Document:

ex101to8k09369001_12242014.htm

Exhibit 10.1

 

 

MANAGEMENT SERVICES AGREEMENT

 

This management services agreement (the “Agreement”) is dated as of January 1, 2015, and is between SP Corporate Services LLC (“SP Corporate”), a Delaware limited liability company having an office at 590 Madison Avenue, 32nd Floor, New York, New York 10022, and ModusLink Global Solutions, Inc., a Delaware corporation (the “Company”), having an office at 1601 Trapelo Road, Suite 170, Waltham, Mass. 02451 (the “Company Office”).

 

RECITALS

 

WHEREAS, the Company desires to have SP Corporate furnish certain services to the Company and its subsidiaries, as described in Section 1.01 (“Services”), and SP Corporate has agreed to furnish Services pursuant to the terms and conditions set forth herein.

 

WHEREAS, a Special Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) comprised of disinterested directors approved this Agreement and recommended the Board’s approval, and a majority of the disinterested directors of the Company has voted to approve this Agreement.

 

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

 

Section 1.           Engagement of SP Corporate

 

1.01.            Services.

 

(a)           During the term of this Agreement, SP Corporate shall provide to the Company and its subsidiaries the Services described and defined on Exhibit A in connection with the business, operations and affairs, both ordinary and extraordinary, of the Company and its subsidiaries and affiliates.  During the term of this Agreement, SP Corporate shall provide to the Company the non-exclusive services of persons designated by SP Corporate to perform the Services in accordance with the terms and provisions of this Agreement (the “Designated Persons”), of whom any proposed executive officers of the Company shall be approved by the Committee.  Each of the Designated Persons shall devote such time and effort as is reasonably necessary to fulfill the statutory and fiduciary duties applicable in their performance of the Services until such time as such Designated Person is instructed or removed by the Board or the resignation of such Designated Person in such capacity to perform their applicable Services or his or her death.  In the event a Designated Person ceases for any reason to serve in such capacity to perform their applicable Services, SP Corporate has a right, but not an obligation, to propose another person to serve is such capacity to perform the applicable Services.  If such person is required to be approved by the Board, then this Agreement shall be deemed amended accordingly.  This Agreement shall apply in all material respects to any successor to a Designated Person who performs their applicable Services in accordance with this Agreement and the term Designated Person used herein shall apply to any such successor.

 

  

  

  

 

1.02.            In performing Services, SP Corporate and its personnel shall be subject to the oversight of the Committee and shall report to the Company’s Chief Executive Officer at least quarterly and otherwise in accordance with such procedures as may be adopted by the Committee from time to time.  SP Corporate, any Designated Person, any of SP Corporate’s Agents (as defined below) or any of its personnel may incur an obligation or enter into any transaction on behalf of the Company, other than as specifically contemplated hereby, only (a) with the prior approval of the Committee or (b) in accordance with any written delegation of authority delivered to SP Corporate with the consent of the Committee (as such delegation of authority may be amended from time to time, the “Delegation of Authority”).

 

1.03.            While the amount of time and personnel required for performance by SP Corporate hereunder will necessarily vary depending upon the nature and type of Services, SP Corporate shall devote such time and effort and make available such personnel as may from time to time reasonably be required for the performance of Services hereunder and shall use its reasonable best efforts to carry out the purposes of the Company and shall perform Services to the best of its abilities in a timely, competent and professional manner, in compliance with any laws relevant to such Services, in compliance with the Delegation of Authority, in compliance with the Company’s policies, procedures and controls provided by the Company to SP Corporate in writing from time to time and in compliance with such reasonable directions as SP Corporate’s officers, employees or representatives may receive from the Committee or from the Company’s officers or other designated representatives from time to time.

 

1.04.            Exhibit A may be amended from time to time to provide for additional Services, the elimination of certain Services, increases or decreases to the compensation paid hereunder, or other changes, upon the mutual agreement of the parties hereto.

 

1.05.            In the performance of Services, SP Corporate will (i) assist and support the Company’s compliance with the requirements of the Securities Exchange Act of 1934, as amended, Securities Act of 1933, as amended, the Sarbanes Oxley Act of 2002 (the “SOA”) and the rules and regulations of the Securities and Exchange Commission promulgated thereunder (including Section 404 of the SOA related to internal controls and Sections 302 and 906 of the SOA related to certifications) and any other applicable Federal or state securities law, and act in a manner consistent with regards thereto, and (ii) not cause the Company to violate, any statue or regulation or any order, writ, judgment, or decree of any court, arbitrator or governmental authority applicable to the Company and its subsidiaries and affiliates.

 

Section 2.          Term and Termination

 

2.01.            This Agreement shall commence effective as of January 1, 2015, and shall continue through June 30, 2015 unless and until terminated as provided in Section 2.02 below; provided, however, the fees hereunder shall be subject to an review and adjustment as agreed upon by the parties hereto.

 

2.02.            This Agreement may be terminated (i) by either party, effective on any anniversary date, upon not less than ninety (90) days prior written notice to the other; (ii) by the Company, at any time, on less than ninety (90) days notice; provided that, if the Company provides less than ninety (90) days notice, it shall pay to SP Corporate a termination fee equal to 125% of the fees due under this Agreement, as calculated under Section 3, from, and including, such termination date until, and including, the 90th day following the date of such notice; (iii) immediately upon the bankruptcy or dissolution of SP Corporate, or (iv) immediately by the Company for Cause or upon a material breach of this Agreement (as reasonably determined by the Committee) by SP Corporate.

 

  

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For the purposes of this Agreement, “Cause” shall mean, with respect to the termination of this Agreement, fraud, gross negligence, criminal conduct or willful misconduct by SP Corporate or any Designated Person, as applicable, or breach of fiduciary duty by any Designated Person, in connection with performing its or his or her respective duties hereunder, as reasonably determined by the Committee.

 

2.03.          In the event this Agreement is terminated pursuant to Section 2.02 above, SP Corporate shall cease to perform Services.  If the termination of this Agreement takes effect on a day other than the end of a calendar month, monthly fees shall be prorated based on the number of days that SP Corporate performed Services during such calendar month until termination.

 

Section 3.           Payments to SP Corporate

 

3.01.            In consideration of Services furnished by SP Corporate hereunder, the Company shall pay to SP Corporate a fixed monthly fee with respect to the Services in the amount of $175,000.

 

The fee payable hereunder shall be paid by the Company to SP Corporate on or about the first day of each month during the term of this Agreement.

 

3.02.            The Company shall reimburse SP Corporate and the Designated Persons for all documented,  reasonable and necessary business expenses incurred on behalf of the Company in connection with the performance of Services to third parties, including, but not limited to:

 

(a)          Costs of legal, tax, accounting, consulting, auditing, administrative, compliance, marketing, investor relations and other similar services rendered for the Company, including such services rendered by providers retained by SP Corporate or the Designated Persons to the extent that there is insufficient expertise within SP Corporate to provide such services.

 

(b)          Costs associated with any computer software or hardware, electronic equipment or purchased information technology services from third party vendors to the extent that there is insufficient expertise within SP Corporate to provide such services.

 

(c)          Costs of maintaining or determining compliance with all federal, state and local rules and regulations or any other regulatory agency.

 

(d)          Director and officer liability insurance premiums and the cost of any “errors and omissions” or similar insurance that the Company requires SP Corporate to maintain for benefit of the Company in connection with performance of the Services under this Agreement.

 

  

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(e)          Other fees payable to third party administrators and service providers.

 

(f)          Expenses connected with communications to holders of securities of the Company and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s securities on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to its stockholders and proxy materials with respect to any meeting of the stockholders of the Company, including such services as rendered by providers retained by SP Corporate or the Designated Persons.

 

(g)          Litigation expenses, including professional and consulting fees incurred in connection with performance of the Services under this Agreement.

 

(h)          Expenses incurred by managers, officers, employees and agents of SP Corporate or the Designated Persons for travel on behalf of the Company  and other out-of-pocket expenses incurred by managers, officers, employees and agents of SP Corporate or the Designated Persons.

 

(i)          All other expenses not otherwise covered hereunder actually incurred by SP Corporate and the Designated Persons which are reasonably necessary for the performance of the Services under this Agreement.

 

Expenses incurred by SP Corporate on behalf of the Company and reimbursable pursuant to this Section 3.02 shall be reimbursed by the Company no less than monthly.  SP Corporate shall prepare a statement documenting such expenses during each month, and the Company shall reimburse SP Corporate for such expenses within thirty (30) days after receipt and approval of such statement and such supporting material as the Committee may require.

 

3.03.           The provisions of Section 3.02 shall survive the expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination.  For the avoidance of doubt, the expenses payable by the Company as described in Section 3.02 are exclusive of, and in addition to, the monthly fees payable pursuant to Section 3.01.

 

Section 4.           Representations and Warranties of SP Corporate and the Designated Persons

 

4.01.            SP Corporate hereby makes the following representations and warranties on which the Company has relied in making the delegation set forth in this Agreement:

 

(a)           SP Corporate is a Delaware limited liability company, duly organized, validly existing and in a good standing under the laws of the State of Delaware and is duly qualified as a foreign company in each jurisdiction in which the nature of its business makes such qualification necessary.

 

  

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(b)           SP Corporate has all requisite power and SP Corporate has authority to execute, deliver and perform this Agreement, and the execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of SP Corporate. 

 

(c)           This Agreement constitutes a legal, valid and binding obligation of SP Corporate, enforceable against it in accordance with its terms. 

 

(d)           The execution, delivery and performance by SP Corporate or the Designated Persons of this Agreement does not (i) violate any provision of the operating agreement of SP Corporate, (ii) violate any statue or regulation or any order, writ, judgment, or decree of any court, arbitrator or governmental authority applicable to SP Corporate or any of its assets or the Designated Persons, or (iii) violate or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on the assets of SP Corporate pursuant to the provisions of, any mortgage, indenture, contract, agreement or other undertaking to which SP Corporate is a party.

 

(e)           To the knowledge of SP Corporate, there are no past or present actions, occurrences, conditions or circumstances that could reasonably be expected to adversely affect the Company’s ability to comply with the requirements of applicable Federal and state securities laws or its control environment, in each case by reason of the entry by the Company into this Agreement or the provision of Services by SP Corporate.

 

Section 5.          Agents

 

5.01.            SP Corporate may delegate any or all of the powers, rights and obligations under this Agreement and may appoint, employ, contract or otherwise deal with any person or entity (each, an “Agent”) in respect of the performance of Services.  SP Corporate may assign to any such Agent approved by the Committee the right to receive any fee or reimbursement of expenses as SP Corporate would be entitled to receive under this Agreement.

 

5.02.            SP Corporate shall supervise the activities of its Agents, and notwithstanding the designation of or delegation to any Agent, SP Corporate shall remain obligated to the Company for the proper performance of Services; provided, however, that SP Corporate and the Company may enter into any agreement for indemnification pursuant to which an Agent may indemnify and hold harmless SP Corporate and the Company, jointly and severally, from any liability to them arising by reason of the act or omission of such Agent. Nothing contained herein shall affect or otherwise limit the indemnification obligations of SP Corporate to the Company as provided in Section 9.

 

Section 6.           Records; Access

 

6.01.            SP Corporate and its officers, employees and representatives, including the Designated Persons, in performance of Services, shall have access to all accounting books, ledgers, receipts, business information, employee information, research, organizational structure information, data, computer programs and budget figures of the Company and its subsidiaries and any other information of the Company and its subsidiaries related to the performance of Services by SP Corporate, its officers, employees, and representatives, including the Designated Persons, whether or not considered material (the “Information”), and the Company shall promptly make any such Information available to SP Corporate upon its reasonable request.

 

  

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6.02.            SP Corporate covenants that during the term of this Agreement it will notify the Company of any change in SP Corporate’s business, financial condition, results of operations or status that would reasonably be expected to have a material effect on the provision of Services under this Agreement.

