution and delivery of this
Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its articles, by-laws, constituent documents or other organizational documents;

(e) no authorization, consent or approval, or filing with or notice to any Person is required in
connection with the execution, delivery or performance by it of this Agreement; and

(f) this Agreement constitutes a valid and legally binding obligation of it enforceable against
it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors' rights and remedies generally, and (ii)
general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law
or in equity.
 3.3 Representations and Warranties of BIPC

BIPC hereby represents and warrants to BIF III AIV and BIP AIV that:
 (a) it is validly organized and existing under the relevant laws governing its formation and existence;

(b) it has the power, capacity and authority to enter into this Agreement and to perform its
duties and obligations hereunder;
 (c) it has taken all necessary action to authorize the
execution, delivery and performance of this Agreement;
 (d) the execution and delivery of this
Agreement and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its articles, by-laws, constituent documents or other organizational documents;

  - 8 -
 

(e) no authorization, consent or approval, or filing with or notice to any Person is required in
connection with the execution, delivery or performance by it of this Agreement; and

(f) this Agreement constitutes a valid and legally binding obligation of it enforceable against
it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors' rights and remedies generally; and
(ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at
law or in equity.
 ARTICLE 4
TERMINATION

4.1 Term
 The term of this
Agreement ("Term") will begin on the Effective Date and will continue in full force and effect until terminated in accordance with Section 4.2.
 4.2 Termination
 The rights and obligations of the parties to this Agreement will terminate and no longer be of any
effect: (i) at such time that BIPC ceases to own, directly or indirectly, through its wholly-owned Affiliates, any interest in ValveCo; (ii) upon 30 days' notice given by BIPC or its designated Affiliates; or (iii) at such time that any party
provides notice that such party has reasonably determined that, as a result of applicable law, rule or regulation and through no fault of its own, continued participation in this Agreement would have a material adverse effect on such party.

ARTICLE 5
GENERAL PROVISIONS

5.1 Assignment

(a) None of the rights or obligations hereunder shall be assignable or transferable by any party
without the prior written consent of the other party provided that BIPC may delegate its approval rights under Section 2.1 of this Agreement to any wholly-owned Affiliate of BIPC, without obtaining prior written consent of each of BIF III AIV and
BIP AIV.
 (b) Any purported assignment of this Agreement in violation of this Section 5.1
shall be null and void.
 
  - 9 -
 

5.2 Enurement
 This Agreement
will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.
 5.3 Notices
 Any notice or other communication required or permitted to be given hereunder will be in writing and
will be given by prepaid first-class mail, by facsimile or other means of electronic communication or by hand-delivery as hereinafter provided. Any such notice or other communication, if mailed by prepaid first-class mail at any time other than
during a general discontinuance of postal service due to strike, lockout or otherwise, will be deemed to have been received on the fourth Business Day after the post-marked date thereof, or if sent by facsimile or other means of electronic
communication, will be deemed to have been received on the Business Day following the sending, or if delivered by hand will be deemed to have been received at the time it is delivered to the applicable address noted below either to the individual
designated below or to an individual at such address having apparent authority to accept deliveries on behalf of the addressee. Notice of change of address will also be governed by this section. In the event of a general discontinuance of postal
service due to strike, lock-out or otherwise, notices or other communications will be delivered by hand or sent by facsimile or other means of electronic communication and will be deemed to have been received in accordance with this section. Notices
and other communications will be addressed as follows:
 (a) if to BIF III
AIV:

Brookfield Place
250 Vesey Street, 15th Floor
New York, New York 10281-1023

Attention: Fred Day
Facsimile: 212-417-7182
 (b) if
to BIP AIV:

Brookfield Place 
250 Vesey Street, 15th Floor
New York, New York 10281-1023

Attention: Fred Day
Facsimile: 212-417-7182
 
 
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 (c) if to
BIPC:

Brookfield Infrastructure Corporation
P.O. Box 11117
 1500 Royal Centre, 1055 West Georgia Street
Vancouver, British Columbia V6E
4N7

Attention: Secretary
 or to such other addresses as a party may from time to time notify the others in accordance with this Section
5.5.
 5.4 Further Assurances

Each of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party hereto may
reasonably require from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this
Agreement.
 5.5 Counterparts

This Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the same
instrument.
 [Remainder of page was intentionally left blank Signature page follows.]
 

IN WITNESS WHEREOF the parties have executed this Agreement as of the Effective Date.

	  
 	 BIF III NORONHA AIV LLC
 
	 	 
	  
 	 By:
 	 /s/ Fred Day
 
	  
 	  
 	
Name: Fred Day
 Title: President
 
	  
 	 BIP NORONHA AIV LLC
 
	 	 
	  
 	 By:
 	 /s/ Fred Day
 
	  
 	  
 	
Name: Fred Day
 Title: President
 
	  
 	 BROOKFIELD INFRASTRUCTURE CORPORATION
 
	 	 
	  
 	 By:
 	 /s/ Aaron Kline
 
	  
 	  
 	
Name: Aaron Kline
 Title: Director

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