 

6.03.            In the event the Agreement is terminated, SP Corporate will transfer any and all physical and electronic records of the Company in a reasonable format specified by the Company and will make source codes owned or controlled by SP Corporate available to the Company during a transition period of up to nine (9) months following the date of termination.

 

Section 7.           Limitation on Activities

 

Notwithstanding any provision of this Agreement, SP Corporate and its personnel shall not take any action which, in their sole judgment made in good faith, would violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company and its subsidiaries and affiliates, or otherwise not permitted by the Company’s Certificate of Incorporation or By-laws, as each may be amended from time to time, or policies and procedures, except if such action shall be ordered in writing by the Committee following the affirmative vote of a majority of the members of the Committee present at a properly called meeting of the Committee, in which case SP Corporate or its personnel shall have no liability for acting in accordance with the specific instructions of the Company so given. Notwithstanding the foregoing, the officers, directors, members, employees, affiliates, consultants or agents of SP Corporate (the “SP Corporate Persons”) (except the Designated Persons in their respective capacities provided hereunder) shall not be liable to the Company or holders of its securities for any act or omission by SP Corporate or  any Designated Person, as applicable, taken or omitted to be taken in the performance of Services under this Agreement except as provided in Section 9 of this Agreement.

 

Section 8.           Limitation on Liability

 

SP Corporate shall reasonably rely on information provided to it about the Company, if any, that is provided by the Company or the Company’s subsidiaries, employees, agents or representatives.  In no event shall SP Corporate be liable for any error or inaccuracy of any report, computation or other information or document produced in accordance with this Agreement, for whose accuracy the Company assumes all responsibility, unless resulting from the fraud, gross negligence or willful misconduct of SP Corporate or the SP Corporate Persons.  Notwithstanding any provision herein to the contrary, except with respect to fraud, gross negligence or willful misconduct by SP Corporate, any Designated Person or other SP Corporate Persons, SP Corporate’s aggregate liability with respect to, arising from, or arising in connection with this Agreement, or from all Services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed the amounts paid hereunder by the Company to SP Corporate as fees and charges for the trailing twelve months from the date of any claim, but not including reimbursable expenses.

 

  

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Section 9.          Indemnity and D&O Insurance.

 

9.01.            To the fullest extent permitted by law, SP Corporate shall defend, indemnify, save and hold harmless the Company from and against any claims, liabilities, damages, losses, costs or expenses, including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged claim of any nature whatsoever resulting from SP Corporate’s, the Designated Persons’ or the SP Corporate Persons’ activities or services under this Agreement (a “Claim”) and incurred by reason of SP Corporate’s, any Designated Person’s or the SP Corporate Persons’, as applicable, fraud or willful misconduct; provided, however, that SP Corporate or the Designated Persons shall not be held responsible for (i) any action of the Company in which SP Corporate or any Designated Person, as applicable, advised the Board or the Committee prior to taking such action and the Board (including a majority of the disinterested directors) or the Committee declined to follow such advice and such decision was provided in writing to SP Corporate or (ii) any Claim to the extent such Claim is occasioned by the fraud, gross negligence or willful misconduct of the Company’s officers, directors, employees, consultants or agents (except for the Designated Persons, SP Corporate or the SP Corporate Persons).

 

9.02.            To the fullest extent permitted by law, the Company shall defend, indemnify, save and hold harmless SP Corporate and the SP Corporate Persons from and against any Claim, including any negligent errors or omission, and except to the extent any such Claim is occasioned by the fraud, gross negligence or willful misconduct of SP Corporate, any Designated Person or the SP Corporate Persons.

 

9.03.            The Company shall enter into customary indemnification agreements with the Designated Persons.

 

9.04.            Promptly after receipt by SP Corporate or the Company of notice of any Claim, it (the “Indemnified Party”) shall notify the other (the “Indemnifying Party”) in writing; provided, however, that the failure of the Indemnified Party to give timely notice hereunder shall not affect the rights of the Indemnified Party to indemnification hereunder, except to the extent that the Indemnifying Party can demonstrate actual, material prejudice to it as a result of such failure.  The Indemnified Party shall reasonably cooperate with appropriate requests of the Indemnifying Party with regard to the defense of any Claim.  The Indemnifying Party shall maintain authority and control of the defense of any such Claim and the authority to settle or otherwise dispose of any such Claim (provided that the Indemnified Party shall have the right to reasonably participate at its own expense in the defense or settlement of any such Claim).  In no event, however, may the Indemnifying Party agree to any settlement of any Claim that would affect any of the Indemnified Party’s rights or obligations, or that would constitute an admission of guilt or liability on the part of the Indemnified Party, without the Indemnified Party’s express prior written consent

 

  

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9.05.            If SP Corporate should reasonably determine its interests are or may be adverse to the interests of the Company, SP Corporate may retain its own counsel in connection with such claim or alleged claim or action, in which case the Company shall be liable, to the extent permitted under this Section 9, to SP Corporate for any reasonable and documented legal, accounting or other directly related fees and expenses incurred by SP Corporate in connection with its investigating or defending such claim or alleged claim or action.

 

9.06.            At all times during which  the Designated Persons are acting as non-employees in such capacity to perform their respective Services, the Company shall cause each of them, to be covered by the Company’s D&O insurance policy applicable to other officers and directors.

 

9.07.            Neither SP Corporate nor the Company (including their officers, directors, members, employees, affiliates and consultants and the Designated Persons) shall be liable to the other or any third party for any special, consequential or exemplary damages (including lost or anticipated revenues or profits relating to the same) arising from any claim relating to this Agreement or any of the services provided hereunder, whether such claim is based on warranty, contract, tort (including negligence or strict liability) or otherwise, even if an authorized representative of SP Corporate or the Company, as applicable, is advised of the possibility or likelihood of the same.

 

Section 10.         Payments and Duties of SP Corporate Upon Termination

 

10.01.          SP Corporate shall promptly upon termination:

 

(a)           pay to the Company any money collected and held for the account of the Company pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled under Section 3; 

 

(b)           deliver to the Board all assets, books and records and documents of the Company then in the custody of SP Corporate; and 

 

(c)           cooperate with the Company to provide an orderly management transition and the Company shall pay SP Corporate reasonable fees and expenses in connection therewith. 

 

Section 11.        Confidential Information; Non-Solicitation.  Except as provided in Sections 11.01 and 11.02 below, neither SP Corporate nor the Designated Persons shall at any time during or following the termination or expiration for any reason of this Agreement, directly or indirectly, disclose, publish or divulge to any person (except where necessary in connection with the furnishing of Services under this Agreement), appropriate or use, or cause or permit any other person to appropriate or use, any of the Company’s inventions, discoveries, improvements, trade secrets, copyrights or other proprietary, secret or confidential information not then publicly available (the “Confidential Information”).

 

11.01.          Notwithstanding the provisions of Section 11 above, SP Corporate or the Designated Persons or their agents may disclose Confidential Information to SP Corporate’s representatives or agents who (i) need to know such information to permit SP Corporate and the Designated Persons to provide Services in accordance with the terms of this Agreement, (ii) are informed of the confidential nature of the Confidential Information and (iii) agree to maintain the confidentiality of the Confidential Information.

 

  

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11.02.          Notwithstanding the provisions of Section 11 above, if SP Corporate, the Designated Persons or any of SP Corporate’s representatives are required to disclose any Confidential Information pursuant to applicable laws or regulations or by any subpoena or similar legal process, SP Corporate shall promptly notify the Company in writing of any such requirement, if legally permissible, so that the Company may seek an appropriate protective order or other appropriate remedy or waive compliance with the provisions of this Agreement. SP Corporate shall, and shall direct its representatives (including the Designated Persons) to, reasonably cooperate with the Company to obtain such a protective order or other remedy and if such order or other remedy is not obtained, or the Company waives compliance with the provisions of this Agreement, SP Corporate, the Designated Persons or SP Corporate’s representatives shall disclose only that portion of the Confidential Information which they are advised by counsel that they are legally required to so disclose and will use good faith efforts to obtain reliable assurance that confidential treatment will be accorded the information so disclosed.

 

11.03.          SP Corporate and the Designated Persons acknowledge that (i) they are aware and that SP Corporate’s representatives have been advised that (a) the Confidential Information may include material non-public information about the Company and its subsidiaries and affiliates, and (b) the United States securities laws and securities law of other jurisdictions prohibit any person who has material non-public information about a company from purchasing or selling securities of such company on the basis of such information or from otherwise misappropriating such material non-public information in breach of fiduciary duty or other relationship of trust and confidence, (ii) SP Corporate has developed compliance procedures regarding the use of material non-public information and (iii) SP Corporate, the Designated Persons and SP Corporate’s representatives will handle such material non-public information in accordance with applicable laws, including Federal and state securities laws. SP Corporate and its personnel, and the Designated Persons, shall comply with the Company’s policies regarding Confidential Information and insider trading.

 

11.04.          The Company agrees that, during the term of this Agreement, and for a period of one (1) year from the termination of this Agreement, it will not, directly or indirectly, without obtaining the prior written consent of SP Corporate, solicit for employment, hire or employ any person who has served as a Designated Person or any other officers or employees of SP Corporate or its affiliates; provided, however, that the restriction on solicitation or hire above shall not restrict the Company’s ability to conduct generalized searches for employment (including through the use of general or media advertisements, employment agencies and internet postings) not directly targeted towards SP Corporate’s or its affiliates’ officers or employees and hiring any person that ceases to be employed by SP Corporate or an affiliate thereof without the Company’s prior direct solicitation.

 

11.05.          SP Corporate agrees that, during the term of this Agreement, and for a period of one (1) year from the termination of this Agreement, it will not, directly or indirectly, without obtaining the prior written consent of the Company, solicit for employment, hire or employ any person who has served as an officer or employee of the Company or its affiliates; provided, however, that the restriction on solicitation or hire above shall not restrict SP Corporate’s ability to conduct generalized searches for employment (including through the use of general or media advertisements, employment agencies and internet postings) not directly targeted towards the Company’s or its affiliates’ officers or employees and hiring any person that ceases to be employed by the Company or an affiliate thereof without SP Corporate’s prior direct solicitation.

 

  

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Section 12.        Non-Exclusive Arrangement; Conflicts of Interest

 

12.01.          The Company acknowledges that SP Corporate and its Affiliated Companies (as defined below) have in the past and may from time to time in the future enter into agreements similar to this Agreement with other companies pursuant to which SP Corporate may agree to provide services similar in nature to Services being provided hereunder, and such agreements shall not constitute a breach of this Agreement; provided, however, that SP Corporate covenants that in doing so SP Corporate shall not breach any of its covenants or obligations expressly set forth in this Agreement. The Company understands that the Designated Persons, as of the respective dates they are designated to serve as the Designated Persons, may provide services to certain other companies, and such other activities shall not constitute a breach of this Agreement.  In addition, to the extent business opportunities arise, the Company acknowledges that SP Corporate will be under no obligation to present such opportunity to the Company, and SP Corporate may, in its sole discretion, present any such opportunity to whatever company it so chooses, or to none at all; provided, however, nothing contained herein shall affect or otherwise limit the fiduciary obligations of the officers and directors of the Company, including the Designated Persons.

 

12.02.          The Company, SP Corporate and their respective Affiliated Companies (as defined below) recognize and acknowledge that as a result of SP Corporate providing Services pursuant to this Agreement the potential for conflicts of interest exist between and/or among SP Corporate, the Company, Affiliated Companies of SP Corporate and the Company and the respective officers and directors of SP Corporate and the Company, including but not limited to (i) that an Affiliated Company of SP Corporate may be a majority or significant stockholder of the Company, (ii) that directors, officers, members and/or employees of SP Corporate or of Affiliated Companies of SP Corporate may serve as directors and/or officers of the Company, (iii) that SP Corporate and Affiliated Companies thereof may engage and are expected to continue to engage in the same, similar or related lines of business as those in which the Company, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Company, directly or indirectly, may engage, (iv) that SP Corporate and Affiliated Companies thereof may have an interest in the same areas of corporate opportunity as the Company and Affiliated Companies thereof, and (v) that SP Corporate and Affiliated Companies thereof may engage in material business transactions with the Company and Affiliated Companies thereof, including (without limitation) providing Services to or being a significant supplier of the Company and Affiliated Companies thereof. SP Corporate and the Company agree that if either of them determines that an actual conflict of interest exists, or if either of them has knowledge of any actions, occurrences, conditions or circumstances that could reasonably be expected to result in a conflict of interest, it shall disclose the fact of such actual or prospective conflict to the other and, in such event, both SP Corporate and the Company shall work cooperatively to either (i) resolve or prevent, as applicable, the conflict of interest in a manner satisfactory to both SP Corporate and the Company or (ii) cease providing or receiving the Services giving rise to such conflict.

 

  

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12.03.          For purposes of this Agreement, “Affiliated Companies” shall mean in respect of SP Corporate any entity which is controlled by SP Corporate, controls SP Corporate or is under common control with SP Corporate (other than the Company and any entity that is controlled by the Company) and in respect of the Company shall mean any entity controlled by the Company.

 

12.04.          The Company represents and warrants that the Special Committee of the Board has approved this Agreement and recommended Board approval, and a majority of the disinterested directors of the Company has voted to approve this Agreement.

 

Section 13.        Independence

 

13.01.          Except as specifically provided herein, none of the parties shall act or represent or hold itself out as having authority to act as an agent or partner of any other party, or in any way bind or commit any other party to any obligations.  Nothing contained in this Agreement shall be construed as creating a partnership, joint venture, agency, trust or other association of any kind, each party being individually responsible for its obligations set forth in this Agreement.  SP Corporate or its officers, employees and representatives shall not have the authority to act for, bind, or otherwise commit the Company or any of its subsidiaries or affiliates, and neither SP Corporate nor any of its officers, employees or representatives shall hold itself or themselves out as having any such authority, except (i) the Designated Persons’ authority to act in their respective capacities provided hereunder and perform his or her duties in such capacity, and (ii) to the extent that such authority has been specifically granted to SP Corporate or any of its officers, employees and representatives by the Committee.

 

13.02.          Neither party shall be responsible for the compensation, the withholding of taxes, workers compensation, employee benefits or any other employer liability for the employees and agents of the other party.  For the avoidance of doubt, no Designated Person shall be entitled to receive compensation from the Company for the services provided in the respective capacities hereunder unless approved by the Board or the Committee.  Without limiting the generality of the foregoing, the parties acknowledge and agree that SP Corporate is an independent contractor and that none of SP Corporate or the Designated Persons is an employee of the Company.  SP Corporate or an Affiliated Company of SP Corporate shall timely withhold and pay all taxes and file all reports required by applicable law to be withheld, paid and filed for the Designated Persons.

 

Section 14.        General

 

14.01.          This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof and supersedes all prior representations and agreements, whether oral or written, and cannot be modified, changed, waived or terminated except by a writing signed by both of the parties hereto.  No course of conduct or trade custom or usage shall in any way be used to explain, modify, amend or otherwise construe this Agreement.

 

  

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14.02.          All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given if personally delivered, sent by nationally recognized overnight carrier, one day after being sent, or mailed by first class registered or certified mail, return receipt requested, five days after being sent.

 

14.03.          This Agreement shall be governed by and construed under the laws of the State of New York and the parties hereby submit to the personal jurisdiction of any federal or state court located therein, and agree that jurisdiction shall rest exclusively therein, without giving effect to the principles of conflict of laws.

 

14.04.          Except as provided in Section 5 of this Agreement, this Agreement may not be assigned directly or indirectly, by operation of law or otherwise, by any party hereto (including in connection with a sale or transfer of all or substantially all of business or assets of such party, whether by sale, merger, operation of law, or otherwise in connection with a change of control) without the prior written consent of the other parties to this Agreement.  This Agreement shall solely inure to the benefit of and be binding upon the parties hereto and their permitted (in accordance with the foregoing) successors and assigns.

 

14.05.          This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

 

14.06.          Sections 8, 9, 10, 11 and 14.03 and this Section 14.06 shall survive any expiration or termination of this Agreement.

 

  

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The parties have duly executed this Agreement as of the date first above written.

 

	  	
SP CORPORATE SERVICES LLC

	  	  
	  	
By:

	

/s/ James F. McCabe, Jr.

	  	  	
Name:

	
James F. McCabe, Jr.

	  	  	
Title:

	
President

	  	
MODUSLINK GLOBAL SOLUTIONS, INC.

	  	  
	  	
By:

	

/s/ John J. Boucher

	  	  	
Name:

	
John J. Boucher

	  	  	
Title:

	
President and Chief Executive Officer

 

  

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EXHIBIT A

SERVICES

 

The “Services” shall include, but not be limited to,

 

	
  

	
·

	
Provide the non-exclusive services of a person to serve as the Company’s corporate controller and chief accounting officer.  Such person, in his or her capacity as corporate controller and chief accounting officer, will perform all duties normally associated with that of a corporate controller and chief accounting officer, including supervising and managing, as appropriate, all SEC filing obligations and review and annual budgets and related matters.

 

	
  

	
·

	
Provide the non-exclusive services of a person to serve as the Company’s treasurer.  Such person, in his or her capacity as treasurer, will perform all duties normally associated with that of a treasurer, including responsibility for any and all financing matters for the Company and its subsidiaries including but not limited to debt, equity or other financings, whether through the public markets or in private transactions, or otherwise, including the negotiation and consummation of all of the foregoing.

 

	
  

	
·

	
Provide the non-exclusive services of a person to serve as division of internal audit and perform the duties normally associated with that of a director of internal audit.

 

	
  

	
·

	
Provide the non-exclusive services of people to support the Company’s M&A function.  Such people, in their capacity as M&A support, will perform all duties normally associated with an M&A support function including but not limited to identification, evaluation, a broad range of due diligence functions, and certain other similar items.       

 

	
  

	
·

	
Provide the non-exclusive services of a person to serve in the capacity of, but without the title of, the Company’s corporate secretary.  Such person, in his or her capacity as such, will coordinate with the Company’s General Counsel and perform all duties normally associated with that of a corporate secretary, including without limitation, organization and preparation for board meetings, corporate record keeping, management of due diligence for corporate transactions, review and maintenance of D&O insurance policies, and other similar items.

 

	
  

	
·

	
Provide the non-exclusive services of a person to serve in the capacity of, but without the title of, the Company’s chief legal officer.  Such person, in his or her capacity as such, will coordinate with the Company’s General Counsel and perform all duties normally associated with that of a chief legal officer to the extent such duties would relate to the needs of the Company as a public reporting entity, including:

 

	
  

	
o

	
advising executives and the Board on risk management, governance, and compliance generally;

 

	
  

	
o

	
complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, preparing and filing required reports with the Securities and Exchange Commission, communication with any transfer agent and registrar in connection with the listing and/or trading of the Company’s securities on any exchange, communication with any such exchange in connection with the listing of the Company’s securities, preparing, printing and mailing the Company’s annual report to its stockholders and proxy materials with respect to any meeting of the stockholders of the Company;

 

	
  

	
o

	
supervising any investigations or complaints by government and self-regulatory agencies;

 

  

 

  

 

	
  

	
o

	
participating in the definition and development of corporate policies, procedures and programs and providing continuing counsel and guidance on legal matters and on legal implications of such matters;

 

	
  

	
o

	
serving as a key lawyer/legal advisor on all major business transactions, including material acquisitions, divestitures, financings (including bank credit and equity or debt offerings or placements) and joint ventures;

 

	
  

	
o

	
judging the merits of major court cases filed against or on behalf of the Company, working with the General Counsel and appropriate executive(s) to define a strategic defense and approving settlements of disputes where warranted; and

 

	
  

	
o

	
selecting, retaining, managing and evaluating of all outside counsel relating to the foregoing.

 

	
  

	
·

	
Communications to holders of securities of the Company or its subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, preparing and filing required reports with the Securities and Exchange Commission, communication with any transfer agent and registrar in connection with the listing and/or trading of the Company’s securities on any exchange, communication with any such exchange in connection with the listing of the Company’s securities, preparing, printing and mailing the Company’s annual report to its stockholders and proxy materials with respect to any meeting of the stockholders of the Company.

 

	
  

	
·

	
Other similar items.Exhibit
10.1

LIMITED PARTNERSHIP
AGREEMENT

OF

BFP-JMB 245 PARK, L.P.

This
Limited Partnership Agreement (this “Agreement”) of BFP-JMB 245 PARK, L.P., a Delaware limited partnership
(the “Partnership”), is made effective as of December 29, 2014 by
BROOKFIELD FINANCIAL PROPERTIES, L.P., a Delaware limited partnership (the “BFP Partner”) and JMB 245 PARK AVENUE
HOLDING COMPANY, LLC, a Delaware limited liability company (the “JMB Partner”) 
pursuant to and in accordance with the Delaware Revised Uniform Limited Partnership Act (6 Del.C. § 17-101, et
seq.), as amended from time to time (the “Act”). Capitalized terms used in this Agreement which are not
otherwise defined in Schedule B hereto shall have the respective meanings given those terms under the Act.

Whereas,
the Partnership has been formed as a limited partnership pursuant to and in accordance with the Act, pursuant to the Certificate
of Limited Partnership, dated December 19, 2014; 

And
Whereas, prior to the execution of this Agreement, the BFP Partner transferred (i) forty eight and one-half percent
(48.5%) of the membership interests in BFP 245 Park Co. LLC, a Delaware limited liability company (“BFP 245 Park”)
and (ii) one hundred percent (100%) of the membership interests in BFP 245 Park MM LLC, a Delaware limited liability company (“BFP
245 Park MM”), which own indirect interests in the property commonly known as 245 Park Avenue, New York, NY (the “Property”),
to the Partnership in exchange for the issuance of the Common Units and the Class J Units to the BFP Partner;

And
Whereas, immediately prior to the execution of this Agreement, in consideration for the redemption of the JMB
Partner’s Class A Units (as defined in that certain Fourth Amended and Restated Agreement of Limited Partnership of
the BFP Partner, dated December 31, 2002) in the BFP Partner (collectively, the “BFP LP Units”), the BFP Partner
transferred all of the Class J Units to the JMB
Partner and the BFP LP Units were redeemed;

And
Whereas, simultaneously with the execution of this Agreement, the BFP Partner is making a distribution to the JMB
Partner in the amount of $2,525,253.00;

Now,
therefore, in consideration of the agreements and obligations set forth herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Partners hereby
agree as follows: 

		1.	Name. The name of the Partnership is BFP-JMB
245 PARK, L.P.

    	1

    	 

    

		2.	Purpose. Notwithstanding anything to the contrary
in this Agreement or in any other document governing the formation, management or operation of the Partnership, the sole purpose
to be conducted or promoted by the Partnership is to engage in the following activities:

		(a)	to, directly or indirectly, acquire, own, develop, operate, lease, finance, refinance, use, repair,
maintain, manage or otherwise deal with (i) the membership interests in BFP 245 Park and BFP 245 Park MM, and (ii) the Property;
and

		(b)	to transact any lawful business permitted to be transacted by limited partnerships organized under
the laws of the State of Delaware that is related or incidental to and necessary, convenient or advisable for the accomplishment
of the above mentioned purposes (including the entering into of interest rate or basis swap, cap, floor or collar agreements, currency
exchange agreements or similar hedging transactions and referral, management, servicing and administration agreements).

		3.	Powers. Subject to Sections 2, the Partnership
shall have the power to do any and all acts reasonably necessary, appropriate, proper, advisable, incidental or convenient
to or for the furtherance of the purpose and business described herein and for the protection and benefit of the Partnership, and
shall have, without limitation, any and all of the powers that may be exercised on behalf of the Partnership by the Managing General
Partner and/or the Board of Managers pursuant to this Agreement.

		4.	Term. The term of the Partnership commences on the
date of filing of the Certificate of Limited Partnership and the Partnership shall continue in existence until terminated
in accordance with Section 24 of this Agreement or otherwise in accordance with the Act. The existence of the Partnership
as a separate legal entity shall continue until cancellation of the Certificate of Limited Partnership in accordance with the Act.

		5.	Registered Office and Agent/Authorized Person. The address of the registered office and
the registered agent for service of process for the Partnership in the State of Delaware is
c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware, 19808. Joseph Meland is hereby
designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed the Certificate
of Limited Partnership of the Partnership with the Secretary of State of the State of Delaware. Upon the filing of the Certificate
of Limited Partnership with the Delaware Secretary of State, his powers as an “authorized person” ceased and the Managing
General Partner became the “authorized person” within the meaning of the Act.

		6.	Principal Business Office. The principal place of
business and office of the Partnership shall be located at c/o Brookfield Office Properties Inc., Brookfield Place, 250
Vesey Street, 15th Floor, New York, New York 10281,
and the Partnership’s business shall be conducted from such place or places as may hereafter be determined by the
Managing General Partner or the Board of Managers.

    	2

    	 

    

		7.	Name and Mailing Address of the Partners; Continuation. The name and mailing address of
each of the Partners is as follows:

	 	Name	Mailing Address
	 	BROOKFIELD FINANCIAL PROPERTIES, L.P.	
        c/o Brookfield Office Properties Inc.

        Brookfield Place

        250 Vesey Street, 15th Floor

        New York, New York 10281

	 	JMB 245 PARK AVENUE HOLDING COMPANY, LLC	
        c/o JMB/245 Park Avenue Associates, Ltd.

        900 North Michigan Avenue

        14th Floor

        Chicago, Illinois 60611

        Attention: Patrick Meara

	 	 	 

Upon the execution
of this Agreement, each Partner shall continue as a partner of the Partnership.

		8.	Assignment. 

		(a)	The BFP Partner
may Transfer its Common Units (as defined below), provided that such transferee executes and agrees to all the provisions
of this Agreement and otherwise assumes all of the obligations of the holder of such Common Units. Subject to Section 10,
if the BFP Partner transfers its Common Units pursuant to this Section 8, the transferee shall be admitted to the Partnership
as a Partner of the Partnership upon its execution of an instrument signifying its agreement to be bound by the terms and conditions
of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective
immediately prior to the transfer. Notwithstanding anything in this Agreement to the contrary, any successor to the BFP Partner
by merger or consolidation shall, without further act, be the BFP Partner hereunder, and such merger or consolidation shall not
constitute an assignment for purposes of this Agreement and the Partnership shall continue without dissolution.

    	3

    	 

    

		(b)	The JMB Partner shall not be permitted to Transfer its Class
J Units without the prior written consent of the Board of Managers, which may be withheld in the Board of Managers’ sole
discretion. Notwithstanding the foregoing, without the prior written consent of the
Board of Managers the JMB Partner may make or permit to occur any Transfer of all or any portion of the Class J Units held
by it to any Wholly Owned Affiliate of the JMB Partner or any JMB Controlled Affiliate; provided, however, that no such Transfer
shall be consummated (i) if such Transfer (A) is to any Person that is not a “United States person” within the meaning
of Section 7701(a)(30) of the Code, (B) when added with all other limited partnership interests of the Partnership transferred
or assigned would result in a “termination” of the Partnership under Section 708 of the Code, or (C) would result in
the Partnership being treated as a corporation for tax purposes, and (ii) unless such Wholly Owned Affiliate or JMB Controlled
Affiliate shall have executed and delivered to the Managing General Partner a written instrument pursuant to which such Wholly
Owned Affiliate or JMB Controlled Affiliate assumes (in respect of the Class J Units transferred to it) all the obligations of
the JMB Partner under this Agreement..

		(c)	Each Transferee of any Units shall only be admitted upon execution of a joinder agreeing to be
bound by the terms of this Agreement and such other documents as the Board of Managers may reasonably require, and no Transferee
who receives (or purports to receive) Units in violation of this Agreement shall be admitted as a partner.

		9.	Additional General Partner.

		(a)	The Additional General Partner shall have such rights and authority to act for or on behalf of
or to bind the Partnership as shall be determined from time to time by the Managing General Partner and reflected in an amendment
to this Agreement; provided, however, that the Additional General Partner shall not have any greater rights to act for or on behalf
of or to bind the Partnership than have herein been granted to the Managing General Partner. The Additional General Partner shall
have no authority to act for or on behalf of or to bind the Partnership until the Additional General Partner shall have executed
an instrument pursuant to which it agrees to be bound by the provisions of this Agreement (as amended by any amendment executed
by the Managing General Partner pursuant to the provisions of the immediately preceding sentence).

		(b)	The Managing General Partner may, without the approval of any Partner (other than the affected
Additional General Partner, which approval may be withheld in its absolute discretion), convert all or any part of the general
partnership interest of the Additional General Partner into a limited partnership interest in the Partnership.

    	4

    	 

    

		(c)	The JMB Partner shall be an Additional General Partner of the Partnership, and shall have (i) all
voting and approval rights that are available generally to the Limited Partners of the Partnership and (ii) no authority to act
for or on behalf of or to bind the Partnership or any other Partner on any matter except as shall be determined from time to time
by the Managing General Partner and reflected in an amendment to this Agreement. Notwithstanding any contrary provision of this
Agreement, (A) each and every transferee of any Class J Unit from the JMB Partner (other than a transferee that is a JMB Controlled
Affiliate) shall, effective immediately upon such transferee's acquisition thereof, hold such Class J Unit as if transferred from
a Limited Partner of the Partnership and not a General Partner and (without the written consent of the Managing General Partner)
no such transferee shall be admitted to the Partnership except as a Limited Partner and (B) the JMB Partner shall cease to be an
Additional General Partner and the entire interest in the Partnership of the JMB Partner shall automatically become a limited partnership
interest upon any (x) Transfer by the JMB Partner or any JMB Controlled Affiliate of Class J Units to any Person that results in
the JMB Partner, JMB and all JMB Controlled Affiliates owning less than fifty percent (50%) of the Class J Units, (y) Bankruptcy
of JMB or the JMB Partner or (z) receipt by the Managing General Partner of a notice from the JMB Partner in which the JMB Partner
elects to convert its interest to a limited partnership interest.

		10.	Additional Partners. One or more additional Partners of the Partnership may be admitted
to the Partnership with the written consent of the Managing General Partner; provided, however, if the Partnership Equity Test
is not then satisfied, the prior written consent of the JMB Partner (which shall not be unreasonably withheld, conditioned or delayed)
shall be required in connection with the admission of a Partner whose partnership interests in the Partnership ranks senior to
or pari passu to the JMB Partner’s interest in the Partnership with respect to distributions or liquidation preference.
The name and address of any subsequent Partner(s) shall be recorded in a Partner register maintained by the Partnership. For purposes
of this Section 10, the “Partnership Equity Test” shall be deemed satisfied if, after giving effect to the issuance
of the contemplated interests (the “subject interests”), the net equity value of the Partnership’s interests
in the Property, as reflected on the books and records of the Partnership and as determined in accordance with, at the Managing
General Partner’s option, (i) IFRS accounting standards (using fair value) or (ii) fair value generally accepted accounting
principles, assuming the repayment in full of such subject interests, is at least $100,000,000.

		11.	Unit Capital Contributions. 

		(a)	Each of the Partner’s capital contributions, in cash
or in other assets, shall be shown on the Partnership’s books and records from time to time. The BFP Partner’s
initial capital contributions are set out on the Partnership’s books and records. The JMB
Partner is deemed to have made a capital contribution on the date hereof in the amount of the Class J Investment. 

    	5

    	 

    

		(b)	The BFP Partner may, but is not required, to make any additional
capital contributions to the Partnership. To the extent that the BFP Partner makes an additional capital contribution to
the Partnership, the Managing General Partner shall revise Schedule A of this Agreement. The provisions of this Agreement,
including this Section 11(b), are intended to benefit the Partners and, to the fullest extent permitted by law, shall not
be construed as conferring any benefit upon any creditor of the Partnership (and no such creditor of the Partnership shall be a
third-party beneficiary of this Agreement) and no Partner shall have any duty or obligation to any creditor of the Partnership
to make any contribution to the Partnership or to issue any call for capital pursuant to this Agreement. The JMB Partner shall
not be required or permitted to make any additional capital contributions to the Partnership.

		12.	Units.

		(a)	The Partnership is authorized to issue two classes of interests to the Partners, which shall be
designated as “Common Units” and “Class J Units”. For the purpose of this Agreement, (i)
a Common Unit shall mean a unit of limited partnership interest issued by the Partnership
on subscription by the BFP Partner, which represents the rights and obligations associated therewith, including, without
limitation, the right to one vote per Common Unit, and the right to receive distribution of
the Partnership’s assets in accordance with this Agreement and the Act and (ii) a Class J Unit
shall mean a unit of limited partnership interest issued by the Partnership on subscription by the JMB
Partner, which represents the rights and obligations associated therewith, including, without limitation,
the right to receive distribution of the Partnership’s assets in accordance with this Agreement and the Act, but does
not represent any right to vote with respect to any matter with respect to the Partnership. The
unit register of the Partnership is as set forth on Schedule A hereto.

		(b)	The Units may, but need not be, evidenced by a certificate
in such form and executed by such officer or officers as the Board of Managers of the Partnership may determine.

		(c)	An assignee of Units shall become, and be entitled to exercise
the rights and powers of and be subject to the liability of, a Partner of the Partnership upon its admission as a Partner
in accordance with Section 8 and Section 10. Subject to Section 8 and Section 10, such Partner
ownership shall become effective when the assignee’s admission is reflected in the Partnership’s register.

		(d)	The Partnership shall maintain an account of capital in respect of contribution on Units.

    	6

    	 

    

 

		13.	Capital Accounts; Allocations.

		(a)	The Partnership shall establish and maintain a separate capital account for each Partner (each,
a “Capital Account”) according to the rules of Treasury Regulation §1.704-1(b)(2)(iv).

		(b)	For each taxable year of the Partnership (or other period for which Profits and Losses are required
to be allocated pursuant to this Agreement or applicable law), all Profits and Losses (other than Profits and Losses specially
allocated pursuant to Section 13(c)) shall be allocated to the Partner’s Capital Accounts as follows:

                                 
(i)                   
Profits of the Partnership shall be allocated in the following order:

		(1)	First, Profits shall be allocated to the BFP Partner until the cumulative Profits allocated to
the BFP Partner pursuant to this Section 13(b)(i)(1) equals the cumulative Losses allocated to the BFP Partner pursuant
to Section 13(b)(ii)(4);

		(2)	Second, Profits shall be allocated to the JMB Partner until the cumulative Profits allocated to
the JMB Partner pursuant to this Section 13(b)(i)(2) equals the cumulative Losses allocated to the JMB Partner pursuant
to Section 13(b)(ii)(3);

		(3)	Third, Profits shall be allocated to the JMB Partner until the Unallocated Preferred Return on
the Class J Units been reduced to zero; and

		(4)	Fourth, all remaining Profits shall be allocated to the BFP Partner.

                                                   
(ii)                   
Losses of the Partnership shall be allocated in the following order:

		(1)	First, Losses shall be allocated to the BFP Partner until the BFP Partner’s Capital Account
has been reduced to zero;

		(2)	Second, Losses shall be allocated to the JMB Partner until the cumulative Losses allocated to the
JMB Partner pursuant to this Section 13(b)(ii)(2) equals the cumulative Profits allocated to the JMB Partner pursuant to
Section 13(b)(i)(3);

		(3)	Third, Losses shall be allocated to the JMB Partner until the JMB Partner’s Capital Account
has been reduced to zero; and

		(4)	Fourth, all remaining Losses shall be allocated to the BFP Partner.

    	7

    	 

    

 

		(c)	Prior to allocating Profits and Losses for any taxable year of the Partnership (or other period
for which Profits and Losses are required to be allocated pursuant to this Agreement or applicable law) pursuant to Section
13(b), the Partnership shall make the following special allocations:

                                                     
(i)                   
Nonrecourse deductions (as defined in Treasury Regulation §1.704-2(b)(1)) shall be allocated to the BFP Partner. If
there is a net decrease in partnership minimum gain (as defined in Treasury Regulation §1.704-2(d)) in any taxable year or
other allocation period of the Partnership, each Partner shall be specially allocated items of taxable income or gain for such
taxable year or other allocation period (and, if necessary, subsequent taxable years or allocation periods) in an amount equal
to such Partner’s share of the net decrease in partnership minimum gain, determined in accordance with Treasury Regulation
§1.704-2(g). This paragraph is intended to comply with the minimum gain chargeback requirement in Treasury Regulation §1.704-2(f)
and shall be interpreted consistently therewith.

                                                   
(ii)                   
Partner nonrecourse deductions (as defined in Treasury Regulation §1.704-2(i)) shall be allocated in the manner required
by Treasury Regulation §1.704-2(i). Except as otherwise provided in Treasury Regulation §1.704-2(i)(4), if there is a
net decrease in partner nonrecourse minimum gain (as defined in Treasury Regulation §1.704-2(i)) during any taxable year or
other allocation period, each Partner that has a share of such partner nonrecourse minimum gain shall be specially allocated items
of taxable income or gain for such taxable year or other allocation period (and, if necessary, subsequent taxable years or allocation
periods) in an amount equal to that Partner’s share of the net decrease in partner nonrecourse minimum gain. This paragraph
is intended to comply with the minimum gain chargeback requirements in Treasury Regulation §1.704-2(i)(4) and shall be interpreted
consistently therewith.

    	8

    	 

    

                                                 
(iii)                   
If any Partner unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation §1.704-l(b)(2)(ii)(d)(4),
(5) or (6), items of taxable income and gain shall be specially allocated to such Partner in an amount and manner
sufficient to eliminate the adjusted capital account deficit (determined according to Treasury Regulation §1.704-1(b)(2)(ii)(d))
created by such adjustments, allocations or distributions as quickly as possible. This paragraph is intended to comply with the
qualified income offset requirement in Treasury Regulation §1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

                                                 
(iv)                   
The allocations set forth in paragraphs (i), (ii) and (iii) above (the “Regulatory Allocations”) are
intended to comply with certain requirements of the Treasury Regulations under Section 704 of the Code. Notwithstanding any other
provisions of this Section 13 (other than the Regulatory Allocations), the Regulatory Allocations shall be taken into account
in allocating Profits and Losses among Partners so that, to the extent possible, the net amount of such allocations of Profits
and Losses and other items and the Regulatory Allocations (including Regulatory Allocations that, although not yet made, are expected
to be made in the future) to each Partner shall be equal to the net amount that would have been allocated to such Partner if the
Regulatory Allocations had not occurred.

		(d)	The income, gains, losses, and deductions of the Partnership shall be allocated, for federal, state
and local income tax purposes, among the Partners in accordance with the allocation of such income, gains, losses, deductions and
expenses among the Partners for computing their Capital Accounts, except as otherwise provided in this Section 13(d), provided
that if any such allocation is not permitted by the Code or other applicable law, the Partnership’s subsequent income, gains,
losses, deductions and expenses shall be allocated among the Partners so as to reflect as nearly as possible the allocation set
forth herein in computing their Capital Accounts. Income, gain, loss, deduction and expense with respect to any property contributed
to the capital of the Partnership or any property the book value of which has been adjusted pursuant to Treasury Regulation §1.704-1(b)(2)(iv)(f)
shall, solely for tax purposes, be allocated among the Partners so as to take account of any variation between the adjusted basis
of such property to the Partnership for federal income tax purposes and its fair market value at the time of contribution or resulting
from such adjustment.

    	9

    	 

    

		(e)	Notwithstanding anything to the contrary contained in this Agreement, and notwithstanding any custom
or rule of law to the contrary, no Partner shall be required to pay to any other Partner or to the Partnership any deficit or negative
balance which may exist from time to time in such Partner’s Capital Account (including upon and after dissolution of the
Partnership).

		14.	Distributions. The Partnership shall be entitled to make distributions in respect of a Unit
held by the Partners as follows:

		(a)	Any amounts available for distribution that are not attributable to a Capital Event (as determined
by the Board of Managers) shall be distributed as follows:

                                                     
(i)                   
First, to the JMB Partner, until the Unpaid Preferred Return is reduced to $0;

                                                   
(ii)                   
Thereafter, to the BFP Partner.

		(b)	Any amounts available for distribution that are attributable to a Capital Event (as determined
by the Board of Managers) shall be distributed as follows:

                                                     
(i)                   
First, to the JMB Partner, until the Unpaid Preferred Return is reduced to $0;

                                                   
(ii)                   
Second, to the JMB Partner, until the Unreturned Preferred Capital is reduced to $0;

                                                 
(iii)                   
Thereafter, to the BFP Partner

The Partnership
shall distribute to the Partners in accordance with this Section 14 all amounts received as distributions from BFP 245 Park
(or its managing member) within five (5) Business Days of the receipt of such distributions by the Partnership. Notwithstanding
any provision to the contrary contained in this Agreement, the Partnership shall not make
a distribution to any Partner on account of its interest in the Partnership if such
distribution would violate the Act or other applicable law.

    	10

    	 

    

 

		15.	Unit Redemption; Tax Protection.

		(a)	At any time the Partnership Repurchase Equity Test is satisfied, the Partnership shall be entitled
at its discretion to purchase for cancellation any Common Unit held by the Managing
General Partner provided such purchase does not violate the Act or other applicable law. For purposes of this Section 15(a), the
“Partnership Repurchase Equity Test” shall be deemed satisfied if, after giving effect to the repurchase of the subject
Common Units, the net equity value of the Partnership’s interests in the Property, as reflected on the books and records
of the Partnership and as determined in accordance with, at the Managing General Partner’s option, (i) IFRS accounting standards
(using fair value) or (ii) fair value generally accepted accounting principles, assuming the repayment in full of any interests
in the Partnership ranking senior to or pari passu to the JMB Partner’s interest in the Partnership with respect to
distributions or liquidation preference, is at least $100,000,000.

		(b)	At any time and from time to time following the date hereof, the Board of Managers shall have the
right, in its sole discretion, to cause the Partnership to redeem all or any portion of the Class J Units (the “Partnership
Redemption Right”). To exercise the Partnership Redemption Right, the Board of Managers shall deliver to the JMB Partner
a written notice (a “Partnership Redemption Notice”) setting forth: (i) the date upon which the redemption
shall occur (a “Redemption Date”); and (ii) the dollar amount of the Unreturned Preferred Capital (and the corresponding
number of Class J Units) that is being redeemed (the “Redemption Amount”). The JMB Partner shall have the right,
in its sole discretion, to cause the Partnership to redeem all or any portion of the Class J Units (the “JMB Redemption
Right”) by delivering to the Partnership a written notice (a “JMB Redemption Notice” and, together
with a “Partnership Redemption Notice”, a “Redemption Notice”) setting forth (x) the Redemption
Date, which shall be no earlier than ten (10) Business Days from delivery of the JMB Redemption Notice and (y) the Redemption Amount.
On the Redemption Date set forth in the applicable Redemption Notice, the Partnership shall distribute to the JMB Partner the sum
of (A) the Redemption Amount set forth in such Redemption Notice plus (B) the Unpaid Preferred Return through and including such
Redemption Date on the Class J Units being redeemed. At any time on or prior to a Redemption Date triggered by a Partnership Redemption
Notice, the Board of Managers shall have the right to withdraw the Partnership Redemption Notice associated with any such Redemption
Date by notifying the applicable Partner in writing of such withdrawal.

		(c)	If the Partnership allocates any taxable gain to the JMB Partner in excess of $35,000,000 under
Section 704(c)(1)(A) of the Code, the Partnership shall redeem the Class J Units in full pursuant to the Partnership Redemption
Right set forth in Section 15(b).

    	11

    	 

    

		(d)	If (i) the JMB Partner recognizes any taxable gain from a deemed distribution of money from the
Partnership to the JMB Partner under Section 752(b) of the Code as a result of any action taken by the Partnership (which, for
clarity, shall not include the transactions entered into on the date hereof and consented to by the JMB Partner, or regular amortization
of the debt of the Partnership) (a “Taxable Gain Trigger”) or (ii) the Partnership exercises a Partnership Redemption
Right or liquidates (a “Full Redemption Trigger” and, together with the Taxable Gain Trigger, a “Trigger
Event”) prior to the fifth (5th) anniversary of the date hereof, the Partnership shall make a one-time payment
to the JMB Partner within ten (10) Business Days of the date of the Full Redemption Trigger or the date that the Partnership receives
notice of the Taxable Gain Trigger, as applicable in an amount equal to the Tax Protection Amount with respect to the date that
the Trigger Event occurred. In the event of any partial exercise of the Redemption Right in accordance with Section 15(b),
a pro rata portion of the Tax Protection Amount shall be paid to the JMB Partner based upon the percentage of Class J Units being
redeemed. For avoidance of doubt, no Tax Protection Amount shall be payable with respect to the exercise of a JMB Redemption Right.

		(e)	Upon the occurrence of a Full Redemption Event, (i) without any further action of the Partnership
or the JMB Partner, the JMB Partner shall be withdrawn as a partner of the Partnership, and shall no longer be a partner of the
Partnership (both in its capacity as a Limited Partner and Additional General Partner), and (ii) other than the right to any payment
due pursuant to this Section 15, if any, the JMB Partner shall have no further rights under this Agreement, including any
rights to distributions or payments hereunder. The JMB Partner shall execute any documents reasonably requested by the Partnership,
the Board of Managers or the Managing General Partner to reflect the provisions of the preceding sentence.

		(f)	None of the Partners or the Partnership shall have any fiduciary duty of loyalty or other similar
duty or obligation to the other Partners or the Partnership under this Agreement, except for the implied contractual covenant of
good faith and fair dealing.

		16.	Tax Matters.

		(a)	The Managing General Partner and the Partnership shall take all actions necessary to have the Partnership
treated as a partnership for federal and all applicable state and local income tax purposes.

		(b)	The parties hereto agree that the Partnership shall be treated as a continuation of Brookfield
Financial Properties, L.P. for federal and all applicable state and local income tax purposes. In connection therewith, and notwithstanding
anything herein to the contrary, the Partnership shall use the EIN number that has been used by Brookfield Financial Properties,
L.P., and shall continue with the same tax elections as were made by Brookfield Financial Properties, L.P. and use the same method
for purposes of allocations under Section 704(c) of the Code as was used by Brookfield Financial Properties, L.P.

    	12

    	 

    

		(c)	The Partners and the Partnership acknowledge and agree that the potential taxable gain allocable
under Section 704(c) of the Code underlying the allocation of nonrecourse liabilities by the BFP Partner to the JMB Partner pursuant
to Treasury Regulation §1.752-3(a)(2) immediately prior to the redemption of the JMB Partner’s Class A Units shall,
at all times following such redemption until the termination of the JMB Partner’s interest in the Partnership, be allocable
by BFP 245 Park to the Partnership, and by the Partnership to the JMB Partner (provided, however, that the amount of such potential
taxable gain allocable under Section 704(c) of the Code may change over time under the rules set forth in Section 704(c) of the
Code and in the Treasury Regulations thereunder), and that, as a consequence of such allocation, such nonrecourse liabilities shall
be allocated by BFP 245 Park to the Partnership, and by the Partnership to the JMB Partner to the extent provided under such Treasury
Section §1.752-3(a)(2).

		(d)	The Partners and the Partnership shall prepare and file all federal and applicable state and local
income tax returns in a manner consistent with the foregoing provisions of this Section 16.

		(e)	The Partnership will deliver, or cause to be delivered, to each Partner, within forty-five (45)
days following the end of each of the Partnership’s taxable years, such Partner’s Schedule K-1 for such taxable year,
provided that if the Partnership is unable to comply with such deadline using reasonable best efforts, the Partnership (i) shall
deliver, or cause to be delivered to each Partner estimates of each item to be reported on such Partner’s Schedule K-1 for
such taxable year within forty-five (45) days following the end of such taxable year based on the best available information at
such time and (ii) shall use its reasonable best efforts to deliver, or cause to be delivered, to each Partner, as soon as practicable
following the delivery of such estimates, such Partner’s Schedule K-1 for such taxable year.

		17.	Elections. Subject to Section 16(b), the Partnership shall determine the accounting
methods and conventions under the tax laws of any and all applicable jurisdictions as to the treatment of income, gain, loss, deduction
and credit of the Partnership or any other method or procedure related to the preparation of such
tax returns. The Partnership shall make or refrain from making any and all elections permitted by such tax laws.

		18.	Limited Liability. Except as otherwise provided by the Act, the debts, obligations and liabilities
of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations
and liabilities of the Partnership, and none of the Partners, Managers, officer, employee
or agent of the Partnership (including
a person having more than one such capacity) shall be obligated personally for any such debt, obligation or liability of the Partnership
solely by reason of acting in such capacity.

    	13

    	 

    

		19.	Indemnification. The Partnership hereby agrees to indemnify and hold harmless each Partner,
Manager, officer, employee or agent of the Partnership (collectively, the “Covered
Persons”) to the fullest extent permitted by law, as the same now exists
or may hereafter be amended, substituted or replaced (but, in the case of any amendment, substitution or replacement, only
to the extent that such amendment, substitution or replacement permits the Partnership
to provide broader indemnification rights than the Partnership is providing immediately
prior to such amendment), against all expenses, liabilities and losses (including
reasonable attorneys’ fees and expenses, judgments, fines, excise taxes or penalties) reasonably incurred or suffered
by such person by reason of the fact that such Covered Person is or was a Partner, Manager,
officer, employee or agent of the Partnership or is or was serving as a Partner,
Manager, officer, employee or agent of a subsidiary of the Partnership; provided, that no such
Covered Person will be indemnified for any expenses, liabilities and losses suffered that are attributable to
such Covered Person’s bad faith, intentional misconduct or knowing violation of law. Expenses, including reasonable
attorney’s fees and expenses, incurred by any such indemnified person in defending a proceeding
will be paid by the Partnership in advance of the final disposition of such proceeding,
including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Covered Person to repay
promptly such amount if it will ultimately be determined that such person is not entitled to be indemnified by the Partnership.

		20.	Termination of Unit Ownership. The rights of a Partner to receive distributions and to assign
its interest in the Partnership pursuant to Section 8 shall, on the dissolution, termination,
winding up, or other inability to act in such capacity, devolve on its legal representative for the purpose of settling
its estate or administering its property.

		21.	Management.

		(a)	Board of Managers. The Partners hereby agree that the
business and affairs of the Partnership shall be managed by or under the direction of a board of managers (the “Board
of Managers”). Subject to the Act and the express limitations contained in this Agreement, the
Board of Managers shall have complete and absolute control over the affairs and business of the Partnership, and shall possess
all powers necessary, convenient or appropriate to carrying out the purpose and business of the Partnership, including, without
limitation, doing all things and taking all actions necessary to carrying out the terms and provisions of this Agreement. The
Board of Managers has the authority to bind the Partnership. Notwithstanding anything to the contrary in the Act, except
as provided in this Agreement or by action of the Board of Managers, neither the Partners
nor a partner may bind the Partnership.

    	14

    	 

    

		(b)	Managers. The Board of Managers shall be comprised of one or more individuals (each,
a “Manager”). The Managing General Partner may determine at any time in its sole and absolute discretion
the number of Managers to constitute the Board of Managers. The authorized number of Managers may be increased or decreased by
the Managing General Partner at any time in its sole and absolute discretion, upon notice to all Managers. The initial number of
Managers shall be three (3). Subject to Section 21(c), the Managers shall be designated by the Managing General Partner.
Each Manager will serve as a Manager until the earlier to occur of his/her death, retirement,
resignation or removal, with or without cause, by the Managing General Partner. Subject to Section 21(c), upon the
death, retirement, resignation or removal of any Manager, the Managing General Partner
may designate the replacement Manager.

		(c)	JMB-Approved Manager. So long as the JMB Partner shall be an Additional General Partner
of the Partnership, the JMB Partner shall have the right, from time to time, to consent (in the manner set forth below) to the
selection of an Independent Person to serve as one of the Managers (the “JMB-Approved Manager”). Within thirty
(30) days after each Replacement Date, the Managing General Partner shall give written notice (a “Designation Notice”)
to the JMB Partner setting forth the names of not less than three (3) Independent Persons who are eligible to act as the JMB-Approved
Manager. The JMB Partner’s consent rights under this Section 21(c) shall be exercised in a written notice given to
the Managing General Partner not later than fifteen (15) days after the date that the JMB Partner shall receive any Designation
Notice. In such notice, the JMB Partner shall specify which one of the Persons identified in the Designation Notice to whom it
consents to serve as the JMB-Approved Manager. Upon any failure by the JMB Partner to respond to a Designation Notice within such
fifteen (15) day period or upon responding, in the case of any failure to consent to one of the Persons identified in the Designation
Notice, the Managing General Partner shall have the right to select the JMB-Approved Manager from among such Persons (or any other
Person mutually acceptable to the JMB Partner and the Managing General Partner). Promptly following notice that any Person constituting
a JMB-Approved Manager has ceased to be an Independent Person, the Managing General Partner shall cause the removal of such Person
as a Manager; provided, however, that nothing set forth in this Section 21(c) shall be construed to give the JMB Partner
any right to remove the JMB-Approved Manager or to limit or impair the right of any other Person to remove any Manager in accordance
herewith. The JMB Partner and the Managing General Partner hereby acknowledge and agree that the initial JMB-Approved Manager is
Lance Liebman.

    	15

    	 

    

		(d)	Meetings of the Board of Managers. The Board of Managers may hold meetings, both regular
and special, within or outside the State of Delaware. Regular meetings of the Board of Managers may be held without notice at such
time and at such place as shall from time to time be determined by the Board of Managers. Special meetings of the Board of Managers
may be called by the President on not less than one (1) day’s notice to each Manager by telephone, facsimile, mail, telegram
or any other means of communication, and special meetings shall be called by the President or Secretary in like manner and with
like notice upon the written request of any one or more of the Managers.

		(e)	Quorum; Acts of the Board of Managers. At all meetings of the Board of Managers, a majority
of Managers shall constitute a quorum for the transaction of business and, except as otherwise provided in any other provision
of this Agreement, the act of a majority of the Managers present at any meeting at which there is a quorum shall be the act of
the Board of Managers. If a quorum shall not be present at any meeting of the Board of Managers, the Managers present at such meeting
may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.
Any action required or permitted to be taken at any meeting of the Board of Managers or of any committee thereof may be taken without
a meeting if a majority of the Managers or members of the committee, as the case may be, consent thereto in writing, and the writing
or writings are filed with the minutes or proceedings of the Board of Managers or committee, as the case may be.

		(f)	Electronic Communications. Members of the Board of Managers, or any committee designated
by the Board of Managers, may participate in meetings of the Board of Managers, or any committee, by means of telephone conference
or similar communications equipment that allows all Persons participating in the meeting to hear each other, and such participation
in a meeting shall constitute presence in Person at the meeting. If all the participants are participating by telephone conference
or similar communications equipment, the meeting shall be deemed to be held at the principal place of business of the Partnership.

		(g)	Committees of Managers.

                                                     
(i)                   
The Board of Managers may, by resolution passed by a majority of the Managers, designate one or more committees, each committee
to consist of one or more of the Managers of the Partnership. The Board of Managers may designate one or more Managers as alternate
members of any committee, who may replace any absent or disqualified member at any meeting of the committee.

    	16

    	 

    

                                                   
(ii)                   
In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and
not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board
of Managers to act at the meeting in the place of any such absent or disqualified member.

                                                 
(iii)                   
Any such committee, to the extent provided in the resolution of the Board of Managers, shall have and may exercise all the
powers and authority of the Board of Managers in the management of the business and affairs of the Partnership. Such committee
or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Managers.
Each committee shall keep regular minutes of its meetings and report the same to the Board of Managers when required.

		(h)	Compensation of Managers; Expenses. The Board
of Managers shall have the authority to fix the compensation of Managers. The Managers may
be paid their expenses, if any, of attendance at meetings of the Board of Managers,
which may be a fixed sum for attendance at each meeting of the Board of Managers or
a stated salary as Manager. No such payment shall preclude any Manager from serving the Partnership in any other capacity and receiving
compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.

		(i)	Removal of Managers. Unless otherwise restricted by law, any Manager or the entire Board
of Managers may be removed or expelled, with or without cause, at any time by the Managing General Partner, and, subject to Section
21(c), any vacancy caused by any such removal or expulsion may be filled by the Managing General Partner.

		(j)	Managers as Agents. To the extent of their powers set forth
in this Agreement, the Managers are agents of the Partnership for the purpose of the Partnership’s
business, and the actions of the Managers taken in accordance with such powers set forth in this Agreement shall bind the Partnership.
Notwithstanding anything to the contrary in the Act, except as provided in this Agreement or in a resolution of the Managers, a
Manager may not bind the Partnership.

		(k)	Officers. The officers of the Partnership shall be designated by the Common Partner, and
such officers are set forth on Schedule A hereto. The
Board of Managers may appoint one or more additional or successor officers of the Partnership
(which may include Partners or Managers) with such powers, titles and duties as may be approved
by the Board of Managers. Each officer will hold office until the first to occur of his/her death,
retirement, resignation or removal with or without cause by the Board of Managers. 

    	17

    	 

    

		(l)	No Management by Limited Partners; Limitation of Liability.

                                                     
(i)                   
No Limited Partner, in its capacity as a limited partner, shall take part in the day-to-day management, operation or control
of the business and affairs of the Partnership or have any right, power, or authority to act for or on behalf of or to bind the
Partnership or transact any business in the name of the Partnership. Any approvals rendered or withheld by any of the Limited Partners
pursuant to this Agreement shall be deemed as consultation with or advice to the Managing General Partner in connection with the
business of the Partnership and, in accordance with the Act, shall not be deemed as participation by any such Limited Partner in
the business of the Partnership and are not intended to create any inference that any such Limited Partner should be classified
as a general partner under the Act.

                                                   
(ii)                   
No Limited Partner shall have any liability to any other Partner or to the Partnership except (i) in connection with a breach
or violation of any provision of this Agreement by such Limited Partner, (ii) in connection with a Tax Protection Amount or (iii)
as provided in the Act.

                                                 
(iii)                   
No General Partner shall take any action that would subject any Limited Partner (in its capacity as Limited Partner) to
liability as a general partner.

                                                 
(iv)                   
No Limited Partner (in its capacity as such) may commence or attempt to commence or join or attempt to join in any voluntary
or involuntary petition for bankruptcy or insolvency proceeding with respect to the Partnership pursuant to the Bankruptcy Code.
Neither the Partnership nor any General Partner shall commence or consent to the commencement of any such proceeding unless the
commencement of such proceeding has been authorized by the Managing General Partner.

		22.	Execution of Documents. Any deeds, transfers, assignments, agreements, contracts, obligations
and other instruments in writing requiring execution by the Partnership may be signed by any
Manager or officer of the Partnership, or in such other manner as the Board
of Managers may determine.

		23.	Reporting. For each fiscal year commencing with the Partnership’s fiscal year for
2015, the Partnership shall deliver to the Partners (i) annual unaudited financial statements within 180 days of the end of such
fiscal year and (ii) quarterly unaudited financial statements within 45 days of the end of each fiscal quarter of the Partnership
in such fiscal year.

    	18

    	 

    

		24.	Dissolution.

		(a)	The Partnership shall dissolve, and its affairs shall be wound up upon the first to occur of the
following:

		(i)	the written consent of the Managing General Partner;

		(ii)	any event which makes it unlawful for the business of the Partnership to be carried on by the Partners;

		(iii)	the death, withdrawal, retirement, resignation, expulsion, Bankruptcy, liquidation or dissolution
of the Managing General Partner or the occurrence of any other event that terminates the continued membership of the Managing General
Partner as a general partner of the Partnership; provided, however, that the Managing General Partner shall neither withdraw, retire
or resign from the Partnership nor liquidate, dissolve or effect or permit any act or event constituting the Bankruptcy of the
Managing General Partner, in each case unless a successor managing general partner shall have been, or contemporaneously is being,
admitted to the Partnership in accordance with Section 24(b) of this Agreement;

		(iv)	the death, withdrawal, retirement, expulsion, Bankruptcy, liquidation, or dissolution of the Additional
General Partner or the occurrence of any other event that terminates the continued membership of the Additional General Partner
as a general partner of the Partnership, unless at the time there is a Managing General Partner (it being understood that, if there
is a Managing General Partner existing at the time of any such event, the Managing General Partner shall carry on the business
of the Partnership and the Partnership shall not be dissolved, with the result that, in such circumstances, action pursuant to
Section 24(b) hereof shall not be necessary to continue the business of the Partnership);

		(v)	the entry of a decree of judicial dissolution of the Partnership under the Act; or

		(vi)	the sale, exchange or other disposition of all or substantially all of the Partnership’s
assets.

    	19

    	 

    

 

		(b)	Continuance of the Partnership. Notwithstanding the provisions of Section 24(a),
upon the occurrence of an event described in Section 24(a)(iii) or (if, at the applicable time, there shall be no Managing
General Partner) Section 24(a)(iv) hereof, the remaining Partners shall have the right to continue the business of the Partnership.
Such right may be exercised only by the affirmative vote of the approval of the Partners (the “Required Partners”)
constituting holders of not less than seventy-five percent (75%) of all the Common Units, within ninety (90) days after the occurrence
of an event described in Section 24(a)(iii) or (if, at the applicable time, there shall be no Managing General Partner)
Section 24(a)(iv) hereof, to continue the business of the Partnership and the selection of a successor Managing General
Partner by the Required Partners. If not so exercised, the right of the Partners to continue the business of the Partnership shall
expire and the Partnership's affairs shall be wound up as provided in Section 24(c).

		(c)	Liquidation of Partnership Assets.

                                                     
(i)                   
In the event of dissolution pursuant to Section 24(a), the Partnership
shall continue solely for purposes of winding up the affairs of, achieving a final termination of, and satisfaction of the creditors
of, the Partnership. The Managing General Partner (or, if there is no Managing General Partner remaining, any Person elected by
the affirmative vote of the Partners holding of not less than two-thirds of all the Common Units then outstanding (the “Liquidator”))
shall be responsible for oversight of the winding up and dissolution of the Partnership. The Liquidator shall obtain a full accounting
of the assets and liabilities of the Partnership and such Partnership assets shall be liquidated as promptly as the Liquidator
is able to do so without any undue loss in value, with the proceeds therefrom applied and distributed in the following order:

		(I)	First, to the discharge of Partnership debts and liabilities to creditors, including (to the extent
permitted by law) creditors that are Partners;

		(II)	Second, to the discharge of Partnership debts and liabilities to the Partners (to the extent not
covered in clause (I) above);

    	20

    	 

    

		(III)	The balance, if any, to the Partners in proportion to and to the extent of the positive balances
of the Partners’ Capital Accounts (after reflecting in the Partners’ Capital Accounts all adjustments thereto necessitated
by all other transactions for the taxable year in which the dissolution of the Partnership occurs).

                                                   
(ii)                   
In accordance with the provisions of Section 24(c)(i), the Liquidator shall proceed without any unnecessary delay
to sell and otherwise liquidate the Partnership assets; provided, however, that if the Liquidator shall determine that an immediate
sale of part or all of the Partnership assets would cause undue loss to the Partners, the Liquidator may defer the liquidation
except (i) to the extent provided by the Act or (ii) as may be necessary to satisfy the debts and liabilities of the Partnership
to Persons other than the Partners (but only in their capacities as Partners).

                                                 
(iii)                   
If, in the sole and absolute discretion of the Liquidator, there are Partnership assets that the Liquidator will not be
able to liquidate, or if the liquidation of such assets would result in undue loss to the Partners, the Liquidator may distribute
such Partnership assets to the Partners in-kind, in lieu of cash, as tenants-in-common (each having an interest therein proportionate
to its interest in the Partnership) in accordance with the provisions of Section 24(c)(i). The foregoing notwithstanding,
such in-kind distributions shall only be made if in the Liquidator’s good faith judgment that is in the best interest of
the Partners.

                                                 
(iv)                   
Upon the complete liquidation and distribution of the Partnership assets, the Partners shall cease to be Partners of the
Partnership, and the Liquidator shall execute, acknowledge and cause to be filed all certificates and notices required by law to
terminate the Partnership. Upon the dissolution of the Partnership pursuant to Section 24(a), the Liquidator shall cause
to be prepared, and shall furnish to each of the Partners, a statement setting forth the assets and liabilities of the Partnership.
Promptly following the complete liquidation and distribution of the Partnership assets, the Liquidator shall furnish to each Partner
a statement showing the manner in which the Partnership assets were liquidated and distributed.

    	21

    	 

    

 

		(d)	Time for Winding-Up. Anything in this Section 24 notwithstanding, a reasonable time
shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of the Partnership
assets in order to minimize any potential for losses as a result of such process. During the period of winding-up, this Agreement
shall remain in full force and effect and shall govern the rights and relationships of the Partners inter se.

		25.	Other Business. Each Partner and any Affiliate of such Partner may engage in or possess
an interest in other business ventures (unconnected with the Partnership) of every kind and description, independently or with
others notwithstanding any provision to the contrary at law or in equity. The Partnership shall not have any rights in or to such
independent ventures or the income or profits therefrom by virtue of this Agreement.

		26.	Benefits of Agreement; No Third-Party Rights. None of the provisions of this Agreement
shall be for the benefit of or enforceable by any creditor of the Partnership or by any creditor of any Partner. Nothing in this
Agreement shall be deemed to create any right in any Person (other than Covered Persons) not a party hereto, and this Agreement
shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person (except as provided
in Section 28).

		27.	Severability/Counterparts. Should any provision of this Agreement be held to be unenforceable,
such holding will not affect the validity of the remainder of this Agreement, the balance
of which will continue to be binding upon the Partners with any such modification or amendment to become a part hereof and
treated as though originally set forth in this Agreement. This Agreement may be executed in any number of counterparts each of
which shall be deemed an original of this Agreement and all of which together shall constitute one and the same instrument.

		28.	Binding Agreement. Notwithstanding any other provision of this Agreement, the Partners agree
that this Agreement constitutes a legal, valid and binding agreement of the Partners and is enforceable against the Partners in
accordance with its terms.

		29.	Governing Law. This Agreement will be governed by, and construed under, the laws of the
State of Delaware without regard to the conflicts of laws principles thereof.

		30.	Amendment. Amendments to this Agreement may be made in writing from time to time with the
consent of the Managing General Partner; provided that any amendment to this Agreement that adversely affects the rights or obligations
of the JMB Partner shall required the consent of the JMB Partner.

 

[Remainder
of page intentionally left blank]

    	22

    	 

    

In
witness whereof, the undersigned, intending to be legally bound hereby, has duly
executed this Agreement as of the date first written above.

 

	 	
        In Its Capacity as Managing
        General Partner and BFP Partner:

         

        BROOKFIELD FINANCIAL PROPERTIES, L.P.
        

         

         

	 	By:	/s/
    Edward F. Beisner
	 	 	Name:
        Edward F. Beisner
	 	 	Title:
          Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LP Agreement of BFP-JMB 245 Park , L.P.

    	23

    	 

    

	 	
        Additional General Partner:

         

        JMB
        245 PARK AVENUE HOLDING COMPANY, LLC 

         

         

	 	By:	JMB/245 Park Avenue Associates, Ltd.,
	 	 	an Illinois limited partnership, Manager
	 	 	 
	 	By:	JMB Park Avenue, Inc., 
	 	 	an Illinois corporation, general partner
	 	 	 
	 	By:	/s/ Patrick Meara
	 	 	Name:     Patrick Meara
	 	 	Title:       President
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LP Agreement of BFP-JMB 245 Park , L.P.

    	24

    	 

    

SCHEDULE
A

UNIT REGISTER

	Name of General Partner	Number of Common Units	Number of Class J Units
	BROOKFIELD FINANCIAL PROPERTIES, L.P.	0	0
	JMB 245 PARK AVENUE HOLDING COMPANY, LLC	0	7,481,179.80

 

 

	Name of Limited Partner	Number of Common Units	Number of Class J Units
	BROOKFIELD FINANCIAL PROPERTIES, L.P.	100	0

 

 

Managers and Officers

 

	
        Managers

         

	Bryan K. Davis
	Lance Liebman
	Paul Schulman

 

    	Ex. A-1

    	 

    

 

	

 Officers	 
	
         

        Commercial Executive – U.S. and Leasing

	G. Mark Brown 	Global Chief Investment Officer 
	Paul Schulman	Chief Operating Officer, U.S. Commercial Operations
	Jeremiah B. Larkin	Executive Vice President, Director of Leasing
	David Cheikin	Senior Vice President, Leasing
	Duncan McCuaig	Senior Vice President, Leasing
	Sara Queen	Senior Vice President, Asset Management
	
         

        Strategic Initiatives and Finance
	 
	Edward F. Beisner	Senior Vice President and Controller
	Jason Kirschner	Vice President, Finance
	
         

        Compliance and Corporate Secretarial 

	Michelle L. Campbell	
        Vice President, Counsel

        Secretary

	Phyllis F. Moore	Assistant Secretary
	Legal	 
	Kathleen G. Kane	Senior Vice President and General Counsel
	Jonathan Kramer	Vice President & Associate Counsel
	Monica Lawless	Vice President, Leasing Counsel
	Carol Meyer	Vice President, Regional Counsel
	Ralph Toussie	Vice President, Associate Counsel
	Operations	 
	Richard Bachia	Senior Vice President, Technical Services
	Daniel Kindbergh	Senior Vice President, Operations
	Michael Bosso	Vice President, Operations
	Edward Fallon	Vice President, Operations
	Lisa Goldfarb	Vice President, U.S. Operations
	Laura Longsworth	Vice President, National Parking Operations
	Patrick Timlin	Vice President, National Director of Security
	Development and Construction	 
	John Durschinger	Senior Vice President, Global Design
	Sabrina Kanner	Senior Vice President, Design and Construction
	Philip Wharton	Senior Vice President, Development, U.S. Commercial Operations
	Megan Brothers	Vice President, Design
	Henry Caso	Vice President, Manhattan West Construction
	Joseph Hsu	Vice President, Development
	Arkar Latt	Vice President, Construction
	 	 	 

 

    	Ex. A-2

    	 

    

SCHEDULE B

 

Definitions

 

A.Definitions

When used in this
Agreement, the following terms not otherwise defined herein have the following meanings:

“Act”
has the meaning set forth in the Recitals to this Agreement.

“Additional
General Partner” means the JMB Partner, unless and until such Person shall cease to be a general partner of the Partnership
pursuant to the terms hereof.

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling or Controlled by or under direct or indirect
common Control with such Person.

“Agreement”
means this Limited Partnership Agreement of the Partnership, together with the schedules attached hereto, as amended, restated
or supplemented or otherwise modified from time to time.

“Bankruptcy”
means, with respect to any Person, (A) if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary
petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy
or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment,
liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing
to contest the material allegations of a petition filed against it in any proceeding of this nature, or (vi) seeks, consents to
or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties,
or (B) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition,
readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or
if within 90 days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator
of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days
after the expiration of any such stay, the appointment is not vacated. The foregoing definition of “Bankruptcy” is
intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in the Act.

“Bankruptcy
Code” means the Bankruptcy Reform Act of 1978, as amended and as codified at title 11, United States Code, as amended
from time to time.

“BPC”
means, together with its succors and assigns, Brookfield Property Corporation, a Canadian corporation.

“BFP LP
Units” has the meaning set forth in the Recitals.

    	Sch. B-1

    	 

    

“BFP Partner”
has the meaning set forth in the Preamble.

“BFP 245
Park” has the meaning set forth in the Recitals.

“BFP 245
Park MM” has the meaning set forth in the Recitals.

“Board”
or “Board of Managers” has the meaning set forth in the Section 21(a).

“BPHI”
means, collectively and together with their successors and assigns, Brookfield Properties Holdings Inc., Battery Park Partners,
Olympia & York Tower B Company.

“Capital
Account” has the meaning set forth in Section 13(a).

“Capital
Event” means the sale of all or any portion of the Property.

“Certificate
of Limited Partnership” means the Certificate of Limited Partnership of the Partnership filed with the Secretary of State
of the State of Delaware on December 19, 2014, as amended or amended and restated from time to time.

“Class
J Investment” means $7,481,179.80.

“Class
J Units” has the meaning set forth in Section 12(a).

“Code”
means the Internal Revenue Code of 1986, as amended, modified or supplemented from time to time (or any corresponding provisions
of succeeding law).

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ownership of voting securities or general partnership or managing member interests, by contract or
otherwise. “Controlling” and “Controlled” shall have correlative meanings. Without limiting the generality
of the foregoing, a Person shall be deemed to Control any other Person in which it owns, directly or indirectly, a majority of
the ownership interests.

“Common
Units” has the meaning set forth in Section 12(a).

“Covered
Person” has the meaning set forth in Section 19.

“Designation
Notice” has the meaning set forth in Section 21(c).

“Full Redemption
Event” means the point in time at which the Unreturned Preferred Capital equals $0.

“Full Redemption
Trigger” has the meaning set forth in Section 15(d).

    	Sch. B-2

    	 

    

“Independent
Person” means a natural Person who is not (i) a director, officer or employee of or subject to control by any of BPHI
or WFP, or any Affiliate of any thereof; provided, the membership of any natural Person on the board of directors of BPC shall
not disqualify such Person from being considered an Independent Person if such person (x)(I) meets the definition of “independent”
with respect to directors under the New York Stock Exchange Listed Company Manual as then in effect or (II) is the JMB-Approved
Manager on the date hereof, and (y) receives no compensation from BPC or its Affiliates other than in the form of customary directors’
fees or other director’s compensation or reimbursements, (ii) an officer or employee of the Managing General Partner, the
Partnership or any Person Controlled by the Managing General Partner or the Partnership, or (iii) the legal or beneficial owner
of any equity interest in or debt securities convertible into or exchangeable for any equity interest in or debt securities convertible
into or exchangeable for any equity interest in the Managing General Partner or any Person Controlled by the Managing General Partner.

“JMB”
means JMB/245 Park Avenue Associates, Ltd.

“JMB-Approved
Manager” has the meaning set forth in Section 21(c).

“JMB Control
Person” means JMB Realty Corporation, a Delaware corporation, and its successors and assigns.

“JMB Controlled
Affiliate” means a Person (i) (a) Controlled by the JMB Control Person and (b) in which JMB/245 Park Avenue Associates,
Ltd. owns directly or indirectly more than fifty percent (50%) of all capital and profits interests or (ii) that is wholly owned
by any one or more of the following: (a) a Person that on the date hereof is a shareholder or director of the JMB Control Person
or a spouse, child or grandchild of such a Person or (b) any partnership or trust, the partners or beneficiaries of which are solely
Persons described in clause (i) or (ii) above.

“JMB Partner”
has the meaning set forth in the Preamble.

“JMB Redemption
Notice” has the meaning set forth in Section 15(b).

“JMB Redemption
Right” has the meaning set forth in Section 15(b).

“Limited
Partners” means the Persons identified as Limited Partners on Schedule A under “Unit Register” and
any other Person that hereafter becomes a limited partner of the Partnership in accordance with the provisions of this Agreement.

“Liquidator”
has the meaning set forth in Section 24(c)(i).

“Manager”
has the meaning set forth in Section 21(b).

“Managing
General Partner” means the BFP Partner, unless and until such Person shall cease to be a general partner of the Partnership,
and thereafter any successor Managing General Partner of the Partnership admitted to the Partnership, each pursuant to the terms
hereof.

    	Sch. B-3

    	 

    

“Officer”
means an officer of the Partnership as described in Section 21(d).

“Partners”
means, collectively, the Managing General Partner, the Additional General Partner and the Limited Partners.

“Partnership”
means BFP-JMB 245 PARK, L.P., a Delaware limited partnership.

“Partnership
Redemption Notice” has the meaning set forth in Section 15(b).

“Partnership
Redemption Right” has the meaning set forth in Section 15(b).

“Person”
means any individual, corporation, partnership, joint venture, limited liability company, limited liability partnership, association,
joint stock company, trust, unincorporated organization, or other organization, whether or not a legal entity, and any governmental
authority.

“Preferred
Return” means, with respect to the Class J Units, a return, calculated in the nature of interest, at a rate equal to
the Preferred Return Rate on the Unreturned Preferred Capital, which accrued and unpaid return shall be calculated by multiplying
(a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate equal to the Preferred
Return Rate divided by three hundred sixty (360) by (c) the Unreturned Preferred Capital.

“Preferred Return
Rate” means a per annum rate, compounded quarterly, equal to five percent (5%).

 

“Profits”
and “Losses” means the Partnership’s items of income, gain, loss, or deduction as determined, recognized
and classified for federal income tax purposes, with the following modifications:

                                                     
(i)                   
any income that is exempt from federal income tax shall be added to such taxable income or losses, and any expenditures
described in Code §705(a)(2)(B) or treated as Code §705(a)(2)(B) expenditures pursuant to Treasury Regulation §1.704-1(b)(2)(iv)(i),
shall be subtracted from such taxable income or losses;

                                                   
(ii)                   
if the book value of any Partnership property is adjusted pursuant to Treasury Regulation
§1.704-1(b)(2)(iv)(e) (in connection with a distribution of such property) or (f) (in connection with a revaluation
of Capital Accounts), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property;

    	Sch. B-4

    	 

    

                                                 
(iii)                   
if property that is reflected on the books of the Partnership has a book value that
differs from the adjusted tax basis of such property, depreciation, amortization and gain or loss with respect to such property
shall be determined by reference to such book value; and

                                                 
(iv)                   
the computation of all items of income, gain, loss, deduction and expense shall be made without
regard to any election pursuant to Code §754 that may be made by the Partnership, unless
the adjustment to basis of Partnership property pursuant to such election is reflected
in Capital Accounts pursuant to Treasury Regulation §1.704-1(b)(2)(iv)(m).

“Property”
has the meaning set forth in the Recitals of this Agreement.

“Redemption
Amount” has the meaning set forth in Section 15(b).

“Redemption
Date” has the meaning set forth in Section 15(b).

“Regulatory
Allocations” has the meaning set forth in Section 13(c)(iv).

“Related
Person” means, as to any General Partner, at any time, any Person that is then (i) an Affiliate of such General Partner
(other than a Person Controlled by the Partnership), (ii) the holder or beneficial owner of Common Units representing twenty percent
(20%) or more of all the Common Units then outstanding, (iii) the holder or beneficial owner of Class J Units representing twenty
percent (20%) or more of all the Class J Units then outstanding, (iv) the record or beneficial owner of ten percent (10%) or more
of the then outstanding equity securities (of any class or series) of such General Partner, (v) BPHI or WFP or (vi) any Affiliate
of a Person described in clause (ii), (iii), (iv) or (v) above (other than a Person Controlled by the Partnership).

“Replacement
Date” means, with respect to any Person constituting a JMB-Approved Manager, any date that (i) the Managing General Partner
first becomes aware that such Person has ceased to be an Independent Person, (ii) such person dies or is incapacitated or declared
incompetent, (iii) the resignation of such Person as a Manager becomes effective, (iv) such Person is removed as a Manager or (v)
such Person's term as a Manager expires for any reason other than those described in clauses (i) through (v) above.

“Required
Partners” has the meaning set forth in the Section 24(b).

    	Sch. B-5

    	 

    

“Tax Protection
Amount” means (i) with respect to any date on or following the date hereof and prior to first (1st) anniversary
of the date hereof, $6,565,657.00, (ii) with respect to any date on or following the first (1st) anniversary of the
date hereof and prior to second (2nd) anniversary of the date hereof, $5,252,523.00, (iii) with respect to any date
on or following the second (2nd) anniversary of the date hereof and prior to third (3rd) anniversary of the
date hereof, $3,939,394.00, (iv) with respect to any date on or following the third (3rd) anniversary of the date hereof
and prior to fourth (4th) anniversary of the date hereof, $2,626,263.00, (v) with respect to any date on or following
the fourth (4th) anniversary of the date hereof and prior to fifth (5th) anniversary of the date hereof,
$1,313,131.00 and (vi) with respect to any date on or following the fifth (5th) anniversary of the date hereof, $0.

“Taxable
Gain Trigger” has the meaning set forth in Section 15(d).

“Transfer”
means a sale, exchange, transfer, conveyance, assignment, pledge, hypothecation, encumbrance, abandonment or other disposition,
directly or indirectly, whether voluntarily or involuntarily.

“Trigger
Event” has the meaning set forth in Section 15(d).

“Units”
means, collectively, the Common Units and the Class J Units.

“Unallocated
Preferred Yield” means the excess of (i) the sum of (x) the cumulative Preferred Return on the Class J Units and (y)
the cumulative Losses allocated to the JMB Partner pursuant to Section 13(b)(ii)(2) over (ii) the cumulative Profits allocated
to the JMB Partner pursuant to Section 13(b)(i)(3).

“Unpaid Preferred
Return” means, as of any date, with respect to the Class J Units in the aggregate, the aggregate accrued and unpaid Preferred
Return as of such date on the Class J Units (i.e. the aggregate Preferred Return that has accrued on the Unreturned Preferred Capital
minus the aggregate distributions made pursuant to Sections 14(a)(i), 14(b)(i), and 15(b) and all other distributions
or payments (deemed or otherwise) made to the JMB Partner on account of the Unpaid Preferred Return in connection with a redemption
(including a partial redemption) of the Class J Units).

 

“Unreturned Preferred
Capital” means, as of any date, with respect to the Class J Units in the aggregate, (i) an amount equal to the Class
J Investment, minus (ii) the aggregate amount distributed by the Partnership to the JMB Partner pursuant to Sections 14(b)(ii)
and 15(b) and all other distributions or payments (deemed or otherwise) made to the JMB Partner specifically in redemption
(including a partial redemption) of the Class J Units.

 

“WFP”
means, together with its successors and assigns, WFP II LLC.

 

“Wholly Owned
Affiliate” mean, with respect to any Person, any Affiliate of such Person, the ultimate beneficial ownership of which
Affiliate is held by the same Persons and in the same proportions as the ultimate beneficial ownership of such Person is held.

    	Sch. B-6

    	 

    

 

B.Rules of Construction

Definitions in this
Agreement apply equally to both the singular and plural forms of the defined terms. The words “include” and “including”
shall be deemed to be followed by the phrase “without limitation.” The terms “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section,
paragraph or subdivision. The Section titles appear as a matter of convenience only and shall not affect the interpretation of
this Agreement. All Section, paragraph, clause, Exhibit or Schedule references not attributed to a particular document shall be
references to such parts of this Agreement.

 

 

Sch. B-7

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